Document:

Exhibit 10.1

 

AMENDED AND RESTATED SEDONA AGREEMENT

DATED MARCH 28, 2013

 

    	 

    	 

    

 

THE FOLLOWING DOCUMENT, UNTIL FULLY
EXECUTED BY THE PARTIES IN ITS FINAL FORM IS A SETTLEMENT COMMUNICATION MADE PURSUANT TO RULE 408 OF THE ARIZONA AND FEDERAL RULES
OF EVIDENCE.

 

AMENDED
AND RESTATED SEDONA AGREEMENT

 

EFFECTIVE
DATE: March 28, 2013

 

PARTIES

 

IMH Financial
Corporation, a Delaware corporation, f/k/a IMH Secured Loan Fund, LLC;

 

IMH Special
Asset NT 233, LLC, an Arizona limited liability company;

 

IMH Special
Asset NT 232, LLC, an Arizona limited liability company;

 

L’Auberge
Newco, LLC, an Arizona limited liability;

 

Orchards Newco,
LLC, an Arizona limited liability company;

 

HL Newco, LLC, an Arizona limited liability company;

 

HL, LLC,
an Arizona limited liability company;

 

L’Auberge
Orchards, LLC, an Arizona limited liability company;

 

Albert B. Spector,
Jr., individually;

 

Orchards Annex,
LLC, an Arizona limited liability company;

 

Orchards Inn
& Restaurant, LLC, an Arizona limited liability company;

 

L’Auberge
de Sedona, LLC, an Arizona limited liability company;

 

Taos Cantina
LLC, an Arizona limited liability company;

 

Canyon Portal
II, LLC, an Arizona limited liability company;

 

Sedona Culinary
Concepts, LLC, an Arizona limited liability company;

 

Spector Offices
LLC, an Arizona limited liability company;

 

Barrett Realty,
LLC, an Arizona limited liability company;

 

L’Auberge
Spa, LLC, an Arizona limited liability company; and

 

    	 

    	 

    

 

Chicago Title Insurance Company

 

    	 

    	 

    

 

TABLE OF
CONTENTS

 

	 	 	Page
	 	 	 
	1.	Information to Lender Parties	8
	 	 	 
	2.	Diligence and Confirmation	9
	 	 	 
	3.	Warranties and Representations of Conveying Parties	14
	 	 	 
	4.	Warranties and Representations of Lender Parties	21
	 	 	 
	5.	Interim Agreements of Parties	22
	 	 	 
	6.	As-Is Transaction	22
	 	 	 
	7.	Closing; Closing Conditions	23
	 	 	 
	8.	Conveyance and Closing Documents	24
	 	 	 
	9.	Employees	27
	 	 	 
	10.	Indemnities	28
	 	 	 
	11.	Release of Released Lender Parties	29
	 	 	 
	12.	Release of Released Borrower Parties	30
	 	 	 
	13.	Remedies	31
	 	 	 
	14.	Attorneys’ Fees	33
	 	 	 
	15.	Jurisdiction and Venue	34
	 	 	 
	16.	Brokerage	34
	 	 	 
	17.	WAIVER OF JURY TRIAL	34
	 	 	 
	18.	Transaction Costs; Operating Accounts; Transition	34
	 	 	 
	19.	Additional Terms	37
	 	 	 
	20.	Confidentiality	38
	 	 	 
	21.	Non-Disparagement	38
	 	 	 
	22.	Entire Agreement	39
	 	 	 
	23.	Governing Law	39
	 	 	 
	24.	Waiver	39
	 	 	 
	25.	Time	39
	 	 	 
	26.	Counterpart	39
	 	 	 
	27.	No Partnership	39
	 	 	 
	28.	Effective Agreement	39

 

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	29.	Joint and Several Liability	39
	 	 	 
	30.	Post-Closing Operation	39
	 	 	 
	31.	Legal Representation	40
	 	 	 
	32.	Cooperation	40
	 	 	 
	33.	Notices	40
	 	 	 
	34.	IRS Real Estate Reporting	42
	 	 	 
	35.	Construction	42
	 	 	 
	36.	Incorporation of Recitals	43
	 	 	 
	37.	No Recordation	43
	 	 	 
	38.	Entire Transaction	43
	 	 	 
	39.	Additional Consideration	43

  

	LIST OF SCHEDULES AND EXHIBITS
	 
	Schedule A-i	HL Loan Documents
	Schedule A-ii	LA Loan Documents
	Schedule 3(d)	Pending or Threatened Litigation
	Schedule 3(e)	Bankruptcy Proceedings
	 	 
	Exhibit B	LaMerra Land Legal Description
	Exhibit F-i	L’Auberge Land Legal Description
	Exhibit F-ii	Orchards Inn Land Legal Description
	Exhibit F-iii	Description of Delivery and Installation of Pre-Fabricated Cottage
	Exhibit G-i	Affordable Housing Lease
	Exhibit G-ii	Temporary Housing Lease
	Exhibit G-iii	Sinagua Storage Lease
	Exhibit G-iv	Sinagua Parking Lease
	Exhibit H	Orchards Annex Lease
	Exhibit I-i	Orchards Inn Parking Lease
	Exhibit I-ii	Orchards Inn Laundry Lease
	Exhibit J	Schnebly Hill Land Legal Description
	Exhibit K-i	Orchards Inn & Restaurant, LLC Assets and Liabilities
	Exhibit K-ii	L’Auberge de Sedona, LLC Assets and Liabilities
	Exhibit R	Canyon Breeze Service Agreement
	Exhibit 1(a)-i	List of Contracts, Accounts Payable, Accounts Receivable and Deposits (LaMerra Property)
	Exhibit 1(a)-ii	List of Contracts, Accounts Payable, Accounts Receivable and Deposits (L’Auberge Property)
	Exhibit 1(a)-iii	List of Contracts, Accounts Payable, Accounts Receivable and Deposits

  

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	LIST OF SCHEDULES AND EXHIBITS
	 
	 	 (Orchards Inn Property)
	Exhibit 1(a)-iv	List of Contracts, Accounts Payable, Accounts Receivable and Deposits (Schnebly Hill Property)
	Exhibit 1(a)-v	List of Contracts, Accounts Payable, Accounts Receivable and Deposits (Orchards Annex Property Lease)
	Exhibit 1(a)-vi	List of Contracts, Accounts Payable, Accounts Receivable and Deposits (Orchards Inn Parking Lease)
	Exhibit 1(a)-vii	List of Contracts, Accounts Payable, Accounts Receivable and Deposits (Sinagua Storage Lease)
	Exhibit 1(a)-viii	List of Contracts, Accounts Payable, Accounts Receivable and Deposits (Sinagua Parking Lease)
	Exhibit 1(a)-ix	List of Contracts, Accounts Payable, Accounts Receivable and Deposits (Affordable Housing Lease Interest)
	Exhibit 1(a)-x	List of Contracts, Accounts Payable, Accounts Receivable and Deposits (Temporary Housing Lease Interest)
	Exhibit 1(f)-i	Licenses and Permits (LaMerra Property)
	Exhibit 1(f)-ii	Licenses and Permits (L’Auberge Property)
	Exhibit 1(f)-iii	Licenses and Permits (Orchards Inn Property)
	Exhibit 1(f)-iv	Licenses and Permits (Schnebly Hill Property)
	Exhibit 1(f)-v	Licenses and Permits (Orchards Annex Property Lease)
	Exhibit 1(f)-vi	Licenses and Permits (Orchards Inn Parking Lease)
	Exhibit 1(f)-vii	Licenses and Permits (Sinagua Plaza Storage Lease)
	Exhibit 1(f)-viii	Licenses and Permits (Sinagua Plaza Parking Lease)
	Exhibit 1(f)-ix	Licenses and Permits (Affordable Housing Lease)
	Exhibit 1(f)-x	Licenses and Permits (Temporary Housing Lease)
	Exhibit 1(h)	List of All Leases including LaMerra Property, L’Auberge Property, Orchards Inn Property, Schnebly Hill Property, Orchards Annex Property, Orchards Inn Parking, Sinagua Plaza Storage, Sinagua Plaza Parking, Affordable Housing, Temporary Housing
	Exhibit 1(m)	Personal Property Inventory Form
	Exhibit 1(m)-i	Personal Property Inventory (LaMerra Property)
	Exhibit 1(m)-ii	Personal Property Inventory (L’Auberge Property)
	Exhibit 1(m)-iii	Personal Property Inventory (Orchards Inn Property)
	Exhibit 1(m)-iv	Personal Property Inventory (Schnebly Hill Property)
	Exhibit 1(m)-v	Personal Property Inventory (Orchards Annex Property Lease)
	Exhibit 1(m)-vi	Personal Property Inventory (Orchards Inn Parking Lease)
	Exhibit 1(m)-vii	Personal Property Inventory (Sinagua Plaza Storage Lease)
	Exhibit 1(m)-vii	Personal Property Inventory (Sinagua Plaza Parking Lease)
	Exhibit 1(m)-ix	Personal Property Inventory (Affordable Housing Lease)
	Exhibit 1(m)-x	Personal Property Inventory (Temporary Housing Lease)
	Exhibit 2(c)	Permitted Encumbrances for All Properties
	Exhibit 2(d)(ii)	Orchards Annex Property Lease Legal Description
	Exhibit 2(d)(iii)-A	Assignment and Assumption of  Lease and Consent to Assignment of Lease (Orchards Annex Property)
	Exhibit 2(d)(iii)-B	Assignment and Assumption of  Lease and Consent to Assignment of

  

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	LIST OF SCHEDULES AND EXHIBITS
	 
	 	Lease (Orchards Inn Parking Lease)
	Exhibit 2(d)(iii)-C	Assignment and Assumption of  Lease and Consent to Assignment of Lease (Sinagua Plaza Storage Lease)
	Exhibit 2(d)(iii)-D	Assignment and Assumption of  Lease and Consent to Assignment of Lease (Sinagua Plaza Parking Lease)
	Exhibit 2(d)(iii)-E	Assignment and Assumption of  Lease and Consent to Assignment of Lease (Affordable Housing Lease)
	Exhibit 2(d)(iii)-F	Assignment and Assumption of  Lease and Consent to Assignment of Lease (Temporary Housing Lease)
	Exhibit 2(d)(iii)-G	Assignment and Assumption of  Lease and Consent to Assignment (Orchards Inn Laundry Lease Interest)
	 Exhibit 2(f)	FCB Payments
	Exhibit 3(c)-i	Tenants (LaMerra Property)
	Exhibit 3(c)-ii	Tenants (L’Auberge Property)
	Exhibit 3(c)-iii	Tenants (Orchards Inn Property)
	Exhibit 3(c)-iv	Tenants (Schnebly Hill Property)
	Exhibit 3(c)-v	Tenants (Orchards Annex Property)
	Exhibit 3(c)-vi	Tenants (Orchards Inn Parking Lease)
	Exhibit 3(c)-vii	Tenants (Sinagua Plaza Storage Lease)
	Exhibit 3(c)-viii	Tenants (Sinagua Plaza Parking Lease)
	Exhibit 3(c)-ix	Tenants (Affordable Housing Lease)
	Exhibit 3(c)-x	Tenants (Temporary Housing Lease)
	Exhibit 3(h)	Assignment and Assumption of Declarant’s Rights and Appointment of Design Review Committee (LaMerra Property)
	Exhibit 3(m)	Title Disputes
	
        Exhibit 3(n)

         
	Tax Liabilities
	Exhibit 3(p)	Actual or Threatened Claims with Respect to All Properties
	Exhibit 3(q)	Transactions with Related Parties
	
        Exhibit 3(u)

         
	Non-Transferring Assets
	Exhibit 3(x)(i)	List of Employees
	Exhibit 3(x)(ii)	Labor Unions
	Exhibit 3(x)(iii)	Collective Bargaining Agreements
	Exhibit 3(x)(iv)	Employee Agreements Involving Property
	Exhibit 3(x)(v)	Strikes and Labor Actions
	Exhibit 3(x)(vi)	Pending or Threatened Investigations or Claims
	Exhibit 3(x)(ix)	Compensation and Termination Agreements
	Exhibit 4(d)	Third-Party Authorizations of Transaction
	Exhibit 4(e)	Consents to Transaction
	Exhibit 5(a)	Permitted Modifications of Agreement, Properties, and Business Practices
	Exhibit 8(a)-i	Special Warranty Deed Conveying LaMerra Property to HL Newco, LLC
	Exhibit 8(a)-ii	Special Warranty Deed Conveying L’Auberge Property to L’Auberge Newco, LLC
	Exhibit 8(a)-iii	Special Warranty Deed Conveying Orchards Inn Property to Orchards

 

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	LIST OF SCHEDULES AND EXHIBITS
	 
	 	 Newco, LLC
	Exhibit 8(b)-i	Bill of Sale and Assignment and Assumption (LaMerra Property)
	Exhibit 8(b)-ii	Bill of Sale and Assignment and Assumption (L’Auberge Property)
	Exhibit 8(b)-iii	Bill of Sale and Assignment and Assumption (Orchards Inn Property)
	 	 
	Exhibit 8(c)-i	Estoppel Certificate in Support of Deed in Lieu of Foreclosure HL LLC, an Arizona limited liability company (LaMerra Property)
	Exhibit 8(c)-ii	Estoppel Certificate in Support of Deed in Lieu of Foreclosure L’Auberge Orchards, LLC (L’Auberge Property)
	Exhibit 8(c)-iii	Estoppel Certificate in Support of Deed in Lieu of Foreclosure L’Auberge Orchards, LLC (Orchards Inn Property)
	Exhibit 8(g)	Assignment and Assumption of L’Auberge de Sedona, LLC Assets and Liabilities
	Exhibit 8(h)	Assignment and Assumption of Orchards Inn & Restaurant, LLC Assets and Liabilities
	Exhibit 8(o)-i	HL Loan Satisfaction and Release
	Exhibit 8(o)-ii	LA Loan Satisfaction and Release
	Exhibit 8(p)	Assignment and Assumption of Noble House Letter
	Exhibit 8(q)-i	Request for Assignment of Surface Water Application and Claim and Assignment and Reissuance of Permits (LaMerra)
	Exhibit 8(q)-ii	Request for Assignment of Surface Water Application and Claim and Assignment and Reissuance of Permits (L’Auberge)
	Exhibit 8(q)-iii	Request for Assignment of Surface Water Application and Claim and Assignment and Reissuance of Permits (Orchards Inn)
	Exhibit 8(q)-iv	Assignment of Gila River Adjudication Claim (LaMerra)
	Exibit 8(q)-v	ADWR Request to Change Well Information (LaMerra)
	Exhibit 8(t)	Assignment of Spector Canyon Portal II, L.L.C. Membership Interest
	Exhibit 8(u)	Day of Closing Protocol
	Exhibit 9(a)	List of L’Auberge and Orchards Inn Employees
	Exhibit 18(a)	Approved Budget
	Exhibit 18(c)	Scheduled Assumed Liabilities
	Exhibit 18(o)	Voting Trust Agreement
	Exhibit 19(g)	Avion Noble House Payment Terms
	Exhibit 39	Avion Nobel House Letter

 

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INDEX OF DEFINED
TERMS

 

(TO BE UPDATED)

 

	 	Page
	 	 
	Adjusted Settlement Protocol	31
	 	 
	Affordable Housing Lease Interest 	4
	 	 
	Amara	3
	 	 
	Assignment of Declarant’s Rights	15
	 	 
	Assignment of Spector 28.175% Canyon Portal II Membership Interest	26
	 	 
	Assignments of Leases	24
	 	 
	Avion Noble House Letter	43
	 	 
	Avion Noble House Payment	42
	 	 
	Avion Noble House Payment	38
	 	 
	Avion Payment	35
	 	 
	Bills of Sale	24
	 	 
	Borrower Parties	2
	 	 
	Borrower Releasing Parties	29
	 	 
	Borrower-related Parties’ Conditions to Closing	23
	 	 
	Borrowers	2
	 	 
	Canyon Breeze Service Agreement	7
	 	 
	Canyon Portal II	1
	 	 
	Claims	28
	 	 
	Closing	22
	 	 
	Closing Accounts Payable	34
	 	 
	Closing Date	22
	 	 
	Closing Documents	24
	 	 
	Code	47
	 	 
	Code	19
	 	 
	Consent to Assignment of Lease	12
	 	 
	Contracts	9
	 	 
	Conveying Parties	2

 

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	Conveying Party	2
	 	 
	Deeds	24
	 	 
	Defaulting Party	30
	 	 
	Embargoed Person	16, 21
	 	 
	Employee Benefit Plans	19
	 	 
	ERISA	18
	 	 
	ERISA Affiliate	19
	 	 
	Escrow Agent	2
	 	 
	Estoppel Certificates	24
	 	 
	Excluded Items	31
	 	 
	First Credit Bank Loan	6
	 	 
	HIDC	3
	 	 
	HL Borrower	1
	 	 
	HL Loan	3
	 	 
	HL Newco	1
	 	 
	HL Noteholder	1
	 	 
	IMHFC	1
	 	 
	Indemnified Liabilities	28
	 	 
	Indemnified Person	28
	 	 
	Intentionally Omitted	7
	 	 
	Key Contacts	10
	 	 
	L’Auberge de Sedona, LLC	2
	 	 
	L’Auberge de Sedona, LLC Assets and Liabilities	5
	 	 
	L’Auberge Land	4
	 	 
	L’Auberge Newco	1
	 	 
	L’Auberge Property	4
	 	 
	LA Borrower	2
	 	 
	LA Loan	3
	 	 
	LA Noteholder	1
	 	 
	LaMerra Property	3
	 	 
	Lease Interest	4

 

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	Lease Interests	4
	 	 
	Leases	9
	 	 
	Lender Parties	1
	 	 
	Lender Parties’ Conditions to Closing	23
	 	 
	Lender Parties’ Notice	12
	 	 
	Lenders	1
	 	 
	Licensees	39
	 	 
	Licenses	39
	 	 
	List	21
	 	 
	List	16
	 	 
	Loans	6
	 	 
	Management Transition Date	26
	 	 
	Multiemployer Plan	19
	 	 
	Noble House Letter	42
	 	 
	Non-defaulting Party	31
	 	 
	Noteholders	1
	 	 
	OFAC	16, 20
	 	 
	Operating Reports	8
	 	 
	Orchards Annex	2, 4
	 	 
	Orchards Annex Payment	25
	 	 
	Orchards Annex Property Lease Interest	4
	 	 
	Orchards Inn	2, 4
	 	 
	Orchards Inn Assets and Liabilities	5
	 	 
	Orchards Inn Land	4
	 	 
	Orchards Inn Laundry Lease Interest	5
	 	 
	Orchards Inn Parking Lease Interest	4
	 	 
	Orchards Inn Property	4
	 	 
	Orchards Newco	1
	 	 
	Original Lender	1
	 	 
	Owner’s Policies	11
	 	 
	Owner’s Policy	11

 

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	Post-Closing Deductible Threshold	32
	 	 
	Pre-Agreement Rights and Remedies	13
	 	 
	Pre-Closing Deductible Threshold	32
	 	 
	Property	6
	 	 
	Property Information	8
	 	 
	Property Verification Condition	10
	 	 
	Property Verification Deadline	10
	 	 
	Property Verification Documents	11
	 	 
	Property Verification Period	10
	 	 
	Released Borrower Liabilities	30
	 	 
	Released Borrower Parties	30
	 	 
	Released Lender Liabilities	29
	 	 
	Released Lender Parties	29
	 	 
	Reports	47
	 	 
	Reservations	9
	 	 
	Resolution Period	12
	 	 
	Retained Employees	27
	 	 
	Scheduled Assumed Liabilities	35
	 	 
	Schnebly Hill Land	5
	 	 
	Schnebly Hill Lender	5
	 	 
	Schnebly Hill Loan	5
	 	 
	Schnebly Hill Property	5
	 	 
	Sinagua Parking Lease Interest	4
	 	 
	Sinagua Plaza II	4
	 	 
	Sinagua Storage Lease Interest	4
	 	 
	Spector	2
	 	 
	Spector 28.175% Canyon Portal II Membership Interest	13
	 	 
	Spector Canyon Portal II Membership Interest	3
	 	 
	Spector Noble House Letter	43
	 	 
	Spector Noble House Payment	38, 43
	 	 
	Spector Payment	25

 

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	Spector Trust	2
	 	 
	Subordination Agreements	5
	 	 
	Taos Cantina	2
	 	 
	Taos Cantina Management Agreement	7
	 	 
	Temporary Housing Lease Interest	4
	 	 
	Tenants	14
	 	 
	Third Party Consents	12
	 	 
	Title Assurance	11
	 	 
	Title Company	2, 11
	 	 
	Title IV Plan	19
	 	 
	Title Policy Condition	22
	 	 
	Transferee Entities	1
	 	 
	Transferees	39
	 	 
	Trustee	2
	 	 
	Voting Trust Agreement	36
	 	 
	WARN Act	18

 

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AMENDED
AND RESTATED SEDONA AGREEMENT

 

EFFECTIVE
DATE:          May ___, 2013

 

PARTIES:

 

IMH
Financial Corporation, a Delaware corporation (“IMHFC”), f/k/a IMH Secured Loan Fund, LLC (IMH Secured Loan
Fund, LLC is sometimes referred to herein as “Original Lender”), whose address is 7001 N. Scottsdale Road, Suite
2050, Scottsdale Arizona 85253;

 

IMH
Special Asset NT 233, LLC, an Arizona limited liability company (“HL Noteholder”), whose address is 7001 N.
Scottsdale Road, Suite 2050, Scottsdale Arizona 85253;

 

IMH
Special Asset NT 232, LLC, an Arizona limited liability company (“LA Noteholder”), whose address is 7001 N.
Scottsdale Road, Suite 2050, Scottsdale Arizona 85253;

 

HL
Noteholder and LA Noteholder are collectively referred to herein as “Noteholders”;

 

Original
Lender, HL Noteholder and LA Noteholder are collectively referred to herein as “Lenders”;

 

L’Auberge
Newco, LLC, an Arizona limited liability company (“L’Auberge Newco”) whose address is 7001 North Scottsdale
Road, Suite 2050, Scottsdale, Arizona 85253;

 

Orchards
Newco, LLC, an Arizona limited liability company (“Orchards Newco”), whose address is 7001 North Scottsdale
Road, Suite 2050, Scottsdale, Arizona 85253;

 

HL
Newco, LLC, an Arizona limited liability company (“HL Newco”), whose address is 7001 North Scottsdale Road,
Suite 2050, Scottsdale, Arizona 85253;

 

L’Auberge
Newco, Orchards Newco, and HL Newco are collectively referred to herein as the “Transferee Entities”;

 

Lenders
and Transferee Entities are sometimes referred to collectively herein as the “Lender Parties”;

 

Canyon
Portal II, L.L.C., an Arizona limited liability company (“Canyon Portal II”), whose address is 6900 E. Camelback
Road, Suite 915, Scottsdale, Arizona 85251;

 

HL,
LLC, an Arizona limited liability company (“HL Borrower”), whose address is 6900 E. Camelback Road, Suite 915,
Scottsdale, Arizona 85251;

 

L’Auberge Orchards,
LLC, an Arizona limited liability company (“LA Borrower”), whose address is 6900 E. Camelback Road, Suite 915,
Scottsdale, Arizona 85251;

 

HL Borrower and LA
Borrower are collectively referred to herein as the “Borrowers”;

 

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Albert B. Spector,
Jr., (“Spector”) whose address is 6900 E. Camelback Road, Suite 915, Scottsdale, Arizona 85251; [Note: The Spector
Family Trust, wherein Albert J. Spector, Jr. was Trustee (the “Trustee”) created under Second Amendment and
Complete Restatement to Trust Agreement dated May 10, 2004, and Third Amendment to Trust Agreement dated June 20, 2006 sometimes
referred to as (the “Spector Trust”), has expired by its terms];

 

The Borrowers, Spector
and Jacob Gechman, are collectively referred to herein as the “Borrower Parties”;

 

Orchard Annex, LLC,
an Arizona limited liability company (“Orchards Annex”), whose address is 6900 E. Camelback Road, Suite 915,
Scottsdale, Arizona 85251;

 

Orchards Inn &
Restaurant, LLC, an Arizona limited liability company (“Orchards Inn”), whose address is 6900 E. Camelback Road,
Suite 915, Scottsdale, Arizona 85251;

 

L’Auberge
de Sedona, LLC, an Arizona limited liability company (“L’Auberge de Sedona, LLC”), whose address is 6900
E. Camelback Road, Suite 915, Scottsdale, Arizona 85251;

 

The
Borrower Parties, Orchards Annex, Orchards Inn, L’Auberge de Sedona, LLC and Taos Cantina, each in its capacity as a conveying
party of an interest hereunder is referred to individually as a “Conveying Party” and collectively are referred
to as the “Conveying Parties”;

 

Taos
Cantina LLC, an Arizona limited liability company, whose address is 6900 E. Camelback Road, Suite 915, Scottsdale, Arizona 85251
(the “Taos Cantina”),

 

Sedona
Culinary Concepts, LLC, an Arizona limited liability company, whose address is 6900 E. Camelback Road, Suite 915, Scottsdale, Arizona
85251 (“Culinary Concepts”),

 

Spector
Offices LLC, an Arizona limited liability company, whose address is 6900 E. Camelback Road, Suite 915, Scottsdale, Arizona 85251
(“Spector Offices”),

 

Barrett
Realty, LLC, an Arizona limited liability company, whose address is 6900 E. Camelback Road, Suite 915, Scottsdale, Arizona 85251
(“Barrett”),

 

L’Auberge
Spa, LLC, an Arizona limited liability company, whose address is 6900 E. Camelback Road, Suite 915, Scottsdale, Arizona 85251 (“LA
Spa”); and

 

Chicago
Title Insurance Company (“Escrow Agent” and “Title Company”), whose address is 2425 E. Camelback
Road, Suite 200, Phoenix, AZ 85016, attn: DeWayne C. Huffman.

 

RECITALS

 

A.           On
or about June 11, 2007, Original Lender made a loan to HL Borrower in the amount of not to exceed THIRTY-TWO MILLION AND NO/100
DOLLARS ($32,000,000.00), which was later increased to FORTY-THREE MILLION FOUR HUNDRED THIRTY-FIVE

 

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THOUSAND AND NO/100 DOLLARS ($43,435,000.00)
(the “HL Loan”). The HL Loan is evidenced and secured by the HL Loan Documents, as described in Schedule A-i
attached hereto and incorporated herein. Capitalized terms used but not otherwise defined in the body of this Agreement are defined
in such Schedule A-i as well as in Schedule A-ii attached hereto and incorporated herein.

 

B.           The
HL Deed of Trust is a lien on the real property, including all improvements thereon, located on the land described in Exhibit
B attached hereto and incorporated herein, which legal description reflects the original legal description, as well as
the revised legal description showing the Lots in the plat of the subdivision, now known as “LaMerra,” after
release of several of such Lots from the lien of the HL Deed of Trust, and also created a security interest in Original Lender’s
favor in the personal property as described therein and all water rights and claims to water rights appurtenant and related thereto
and wells thereon, including but not limited to those identified by the Arizona Department of Water Resources as Nos. 36-18397.0002,
36-18398.0003, 36-18399.0002, 55-609716, 39-48282, 39-48283, 39-48284 and 39-48285 (collectively, the “LaMerra Water
Rights”), which real and personal property and LaMerra Water Rights (collectively, the “LaMerra Property”)
is commonly known as “LaMerra,” a residential subdivision along Oak Creek, Yavapai County, Arizona, in which
233 Oak Creek Lots, LLC (an entity not affiliated with or under the control of any of the Conveying Parties) owns one (1) lot,
HL Borrower owns twenty-eight (28) lots and an affiliate of Lenders owns nine (9) lots. A lease of a parcel of land in the vicinity
of SR 89A and Upper Red Rock Loop Road for use as a potential information center for the LaMerra Property has terminated as of
December 31, 2012, and the security deposit in the amount of $6,000 thereunder is to be refunded by the landlord to HL Noteholder.

 

C.           Spector
continues to own a 66.925% membership interest in Canyon Portal II (the “Spector Canyon Portal II Membership Interest”).
Pursuant to the Spector Trust and HIDC HL Security Agreement, the Second Spector Trust HL Security Agreement, and the Restated
Spector Trust/Individual and HIDC HL Security Agreement, Spector and HIDC Investments, LLC (“HIDC”) granted
a security interest in twenty eight and one hundred seventy five 1000ths percent (28.175%) of the membership interest in Canyon
Portal II, which security interest is held by HL Noteholder. By the foregoing security agreements, Spector and HIDC also granted
a security interest in membership interests in Amara, LLC, an Arizona limited liability company (“Amara”). Canyon
Portal II is the owner of the Canyon Portal Shopping Center in Sedona, Arizona. Amara no longer owns any property.

 

D.           The
HL Loan and the HL Loan Documents were assigned to HL Noteholder pursuant to the HL Note Allonge, the HL Loan Documents Assignment,
and other assignment documents described in Schedule A-i.

 

E.           On
or about May 7, 2008, Original Lender made a loan to LA Borrower in the amount of not to exceed SEVENTY-TWO MILLION TWO HUNDRED
FIFTY THOUSAND AND NO/100 DOLLARS ($72,250,000.00) (the “LA Loan”). The LA Loan is evidenced and secured by
the LA Loan Documents, as described in Schedule A-ii. 

 

F.           The
First LA Deed of Trust is a lien on (i) the real property, including all improvements thereon, located on the land (the “L’Auberge
Land”), as described in Exhibit F-i 

 

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attached hereto and incorporated
herein, and also created a security interest in Original Lender’s favor in the personal property as described therein and
all water rights and claims to water rights appurtenant and related thereto and wells thereon, including but not limited to those
identified by the Arizona Department of Water Resources as Nos. 36-60294.0001 and 36-69321.0001 (collectively, the “L’Auberge
Water Rights”), which real and personal property includes what is commonly known as the L’Auberge de Sedona Hotel
& Resort, including a hotel and a restaurant and bar in Sedona, Coconino County, Arizona (together with the L’Auberge
Water Rights, the “L’Auberge Property”), and (ii) the real property, including all improvements therein,
located on the land (the “Orchards Inn Land”), as described in Exhibit F-ii attached hereto and
incorporated herein, and also created a security interest in Original Lender’s favor in the personal property described
therein and also created a security interest in Original Lender’s favor in the personal property as described therein and
all water rights and claims to water rights appurtenant and related thereto and wells thereon, including but not limited to that
identified by the Arizona Department of Water Resources as No. 36-42343.0001 (the “Orchards Inn Water Rights”),
which real and personal property include what is commonly known as the “Orchards Inn”, including a hotel and
a restaurant in Sedona, Coconino County, Arizona (together with the Orchards Inn Water Rights, the “Orchards Inn Property”).
For purposes of this Agreement, the Orchards Inn Property shall include LA Borrower’s interest in the one (1) pre-fabricated
cottage consisting of approximately 600 square feet currently in storage in the Schulte manufacturing facility in Avondale, Arizona.
The delivery and installation with respect to this cottage are as described in Exhibit F-iii hereto (which sets
forth a copy of all documents executed by or on behalf of LA Borrower with Schulte in connection with such cottage and all material
notices delivered in connection therewith) and remain enforceable by LA Borrower.

 

G.           LA
Borrower holds the following interests: (i) lessee’s interest under a lease (the “Affordable Housing Lease Interest”)
with Canyon Portal II for units used for affordable housing, (ii) lessee’s interest under a lease with Canyon Portal II for
five (5) units used as temporary employee housing and a sublandlord’s interest in various subleases related to such units
(together, the “Temporary Housing Lease Interest”); (iii) lessee’s interest under a lease (the “Sinagua
Storage Lease Interest”) with Sinagua Plaza II, LLC (“Sinagua Plaza II”), the owner of the Sinagua
Shopping Center, for storage located at the Sinagua Shopping Center, and (iv) lessee’s interest under a lease (the “Sinagua
Parking Lease Interest”) with Sinagua Plaza II for parking spaces located at the Sinagua Shopping Center, a complete
copy of each of which, including any amendments, supplements and modifications thereto, is included as Exhibit G-i through
G-iv attached hereto. The leasehold interests referred to in this paragraph are used by LA Borrower in connection with
the operation of L’Auberge Property, although they are not subject to the First LA Deed of Trust.

 

H.           Orchards
Annex holds the lessee’s interest under a lease, a complete copy of which, including any amendments, supplements and modifications
thereto, is included as Exhibit H attached hereto (collectively, the “Orchards Annex Property Lease Interest”)
with Canyon Portal II, the owner of the Canyon Portal Shopping Center in Sedona, Coconino County, Arizona, for 28 rooms commonly
referred to as the “Orchards Annex” located at the Canyon Portal Shopping Center. The Orchards Annex is operated as part
of the Orchards Inn but is not subject to the First LA Deed of Trust.

 

    	4

    	 

    

 

I.           Orchards
Inn holds the following interests: lessee’s interest under a lease (the “Orchards Inn Parking Lease Interest”)
with Canyon Portal II for parking at the Canyon Portals Shopping Center, and (ii) lessee’s interest under a lease (the “Orchards
Inn Laundry Lease Interest”) with Canyon Portal II for the Orchards laundry facility at the Canyon Portal Shopping Center,
a complete copy of each of which, including any amendments, supplements and modifications thereto, is included as Exhibit I-i
through I-ii attached hereto. The leasehold interests referred to in this paragraph are used by Orchards Inn in connection
with the operation of the Orchards Inn Property, but are not subject to the First LA Deed of Trust. Each of the Affordable Housing
Lease Interest, the Temporary Housing Lease Interest, the Sinagua Storage Lease Interest, the Sinagua Parking Lease Interest,
the Orchards Annex Property Lease Interest, the Orchards Inn Parking Lease Interest, the Orchards Inn Laundry Lease Interest and
each other lease interest between a Conveying Party and an affiliate thereof relating to or affecting any or all of the Property
are referred to herein individually as a “Lease Interest” and collectively as the “Lease Interests.”

 

J.           The
Second LA Deed of Trust is a lien granted by the LA Borrower on property in Sedona, Coconino County, Arizona (the “Schnebly
Hill Land”) as described in Exhibit J attached hereto and incorporated herein, and also created a security
interest in favor of Original Lender in personal property, as described therein, which real and personal property is collectively
referred to herein as the “Schnebly Hill Property”. The Schnebly Hill Property is used as affordable housing
by LA Borrower, and affordable housing is a condition of the zoning. The Schnebly Hill Property is encumbered by a deed of trust
that secures a loan in favor of Bank 1440 (the “Schnebly Hill Lender”) with an approximate unpaid principal
balance of $245,180.13 (the “Schnebly Hill Loan”).

 

K.          Orchards
Inn is wholly owned by LA Borrower and all of the assets owned or controlled by a Conveying Party, and, subject to the terms and
conditions of this Agreement, liabilities owing by LA Borrower related to the ownership and operation of the Orchards Inn and the
associated restaurant and other facilities are specified in detail on Exhibit K-i hereto with respect to the operation
of the Orchards Inn (collectively, the “Orchards Inn Assets and Liabilities”). L’Auberge de Sedona, LLC
is wholly owned by LA Borrower and all of the assets owned or controlled by a Conveying Party and, subject to the terms and conditions
of this Agreement, liabilities owing by LA Borrower related to the ownership and operation of the L’Auberge Property, and
the associated spa, restaurant and other facilities are specified in detail on Exhibit K-ii hereto (collectively,
the “L’Auberge de Sedona, LLC Assets and Liabilities”).

 

L.           The
LA Loan and the LA Loan Documents were assigned to LA Noteholder pursuant to the LA Note Allonge, the First LA Deed of Trust Assignment,
the Second LA Deed of Trust Assignment and the other assignment documents described in Schedule A-ii.

 

M.
         Pursuant to (i) Subordination Agreement between LA Borrower, Original Lender,
as Subordinate Lender, and First Credit Bank, as Senior Lender, dated September 18, 2009, and recorded on September 25, 2009 in
the Coconino Records as Instrument No. 3539611, (ii) Subordination Agreement between LA Borrower, Original Lender, as Subordinate
Lender, and First Credit Bank, as Senior Lender, dated September 28, 2010, and recorded on September 30, 2010 in the Coconino Records
as Instrument No. 3575445, and (iii) Subordination Agreement between LA Borrower, LA Noteholder, as Subordinate Lender, and First
Credit Bank, as Senior

 

    	5

    	 

    

 

Lender, dated February 23, 2011, and recorded on March 9, 2011 in the Coconino Records as Instrument No.
3589822 (collectively, the “Subordination Agreements”), Original Lender and LA Noteholder have subordinated
the specified LA Loan Documents, the LA Loan, and its lien on and security interest in the “Collateral” defined therein,
to the lien of the Senior Deed of Trust, as defined in the Subordination Agreements, under which First Credit Bank is beneficiary,
securing a loan made by First Credit Bank (the “First Credit Bank Loan”) to LA Borrower.

  

N.           The
HL Loan and the LA Loan (collectively, the “Loans”) are now due and payable.

 

O.           To
avoid the need for Noteholders and the Borrowers to attempt to exercise their rights and remedies pursuant to the Loans, the
Conveying Parties desire to convey to the Transferee Entities (as designees of Noteholders) as follows: (i) the LaMerra
Property to HL Newco; (ii) the L’Auberge Property; the Temporary Housing Lease Interest, the Sinagua Storage
Lease Interest, the Sinagua Parking Lease Interest, the L’Auberge de Sedona, LLC Assets and Liabilities and the
Orchards Inn Assets and Liabilities to L’Auberge Newco, (iii) the Orchards Inn Property, the Orchards Annex Property
Lease Interest, the Orchards Inn Parking Lease Interest and the Orchards Inn Laundry Lease Interest to Orchards Newco (iv)
provide for the right of a designee of a Transferee Party to exercise the option for the purchase of the Spector 28.175%
Canyon Portal II Membership Interest (defined below); and (v) grant the Option (as defined below) and to provide for the
designee of a Transferee Party have the right to exercise the Option for the purchase of the Schnebly Hill Property and the
Affordable Housing Lease Interest, in full and complete satisfaction of all amounts and all other liabilities and obligations
owing under, arising out of or relating to the Loans and the Loan Documents (in addition to the other consideration set forth
in this Agreement), and each party hereto desires to mutually and fully release (except to the extent set forth herein) each
other party hereto, from any and all liabilities and obligations arising out of or relating to the Loan Documents, and
Noteholders agree to cause the Transferee Entities to accept the conveyances, all on the terms and conditions set forth
herein, and each party hereto (as applicable) agrees to pay and perform each of the other of its obligations contemplated
hereby, as consideration for the full and complete satisfaction of all amounts owing and all other liabilities
and obligations under, arising out of or relating to the Loans and the Loan Documents, all on the terms and conditions set
forth herein. The LaMerra Property, the L’Auberge Property, the Option, the Orchards Inn Property, Temporary Housing
Lease Interest, the Sinagua Storage Lease Interest, the Sinagua Parking Lease Interest, the Orchards Annex Property Lease
Interest, the Orchards Inn Parking Lease Interest, and the Orchards Inn Laundry Lease Interest are collectively referred to
herein as the “Property”. The Parties have each independently considered the tax implications of the
transactions contemplated hereby, including, by consulting with their respective tax consultants and advisors. The Parties
shall each be responsible for any and all respective tax and related consequences of entering into this Agreement and all
agreements related thereto.

 

P.           Intentionally
Omitted. 

 

Q.           As
additional consideration for the transactions set forth in this Agreement, concurrent with and as part of the Closing, the Taos
Restaurant shall be managed by Taos Cantina, and Taos Cantina, as manager, and Orchards Newco or its designee, as owner, shall
enter into a management agreement for the Taos Restaurant located on the Orchards Inn Property

 

    	6

    	 

    

 

for the consideration and upon the
terms set forth in a management agreement in a commercially reasonable form and substance for a similar property, to be agreed
upon by the parties thereto acting in good faith prior to the Property Verification Deadline (the “Taos Cantina Management
Agreement”). The Taos Cantina Management Agreement shall provide for: (i) a one (1) year term, commencing on the Closing
Date, which may be renewed by Orchards Newco (in its sole discretion) upon the expiration of the initial term or any applicable
extended term, (ii) a base monthly management fee equal to Ten Thousand Dollars ($10,000), and (iii) an annual incentive management
fee equal to ten percent (10%) of the increase in annual Net Cash Flow of the Taos Restaurant. The Taos Cantina Management Agreement
may be terminated by Orchards NewCo at any time prior to the scheduled expiration thereof: (a) upon payment of a termination fee
to Spector equal to the balance of the base monthly management fee payments that would have been due through the remainder of the
current term, (b) if Spector breaches his obligations hereunder or under any other document or instrument executed in connection
herewith, or (c) upon a sale of disposition of the Property, upon payment of a termination fee to Spector equal to the balance
of the base monthly management fee payments that would have been due through the remainder of the current term. For purposes hereof
“Net Cash Flow” means, with respect to the Taos Restaurant, the recurring cash operating income of the Taos Restaurant
after deducting all cash fees, costs and expenses reasonably related to the operations of the Taos Restaurant, including, without
limitation, property taxes, pass-through expenses, management fees and insurance.

 

R.           As
additional consideration for the transactions set forth in this Agreement, the Sedona Culinary Concepts, LLC, an Arizona limited
liability company, shall provide to Orchards Newco and Orchards Annex, LLC complimentary breakfasts for each guest of the Orchards
Inn and the Orchards Annex in the same manner and on the same terms and conditions as provided prior to November 1, 2012 set forth
in the Canyon Breeze Services Agreement attached hereto as Exhibit R (the “Canyon Breeze Service Agreement”)
provided, however, that the Canyon Breeze Service Agreement shall be modified to provide for: (i) a one (1) year term, commencing
upon the Closing Date which may be renewed by Orchards NewCo and/or Orchards Annex, LLC (in their respective sole discretion) upon
the expiration of the initial term or any applicable extended term and (ii) termination by Orchards NewCo and/or Orchards Annex,
LLC upon thirty (30) days notice to Canyon Breeze Restaurant, without penalty or cost.

 

S.           Intentionally
Omitted.

 

T.           LA
Borrower and LA Noteholder have, prior to the date of this Agreement, obtained an increase in the available loan proceeds from
the First Credit Bank Loan in the amount of $7,106,600 and an extension of the maturity date thereunder to March 28, 2014 (the
“FCB Modification”).

 

U.           Intentionally
Omitted.

 

AGREEMENT

 

Now,
therefore, in consideration of the premises and the representations, warranties and agreements herein contained, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

    	7

    	 

    

 

1.          
Information to Lender Parties. Throughout the terms of the Loans, Borrowers have provided to Lenders certain monthly operating
statements, construction draw reports and financial information relating to the ownership, operation, construction, maintenance,
repair and replacement of the property that is the subject of the Loans (collectively, the “Operating Reports”). Notwithstanding the foregoing, the Conveying Parties will make available to Noteholders and/or Transferee Entities
at the Conveying Parties’ offices or other reasonable facilities located near such offices located in Sedona, Arizona or
such other location as the Parties may mutually determine for review during the entire term of the Property Verification Period
(defined below), the following information (collectively, the “Property Information”):

 

(a)          A
full and complete accounting of all paid (since January 1, 2008) and unpaid bills, invoices, expenses and costs relating to the
ownership, management, development, maintenance, construction, refurbishing or repair, operation and leasing of each Property (including
for the Property leasehold interests), including those accounts payable listed on Exhibits 1(a)-i through 1(a)-x
attached hereto and incorporated herein by reference;

 

(b)          Copies
of all bills and invoices for the paid (since January 1, 2008) and unpaid items identified in Section 2(a) above;

 

(c)          Copies
of any past (since January 1, 2008) and current contracts, leases and agreements relating to the current, ongoing management, maintenance,
construction/refurbishing or repair, operation and leasing of the Property (the “Contracts”), including those
contracts as listed on Exhibits 1(a)-i through 1(a)-x attached hereto and incorporated herein;

 

(d)          A
full and complete accounting of all past (since January 1, 2008), including those previously paid) and current accounts receivable
relating to the ownership, operation and leasing of the Property and of all deposits made with or by third parties, including those
listed on Exhibits 1(a)-i through 1(a)-x attached hereto and incorporated herein by reference;

 

(e)          Copies
of all bills, invoices or other evidence of the items identified in or related to Section 2(d) above;

 

(f)          Copies
of all current material licenses and permits, including liquor licenses, relating to the ownership, management, development, construction,
operation and leasing of the Property, including those listed on Exhibits 1(f)-i through 1(f)-x attached hereto and
incorporated herein;

 

(g)          Copies
of any site plans, plat maps, subdivision reports, surveys, plans and specifications, environmental reports, zoning materials,
soil reports, or material correspondence (including from third parties) affecting the applicable Property;

 

(h)          Copies
of all written lease agreements (the “Leases”) currently in effect made by the Conveying Parties to tenants
of any Property, along with a full accounting of rent collected from January 1, 2008, to the date that is not more than thirty
(30) days prior to the date that the information has been supplied, and a listing of all security deposits with respect to the
Leases, including, those listed on Exhibit 1(h) attached hereto and incorporated herein;

 

    	8

    	 

    

 

(i)          Records
of all previous (since January 1, 2008) and currently existing room, cabin, restaurant, ballroom, lawn or other reservations (collectively,
the “Reservations”) including records of deposits for any of the rooms, cabins, restaurants, ballrooms, lawns
or other areas, or otherwise at the Property;

 

(j)          Copies
of all books, records, and correspondence relating to the ownership, management and operation of the Property and the leasing thereof
since January 1, 2008;

 

(k)         Copies
of all currently in effect documents evidencing or relating to intellectual property, including, trade names, trademarks, or copyrights;

 

(l)          Copies
of such other documents, records and information related to the Property as Noteholders may reasonably request, including with
respect to the Operating Reports previously delivered; and

 

(m)        Upon
commencement of the Property Verification Period, a reasonably detailed preliminary inventory of the personal property currently
or customarily located at the Property as described on Exhibit 1(m) attached hereto and incorporated herein. The
Lender Parties may request for such inventory to be updated and agreed upon in writing at least seven (7) business days before
the Closing Date.

 

2.           
Diligence and Confirmation.

 

(a)          Subject
to subsection (b) below and the other applicable terms hereof, each of the Noteholders and Transferee Entities (including their
respective consultants, agents and designees) shall have the right to conduct full and unrestricted due diligence, investigation
and analysis of the Property and the Conveying Parties and the Spector Trust (including each of their respective books, records
and related documents) in connection with the transactions contemplated by this Agreement and the decision by the Lender Parties
whether to proceed with the Closing of this Agreement on the Closing Date. Lender Parties and their consultants, agents and designees
shall complete such due diligence, investigation and analysis of the foregoing (the “Property Verification Condition”)
during the period (the “Property Verification Period”) commencing on the Effective Date and ending on the date
that is sixty (60) days thereafter (the “Property Verification Deadline”); however, the Property Verification
Deadline shall be extended by an additional business day for each business day that there is any material delay: (i) by a Conveying
Party or their consultants, agents and designees in the performance of any of its obligations hereunder, or (ii) in the ability
of a Lender Party to access or receive any of the information, documents or consents required hereunder. The Conveying Parties
and the Lender Parties shall use reasonable efforts to avoid an extension of the Property Verification Deadline beyond the date
that is seventy-five (75) days after the Effective Date. The Conveying Parties shall provide a suitable workspace for six people
during the Property Verification Period to be used by the Noteholders, Transferee Entities and their consultants, agents and designees
for the foregoing due diligence, investigation and analysis, and such persons may continue to use such workspace thereafter for
purposes of preparation of the Closing unless and until this Agreement terminates.

 

    	9

    	 

    

 

(b)          In
order to facilitate the satisfaction of the Property Verification Condition, the Conveying Parties agree that the Lender Parties
or anyone reasonably authorized by them may go upon the Property at reasonable times during the Property Verification Period to
confirm the Property Verification Condition. With three (3) business days’ prior notice to the Conveying Parties, Lender
Parties shall have the right to make reasonable inquiries (directly or indirectly) of contractors, subcontractors, tenants, prospective
tenants, vendors, employees, lenders, guests, consultants, governmental authorities or other third parties (collectively, “Key
Contacts”) regarding the Property or the transactions contemplated hereby. Lender Parties have been informed of and acknowledge
the importance to Conveying Parties that Conveying Parties are afforded the opportunity to coordinate and facilitate initial contact
with any Key Contacts to minimize any adverse reaction by such Key Contacts in connection with any such inquiries by Lender Parties.
Although Conveying Parties cannot assure the availability of a Key Contact at any given time, Conveying Parties agree to use good
faith reasonable efforts to achieve such coordination and facilitation within three (3) business days after any request therefor
by a Lender Party. After the Property Verification Deadline and until the Closing Date, Lender Parties may reasonably request updated
information related to the Property, its operations and any other relevant matters, and the Conveying Parties agree to use good
faith reasonable efforts to supplement and update all of such documents, records and information and promptly provide same to Noteholders
and Transferee Entities.

 

(c)          The
Conveying Parties shall not permit any liens, mortgages or encumbrances to exist on any or all of the Property except for those
liens, mortgages and encumbrances set forth on Exhibit 2(c) hereto that Lender Parties have consented to in writing.

 

(d)          During
the Property Verification Period, the applicable Parties shall use good faith reasonable efforts to obtain the following (collectively,
the “Property Verification Documents”):

 

(i)          The
parties acknowledge that prior to the date of this Agreement, the FCB Modification was consummated, and as part of the FCB Modification,
First Credit Bank agreed to extend the term of the First Credit Bank Loan, but did not agree that LA Borrower and any and all
other Borrower Parties having any liability or obligations under the First Credit Bank Loan were released from such liabilities
and obligations under the First Credit Bank Loan. L’Auberge Newco hereby agrees to indemnify and hold harmless Spector for,
from and against all losses, costs and expenses, including, without limitation, reasonable attorneys’ fees directly caused
by the Transferee Parties and arising from the enforcement by FCB of any documents securing the First Credit Bank Loan against
Spector (collectively “FCB Losses”); provided, however, that in no event shall L’Auberge Newco have any
obligation to indemnify or hold harmless Spector on account of FCB Losses arising from any act or omission of a Borrower Party
(other than a failure to make any payment of principal or interest as and to the extent the same first become due and payable
after the Closing under the terms of the First Credit Bank Loan) or the breach by any Borrower Party of any loan document securing
or relating to the First Credit Bank Loan (other than a failure to make any payment of principal or interest as and when required
herein). 

 

 (ii)         Conveying
Parties and Lender Parties jointly shall use reasonable efforts to obtain the affirmative assurance from Title Company that, upon
recordation of the

 

    	10

    	 

    

 

Deeds, the Title Company will irrevocably commit to issue an ALTA extended coverage owner’s title insurance
policies at usual rates (individually, an “Owner’s Policy” and collectively, the “Owner’s
Policies”) for the LaMerra Property, insuring HL Newco’s title to that Property described in Exhibit B, for the L’Auberge Property, insuring L’Auberge Newco’s title to that Property described in Exhibits
F-i and J, for the Orchards Inn Property insuring Orchards Newco’s title to the Orchards Inn Property described
in Exhibit F-ii, for the Orchards Annex Property Lease Interest leasehold title to the property described in Exhibit
2(d)(ii), and insuring the Option, all in an insured amount requested by those Transferee Entities, subject only to the
title exceptions, contained in Schedule B – Section II of a title commitment for each Property issued by the Title Company
and reasonably acceptable to the Transferee Entity, containing those customary endorsements (to the extent available under each
Owner’s Policy), as each such Transferee Entity may reasonably require, so that the Property may be operated after the Closing
in a manner substantially consistent as has been operated prior to the Closing (collectively, the “Title Assurance”).
Except for title exceptions contained in any lenders’ title insurance policies issued in connection with the HL Loan and
the LA Loan on or before January 1, 2011, which title exceptions are deemed approved by Lender Parties, any other title matters
shall require the approval of the Lender Parties, in their sole and absolute discretion, in order to be approved title exceptions
under each Owner’s Policy. Transferee Entities shall provide to (and shall authorize Escrow Agent and Title Company to provide
to) Conveying Parties copies of all title commitments and amendments thereto pertaining to the Property.

 

(iii)        Conveying
Parties (with the reasonable cooperation of the Transferee Entities) shall use reasonable efforts to obtain (A) the Consents to
Assignment of Lease in the forms of Exhibits 2(d)(iii)-A, 2(d)(iii)-B, 2(d)(iii)-C, 2(d)(iii)-D, 2(d)(iii)-E and 2(d)(iii)-F
and 2(d)(iii)-G attached hereto and incorporated herein (the “Consent to Assignment of Lease”) to be
executed by the applicable lessor of such lease, (B) consent from any other any party whose consent to the transactions contemplated
by this Agreement is required pursuant to a recorded instrument, and (C) the release of the applicable assignor from any and all
liabilities and obligations under service agreements, delivery contracts, and another vendor contracts relating to the operation
of the Property, subject to the payment of any balances due or owing in accordance with the terms of this Agreement. Notwithstanding
the foregoing, the Transferee Entities shall have the right to terminate, without penalty or cost, any or all of the Lease Interests
(or any portion thereof) at Closing or at any time upon thirty (30) days prior notice to the applicable lessor under such Lease
Interest and each of the Conveying Parties shall cause each Lease Interest to be amended on or prior to the Closing to provide
for such right of termination by the Transferee Entities. The Transferee Entities’ obligation to continue to make rental
or other payments due under any Lease Interest that is not terminated at Closing shall continue until the expiration of the thirtieth
(30th ) day after the date such notice is delivered to the applicable lessor.

 

The consents
and releases required under Section 2(d)(iii) collectively are referred to as the “Third Party Consents”. 

 

 (iv)        If
on or before the Property Verification Deadline: (A) Lender Parties reasonably determine that the Property Verification Conditions
are not materially true, complete and correct (without duplication of any already provided materiality standard elsewhere provided)
or otherwise reasonably satisfactory, or (B) Lender Parties and/or Conveying Parties (as the case may be) have not, despite their
diligent good-faith reasonable

 

    	11

    	 

    

 

efforts, obtained any of (1) the Title Assurance, (2) the Third Party Consents, (3) the documents
described in the Exhibits and Schedules hereto, (4) or the other documents and instruments contemplated hereby as of the Property
Verification Deadline, then Lender Parties shall have the right to deliver to Conveying Parties written notice thereof (the “Lender
Parties’ Notice”) on or before the Property Verification Deadline, which Lender Parties’ Notice shall describe
in reasonable detail the conditions under clauses (A) and/or (B) above that have not been met or are not satisfactory. If the Lender
Parties deliver a Lender Parties’ Notice pursuant to the immediately preceding sentence, and/or if any of the Title Assurance,
the Third Party Consents or other documents and instruments contemplated hereby have not been timely obtained in accordance with
Section 2(d) above or as otherwise provided herein, then Lender Parties and Conveying Parties shall reasonably and in good
faith attempt to satisfy the outstanding conditions and resolve any matters disputed by Conveying Parties contained in Lender Parties’
Notice, within fifteen (15) days after the expiration of the Property Verification Deadline (the “Resolution Period”),
by exchanging such information as is reasonably necessary or appropriate to attempt to resolve the matter, communicating with applicable
third parties as appropriate and taking any other actions as are reasonably necessary or appropriate. Unless (I) (a) Lenders Parties’
Notice is withdrawn by written notice from Lender Parties or the objections contained therein have been satisfied to the reasonable
satisfaction of the Lender Parties or (b) Lender Parties and Conveying Parties have agreed in writing to proceed to Closing
in accordance with the Adjusted Settlement Protocol (defined below) or otherwise as otherwise agreed upon in writing to resolve
any such disputes, and (II) the Title Assurance and all outstanding Third Party Consents and other documents and instruments contemplated
hereby are obtained (or the Lender Parties, in their sole and absolute discretion, have waived in writing the requirement therefor),
as applicable, on or before the expiration of the Resolution Period, this Agreement automatically shall terminate upon the expiration
of the Resolution Period, the Loan Documents will continue in full force and effect and the parties hereto may pursue any and all
rights and remedies at law or in equity to which they are entitled under the Loan Documents or otherwise (collectively, the “Pre-Agreement
Rights and Remedies”), and no party hereto shall thereafter have any further liability or obligation under this Agreement
to complete the transactions hereunder. Additionally, prior to the expiration of the Resolution Period, the Conveying Parties shall
update the Exhibits, Schedules, and the representations and warranties set forth in this Agreement by written notice to the Lender
Parties within five (5) Business Days of a Conveying Party’s knowledge that any of the information set forth in the Exhibits
or Schedules, or any of the representations or warranties made by a Conveying Party, is not materially true and complete as and
when made or is no longer true and correct; provided that the Conveying Parties shall notify the Lender Parties in writing of any
of the foregoing to the extent discovered during the two (2) business day period prior to the Resolution Period or the Property
Verification Deadline but Lender Parties shall have the right to not proceed with the Closing and terminate this Agreement, whereupon
this Agreement automatically shall terminate, the Loan Documents will continue in full force and effect and the parties hereto
may pursue their Pre-Agreement Rights and Remedies. If (x) the Conveying Parties fail to cure such breach within the earlier of
ten (10) days of discovery of or receipt of notice of such breach or the expiration of the Resolution Period (or the Property Verification
Deadline, if the Resolution Period is not applicable) or (y) Lender Parties do not waive any such breach, this Agreement automatically
shall terminate, the Loan Documents will continue in full force and effect and the parties hereto may pursue their Pre-Agreement
Rights and Remedies. If a Conveying Party is notified by a Lender Party that any of

 

    	12

    	 

    

 

the
information set forth in the Exhibits or Schedules, or any of the representations or warranties made by a Conveying Party, is
not materially true and complete as and when made or is no longer true and correct and the Conveying Parties have failed to cure
such requests by a Lender Party regarding such breach ) the Conveying Parties fail to cure such breach within the earlier of ten
(10) days of discovery of or receipt of notice of such breach or the expiration of the Resolution Period (or the Property Verification
Deadline, if the Resolution Period is not applicable), the Lender Parties shall have the right to terminate this Agreement. 

 

(v)         Subject
to the right of termination of Lender Parties as provided in Section 2(d)(iv) above (and subject to the conditions to Closing
under and terms of this Agreement), the parties hereto will proceed with all action necessary to close and deliver all documents
and deliveries required pursuant hereto on or before the Closing Date.

 

(e)          Intentionally
Omitted.

 

(f)          The
additional loan proceeds from the FCB Modification were paid directly to LA Noteholder as a reduction of the amount due and payable
by LA Borrower under the LA Loan. Notwithstanding the foregoing, those certain amounts due and payable by LA Borrower under the
First Credit Bank Loan described on Exhibit 2(f) hereto were paid to First Credit Bank at the closing of the FCB
Modification from the proceeds otherwise payable to LA Noteholder the FCB Modification (together, the “FCB Payments”).
IMHFC agrees that during the term (the “Interest Payment Term”) that commences on the date of the closing of
the FCB Modification and terminates on the earlier to occur of: (i) the Closing Date; or (ii) the date this Agreement is terminated
or is no longer in effect, for any reason, IMHFC s hall timely pay to First Credit Bank any interest payments allocable to the
sum of $6,596,792.27 (which represents the amount of the proceeds of the FCB Modification, less the FCB Payments). The interest
payments payable by IMH hereunder shall be calculated on a pro-rata basis, based on the actual number of days in the Interest Payment
Term. On or prior to the Closing Date, the Conveying Parties shall cause an amount equal to the FCB Payments to be reimbursed to
LA Noteholder. In the event First Credit Bank requires payments of real estate taxes, assessments or other similar amounts allocable
to the prior to the Closing Date (together, the “FCB Tax Payments”) to be paid out of the proceeds of the FCB
Modification, the Conveying Parties shall cause an amount equal to the FCB Tax Payments to be reimbursed to LA Noteholder at the
Closing. The Adjusted Settlement Protocol shall apply to the Conveying Parties’ obligation to reimburse LA Noteholder for
the FCB Payments and the FCB Tax Payments, as more particularly described in Section 13 of this Agreement.

  

(g)          The
Transferee Parties shall have the exclusive option (the “Option”) to acquire from LA Borrower the Schnebly Hill
Property or the Affordable Housing Lease Interest, or either of them (together, and each, individually, the “Option Property”).
The Option may be exercised by the Transferee Parties (or any of them), in their sole and absolute discretion, providing written
notice to LA Borrower (the “Exercise Notice”) on or prior to the one hundred eightieth (180th )
day following the Closing (the “Option Expiration Date”). If the Transferee Parties timely deliver an Exercise
Notice, then LA Borrower shall convey to a designee of the Transferee Parties, all of LA Borrower’s right, title and interest
in and to the Option Property for $1.00. The closing of such conveyance shall occur no later than the tenth (10th )
day following the date LA Borrower receives the Exercise Notice, and at the closing thereof, (i) with respect to

 

    	13

    	 

    

 

the Schnebly Hill
Property, LA Borrower shall deliver a special warranty deed substantially in the form of Exhibit 8(a)(i) hereto,
a bill of sale and general assignment substantially in the form of Exhibit 8(b)(i) hereto, and such other documents
reasonably required by the Transferee Parties or Escrow Agent to cause Escrow Agent to issue an ALTA extended coverage owners title
insurance policy insuring such designee of the Transferee Parties as the fee simple owner of the Schnebly Hill Property; and (ii)
with respect to the Affordable Housing Lease Interest, LA Borrower shall deliver an assignment and assumption of lease and consent
to assignment of lease substantially in the form of Exhibit 2(d)(iii)-A hereto, and such other documents as are reasonably
requested by the Transferee Parties. The Transferee may record a memorandum of the Option in the official records of the county
in which the Option Property is located. If the Transferee Parties fail to timely exercise the Option prior to the Option Expiration
Date, then the Option shall automatically expire and shall be of no further force or effect and the Transferee Parties shall cause
a release of the Memorandum to be recorded in the official records of the county in which the Option Property is located, and if
the Option expires with respect to the Schnebly Hill Property, the Transferee Parties shall also consent to a sale by LA Borrower
of the Schnebly Hill Property, notwithstanding the terms of the Voting Trust Agreement which may prohibit such a sale; provided
that such sale is for an amount that exceeds the then-outstanding balance of the Schnebly Hill Loan and such sale does not result
in any liability whatsoever to any Transferee Party.

 

(h)          Spector
Offices shall have the exclusive option (the “HIDC Option”) to acquire from HL Noteholder (if acquired by HL
Noteholder or its affiliate) all of its right, title and interest in and to the HIDC Interest (as defined in Section 8(o)
below). The HIDC Option may be exercised by Spector Offices, in its sole and absolute discretion, providing written notice
to LA Noteholder (the “HIDC Exercise Notice”) on or prior to the date which is one hundred eighty days
(180) following the date on which HL Noteholder (or its affiliate) acquires the HIDC Interest (the “HIDC Option Expiration
Date”). If Spector Offices timely delivers an HIDC Exercise Notice, then HL Noteholder shall cause all right, title
and interest in and to the HIDC Interest to Spector Offices for the payment of $200,000.00 (the “HIDC Purchase Price”).
The closing of such conveyance shall occur no later than the tenth (10th) day following the date HL Noteholder receives
the HIDC Exercise Notice, and at the closing thereof, HL Noteholder shall cause an assignment and assumption of the HIDC Interest
substantially in the form of Exhibit 8(t) hereto, and such other documents as are reasonably requested by Spector
Offices, and Spector Offices shall deliver the HIDC Purchase Price to HL Noteholder or its designee. If Spector Offices fail to
timely exercise the HIDC Option prior to the HIDC Option Expiration Date or fails to timely and properly deliver the HIDC Purchase
Price, then the HIDC Option shall automatically expire and shall be of no further force or effect.

 

3.          
Warranties and Representations of Conveying Parties.

 

Subject
to the modification and update of the Exhibits, Schedules, and representations and warranties as contemplated pursuant to Section
2, as of the Effective Date, the Property Verification Deadline (or, if applicable, the date that the Resolution Period has expired)
and the Closing Date, the Conveying Parties and the Spector Trust jointly and severally represent and warrant to Lender Parties,
the accuracy of the following representations and warranties, the accuracy of which shall be a Lender Parties’ Condition
to Closing as set forth in Section 7:

 

    	14

    	 

    

 

(a)          This
Agreement: (i) is executed voluntarily and not pursuant to any duress; (ii) is executed in mutual good faith among the parties;
(iii) is given for the express consideration set forth in the Recitals above and as otherwise set forth herein; and (iv) is not
given or intended to hinder, delay, or defraud any creditor, or to contravene any of the bankruptcy laws of the United States (11
U.S.C. § 101 et seq.), hereinafter referred to as the Bankruptcy Code, or any other applicable laws;

 

(b)          This
Agreement is not given as security for the payment of money or any indebtedness, or as security of any kind or nature;

 

(c)          
Exhibits 3(c)-i through 3(c)-x attached hereto and incorporated herein lists all existing tenants of the applicable
Property (the “Tenants”), and to each Conveying Party’s actual knowledge, there is no default under any
Lease on the part of such Conveying Party or any Tenant except as indicated on Exhibits 3(c)-i through 3(c)-x (provided
that all defaults by a Conveying Party under a Lease shall be cured or waived by the applicable Tenant prior to Closing);

 

(d)          Except
as set forth in Schedule 3(d) attached hereto: (i) no Conveying Party is a party to any pending, current or appealable
litigation, (ii) no Conveying Party has received written notice of any threatened or potential litigation against it, or its Property
and (iii) no Conveying Party has any unsatisfied judgment;

 

(e)          Except
as identified in Schedule 3(e) attached hereto, no proceedings in bankruptcy have been instituted and served or threatened
in writing by or against any Conveying Party (including Spector) in any court, nor has any Conveying Party (including Spector)
made an assignment for the benefit of creditors;

 

(f)          There
will be no service, management, operation, or supply contracts relating to the Property that will be binding on any of the Transferee
Entities upon Closing except as disclosed on Exhibits 1(a)-i through 1(a)-x and on Exhibits 1(h)-i through
1(h)-x. The applicable Conveying Party shall, at the discretion of the Transferee Entities, cause each such contract to
be assigned to the Transferee Entity on the Closing;

 

(g)          Except
as set forth on Schedule 3(d)-i, no Conveying Party has received any notice of material violation with respect to
any Property of Federal or State Laws governing hazardous or toxic waste or substances. Each Conveying Party hereby discloses
to Lender Parties that Borrowers may have stored and used vehicle fuel, fertilizer, and other similar substances on or about the
Property in the ordinary course of business provided the same (i) have been and continue to be in compliance with all applicable
environmental laws, (ii) have not and do not result in contamination of the Property and (iii) have not had and do not otherwise
have a material adverse effect on the Property;

 

(h)          Each
Conveying Party is a limited liability company duly organized, validly existing and in good standing under the laws of the State
of Arizona and has the power and authority necessary to: (i) transact the business in which it is engaged, and, (ii) enter into
this Agreement and each of the other documents and agreements contemplated hereby and, subject to obtaining the consents contemplated
hereby, perform its obligations hereunder (including HL

 

    	15

    	 

    

 

Borrower’s
execution, assignment and delivery of the Assignment and Assumption of Declarant’s Rights and Appointment of Design Review
Committee (the LaMerra Property) (the “Assignment of Declarant’s Rights”) attached hereto as Exhibit
3(h); 

 

(i)          The
execution, delivery and performance by a Conveying Party of this Agreement (together with all agreements and documents contemplated
hereby) and the consummation of the transactions contemplated herein have been duly authorized and approved in accordance with
its organizational documents. This Agreement, and each document, agreement and instrument executed in connection herewith, is and
shall, constitute the legal, valid and binding obligations each Conveying Party, enforceable against each Conveying Party in accordance
with the terms hereof or their respective terms (as the case may be), except as enforcement may be limited by bankruptcy, insolvency
or other similar laws affecting the rights of creditors generally;

 

(j)          No
consent, approval, authorization, registration, or filing with any governmental or regulatory authority, or any other person or
entity, is required to be made in connection with the execution, delivery and performance of this Agreement by a Conveying Party
or the consummation by it of the transactions contemplated hereby, except with respect to the Contracts identified in Exhibits
1(a)-i through 1(a)-x, the Licenses and Permits identified in Exhibits 1(f)-i through 1(f)-x, and the Leases
identified in Exhibit 1(h), each of which consents, approvals, authorizations, registrations or filings will have
been made or obtained on or before the Closing;

 

(k)          Except
for the consents described in this Agreement and the consents set forth on Exhibits 2(d)(iii)-i, 2(d)(iii)-ii, 2(d)(iii)-iii,
2(d)(iii)-iv, 2(d)(iii)-v, 2(d)(iii)-vi and 2(d)(iii)-vii hereto (except to the extent not applicable because of the termination
of the applicable Lease Interest), the execution and delivery of this Agreement by the Conveying Parties, the compliance with the
terms of this Agreement by them and the consummation of the transactions by them contemplated hereby, do not and will not conflict
with or result in a breach or default under the terms, conditions or provisions of any agreement with a third party to which a
Conveying Party is a party;

 

(l)          Upon
Closing, the Borrower Parties and the Conveying Parties and each of their respective members (as applicable) will benefit from
this Agreement;

 

(m)          Except
as disclosed in Exhibit 3(m), no Conveying Party has received any notice (oral or written) disputing title to the
Property or any part thereof. No Conveying Party has contracted with any person or entity for the purchase of any or all of its
Property. Except as disclosed in Exhibit 3(m), no Conveying Party has any knowledge of any facts by reason of which
possession or title to any or all of its Property may be called into question;

 

(n)          Except
as set forth on Exhibit 3(n), each Conveying Party has filed and paid all required transaction privilege and use
taxes and filed such returns as are required of them with all state and local governments and filed and paid all required employer
tax withholding and employment related charges and contributions;

 

    	16

    	 

    

 

(o)          Amara
does not, directly or indirectly, own any assets properties, or rights of any kind;

 

(p)          All
insurance policies related to the any or all of the Property are in full force and effect and except as set forth on Exhibit
3(p), there are no actual, pending or to a Conveying Party’s actual knowledge, threatened claims with respect thereto;
provided, however, the Noteholders acknowledge that the following insurance policies relating to Spector as required under the
LA Loan and/or the HL Loan are not in effect and have been or are in the process of being terminated with Noteholder’s consent:
Prudential policy numbers L8329846, L8320719 and L8329827;

 

(q)          Except
as disclosed in Exhibit 3(q), there are no direct or indirect transactions with any “Related Parties”
involving the Property or the Conveying Parties. “Related Parties” means an Affiliate of a Conveying Party (including
any direct or indirect equityholder of any such Affiliate), a member of Executive Management, an employee of a Conveying Party
or a Family Member of Executive Management. For purposes hereof, (1) “Executive Management” means each of the following
individual: Albert B. Spector, (2) “Family Member” means, with respect to any individual, such individual’s
spouse (or registered domestic partner) and descendents (by birth or adoption) and such individuals other than immediate family
(including parents, stepparents, siblings, and mothers- and fathers-in-law) and (3) Susannah Durant, Canyon Portal II, Sinagua
Plaza, Sedona Culinary aka Canyon Breeze Restaurant, Tasting Arizona, Open Range Restaurant, SP-LA Art Gallary LLC, Barrett Realty,
Rocky Mountain Chocolate, Spector Offices LLC, and Serenity Spa. “Affiliate” means, with respect to any Person, (i)
any other Person who controls, is controlled by or it under common control with such Person, (ii) any director or officer of such
Person or any Person specified in clause (i) above, or (iii) any other Person in which such Person has a five percent (5%) or
more beneficial interest or as to which such Person serves as a managing member, manager, general partner, trustee or in a similar
fiduciary or management capacity.

 

(r)          As
of the Effective Date and as of the Closing, (A) no Conveying Party is (i) currently identified on the Specially Designated Nationals
and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury (“OFAC”)
and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively,
the “List”), and (ii) a person or entity with whom a citizen of the United States is prohibited to engage in
transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order
of the President of the United States, (B) none of the funds or other assets or properties of the Conveying Party constitutes property
of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined), and (C) no Embargoed Person
has any interest of any nature whatsoever in the Conveying Party (whether directly or indirectly). The term “Embargoed Person” means any person, entity or government subject to trade restrictions under U.S. law, including but not limited
to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App.
1 et seq., and any Executive Orders or regulations promulgated thereunder.

 

    	17

    	 

    

 

(s)          No
Conveying Party intends for this transaction to be subject to the Interstate Land Sales Full Disclosure Act or the Arizona public
report requirements applicable to sales of subdivided lands.

 

(t)          The
copies of documents delivered and information delivered to Noteholders or Transferee Entities pursuant to this Agreement are materially
true, complete and exact copies of the originals of those documents.

 

(u)          All
tangible, intangible, intellectual and other assets or properties owned by Conveying Parties used or necessary or advisable in
connection with the business of the Property will be conveyed to the Transferee Entities with the consummation of the Closing
of this transaction (except as set forth on Exhibit 3(u).

 

(v)         To
the actual knowledge of the Conveying Parties, all information furnished by or on behalf of Conveying Parties hereunder (including
all information contained in the Exhibits and Schedules hereto or in the other documents and agreements executed in connection
herewith) for purposes of or in connection with this Agreement, the documents executed in connection herewith, or any transaction
contemplated herein or therein is true, complete and correct, in all material respects, on the date as of which such information
is dated or certified and not incomplete by omitting to state any fact necessary to make such information (individually and taken
as a whole) not misleading in any material respect at such time in light of the circumstances under which such information was
provided.

 

(w)        [Intentionally
Omitted]

 

(x)                         Employment.

 

(i)          
Exhibit 3(x)(i) is a correct and complete list of any individuals who are employed full-time or part-time, or otherwise
perform personal services with respect to the Property and include each such individual’s job title, years of employment
and compensation, at the Property and current accrued unused vacation and sick leave of such individuals, as well as a listing
of any applicable employment agreements or personal services contracts for such individuals;

 

(ii)         Except
as set forth on Exhibit 3(x)(ii), no Conveying Party is represented by any labor union, labor organization or other
employee group or association with respect to their employment at the Property, and, to the knowledge of Conveying Parties, there
are no organizing activities, representation proceedings or demands for recognition or certification pending with regard to such
persons;

 

(iii)        Except
as set forth on Exhibit 3(x)(iii), no Conveying Party is a party to, bound by or in the process of negotiating any
collective bargaining agreement, memorandum of understanding or other labor-related contract, arrangement or understanding with
any labor union, labor organization or other employee group or association applicable to persons employed at or performing personal
services at the Property. All employees at the Property are employed at

 

    	18

    	 

    

 

will
and there is no severance pay due and owing to any such employees at termination of employment or transfer to a successor; 

 

(iv)        Except
as set forth on Exhibit 3(x)(iv), no Conveying Party is bound by or in the process of negotiating any employee leasing,
shared labor or potential joint or single employer contracts or personal services contracts, arrangements or understandings involving
the Property;

 

(v)         Except
as set forth on Exhibit 3(x)(v), no Conveying Party has experienced or been affected by any strike, boycott, slowdown,
walkout, work stoppage, or lockout within the past six (6) months and there is no such labor action pending or, to Conveying Parties’s
knowledge, threatened against or otherwise affecting any Conveying Parties with respect to employees or personal service providers
at the Property;

 

(vi)        Except
as set forth on Exhibit 3(x)(vi), there are no grievances, demands arbitrations, suits, legal actions, administrative
charges claims or administrative investigations, pending or threatened against the Conveying Parties with respect to the employees
or individuals who perform personal services at the Property;

 

(vii)       The
Conveying Parties and its Affiliates are in compliance with all laws, material agreements, contracts, and policies respecting employment
and employment practices with respect to employees and personal service providers who work or perform services at the Property;

 

(viii)      (i)
No Conveying Party has effectuated a “plant closing” (as defined in the Worker Adjustment and Retraining Notification
Act, or any similar state or local law (the “WARN Act”)) or a “mass layoff” (as defined in the WARN
Act) involving employees working at the Property in the past year and (ii) as of the Closing Date, none of the employees of Conveying
Parties will have experienced “employment loss” (as defined in the WARN Act) in the prior ninety (90) days prior to the
Closing Date;

 

(ix)         
Exhibit 3(x)(ix) contains a true and complete list of each deferred compensation and each incentive compensation,
stock purchase, stock option and other equity compensation plan, program, agreement or arrangement; each severance or termination
pay, medical, surgical, hospitalization, life insurance and other “welfare” plan, fund or program (within the meaning
of Section 3(1) of the Employee Retirement Income Security Act of 1974 (as amended from time to time, “ERISA”));
each profit-sharing, stock bonus or other “pension” plan, fund or program (within the meaning of Section 3(2) of ERISA);
each employment, termination or severance agreement; and each other employee benefit plan, fund, program, agreement or arrangement,
in each case, that is sponsored, maintained or contributed to or required to be contributed to by any Conveying Parties or by any
trade or business, whether or not incorporated (an “ERISA Affiliate”), that together with the Conveying Parties
would be deemed a “single employer” within

 

    	19

    	 

    

 

the
meaning of Section 4001(b) of ERISA, or to which the Conveying Parties or an ERISA Affiliate is party, whether written or oral,
for the benefit of any employee of the Conveying Parties (the “Employee Benefit Plans”). Each of the Employee
Benefit Plans that is subject to Section 302 or Title IV of ERISA or Section 412 of the Internal Revenue Code of 1986 (as amended
from time to time, the “Code”) is hereinafter referred to in this Section 6.1(o) as a “Title IV Plan.”
No Conveying Party, nor any ERISA Affiliate has any commitment or formal plan, whether legally binding or not, to create any additional
Employee Benefit Plan or modify or change any existing Employee Benefit Plan;  

 

(x)          
No Title IV Plan is a “multiemployer pension plan,” as defined in Section 3(37) of ERISA (a “Multiemployer Plan”),
nor is any Title IV Plan a plan described in Section 4063(a) of ERISA. No Conveying Parties nor any ERISA Affiliate has made or
suffered a “complete withdrawal” or a “partial withdrawal,” as such terms are respectively defined in Sections
4203 and 4205 of ERISA (or any liability resulting therefrom has been satisfied in full);

 

(xi)         
Each of Conveying Parties’s 401(k) plans and any other Employee Benefit Plans is intended to be and has been determined by
the IRS to be a “qualified” plan under Section 401(a) of the Internal Revenue Code for which a favorable determination
letter or opinion letter has been issued by the IRS and no event has occurred since the issuance of such letter that could reasonably
be expected to adversely affect such qualified status; and

 

(xii)        
Each Employee Benefit Plan has been established and administered in accordance with its terms and in compliance with the applicable
provisions of ERISA, the Code and other applicable laws, rules and regulations and no event has occurred and no condition exists
which would subject the Conveying Parties or its Affiliates (or after the Closing, Transferee Entities or Affiliates) to any liability
by reason of Conveying Parties or its Affiliate’s affiliation with any members of their “Controlled Group” (defined
as any organization which is a member of a controlled group of organizations within the meaning of Sections 414(b), (c), (m), or
(o) of the Code), to any tax, fine, lien, penalty or other liability imposed by ERISA, the Code or other applicable laws, rules
or regulations.

 

The
term “actual knowledge” as used in this Agreement as applicable to the representations and warranties of a Conveying
Party means that such representations and warranties are based solely on the actual (not constructive or imputed) knowledge of
Mr. Albert B. Spector, Jr., as of the applicable date, after reasonable inquiry, including making inquiry of the general managers,
the food and beverage directors and the engineering supervisors of the L’Auberge de Sedona Resort, the Orchards Inn (including
the Taos Restaurant), the LaMerra Property, the Canyon Portal Shopping Center and each Conveying Party.

 

The
representations and warranties in this Section 3 shall survive the Closing for a period of twelve (12) months and thereafter
shall terminate.

 

    	20

    	 

    

 

		4.	Warranties and Representations
of Lender Parties.

 

The Lender Parties
represent and warrant to the Conveying Parties as of the Closing Date that:

 

(a)          
This Agreement is executed in mutual good faith among the parties and is given for the express consideration set forth in the Recitals
above and as otherwise set forth herein.

 

(b)          
Each is a limited liability company duly organized, validly existing and in good standing under the laws of the state of its organization
and if applicable, is authorized to transact business in Arizona, and has all power, authority and rights necessary to: (i) transact
the business in which it is engaged, (ii) enter into this Agreement and each of the other documents and agreements contemplated
hereby, and (iii) perform its obligations hereunder.

 

(c)          
The execution, delivery and performance of this Agreement (together with all agreements and documents contemplated hereby) and
the consummation of all transactions contemplated herein and therein have been duly authorized and approved in accordance with
its organizational documents. This Agreement, and each document, agreement and instrument executed in connection herewith, is and
shall constitute their legal, valid and binding obligations enforceable against each in accordance with the terms hereof or their
respective terms, except as may be limited by bankruptcy, insolvency or other similar laws affecting the rights of creditors generally.

 

(d)          
Except as set forth on Exhibit 4(d) hereto or as will have been obtained or made on or before the Closing or such
other date as contemplated hereby, no consent, approval or authorization from, or registration or filing with, any governmental
or regulatory authority or any other person or entity, is required, or to be made by it in connection with the execution, delivery
and performance of this Agreement or the consummation by it of the transactions contemplated.

 

(e)          
Except for the consents required under the First Credit Bank Loan Documents, the consents described in this Agreement and the consents
set forth on Exhibit 4(e) hereto, the compliance with the terms of this Agreement and the consummation of the
transactions contemplated hereby do not and will not conflict with or result in a breach or default under the terms, conditions
or provisions of any agreement to which it is a party or by which it may be bound.

 

(f)          
As of the Effective Date and as of the Closing, (A) Transferee Entities are (i) not currently identified on the Specially Designated
Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury (“OFAC”)
and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively,
the “List”), and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage
in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order
of the President of the United States, (B) none of the funds or other assets of any Transferee Entity constitute property of,
or are beneficially owned, directly or indirectly, by any Buyer Embargoed Person (as hereinafter defined), and (C) no Embargoed
Person has any interest of any nature

 

    	21

    	 

    

 

whatsoever in any Transferee Entity (whether directly or indirectly. The term “Embargoed
Person” means any person, entity or government subject to trade restrictions under U.S. law, including but not limited
to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App.
1 et seq., and any Executive Orders or regulations promulgated thereunder.

 

(g)          
Lender Parties do not intend for this transaction to be subject to the Interstate Land Sales Full Disclosure Act and it is exempt
from the Arizona public report requirements applicable to sales of subdivided lands.

 

The representations
and warranties in this Section 4 shall survive the Closing for a period of twelve (12) months and thereafter shall terminate.

 

		5.	Interim Agreements of
Parties.

 

(a)          
Except in the ordinary course of business, as would be in accordance with prior practice over the preceding twelve (12) months,
or as required by law, from the Effective Date through the Closing Date, no Conveying Party will without the reasonable consent
of the Lender Parties (i) enter into, modify or waive material provisions of, or terminate any material agreements relating to
Property, including any Leases or employment agreements, (ii) remove from the Property any material portions of the personal property
or other intangible property being conveyed pursuant to this Agreement, or (iii) materially change the usual business practices
and operation of the Property, including, inventory and supplies levels, maintenance, employment and maintenance of reserves. Additionally,
and without limiting the foregoing, from the Effective Date through the Closing Date, no Conveying Party will, without the reasonable
consent of the Lender Parties, make any payment, disbursement or other expenditure of any nature, except in accordance with the
Approved Budget (as defined in Section 18(a) of this Agreement). Except as provided in Exhibit 5(a), Conveying Parties
(including Spector) confirm that none of the foregoing described in clauses (i) or (ii) of this Section 5(a) has occurred since
January 1, 2011, and none of the foregoing described in clause (iii) of this Section 5(a) has occurred since November 1, 2012.

 

(b)          
From the Effective Date through the Closing Date (or until termination of this Agreement), no Conveying Party (including Spector)
shall file a voluntary petition under Title 11 of the United States Code or an involuntary petition under Title 11 of the United
States Code against any other Conveying Party. If an involuntary petition under Title 11 of the United States Code is filed against
any Conveying Party, such Conveying Party shall promptly, but in no event later than sixty (60) days of the filing thereof, cause
the dismissal of such involuntary petition.

 

		6.	As-Is Transaction.

 

(a)          
AS OF THE EFFECTIVE DATE AND AS OF CLOSING, TRANSFEREE ENTITIES ACKNOWLEDGE AND AGREE THAT, EXCEPT FOR THE EXPRESS REPRESENTATIONS,
WARRANTIES, AND COVENANTS MADE IN THIS AGREEMENT, THEY ARE ACQUIRING THE PROPERTY (INCLUDING ANY PROPERTY

 

    	22

    	 

    

 

INTEREST) AND ANY IMPROVEMENTS
NOW OR HEREAFTER MADE THERETO IN “AS IS” AND “WHERE IS” CONDITION, “WITH ALL FAULTS”, AND THAT THE
PROPERTY IS BEING CONVEYED AND TRANSFERRED IN “AS IS” AND “WHERE IS” CONDITION “WITH ALL FAULTS”.

  

(b)          
UPON CLOSING, EXCEPT FOR THE EXPRESS REPRESENTATIONS, WARRANTIES, AND COVENANTS MADE IN THIS AGREEMENT AND THE OTHER DOCUMENTS
AND INSTRUMENTS EXECUTED IN CONNECTION HEREWITH (INCLUDING THE POST-CLOSING RIGHTS AND REMEDIES OF THE PARTIES UNDER PARAGRAPH
13), EACH PARTY ( ON BEHALF OF ITSELF AND ITS AFFILIATES AND AGENTS) DISCLAIMS AND WAIVES ALL EXPRESS AND IMPLIED WARRANTIES AND
ANY AND ALL CLAIMS OF LIABILITY AGAINST EACH OTHER PARTY AND THEIR RESPECTIVE AFFILIATES AND AGENTS (INCLUDING CLAIMS AGAINST BORROWER
PARTIES, CONVEYING PARTIES AND LENDER PARTIES), ARISING OUT OF OR RELATING TO THE PROPERTY, THE BUSINESS OPERATED THEREON, THE
LOANS, AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, WHETHER ARISING IN TORT, CONTRACT, UNDER ANY STATUTE, WARRANTY, STRICT
LIABILITY OR OTHERWISE (PROVIDED THAT NO LENDER PARTY OR ITS AFFILIATES OR AGENTS SHALL BE DEEMED TO HAVE WAIVED ANY CLAIMS RELATED
TO ARISING FROM A FRAUD ON SUCH PERSON).

 

The
foregoing releases, waivers and terms of this Section 6 shall be binding upon the Parties, their successors and assigns
and shall survive the Closing.

 

		7.	Closing; Closing Conditions.

 

(a)          
The consummation of the transaction contemplated by this Agreement shall be deemed to close (the “Closing”)
upon recordation of the Deeds (defined below) by Escrow Agent. It shall be a Lender Parties’ Condition to Closing (defined
below) that Title Company shall have agreed in writing that, simultaneously with recordation of the Deeds, it will be irrevocably
committed to issue to the applicable Transferee Entities an Owner’s Policy in accordance with the Title Assurance obtained
from the Title Company pursuant to Section 2, including those endorsements (to the extent available under each Owner’s
Policy), as agreed upon in the Title Assurance (the “Title Policy Condition”). Subject to terms of this Agreement,
the Closing shall occur on the date that is twenty (20) days after the Property Verification Deadline or promptly (not to exceed
five (5) days) after the Resolution Period, if applicable (the “Closing Date”) or such other time as agreed
to by the Parties hereunder, but in no event shall the Closing occur later than May 20, 2013. The Closing shall occur at the office
of Escrow Agent or such other office as agreed to by the Parties hereunder.

  

(b)          
The obligation of Lender Parties to Close is subject to the satisfaction as of the Closing Date of the conditions (the “Lender
Parties’ Conditions to Closing”) that subject to any applicable notice and cure periods: (i) all covenants required
to be performed by any of the Conveying Parties (including Spector) as of Closing Date shall have been performed pursuant to the
terms of this Agreement and the representations and warranties in Section 3 shall be accurate as of the applicable date,
and (ii) the Title Policy Condition shall be satisfied, either of which may be waived, in whole or in part and in their sole and
absolute discretion, by Lender

 

    	23

    	 

    

 

Parties in writing at or prior to the Closing. If the Closing fails to occur on or prior to the
Closing Date because a Lender Parties’ Condition to Closing is not satisfied, then Lender Parties shall elect by written
notice delivered to Borrower Parties on or before 5:00 p.m. (Phoenix, Arizona time) on the business day immediately following the
Closing Date to (a) waive all unsatisfied Lender Parties’ Condition(s) to Closing and proceed with the Closing on that date
which is three (3) business days after the Closing Date (provided that Conveying Parties also agree in writing to waive such condition
if such condition also is a Borrower-related Parties’ Conditions to Closing), (b) require the applicable Conveying Party
to specifically perform such condition within an applicable grace period (or pursuant to proceedings for equitable relief) or (c)
terminate this Agreement, whereupon this Agreement automatically shall terminate, the Loan Documents will continue in full force
and effect and the parties hereto may pursue their Pre-Agreement Rights and Remedies. If Lender Parties do not deliver the written
notice described in the preceding sentence, then Lender Parties shall be deemed to have elected to terminate pursuant to option
(c). Notwithstanding the foregoing, Lender Parties may enforce their permitted pre-Closing remedies under Section 13 if the failure
of the condition is also a default by a Conveying Party.

 

(c)          
The obligation of Conveying Parties to Close is subject to the satisfaction as of the Closing Date of the conditions (the “Borrower-related
Parties’ Conditions to Closing”) that subject to any applicable notice and cure periods: (i) all covenants required
to be performed by Lender Parties as of the Closing Date shall have been performed pursuant to the terms of this Agreement and
the representations and warranties in Section 4 shall be accurate as of the such date; and (ii) the First Credit Bank Extension,
Consent, Release and Novation has been obtained any of which Borrower-related Parties’ Conditions to Closing may be waived
in whole or in part by Conveying Parties, as applicable, in writing at or prior to the Closing. If the Closing fails to occur on
or prior to the Closing Date because a Borrower-related Parties’ Conditions to Closing is not satisfied, then Conveying Parties
shall elect by written notice delivered to Lender Parties on or before 5:00 p.m. (Phoenix, Arizona time) on the business day immediately
following the Closing Date to either (a) waive all unsatisfied Borrower’s Condition(s) to Closing and proceed with the Closing
on that date which is three (3) business days after the Closing Date, or (b) terminate this Agreement, whereupon this Agreement
automatically shall terminate, the Loan Documents will continue in full force and effect and the parties hereto may pursue their
Pre-Agreement Rights and Remedies. If Conveying Parties do not deliver the written notice described in the preceding sentence,
then they shall be deemed to have elected to terminate pursuant to option (b).

 

8.           
Conveyance and Closing Documents. On or before the Closing Date (or within the timeframes otherwise provided below), (i)
the applicable Conveying Parties, shall execute, have acknowledged where applicable, and deliver to Escrow Agent (or Lender Parties,
as mutually agreed by the parties), and (ii) the applicable Lender Parties shall execute, have acknowledged where applicable, and
deliver to Escrow Agent (or Conveying Parties, as mutually agreed by the parties), the following instruments, payments and other
deliveries, to be dated as of the Closing Date (where appropriate) (collectively, the “Closing Documents”):

 

(a)          
Special Warranty Deeds in the forms attached hereto and incorporated herein as Exhibits 8(a)-i through 8(a)-iii for
conveying the LaMerra Property to HL Newco and the L’Auberge Property and the Orchards Inn Property to Orchards Newco (the
“Deeds”);

 

    	24

    	 

    

 

(b)          
Bill of Sale and Assignment and Assumption of Scheduled Assumed Liabilities (which shall include all cash, accounts, receivables,
and intellectual property, subject to the terms of this Agreement) in the forms attached hereto and incorporated herein as Exhibits
8(b)-i through 8(b)-iv (collectively, the “Bills of Sale”) which are intended to be an acceptance of
collateral in full and complete satisfaction of an obligation pursuant to the Uniform Commercial Code with the consent of the debtors
and other necessary parties;

 

(c)          
The Estoppel Certificates in the form of Exhibits 8(c)-i through 8(c)-iii “(the “Estoppel
Certificates”);

 

(d)          
The Assignment of Declarant’s Rights and a quit-claim assignment of any other right, title and interest in or related, directly
or indirectly, to the LaMerra property;

 

(e)          
The Assignment of Leases in the forms attached hereto and incorporated herein as Exhibits 2(d)iii-A through
2(d)(iii)-B (collectively, the “Assignments of Leases”), unless the Transferee Entities have elected
to terminate the applicable Lease Interest;

 

(f)          
The Consents to Assignment of Leases;

 

(g)          
The Assignment and Assumption of the L’Auberge de Sedona, LLC Assets and Scheduled Assumed Liabilities in the form of Exhibit
8(g);

 

(h)          
The Assignment and Assumption of the Orchards Inn Assets and Scheduled Assumed Liabilities in the form of Exhibit 8(h);

 

(i)          
Assignment and Assumptions of the assets and Scheduled Assumed Liabilities of HL Borrower, Orchards Annex, Taos Cantina and LA
Spa, each in substantially the form of Exhibit 8(h);

 

(j)          
Intentionally Omitted;

 

(k)         
Intentionally Omitted;

 

(l)          
Intentionally Omitted;

 

(m)        
The Third Party Consents obtained pursuant to Section 2;

 

(n)          
Intentionally Omitted;

 

(o)         
The HL Loan Satisfaction and Release and the LA Loan Satisfaction and Release in the forms of Exhibits 8(o)-i and 8(o)-ii,
respectively, attached hereto and all documents contemplated thereunder, pursuant to which, among other terms, all guaranties
shall be deposited with the Escrow agent and contemporaneously with the Closing shall be marked “terminated” by the
Escrow Agent and shall be returned to Borrowers; provided, however, that with respect to that certain Unconditional Loan Guaranty
dated June 11, 2007, by Spector and Gechman in favor of IMH Secured Loan Fund, LLC, there shall be no release of Gechman. Notwithstanding
the foregoing, HL Noteholder may retain any rights it may have under the HIDC pledge of its 20.825% interest in Canyon Portal
(the “HIDC Interest”) and the related

 

    	25

    	 

    

 

HIDC HL SOS UCC, and may pursue its rights thereunder to become a non-managing
member of Canyon Portal.

  

(p)          
A quit-claim assignment of the Noble House Letter in the form of Exhibit 8(p) attached hereto;

 

(q)          
Forms to be filed with the Arizona Department of Water Resources pertaining to the transfer of the LaMerra Water Rights, the L’Auberge
Water Rights, and the Orchards Inn Water Rights in the forms attached here to as Exhibit 8(q)-i through 8(q)-v,
and such documents, instruments or other forms reasonably necessary to transfer all rights to and control of the Retreat on Oak
Creek Domestic Water Improvement District (the “DWID”), including, without limitation, written resignations
from each of the board members of the DWID existing as of the Closing Date and such other documents as is reasonably necessary
to appoint replacement board members selected by the Transferees, in their sole and absolute discretion;

 

(r)          
Transferee Entities’ payments required to be paid under this Agreement, including: (i) a cash payment to Spector or his designee
in the amount of $200,000 (the “Spector Payment”) payable on the Closing Date, subject to potential offset pursuant
to the Adjusted Settlement Protocol, (ii) a cash payment in the amount of $400,000 to Orchards Annex (the “Orchards Annex
Payment”), subject to potential offset pursuant to the Adjusted Settlement Protocol on the sixtieth (60th
) day following the Closing Date, and (iii) the Avion Payment (defined below).

 

(s)          
The Avion Noble House Letter (as defined below).

 

(t)          
Intentionally Omitted;

 

(u)          
Such other funds, instruments or documents as are reasonably necessary to fulfill the covenants and obligations to be performed
pursuant to this Agreement. All funds to be deposited hereunder shall be in the form of cash, wire transfer or other good and sufficient
funds immediately available in Flagstaff, Arizona. All funds necessary to pay any amounts due under this Agreement at the Closing,
shall be deposited into Escrow by the applicable party hereto at least one (1) business day prior to the Closing Date;

 

On the date of
Closing: (i) Escrow Agent shall conduct the Closing, record the applicable Closing Documents and deliver to Conveying Parties and
Lender Parties the applicable Closing Documents and (ii) the Lender Parties and Conveying Parties, as applicable, shall take such
actions, in the manner described in the “Day of Closing Protocol” attached hereto as Exhibit 8(u). All
conveyances contemplated hereby must occur concurrently and no portion of this transaction shall close without all conveyances
and transactions contemplated hereby occurring concurrently therewith. Upon Closing, Conveying Parties shall provide possession
of the Property to Transferee Entities, subject to the terms contained in the Closing Documents.

 

 In
accordance with Section 18(c), from and after the Closing, the Transferee Entities shall be responsible for all employee payroll
accruing from and after the Closing Date of the employees of L'Auberge de Sedona, LLC, Orchards Inn which are operating the L'Auberge
de Sedona Resort and the Orchards Inn. With respect to employees of Barrett providing services to the L’Auberge de Sedona
Resort and Orchards Inn, the Transferee Entities shall provide written

 

    	26

    	 

    

 

notice to the Conveying Parties on or prior to the expiration
of the Property Verification Period of which, if any, of such employees the Transferee Entities elect, in their sole and absolute
discretion, to employ following the Closing.

 

		9.	Employees.

 

(a)          
Transferee Entities shall have the right to offer employment to any or all of the employees L’Auberge de Sedona, LLC and
Orchards Inn following the Closing. The Transferee Entities shall notify the Conveying Parties at before the Closing of any such
employees that the Transferee Entities elect to not offer employment and the Conveying Parties shall notify such employees
thereof; provided that Transferee Entities shall provide no less than sixty (60) days of severance pay to such employees in consideration
for the continued performance by such employees of their duties for such severance period. Each of the Conveying Parties shall
cooperate (without cost or liability) with the Transferee Entities by providing work-related information regarding its employees
at the Property to the extent permitted by law, in connection with the Transferee Entities determination of which employees to
extend offers of employment.

 

(b)          
Transferee Entities acknowledge and agree that Transferee Entities (or the applicable employee leasing or other organization) shall
be considered for purposes of the WARN Act to be the employer of such employees of Conveying Parties who are offered and accept
employment with Transferee Entities as of the expiration of the Post Closing Period (the “Retained Employees”).

 

(c)          
Provided the Conveying Parties’ employees do not experience any employment losses as defined in WARN within 90 days prior
to Closing, the Transferee Entities agree that (i) they will not take any actions within 60 days on or after the Closing Date that
results in an “employment loss,” as that term is defined under the WARN Act, for more than 49 of the full-time Retained
Employees; or (ii) should Transferee Entities do so, Transferee Entities shall indemnify, defend, protect, and hold harmless Conveying
Parties and all their affiliates from any and all losses and liability resulting from any compliance obligation (including any
obligation to give notice or pay money or benefits) Transferee Entities or any of its affiliates has or may have under the WARN
Act arising from Transferee Entities’ actions within 60 days after the Closing Date that result in an “employment loss,”
as that term is defined under the WARN Act, for more than 49 of the full-time Retained Employees.

 

(d)          
Conveying Parties and Transferee Entities each shall be responsible for its own notification obligations, if any, under the WARN
Act, including any notification obligations that may arise from any employment loss by any employees who were employed by Conveying
Parties as of the Closing Date or any Retained Employees employed by Transferee Entities following the Closing Date.

 

 (e)          
Conveying Parties and Transferee Entities intend that the transactions contemplated by this Agreement should not constitute a separation,
termination or severance of employment of any Retained Employee who accepts an employment offer by Transferee Entities that is
consistent with the requirements of Section 9(a) including any separation, termination or severance benefits, and that each
such Retained Employee will have continuous employment

 

    	27

    	 

    

 

immediately before and immediately after the Closing Date. Transferee Entities
shall be liable for and shall indemnify, hold harmless, protect and defend the Conveying Parties for, from and against: (i) any
statutory, common law, contractual or other severance, if any, with respect to any Retained Employees arising out of employment
by the applicable Transferee Entities on and after Closing Date. The Conveying Parties shall be liable for and shall indemnify,
hold harmless, protect and defend the Transferee Entities for, from and against (i) any statutory, common law, contractual or other
severance, obligations, liabilities or claims, if any, with respect to any employees of, or individuals performing personal services
for, any of the Conveying Parties prior to Closing Date.

 

10.         
Indemnities.   Each of the Conveying Parties (including Spector), jointly and severally, shall pay, indemnify,
defend, and hold the Lender Released Persons (each, an “Indemnified Person”) harmless (to the fullest extent
permitted by law) for, from and against any and all liabilities, loss, costs, expenses, actions, claims, demands, suits, actions,
investigations, proceedings, and damages, and all reasonable all court costs and attorneys fees and disbursements and other reasonable
costs and expenses actually incurred in connection therewith or in connection with the enforcement of this indemnification (as
and when they are incurred and irrespective of whether suit is brought), at any time asserted against, imposed upon, or incurred
by any of them (a “Claim”) (a) in connection with or as a result of or related to the execution, delivery, enforcement
or performance (including any restructuring or workout with respect hereto) of this Agreement, any of the other documents executed
in connection herewith, or the transactions contemplated hereby or thereby, and (b) with respect to any investigation, litigation,
or proceeding related to this Agreement, any document executed in connection herewith (irrespective of whether any Indemnified
Person is a party thereto), or any act, omission, event, or circumstance in any manner related thereto (all the foregoing, collectively,
the “Indemnified Liabilities” and each, individually, an “Indemnified Liability”); provided,
however, that with respect to Claim arising under subpart (b) above, if any such investigation, litigation or proceeding is initiated
and after the full completion thereof, it is conclusively determined by a court of competent jurisdiction or other appropriate
authority that such Claim has a value of less than: (i) $25,000, with respect to any individual matter giving rise to such Claim;
or (ii) $75,000 in the aggregate, with respect to multiple matters giving rise to such Claim, then a such Claim shall not be an
Indemnified Liability. From and after the Closing, Transferee Entities, jointly and severally, shall indemnify, defend, and holds
harmless Borrower Parties for, from and against any claims, suits, demands, liabilities, loss, costs, expenses, actions and other
damage, including all court costs and reasonable attorney’s fees (collectively, the “Claims”) arising
out of the failure of the Transferee Entities to pay Scheduled Assumed Liabilities related to the operation of the Property, subject
to the Adjusted Settlement Protocol (defined below) and the post-Closing rights and remedies contained in Section 13(b).

 

The foregoing indemnities shall survive the Closing and shall not terminate. Each of the Conveying Parties
(including Spector), jointly and severally, shall pay, indemnify, defend and hold the Lender Parties, harmless from and against,
any loss, claim, liability, expense, or other damage attributable to Taxes of a Conveying Party or related to the Property with
respect to any Tax year or portion thereof ending on or before the Closing, or for any Tax year beginning before and ending after
the Closing to the extent allocable to the portion of such period beginning before and ending on the Closing Date; or any liability
arising on or before Closing of a Conveying Party attributable to the unpaid Taxes of any Person under Reg. §1.1502-6 (or
any

 

    	28

    	 

    

 

 

similar provision of state, local, or non-U.S. law), as a transferee
or successor, by contract, or otherwise. In the case of any sales or use taxes, value-added taxes, employment taxes, withholding
taxes and any other Tax based on or measured by income, business activity, receipts or profits earned during a Tax year beginning
before and ending after the Closing, the Tax attributable on or before the Closing shall be deemed to equal the amount that would
be payable if the Tax year ended on and included the date of Closing; and in the case of personal property, real property, ad valorem
and other Taxes of the Conveying Parties imposed on a periodic basis during a Tax year beginning before and ending after the Closing,
the Tax attributable on or before the Closing shall be deemed to be the amount of the Taxes for the entire Tax year beginning before
and ending after the Closing multiplied by a fraction, the numerator of which is the number of days in such Tax year and the denominator
of which is the number of days in such Tax year.

 

The foregoing
indemnity shall survive the Closing.

 

For purposes of
this Section 10(b), “Tax” or “Taxes” means any federal, state, or local income, gross receipts,
license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental (including taxes under
Code §59A), customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability,
real property, personal property, sales, use, transaction privilege, transfer, registration, value added, alternative or add-on
minimum, estimated, or other tax of any kind whatsoever, whether computed on a separate or consolidated, unitary or combined basis
or in any other manner, including any interest, penalty, or addition thereto, whether disputed or not.

 

11.         
Release of Released Lender Parties. Upon the Closing, and on the condition that the Closing occurs, without limiting any
other exculpatory, indemnification, or other rights, powers, privileges or remedies of the Released Lender Parties (defined below),
each of the Conveying Parties (including, without limitation, Spector) (the “Borrower Releasing Parties”),
on behalf of themselves and their heirs, successors, and assigns, hereby release and discharge all claims, demands, causes of action,
counterclaims, defenses and offsets against Lender Parties, their current and prior subsidiaries, affiliates, attorneys, directors,
officers, shareholders, members, partners, trusts, employees, agents, advisors, consultants, servicers, lenders, and any other
person, corporation or entity that might be claimed to be liable on their behalf (the “Released Lender Parties”)
and do hereby release, acquit and forever discharge the Released Lender Parties from any and all debts, obligations, promises,
agreements, covenants, contracts, controversies, suits, actions, guaranties, warranties, representations, causes of action, judgments,
executions, claims and demands, damages of any kind, liability and costs of every kind and character in law or in equity, known
or unknown, that Borrower Releasing Parties have or hereinafter can, shall or may have against the Released Lender Parties for,
upon or by reason of any matter, cause, or thing whatsoever, whether vested or contingent, accrued or unaccrued, suspected or claimed,
that any of the Borrower Releasing Parties have heretofore had and asserted or could have asserted or which they may hereafter
have or assert against the Released Lender Parties for, upon or by reason of any matter, cause, or thing whatsoever (other than
fraud), which has occurred or arisen at any time prior to the Closing, related to or arising out of any act or omission of any
of the Released Lender Parties in connection with the Loan Documents or the Loans evidenced and secured thereby (the “Released
Lender Liabilities”). Each Borrower Releasing Party covenants not to sue any of the Released Lender Parties with

 

    	29

    	 

    

 

respect
to the Released Lender Liabilities. Each Borrower Releasing Party represents and warrants that it has not heretofore assigned or
transferred or purported to have assigned or transferred to any person, firm, corporation or any other entity any of the matters
described in the release set forth herein. Each Borrower Releasing Party acknowledges that there is a risk that, subsequent to
the release contemplated hereby, the Borrower Releasing Party may discover, incur, or suffer claims that were unknown to that Borrower
Releasing Party or unanticipated at the time of signing of this Agreement or the Closing, including, without limitation, unknown
or unanticipated claims that, had they been known, may have materially affected the decision to provide the release contemplated
hereby. Nothing in this Section is intended to limit Borrower Releasing Parties’ rights to pursue any remedies available
under this Agreement or under any document or agreement entered into or delivered pursuant to this Agreement for any obligation
or liability of the Lender Parties which, by its terms, survives the Closing or the earlier termination of this Agreement. This
Section 11 shall survive the Closing and shall not terminate.

  

12.         
Release of Released Borrower Parties. Upon the Closing, and on the condition that the Closing occurs, each of the Lender
Parties on behalf of themselves and their heirs, successors, assigns and affiliates, hereby release and discharge all claims, demands,
causes of action, liabilities, counterclaims, defenses and offsets against Borrower Parties, other than Gechman, and their current
and prior subsidiaries, affiliates, advisors, consultants, attorneys, officers, employees, agents, directors, officers, shareholders,
members, partners, trusts, employees, and any other person, corporation or entity that might be claimed to be liable on their behalf,
other than Gechman, (collectively, the “Released Borrower Parties”) and do hereby release, acquit and forever
discharge the Released Borrower Parties from any and all debts, obligations, promises, agreements, covenants, contracts, controversies,
suits, actions, guaranties, warranties, representations, causes of action, judgments, executions, claims and demands, damages of
any kind, liability and costs of every kind and character in law or in equity, known or unknown, that Lender Parties have or hereinafter
can, shall or may have against the Released Borrower Parties for, upon or by reason of any matter, cause, or thing whatsoever,
whether vested or contingent, accrued or unaccrued, suspected or claimed, that any of the Lender Parties have heretofore had and
asserted or could have asserted or which they may hereafter have or assert against the Released Borrower Parties for, upon or by
reason of any matter, cause, or thing whatsoever (other than fraud), which has occurred or arisen at any time prior to the Closing,
arising out of or relating to the Loans and/or the Loan Documents, and Lender Parties acknowledge that upon Closing the Released
Borrower Parties shall have no further liability or obligation whatsoever arising out of or relating to the Loans and/or the Loan
Documents (collectively, the “Released Borrower Liabilities”). Each Lender Party covenants not to sue any of
the Released Borrower Parties with respect to the Released Borrower Liabilities. Each Lender Party represents and warrants that
it holds all applicable rights necessary to validly release the matters set forth herein. Each Lender Party acknowledges that there
is a risk that, subsequent to the release contemplated hereby, the Lender Party may discover, incur, or suffer claims that were
unknown to that Lender Party or unanticipated at the time of signing of this Agreement or the Closing, including, without limitation,
unknown or unanticipated claims that, had they been known, may have materially affected the decision to provide the release contemplated
hereby. This Section 12 shall survive the Closing and shall not terminate. Nothing in this Section is intended to limit
Lender Parties’ rights to pursue the post-Closing remedies described in this Agreement, any remedies available under this
Agreement or under any document or agreement entered into or delivered pursuant to this Agreement for a failure to

  

    	30

    	 

    

 

perform thereunder,
or for any obligation or liability which, by its terms, survives the Closing or the earlier termination of this Agreement, or to
pursue Gechman and or any individual, corporation, association, partnership, limited liability company, trust, joint venture, business
trust or unincorporated organization or other entity or organization that might be claimed to be liable on Gechman’s behalf.

 

		13.	Remedies.

 

		(a)	Pre-Closing
Remedies:

 

If
on or before Closing and prior to the Property Verification Deadline (and prior to expiration of the Resolution Period, if applicable),
a party hereto (the “Defaulting Party”) breaches any of the terms or provisions of this Agreement including
any representation or warranty, or otherwise defaults hereunder, and fails to cure such breach or default within ten (10) days
following written notice thereof given by another party hereto (the “Non-defaulting Party”), the Non-defaulting
Party may terminate this Agreement by written notice to the other Parties, whereupon no party hereto shall thereafter have any
further liability or obligation to complete the transaction under this Agreement, and the Parties shall have their Pre-Agreement
Rights and Remedies.

 

If,
on or before Closing and after the Property Verification Deadline (and after expiration of the Resolution Period, if applicable),
and provided that this Agreement has not terminated pursuant to Section 2, a Defaulting Party breaches any of the terms
or provisions of this Agreement including any representation or warranty, or otherwise defaults hereunder, and fails to cure such
breach or default within ten (10) days following written notice thereof given by the Non-defaulting Party, the Non-defaulting Party
may either: (i) terminate this Agreement by written notice to the other Parties on or before five (5) days after the expiration
of the 10-day cure period, whereupon no party hereto shall thereafter have any further liability or obligation to complete the
transactions under this Agreement, and the Parties shall have their Pre-Agreement Rights and Remedies; (ii) waive such default
and consummate the transaction contemplated hereby in accordance with the terms hereof, as agreed upon in writing between the Parties
during the Resolution Period, if applicable, or pursuant to the Adjusted Settlement Protocol (defined below) if agreed upon between
the Parties during the Resolution Period; or (iii) institute proceedings necessary to specifically enforce the terms hereof, as
agreed upon in writing between the Parties during the Resolution Period, if applicable, or pursuant to the Adjusted Settlement
Protocol if agreed upon between the Parties during the Resolution Period.

 

For
purposes hereof, “Excluded Items” collectively means all of the following costs, expenses and items:

 

(i)          
$1,670,955 in respect of excess interest, points and closing costs paid to FCB by Borrower Parties through the Maturity Date of
the Loans, but not offset under the Loans,

 

(ii)         
amounts properly and reasonably reserved and actually paid by the Borrower Parties in respect of capital expenditures, but not
in amounts greater than: (1) four percent (4.0%) of revenues per year for the Orchards Inn Property,

 

    	31

    	 

    

 

and (2) for the L’Auberge
Property, (A) two percent (2.0%) of revenues per year for the years 2008 through 2011, and (B) four percent (4.0%) of revenues
per year thereafter, and

  

(iii)        
amounts properly and reasonably applied from operating cash flow, as follows: (1) $1,440,861 to the payment of certain vendor notes
and other payables, including, without limitation, payments with respect to: (a) the Tiffany Construction note, (b) the Shamrock
Food Service notes, and (c) amounts payable to Dibble Construction, Azadi Rugs, and KHI Design, (2) Payments totaling $67,460 for
spa renovation, and (3) Payments totaling $149,170 for the pool area, including landscaping, fencing, pool bathrooms and workout
room.

 

The
following modifications to the closing payment obligations shall apply at Closing (the “Adjusted Settlement Protocol”):

 

Except
for the Excluded Items (for which Conveying Parties shall have no liability), the Conveying Parties shall be jointly and severally
liable for any and all (i) liabilities relating to the Property arising prior to Closing that are not Scheduled Assumed
Liabilities, (ii) defaults or breaches of any representations, warranties, covenants, indemnifications or other obligations (whether
express or implied) hereunder or under any document or instrument executed or delivered in connection herewith, (iii) any advances
made by a Lender Party to protect any or all of the Property from any liabilities or to preserve the value of the Property or to
satisfy any obligations of the Conveying Parties, including without limitation, the FCB Payments and/or the FCB Tax Payments and
(iv) reasonable attorney’s fee incurred by a Lender Party in connection with the enforcement of this Agreement; provided
Conveying Parties shall only be responsible pursuant to this Section 13(a) for such items if such costs, expenses, damages,
liabilities and attorneys’ fees in the aggregate exceed One Million Dollars ($1,000,000) (the “Pre-Closing Deductible
Threshold”). After reaching the Pre-Closing Deducible Threshold, the Lender Parties shall have the right to offset (subject
to the limitations contained herein) the amounts of such unpaid costs and expenses in excess of the Pre-Closing Deductible Threshold
against first, the Spector Payment and/or the Orchards Annex Payment, and second, against any other amounts owing to a Conveying
Party by a Lender Party payable upon Closing. If after reaching the Pre-Closing Deductible Threshold, and after giving effect to
any offsets pursuant to the immediately preceding sentence, there remain liabilities owing to the Lender Parties pursuant to this
Section 13(a), the Conveying Parties agree to pay to the Lender Parties such amounts but in no event shall such payments
exceed One Million Dollars ($1,000,000). Notwithstanding anything to the contrary contained in this paragraph, in no event shall
Conveying Parties (collectively) be responsible to pay more than $1,000,000, plus the amount of any offsets. The Pre-Closing Deductible
Threshold and Excluded Items are only offsets that shall be applied against liabilities owing to the Lender Parties and in no event
shall the foregoing be interpreted to require that any of the Lender Parties pay or disburse to any of Spector or a Conveying Party
all or any of the Pre-Closing Deductible Threshold or Excluded Items. The Pre-Closing Deductible Threshold and the “cap”
shall be applied collectively to each of the Conveying Parties; provided that neither the Pre-Closing Deductible Threshold nor
the “cap” shall apply in the event of a fraud by any Conveying Party (including a good faith and reasonable allegation
of fraud by a Lender Party against any Conveying Party).

 

    	32

    	 

    

 

		(b)	Lender
Parties Post-Closing Remedy.

 

Upon
Closing and provided that Closing occurs, except for the Excluded Items (as defined in Section 13(a)) (for which Conveying
Parties shall have no liability), the Conveying Parties shall be jointly and severally liable for (i) any and all liabilities relating
to the Property arising prior to Closing that are not Scheduled Assumed Liabilities, (ii) defaults or breaches of any representations,
warranties, covenants, indemnifications or other obligations (whether express or implied) hereunder or under any document or instrument
executed or delivered in connection herewith, (iii) any advances made by a Lender Party to protect any or all of the Property from
any liabilities or to preserve the value of the Property or to satisfy any obligations of the Conveying Parties and (iv) reasonable
attorney’s fee incurred by a Lender Party in connection with the enforcement of this Agreement; provided that Conveying Parties
shall only be responsible pursuant to this Section 13(b) for such items if such costs, expenses, damages, liabilities and attorneys’
fees in the aggregate exceed One Million Dollars ($1,000,000) (the “Post-Closing Deductible Threshold”). After
reaching the Post-Closing Deducible Threshold, the Lender Parties shall have the right to offset (subject to the limitations contained
herein) the amounts in excess of Post-Closing Deductible Threshold against first, the Spector Noble House Payment, the Spector
Payment and/or the Orchards Annex Payment and, second, against any other amounts owing to a Conveying Party by a Lender Party under
this Agreement. If after reaching the Post-Closing Deductible Threshold, and after giving effect to all offsets pursuant to the
immediately preceding sentence, there remain liabilities owing to the Lender Parties pursuant to this Section 13(b), Conveying
Parties agree to pay to the Lender Parties such amounts, but in no event shall the payment obligation exceed One Million Dollars
($1,000,000). Notwithstanding anything to the contrary contained in this paragraph, in no event shall Conveying Parties (collectively)
be responsible to pay more than $1,000,000, plus the amount of any offsets, including pursuant to this Section 13(b). The
Post-Closing Deductible Threshold and the “cap” shall be applied collectively to the Conveying Parties; provided that
neither the Post-Closing Deductible Threshold nor the “cap” shall apply in the event of a fraud by any Conveying Party
(including a good faith and reasonable allegation of fraud by a Lender Party against any Conveying Party). The Post-Closing Deductible
Threshold and Excluded Items are only offsets that may be applied against liabilities owing to the Lender Parties and in no event
shall the foregoing be interpreted to require that any of the Lender Parties pay or disburse to any of Spector or a Conveying Party
all or any of the Post-Closing Deductible Threshold or Excluded Items. The foregoing obligations contained in this Section 13(b)
of Conveying Parties shall survive the Closing for a period of twelve (12) months and then shall terminate.

 

(c)          
Notwithstanding anything contained to the contrary in this Agreement or any Closing document, no party hereto shall be entitled
to any incidental, consequential, speculative or punitive damages resulting from a Defaulting Party’s breach.

 

14.         
Attorneys’ Fees. If any party commences any litigation or other legal proceedings against the another party for a
default hereunder or to enforce the provisions hereof, the prevailing party in any such proceeding shall be entitled to recover
its costs and expenses, including reasonable attorneys’ fees and expert witness fees, with attorneys’ fees to be determined
by the court and not a jury in any such litigation.

 

    	33

    	 

    

 

15.       
Jurisdiction and Venue. Any action or proceeding pursuant to this Agreement shall be brought in an Arizona state or federal
court of competent jurisdiction with venue in Maricopa County, Arizona.

 

16.       
Brokerage. Each party warrants and represents to the other that no real estate sales or brokerage commissions or like commissions
are or may be due in connection with this transaction. Each party agrees to indemnify, defend (with legal counsel reasonably acceptable
to the indemnitee) and hold harmless the other party for, from and against any claims by third parties made by or through the
acts of such party, for real estate or brokerage commissions, or a finder’s fee, arising out of or relating to the transactions
provided herein, and all costs and expenses incurred by the indemnitee in connection therewith including, but not limited to,
reasonable attorneys’ fees. Spector and Conveying Parties hereby disclose to Lender Parties that certain Spector and/or
certain employees, representatives or affiliates of Spector are licensed real estate brokers or licensees but are not receiving
a commission in connection with this transaction as a result thereof.

 

17.       
WAIVER OF JURY TRIAL. EACH PARTY HEREUNDER ON BEHALF OF THEMSELVES AND THEIR AFFILIATES WAIVES ANY RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT OR RELATING THERETO AND AGREE THAT ANY
SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

		18.	Transaction
Costs; Operating Accounts; Transition.

 

(a)          Subject
to the Approved Budget attached hereto as Exhibit 18(a) (the “Approved Budget”), which Approved
Budget incorporates the November, 2012 operating statements and balance sheets, from the Effective Date to the Closing Date, Conveying
Parties shall use commercially reasonable efforts to operate the Property in accordance with prior practices over the preceding
twelve (12) months, including paying any and all accounts payable and other expenses in accordance with the Approved Budget.

 

(b)          The
Approved Budget contains, among other information, an estimate of expenses to be incurred and revenue to be received on or before
the Closing Date, and a list of payables owing by the Conveying Parties but which have not been paid. For purposes hereof, “accounts
payable” shall include all expenses on the list of payables attached to the Approved Budget owing by the Conveying Parties
incurred by the applicable Conveying Party in accordance with the Approved Budget, including payroll obligations and all other
costs and expenses arising out of or relating to the Property, including all costs of ownership, operation (including employee
payroll accruing after the Closing Date), construction, maintenance, repair and replacement. The Approved Budget shall be updated
from time to time by Conveying Parties as reasonably requested by Lender Parties to reflect historical operations and estimated
revenues and expenses through the Closing Date, as well as to update the list of accounts payable which remain unpaid. Commencing
on the fifth day prior to the Closing Date, Conveying Parties shall update the Approved Budget (including the accounts payable
list) on a daily basis and deliver a copy thereof to Lender Parties for Lender Parties’ approval, which approval shall not
be unreasonably withheld or delayed. The accounts payable list set forth in the Approved Budget prepared by Conveying Parties on
the day prior to the Closing and approved in writing

 

    	34

    	 

    

 

by the Lender Parties, together with those certain costs and expenses arising
out of or relating to the Property and the period prior to the Closing, in each case to the extent set forth in the updated Approved
Budget approved by the Lender Parties in writing, are collectively referred to herein as the “Scheduled Assumed Liabilities.”
The Lender Parties acknowledge and agree that the Scheduled Assumed Liabilities will include, without limitation, the following
amounts: (i) $75,000 for payment to Squire Sanders & Dempsey; (ii) $124,000 for paid time off due and payable to employees
of the Property; (iii) $170,000 for a payment due to the Arizona Department of Revenue on May 20, 2013; and (iv) $100,000 for a
payment due to RDS. All costs and expenses whatsoever arising out of or relating to the Property, related to the period after the
Closing, including all costs of ownership, operation, construction, maintenance, repair and replacement shall be the responsibility
of the Transferee Entities.

  

(c)          At
the Closing, all Scheduled Assumed Liabilities shall, at the Transferee Entities’ election, in their reasonable discretion,
either be paid in full through escrow from: (i) “Available Cash”, which is defined as the sum of: (A) cash in
the operating accounts of the applicable Conveying Party; and (B) except as set forth below, credit card receivables held by the
applicable Conveying Party (net of credit card processing costs), or (ii) in the case of recurring trade payables and other obligations
with extended payment arrangements in place, such payables and obligations will be assumed and paid in due course by the Transferee
Entities from Available Cash). Notwithstanding the foregoing, the Adjusted Settlement Protocol shall apply to any amounts credited
to Available Cash from credit card receivables held by the Conveying Parties which have not been received in cash by the Transferee
Entities on or prior to the sixtieth (60th ) day following the Closing.

 

(d)          Upon
Closing, the Transferee Entities shall pay through escrow the following costs, but only to the extent such costs are included in
the Scheduled Assumed Liabilities: transaction costs and costs of Closing of this transaction, escrow fees, title insurance premiums
and endorsement costs and recording costs. Lender Parties shall be responsible for all costs and expenses incurred by or on behalf
of Lender Parties in connection with this Agreement, including its legal expenses, unless a Closing does not occur, in which case
Conveying Parties shall jointly and severally reimburse Lender Parties for all costs and expenses incurred by a Lender Party in
connection with this Agreement (including the legal fees and expenses of a Lender Party). Subject to the terms of the Adjusted
Settlement Protocol, Conveying Parties shall be responsible for all other fees, costs and expenses.

 

(e)          At
Closing (and as an expense paid through escrow) Transferee Entities shall pay to Avion Holdings, LLC $375,000 (without duplication
of any amounts paid in respect thereof by any Person) toward the payment (the “Avion Payment”) payable to Avion
pursuant to that certain Retention Agreement dated May 17, 2011, a copy of which has been delivered to Lender Parties.

 

(f)          Subject
to the terms of the Adjusted Settlement Protocol, on the Closing Date, Transferee Entities shall pay the Spector Payment and on
the sixtieth (60th ) day following the Closing Date, the Transferee Entities shall pay the Orchards Annex Payment.

 

(g)          Upon
the Closing, all accounts receivable, deposits and other such amounts due or owing to, or held by or on behalf of Conveying Parties
(including with respect to

 

    	35

    	 

    

 

credit cards) and any other rights, claims, entitlements of the Conveying Parties related to the Property
will be assigned to Transferee Entities.

  

(h)          Upon
Closing and payment of the Scheduled Assumed Liabilities and other costs from the operating accounts of the Conveying Entities
through escrow, or assumption of the Scheduled Assumed Liabilities, as provided herein, all cash in the Conveying Parties’
bank accounts, if any, will be transferred to Transferee Entities through escrow at Closing.

 

(i)           Upon
Closing, there will be customary prorations of real and personal property taxes, assessments liens or other encumbrances, transaction
privilege taxes, bed taxes and sales taxes. The Adjusted Settlement Protocol shall apply to this item at Closing.

 

(j)           Upon
the Closing, Conveying Parties’ utility and any other Property related deposits for the Property, if any, shall be assigned
to the Transferee Entities.

 

(k)          On
the third business day prior to the Closing Date, an updated accounting of all room and event deposits received by the Conveying
Parties shall be provided to the Transferee Entities for review verification and approval.

 

(l)           On
and as of the Closing, all claims of Conveying Parties and amounts owed to Conveying Parties, whether liquidated, in dispute or
yet to be determined, relating to real property or personal property tax refunds will be transferred (without recourse) to Transferee
Entities on and as of the Closing. In order to remove any doubt, it is understood that all such claims, amounts owed and claims
for real property and personal property tax refunds will be owned by the Transferee Entities regardless of whether related to periods
or events prior to and/or after the Closing.

 

(m)         There
will be a customary pro-ration of expenses arising out of or relating to the ownership, operation, maintenance, repair or replacement
of the Property or the businesses operated thereon (including, but not limited to, charges for electricity, gas, water, sewer,
CATV or any other utility services furnished to the Property or any charges under utility service contracts) at Closing, and the
obligation for all such items applicable to the period after the Closing shall be paid by the Transferee Entities and the obligation
for all such items applicable to the period prior to Closing shall be paid by the Conveying Parties; provided, however that any
amounts relating to the items described in this subsection that are Scheduled Assumed Liabilities shall be paid by the Transferee
Entities. The Adjusted Settlement Protocol shall apply to this item at Closing.

 

(n)          During
the ninety (90) day period following the Closing Date, any discrepancies that were outstanding as of the Closing Date, disclosed
by a Conveying Party on or before the Closing Date and that were not reconciled shall be reconciled. During the twelve (12) month
period following the Closing Date, the Lender Parties shall have the right to notify the Conveying Parties of any discrepancies
(including undisclosed liabilities, improperly disclosed liabilities or discrepancies that were not reconciled) that were outstanding
as of the Closing Date and, without limiting any other rights, remedies, powers and privileges that may be available to the Lender
Parties.

 

    	36

    	 

    

 

(o)          The
voting trust agreement (the “Voting Trust Agreement”) shall be in the form attached hereto as Exhibit
18(o) and will be delivered on the Effective Date. The Transferee Entities shall pay the costs of establishing the voting
trust and ordinary fees and expenses related to the maintenance and operation of the voting trust. On the Effective Date, all of
the equity interests of the Conveying Parties shall be transferred to an irrevocable voting trust controlled by Transferee Entities
(or their designee) on the terms and conditions set forth in the Voting Trust Agreement, which shall include the following: (i)
in the event the Closing has not occurred on or prior to May 20, 2013, the Voting Trust Agreement shall terminate automatically
and without further action of the parties thereto; (ii) the powers granted to the trustee thereunder shall not include the power
to cause the Conveying Parties to seek relief, including reorganization, arrangement or similar relief, from its creditors, by
voluntary filing a bankruptcy, insolvency, receivership or other similar proceeding. Spector shall prepare all tax returns of the
voting trust and pay for the preparation and filing thereof; provided that Lender Parties shall be provided with a copy of each
such tax return at least ten (10) business days prior to the filing thereof. This Section 18(o) shall survive the Closing.

 

		19.	Additional
Terms.

 

(a)          Prior
to recording of the Deeds in the appropriate county records, the risk of loss or damage to the Property and all liability to third
persons shall be borne by Conveying Parties, except solely arising out of or relating to the acts or omissions of Lender Parties
after the Closing Date upon the Property, for which Lender Parties shall be responsible, which obligation shall survive Closing.

 

(b)          Insurance
policies for the Property maintained by any of Conveying Parties will be maintained until, but terminated at midnight Arizona time
on, the day of the recording of the Deeds in the appropriate county records; provided, however, that Lender Parties may, at their
reasonable discretion, direct Conveying Parties to maintain, modify or amend any or all of such insurance policies as of the Closing
Date by providing written notice to Conveying Parties on or prior to the fifteenth (15th) Business Day prior to the Closing Date.
The Conveying Parties will cause the Lender Parties to be named as additional insureds on all such insurance policies and shall
provide proof of such insurance to the Lender Parties within ten (10) Business Days prior to the Closing Date. Thereafter, the
Transferee Entities will be responsible for insuring the Property. Any short rate cancellation premium refunds are assigned to
and will be paid to the Transferee Entities.

 

(c)          To
the extent Noteholders and/or IMHFC are required to make certain filings pursuant to federal or state securities or other law,
including one or more Form 8-Ks in connection with this Agreement and the transactions contemplated herein, Noteholders and/or
IMHFC will use reasonable efforts to provide Spector a reasonable opportunity to review such proposed filings or the key information
intended to be included therein. The parties hereto agree to fully cooperate, prior to and after Closing, in accomplishing such
filings and disclosures, without unreasonable cost or liability to Conveying Parties. This Section shall survive the Closing and
shall not terminate.

  

(d)          No
Conveying Party may assign any right, title or interest in, to or under this Agreement without the prior written consent of the
Lender Parties, which consent may be

 

    	37

    	 

    

 

withheld in its sole discretion. Any attempted assignment in violation of this paragraph shall
be null and void and shall constitute a default hereunder. This Agreement shall be binding upon and shall inure to the benefit
of the parties hereto and their respective successors and assigns, subject to the foregoing provisions of this paragraph.

 

(e)          For
one year following the Closing, Transferee Entities shall permit Conveying Parties reasonable access on five (5) days prior notice
with reasonable frequency to all books and records pertaining to the Property and its operations for periods prior to the Closing
Date to permit Borrower Parties to prepare tax returns and address other customary and reasonable pre-Closing matters.

 

		(f)	Intentionally
Omitted.

 

		(g)	Intentionally
Omitted..

 

20.         
Confidentiality. Prior to Closing (or termination of this Agreement), except as specifically provided for in this Agreement,
the parties to this Agreement agree to keep the financial terms of this Agreement confidential and not disclose the same except
(i) as required by Securities and other laws, (ii) in any court filing or action or as otherwise is reasonably required to pursue
rights and remedies under this Agreement, (iii) to regulatory agencies to the extent required by regulations of such agency, and
(iv) to the parties’ attorneys, accountants, advisors, members, partners, shareholders, employees and current and potential
lenders, potential mangers, purchasers and their representatives. If a party hereto is required to respond to a subpoena from a
court or an inquiry or subpoena from a governmental agency, requiring disclosure of information about this Agreement or documents
required to be delivered pursuant hereto or information obtained pursuant hereto pertaining to another party hereto, prior to responding
the party hereto shall give prompt written notice thereof to the affected party hereto so that such other party hereto will have
an opportunity to seek a protective order or other appropriate remedy or seek confidential treatment for the information.

 

21.         
Non-Disparagement/Non-Solicitation. None of the Parties to this Agreement shall knowingly (a) directly or indirectly, make
or ratify any statement, public or private, oral or written, to any person that disparages, either professionally or personally,
any other party or any of its affiliates, past, present and future, and each of them, as well as its and their trustees, directors,
officers, members, managers, partners, lenders, agents, attorneys, insurers, employees, consultants, stockholders, representatives,
assigns, and successors, past, present and future, and each of them, or (b) make any statement or engage in any conduct that has
the purpose or effect of disrupting the business of the Property and the conveyed assets and liabilities; provided that a judicial
action validly brought to enforce rights hereunder shall not be deemed to be the type of conduct contemplated by the foregoing.
Nothing in this Section shall in any way prohibit a party from disclosing such information as may be required by law or by judicial
or administrative process or order or the rules of any securities exchange or similar regulatory organization applicable to a party
in the circumstances. The provisions of this Section shall survive Closing for one year and then shall terminate; however, the
provisions of this Section shall be void and of no force or effect if this Agreement terminates. The Conveying Parties agree that
they shall not, directly or indirectly: (i), solicit, recruit or hire (or attempt to solicit, recruit or hire) any persons (other
than any persons consented to in writing by the Transferee Parties) who have been

 

    	38

    	 

    

 

employed at any time during the 12-month period
immediately preceding such solicitation, recruitment or hiring or attempt thereof by the Conveying Parties at the L’Auberge
de Sedona Resort, the Orchards Inn Resort or the Taos Cantina; (ii) interfere with the relationship of the Transferees with any
person who is employed by or otherwise engaged to perform services for, or any investor, supplier, licensee, licensor or other
business relation of the Conveying Parties relating to the L’Auberge de Sedona Resort, the Orchards Inn Resort or the Taos
Cantina.

 

22.         
Entire Agreement. This Agreement and its exhibits and the documents and agreements executed in connection herewith constitute
and embody the full and complete understanding and agreement of the parties hereto with respect to the matters addressed herein
and supersede all prior understandings, offers, writings, letters, discussions and agreements, whether oral or in writing if any.

 

23.         
Governing Law. This Agreement is executed and delivered in the State of Arizona, and the law of the State of Arizona shall
govern its interpretation and enforcement without giving effect to the principles of conflicts of law.

 

24.         
Waiver. No waiver of any of the provisions of this Agreement shall constitute a waiver of any other provisions, whether
or not similar, nor shall any waiver be a continuing waiver. Except as expressly provided in this Agreement, no waiver shall be
binding unless executed in writing by the party hereto making the waiver. Any party hereto may waive any provision of this Agreement
intended for its benefit; provided, however, such waiver shall in no way excuse the other party hereto from the performance of
any of its other obligations under this Agreement.

 

25.         
Time. Time is of the essence of this Agreement.

 

26.         
Counterpart. This Agreement may be executed in any number of counterparts and by different Parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement.

 

27.         
No Partnership. Nothing in this Agreement shall create any partnership, joint venture or other relationship between or
among Lender Parties, on one hand, and Conveying Parties, on the other hand, other than as specifically sent forth herein.

 

28.         
Effective Agreement. This Agreement shall be of no effect until executed by all the Parties named above. No person or entity
shall be a third party beneficiary to this Agreement nor shall any person or entity not a party hereto be entitled to enforce the
terms hereof.

 

29.         
Joint and Several Liability. Conveying Parties (including Spector) shall be jointly and severally liable for any representations,
warranties or covenants made by any Conveying Party (including Spector) under this Agreement.

  

30.         
Post-Closing Operation. There are numerous operating permits and licenses, and other rights (collectively the “Licenses”)
held by Conveying Parties or their affiliates (the “Licensees”) necessary or desirable in the operation of the
Property. The Transferee Entities or related entities (collectively “Transferees”) will as promptly as practicable
apply for, those same 

 

 

    	39

    	 

    

 

licenses from the various governmental agencies responsible for issuing the same. LA Borrower and Orchards
Annex, LLC, for themselves and their affiliated or subsidiary entities who are the Licensees under the Licenses agree that to the
extent Transferees have not obtained the necessary licenses or permits on the Closing Date, the Transferees may, to the extent
permitted by law, regulation, or governmental practice and procedure, continue to operate under the applicable Licenses held by
Licensees until Transferees obtain the applicable licenses, permits or rights, but in no event for more than one hundred twenty
(120) days after Closing. Conveying Parties make no representation or warranty about the Lender Parties’ rights to use such
Licenses, and is under no obligation to permit such use if not permitted by law or regulation. Transferee Entities shall jointly
and severally indemnify, defend and hold the Licensees and Conveying Parties harmless for, from and against any claims, costs,
demands, actions, liabilities, expenses (including reasonable attorneys’ fees) and obligations (including attorneys’
fees) incurred by Licensees and/or Conveying Parties arising out of or relating to any such Licenses or the use thereof or actions
of Lender Parties with respect thereto, except for claims, costs, demands, actions, liabilities, expenses and obligations related
to or arising from the gross negligence or willful misconduct of a Licensee or Conveying Party. The indemnity obligations shall
survive the Closing and shall terminate twelve (12) months after the Closing. Conveying Parties have disclosed to Lender Parties
that currently, both restaurants (L’Auberge and Taos Restaurant), operate under one series 12 Restaurant Liquor License.
L’Auberge Newco will be required to file for a new Series 12 license for L’Auberge and Taos Cantina. The Arizona Department
of Liquor Licenses generally issues a temporary license for any premises that is currently licensed to the new applicant when such
applicant submits a completed new application in accordance with the department requirements. The Conveying Parties shall use commercially
reasonable efforts to cooperate with the Transferee Entities or any Transferee in obtaining any Licenses.

 

31.         
Legal Representation. The Parties hereby acknowledge that each has been represented by counsel of its own choosing in the
negotiation and preparation of this Agreement, that they have, by and through their duly authorized representatives, each read
this Agreement or has had it read to them, that each has been advised by counsel and is fully aware of the Agreement’s contents
and its legal effect, and that all agreements, exceptions and understandings between the parties are embodied and expressed herein
and that each enters into this Agreement freely, without coercion and based upon its own judgment and not in reliance upon any
representations or promises made to each other, other than those contained herein.

 

32.         
Cooperation. Conveying Parties and Lender Parties agree to execute from time to time, after Closing, such additional documents
and instruments reasonably necessary and appropriate to carry out the full intent of this Agreement and to cooperate to endeavor
to obtain any third party documents, consents and waivers reasonably necessary to effect the intent of this Agreement. Each Conveying
Party shall bear all costs and expenses for such cooperation.

 

33.         
Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be given by
personal delivery, overnight courier or by deposit in the United States mail, first class, registered or certified, return receipt
requested, postage prepaid, correctly addressed to the intended recipient at the addressees as follows:

 

    	40

    	 

    

 

To Spector and Conveying Parties:

 

	 	c/o Al Spector
	 	6900 East Camelback Road, Suite 915
	 	Scottsdale, Arizona  85251
	 	e-mail:  Al@alspector.net
	 	Telephone No.:  (602) 819-8809
	 	 
	With a copy to:	Squire Sanders (US) LLP
	 	One East Washington Street, Suite 2700
	 	Phoenix, Arizona  85004
	 	Attention:  Steven L. Lisker
	 	e-mail:  steven.lisker@squiresanders.com
	 	Telephone No.:  (602) 528-4023

 

	With a copy to:	Neil Elsey
	 	Avion Holdings, LLC
	 	15290 N. 78th Way, Suite B204
	 	Scottsdale, AZ 85260
	 	e-mail: gne@avionholdings.com
	 	Telephone No.:  480-905-0466

 

	To Lender Parties/	 
	Transferee Entities:	c/o IMH Financial Corporation
	 	7001 North Scottsdale Road, Suite 2050
	 	Scottsdale Arizona  85253
	 	Attention:  Steve Darak
	 	e-mail:  sdarak@imhfc.com
	 	Telephone No.:  (480) 840-8321

 

 

	With a copy to:	McVey Law Firm, PLLC
	 	P. O. Box 5360
	 	Scottsdale, Arizona  85261-5360
	 	Attention:  John M. McVey, Esq.
	 	e-mail:   John.mcvey@azbar.org
	 	Telephone No.:  (480) 840-8402

 

    	41

    	 

    

 

	and:	Polsinelli PC
	 	One East Washington St., Suite 1200
	 	Phoenix, Arizona  85004
	 	Attention:  Jonathan T. Brohard, Esq.
	 	e-mail:   jbrohard@polsinelli.com
	 	Telephone No.:  (602) 650-2324

 

	To Escrow Agent:	Chicago Title Insurance Company
	 	2425 East Camelback Road, Suite 200
	 	Phoenix, Arizona  85016
	 	Attention:  DeWayne C. Huffman
	 	e-mail:   huffmand@ctt.com
	 	Telephone No.:  (602) 667-1046

 

Such notices and
other communications shall be deemed to be given and received as follows: (i) upon actual receipt, if delivered personally; (ii)
the next business day, if delivered by overnight courier; and (iii) three (3) days following deposit in the mail, if delivered
by mail. The parties and Escrow Agent may, from time to time, designate a different address by written notice given in the manner
provided for above, not less than three (3) days prior to the effective date of the change. E-mail addresses are provided for informational
purposes only but email is not a permitted form of notice for any notices required hereunder.

 

34.         
IRS Real Estate Reporting. The Parties hereby appoint Escrow Agent as, and Escrow Agent agrees to act as, “the person
responsible for closing” the transactions which are the subject of this Agreement pursuant to Internal Revenue Code of 1986
§ 6045(e). Escrow Agent shall prepare and file the informational return (IRS Form 1099-B) required by and otherwise comply
with the terms of Internal Revenue Code § 6045(e). Escrow Agent further agrees to indemnify and hold the Parties and their
respective attorneys harmless for, from and against all claims, costs, liabilities, penalties or expenses resulting from Escrow
Agent’s failure to file the appropriate reports and otherwise comply with the terms of the Internal Revenue Code pursuant
to this paragraph.

 

35.         
Construction. As used in this Agreement, the masculine, feminine and neuter gender and the singular or plural shall each
be construed to include the other whenever the context so requires. This Agreement shall be construed as a whole and in accordance
with its fair meaning, without regard to any presumption or rule of construction causing this Agreement or any part of it to be
construed against the party causing the Agreement to be written. The parties acknowledge that each has had a full and fair opportunity
to review the Agreement and to have it reviewed by counsel. If any words or phrases in this Agreement have been stricken, whether
or not replaced by other words or phrases, this Agreement shall be construed (if otherwise clear and unambiguous) as if the stricken
matter never appeared and no inference shall be drawn from the former presence of the stricken matters in this Agreement or from
the fact that such matters were stricken. Wherever used herein, the terms “include(s)” or “including” shall
not be words of limitation and shall mean “include(s), without limitation” or “including, without limitation.”
The descriptive headings of the paragraphs, subparagraphs and other portions of this Agreement are inserted for convenience only
and shall not control or affect the meaning or

 

    	42

    	 

    

 

construction of any provisions herein. Wherever possible, each provision of this
Agreement shall be interpreted in such manner as to be valid under applicable law, but if any provision shall be invalid or prohibited
hereunder, such provision shall be ineffective to the extent of such prohibition or invalidation but shall not invalidate the remainder
of such provision or the remaining provisions. Each of the exhibits attached to this Agreement are hereby incorporated into this
Agreement by reference and are made a part hereof.

  

36.         
Incorporation of Recitals. Each of the recitals set forth above are hereby incorporated into this Agreement and made a
part hereof.

 

37.         
No Recordation. Neither this Agreement nor any memorandum of this Agreement shall be recorded.

 

38.         
Entire Transaction. This transaction must be consummated in its entirety, and no portion shall occur without the entirety
of the transaction closing contemporaneously.

 

39.        
Additional Consideration. Lender Parties hereby acknowledge receipt of a copy of the Noble House Hotels & Resorts letter
of intent dated October 1, 2012 (the “Noble House Letter”).
If any Lender Party or any affiliate thereof sells (directly or indirectly) all or any portion of the L’Auberge Property
and/or the Orchards Inn Property to, or partners or joint ventures (directly or indirectly) with, Noble House (or any affiliate
thereof) within one (1) year after the Closing, then such Lender Party (or affiliate thereof) shall pay, concurrently with the
closing(s) or creation of the partnership(s) or joint venture arrangement(s), as applicable, through escrow (if applicable), as
additional consideration hereunder, to Avion (the “Avion Noble House Payment”),
an amount equal to: (i) 0.5% of the purchase price paid by Noble House (or any affiliate thereof) at such closing(s), in the event
the total purchase price payable thereunder is $85,000,000 or greater (ii) 0.4% of the purchase price paid by Noble House (or
any affiliate thereof) at such closing(s), in the event the total purchase price payable thereunder is $82,000,000 or greater
but less than $85,000,000; and (iii) 0.25% of the purchase price paid by Noble House (or any affiliate thereof) at such closing(s),
in the event the total purchase price payable thereunder less than $82,000,000. This paragraph shall survive Closing and shall
not terminate except upon the making of the payments required pursuant to this Section.

 

    	43

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first written above.

 

	 	IMH:
	 	 
	 	IMH FINANCIAL CORPORATION, a Delaware

corporation
	 	 	 
	 	By:	/s/ Steven Darak
	 	Print Name: 	Steven Darak
	 	Its:	CFO

 

	 	HL NOTEHOLDER:
	 	 
	 	IMH SPECIAL ASSET NT 233, an Arizona limited

liability company 
	 	 	 
	 	By:	IMH Financial Corporation, a Delaware

corporation 
	 	 	 	 
	 	 	By:	/s/ Steven Darak
	 	 	Print Name: 	Steven Darak
	 	 	Its:	CFO

 

	 	LA NOTEHOLDER:
	 	 	 
	 	IMH SPECIAL ASSET NT 232, an Arizona limited

    liability company 
	 	 	 	 
	 	By:	IMH Financial Corporation, a Delaware

corporation
	 	 	 	 
	 	 	By:	/s/
    Steven Darak
	 	 	Print Name: 	Steven
    Darak
	 	 	Its:	CFO

  

Amended and Restated Sedona Agreement
– Signature Page 1

 

    	 

    	 

    

 

	 	HL BORROWER:
	 	 
	 	HL LLC, an Arizona limited liability company 
	 	 	 
	 	By:	/s/ Al Spector
	 	Print Name: 	Al Spector
	 	Its:	Manager

 

	 	LA BORROWER:
	 	 
	 	L’AUBERGE ORCHARDS LLC, an Arizona

limited liability company
	 	 	 
	 	By:	/s/ Al Spector
	 	Print Name: 	Al Spector
	 	Its:	Manager
	 	 
	 	Albert B. Spector
	 	Albert B. Spector, Jr,

 

	 	ORCHARDS ANNEX LLC, an Arizona limited

liability company 
	 	 
	 	By:	/s/ Al Spector
	 	Print Name: 	Al Spector
	 	Its:	Manager

 

	 	ORCHARDS INN & RESTAURANT LLC, an

Arizona limited liability company
	 	 
	 	By:	/s/ Al Spector
	 	Print Name: 	Al Spector
	 	Its:	Manager

  

Amended and Restated Sedona Agreement –
Signature Page 2

 

    	 

    	 

    

  

	 	L’AUBERGE DE SEDONA LLC, an Arizona

limited liability company 
	 	 	 
	 	 	By:	 
	 	 	Print Name: 	 
	 	 	Its:	 

 

	 	
        TAOS
CANTINA LLC, an Arizona limited liability

company

	 	
	 	By:	 
	 	Print Name: 	 
	 	Its:	 

 

	 	SEDONA CULINARY CONCEPTS LLC, an

Arizona limited liability company
	 	 
	 	By: 	Spector Offices LLC
	 	ITS: 	Manager
	 	 	 
	 	By:	/s/ Alexandra Vudrag
	 	Print Name: 	Alexandra Vudrag
	 	Its:	Manager

 

	 	SPECTOR OFFICES LLC, an Arizona limited

liability company
	 	 	 
	 	 	 
	 	By:	/s/ Alexandra Vudrag
	 	Print Name: 	Alexandra Vudrag
	 	Its:	Manager

 

	 	BARRETT REALTY, LLC, an Arizona limited

liability company
	 	 
	 	By: 	Spector Offices LLC
	 	ITS: 	Manager/Member
	 	 	 
	 	By:	/s/ Alexandra Vudrag
	 	Print Name: 	Alexandra Vudrag
	 	Its:	Manager

 

Amended and Restated Sedona Agreement –
Signature Page 3

 

    	 

    	 

    

 

	 	
        L’AUBERGE DE SEDONA
LLC, an Arizona limited liability company 

	 	 	 
	 	 	By:	/s/ Al Spector
	 	 	Print Name: 	Al Spector
	 	 	Its:	Manager

 

	 	
        TAOS
CANTINA LLC, an Arizona limited liability

company 

	 	 
	 	By:	/s/ Al Spector
	 	Print Name: 	Al Spector
	 	Its:	Manager

 

	 	
        SEDONA
CULINARY CONCEPTS LLC, an

Arizona limited liability company 

	 	 
	 	By:	/s/ Al Spector
	 	Print Name: 	Al Spector
	 	Its:	Manager

 

	 	
        SPECTOR
OFFICES LLC, an Arizona limited

liability company 

	 	 
	 	By:	/s/ Al Spector
	 	Print Name: 	Al Spector
	 	Its:	Manager

 

	 	
        BARRETT
REALTY, LLC, an Arizona limited

liability company 

	 	 
	 	By:	/s/ Al Spector
	 	Print Name: 	Al Spector
	 	Its:	Manager

 

Amended and Restated Sedona Agreement –
Signature Page 3

 

    	 

    	 

    

 

	 	L’AUBERGE SPA LLC,
    an Arizona limited

    liability company 
	 	 
	 	By:	/s/
    Al Spector
	 	Print Name: 	Al
    Spector
	 	Its:	Manager

 

	 	L’AUBERGE NEWCO, LLC, a Delaware limited

liability company 
	 	 	 
	 	By:	IMH Financial Corporation, a Delaware

corporation, its sole member 
	 	 	 	 
	 	 	By:	/s/ Steven Darak
	 	 	Print Name: 	Steven Darak
	 	 	Its:	CFO

 

	 	ORCHARDS NEWCO, LLC, an Delaware limited

liability company 
	 	 	 
	 	By:	IMH Financial Corporation, a Delaware

corporation 
	 	 	 	 
	 	 	By:	/s/ Steven Darak
	 	 	Print Name: 	Steven Darak
	 	 	Its:	CFO

 

	 	HL NEWCO, LLC, an Delaware limited liability

company 
	 	 	 
	 	By:	IMH Financial Corporation, a Delaware

corporation, its sole member 
	 	 	 	 
	 	 	By:	/s/ Steven Darak
	 	 	Print Name: 	Steven Darak
	 	 	Its:	CFO

 

Amended and Restated Sedona Agreement –
Signature Page 4

 

    	 

    	 

    

 

	 	CANYON PORTAL II, L.L.C., an Arizona limited

liability company
	 	By:	 
	 	 	 	 
	 	  	By:	/s/ Al Spector
	 	 	Print Name: 	Al Spector
	 	 	Its:  	Manager

 

Amended and Restated Sedona Agreement
–  Signature Page 5

 

    	 

    	 

    

 

The
undersigned Escrow Agent hereby (a) accepts the Escrow created by the foregoing Agreement, (b) agrees to act in accordance with
the terms of this Agreement, (c) agrees to be the person responsible for closing the transaction within the meaning of Section
6045(e)(2)(A) of the Internal Revenue Code of 1986 (the “Code”) and filing all necessary information reports,
returns and statements (collectively, the “Reports”) regarding the transaction required by the Code and, promptly
upon the filing of the Reports, transmit copies of the Reports to the Parties, (d) agrees to indemnify and hold harmless the
Parties and their respective attorneys and brokers from and against all claims, costs, liabilities, penalties, or expenses resulting
from Escrow Agent’s failure to file the Reports, and (e) agrees to deliver to the Parties an insured closing protection letter
from Chicago Title Insurance Company within five (5) days after the date hereof.

  

	 	ESCROW AGENT:
	 	 
	 	CHICAGO TITLE INSURANCE COMPANY 
	 	 
	 	By:	/s/ DeWayne Huffman
	 	Print Name: 	DeWayne Huffman
	 	Its:	Assistant Vice President and Senior Escrow

Manager

 

Amended and Restated Sedona Agreement –
Signature Page 6

 

    	 

    	 

    

  

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

SCHEDULE A-i

 

HL LOAN DOCUMENTS

 

		1.	Construction
Loan Agreement between Original Lender and HL Borrower, dated June 11, 2007 (the “HL Loan Agreement”);

  

		2.	Modification
of Construction Loan Agreement between Original Lender, HL Borrower and Spector and Marie Spector, individually and as Trustees
for the Trust, and Jacob Gechman, an individual, as Guarantors, dated April 29, 2008 (the “First HL Loan Agreement Modification”);

  

		3.	Second
Modification Construction Loan Agreement between Original Lender, HL Borrower and Guarantors, dated September 23, 2009 (the “Second
HL Loan Agreement Modification”);

  

		4.	Promissory
Note Secured by Real Property by HL Borrower as Maker to Original Lender as Payee, dated June 11, 2007 (the “HL Note”);

 

		5.	Amended
and Restated Promissory Note Secured by Real Property by HL Borrower as Maker to Original Lender as Payee, dated April 29, 2008
(the “Restated HL Note”);

 

		6.	Letter
Agreement between Original Lender and HL Borrower, extending the Maturity Date of the Restated HL Note dated June 30, 2009;

 

		7.	Construction
Deed of Trust, Assignment of Rents and Security Agreement from HL Borrower, as Trustor, to Fidelity National Title Insurance Agency
of Coconino, Inc., as Trustee, for the benefit of Original Lender, as Beneficiary, dated June 11, 2007, recorded in the Official
Records of Yavapai County, Arizona (the “Yavapai Records”) on June 11, 2007 in Book 4513, Page 768 (the “First
HL Deed of Trust”);

 

    	 

    	 

    

 

		8.	Security
Agreement (Pledge) by Spector as Trustee for the Trust, and HIDC Investments, L.L.C., as Debtor in favor of Original Lender as
Secured Party, dated April 29, 2008 (the “Spector Trust and HIDC HL Security Agreement”);

 

		9.	Security
Agreement (Pledge) by Spector as Trustee for the Trusts, as Grantor, in favor of Original Lender, as Secured Party, dated May
7, 2008 (the “Second Spector Trust HL Security Agreement”);

  

		10.	Amended
and Restated Security Agreement (Pledge) by Spector, individually and as Trustee for the Trust and HIDC Investments, L.L.C., as
Debtor, in favor of Original Lender, as Secured Party dated May 28, 2009 (the “Restated Spector Trust/Individual and
HIDC HL Security Agreement”);

  

		11.	Unconditional
Loan Guaranty by Spector and Marie Spector, individually and as Trustees for the Trust, and Jacob Gechman, individually, as Guarantor,
in favor of Original Lender, dated June 11, 2007 (the “HL Guaranty”);

  

		12.	Environmental
Certification and Indemnity Agreement by Spector and Marie Spector, individually and as Trustees of the Trust, and Jacob Gechman,
individually, as Indemnitor, in favor of Original Lender, dated June 11, 2007 (the “HL Environmental Guaranty”);

  

		13.	Negative
Pledge Agreement between Original Lender and Amara Resort, L.L.C. dated April 29, 2008 (the “Amara Negative Pledge Agreement”);

  

		14.	Negative
Pledge Agreement between Original Lender and Canyon Portal II, LLC dated April 29, 2008 (the “Canyon Portal II Negative
Pledge Agreement”);

 

		15.	UCC
Financing Statement with HL Borrower, as Debtor, and Original Lender as Secured Party, filed with the Arizona Secretary of State
(the “SOS”) on June 20, 2007 in File No. 

 

    	2

    	 

    

 

200714870621 and amended by UCC Financing Statement Amendments (2)
filed with the SOS on December 2, 2009 (the “HL Borrower HL SOS UCC”);

  

		16.	UCC
Financing Statement with Spector individually, as Debtor, and Original Lender, as Secured Party, filed with the SOS on May 1,
2008 in File No. 200815378060, as amended by UCC Financing Statement Amendments filed with the SOS on June 3, 2009 and September
1, 2009 (the “First Spector Individual HL SOS UCC”);

  

		17.	UCC
Financing Statement with the Trust, as Debtor, and Original Lender, as Secured Party, filed with the SOS on May 1, 2008 in File
No. 200815385309, as amended by UCC Financing Statement Amendment filed with the SOS on June 3, 2009 and UCC Financing Statement
Amendments (2) filed with the SOS on September 1, 2009 (collectively, the “Spector Trust HL SOS UCC”);

  

		18.	UCC
Financing Statement with HIDC Investments L.L.C., as Debtor, and Original Lender, as Secured Party, filed with the SOS on May
1, 2008 in File No. 200815378082, as amended by UCC Financing Statement Amendments (2) filed with the SOS on September 1, 2009
(the “HIDC HL SOS UCC”);

  

		19.	UCC
Financing Statement with Spector, as an individual, as Debtor, and Original Lender, as Secured Party, filed with the SOS on June
3, 2009 in File No. 200915824290, as amended by UCC Financing Statement Amendments (2) filed with the SOS on September 1, 2009
(the “Second Spector Individual HL SOS UCC”);

  

		20.	UCC
Financing Statement with Michael Leclere, as an individual, as Debtor and Original Lender as Secured Party, filed with the New
York Secretary of State (“NYSOS”) on May 9, 2008 in File No. 418361, as amended by UCC Financing Statement
Amendment filed

  

    	3

    	 

    

 

with the NYSOS on August 31, 2009 as File No. 428551 and File No. 428553 and filed on March 16, 2010 in File No.
408193 (the “Leclere Individual HL SOS UCC”);

  

The documents referred to above as items1 through 20, as modified
and amended, are referred to as the HL Loan Documents. The HL Loan and HL Loan Documents were assigned by Original Lender to HL
Noteholder by the following:

  

		21.	Allonge
to Promissory Note by Original Lender to HL Noteholder dated November 4, 2009 (the “HL Note Allonge”);

  

		22.	Assignment
of Note and Deed of Trust by Original Lender to HL Noteholder, dated November 4, 2009, recorded in the Yavapai Records on November
13, 2009, in Book 4706, Page 680 (the “HL Loan Documents Assignment”);

  

		23.	UCC
Financing Statement Amendment, assigning the First HL Borrower HL SOS UCC, filed with the SOS on December 2, 2009;

  

		24.	UCC
Financing Statement Amendment, assigning the First Spector Individual HL SOS UCC, filed with the SOS on March 16, 2010;

  

		25.	UCC
Financing Statement Amendment, assigning the Spector Trust HL SOS UCC, filed with the SOS on March 16, 2010;

  

		26.	UCC
Financing Statement Amendment, assigning the HIDC HL SOS UCC, filed with the SOS on March 16, 2010;

  

		27.	UCC
Financing Statement Amendment, assigning the Second Spector Individual HL SOS UCC, filed with the SOS on March 16, 2010;

  

		28.	UCC
Financing Statement Amendment, assigning the Leclere Individual HL SOS UCC, filed with the SOS on March 16, 2010.

 

    	4

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

SCHEDULE A-ii

 

LA LOAN DOCUMENTS

 

		a.	Construction
Loan Agreement between Original LA Lender and LA Borrower, dated May 7, 2008 (the “LA Loan Agreement”);

 

		b.	First
Modification of Construction Loan Agreement between LA Borrower, Original Lender and Spector, individually, and as Trustee for
the Trust, dated February 1, 2009 (the “First LA Loan Agreement Modification”);

 

		c.	Second
Modification of Construction Loan Agreement between LA Borrower, Original Lender and Spector, individually, and as Trustee for
the Trust, dated September 23, 2009 (the “Second LA Loan Agreement Modification”);

 

		d.	Promissory
Note by LA Borrower as Maker to Original Lender as Payee, dated May 7, 2008 (the “LA Note”);

 

		e.	Construction
Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing from LA Borrower, as Trustor, to Transaction Title Insurance
Company, as Trustee, for the benefit of Original Lender, as Beneficiary, recorded in the Official Records of Coconino County,
Arizona (the “Coconino Records”) on May 9, 2008 in Instrument No. 3485966 dated May 7, 2008 (the “First
LA Deed of Trust”);

 

		f.	Security
Agreement (Pledge) by Spector as Trustee for the Trust, as Grantor, in favor of Original Lender, as Secured Party, dated May 7,
2008 (the “Spector Trust LA Security Agreement”);

 

		g.	Security
Agreement (Pledge) by Spector, individually as Grantor, in a favor of Original Lender, as Secured Party, dated May 28, 2009 (the
“Spector Individual LA Security Agreement”);

 

    	 

    	 

    

 

		h.	Security
Agreement (Pledge) by Leclere, individually as Grantor, in favor of Original Lender, as secured party, dated May 7, 2008 (the
“Leclere LA Security Agreement”);

 

		i.	Unconditional
Loan Guaranty by Spector, individually and as Trustee for the Trust, as Guarantor, in favor of Original Lender, as Creditor, dated
May 7, 2008 (the “LA Guaranty”);

 

		j.	Environmental
Certification and Indemnity Agreement by Spector, individually and as Trustee of the Trust, in favor of Original Lender, as Lender,
dated May 7, 2008 (the “LA Environmental Indemnity”);

 

		k.	UCC
Financing Statement with Spector individually, as Debtor, and Original Lender, as Secured Party, filed with the Arizona Secretary
of State (the “SOS”) on May 1, 2008 in File No. 200815378060, as amended by UCC Financing Statement Amendment
filed with the SOS on June 3, 2009 and UCC Amendments (2) filed with the SOS on September 1, 2009 (collectively the “First
Spector Individual LA SOS UCC”);

 

		l.	UCC
Financing Statement with the Trust, as Debtor, and Original Lender, as Secured Party, filed with the SOS on May 1, 2008 in File
No. 200815385309, as amended by UCC Financing Statement Amendment filed with the SOS on June 3, 2009 and UCC Financing Statement
Amendments (2) filed with the SOS on September 1, 2009 (collectively the “Spector Trust LA SOS UCC”);

 

		m.	UCC
Financing Statement with LA Borrower, as Debtor, and Original Lender, as Secured Party, filed with the SOS on May 9, 2008 in File
No. 200815395618, as amended by UCC Financing Statement Amendment filed with the SOS on December 2, 2008 (collectively the
“LA Borrower LA SOS UCC”);

 

    	2

    	 

    

 

		n.	UCC
Financing Statement with Spector, as an individual, as Debtor, and Original Lender, as Secured Party, filed with the SOS on June
3, 2009 in File No. 200915824290, as amended by UCC Financing Statement Amendments (2) filed with the SOS on September 1, 2009
(collectively, the “Second Spector Individual LA SOS UCC”);

 

		o.	UCC
Financing Statement with Michael Leclere, as an individual, as Debtor and Original Lender as Secured Party, filed with the New
York Secretary of State (“NYSOS”) on May 9, 2008 in File No. 418361, as amended by UCC Financing Statement
Amendment filed with the NYSOS on August 31, 2009 as File No. 428551 and File No. 428553 and filed on March 16, 2010 in File No.
408193 (the “Leclere Individual LA SOS UCC”);

 

		p.	UCC
Financing Statement with LA Borrower, as Debtor, and Original Lender, as Secured Party, filed in the Records on May 16, 2008 as
Instrument No. 3486766 (the “LA Borrower LA Recorded UCC”);

 

		q.	Deed
of Trust, Assignment of Rents, Security Agreement and Fixture Filing from LA Borrower, as Trustor, to Stewart Title & Trust
of Phoenix, Inc., as Trustee, for the benefit of Original Lender, as Beneficiary, dated July 28, 2009, recorded in the Coconino
Records on July 29, 2009 in Instrument No. 3533054 (the “Second LA Deed of Trust”).

 

The documents referred to above as items
a. through q., were made subject to the lien of the Senior Deed of Trust, as defined in the Subordination Agreement, and were subsequently
assigned by Original Lender to LA Noteholder by the following:

 

		r.	Allonge
to Promissory Note by Original Lender to LA Noteholder dated November 4, 2009 (the “LA Note Allonge”);

 

		s.	Assignment
of Note and Deed of Trust by Original Lender to LA Noteholder, dated November 4, 2009, with respect to the First LA Deed of Trust,
recorded in the Coconino Records on November 13, 2009 in Instrument No. 3544893 (the “First LA Deed of Trust Assignment”);

 

    	3

    	 

    

 

		t.	Assignment
of the Deed of Trust by Original Lender to NL Noteholder, dated April 25, 2011, with respect to the Second HL Deed of Trust, recorded
in the Coconino Records on May 10, 2011 in Instrument No. 3595049 (the “Second LA Deed of Trust Assignment”);

 

		u.	UCC
Financing Statement Amendment, assigning the First Spector Individual LA SOS UCC, filed with the SOS on March 16, 2010;

 

		v.	UCC
Financing Statement Amendment, assigning the Spector Trust LA SOS UCC, filed with the SOS on March 16, 2010;

 

		w.	UCC
Financing Statement Amendment, assigning the LA Borrower LA SOS UCC, filed with the SOS on March 16, 2010;

 

		x.	UCC
Financing Statement Amendment, assigning the Second Spector Individual LA SOS UCC, filed with the SOS on March 16, 2010;

 

		y.	UCC
Financing Statement Amendment, assigning the Leclere Individual LA SOS UCC, filed with the SOS on March 16, 2010;

 

		z.	UCC
Financing Statement Amendment, assigning the LA Borrower LA Recorded UCC, recorded in the Records on March 24, 2010, in Instrument
No. 3556918;

 

		aa.	Assignment
of Deed of Trust by Original Lender to LA Noteholder, dated April 25, 2011, with respect to the Second LA Deed of Trust, recorded
in the Coconino Records on May 10, 2011 in Instrument No. 3595049.

 

    	4

    	 

    

  

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Schedule 3(d)

 

Pending or Threatened Litigation

 

		1.	Carl
Romanik and Mary Romanik, as Trustees of the Romanik Trust, Plaintiffs. v. HL LLC, an Arizona limited liability company; IMH Special
Asset NT 233, LLC, an Arizona limited liability company, et. al. The Cause No. Is CV2011-80371 and the case is in Yavapal County
Superior Court. The Plaintiff is asking for an easement over an area of LaMerra's land that sits at the banks of Oak Creek so
that Plaintiff can have access to the Creek.

 

		2.	H.E.
Graham, who owns tax parcel 408-31-029 which parcel is adjacent to the LaMerra subdivision, has written letters to HL LLC over
the last 3 years requesting a 25' wide easement in perpetuity across a portion of the LaMerra property. We have not heard from
Mr. Graham in more than a year and to our knowledge he has not filed an action in any court.

 

		3.	On
October 27, 2012 Jeff Newton fell down the stairs at the house at LaMerra and Is deceased The incident was reported to the insurance
carrier (Fireman's Fund) which assigned Claim Number 00512026416 to the incident. Fireman's Fund investigators have found out
that the mother of the deceased has gotten copies of reports from the Sedona Fire Department. To our knowledge no actual daim
or notice of daim has been filed.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Schedule 3(e)

 

Bankruptcy Proceedings

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

EXHIBIT B

 

LEGAL DESCRIPTION

 

(LaMerra Property)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF YAVAPAI, STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL NO. 1:

 

THE NORTH HALF OF THE NORTHEAST QUARTER OF SECTION 34, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

EXCEPT BEGINNING AT A POINT IN THE SOUTHERLY LINE OF SAID LAND,
WHICH POINT IS DISTANT 650 FEET EASTERLY ALONG SAID SOUTHERLY LINE FROM THE SOUTHWEST CORNER OF SAID LAND;

 

THENCE WESTERLY ALONG SAID SOUTHERLY LINE TO THE SOUTHWEST CORNER
OF SAID LAND;

 

THENCE NORTHERLY ALONG THE WESTERLY LINE OF SAID LAND, A DISTANCE
OF 670 FEET;

 

THENCE SOUTHEASTERLY IN A DIRECT LINE TO THE POINT OF BEGINNING.

 

PARCEL NO. 2:

 

THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER (BEING LOT 13)
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA.

 

PARCEL NO.3:

 

ALL THAT PORTION OF THE SOUTHEAST QUARTER OF SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, DESCRIBED AS FOLLOWS:

 

BEGINNING AT THE SOUTH QUARTER CORNER OF SAID SECTION 27, MARKED
BY A G.L.O. BRASS CAP;

 

THENCE NORTH 2 DEGREES 37 MINUTES 30 SECONDS WEST, 115.90 FEET
TO AN EXISTING FENCE;

 

THENCE NORTH 89 DEGREES 24 MINUTES 50 SECONDS EAST, ALONG SAID
FENCE, 204.31 FEET;

 

THENCE SOUTH 2 DEGREES 37 MINUTES 30 SECONDS EAST TO A POINT
ON THE SOUTH LINE OF SAID SECTION 27;

 

THENCE SOUTH 89 DEGREES 00 MINUTES WEST, ALONG SAID SECTION
LINE TO THE

 

    	 

    	 

    

 

 ACTUAL POINT OF BEGINNING.

 

PARCEL NO.4:

 

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, LYING EASTERLY
OF A LINE LOCATED 100 FEET WEST OF AND PARALLEL TO SAID EAST LINE OF THE SOUTHWEST QUARTER, AND SOUTH OF A LINE HAVING A COURSE
OF NORTH 85 DEGREES 13 MINUTES EAST THROUGH A POINT THAT LIES NORTH 2 DEGREES 37 MINUTES 30 SECONDS WEST, 118.5 FEET FROM THE SOUTH
QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP.

 

PARCEL NO. 5:

 

ALL THAT PORTION OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, LYING SOUTHERLY
OF AND CONTIGUOUS TO THE FOLLOWING DESCRIBED BOUNDARY LINE:

 

FROM THE NORTHEAST CORNER OF THE QUIT CLAIM PARCEL OF LAND DESCRIBED
AS BOOK 938 OF OFFICIAL RECORDS, PAGE 57, YAVAPAI COUNTY RECORDERS OFFICE, THE TRUE POINT OF BEGINNING, SAID CORNER LYING ON THE
EAST-WEST BARBED WIRE FENCE AS SHOWN ON THE RECORD OF SURVEY RECORDED AS BOOK 17 OF LAND SURVEYS AT PAGE 17, AND ALSO ON THE SOUTHERLY
LINE OF THE MONTERASTELLI (SIC) BOUNDARY AS SHOWN ON RESULTS OF SURVEY BY PATRICK NEVILLE, RECORDED AS BOOK 16, AT PAGE 100, DATED
JULY 14, 1992;

 

THENCE SOUTH 89 DEGREES 53 MINUTES 02 SECONDS EAST, ALONG THE
FENCE AND ITS EASTERLY EXTENSION AND ALONG THE SOUTHERLY LINE OF THE MONTERASTELLI BOUNDARY, 791.99 FEET;

 

THENCE SOUTH 41 DEGREES 19 MINUTES 24 SECONDS EAST, 39.09 FEET
TO THE SOUTH LINE OF SECTION 27, PER THE ARIZONA ENGINEERING COMPANY RECORD OF SURVEY RECORDED AS BOOK 10 OF RECORDS OF SURVEY,
AT PAGE 99;

 

THENCE SOUTH 88 DEGREES 14 MINUTES 32 SECONDS EAST, ALONG THE
SOUTH LINE OF SECTION 27, 75.15 FEET;

 

THENCE SOUTH 73 DEGREES 27 MINUTES 42 SECONDS EAST, 55.92 FEET;

 

THENCE NORTH 22 DEGREES 46 MINUTES 34 SECONDS EAST, 11.20 FEET;

 

THENCE NORTH 87 DEGREES 02 MINUTES 45 SECONDS EAST, 21.97 FEET;

 

THENCE SOUTH 81 DEGREES 16 MINUTES 09 SECONDS EAST, 29.96 FEET;

 

THENCE SOUTH 65 DEGREES 43 MINUTES 54 SECONDS EAST, 22.05 FEET
TO THE EAST LINE OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF SECTION 34, WHICH IS THE POINT OF TERMINUS OF THE BOUNDARY
LINE;

 

THE BASIS OF BEARINGS FOR THIS DESCRIPTION
IS SOUTH 88 DEGREES 14 MINUTES 32 SECONDS EAST, FROM THE SOUTH QUARTER CORNER OF SECTION 27 TO THE SOUTHEAST CORNER OF SECTION
27, ACCORDING TO THE ARIZONA ENGINEERING 

 

    	2

    	 

    

 

COMPANY RESULTS OF SURVEY RECORDED AS BOOK 10 OF RECORDS OF SURVEYS, AT PAGE 99, YAVAPAI
COUNTY RECORDERS OFFICE.

 

PARCEL NO. 6:

 

EASEMENT FOR ROADWAY FOR INGRESS AND EGRESS FOR THE PURPOSE
OF TRAVEL AND MAINTENANCE AS CREATED IN BOOK 3833, OF OFFICIAL RECORDS, PAGE 934, BEING 50 FEET WIDE, LYING 30 FEET ON THE WESTERLY
AND SOUTHERLY SIDES AND 20 FEET ON THE EASTERLY AND NORTHERLY SIDES OF THE FOLLOWING DESCRIBED PROPERTY:

 

THE CENTERLINE OF AN EXISTING DIRT ROAD IN SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, MORE PARTICULARLY DESCRIBED BY METES
AND BOUNDS AS FOLLOWS:

 

FROM THE SOUTHWEST CORNER OF SECTION 27;

 

THENCE NORTH 86 DEGREES 13 MINUTES 45 SECONDS EAST, A DISTANCE
OF 2448.25 FEET TO A CONCRETE MONUMENT MARKED 1/4 ON THE WEST FACE, WITH AN ALUMINUM CAP MARKED LS 13010, ACCEPTED BY JOHN A. LUCKOW,
ARIZONA REGISTERED LAND SURVEYOR, AS THE TRUE LOCATION OF THE SOUTH QUARTER CORNER OF RECORD OF SURVEY DATED FEBRUARY 24, 1990,
RECORDED IN BOOK 10 OF LAND SURVEYORS, PAGE 99, YAVAPAI COUNTY RECORDERS OFFICE, WHICH IS IDENTICAL TO THE SOUTHEAST CORNER OF
THE PROPERTY AS CONVEYED TO HARRIET KOHLER (ALSO KNOWN AS HARRIET K. SEAMAN) BY INSTRUMENTS RECORDED IN THE OFFICE OF THE RECORDER
OF YAVAPAI COUNTY, ARIZONA, IN BOOK 179 OF DEEDS, PAGE 586 AND IN BOOK 357 OF OFFICIAL RECORDS, PAGE 233 AND WHICH IS ALSO IDENTICAL
TO THE NORTHEAST CORNER OF PARCEL 4 ABOVE, ACCEPTED AND UTILIZED AS THE QUARTER CORNER BETWEEN SECTIONS 27 AND 34, PRIOR TO THE
1956 GLO DEPENDENT RESURVEY OF SECTION 27 BY WHICH THE QUARTER CORNER BETWEEN SECTIONS 27 AND 35 HAS BEEN MARKED BY A STANDARD
GLO BRASS CAPPED PIPE, WHICH IS THE SAME GLO BRASS CAP ESTABLISHING THE SOUTHEAST CORNER OF THE PROPERTY DESCRIBED IN PARCEL 4
ABOVE;

 

THENCE SOUTH 85 DEGREES 13 MINUTES 00 SECONDS WEST, 15.05 FEET,
TO THE TRUE POINT OF BEGINNING OF THIS DESCRIPTION:

 

THENCE NORTH 07 DEGREES 16 MINUTES 03 SECONDS
EAST, 55.48 FEET;

 

THENCE NORTH 00 DEGREES 25 MINUTES 35 SECONDS EAST, 201.21 FEET
TO THE EAST LINE OF THE KOHLER PARCEL AS DESCRIBED IN WARRANTY DEED RECORDED IN BOOK 179 OF DEEDS, PAGE 586, YAVAPAI COUNTY RECORDERS
OFFICE, STATE OF ARIZONA;

 

THENCE NORTH 00 DEGREES 25 MINUTES 35 SECONDS EAST, 283.79 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 215.00 FEET AND A CENTRAL ANGLE OF 18 DEGREES 55 MINUTES 40 SECONDS;

 

THENCE NORTHERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 71.03 FEET, TO THE EAST LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAVING A RADIUS OF 215.00 FEET AND A CENTRAL
ANGLE OF 18 DEGREES 53 MINUTES 55 SECONDS;

 

THENCE NORTHERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 70.92 FEET TO THE PT.;

 

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THENCE NORTH 37 DEGREES 24 MINUTES 00 SECONDS WEST, 164.52 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 130.00 FEET AND A CENTRAL ANGLE OF 07 DEGREES 11 MINUTES 55 SECONDS;

 

THENCE NORTHWESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 16.33 FEET TO THE NORTH LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAVING A RADIUS OF 130.00 FEET AND A CENTRAL
ANGLE OF 32 DEGREES 59 MINUTES 56 SECONDS;

 

THENCE NORTHWESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 74.87 FEET TO THE P.T.;

 

THENCE NORTH 77 DEGREES 35 MINUTES 51 SECONDS WEST, 92.01 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 250.00 FEET AND A CENTRAL ANGLE OF 10 DEGREES 44 MINUTES 58 SECONDS;

 

THENCE WESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE OF
46.90 FEET TO THE NORTH LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAV1NG A RADIUS OF 250.00 FEET AND A CENTRAL ANGLE
OF 10 DEGREES 51 MINUTES 24 SECONDS;

 

THENCE WESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE OF
47.37 FEET TO THE P.T.;

 

THENCE SOUTH 80 DEGREES 47 MINUTES 47 SECONDS WEST, 160.95 FEET;

 

THENCE SOUTH 84 DEGREES 31 MINUTES 30 SECONDS WEST, 60.56 FEET
TO THE TERMINUS OF THIS DESCRIPTION AT THE WEST LINE OF THE KOHLER PARCEL, THE NORTHWEST CORNER OF WHICH BEARS NORTH 01 DEGREES
01 MINUTES 44 SECONDS WEST, A DISTANCE OF 116.37 FEET.

 

PARCEL NO. 7:

 

EASEMENT FOR IRRIGATION DITCH PURPOSES AS CREATED IN BOOK 2250,
OF OFFICIAL RECORDS, PAGE 382, OVER AND ACROSS THE REAL PROPERTY DESCRIBED BELOW. THE CENTERLINE OF THE EASEMENT IS THE CENTERLINE
OF THE EXISTING DITCH AND THE EASEMENT IS OF THE WIDTH REASONABLY NECESSARY FOR THE MAINTENANCE AND OPERATION OF THE DITCH.

 

REAL PROPERTY WHICH EASEMENT CROSSES IS DESCRIBED AS FOLLOWS:

 

THE FOLLOWING DESCRIBED PORTION OF THE EAST HALF OF THE SOUTHEAST
QUARTER OF THE SOUTHWEST QUARTER OF SECTION 27, TOWNSHIP 17 NORTH OF RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN,
YAVAPAI COUNTY, ARIZONA, TO WIT:

 

BEGINNING AT THE QUARTER CORNER BETWEEN SECTIONS 27 AND 34,
ABOVE TOWNSHIP AND RANGE, SAID CORNER BEING MARKED BY A STONE MONUMENT, WHICH WAS ACCEPTED BY JIM LAMPORT, SURVEYOR IN 1928, AND
BY OLD SETTLERS FOR MANY YEARS;

 

THENCE FROM SAID POINT NORTH ON THE QUARTER SECTION LINE THROUGH
THE CENTER OF SAID SECTION 27, (THIS LINE BEING ASSUMED NORTH FOR THE PURPOSE OF THIS DESCRIPTION) 774.0 FEET TO A STONE MONUMENT;

 

    	4

    	 

    

 

THENCE NORTH 73 DEGREES 34 MINUTES WEST, 659.6 FEET TO A STONE
MONUMENT;

 

THENCE SOUTH 03 DEGREES 45 MINUTES WEST, 1021.3 FEET TO A STONE
MONUMENT ON THE SOUTH LINE OF Said) SECTION 27;

 

THENCE NORTH 85 DEGREES 13 MINUTES EAST, 701.9 FEET ALONG SAID
SECTION LINE TO THE POINT OF BEGINNING.

 

PARCEL NO. 8:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND UTILITY PURPOSES OVER,
ACROSS AND UNDER THE FOLLOWING DESCRIBED PARCEL:

 

A PORTION OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

BEGINNING AT A POINT ON THE WEST LINE OF THE SOUTHWEST QUARTER
OF THE SOUTHEAST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 600 FEET FROM THE SOUTH
QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST ALONG THE
WEST LINE OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 27, A DISTANCE OF 180.05 FEET;

 

THENCE SOUTH 35 DEGREES 58 MINUTES 39 SECONDS EAST, A DISTANCE
OF 44.71 FEET;

 

THENCE SOUTH 0 DEGREES 48 MINUTES 45 SECONDS WEST, A DISTANCE
OF 143.31 FEET;

 

THENCE SOUTH 88 DEGREES 30 MINUTES 06 SECONDS WEST, A DISTANCE
OF 19.54 FEET TO THE PLACE OF BEGINNING.

 

PARCEL NO. 9:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND UTILITY PURPOSES AS
CREATED IN BOOK 938 OF OFFICIAL RECORDS, PAGE 65, OVER, ACROSS AND UNDER THE FOLLOWING DESCRIBED PARCELS:

 

PARCEL A:

 

THE FOLLOWING DESCRIBED PORTION OF THE SOUTHWEST QUARTER OF
THE SOUTHEAST QUARTER OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY,
ARIZONA;

 

BEGINNING AT A POINT ON THE WEST LINE OF THE SOUTHWEST QUARTER
OF THE SOUTHEAST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 115.84 FEET FROM THE
SOUTH QUARTER CORNER OF SECTION 27, MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST ALONG THE
WEST LINE OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 27, A DISTANCE 

 

    	5

    	 

    

 

OF 484.16 FEET;

 

THENCE NORTH 88 DEGREES 30 MINUTES 06 SECONDS EAST, A DISTANCE
OF 19.54 FEET;

 

THENCE SOUTH 0 DEGREES 48 MINUTES 45 SECONDS WEST, A DISTANCE
OF 484.55 FEET TO THE PLACE OF BEGINNING.

 

PARCEL B:

 

A PORTION OF THE EAST HALF OF THE SOUTHEAST QUARTER OF THE SOUTHWEST
QUARTER OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

BEGINNING AT A POINT ON THE EAST LINE OF THE SOUTHEAST QUARTER
OF THE SOUTHWEST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 889.73 FEET FROM THE
SOUTH QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 73 DEGREES 03 MINUTES 08 SECONDS WEST, A DISTANCE
OF 103.00 FEET TO THE TRUE POINT OF BEGINNING;

 

THENCE NORTH 73 DEGREES 03 MINUTES 08 SECONDS WEST, A DISTANCE
OF 303.41 FEET. (THE DIRECTION AND LOCATIONS OF THE ABOVE LINE DETERMINED BY STONE MONUMENTS AS CALLED FOR IN THAT CERTAIN DEED
OF CORRECTION OF RECORD IN THE OFFICE OF THE COUNTY RECORDER, YAVAPAI COUNTY, ARIZONA, IN BOOK 172 OF DEEDS, PAGE 495 THEREOF);

 

THENCE NORTH 82 DEGREES 32 MINUTES 53 SECONDS EAST, A DISTANCE
OF 67.32 FEET;

 

THENCE SOUTH 75 DEGREES 10 MINUTES 23 SECONDS EAST, A DISTANCE
OF 195.82 FEET;

 

THENCE SOUTH 35 DEGREES 58 MINUTES 39 SECONDS EAST, A DISTANCE
OF 58.16 FEET TO THE PLACE OF BEGINNING.

 

PARCEL NO. 10:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND PUBLIC UTILITY PURPOSES
AS CREATED IN BOOK 1920 OF OFFICIAL RECORDS, PAGE 314, EMBRACING ALL OF THE FOLLOWING DESCRIBED PROPERTY:

 

A PARCEL OF LAND LYING IN THE SOUTHWEST QUARTER OF SECTION 27,
TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

 

BEGINNING AT THE SOUTH QUARTER CORNER OF SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST;

 

THENCE SOUTH 88 DEGREES 53 MINUTES 57 SECONDS WEST, A DISTANCE
OF 612.24 FEET TO THE SOUTHEAST CORNER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 27;

 

THENCE NORTH 01 DEGREES 11 MINUTES 29 SECONDS WEST, A DISTANCE
OF 946.77 

 

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FEET TO THE TRUE POINT OF BEGINNING;

 

THENCE SOUTH 85 DEGREES 55 MINUTES 21 SECONDS WEST, A DISTANCE
OF 113.99 FEET;

 

THENCE NORTH 24 DEGREES 08 MINUTES 42 SECONDS WEST, A DISTANCE
OF 61.87 FEET TO A POINT ON A CURVE HAVING A CENTRAL ANGLE OF 141 DEGREES 20 MINUTES 20 SECONDS, A RADIUS OF 131.79 FEET;

 

THENCE ALONG THE ARC OF SAID CURVE, A DISTANCE OF 50.30 FEET;

 

THENCE SOUTH 24 DEGREES 08 MINUTES 42 SECONDS EAST, A DISTANCE
OF 26.91 FEET;

 

THENCE NORTH 85 DEGREES 55 MINUTES 21 SECONDS EAST, A DISTANCE
OF 81.55 FEET;

 

THENCE SOUTH 01 DEGREES 11 MINUTES 29 SECONDS EAST, A DISTANCE
OF 50.06 FEET TO THE TRUE POINT OF BEGINNING.

 

TOGETHER WITH THE RIGHT TO IMPROVE AND MAINTAIN THE EXISTING
ROAD AND TO RECONSTRUCT AND ENLARGE THE ROAD TO UTILIZE ALL OF THE EASEMENT PROPERTY OR ANY PART THEREOF FOR ROADWAY PURPOSES.

 

PARCEL NO. 11:

 

AN EASEMENT APPURTENANT TO PARCELS 1, 2, 3, 4 AND 5 ABOVE, FOR
ROADWAY AND PUBLIC UTILITIES CREATED IN BOOK 1920, OF OFFICIAL RECORDS, PAGE 307, OVER THAT PORTION OF THE RED ROCK LOOP ROAD DESCRIBED
IN THE ATTACHMENT TO THE INSTRUMENT OF RECORD IN BOOK 915, OF OFFICIAL RECORDS, PAGES 795-803, INCLUSIVE, RECORDS OF YAVAPAI COUNTY,
ARIZONA, LYING WITHIN THE EAST ONE-HALF, WEST ONE-HALF, SOUTHEAST QUARTER, SOUTHWEST QUARTER, SECTION 27, TOWNSHIP 17 NORTH, RANGE
5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA.

 

EXCEPTING FROM THE ABOVE PARCELS THE FOLLOWING PROPERTY:

Lot 11, THE RETREAT AT OAK CREEK, according to Book 59 of Maps,
pages 99 through 104, inclusive, records of Yavapai County, Arizona.

 

AND

 

Lots 2, 9, 10, 12, 13, 14, 17, 18 and 19, LAMERRA, according
to Book 61 of Maps, pages 27 through 32, inclusive, records of Yavapai County, Arizona.

 

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[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT F-i

 

LEGAL DESCRIPTION

 

(L’Auberge Property)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF COCONINO,

STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL NO. 1:

 

A parcel of land situated in the West half of Section 8, Township
17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, being more particularly described
as follows:

 

COMMENCING at the West quarter corner of said Section 8, as
marked by a B.L.M brass capped pipe under drain cover in sidewalk and from which the Southwest corner of said Section 8, as marked
by a B.L.M brass capped pipe in cairn, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description),
a distance of 2621.04 feet;

 

THENCE from said West quarter corner, North 12 degrees 54 minutes
17 seconds East (North 12 degrees 27 minutes 33 seconds East, record), a distance of 76.90 feet (76.90 feet record), to a point
on the Southeasterly right of way line of Arizona State Highway 89-A;

 

THENCE Northeasterly along said Southeasterly right of way line
being a non-tangent curve, concave to the Southeast, having a radius of 2150.00 feet (2,150.00 feet, record), a chord bearing of
North 23 degrees 04 minutes 02 seconds East and a central angle of 05 degrees 24 minutes 36 seconds (05 degrees 24 minutes 18 seconds,
record), an arc distance of 203.00 feet (203.00 feet, record), to a concrete nail with brass tag stamped “LS14184"
set at the position of a previously set cotton picker spindle with tag stamped “LS14184";

 

THENCE continuing Northeasterly along said Southeasterly right
of way line, being a curve, concave to the Southeast, having a radius of 2150.00 feet (2,150.00 feet record), a chord bearing of
North 26 degrees 36 minutes 58 seconds East, a central angle of 01 degrees 41 minutes 17 seconds (01 degrees 41 minutes 39 seconds,
record), an arc distance of 63.35 feet (63.57 feet, record), to a concrete nail with brass tag stamped “LS14184” set
at the position of a previously set chiseled “+” in concrete;

 

THENCE departing said Southeasterly right of way line of Arizona
State Highway 89-A, South 89 degrees 51 minutes 31 seconds East (North 89 degrees 42 minutes 07 seconds East, record), a distance
of 3.74 feet to a point on the Northeasterly line of that certain tract of land acquired by the City of Sedona in December 2005
and described in Document No. 2005-3361777 of the Coconino County Recorder’s office in Coconino county, Arizona;

 

THENCE along the North line of the Orchards/L’Auberge
parcel, South 89 degrees 51 minutes 31 seconds East (North 89 degrees 42 minutes 07 seconds East, record), a distance of 212.10
feet to a 1⁄2” rebar with cap stamped “LS14184” (previously set);

 

THENCE along the Northerly line of the
Orchards/L’Auberge parcel, South 40 degrees 28 minutes 17 seconds East (South 41 degrees 45 minutes 00 seconds East, record),
a distance of 62.25 feet to the POINT OF BEGINNING;

 

    	 

    	 

    

 

THENCE South 40 degrees 28 minutes 17 seconds East (South 41
degrees 45 minutes 00 seconds East, record), a distance of 47.00 feet to a 1⁄2” rebar with tag stamped “LS14184"
(previously set);

 

THENCE North 38 degrees 57 minutes 49 seconds East, (North 38
degrees 15 minutes 00 seconds East record), a distance of 150.75 feet (152.00 feet record) to a 1⁄2” rebar with tag
stamped “LS14184” (previously set).

 

THENCE South 50 degrees 57 minutes 03 seconds East, (South 51
degrees 45 minutes 00 seconds East record), a distance of 82.00 feet (82.00 feet record) to a 1⁄2” rebar with tag stamped
“LS14184” (previously set);

 

THENCE North 57 degrees 27 minutes 57 seconds East (North 56
degrees 40 minutes 00 seconds East record), a distance of 26.55 feet (26.5 feet record) to a 1⁄2” rebar with tag stamped
“LS14184” (previously set);

 

THENCE South 32 degrees 32 minutes 03 seconds East (South 33
degrees 20 minutes 00 seconds East record), a distance of 523.60 feet (542.50 feet record) to a point in Oak Creek that lies on
the Northwesterly boundary of the “Brewer Tract”, described in Docket 510, page 496, of the Coconino County Recorder’s
Office and from which a 1⁄2” rebar with tag stamped “LS14184” previously set as a witness corner lies, North
32 degrees 32 minutes 03 seconds West, a distance of 100.00 feet;

 

THENCE South 51 degrees 44 minutes 33 seconds West (no record)
a distance of 6.59 feet (no record) to the Westerly corner of said “Brewer Tract” being a portion in Oak Creek;

 

THENCE South 54 degrees 01 minutes 27 seconds East (no record),
a distance of 19.52 feet (no record) along the Southwesterly boundary of said “Brewer Tract” to a point in Oak Creek;

 

THENCE South 52 degrees 31 minutes 27 seconds West (South 51
degrees 43 minutes 30 seconds West, record), a distance of 11.99 feet (11.40 feet record) to a point in Oak Creek;

 

THENCE South 69 degrees 02 minutes 57 seconds West (South 68
degrees 15 minutes 00 seconds West record), a distance of 166.54 feet (166.54 feet) to a point in Oak Creek;

 

THENCE South 48 degrees 22 minutes 03 seconds East (South 49
degrees 10 minutes 00 seconds East, record), a distance of 60.39 feet (60.40 feet record), to a 1⁄2” rebar with tag
stamped “PE2924” (previously set);

 

THENCE South 63 degrees 20 minutes 02 seconds West, (South 62
degrees 02 minutes 45 seconds West, record), a distance of 835.28 feet (832.38 feet record) to a point in Oak Creek that is on
the West line of said Section 8 and lies South 01 degrees 42 minutes 03 seconds East, a distance of 624.60 feet from said West
quarter corner of Section 8;

 

THENCE North 01 degrees 42 minutes 03 seconds West (North 02
degrees 30 minutes 00 seconds West, record), a distance of 447.60 feet (447.60 feet record) along said West line of Section 8 to
a 1⁄2” rebar with tag stamped “LS14184” (previously set);

 

THENCE North 38 degrees 37 minutes 57 seconds East (North 37
degrees 50 minutes 00 seconds East, record), a distance of 207.55 feet to a 1⁄2” rebar with tag stamped “LS14184"
(previously set);

 

    	2

    	 

    

 

THENCE North 38 degrees 09 minutes 30 seconds East (North 37
degrees 50 minutes 00 seconds East, record), a distance of 109.23 feet to a 1⁄2” rebar with no identification (previously
found):

 

THENCE North 49 degrees 44 minutes 02 seconds East, a distance
of 94.50 feet;

 

THENCE North 37 degrees 42 minutes 35 seconds East, a distance
of 174.72 feet to the POINT OF BEGINNING.

 

EXCEPTING THEREFROM the following described property:

 

A parcel of land being a portion of “Parcel 1B”
as said “Parcel 1B” is shown and described on that certain ALTA/ACSM Land Title Survey map recorded as instrument number
3490268 in the Official Records of Coconino County, said parcel being situated in the West half of Section 8, Township 17 North,
Range 6 East of the Gila and Salt River Base and Meridian in Coconino County, Arizona, and being more particularly described as
follows:

 

COMMENCING
at the West quarter corner of said Section 8, as marked by a G.L.O. brass capped pipe under drain cover in sidewalk and from which
the Southwest corner of said Section 8, as marked by a B.L.M brass capped pipe in cairn, lies South 01 °
42’03” East (basis of bearings for this description), a distance of 2621.04 feet;

 

Thence
from said West quarter corner, along the West line of the Southwest quarter of said Section 8, South 01 °
42’03” East, a distance of 624.60 feet to the Southwest corner of said “Parcel 1B”;

 

Thence
along the Southerly boundary of said “Parcel 1B”, North 63 °
20’02” East a distance of 579.51 feet to the POINT OF BEGINNING;

 

Thence
continuing along said Southerly boundary of “Parcel 1B”, North 63 °
20’02” East a distance of 255.77 feet;

 

Thence
continuing along said Southerly boundary of “Parcel 1B”, North 48 °
22’03” West a distance of 60.39 feet;

 

Thence
continuing along said Southerly boundary of “Parcel 1B”, North 69 °
02’57” East a distance of 32.29 feet to the most Northerly corner of the Weckerly parcel as described in Docket 1525,
pages 007-009 of the Coconino County Recorder’s Office;

 

Thence
along a prolongation of the Northeasterly boundary of said Weckerly parcel, North 54 °
01’29” West a distance of 23.88 feet, more or less, to the centerline of Oak Creek as it may exist from time to time
in the future;

 

Thence
along said centerline of Oak Creek, as it may exist from time to time in the future, an approximate bearing of South 65 °
34’01” West a distance of 111.83 feet, more or less;

 

Thence
continuing along said centerline of Oak Creek, as it may exist from time to time in the future, an approximate bearing of South
69 ° 31’14"
West a distance of 163.52 feet, more or less, to the intersection of said centerline of Oak Creek with the Northwesterly prolongation
of the Southwesterly boundary of the Miller parcel as described in Docket 1478, pages 378 & 378A of the Coconino County Recorder’s
Office;

 

Thence
in a reversed direction of said Northwesterly prolongation of the Southwesterly

 

    	3

    	 

    

 

boundary of the Miller parcel, South 38 °
15’58” East a distance of 98.08 feet, more or less, to the POINT OF BEGINNING.

 

PARCEL NO. 2:

 

An easement for ingress, egress and public utilities created
by instrument recorded December 22, 1982, in Docket 911, page 206, records of Coconino County, Arizona, more particularly described
as follows:

 

A strip of land 33.00 feet wide situated in the Southeast quarter
of Section 7, Township 17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, being more
particularly defined as lying 16.50 feet on each side of the following described centerline:

 

COMMENCING at the East quarter corner of said Section 7, as
marked by a GLO brass capped pipe under drain cover in sidewalk and from which the Southeast corner of said Section 7, as marked
by a B.L.M. brass capped pipe, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description), a distance
of 2621.04 feet;

 

THENCE South 01 degrees 42 minutes 03 seconds East (South 02
degrees 30 minutes 00 seconds East, recorded), a distance of 261.40 feet (261.4 feet record) along the East line of said Southeast
quarter of Section 7 to the POINT OF BEGINNING of this center line (side lines of strip of land begin on said East line);

 

THENCE South 28 degrees 37 minutes 57 seconds West (South 27
degrees 50 minutes 00 seconds West record), a distance of 500.20 feet (500.2 feet record);

 

THENCE South 37 degrees 53 minutes 57 seconds West (South 37
degrees 06 minutes 00 seconds West, record), a distance of 330.00 feet (330.00 feet record) to the terminus of center line:

 

EXCEPT therefrom all that portion thereof lying within the right
of way of Arizona Highway 89-A;

 

PARCEL NO. 3:

 

A perpetual, non-exclusive easement for ingress and egress as
set forth in that certain easement agreement recorded April 25, 2002 in instrument number 2002-3138455 and re-recorded July 18,
2005 in instrument number 2005-3332653 of Official Records, Coconino County, Arizona.

 

PARCEL NO. 4:

 

A parcel of land being a portion of the “Pacini Tract”
described in Parcel II in Docket 1711, page 863 and 864 of the Coconino County Recorders Office and situated in the West half of
Section 8, Township 17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, said parcel
being more particularly described as follows:

 

COMMENCING at the West quarter corner of said Section 8, as
marked by a B.L.M brass capped pipe under drain cover in sidewalk and from which the Southwest corner of said Section 8, as marked
by a B.L.M brass capped pipe in cairn, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description),
a distance of 2621.04 

 

    	4

    	 

    

 

feet;

 

THENCE from said West quarter corner, North 21 degrees 27 minutes
04 seconds East, a distance of 342.00 feet (North 20 degrees 32 minutes East, a distance of 342 feet, record) to a 1⁄2"
rebar with tag stamped “LS14184” set at the position of a previously set chiseled “+” in concrete (previously
set) on the Southeasterly right of way line of Arizona Highway 89-A;

 

THENCE departing said Southeasterly right of way line of Arizona
Highway 89-A South 89 degrees 51 minutes 31 seconds East, a distance of 215.83 feet (North 89 degrees 10 minutes East, a distance
of 217.50 feet record), to a 1⁄2” rebar with plastic cap stamped “LS14184” (found);

 

THENCE South 40 degrees 28 minutes 17 seconds East, a distance
of 109.25 feet (South 41 degrees 45 minutes East, a distance of 110.77 feet record) to a 1⁄2” rebar with plastic cap
stamped “LS14184” (previously set);

 

THENCE North 38 degrees 57 minutes 49 seconds East, a distance
of 150.75 feet (North 38 degrees 15 minutes East, a distance of 152.0 feet record), to a 1⁄2” rebar with tag stamped
“LS14184” (previously set) at a corner of said “Pacini Tract”;

 

THENCE along the boundary of said “Pacini Tract”
South 50 degrees 57 minutes 03 seconds East, a distance of 82.00 feet (same as record) to a 1⁄2” rebar with tag stamped
“LS14184” (found) at a corner thereof;

 

THENCE continuing along the boundary of said “Pacini Tract”
North 57 degrees 27 minutes 57 seconds East, a distance of 26.55 feet (same as record) to a 1⁄2” rebar with tag stamped
“LS14184” (found) at a corner thereof;

 

THENCE continuing along the boundary of said “Pacini Tract”,
South 32 degrees 32 minutes 03 seconds East, a distance of 5.00 feet to the POINT OF BEGINNING;

 

THENCE North 57 degrees 27 minutes 57 seconds East, a distance
of 58.00 feet to a 1⁄2” rebar with tag stamped “LS14184";

 

THENCE North 89 degrees 27 minutes 57 seconds East, a distance
of 35.39 feet to a 1⁄2” rebar with tag stamped “LS14184";

 

THENCE South 00 degrees 32 minutes 03 seconds East, a distance
of 163.25 feet to a 1⁄2” rebar with tag stamped “LS14184";

 

THENCE South 32 degrees 32 minutes 03 seconds East, a distance
of 215.13 feet to a 1⁄2” rebar with tag stamped “LS14184";

 

THENCE South 31 degrees 56 minutes 49 seconds East, a distance
of 146.28 feet to a point on the Northwesterly boundary of the “Brewer Tract” as described in Docket 510, page 496
of the Coconino County Recorder’s Office and the Southwest corner of the said “Pacini Tract” and from which a
1⁄2” rebar with brass tag stamped “LS14184” (previously set as a witness corner) bears North 32 degrees
32 minutes 03 seconds West, a distance of 100.00 feet;

 

THENCE along the Westerly boundary of the said “Pacini
Tract”, North 32 degrees 32 minutes 03 seconds West, a distance of 518.60 feet to the POINT OF BEGINNING.

 

    	5

    	 

    

 

PARCEL NO. 5:

 

INTENTIONALLY DELETED.

 

    	6

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT F-ii

 

LEGAL DESCRIPTION

 

(Orchards Inn Property)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF COCONINO,

STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL NO. 1:

 

A parcel of land situated in the West half of Section 8, Township
17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, being more particularly described
as follows:

 

COMMENCING at the West quarter corner of said Section 8, as
marked by a B.L.M brass capped pipe under drain cover in sidewalk and from which the Southwest corner of said Section 8, as marked
by a B.L.M brass capped pipe in cairn, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description),
a distance of 2621.04 feet;

 

THENCE from said West quarter corner, North 12 degrees 54 minutes
17 seconds East (North 12 degrees 27 minutes 33 seconds East, record), a distance of 76.90 feet (76.90 feet, record) to a point
on the Southeasterly right-of-way line of Arizona State Highway 89-A;

 

THENCE Northeasterly along said Southeasterly right of way line
being a non-tangent curve, concave to the Southeast, having a radius of 2150.00 feet (2150.00 feet record)., a chord being of North
23 degrees 04 minutes 02 seconds East and a central angle of 05 degrees 24 minutes 36 seconds (05 degrees 24 minutes 18 seconds,
record), an arc distance of 203.00 feet (203.00 feet record), to a concrete nail with brass tag stamped “LS14184” set
at the position of a previously set cotton picker spindle with tag stamped “LS14184";

 

THENCE departing said Southeasterly right of way line of Arizona
State Highway 89A, South 65 degrees 25 minutes 03 seconds East, a distance of 11.73 feet to the POINT OF BEGINNING, which lies
on the Southeasterly line of that certain tract of land acquired by the City of Sedona in December 2005 and described in Document
NO. 2005-3361777 of the Coconino County Recorder’s Office, Coconino County, Arizona;

 

THENCE along said Southeasterly line, North 24 degrees 46 minutes
32 seconds East, a distance of 23.47 feet;

 

THENCE continuing along said Southeasterly line, North 21 degrees
21 minutes 48 seconds East, a distance of 3.63 feet;

 

THENCE continuing along said Southeasterly line, North 20 degrees
52 minutes 26 seconds West, a distance of 8.33 feet;

 

THENCE continuing along said Southeasterly line, North 69 degrees
07 minutes 34 seconds East, a distance of 1.00 feet;

 

THENCE continuing along said Southeasterly line, North 19 degrees
27 minutes 50 seconds West, a distance of 6.81 feet;

 

    	 

    	 

    

 

THENCE continuing along said Southeasterly line, North 26 degrees
18 minutes 08 seconds East, a distance of 19.54 feet;

 

THENCE continuing along said Southeasterly line, South 62 degrees
51 minutes 12 seconds East, a distance of 4.07 feet;

 

THENCE continuing along said Southeasterly line, North 23 degrees
53 minutes 25 seconds East, a distance of 6.93 feet;

 

THENCE continuing along said Southeasterly line of that tract
of land acquired by the City of Sedona in December 2005, North 62 degrees 35 minutes 35 seconds West, a distance of 0.55 feet to
the North line of the Orchards/L’Auberge parcel;

 

THENCE along said North line of the Orchards/L’Auberge
parcel, South 89 degrees 51 minutes 31 seconds East (North 89 degrees 42 minutes 07 seconds East, record), a distance of 212.10
feet to a 1⁄2” rebar with cap stamped “LS14184” (previously set);

 

THENCE South 40 degrees 28 minutes 17 seconds East, (South 41
degrees 45 minutes 00 seconds East, record), a distance of 62.25 feet;

 

THENCE South 37 degrees 42 minutes 35 seconds West, a distance
of 174.72 feet; THENCE South 49 degrees 44 minutes 02 seconds West, a distance of 94.50 feet to a 1⁄2” rebar with no
identification (previously found);

 

THENCE North 31 degrees 49 minutes 11 seconds West (North 32
degrees 21 minutes 20 seconds West, record), a distance of 114.47 feet (113.94 feet record) to a 1⁄2” rebar with cap
stamped “LS 14184” (previously set);

 

THENCE North 22 degrees 35 minutes 10 seconds East (North 24
degrees 24 minutes 07 seconds East, record), a distance of 66.04 feet (65.00 feet, record) to a concrete nail with brass tag stamped
“LS14184", previously set at the position of a previously set chiseled “+” in concrete;

 

THENCE North 65 degrees 25 minutes 03 seconds West, (North 65
degrees 34 minutes 02 seconds West, record), a distance of 65.96 feet to the POINT OF BEGINNING.

 

PARCEL NO. 2:

 

INTENTIONALLY DELETED.

 

PARCEL NO. 3:

 

An easement for overhead canopies and other purposes by or pursuant
to that certain Special Warranty Deed (In Lieu of Condemnation) recorded December 27, 2005 in Document No. 3361777, Official Records
of Coconino County, Arizona.

 

    	2

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit F-iii

 

Description of Delivery and Installation
of Pre-Fabricated Cottage

 

Schulte Manufacturing has one unit of the pre-fabricated
cottages at its manufacturing fadlity in Avondale, Arizona. The unit consists of two parts and is about 600 sq. ft. Schulte has
it in the storage yard. The unit will need to be assembled on site and also there will need to be built for it the necessary utility
connections and base on which to place the cottage. There are no current arrangements to either take the unit or any plans where
to put it.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit
G            LA BORROWER LEASES

 

i.
           AFFORDABLE HOUSING LEASE

 

    	 

    	 

    

 

Housing
Units 414, 415, 434 & 435

280 N.
Highway 89A

 

LEASE

 

SEDONA,
ARIZONA

 

Landlord:
Canyon Portal II, L.L.C.

 

Tenant:
L’Auberge Orchards LLC

 

Date:
April 1, 2012

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	SECTION 1 – FUNDAMENTAL LEASE PROVISIONS	1
	 	 	 
	SECTION 2 – PREMISES	2
	 	 	 
	SECTION 3 – GENERAL PROVISIONS	2
	3.1	No Option	2
	3.2	Approval of Financial Statement	3
	3.3	No Co-Tenancy Requirement	3
	3.4	Name Change	3
	 	 	 
	SECTION 4 - LEASE TERMS	3
	4.1	Term	3
	4.2	Delay in Commencement	3
	4.3	Holding Over	3
	4.4	Abandonment	3
	4.5	Surrender of Premises	4
	4.6	Extension of Term	4
	 	 	 
	SECTION 5 – RENT, SECURITY DEPOSIT	4
	5.1	Rent	4
	5.2	Security Deposit	5
	5.3	(Deleted)	5
	5.4	Additional Rent	5
	 	 	 
	SECTION 6 – NO COUNTERCLAIM OR ABATEMENT OF RENT	5
	6.1	No Notice	5
	6.2	No conditional Payment	5
	 	 	 
	SECTION 7 – COMMON AREAS	6
	7.1	Use of Common Areas	6
	7.2	Parking Policy	6
	7.3	Parking Charges	6
	 	 	 
	SECTION 8 – USE OF PREMISES	6
	8.1	Use	6
	8.2	Prohibited Conduct	6
	8.3	Prescribed Conduct	7
	8.4	Operation of Premises – Intentionally Deleted	7
	 	 	 
	SECTION 9 – TENANT’S CONSTRUCTION FO IMPROVEMENTS	7
	9.1	Tenant’s Obligation	7
	9.2	Intentionally Deleted	8
	9.3	Written Approval	8
	9.4	Trade Fixtures	8

 

    	 

    	 

    

 

	SECTION 10 – TENANT OBLIGATIONS	8
	10.1	Payment by Tenant	8
	10.2	Payment by Landlord	8
	10.3	Proof of Payment	9
	10.4	Personal Property Taxes	9
	10.5	Premises Utilities	9
	10.6	Merchants Association	9
	 	 	 
	SECTION 11 – COMMON AREA MAINTENANCE. – Intentionally Deleted	9
	 	 	 
	SECTION 12 – MAINTENANCE AND REPAIRS BY TENANT	9
	12.1	Tenant’s Obligation	9
	12.2	Prohibited Acts	9
	12.3	Rights of Landlord	10
	 	 	 
	SECTION 13 – REPAIR BY LANDLORD	10
	13.1	Repair by Landlord	10
	13.2	Hazardous Materials	10
	 	 	 
	SECTION 14 – LIENS	11
	14.1	No Liens	11
	14.2	Tenant’s Obligations	11
	14.3	Removal of Liens	11
	 	 	 
	SECTION 15 – INSURANCE	12
	15.1	Project Insurance	12
	15.2	Tenant’s Property	12
	15.3	Tenant’s Operations	12
	15.4	Certificate of Insurance	13
	15.5	Insurance Companies	13
	15.6	Failure to Procure Insurance	13
	15.7	Repair	13
	 	 	 
	SECTION 16 – DAMAGE OR DESTRUCTION	14
	16.1	Tenant Obligations	14
	16.2	Lease Termination	14
	 	 	 
	SECTION 17 – EASEMENTS	14
	 	 	 
	SECTION 18 – INDEMNIFICATION	15
	18.1	By Tenant	15
	18.2	By Landlord	15
	18.3	Waiver of Claims	15

 

    	ii

    	 

    

 

	SECTION 19 – ASSIGNMENT AND SUBLETTING	16
	19.1	Landlord Consent	16
	19.2	In Writing	16
	19.3	Transfer Limitation	16
	19.4	Deleted	17
	 	 	 
	SECTION 20 – SUBJECT TO MASTER LEASE	17
	 	 	 
	SECTION 21 – DEFAULTS BY TENANT	17
	21.1	Event of Default	17
	21.2	Re-Enter of Premises	18
	21.3	Lease Termination	18
	21.4	Reletting	18
	21.5	Survival of Liability	19
	21.6	Cumulative Remedies	19
	21.7	Sublessee Defaults	20
	21.8	Repetitive Rent Payment Defaults	20
	21.9	Cure Period	20
	21.10	Late Charges	20
	 	 	 
	SECTION 22 – CONDEMNATION	21
	 	 
	SECTION 23 – TENANT’S WAIVER OF STATUTORY RIGHTS	21
	 	 
	SECTION 24 – WAIVER OF PERFORMANCE	21
	 	 
	SECTION 25 – REMEDIES CUMULATIVE	21
	 	 
	SECTION 26 – CONVEYANCE BY LANDLORD	22
	 	 
	SECTION 27 – NO PERSONAL LIABILITY TO LANDLORD	22
	 	 
	SECTION 28 – ATTORNEYS’ FEES	22
	 	 
	SECTION 29 – PROVISIONS SUBJECT TO APPLICABLE LAW	22
	 	 
	SECTION 30 – RIGHT TO CURE TENANT’S DEFAULTS	22
	 	 
	SECTION 31 – NOTICES	23
	 	 
	SECTION 32 – SIGNS	23
	 	 
	SECTION 33 – LANDLORD’S INSPECTIONS	23
	33.1	Inspection	23
	33.2	Presenting for Sale or Lease	24

 

    	iii

    	 

    

 

	SECTION 34 – ESTOPPEL CERTIFICATE	24
	 	 
	SECTION 35 – WAIVER OF TRIAL BY JURY	24
	 	 
	SECTION 36 – RECORDING	25
	 	 
	SECTION 37 – SUBORDINATION	25
	 	 
	SECTION 38 – MISCELLANEOUS	25
	38.1	Definition of Tenant	25
	38.2	Tenant	25
	38.3	Gender and Number	25
	38.4	Modifications and Waivers	26
	38.5	Implied Warranties	26
	38.6	Binding Effect	26
	38.7	Severability	26
	38.8	Governing Law and Jurisdiction	26
	38.9	Entire Agreement	26
	38.10	Time is of the Essence	27
	38.11	Brokers	27

 

    	iv

    	 

    

 

CANYON
PORTAL II, L.L.C.

LEASE

 

This Lease is made
between Landlord and Tenant (defined below) in accordance with the Second Amended Development Agreement recorded as Document 3555971
in the Official Records of Coconino County, Arizona on March 15, 2010 (“DA”), and the Second Amended Land Use Restriction
Agreement recorded as Document 3555972 in the official Records of Coconino County, Arizona on March 15, 2010 (LURA”). Landlord
hereby expressly consents to and acknowledges the use of Units 414, 415, 434, 435 as Affordable Housing Units in accordance with
the terms of conditions of the DA and LURA.

 

Further, Tenant has
previously constructed and has been using Units 414, 415, 434 and 435 for Affordable Housing since May 31, 2010. Landlord and Tenant
desire to execute this Lease in order to memorialize the obligations of Tenant under the LURA and DA, and to commit Landlord to
the use of Units 414, 415, 434 and 435 for the term of the LURA and DA.

 

SECTION 1 - FUNDAMENTAL LEASE PROVISIONS.

 

	Landlord:	Canyon Portal II, L.L.C., an Arizona limited liability company
	 	 
	Tenant:	L’Auberge Orchards LLC, an Arizona limited liability company, which is also a party to the DA and LURA defined above, and is obligated to lease these units upon the terms and conditions of the DA and LURA and this Lease.
	 	 
	Trade Name:	N/A

 

	Lease Term:	Commencement Date:	April 1, 2012
	 	 	 
	 	Termination Date:	March 31, 2032
	 	 	 
	 	Rent Commencement Date:	April 1, 2012

 

	Premises:	4 hotel room units known as 414, 415, 434 and 435 further reflected on Exhibit A.

 

	Minimum Monthly Base Rental:	Tenant shall pay to Landlord Ten Thousand Dollars ($10,000.00) on April 1, 2012. Beginning May 1, 2012 the Minimum Monthly Base Rental shall be Two Thousand Dollars ($2,000.00) for the period of May 1, 2012 through December 31, 2012. Thereafter, Rent shall be adjusted in accordance with Paragraph 5.1B.

 

Security Deposit:     None Required

 

    	 

    	 

    

 

	Address of Landlord:	Canyon Portal II, L.L.C.
	 	6900 E. Camelback Road, #915
	 	Scottsdale, AZ 85251
	 	Telephone: (480) 941-0221
	 	Fax: (480) 990-9093
	 	 
	Address of Tenant:	L’Auberge Orchards, LLC
	 	301 L’Auberge Lane
	 	Sedona, AZ 86336
	 	Telephone: (928) 204-4313
	 	Fax: (928) 282-1064
	 	 
	Only Permitted Uses:	Construction of two (2) efficiency apartments to be used as rental housing in accordance with the LURA and DA.
	 	 
	Guarantors:	None

 

The foregoing Fundamental
Lease Provisions are an integral part of this Lease, and each reference in the body of the Lease to any Fundamental Lease Provision
shall be construed to incorporate all of the terms set forth above with respect to such Provisions.

 

SECTION 2 - PREMISES.

 

Subject to the conditions
set forth herein, Landlord hereby leases to Tenant the Premises. A site plan showing the boundaries of the Premises and its relative
location within a larger commercial development comprised of four elements including the Trading Post Shops, Canyon Portal Shops,
North Retail Building, and Orchards (the “Project”) is attached hereto as Exhibit A. Tenant’s acceptance of the Premises
and Agreement to the terms of this Lease are not conditioned upon any representation by Landlord of the number of square feet in
the Premises. TENANT ACKNOWLEDGES THAT IT HAS INSPECTED THE PREMISES, IS FAMILIAR WITH ITS CONDITION AND ACCEPTS THE PREMISES IN
ITS PRESENT CONDITION “AS IS.” EXCEPT AS EXPRESSLY SET FORTH IN THIS LEASE, LANDLORD HAS MADE NO REPRESENTATIONS OR WARRANTIES
CONCERNING THE PREMISES OR THE PROJECT.

 

SECTION 3 - GENERAL PROVISIONS.

 

3.1         
No Option. The submission of this Lease by Landlord, its agent or representative for examination or execution by Tenant
does not constitute an option or offer to lease the Premises upon the terms and conditions contained herein or a reservation of
the Premises in favor of Tenant, it being intended hereby that this Lease shall become binding upon Landlord only upon Landlord’s
delivery to Tenant of a fully executed counterpart hereof.

 

    	2

    	 

    

 

3.2         
Approval of Financial Statement. This Lease is subject to Landlord’s and Landlord’s Lender’s approval of a current financial
statement of Tenant. Tenant agrees to execute any and all documents Landlord’s Lender may require and provide Landlord and Landlord’s
Lender with credit and financial information as requested.

 

3.3         
No Co-Tenancy Requirement. Landlord reserves the right to effect such tenancies in the Project as Landlord, in the exercise
of its sole business judgment, shall determine to best promote the interest of the Project. Tenant is not relying on the fact,
nor does Landlord represent, that any specific tenant or kind of tenant or number of tenants shall, during the term of this lease,
occupy any space in the Project.

 

3.4         
Name Change. Landlord reserves the right to change the name of the Project from time to time during the term of this Lease.

 

SECTION 4 - LEASE TERM

 

4.1         
Term. The term of this Lease (herein called the “Lease Term” or the “Term”) shall commence on the Commencement
Date unless the Term is terminated sooner or extended as hereinafter provided.

 

4.2         
Delay in Commencement. If Landlord, for any reason whatsoever, cannot deliver possession of the Premises to Tenant at the
commencement of the Lease Term, this Lease shall not be void or voidable, nor shall Landlord be liable for any loss or damage
resulting therefrom. In the event of a delay in possession; however, there shall be a proportionate reduction of rent covering
the period between the commencement of the Lease Term and the time when Landlord can deliver possession of the Premises. Notwithstanding
the foregoing, no delay caused by the action or inaction of Tenant or Tenant’s agents shall result in a reduction of rent.

 

4.3         
Holding Over. If Tenant, upon expiration or termination of this Lease, either by lapse of time or otherwise, remains in
possession of the Premises with Landlord’s written consent, but without a new lease reduced to writing and duly executed, Tenant
shall be deemed to be occupying the Premises as a tenant from month to month, subject to all covenants, conditions and provisions
of this Lease. If Tenant remains in possession without Landlord’s written consent, Tenant shall be deemed to be in wrongful hold
over and shall be subject to all the rights and remedies provided to Landlord under this Lease and by law, including but not limited
to forcible entry and detainer actions or other eviction processes. During any hold over period, whether with consent or wrongful,
the monthly rent shall be two hundred percent (200%) of Tenant’s monthly rent payable during the last month of the Term of this
Lease.

 

4.4         
Abandonment. If Tenant, prior to the expiration of this Lease, relinquishes possession of the Premises without Landlord’s
written consent, such relinquishment shall be deemed to be an abandonment of the Premises and an Event of Default under this Lease.

 

    	3

    	 

    

 

4.5         
Surrender of Premises. Upon any termination of this Lease for any reason, Tenant shall immediately surrender possession
of the Premises to Landlord in good and tenantable repair, reasonable wear and tear excepted, and shall surrender all keys and
all copies of such keys for the Premises to Landlord at the place then fixed for the payment of rent or other agreed upon location.

 

4.6         
Extension of Term. None

 

SECTION 5 - RENT. SECURITY DEPOSIT.

 

5.1         
Rent.

 

A.           Tenant
shall pay to Landlord the Minimum Annual Base Rental set forth in Section 1 of this Lease in twelve (12) equal monthly installments
during each Lease Year, in advance, on the first day of each calendar month. The Minimum Annual Base Rental and Additional Charges
hereinafter provided for shall be paid in lawful money of the United States to Landlord at its address or at such other place as
Landlord may from time to time designate in writing.

 

B.           The
rent provided for in this Section 5.1 shall be subject to adjustment as described herein commencing January 1, 2013. The base for
computing the adjustment is the Consumers’ Price Index for All Urban Consumers, United States Cities Average published by the United
States Department of Labor, Bureau of Labor Statistics (the “Index”), which is in effect on the date of the commencement
of the first day of the previous Lease year (“Beginning Index”). For example, the adjustment for year two would be based
on the Index for the first day of Lease year one. The Index published most immediately preceding the Adjustment Date in question
(“Extension Index”) is to be used in determining the amount of the adjustment. If the Extension Index has increased over
the Beginning Index, the base monthly rent for the following year shall be set by multiplying the base monthly rent for the previous
year, e.g., for the 12th Lease month, by a fraction, the numerator of which is the Extension Index and the denominator
of which is the Beginning Index. However, the adjustment to the rent shall be no less than three percent (3%) compounded per annum
of the base monthly rent provided in this Lease. As an example, if year one monthly rent is $1,000.00 and the three percent (3%)
is applicable each year, then monthly rent for years two through five would be: year two $1,030.00; year three - $1,060.90; year
four - $1,092.73; and year five $1,125.52.

 

If the Index is changed
so that the base year differs from that in effect when the Term commences, the Index shall be converted in accordance with the
conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued
or revised during the Term, such other government index or computation with which it is replaced shall 

 

    	4

    	 

    

 

be used in order to obtain
substantially the same result as would be obtained if the Index had not been discontinued or revised.

 

C.           Monthly
rent for the first month shall be paid on the date the Term commences. Monthly rent for any partial month shall be prorated at
the rate of one-thirtieth (1/30) of the monthly rent per day.

 

D.           All
rental amounts are “net rent to Landlord. All Additional Charges (as described in this Lease) shall be deemed rent whether
or not expressly designated as such, and shall be paid in addition to the Minimum Annual Base Rental at the times and in the manner
provided for in this Lease.

 

5.2.        
Security Deposit. None Required.

 

5.3         
(Deleted).

 

5.4         
Additional Rent. In the event any additional usable square footage is acquired by the Tenant in its Premises due to alterations
of or improvements made on the original Premises (by way of example, the addition of a loft), the Minimum Annual Base Rent payable
by Tenant to Landlord under this Lease shall be increased, on a proportionate basis, to include the additional square footage
utilized by the Tenant.

 

SECTION 6 - NO COUNTERCLAIM OR ABATEMENT
OF RENT.

 

6.1         
No Notice. Except as expressly provided herein, monthly rental and Additional Charges and all other sums payable by Tenant
shall be paid without notice, demand, counterclaim, setoff, recoupment, deduction or defense of any kind or nature and without
abatement, suspension, deferment, diminution or reduction. Except as expressly provided herein, Tenant waives all rights now or
hereafter conferred by statute or otherwise to quit, terminate or surrender this Lease or the Premises or any part thereof
and to any abatement, suspension, deferment, diminution or reduction of any sum payable by Tenant to Landlord.

 

6.2         
No Conditional Payment. NO PAYMENT BY TENANT OR RECEIPT BY LANDLORD OF A LESSER AMOUNT THAN THE TOTAL OF ALL SUMS DUE HEREUNDER
SHALL BE DEEMED TO BE OTHER THAN AN ACCOUNT OF THE EARLIEST STIPULATED RENT, NOR SHALL ANY ENDORSEMENT OR STATEMENT ON ANY CHECK,
OTHER PAYMENTS OR ANY ACCOMPANYING LETTER BE DEEMED AS ACCORD AND/OR SATISFACTION AND LANDLORD MAY ACCEPT SUCH CASH AND/OR NEGOTIATE
SUCH CHECK OR PAYMENT WITHOUT PREJUDICE TO LANDLORD’S RIGHT TO RECOVER THE BALANCE OF SUCH RENT OR PURSUE ANY OTHER REMEDY PROVIDED
IN THIS LEASE OR OTHERWISE, REGARDLESS OF WHETHER LANDLORD MAKES ANY NOTATION ON SUCH INSTRUMENT OF PAYMENT OR OTHERWISE NOTIFIES
TENANT THAT SUCH ACCEPTANCE, CASHING OR NEGOTIATION OF SUCH PAYMENT IS

 

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WITHOUT PREJUDICE TO ANY OF LANDLORD’S RIGHTS. TENANT SPECIFICALLY
WAIVES THE PROVISIONS OF A.R.S. 47-1207.

 

SECTION 7 - COMMON AREAS.

 

7.1         
Use of Common Areas. All facilities furnished by Landlord in the Project and designated for the general common use of occupants
of the Project, including Tenant hereunder, its officers, agents, employees and customers, shall at all times be subject to the
exclusive control and management of Landlord. Landlord shall have the right, from time to time, to change the area, level, location
and arrangement of parking areas and other Common Area facilities and to make all rules and regulations pertaining to and necessary
for the proper operation and maintenance thereof. Landlord shall have the exclusive right at any and all times to close any portion
of the Common Areas for the purpose of making repairs, changes or additions thereto; may change the size, area or arrangement
of the Common Areas; and may enter into agreements as Landlord deems appropriate for parking and ingress or egress.

 

7.2         
Parking Policy. There will be reserved for Tenant two (2) parking spaces which are exclusively reserved on a 24 hour a
day basis.

 

7.3         
Parking Charges. Landlord will establish a reasonable schedule of fees for all parking spaces in the Project in order to
provide parking for tenants, tourists and periodic visitors to the Project. Notwithstanding anything contained herein to the contrary,
Landlord has the right to meter the parking lot of the Project and charge an hourly fee to anyone who parks a vehicle in the lot.
Landlord reserves the right to regulate the parking at the Project to ensure that the parking lot is used on a long term basis
by customers of the Project and not tenants, employees, or the general public.

 

SECTION 8 - USE OF PREMISES.

 

8.1         
Use. Tenant shall use the Premises solely for the Permitted Uses set forth in the Fundamental Lease Provisions and not
for any other purpose. Tenant shall not use or permit the Premises to be used in violation of the laws, ordinances, regulations
and requirements of the United States, the State of Arizona, Coconino County, the City of Sedona or any subdivision or department
thereof or any other authority or agency having jurisdiction over the Premises or the Project.

 

8.2         
Prohibited Conduct. Except by prior written consent of Landlord, Tenant shall not:

 

A.           Use
or operate any machinery that, in Landlord’s opinion, is harmful to the Premises or the Project or disturbing to other tenants
in the building of which the Premises is a part; use any loud speakers, televisions, stereos, radios or other devices in a manner
so as to be heard or seen outside the Premises.

 

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B.           Do
or suffer to be done any act, matter or thing objectionable to the fire, casualty or liability insurance carriers whereby any insurance
now in force or hereafter to be placed on the Premises or the Project, or any part thereof, shall become void or suspended, or
whereby the same shall be rated as a more hazardous risk than at the date when Tenant receives possession of the Premises. In case
of a breach of this covenant, in addition to all other remedies of Landlord hereunder, Tenant agrees to pay to Landlord as additional
rent any and all increase or increases of premiums on insurance carried by Landlord on the Premises or the Project.

 

C.           Do
or cause to be done any act, matter or thing in violation of any federal, state, county or local law, statute, regulation, rule
or ordinance.

 

8.3         
Prescribed Conduct. At all times throughout the Lease Term, Tenant shall:

 

A.           Comply
with any and all requirements of any of the constituted public authorities and with the terms of any state or federal statute or
local ordinance or regulation applicable to Tenant or its use, safety, cleanliness or occupation of the Premises, and save Landlord
harmless from penalties, fines, costs, expenses or damages resulting from Tenant’s failure to do so.

 

B.           Give
Landlord prompt written notice of any accident, fire, pest infestation, or damage occurring on or to the Premises.

 

C.           Load
and unload goods at such times in the areas and through such entrances as may be designated for “Delivery” by Landlord.
Such trailers or trucks shall not be permitted to remain parked overnight in any area of the Project, whether loaded or unloaded.
Designated fire lanes shall not be used for the loading or unloading of merchandise, parking or standing of running vehicles at
any time. The unlawful use of such fire lanes may result in the towing of the offending vehicle and subject the owner or user thereof
to all applicable fines established by the City of Sedona and/or Landlord.

 

D.           Comply
with all reasonable rules and regulations of Landlord in effect at the time of the execution of this Lease or at any time or times,
and from time to time, promulgated by Landlord which Landlord, in its sole discretion, shall deem necessary in connection with
the Premises or the Project including but not limited to both the operation of Tenant’s business during certain minimum days and
hours.

 

8.4          Operation
of Premises - Intentionally Deleted.

 

SECTION 9 - TENANT’S CONSTRUCTION OF IMPROVEMENTS.

 

9.1          Tenant’s
Obligation.      Tenant did construct two (2) efficiency apartments in accordance with the LURA and
the DA.

 

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9.2          Intentionally
Deleted.

 

9.3          Written
Approval. Tenant shall not make or cause to be made any alterations, additions or improvements to the Premises, without first
obtaining Landlord’s written approval and consent. Tenant shall present to Landlord plans and specifications for such work at
the time approval is sought. Landlord may condition its approval upon the requirement that Tenant, or its contractor, secure and
bear the cost of a labor and materials payment bond. All alterations, improvements, additions and fixtures made or installed by
Tenant shall remain upon the Premises at the expiration or earlier termination of this Lease and shall become the property of
Landlord.

 

9.4          Trade
Fixtures. Tenant shall not cut or drill into or secure any trade fixtures, apparatus or equipment of any kind to any part
of the Premises without first obtaining the written consent of Landlord, which shall not be unreasonably withheld. All furnishings,
equipment and machines installed by Tenant and that are not trade fixtures in the Premises shall remain the property of Tenant
subject to any lien provided Landlord by law and shall be removed at the expiration or earlier termination of this Lease, or any
renewal or extension thereof; provided, Tenant shall not at such time be in default under any covenant or agreement contained
in this Lease and provided further that in the event of such removal, Tenant shall promptly restore the Premises to its original
order and condition. Any such furnishings, trade fixtures, equipment and machines not removed at or prior to such termination
of this Lease shall be and become the property of Landlord.

 

SECTION 10 - TENANT OBLIGATIONS.

 

10.1        Payment
by Tenant. Tenant shall pay and discharge punctually as and when the same shall become due and payable, each and every cost,
expense and obligation of every kind and nature, foreseen or unforseen, arising out of the possession, operation, maintenance,
alteration, repair, rebuilding, use or occupancy of the Premises. Tenant shall also pay and discharge punctually, as and when
the same shall become due and payable without penalty, personal property, business, occupation and occupational license taxes,
water, sewer, electricity and telephone charges and fees.

 

10.2        Payment
by Landlord. Tenant shall not be required to pay or reimburse Landlord for (i) any local, state or federal capital levy, franchise
tax, revenue tax, income tax, or profits tax of Landlord unless and to the extent such levy, tax or imposition is in lieu of or
a substitute for any other levy, tax or imposition now or later in existence upon or with respect to the Premises which, if such
other levy, tax or impostion were in effect, would be payable by Tenant under the provisions hereof; (ii) any estate, inheritance,
devolution, succession or transfer tax which may be imposed upon or with respect to any transfer (other than taxes in connection
with a conveyance by Landlord to Tenant) of Landlord’s interest in the Premises; or (iii) any lien not of record as of the Commencement
Date arising from the unilateral acts or omissions of Landlord and unrelated to a default of Tenant under this Lease.

 

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10.3        Proof
of Payment. Tenant, upon Landlord’s request, shall furnish to Landlord within thirty (30) days thereafter proof of the payment
of any obligation to be paid by Tenant.

 

10.4        Personal
Property Taxes. Tenant shall be responsible for and shall pay before delinquency all taxes levied or assessed against any
leasehold interest or personal property of any kind owned or placed in, upon or about the Premises by Tenant. Tenant hereby agrees
to protect and hold harmless Landlord and the Premises from any liability for Tenant’s share of any and all such taxes, assessments
and charges together with any interest, penalties or other charges thereby imposed, and from any sale or other proceedings to
enforce payment thereof, and to pay all such taxes, assessments and charges before delinquency and before same become a lien.

 

10.5        Premises
Utilities. Landlord pays utilities for the property, which average approximately Five Hundred Dollars ($500.00) per month
per unit. In no event shall Landlord be liable for any interruption or failure in the supply of any utilities to the Premises.

 

10.6        Merchants
Association. Not Applicable

 

SECTION 11 - COMMON AREA MAINTENANCE.
- Intentionally Deleted

 

SECTION 12 - MAINTENANCE AND REPAIRS
BY TENANT.

 

12.1        Tenant’s
Obligation. Tenant shall keep and maintain in good order, condition and repair (including any such replacement, periodic painting
and restoration as is required for that purpose) the Premises and every part thereof and any and all appurtenances thereto wherever
located, including but not limited to, the exterior and interior portion of all doors, door checks, door locks, windows, plate
glass, store front, all plumbing and sewage facilities within the Premises, all alterations, improvements and installations made
by Tenant and any repairs required to be made due to burglary or other illegal entry into the Premises. Tenant shall maintain
and bear the expense of the light fixtures and bulbs, air-conditioning unit and filters, heating unit or furnace, janitorial services,
interior pest control, and the like.

 

12.2        Prohibited
Acts. Tenant shall not cause or permit accumulation of any debris or extraneous matter on the roof of the Premises and will
be responsible for any damage caused thereto by any acts of Tenant, its agents, servants, employees or contractors. Tenant shall
place any rubbish, broken down boxes, trash or other excess matter only in such containers as are authorized from time to time
by Landlord; keep the Premises (including all exterior surfaces and both sides of all glass) clean, orderly, sanitary and free
from objectionable odors and from insects, vermin, and other pests; and keep the outside areas and sidewalks immediately adjoining
the Premises clean and free from empty boxes, trash of any kind, ice and any other obstructions or safety hazards.

 

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12.3       
Rights of Landlord. If Tenant refuses or fails to commence and complete repairs or maintenance required herein promptly
and adequately, Landlord may, but shall not be required to, make and complete the repairs or perform the maintenance. The cost
of such repairs or maintenance shall be paid immediately by Tenant to Landlord as additional rent upon demand.

 

SECTION 13 - REPAIR BY LANDLORD.

 

13.1       
Repair by Landlord. Landlord shall keep and maintain the foundation, exterior walls, floors and roof of the building in
which the Premises are located exclusive of doors, door frames, door checks, door locks, windows and window frames located in
exterior building walls. Landlord shall not, however, be required to make any such repairs when such repairs are the result of
misuse or neglect by Tenant, its agents, employees, invitees, licensees or contractors. Any repairs required to be made by reason
of such Tenant misuse or neglect shall be the responsibility of Tenant, the above provisions to the contrary notwithstanding.
Except as provided herein, Landlord shall have no obligation to alter or modify the Premises, or any part thereof, or to repair
and maintain any plumbing, heating, electrical, air-conditioning or other mechanical installation in the Premises. Under no circumstances
shall Landlord be obligated to repair, replace or maintain any plate glass or door or window glass no matter what the cause.

 

13.2       
Hazardous Materials. Exclusive of Hazardous Materials normally associated with Tenant’s permitted use, if any, Tenant covenants
and agrees not to use, generate, release, manage, treat, manufacture, store, or dispose of, on, under or about, or transport to
or from (any of the foregoing hereinafter a “Use”) the Premises any Hazardous Materials (other than “De Minimis”
amounts (as defined below)). Tenant further covenants and agrees to pay all costs and expenses associated with enforcement, removal,
remedial or other governmental or regulatory actions, agreements or order threatened, instituted or completed pursuant to any
Hazardous Materials Laws, and all audits, tests, investigations, cleanup, reports and other such items incurred in connection
with any efforts to complete, satisfy or resolve any matters, issues or concerns, whether governmental or otherwise, arising out
of or in any way related to the Use of Hazardous Materials in any amount by Tenant, its employees, agents, invitees, subtenants,
licensees, assignees or contractors. For purposes of this Lease (I) the term “Hazardous Materials” shall include but
not be limited to asbestos, urea formaldehyde, polychlorinated biphenyls, automotive and petroleum products and byproducts (including,
without limitation, gasoline, diesel and other fuels, new, used and recycled oil, grease, brake fluid, antifreeze, and other automotive
fluids installed in or recovered from service vehicles or otherwise, and any other fuel additive, derivative, lubricant or byproduct
generated, stored or used in Tenant’s business operation or otherwise occurring), pesticides, radioactive materials, hazardous
wastes, toxic substances and any other related or dangerous toxic or hazardous chemical, material or substance defined as hazardous
or regulated or as a pollutant or contaminant in, or the use of or exposure to which is prohibited, limited, governed or regulated
by, any Hazardous Materials Laws; (ii) the term “De Minimis” amounts shall mean, with respect

 

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to any given level of Hazardous Materials,
that such level or quantity of Hazardous Materials in any form or combination of forms (a) does not constitute a violation of any
Hazardous Materials Laws; and (b) is customarily employed in, or associated with, similar retail projects in Coconino County, Arizona;
and (iii) the term “Hazardous Materials Laws” shall mean any federal, state, county, municipal, local or other statute,
law, ordinance or regulation now or hereafter enacted which may relate or legislate the protection of human health or the environment,
including but not limited to the Comprehensive Environment Response, Compensation and Liability Act of 1980, 42 U.S.C. Section
9601, et seq.; the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.; the Resource Conservation and
Recovery Act, 42 U.S.C. Section 6901, et seq.; the Federal Water Pollution Control Act, 33 U.S.C. Section 1251, et leg.;
the Toxic Substances Control Act of 1976, 15 U.S.C. Section 2601, et seq.; Ariz. Rev. Stat. Ann. Title 49 (The “Arizona
Environmental Quality Act of 1986"); and any rules, regulations or guidelines adopted or promulgated pursuant to any of the
foregoing as they may be adopted, amended or replaced from time to time.

 

SECTION 14 - LIENS.

 

14.1       
No Liens. Tenant shall have no authority to do any act or make any contract which may create or be the basis for any lien,
mortgage or other encumbrance upon any interest of Landlord in the Premises or which would cause any document to be recorded against
the Premises or the Project. Should Tenant cause any construction, alterations, rebuildings, restorations, replacements, changes,
additions, improvements or repairs to be made on the Premises, or cause any labor to be performed or material to be furnished
thereon, therein or thereto, neither Landlord nor the Premises shall under any circumstances be liable for the payment of any
expense incurred or for the value of any work done or material furnished, and Tenant shall be solely and wholly responsible to
contractors, laborers and materialmen for performing such labor and furnishing such material.

 

14.2       
Tenant’s Obligations. The initial and any subsequent alterations or improvements made by Tenant to the Premises must be
paid for by Tenant when such alterations or improvements are made. Nothing in this Lease shall be construed to authorize Tenant,
or any person dealing with or under Tenant, to charge the rents of the Premises, or the property and buildings of which the Premises
form a part, or the interest of Landlord in the state of the Premises, with a mechanics’ lien or encumbrance of any kind, and
under no circumstances shall Tenant be construed to be the agent, employee or representative of the Landlord in the making of
any such improvements or alterations to the Premises.

 

14.3       
Removal of Liens. If, because of any act or omission (or alleged act or omission) of Tenant, any mechanic’s, materialman’s,
or other lien, charge or order for the payment of money shall be filed or recorded against the Premises or against Landlord (whether
or not such lien, charge or order is valid or enforceable as such), Tenant shall, at its own expense, either cause the same to
be discharged of record pursuant to A.R.S. §33-1004, or otherwise cause such discharge, within ten (10) days

 

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after Tenant
shall have received notice of the filing thereof, or Tenant may, within such period, furnish to Landlord a bond satisfactory to
Landlord against such lien, charge or order, in which case Tenant shall have the right in good faith to contest the validity or
amount thereof.

 

SECTION 15 - INSURANCE.

 

15.1       
Project Insurance. Landlord bears the risk of and may insure as a Common Area Expense as practical or as required by Landlord’s
Lender, the operation of the Project as a whole or the common areas thereof. Such insurance may include, but is not limited to,
general liability, umbrella excess liability, bodily injury, public liability, property damage liability, fire and extended coverage
in amounts not less than eighty percent (80%) of the replacement cost of the Project, sign insurance and the like in coverage
limits selected by Landlord. Tenant shall pay to Landlord its “Proportionate Share” of such insurance as provided in
Section 11 above.

 

15.2       
Tenant’s Property. Tenant agrees that all property owned by it in, on, or about the Premises shall be at the sole risk
and hazard of the Tenant. Landlord shall not be liable or responsible for any loss or damage to Tenant, or anyone claiming under
or through Tenant, or otherwise, whether caused by or resulting from a peril required to be insured hereunder, or from water,
gas leakage, plumbing, electricity or electrical apparatus, pipe or apparatus of any kind, the elements or other similar or dissimilar
causes, and whether or not originating in the Premises or elsewhere, irrespective of whether or not Landlord may be deemed to
have been negligent with respect thereto, and provided such damage or loss is not the result of any intentional and wrongful act
of Landlord. Tenant shall require all policies of risk insurance carried by it on its property in the Premises to contain or be
endorsed with the provision in and by which the insurer designated therein shall waive its right of subrogation against Landlord.

 

15.3       
Tenant’s Operations. All operations conducted by Tenant shall be at Tenant’s sole risk. In addition, Tenant shall procure
insurance for its operations as follows:

 

A.           Tenant
shall keep in force at its own expense public liability insurance and comprehensive general liability insurance, including contractual
liability insurance sufficient to cover all phases and aspects of the operation and conduct of its business, with minimum limits
of $2,000,000.00 on account of bodily injuries to or death of one person and $3,000,000.00 on account of bodily injuries to or
death of more than one person as a result of any one accident or disaster, and $2,000,000.00 as a result of damage to property.

 

B.           Tenant
shall keep and maintain in force during the Term hereof, plate glass insurance upon windows and doors in the Premises as required
by Landlord unless Landlord maintains such insurance on behalf of all Tenants and treats it as a Common Area Expense.

 

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15.4       
Certificate of Insurance. Tenant shall provide annually to Landlord a Certificate of Insurance listing Landlord as an additional
named insured under the Tenant’s policy of insurance.

 

15.5.      
Insurance Companies. The policies affording the insurance required by this Lease shall be with companies (rated A-[minus]
VII or better, A. M. Best’s Key Rating Guide) authorized to do business in the State of Arizona and shall be in a form reasonably
satisfactory to Landlord, shall provide replacement cost coverage, shall name Landlord as an additional insured, and shall provide
for payment of loss thereunder to Landlord and Tenant as their interests may appear. The policies or certificates evidencing such
insurance shall be delivered to Landlord on or before the Commencement Date and renewals thereof shall be delivered to Landlord
at least thirty (30) days prior to the expiration dates of the respective policies. Alternatively, the insurance required by this
Section 15 may be provided under a blanket policy to the Tenant’s existing insurance policy.

 

15.6.      
Failure to Procure Insurance. In the event Tenant shall fail to procure insurance required under this Lease or fail to
maintain the same in force continuously during the Term, or any extension thereof, Landlord shall be entitled to procure such
insurance and Tenant shall, upon demand, immediately reimburse Landlord for such premium expense or Landlord may declare Tenant
in default under this Lease.

 

15.7       
Repair. In the event of loss under any such policy or policies, Tenant shall promptly proceed with the repair and restoration
of the damaged or destroyed improvements in accordance with Section 16 of this Lease. The insurance proceeds, if less than $20,000.00,
shall be paid to Tenant for application to such repair, restoration or remediation, so long as (a) Tenant is not then in default
under this Lease, and (b) Tenant expressly covenants in writing with Landlord to expend such funds for the repair, restoration
or remediation of the Premises and the improvements therein, and to furnish Landlord with documentation evidencing such expenditure
of funds for work and improvements incorporated in the Premises within thirty (30) days following completion of such repair, restoration
or remediation. If the insurance proceeds exceed $20,000.00, the same shall be paid to and held in trust by the Landlord pursuant
to Section 16 of this Lease. All insurance proceeds described in this Section 15.7 shall be paid upon architects’ certificates
and contractors’, subcontractors’ and materialmen’s waivers of lien for the cost and expense of repair, restoration or remediation
of the damage. If at any time such insurance proceeds shall be insufficient to pay fully the cost of completion of such repair,
restoration or remediation, Tenant shall upon demand of Landlord pay a sufficient portion of such cost so that it shall appear
to the reasonable satisfaction of Landlord that the amount of insurance money in the hands of Tenant or Landlord, as applicable,
shall at all times be sufficient to pay for the completion of the repairs, restoration or remediation free and clear of all liens.
Upon the completion of the repairs, restoration or remediation, free and clear of all liens, any surplus of insurance monies shall
be paid to Tenant, provided that Tenant is not then in default hereunder. In the event that this Lease shall have been terminated
for any default of Tenant under any of the terms and provisions contained in this Lease, all proceeds of

 

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insurance in the hands
of Tenant or Landlord and all claims against insurers shall be and become the absolute property of Landlord.

 

SECTION 16 - DAMAGE OR DESTRUCTION.

 

16.1       
Tenant Obligations. In the event of damage to or destruction of any of the improvements on the Premises by fire or other
casualty, Tenant shall give Landlord immediate notice thereof and shall, at Tenant’s own expense and whether or not the insurance
proceeds are sufficient for the purpose, promptly commence and thereafter diligently pursue completion of the repair, restoration
or rebuilding of the same so that upon completion of such repairs, restoration or rebuilding, the value and rental value of the
improvements shall be substantially equal to the value and rental value thereof immediately prior to the occurrence of such
fire or other casualty. Tenant hereby expressly waives any statutory right to terminate this Lease in the event of damage
or destruction of the Premises or all or any portion of the buildings or improvements thereon.

 

16.2       
Lease Termination. Notwithstanding anything to the contrary contained herein, if the Premises should be rendered untenantable
by fire or other casualty during the last two (2) years of the Term to the extent of fifty percent (50%) or more of the replacement
cost of the Premises, Tenant shall have the option to terminate this Lease by notice to Landlord within sixty (60) days after
the occurrence of such damage or destruction. Upon termination, this Lease and the Term hereof shall cease and come to an end
as of the effective date of such notice (which shall be not less than thirty (30) nor more than ninety (90) days after the notice
and shall be specified in the notice). Any unearned rent or other charges shall be apportioned as of the effective date and Tenant
shall assign to Landlord all of its rights to the insurance proceeds arising out of damage or destruction to the improvements
and shall pay Landlord (when the information is ascertained) the difference between the value of the property damaged or destroyed,
prior to the damage or destruction, and the amount, if any, of the insurance proceeds.

 

SECTION 17 - EASEMENTS.

 

Landlord expressly
reserves all rights in and with respect to the use of the Premises as provided herein, including (without in any way limiting the
generality of the foregoing) the rights of Landlord to establish Common Areas and grant parking easements to others and to enter
upon the Premises and give easements to others for the purpose of installing, using, maintaining, renewing and replacing such overhead
or underground water, gas, sewer, and other pipe lines, and telephone, electric and power lines, cables and conduits as Landlord
may deem desirable in connection with the development or use of the other property in the Project or any other property
in the neighborhood thereof, whether owned by Landlord or not.

 

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SECTION 18 - INDEMNIFICATION.

 

18.1.      
By Tenant. Excepting any responsibility allocated to Landlord by reason of its negligence (excluding from this exception,
however, any responsibility allocated to Landlord by reason of its failure to enforce the terms of this Lease), Tenant shall indemnify,
defend and hold Landlord harmless for, from and against all liabilities, obligations, claims, suits, damages, penalties, causes
of action, costs and expenses (including without limitation, reasonable attorneys’ fees and expenses) imposed upon or asserted
against Landlord by reason of the acts or omissions of Tenant, its agents, employees, contractors, suppliers, licensees, invitees
and guests and/or the occurrence of any of the following during the Term: (i) any use, nonuse or condition of the Premises or
any part thereof; (ii) any accident, injury to or death of persons (including workmen) or loss of or damage to property occurring
on or about the Premises or any part thereof; (iii) any failure on the part of Tenant to perform or comply with any of the provisions
of this Lease; (iv) performance of any labor or services or the furnishings of any materials or other property in respect of the
Premises or any part thereof (excluding any such matters performed or furnished by or at the request of Landlord and unrelated
to a default of Tenant under this Lease); or (v) any failure on the part of Tenant to clean up and/or dispose of any Hazardous
Materials, as described in Section 13.2 above, in accordance with the requirements of this Lease and applicable law. In the event
Landlord should be made a defendant in any action, suit or proceeding brought by reason of any such occurrence, Tenant shall,
at its own expense, resist and defend such action, suit or proceeding or cause the same to be resisted and defended by legal counsel
designated by Tenant but approved by Landlord. If any such action, suit or proceeding should result in a final judgment against
Landlord, Tenant shall promptly satisfy and discharge such judgment or shall cause such judgment to be promptly satisfied and
discharged. The obligations of Tenant under this Section 18 arising by reason of any such occurrence taking place while this Lease
is in effect shall survive the termination of this Lease.

 

18.2       
By Landlord. Landlord shall save, hold harmless and indemnify Tenant for, from and against all liabilities, obligations,
claims, suits, damages, penalties, causes of action, costs and expenses (including, without limitation, reasonable attorneys’
fees and expenses) imposed upon or asserted against Tenant by reason of the negligence of Landlord or its agents, contractors,
servants or employees.

 

18.3       
Waiver of Claims. Landlord and its agents, contractors, servants or employees and shall not be liable for, and Tenant hereby
releases all claims for, damage to persons and property sustained by Tenant or any person claiming through Tenant resulting from
any theft, fire, accident, occurrence or condition in, on or about the Premises or building of which they are a part, including,
but not limited to, such claims for damage resulting from (i) any defect in or failure of plumbing, heating or air-conditioning
equipment, electric wiring or installation thereof, water pipes, stairs, railings or walks; (ii) any equipment or appurtenances
needing repair; (iii) the bursting, leaking or running of any tank, wash stand, water closet, waste pipe, drain or any other pipe
or tank in or about the Premises; (iv) the backing up of any sewer pipe or down spout; (v)

 

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the escape of steam or hot water; (vi)
water, snow or ice being upon or coming through the roof or any other place upon or near the Premises or otherwise; (vii) the falling
of any fixture, plaster or stucco; and (viii) broken glass.

 

SECTION 19 - ASSIGNMENT AND SUBLETTING.

 

19.1       
Landlord Consent. Tenant shall not transfer or assign this Lease or any interest in this Lease or sublet the Premises or
any portion thereof without first obtaining the written consent of Landlord, which consent may be given or withheld in Landlord’s
sole discretion; and any attempted transfer, assignment or subletting, including any involuntary transfers or assignments by operation
of law, without such consent shall be void and confer no rights upon any third person, and at the option of Landlord, shall cause
a termination of this Lease, in which event such third person shall occupy the Premises as a tenant at sufferance. The acceptance
of any rent payments by Landlord from any such alleged assignee shall not constitute approval of the assignment or subletting
of this Lease by Landlord. No transfer, assignment or subletting shall relieve Tenant of its liability for the full performance
of all of the provisions, agreements, covenants and conditions of this Lease. A consent by Landlord to one transfer, assignment
or subletting shall not operate as a waiver of this Section as to any future transfer, assignment or subletting, and this Section
19 shall apply to any transferee, assignee or subtenant.

 

19.2       
In Writing. Each transfer, assignment, and subletting to which there has been consent shall be by an instrument in writing
in form satisfactory to Landlord, and shall be executed by the transferor, assignor or sublessor; and the transferee, assignee,
or sublessee shall agree in writing for the benefit of Landlord to assume, to be bound by, and to perform the provisions, covenants
and conditions of this Lease to be done, kept and performed by Tenant. One executed copy of such written instrument shall be delivered
to Landlord. A consent to any transfer, assignment or subletting shall not constitute waiver or discharge of the provisions of
this paragraph with respect to a subsequent transfer, assignment or subletting. The acceptance of rent from any other person shall
not be deemed to be a waiver of any of the provisions of this Lease or a consent to the transfer, assignment or subletting of
the Premises.

 

19.3       
Transfer Limitation. If Tenant (including any entity later becoming Tenant) is a corporation, unincorporated association,
limited liability company or a partnership, the transfer (other than pursuant to the laws of devise and descent upon the death
of a shareholder, partner or owner), assignment or hypothecation of any stock or interest in such corporation, association, company
or partnership in the aggregate in excess of twenty percent (20%) from the time such entity becomes a Tenant hereunder, shall
be deemed an assignment within the meaning and provisions of this Section 19. The foregoing sentence shall not apply to a corporation
of which the capital stock is publicly traded on a recognized national stock exchange.

 

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19.4       
Deleted.

 

SECTION 20 - SUBJECT TO MASTER LEASE.

 

Tenant acknowledges
that this Lease is subordinate to a Master Lease of the Project among CANYON PORTAL PROPERTIES, L.L.C. and ATHERTON VENTURES, L.L.C.
as Landlord and CANYON PORTAL II, L.L.C., an Arizona limited liability company as Tenant. A Memorandum of Lease is recorded in
Coconino County as Instrument No. 98-21399 on July 2, 1998. An Amendment to Memorandum of Lease is recorded in Coconino County
as Instrument No. 3288292 on October 14, 2004.

 

SECTION 21 - DEFAULTS BY TENANT.

 

21.1       
Event of Default. Each of the following occurrences shall be an Event of Default hereunder:

 

A.           If
Tenant fails to pay any Rent, Additional Charges or any sum due hereunder promptly when due and such failure continues for three
(3) days after the date such payment was due.

 

B.           If
Tenant defaults or breaches any of the other (non-monetary) covenants, agreements, conditions or undertakings herein to be kept,
observed and performed by Tenant and such default continues for ten (10) days after notice thereof in writing to Tenant.

 

C.           TENANT
ACKNOWLEDGES THAT ANY VIOLATION OF ANY OF THE PRESCRIBED CONDUCT AS SET FORTH IN PARAGRAPH 8.3 IS A MATERIAL BREACH OF THIS LEASE.
IF IN ANY TWELVE (12) MONTH PERIOD THERE ARE MORE THAN TWO (2) NOTICES OF VIOLATION OF PARAGRAPH 8.3 SENT BY LANDLORD TO TENANT,
THEN LANDLORD SHALL HAVE THE RIGHT TO TERMINATE THIS LEASE WITHOUT NOTICE.

 

TENANT’S INITIALS:      

 

D.           If
Tenant files any petition under any chapter or section of the Federal Bankruptcy Code or any similar law, state or federal, whether
now or hereafter existing, or shall file an answer admitting insolvency or inability to pay its debts.

 

E.           If
Tenant fails to obtain a stay of any involuntary proceedings under any chapter or section of the Federal Bankruptcy Code within
sixty (60) days after the institution thereof.

 

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F.           If
a trustee or receiver is appointed for Tenant or for a major portion of its property or for any portion of the Premises and such
appointment is not vacated and dismissed within sixty (60) days thereafter and in any event prior to any action adverse to the
interest of Tenant or Landlord having been taken by such trustee or receiver.

 

G.          If
any court takes jurisdiction of a major portion of the property of Tenant or any part of the Premises in any involuntary proceeding
for dissolution, liquidation or winding up of Tenant and such jurisdiction is not relinquished or vacated within sixty (60) days.

 

H.          If
Tenant makes an assignment for the benefit of its creditors.

 

I.           If
Tenant fails to occupy and operate the business in the Premises for three (3) consecutive days (except as otherwise allowed under
Section 8.4).

 

21.2        Re-Enter
of Premises. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have the right,
at its election, to reenter the Premises, or any part thereof, either with or without process of law, and to expel, remove and
evict Tenant and all persons occupying or upon the same under Tenant, using such force as may be lawful and necessary in so doing,
and to possess the Premises and enjoy the same as in their former estate and to take full possession of and control over the Premises
and the buildings and improvements thereon and to have, hold and enjoy the same and to receive all rental income of and from the
same. No reentry by Landlord shall be deemed an acceptance of a surrender of this Lease, nor shall it absolve or discharge Tenant
from any liability under this Lease. Upon such reentry, all rights of Tenant to occupy or possess the Premises shall cease and
terminate.

 

21.3        Lease
Termination. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have the right,
at its election, with or without reentry as provided in Section 21.2, to give written notice to Tenant stating that this
Lease shall terminate on the date specified by such notice, and upon the date specified in such notice this Lease and the Term
hereby demised and all rights of Tenant hereunder shall terminate. Upon such termination, Tenant shall quit and peacefully surrender
to Landlord the Premises and the buildings and improvements then situated thereon.

 

21.4       Reletting.
At any time and from time to time after such reentry, Landlord may relet the Premises and the buildings and improvements thereon,
or any part thereof, in the name of Landlord or otherwise, for such term or terms (which may be greater or less than the period
which would otherwise have constituted the balance of the Term of this Lease), and on such conditions (which may include concessions
or free rental) as Landlord, in its reasonable discretion, may determine and may collect and receive the rental therefore. However,
in no event shall Landlord be under any

 

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 obligation to relet the Premises and the buildings and improvements thereon, or any part
thereof, and Landlord shall in no way be responsible or liable for any failure to relet or for any failure to collect any rental
due upon any such reletting. Even though it may relet the Premises, Landlord shall have the right thereafter to terminate this
Lease and all of the rights of Tenant in or to the Premises. Nothing contained in the foregoing shall be deemed a waiver or relinquishment
by Tenant of any duty imposed by law on Landlord to mitigate its damages.

 

21.5        
Survival of Liability. Unless Landlord shall have notified Tenant in writing that it has elected to terminate this Lease,
no such reentry or action in lawful detainer or otherwise to obtain possession of the Premises shall relieve Tenant of its liability
and obligations under this Lease; and all such liability and obligations shall survive any such reentry. In the event of any such
reentry, whether or not the Premises and the buildings and improvements thereon, or any part thereof, shall have been relet, Tenant
shall pay to Landlord the entire rental and all other charges required to be paid by Tenant up to the time of such reentry of
this Lease, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such reentry,
shall be liable to Landlord, and shall pay to Landlord, as damages for Tenant's default:

 

A.           The
amount of Minimum Annual Base Rental and additional charges which would be payable under this Lease by Tenant if this Lease were
still in effect, less

 

B.           The
net proceeds of any reletting, after deducting all of Landlord's expenses in connection with such reletting, including without
limitation all repossession costs, brokerage commissions, legal expenses, attorneys' fees, alteration costs and expenses of preparation
for such reletting.

 

Tenant shall be liable
for and pay such damages to Landlord on a monthly basis on the first day of each month and Landlord shall be entitled to recover
from Tenant monthly as the same shall arise. The excess, if any, in any month or months, of the net proceeds described in
subparagraph (B) above actually received by Landlord over the Minimum Annual Base Rental and Additional Charges described in subparagraph
(A) above shall belong to Landlord, provided that such excess shall be credited and applied against Tenant's future obligations
arising under this Section 21.5 as the same become due and payable by Tenant hereunder, and that Tenant shall remain liable for
future deficiencies, as applicable. Notwithstanding any such reentry without termination, Landlord may at any time thereafter,
by written notice to Tenant, elect to terminate this Lease for Tenant's previous breach.

 

21.6      
Cumulative Remedies. Each right and remedy of Landlord provided for in this Lease shall be cumulative and in addition to
every other right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise;
and the exercise or beginning of the exercise by Landlord of any one or more of such rights or remedies shall not preclude the
simultaneous or later exercise

 

    	19

    	 

    

 

 by Landlord of any or all other rights or remedies provided for in this Lease now or hereafter
existing at law or in equity or by statute or otherwise.

 

21.7         
Sublessee Defaults. Any violation of any covenant or provision of this Lease, whether by act or omission, by any sublessee
or any other persons occupying any portion of the Premises under the rights of Tenant shall be deemed a violation of such provision
by Tenant and a default under this Lease. Any such violation shall not be deemed to be a default hereunder if and so long as Tenant
in good faith and at its own expense takes and diligently pursues any and all steps it is entitled to take and which steps if
completed will cure said default.

 

21.8        
Repetitive Rent Payment Defaults. NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH 21.1 HEREOF TO THE CONTRARY, IF IN ANY ONE
(1) PERIOD OF TWELVE (12) CONSECUTIVE MONTHS, TENANT SHALL HAVE BEEN IN DEFAULT IN THE PAYMENT OF RENT HEREIN AT LEAST THREE (3)
TIMES AND LANDLORD, BECAUSE OF SUCH DEFAULTS, SHALL HAVE SERVED UPON TENANT WITHIN SUCH TWELVE (12) MONTH PERIOD THREE (3) OR
MORE NOTICES OF LATE PAYMENT, THEN THE FOURTH DEFAULT SHALL BE DEEMED TO BE A NONCURABLE DEFAULT AND LANDLORD SHALL BE ENTITLED
TO IMMEDIATE POSSESSION OF THE PREMISES.

 

21.9        
Cure Period. Notwithstanding any other provision of this Section, Landlord agrees that if the default complained of, other
than for the payment of monies, is of such a nature that the same cannot be cured within the twenty (20) day period for curing
as specified in the written notice relating thereto, then such default shall be deemed to be cured if Tenant within such period
of twenty (20) days shall have commenced thereof and shall continue thereafter with all due diligence to effect such cure and
does so complete the same with the use of such diligence as aforesaid.

 

21.10      
Late Charges. A late charge in the amount of ten percent (10%) of the delinquent payment shall be assessed to any payment
required to be made by Tenant to Landlord under the terms of this Lease not received by Landlord within three (3) days after its
due date (regardless of whether Tenant has been given notice of such failure of payment). If Tenant tenders to Landlord a check
that is returned marked “NSF” or its equivalent, Tenant shall pay Landlord a payment in the amount of twenty percent
(20%) of the amount of such non-negotiable check. Tenant's failure to pay any such late charge within three (3) days after Landlord's
written demand therefor shall constitute an Event of Default hereunder. In addition to the payments set forth in the preceding
two sentences, Tenant shall pay Landlord interest at the rate of eighteen percent (18%) per annum from the date any payment is
due until the date such payment is actually received by Landlord.

 

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SECTION 22 - CONDEMNATION.

 

If title to all or
any portion of the Premises is taken by a public or quasi-public authority under any statute or by right of eminent domain of any
governmental body, whether such loss or damage results from condemnation of part or all of the Premises, Tenant shall not be entitled
to participate or receive any part of the damages or award except where the same shall provide for Tenant's moving or other reimbursable
expenses, the portion thereof allocated to the taking of Tenant's trade fixtures, equipment and personal property or to a loss
of business by Tenant. Should any power of eminent domain be exercised after Tenant is in possession, such exercise shall not void
or impair this Lease unless the amount of the Premises so taken substantially and materially impairs the usefulness of the Premises
for the purposes for which they are leased in which case, either party may cancel this Lease by notice to the other within sixty
(60) days after such possession. Should only a portion of the Premises be taken and the Premises continue to be reasonably suitable
for Tenant's use, the rent shall be reduced from the date of such possession in direct proportion to the reduction in the square
footage of the Premises.

 

SECTION 23 - TENANT'S WAIVER OF STATUTORY
RIGHTS.

 

In the event of any
termination of the Term (or any repossession of the Premises), Tenant so far as permitted by law, waives (i) any notice of reentry
or of the institution of legal proceedings to that end; and (ii) the benefits of any laws now or hereafter in force exempting property
from liability for rent or for debt.

 

SECTION 24 - WAIVER OF PERFORMANCE.

 

No failure by Landlord
or Tenant to insist upon the strict performance of any term or condition hereof or to exercise any right, power or remedy consequent
upon a breach thereof and no submission by Tenant or acceptance by Landlord of full or partial rent during the continuance of any
such breach shall constitute a waiver of any such breach or of any such term. No waiver of any breach shall affect or alter this
Lease (which shall continue in full force and effect), or the respective rights of Landlord or Tenant with respect to any other
then-existing or subsequent breach.

 

SECTION 25 - REMEDIES CUMULATIVE.

 

Each right, power and
remedy provided for in this Lease now or hereafter existing at law, in equity or otherwise shall be cumulative and concurrent and
shall be in addition to every other right, power or remedy provided for in this Lease now or hereafter existing at law, in equity
or otherwise; and the exercise or beginning of the exercise of any one or more of the rights, powers or remedies provided for in
this Lease shall not preclude the simultaneous or later exercise of any or all such other rights, powers or remedies.

 

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SECTION 26 - CONVEYANCE BY LANDLORD.

 

In the event Landlord
or any successor Landlord shall convey or otherwise dispose of the Premises, it shall thereupon be released from all liabilities
and obligations imposed upon Landlord under this Lease (except those accruing prior to such conveyance or other disposition) and
such liabilities and obligations shall be binding solely on the then owner of the Premises.

 

SECTION 27 - NO PERSONAL LIABILITY TO
LANDLORD.

 

Tenant shall look solely
to Landlord's interest in the Premises for the satisfaction of any judgment or decree requiring the payment of money by Landlord
based upon any default under this Lease, and no other property or assets of Landlord, or any partner or member of, or shareholder
in, Landlord, shall be subject to levy, execution or other enforcement procedures for satisfaction of any such judgment or decree.

 

SECTION 28 - ATTORNEYS' FEES.

 

In the event Landlord
retains an attorney to enforce its rights under this Lease or to bring suit for possession of the Premises, for the recovery of
any sum due hereunder, or for any other relief against Tenant, declaratory or otherwise, arising out of a breach of any term of
this Lease, or in the event Tenant should bring any action for any relief against Landlord, declaratory or otherwise, arising out
of this Lease, the prevailing party shall be entitled to receive from the other party reasonable attorneys' fees and reasonable
costs and expenses, which shall be deemed to have accrued due to the commencement of such action and shall be enforceable whether
or not such action is prosecuted to judgment.

 

SECTION 29 - PROVISIONS SUBJECT TO
APPLICABLE LAW.

 

All rights, powers
and remedies provided herein shall be exercised only to the extent that the exercise thereof shall not violate any applicable law
and are intended to be limited to the extent necessary so that they shall not render this Lease invalid or unenforceable under
any applicable law. If any term of this Lease shall be held to be invalid, illegal or unenforceable, the validity of the other
terms of this Lease shall in no way be affected thereby.

 

SECTION 30 - RIGHT TO CURE TENANT'S
DEFAULTS.

 

In the event Tenant
shall breach any term, covenant or provision of this Lease, Landlord may at any time, without notice, cure such breach for
the account and at the expense of Tenant. If Landlord at any time, by reason of such breach, is compelled to pay or elects to pay
any sum of money or to do any act that will require the payment of any sum of money, or is compelled to incur any expense, including
reasonable attorneys' fees, incurred in instituting, prosecuting or defending any actions or proceedings to enforce Landlord's
rights under this Lease or otherwise, the sum or 

 

    	22

    	 

    

 

sums so paid by Landlord, with all interest, costs and damages, shall be deemed
to be Additional Charges and shall be paid by Tenant to Landlord on the first day of the month following the incurring of such
expenses of the payment of such sums and shall include interest at the rate of eighteen percent (18%) per annum from the date Landlord
makes a payment until Tenant pays such Additional Charges in full.

 

SECTION 31 - NOTICES.

 

Any notice to be given
by Landlord or Tenant shall be given in writing and delivered in person or by overnight mail service to Landlord or Tenant, forwarded
by certified or registered mail, postage prepaid, or sent via facsimile transmission, to the address indicated in the Fundamental
Lease Provisions, unless the party giving any such notice has been notified, in writing, of a change of address. Any such notice
shall be deemed effective (a) upon receipt or refusal to accept delivery, if personally delivered; (b) on the next business day
following delivery to the overnight courier; (c) in the case of certified mailing, on the date of actual delivery as shown by the
addressee's receipt or upon the expiration of three (3) business days following the date of mailing, whichever occurs first; or
(d) in the case of facsimile transmission, upon receipt (a written confirmation of successful transmission from the transmitting
facsimile machine being prima fade evidence of such receipt).

 

SECTION 32 - SIGNS.

 

Tenant shall not place,
alter, exhibit, inscribe, paint or affix any sign, awning, canopy, advertisement, notice or other lettering on any part of the
outside of the Premises, or of the building of which the Premises is a part, or inside the Premises if visible from the outside,
without first obtaining Landlord's written approval thereof, which shall not be unreasonably withheld, and if so approved, Tenant
shall maintain the same in good condition and repair. All signs shall comply with applicable ordinances or other governmental restrictions
and with all applicable rules and regulations then in force or as may be put in force and effect from time to time by any governmental
authority or by Landlord.

 

SECTION 33 - LANDLORD'S INSPECTIONS.

 

33.1   Inspection.
Landlord reserves the right to, at all reasonable times, by itself or by its duly authorized agents, employees and contractors,
and without notice to go upon and inspect the Premises and every part thereof, to enforce or carry out the provisions of this
Lease, to make, at its option, repairs, installations, alterations, improvements and additions to the Premises or the building
of which the Premises are a part, to perform any defaulted obligation of Tenant or for any other proper purposes. Landlord also
reserves the right to install or place upon or affix to the roof and exterior walls of the Premises: equipment, signs, displays,
antennae and any other object or structure of any kind, provided the same shall not interfere with Tenant's occupancy or materially
impair the structural integrity of the building of which the Premises are a part.

 

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33.2   Presenting
for Sale or Lease. Landlord hereby reserves the right during usual business hours to enter the Premises and to show the same
for purposes of sale, lease or mortgage, and during the last six (6) months of the term of this Lease, or the extension thereof,
to exhibit the same to any prospective tenant, and to display appropriate signage for such sale or lease. Prospective purchasers
or tenants authorized by Landlord may inspect the Premises during reasonable hours at any time.

 

SECTION 34 - ESTOPPEL CERTIFICATE.

 

Tenant will execute,
acknowledge and deliver to Landlord, within three (3) days following request therefor, a certificate certifying (a) that this Lease
is unmodified and in full force (or, if there have been modifications, that the Lease is in full force and effect, as modified,
and stating the modifications); (b) the dates, if any, to which rent, Additional Charges and other sums payable hereunder have
been paid; (c) that no notice has been received by Tenant of any default which has not been cured, except as to defaults specified
in such certificate; and (d) this Lease is and shall be subordinate to any existing or future deed of trust, mortgage or security
agreement placed upon the Premises or the Project by the Landlord or owner of the Property. Any claim of Tenant in contradiction
of any of the foregoing matters must be set forth with specificity in the certificate. Any such certificate may be relied upon
by any prospective purchaser or encumbrancer of the Premises or any part thereof. Tenant's failure to deliver such certificate
within the time permitted hereby shall be conclusive upon Tenant that this Lease is in full force and effect, except to the extent
any modification has been represented by Landlord, and there are no uncured defaults in Landlord's performance, and that not more
than one month's rent has been paid in advance. In addition, at Landlord's option, after notice to Tenant and expiration of applicable
grace period under this Lease, such failure of Tenant to deliver such certificate shall constitute an Event of Default. Tenant
acknowledges and agrees that the promise to issue such statements pursuant hereto are a material consideration inducing Landlord
to enter into this Lease and that the breach of such promise shall be deemed a material breach of this Lease.

 

SECTION 35 - WAIVER OF TRIAL BY JURY.

 

TENANT HEREBY WAIVES
ALL RIGHTS TO TRIAL BY JURY IN ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM BY EITHER LANDLORD OR TENANT AGAINST EACH OTHER ON
ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, AND/OR TENANT'S USE
OR OCCUPANCY OF THE LEASED PREMISES. TENANT AGREES THAT EXCLUSIVE JURISDICTION FOR ALL LEGAL ACTIONS SHALL BE COCONINO COUNTY SUPERIOR
COURT.

 

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SECTION 36 - RECORDING.

 

Neither this Lease
nor a memorandum thereof, may be recorded, or otherwise made public, by any means, without the express written consent of Landlord.
Any such recording or publication without such consent, shall, at Landlord's option, cause this Lease and all rights of Tenant
hereunder, to be immediately forfeited and of no further force and effect, provided, however, that Landlord shall have the right
to such action against Tenant, for damages resulting from such recording, as Landlord shall be entitled to by law.

 

SECTION 37 - SUBORDINATION.

 

This Lease is hereby
declared to be subject and subordinate to the lien of any present or future encumbrance or encumbrances upon the Premises or the
Project, irrespective of the time of execution or the time of recording of any such encumbrance or encumbrances. Landlord
shall use its good faith efforts to obtain for Tenant an attornment and non-disturbance agreement from any lender which has a lien
on the Premises. This subordination is subject to the right of Tenant upon a foreclosure or other action taken under any mortgage
by the holders thereof to have this Lease and the rights of Tenant hereunder not be disturbed but to continue in full force and
effect so long as Tenant shall not be in default hereunder. The word “encumbrance” as used herein includes mortgages,
deeds of trust or other similar instruments, and modifications, extensions, renewals and replacements thereof, and any and all
advances thereunder.

 

SECTION 38 - MISCELLANEOUS.

 

38.1   Definition
of Tenant.    The Term “Tenant” shall include legal representatives, successors and permitted assigns.
All covenants herein shall be made binding upon Tenant and construed to be equally applicable to and binding upon its agents,
employees and others claiming the right to be in the Premises or in the building or in the building through, under or above Tenant.

 

38.2   Tenant.
If more than one individual, firm, or corporation shall join as Tenant, singular context shall be construed to be plural wherever
necessary and the covenants of Tenant shall be the joint and several obligations of each party signing as Tenant and when the
parties signing as Tenant are partners, it shall be the obligation of the firm and of the individual members thereof.

 

38.3   Gender
and Number. Whenever from the context it appears appropriate, each item stated in the singular shall include the plural and
vice versa and the masculine, feminine, or neuter form shall included the masculine, feminine and neuter forms.

 

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38.4   Modifications
and Waivers. No change, modification, or waiver of any provision of this Lease shall be valid or binding unless it is in writing
dated after the date hereof and signed by the parties intended to be bound. No waiver of any breach, term, or condition of this
Lease by either party shall constitute a subsequent waiver of the same or any other breach, term, or condition.

 

38.5   Implied
Warranties. OTHER THAN AS SET FORTH IN THIS LEASE, TENANT AND LANDLORD EXPRESSLY AGREE THAT THERE ARE AND SHALL BE NO IMPLIED
WARRANTIES OF MERCHANTABILITY, HABITABILITY, FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER KIND ARISING OUT OF THIS LEASE, AND
THERE ARE NO WARRANTIES WHICH EXTEND BEYOND THOSE EXPRESSLY SET FORTH IN THIS LEASE.

 

38.6   Binding
Effect. This Lease shall be binding upon and shall inure to the benefit of the parties and their respective heirs, personal
representatives, successors and assigns. This provision shall not be deemed to grant Tenant any right to assign this Lease or
sublet the Premises or any part thereof other than as provided in this Lease.

 

38.7   Severability.
To the fullest extent possible each provision of this agreement shall be interpreted in such fashion as to be effective and valid
under applicable law. If any provision of this Lease is declared void or unenforceable with respect to particular circumstances,
such provision shall remain in full force and effect in all other circumstances. If any provision of this Lease is declared void
or unenforceable, such provision shall be deemed severed from this Lease, which shall otherwise remain in full force and effect.

 

38.8   Governing
Law and Jurisdiction. Except where preempted by the laws of the United States or the rules or regulations of any agency or
instrumentality thereof, this Lease is to be interpreted, construed and governed by the laws of the State of Arizona. The parties
irrevocably and unconditionally submit to the exclusive jurisdiction of the Superior Court of the State of Arizona for the County
of Coconino in connection with any legal action or proceeding arising out of or relating to this Lease and the parties waive any
objection relating to the basis for personal or in rem jurisdiction or to venue which it may now or hereafter have in any such
suit, action or proceeding.

 

38.9   Entire
Agreement. This instrument constitutes the sole and only agreement between Landlord and Tenant respecting the Premises, the
leasing of the Premises to the Tenant, or the Lease term herein specified, and correctly sets forth the obligations of the Landlord
and Tenant to each other as of its date. Any agreements or representations by the Landlord to the Tenant not expressly set forth
in this instrument are void and unenforceable. All prior agreements and understanding of the parties with respect to such subject
matter are hereby superseded. No representations, promises, agreements, or understandings contained in this Lease regarding the
subject matter hereof shall be of any force or effect unless in writing, executed by the party to

 

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be bound, and dated
on or subsequent to the date hereof. Captions and headings are for convenience only and shall not alter any provision or be used
in the interpretation of this Lease. 

 

38.10  Time
is of the Essence. Time is of the essence of this Lease and each and every provision hereof. Any extension of time granted
for the performance of any duty under this Lease shall not be considered an extension of time for the performance of any other
duty under this Lease.

 

38.11  Brokers.
Tenant represents and warrants that it has not entered into any agreement with, nor otherwise had any dealings with, any broker
or agent in connection or execution of this Lease which could form the basis of any claim by any such broker or agent for a brokerage
fee or commission, finder's fee, or any other compensation of any kind or nature in connection with this Leasehold.

 

	LANDLORD:	 	TENANT:
	 	 	 
	CANYON PORTAL II, L.L.C.,	 	L’AUBERGE ORCHARDS, LLC,
	an Arizona limited liability company	 	an Arizona corporation
	 	 	 
	By:	/s/ Al Spector	 	By:	/s/ Al Spector
	 	Al Spector	 	 	Al Spector
	Its:	Manager	 	Its:	Manager

 

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List of Exhibits

 

A.           Project
Site Plan

 

    	 

    	 

    

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT G             LA BORROWER LEASES

 

ii             TEMPORARY HOUSING LEASE

 

    	2

    	 

    

 

AMENDMENT TO LEASE

 

(Temporary Housing Units)

 

THIS AMENDMENT TO LEASE (“Amendment”)
executed and effective as of May 14, 2013 by and between Canyon Portal II, L.L.C., an Arizona limited liability company (“Landlord”)
and L’Auberge Orchards LLC, an Arizona limited liability company (“Tenant”).

 

WHEREAS, Landlord and Tenant entered into
that certain Lease dated April 1, 2012 (“Original Lease”), whereby Landlord leased to Tenant and Tenant leased from
Landlord Units 418, 419, 436, 437 and 438 in that certain 40 unit hotel property located in Sedona, Arizona described in the Original
Lease;

 

WHEREAS, Landlord and Tenant desire to further
amend the terms of the Lease pursuant to the provisions of this Amendment.

 

NOW, THEREFORE, in consideration of the
above recitals, the mutual promises contained herein, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Landlord and Tenant agree as follows:

 

1. Permitted Use. The Permitted Use set forth in Section
1 of the Original Lease is hereby deleted in its entirety and replaced with the following:

 

“Housing Units for employees or overnight lodging units.”

 

2. Rent. The total gross monthly rent (inclusive of minimum
base rent, common area charges and all other additional rent) payable in accordance with the Lease shall be $3,100 for the period
commencing on the date hereof through the fifth (5th ) anniversary of the date hereof. Thereafter, the total gross
monthly rent payable under this Lease shall be adjusted in accordance with that portion of Section 5.1.B. of the Original Lease
beginning with the second sentence of such Section 5.1.B.

 

3. Lease Term.

 

(a) The Lease Term is hereby extended to
December 31, 2040.

 

(b) Landlord grants to Tenant the right
to extend the Lease Term for three (3) additional periods of ten (10) years each. Each extension shall be upon the same terms and
conditions as the Original Lease, as modified by this Amendment.

 

(c) Notwithstanding anything herein or in
the Original Lease to the contrary, Tenant shall have the right to terminate this Lease at any time upon thirty (30) days prior
written notice to Landlord.

 

4. Approval of Financial Statement. Section 3.2 of the
Original Lease is hereby deleted in its entirety.

 

5. Name Change. Notwithstanding the provisions Section
3.4 of the Original Lease to the contrary, Landlord shall not have the right to change the name of the Premises.

 

    	1

    	 

    

 

6. Parking Policy. The two (2) parking spaces for Tenant’s
exclusive use provided in Section 7.2 of the Original Lease are identified on Exhibit A attached hereto and Landlord shall,
at Landlord’s expense, install signage in front of such exclusive parking spaces designating them for the exclusive use of
the Premises.

 

7. Parking Charges. Section 7.3 of the Original Lease
is hereby deleted in its entirety.

 

8. Prohibited Conduct. Section 8.2(A) of the Original
Lease is hereby deleted in its entirety and replaced with the following:

 

“Use or operate any machinery that,
in Landlord’s opinion, is harmful to the Premises or the Project or disturbing to other tenants in the building of which
the Premises is a part; use any loud speakers, televisions, stereos, radios or other devices in a manner so as to be heard from
outside the Premises.”

 

9. Prescribed Conduct.

 

(a)          Section
8.3(B) of the Original Lease is hereby deleted in its entirety and replaced with the following:

 

“Upon Tenant becoming aware of any
accident, fire, pest infestation, or damage occurring on or to the Premises, Tenant shall give Landlord prompt written notice of
any such accident, fire, pest infestation, or damage.”

 

(b)          Landlord’s
exercise of discretion pursuant to Section 8.3(C) of the Original Lease shall be made in a commercially reasonable manner.

 

(c)          Section
8.3(D) of the Original Lease is hereby deleted in its entirety.

 

10. Written Approval of Tenant Alterations. Section 9.3
of the Original Lease is hereby amended to including the following: “Notwithstanding the foregoing to the contrary, Landlord’s
approval of any request by Tenant to make any alterations, additions or improvements to the Premises shall not be unreasonably
withheld, conditioned or delayed and Landlord shall not have the right to require Tenant, or its contractor, to secure a labor
and materials payment bond for any alterations, additions or improvements to the Premises the value of which is Two Hundred Fifty
Thousand Dollars ($250,000) or less in any single instance. Tenant agrees to not make any payment for such alterations, additions
or improvements without obtaining lien waivers for labor or materials.”

 

11. Premises Utilities. Notwithstanding anything provided
in Section 10.5 of the Original Lease to the contrary, Landlord shall, at Landlord’s expense, cause to be provided to the
Premises all water (hot and cold), gas, sewer, and electricity service necessary for the operation of the Premises for the Permitted
Use.

 

12. Tenant’s Maintenance Obligation. The terms
“store front” and “plate glass” are hereby deleted from section 12.1 of the Original Lease.

 

    	2

    	 

    

 

13. Insurance.

 

(a)          Notwithstanding
Section 15.1 of the Original Lease to the contrary, Landlord shall maintain the insurance coverages provided in Section 15.1 and
such coverages for general liability, bodily injury and property damage shall be in an amount of not less than $3,000,000 and fire
and extended coverage in an amount not less than the full replacement cost of the Premises.

 

(b)          Section
15.3(B) of the Original Lease is hereby deleted in its entirety.

 

14. Repair. Section 15.7 of the Lease is hereby deleted
in its entirety.

 

15. Damage or Destruction. Article 16 of the Original
Lease is hereby deleted in its entirety and replaced with the following:

 

“If all or any portion of the Premises or the Project
is damaged by fire or other casualty insurable under a standard fire insurance policy with a standard extended coverage endorsement,
Minimum Monthly Rental and Additional Rent shall abate and Landlord shall promptly repair as is necessary to replace the Premises
and when placed in such condition the Premises shall be deemed restored and rendered tenantable, such repair or rebuilding to be
commenced within a reasonable time after the occurrence. If such damage occurs in the last two years of the Lease Term or during
any Option Term, Tenant or Landlord shall have the option of terminating the Lease upon written notice to the other party. If Landlord’s
Lender requires that the insurance proceeds be used to retire the debt, Landlord shall have no obligation to rebuild, and this
Lease shall terminate upon notice to Tenant. Promptly following Landlord’s repair or rebuilding, Tenant, at Tenant’s
sole expense, shall repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings and equipment, and
if Tenant has closed, Tenant shall promptly reopen for business.”

 

16. Indemnification.

 

a. Section 18.1 of the Original Lease is
hereby deleted in its entirety and replaced with the following:

 

“By Tenant. Excepting any
responsibility allocated to Landlord by reason of its gross negligence (excluding from this exception, however, any
responsibility allocated to Landlord by reason of its failure to enforce the terms of this Lease), Tenant shall indemnify,
defend and hold Landlord harmless for, from and against all liabilities, obligations, claims, suits, damages, penalties,
causes of action, costs and expenses (including without limitation, reasonable attorneys’ fees and expenses) imposed
upon or asserted against Landlord by reason of the gross negligence or willful misconduct of Tenant, its agents, employees,
contractors, suppliers, licensees, invitees and guests and/or the occurrence of any of thefollowing during the Term: (i) any
use, non-use or condition of the Premises or any part thereof; (ii) any accident, injury to or death of persons (including
workmen) or loss of or damage to property occurring on or about the Premises or any part thereof; (iii) any failure on the
part of Tenant to perform or comply with any of the provisions of this Lease; (iv) performance of any labor or services or
the furnishings of any materials or other property in respect of the Premises or any part thereof (excluding 

 

    	3

    	 

    

 

 

any such matters performed or furnished by or at the request of Landlord and unrelated to a default of Tenant
under this Lease); or (v) any failure on the part of Tenant to clean up and/or dispose of any Hazardous Materials, as described
in Section 13.2 above, in accordance with the requirements of this Lease and applicable law. In the event Landlord should be made
a defendant in any action, suit or proceeding brought by reason of any such occurrence, Tenant shall, at its own expense, resist
and defend such action, suit or proceeding or cause the same to be resisted and defended by legal counsel designated by Tenant
but approved by Landlord. If any such action, suit or proceeding should result in a final judgment against Landlord, Tenant shall
promptly satisfy and discharge such judgment or shall cause such judgment to be promptly satisfied and discharged. The obligations
of Tenant under this Section 18 arising by reason of any such occurrence taking place while this Lease is in effect shall survive
the termination of this Lease.” 

 

b. Section 18.2 of the Original Lease is
hereby deleted in its entirety and replaced with the following:

 

“By Landlord.Landlord shall
save, hold harmless and indemnify Tenant for, from and against all liabilities, obligations, claims, suits, damages, penalties,
causes of action, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) imposed upon
or asserted against Tenant by reason of the gross negligence or willful misconduct of Landlord or its agents, contractors, servants
or employees and/or the occurrence of any of the following during the Term: (i) any use or condition of the Premises or any part
thereof (which Landlord is required to maintain); (ii) any accident, injury to or death of persons (including workmen) or loss
of or damage to property occurring on or about the Common Areas; (iii) any failure on the part of Landlord to perform or comply
with any of the provisions of this Lease; and (iv) performance of any labor or services or the furnishings of any materials or
other property in respect of the Premises or any part thereof (excluding any such matters performed or furnished by or at the request
of Tenant). In the event Tenant should be made a defendant in any action, suit or proceeding brought by reason of any such occurrence,
Landlord shall, at its own expense, resist and defend such action, suit or proceeding or cause the same to be resisted and defended
by legal counsel designated by Landlord but approved by Tenant. If any such action, suit or proceeding should result in a final
judgment against Tenant, Landlord shall promptly satisfy and discharge such judgment or shall cause such judgment to be promptly
satisfied and discharged. The obligations of Landlord under this Section 18 arising by reason of any such occurrence taking place
while this Lease is in effect shall survive the termination of this Lease.”

 

17. Waiver of Subrogation. Except with respect to Worker’s
Compensation, to which no waiver of subrogation will apply, each party hereby waives any and every right or cause of action for
the events which occur or accrue during the Lease Term for any and all loss of, or damage to, any of its property (whether or not
such loss or damage is caused by the fault or negligence of the other party or anyone for whom said other party may be responsible),
which loss or damage is covered by valid and collectible fire, extended coverage, “All Risk” or similar policies covering
real property, personal property or business interruption insurance policies, to the extent that such loss or damage is recovered
under said insurance policies. Said waivers shall be in addition to, and not in limitation or derogation of, any other waiver or
release contained in this Lease with respect to any loss or damage to property of the parties

 

    	4

    	 

    

 

hereto. Written notice of the terms
of such mutual waivers shall be given to each insurance carrier and the insurance policies shall be properly endorsed, if necessary,
to prevent the invalidation of coverage by reason of said waivers.

 

18. Assignment and Subletting. Article 19 of the Original
Lease is hereby deleted in its entirety and replaced with the following:

 

“Tenant shall have the right to transfer or assign this
Lease or sublet all or any portion of the Premises without Landlord’s consent, but with prior written notice to Landlord;
provided, the assignee or subtenant expressly assumes all obligations of Tenant under the Lease. Notwithstanding the foregoing,
Landlord shall not have the right to consent to any assignment or subletting of this Lease or any portion of the Premises to an
entity which controls, is controlled by or is under common control with Tenant, and Landlord shall not withhold its consent to
any proposed assignee or subtenant with financial wherewithal equal to or superior to that of Tenant and who is actively engaged
in the hospitality industry.”

 

19. Event of Default. Section 21.1(I) of the Original
Lease is hereby deleted in it entirety.

 

20. Estoppels. The period in which Tenant must respond
to a request for an estoppel pursuant to Section 34 of the Lease is hereby modified from three (3) days to ten (10) business days.
In the event Tenant fails to respond within such ten (10) business day period, Tenant shall be deemed in default under Section
21.1 of the Lease, but in no event will Tenant’s failure to respond be deemed an acknowledgement of any proported facts contained
in any form estoppel.

 

21. Conflicting Terms. In the event of any conflict,
inconsistency or ambiguity between the terms of this Amendment and the Lease, the terms of this Amendment shall control.

 

22. Defined Terms. Capitalized terms not otherwise defined
herein shall have the meaning ascribed to them in the Lease.

 

23. Multiple Counterparts. This Amendment may be executed
in multiple counterparts, each of which shall be deemed an original and together shall constitute one and the same instrument.

 

24. Ratification. Except as expressly modified by this
Amendment, the Lease remains unmodified and in full force and effect.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties have executed this Amendment
as of the day and year above first written.

 

“Landlord”

 

Canyon Portal II, LLC, an Arizona limited liability company

 

	By:	/s/ Al Spector	 
	 	 	 
	Name:	Al Spector	 
	 	 	 
	Title:	Manager	 

 

“Tenant”)

 

L’Auberge Orchards LLC, an Arizona limited liability company

 

	By:	/s/ Al Spector	 
	 	 	 
	Name:	Al Spector	 
	 	 	 
	Title:	Manager	 

 

Amendment to Lease (Temporary Housing)

 

    	 

    	 

    

 

 

Housing
Units 418, 419, 436, 437 & 438

280 N.
Highway 89A

 

LEASE

 

SEDONA,
ARIZONA

 

Landlord:
Canyon Portal II, L.L.C.

 

Tenant:
L'Auberge Orchards LLC

 

Date:
April 1, 2012

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	SECTION 1 - FUNDAMENTAL LEASE PROVISIONS	1
	 	 
	SECTION 2 -  PREMISES	2
	 	 
	SECTION 3  - GENERAL PROVISIONS	2
	3.1	No Option	2
	3.2	Approval of Financial Statement	2
	3.3	No Co-Tenancy Requirement	2
	3.4	Name Change	2
	 	 	 
	SECTION 4  - LEASE TERMS	2
	4.1	Term	3
	4.2	Delay in Commencement	3
	4.3	Holding Over	3
	4.4	Abandonment	3
	4.5	Surrender of Premises	3
	4.6	Extension of Term	3
	 	 	 
	SECTION 5 -  RENT, SECURITY DEPOSIT	3
	5.1	Rent	3
	5.2	Security Deposit	4
	5.3	(Deleted)	4
	5.4	Additional Rent	5
	 	 	 
	SECTION 6 -  NO COUNTERCLAIM OR ABATEMENT OF
    RENT	5
	6.1	No Notice	5
	6.2	No conditional Payment	5
	 	 	 
	SECTION 7 -  COMMON AREAS	5
	7.1	Use of Common Areas	5
	7.2	Parking Policy	6
	7.3	Parking Charges	6
	 	 	 
	SECTION 8  - USE OF PREMISES	6
	8.1	Use	6
	8.2	Prohibited Conduct	6
	8.3	Prescribed Conduct	6
	8.4	Operation of Premises – Intentionally Deleted	7
	 	 	 
	SECTION 9 - TENANT’S CONSTRUCTION FO IMPROVEMENTS	7
	9.1	 	7
	9.2	Intentionally Deleted	7

 

    	 

    	 

    

 

	9.3	Written Approval	7
	9.4	Trade Fixtures	7
	 	 	 
	SECTION 10 - TENANT OBLIGATIONS	8
	10.1	Payment by Tenant	8
	10.2	Payment by Landlord	8
	10.3	Proof of Payment	8
	10.4	Personal Property Taxes	8
	10.5	Premises Utilities	8
	10.6	Merchants Association	8
	 	 	 
	SECTION 11  - COMMON AREA MAINTENANCE – Intentionally Deleted	9
	 	 	 
	SECTION 12  - MAINTENANCE AND REPAIRS BY TENANT	9
	12.1	Tenant’s Obligation	9
	12.2	Prohibited Acts	9
	12.3	Rights of Landlord	9
	 	 	 
	SECTION 13  - REPAIR BY LANDLORD	9
	13.1	Repair by Landlord	9
	13.2	Hazardous Materials	10
	 	 	 
	SECTION 14  - LIENS	11
	14.1	No Liens	11
	14.2	Tenant’s Obligations	11
	14.3	Removal of Liens	11
	 	 	 
	SECTION 15 -  INSURANCE	11
	15.1	Project Insurance	11
	15.2	Tenant’s Property	12
	15.3	Tenant’s Operations	12
	15.4	Certificate of Insurance	12
	15.5	Insurance Companies	12
	15.6	Failure to Procure Insurance	13
	15.7	Repair	13
	 	 	 
	SECTION 16 -  DAMAGE OR DESTRUCTION	13
	16.1	Tenant Obligations	13
	16.2	Lease Termination	14
	 	 	 
	SECTION 17 - EASEMENTS	14
	 	 	 
	SECTION 18 - INDEMNIFICATION	14
	18.1	By Tenant	14
	18.2	By Landlord	15

  

    	ii

    	 

    

 

	18.3	Waiver of Claims	15
	 	 	 
	 SECTION 19 -  ASSIGNMENT AND
    SUBLETTING	15
	19.1	Landlord Consent	15
	19.2	In Writing	16
	19.3	Transfer Limitation	16
	19.4	Deleted	16
	 	 	 
	 SECTION 20 - SUBJECT TO MASTER LEASE	16
	 	 	 
	SECTION 21 - DEFAULTS BY TENANT	16
	21.1	Event of Default	16
	21.2	Re-Enter of Premises	17
	21.3	Lease Termination	18
	21.4	Reletting	18
	21.5	Survival of Liability	18
	21.6	Cumulative Remedies	19
	21.7	Sublessee Defaults	19
	21.8	Repetitive Rent Payment Defaults	19
	21.9	Cure Period	20
	21.10	Late Charges	20
	 	 	 
	SECTION 22 -  CONDEMNATION	20
	 	 	 
	SECTION 23 - TENANT’S WAIVER OF STATUTORY RIGHTS	20
	 	 	 
	SECTION 24 -  WAIVER OF PERFORMANCE	21
	 	 	 
	SECTION 25 - REMEDIES CUMULATIVE	21
	 	 	 
	SECTION 26 - CONVEYANCE BY LANDLORD	21
	 	 	 
	SECTION 27 - NO PERSONAL LIABILITY TO LANDLORD	21
	 	 
	SECTION 28 - ATTORNEYS’ FEES	21
	 	 
	SECTION 29 - PROVISIONS SUBJECT TO APPLICABLE LAW	22
	 	 
	SECTION 30 - RIGHT TO CURE TENANT’S DEFAULTS	22
	 	 
	SECTION 31 - NOTICES	22
	 	 
	SECTION 32 - SIGNS	23
	 	 
	SECTION 33 - LANDLORD’S INSPECTIONS	23

 

    	iii

    	 

    

 

	33.1	Inspection	23
	33.2	Presenting for Sale or Lease	23
	 	 	 
	SECTION 34 - ESTOPPEL CERTIFICATE	23
	 	 
	SECTION 35 - WAIVER OF TRIAL BY JURY	24
	 	 
	SECTION 36 - RECORDING	24
	 	 
	SECTION 37 - SUBORDINATION	24
	 	 
	SECTION 38 - MISCELLANEOUS	25
	38.1	Definition of Tenant	25
	38.2	Tenant	25
	38.3	Gender and Number	25
	38.4	Modifications and Waivers	25
	38.5	Implied Warranties	25
	38.6	Binding Effect	25
	38.7	Severability	25
	38.8	Governing Law and Jurisdiction	26
	38.9	Entire Agreement	26
	38.10	Time is of the Essence	26
	38.11	Brokers	26

 

    	iv

    	 

    

  

CANYON
PORTAL II, L.L.C.

LEASE

 

SECTION 1 - FUNDAMENTAL LEASE PROVISIONS.

 

	Landlord:	Canyon Portal II, L.L.C., an Arizona limited liability company
	 	 
	Tenant:	L'Auberge Orchards LLC, an Arizona limited liability company
	 	 
	Trade Name:	N/A
	 	 	 
	Lease Term:	Commencement Date:	April 1, 2012
	 	 	 
	 	Termination Date:	March 31, 2017
	 	 	 
	 	Rent Commencement Date:	April 1, 2012
	 	 	 
	Premises:	5 hotel room units known as units 418, 419, 436, 437 and 438, and further reflected on Exhibit A.

 

	Minimum Monthly Base Rental:	Tenant shall pay to Landlord Ten Thousand Dollars ($10,000.00) on April 1, 2012. Beginning May 1, 2012 the Minimum Monthly Base Rental shall be Three Thousand Dollars ($3,000.00) for the period of May 1, 2012 through December 31, 2012. Thereafter, Rent shall be adjusted in accordance with Paragraph 5.1B.

 

Security Deposit: None Required

 

	Address of Landlord:	Canyon Portal II, L.L.C.
	 	6900 E. Camelback Road, #915
	 	Scottsdale, AZ 85251
	 	Telephone: (480) 941-0221
	 	Fax: (480) 990-9093

 

	Address of Tenant:	L'Auberge Orchards, LLC
	 	301 L'Auberge Lane
	 	Sedona, AZ 86336
	 	Telephone: (928) 204-4313
	 	Fax: (928) 282-1064

 

	Only Permitted Uses:	Housing Units for employees of L'Auberge and/or Orchards
	 	 
	Guarantors:	None

 

    	 

    	 

    

 

The foregoing Fundamental
Lease Provisions are an integral part of this Lease, and each reference in the body of the Lease to any Fundamental Lease Provision
shall be construed to incorporate all of the terms set forth above with respect to such Provisions.

 

SECTION 2 - PREMISES.

 

Subject to the conditions
set forth herein, Landlord hereby leases to Tenant the Premises. A site plan showing the boundaries of the Premises and its relative
location within a larger commercial development comprised of four elements including the Trading Post Shops, Canyon Portal Shops,
North Retail Building, and Orchards (the “Project”) is attached hereto as Exhibit A. Tenant's acceptance of the Premises
and Agreement to the terms of this Lease are not conditioned upon any representation by Landlord of the number of square feet in
the Premises. TENANT ACKNOWLEDGES THAT IT HAS INSPECTED THE PREMISES, IS FAMILIAR WITH ITS CONDITION AND ACCEPTS THE PREMISES IN
ITS PRESENT CONDITION “AS IS.” EXCEPT AS EXPRESSLY SET FORTH IN THIS LEASE, LANDLORD HAS MADE NO REPRESENTATIONS OR
WARRANTIES CONCERNING THE PREMISES OR THE PROJECT.

 

SECTION 3 - GENERAL PROVISIONS.

 

3.1           No
Option. The submission of this Lease by
Landlord, its agent or representative for examination or execution by Tenant does not constitute an option or offer to lease the
Premises upon the terms and conditions contained herein or a reservation of the Premises in favor of Tenant, it being intended
hereby that this Lease shall become binding upon Landlord only upon Landlord's delivery to Tenant of a fully executed counterpart
hereof.

 

3.2           Approval
of Financial Statement. This Lease is subject
to Landlord's and Landlord's Lender's approval of a current financial statement of Tenant. Tenant agrees to execute any and all
documents Landlord's Lender may require and provide Landlord and Landlord's Lender with credit and financial information as requested.

 

3.3           No
Co-Tenancy Requirement. Landlord reserves
the right to effect such tenancies in the Project as Landlord, in the exercise of its sole business judgment, shall determine
to best promote the interest of the Project. Tenant is not relying on the fact, nor does Landlord represent, that any specific
tenant or kind of tenant or number of tenants shall, during the term of this lease, occupy any space in the Project.

 

3.4           Name
Change. Landlord reserves the right to
change the name of the Project from time to time during the term of this Lease.

  

SECTION 4 - LEASE TERM

 

    	2

    	 

    

   

4.1          
Term. The term of this Lease (herein called the “Lease Term” or the “Term”) shall commence on the
Commencement Date unless the Term is terminated sooner or extended as hereinafter provided.

 

4.2          
Delay in Commencement. If Landlord,
for any reason whatsoever, cannot deliver possession of the Premises to Tenant at the commencement of the Lease Term, this Lease
shall not be void or voidable, nor shall Landlord be liable for any loss or damage resulting therefrom. In the event of a delay
in possession; however, there shall be a proportionate reduction of rent covering the period between the commencement of the Lease
Term and the time when Landlord can deliver possession of the Premises. Notwithstanding the foregoing, no delay caused by the
action or inaction of Tenant or Tenant's agents shall result in a reduction of rent.

 

4.3          Holding
Over. If Tenant, upon expiration or termination
of this Lease, either by lapse of time or otherwise, remains in possession of the Premises with Landlord's written consent, but
without a new lease reduced to writing and duly executed, Tenant shall be deemed to be occupying the Premises as a tenant from
month to month, subject to all covenants, conditions and provisions of this Lease. If Tenant remains in possession without Landlord's
written consent, Tenant shall be deemed to be in wrongful hold over and shall be subject to all the rights and remedies provided
to Landlord under this Lease and by law, including but not limited to forcible entry and detainer actions or other eviction processes.
During any hold over period, whether with consent or wrongful, the monthly rent shall be two hundred percent (200%) of Tenant's
monthly rent payable during the last month of the Term of this Lease.

 

4.4          Abandonment.
If Tenant, prior to the expiration of this Lease, relinquishes possession of the Premises without Landlord's written consent,
such relinquishment shall be deemed to be an abandonment of the Premises and an Event of Default under this Lease.

 

4.5          Surrender
of Premises. Upon any termination of this
Lease for any reason, Tenant shall immediately surrender possession of the Premises to Landlord in good and tenantable repair,
reasonable wear and tear excepted, and shall surrender all keys and all copies of such keys for the Premises to Landlord at the
place then fixed for the payment of rent or other agreed upon location.

 

4.6          Extension
of Term. None

 

SECTION 5 - RENT. SECURITY DEPOSIT.

 

5.1          Rent.

 

A.           Tenant
shall pay to Landlord the Minimum Annual Base Rental set forth in Section 1 of this Lease in twelve (12) equal monthly installments
during each Lease Year, in advance, on the first day of each calendar month. The Minimum Annual Base Rental and Additional Charges
hereinafter provided for shall be paid in lawful 

 

    	3

    	 

    

 

money of the United States to Landlord at its address or at such other place as
Landlord may from time to time designate in writing.

 

B.           The
rent provided for in this Section 5.1 shall be subject to adjustment as described herein commencing January 1, 2013. The base for
computing the adjustment is the Consumers' Price Index for All Urban Consumers, United States Cities Average published by the United
States Department of Labor, Bureau of Labor Statistics (the “Index”), which is in effect on the date of the commencement
of the first day of the previous Lease year (“Beginning Index”). For example, the adjustment for year two would be
based on the Index for the first day of Lease year one. The Index published most immediately preceding the Adjustment Date in question
(“Extension Index”) is to be used in determining the amount of the adjustment. If the Extension Index has increased
over the Beginning Index, the base monthly rent for the following year shall be set by multiplying the base monthly rent for the
previous year, e.g., for the 12th Lease month, by a fraction, the numerator of which is the Extension Index and the
denominator of which is the Beginning Index. However, the adjustment to the rent shall be no less than three percent (3%) compounded
per annum of the base monthly rent provided in this Lease. As an example, if year one monthly rent is $1,000.00 and the three percent
(3%) is applicable each year, then monthly rent for years two through five would be: year two $1,030.00; year three - $1,060.90;
year four - $1,092.73; and year five $1,125.52.

 

If the Index is changed
so that the base year differs from that in effect when the Term commences, the Index shall be converted in accordance with the
conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued
or revised during the Term, such other government index or computation with which it is replaced shall be used in order to obtain
substantially the same result as would be obtained if the Index had not been discontinued or revised.

 

C.           Monthly
rent for the first month shall be paid on the date the Term commences. Monthly rent for any partial month shall be prorated at
the rate of one-thirtieth (1/30) of the monthly rent per day.

 

D.           All
rental amounts are “net” rent to Landlord. All Additional Charges (as described in this Lease) shall be deemed rent
whether or not expressly designated as such, and shall be paid in addition to the Minimum Annual Base Rental at the times and in
the manner provided for in this Lease.

 

5.2.         Security
Deposit. None Required.

 

5.3          (Deleted).

 

    	4

    	 

    

 

5.4           Additional
Rent. In the event any additional usable
square footage is acquired by the Tenant in its Premises due to alterations of or improvements made on the original Premises (by
way of example, the addition of a loft), the Minimum Annual Base Rent payable by Tenant to Landlord under this Lease shall be
increased, on a proportionate basis, to include the additional square footage utilized by the Tenant.

 

SECTION 6 - NO COUNTERCLAIM OR ABATEMENT OF RENT.

 

6.1           No
Notice. Except as expressly provided herein,
monthly rental and Additional Charges and all other sums payable by Tenant shall be paid without notice, demand, counterclaim,
setoff, recoupment, deduction or defense of any kind or nature and without abatement, suspension, deferment, diminution or reduction.
Except as expressly provided herein, Tenant waives all rights now or hereafter conferred by statute or otherwise to quit, terminate
or surrender this Lease or the Premises or any part thereof and to any abatement, suspension, deferment, diminution or reduction
of any sum payable by Tenant to Landlord.

 

6.2           No
Conditional Payment. NO PAYMENT BY TENANT
OR RECEIPT BY LANDLORD OF A LESSER AMOUNT THAN THE TOTAL OF ALL SUMS DUE HEREUNDER SHALL BE DEEMED TO BE OTHER THAN AN ACCOUNT
OF THE EARLIEST STIPULATED RENT, NOR SHALL ANY ENDORSEMENT OR STATEMENT ON ANY CHECK, OTHER PAYMENTS OR ANY ACCOMPANYING LETTER
BE DEEMED AS ACCORD AND/OR SATISFACTION AND LANDLORD MAY ACCEPT SUCH CASH AND/OR NEGOTIATE SUCH CHECK OR PAYMENT WITHOUT PREJUDICE
TO LANDLORD'S RIGHT TO RECOVER THE BALANCE OF SUCH RENT OR PURSUE ANY OTHER REMEDY PROVIDED IN THIS LEASE OR OTHERWISE, REGARDLESS
OF WHETHER LANDLORD MAKES ANY NOTATION ON SUCH INSTRUMENT OF PAYMENT OR OTHERWISE NOTIFIES TENANT THAT SUCH ACCEPTANCE, CASHING
OR NEGOTIATION OF SUCH PAYMENT IS WITHOUT PREJUDICE TO ANY OF LANDLORD'S RIGHTS. TENANT SPECIFICALLY WAIVES THE PROVISIONS OF
A.R.S. 47-1207.

 

SECTION 7 - COMMON AREAS.

 

7.1           Use
of Common Areas. All facilities furnished
by Landlord in the Project and designated for the general common use of occupants of the Project, including Tenant hereunder,
its officers, agents, employees and customers, shall at all times be subject to the exclusive control and management of Landlord.
Landlord shall have the right, from time to time, to change the area, level, location and arrangement of parking areas and other
Common Area facilities and to make all rules and regulations pertaining to and necessary for the proper operation and maintenance
thereof. Landlord shall have the exclusive right at any and all times to close any portion of the Common Areas for the purpose
of making repairs, changes or additions thereto; may change the size, area or arrangement of the Common Areas; and may enter into
agreements as Landlord deems appropriate for parking and ingress or egress.

 

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7.2          Parking
Policy. There will be reserved for Tenant
two (2) parking spaces which are exclusively reserved on a 24 hour a day basis.

 

7.3          Parking
Charges. Landlord will establish a reasonable
schedule of fees for all parking spaces in the Project in order to provide parking for tenants, tourists and periodic visitors
to the Project. Notwithstanding anything contained herein to the contrary, Landlord has the right to meter the parking lot of
the Project and charge an hourly fee to anyone who parks a vehicle in the lot. Landlord reserves the right to regulate the parking
at the Project to ensure that the parking lot is used on a long term basis by customers of the Project and not tenants, employees,
or the general public.

 

SECTION 8 - USE OF PREMISES.

 

8.1          Use.
Tenant shall use the Premises solely for the Permitted Uses set forth in the Fundamental Lease Provisions and not for any other
purpose. Tenant shall not use or permit the Premises to be used in violation of the laws, ordinances, regulations and requirements
of the United States, the State of Arizona, Coconino County, the City of Sedona or any subdivision or department thereof or any
other authority or agency having jurisdiction over the Premises or the Project.

 

8.2          Prohibited
Conduct. Except by prior written consent
of Landlord, Tenant shall not:

 

A.           Use
or operate any machinery that, in Landlord's opinion, is harmful to the Premises or the Project or disturbing to other tenants
in the building of which the Premises is a part; use any loud speakers, televisions, stereos, radios or other devices in a manner
so as to be heard or seen outside the Premises.

 

B.           Do
or suffer to be done any act, matter or thing objectionable to the fire, casualty or liability insurance carriers whereby any insurance
now in force or hereafter to be placed on the Premises or the Project, or any part thereof, shall become void or suspended, or
whereby the same shall be rated as a more hazardous risk than at the date when Tenant receives possession of the Premises. In case
of a breach of this covenant, in addition to all other remedies of Landlord hereunder, Tenant agrees to pay to Landlord as additional
rent any and all increase or increases of premiums on insurance carried by Landlord on the Premises or the Project.

 

C.           Do
or cause to be done any act, matter or thing in violation of any federal, state, county or local law, statute, regulation, rule
or ordinance.

 

8.3          Prescribed
Conduct. At all times throughout the Lease
Term, Tenant shall:

 

A.           Comply
with any and all requirements of any of the constituted public authorities and with the terms of any state or federal statute or
local ordinance or regulation applicable to Tenant or its use, safety, cleanliness or occupation of the

 

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Premises, and save Landlord harmless from
penalties, fines, costs, expenses or damages resulting from Tenant's failure to do so.

 

B.           Give
Landlord prompt written notice of any accident, fire, pest infestation, or damage occurring on or to the Premises.

 

C.           Load
and unload goods at such times in the areas and through such entrances as may be designated for “Delivery” by Landlord.
Such trailers or trucks shall not be permitted to remain parked overnight in any area of the Project, whether loaded or unloaded.
Designated fire lanes shall not be used for the loading or unloading of merchandise, parking or standing of running vehicles at
any time. The unlawful use of such fire lanes may result in the towing of the offending vehicle and subject the owner or user thereof
to all applicable fines established by the City of Sedona and/or Landlord.

 

D.           Comply
with all reasonable rules and regulations of Landlord in effect at the time of the execution of this Lease or at any time
or times, and from time to time, promulgated by Landlord which Landlord, in its sole discretion, shall deem necessary in connection
with the Premises or the Project including but not limited to both the operation of Tenant's business during certain minimum days
and hours.

 

8.4          Operation
of Premises - Intentionally Deleted.

 

SECTION 9 - TENANT'S CONSTRUCTION OF IMPROVEMENTS.

 

9.1          Intentionally
Deleted.

 

9.2          Intentionally
Deleted.

 

9.3          Written
Approval. Tenant shall not make or cause
to be made any alterations, additions or improvements to the Premises, without first obtaining Landlord's written approval and
consent. Tenant shall present to Landlord plans and specifications for such work at the time approval is sought. Landlord may
condition its approval upon the requirement that Tenant, or its contractor, secure and bear the cost of a labor and materials
payment bond. All alterations, improvements, additions and fixtures made or installed by Tenant shall remain upon the Premises
at the expiration or earlier termination of this Lease and shall become the property of Landlord.

 

9.4          Trade
Fixtures. Tenant shall not cut or drill
into or secure any trade fixtures, apparatus or equipment of any kind to any part of the Premises without first obtaining the
written consent of Landlord, which shall not be unreasonably withheld. All furnishings, equipment and machines installed by Tenant
and that are not trade fixtures in the Premises shall remain the property of Tenant subject to any lien provided Landlord by law
and shall be removed at the expiration or earlier termination of this Lease, or any renewal or extension thereof; provided, Tenant
shall not at such time be in default under any covenant or agreement contained in this Lease and provided

 

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further that in the event of such removal, Tenant shall promptly restore the Premises to its original order
and condition. Any such furnishings, trade fixtures, equipment and machines not removed at or prior to such termination of this
Lease shall be and become the property of Landlord.

 

SECTION 10 - TENANT OBLIGATIONS.

 

10.1         Payment
by Tenant. Tenant shall pay and discharge
punctually as and when the same shall become due and payable, each and every cost, expense and obligation of every kind and nature,
foreseen or unforseen, arising out of the possession, operation, maintenance, alteration, repair, rebuilding, use or occupancy
of the Premises. Tenant shall also pay and discharge punctually, as and when the same shall become due and payable without penalty,
personal property, business, occupation and occupational license taxes, water, sewer, electricity and telephone charges and fees.

 

10.2         Payment
by Landlord. Tenant shall not be required
to pay or reimburse Landlord for (i) any local, state or federal capital levy, franchise tax, revenue tax, income tax, or profits
tax of Landlord unless and to the extent such levy, tax or imposition is in lieu of or a substitute for any other levy, tax or
imposition now or later in existence upon or with respect to the Premises which, if such other levy, tax or impostion were in
effect, would be payable by Tenant under the provisions hereof; (ii) any estate, inheritance, devolution, succession or transfer
tax which may be imposed upon or with respect to any transfer (other than taxes in connection with a conveyance by Landlord to
Tenant) of Landlord's interest in the Premises; or (iii) any lien not of record as of the Commencement Date arising from the unilateral
acts or omissions of Landlord and unrelated to a default of Tenant under this Lease.

 

10.3         Proof
of Payment. Tenant, upon Landlord's request,
shall furnish to Landlord within thirty (30) days thereafter proof of the payment of any obligation to be paid by Tenant.

 

10.4         Personal
Property Taxes. Tenant shall be responsible
for and shall pay before delinquency all taxes levied or assessed against any leasehold interest or personal property of any kind
owned or placed in, upon or about the Premises by Tenant. Tenant hereby agrees to protect and hold harmless Landlord and the Premises
from any liability for Tenant's share of any and all such taxes, assessments and charges together with any interest, penalties
or other charges thereby imposed, and from any sale or other proceedings to enforce payment thereof, and to pay all such taxes,
assessments and charges before delinquency and before same become a lien.

 

10.5         Premises
Utilities. Landlord pays utilities for
the property, which average approximately Three Hundred Dollars ($300.00) per month per unit. In no event shall Landlord be liable
for any interruption or failure in the supply of any utilities to the Premises.

 

10.6         Merchants
Association. Not Applicable

 

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SECTION 11 - COMMON AREA MAINTENANCE.
- Intentionally Deleted

 

SECTION 12 - MAINTENANCE AND REPAIRS BY TENANT.

 

12.1         Tenant's
Obligation. Tenant shall keep and maintain
in good order, condition and repair (including any such replacement, periodic painting and restoration as is required for that
purpose) the Premises and every part thereof and any and all appurtenances thereto wherever located, including but not limited
to, the exterior and interior portion of all doors, door checks, door locks, windows, plate glass, store front, all plumbing and
sewage facilities within the Premises, all alterations, improvements and installations made by Tenant and any repairs required
to be made due to burglary or other illegal entry into the Premises. Tenant shall maintain and bear the expense of the light fixtures
and bulbs, air-conditioning unit and filters, heating unit or furnace, janitorial services, interior pest control, and the like.

 

12.2         Prohibited
Acts. Tenant shall not cause or permit
accumulation of any debris or extraneous matter on the roof of the Premises and will be responsible for any damage caused thereto
by any acts of Tenant, its agents, servants, employees or contractors. Tenant shall place any rubbish, broken down boxes, trash
or other excess matter only in such containers as are authorized from time to time by Landlord; keep the Premises (including all
exterior surfaces and both sides of all glass) clean, orderly, sanitary and free from objectionable odors and from insects, vermin,
and other pests; and keep the outside areas and sidewalks immediately adjoining the Premises clean and free from empty boxes,
trash of any kind, ice and any other obstructions or safety hazards.

 

12.3         Rights
of Landlord. If Tenant refuses or fails
to commence and complete repairs or maintenance required herein promptly and adequately, Landlord may, but shall not be required
to, make and complete the repairs or perform the maintenance. The cost of such repairs or maintenance shall be paid immediately
by Tenant to Landlord as additional rent upon demand.

 

SECTION 13 - REPAIR BY LANDLORD.

 

13.1         Repair
by Landlord. Landlord shall keep and maintain
the foundation, exterior walls, floors and roof of the building in which the Premises are located exclusive of doors, door frames,
door checks, door locks, windows and window frames located in exterior building walls. Landlord shall not, however, be required
to make any such repairs when such repairs are the result of misuse or neglect by Tenant, its agents, employees, invitees, licensees
or contractors. Any repairs required to be made by reason of such Tenant misuse or neglect shall be the responsibility of Tenant,
the above provisions to the contrary notwithstanding. Except as provided herein, Landlord shall have no obligation to alter or
modify the Premises, or any part thereof, or to

 

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repair and maintain
any plumbing, heating, electrical, air-conditioning or other mechanical installation in the Premises. Under no circumstances shall
Landlord be obligated to repair, replace or maintain any plate glass or door or window glass no matter what the cause.

 

13.2         Hazardous
Materials. Exclusive of Hazardous Materials
normally associated with Tenant's permitted use, if any, Tenant covenants and agrees not to use, generate, release, manage, treat,
manufacture, store, or dispose of, on, under or about, or transport to or from (any of the foregoing hereinafter a “Use”)
the Premises any Hazardous Materials (other than “De Minimis” amounts (as defined below)). Tenant further covenants
and agrees to pay all costs and expenses associated with enforcement, removal, remedial or other governmental or regulatory actions,
agreements or order threatened, instituted or completed pursuant to any Hazardous Materials Laws, and all audits, tests, investigations,
cleanup, reports and other such items incurred in connection with any efforts to complete, satisfy or resolve any matters, issues
or concerns, whether governmental or otherwise, arising out of or in any way related to the Use of Hazardous Materials in any
amount by Tenant, its employees, agents, invitees, subtenants, licensees, assignees or contractors. For purposes of this Lease
(i) the term “Hazardous Materials” shall include but not be limited to asbestos, urea formaldehyde, polychlorinated
biphenyls, automotive and petroleum products and byproducts (including, without limitation, gasoline, diesel and other fuels,
new, used and recycled oil, grease, brake fluid, antifreeze, and other automotive fluids installed in or recovered from service
vehicles or otherwise, and any other fuel additive, derivative, lubricant or byproduct generated, stored or used in Tenant's business
operation or otherwise occurring), pesticides, radioactive materials, hazardous wastes, toxic substances and any other
related or dangerous toxic or hazardous chemical, material or substance defined as hazardous or regulated or as a pollutant or
contaminant in, or the use of or exposure to which is prohibited, limited, governed or regulated by, any Hazardous Materials Laws;
(ii) the term “De Minimis” amounts shall mean, with respect to any given level of Hazardous Materials, that such level
or quantity of Hazardous Materials in any form or combination of forms (a) does not constitute a violation of any Hazardous Materials
Laws; and (b) is customarily employed in, or associated with, similar retail projects in Coconino County, Arizona; and (iii) the
term “Hazardous Materials Laws” shall mean any federal, state, county, municipal, local or other statute, law, ordinance
or regulation now or hereafter enacted which may relate or legislate the protection of human health or the environment, including
but not limited to the Comprehensive Environment Response, Compensation and Liability Act of 1980, 42 U.S.C. Section 9601, et
seq.; the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.; the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq.; the Federal Water Pollution Control Act, 33 U.S.C. Section 1251, et leg.; the Toxic
Substances Control Act of 1976, 15 U.S.C. Section 2601, et seq.; Ariz. Rev. Stat. Ann. Title 49 (The “Arizona Environmental
Quality Act of 1986”); and any rules, regulations or guidelines adopted or promulgated pursuant to any of the foregoing
as they may be adopted, amended or replaced from time to time.

 

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SECTION 14 - LIENS.

 

14.1         No
Liens. Tenant shall have no authority to
do any act or make any contract which may create or be the basis for any lien, mortgage or other encumbrance upon any interest
of Landlord in the Premises or which would cause any document to be recorded against the Premises or the Project. Should Tenant
cause any construction, alterations, rebuildings, restorations, replacements, changes, additions, improvements or repairs to be
made on the Premises, or cause any labor to be performed or material to be furnished thereon, therein or thereto, neither Landlord
nor the Premises shall under any circumstances be liable for the payment of any expense incurred or for the value of any work
done or material furnished, and Tenant shall be solely and wholly responsible to contractors, laborers and materialmen for performing
such labor and furnishing such material.

 

14.2         Tenant's
Obligations. The initial and any subsequent
alterations or improvements made by Tenant to the Premises must be paid for by Tenant when such alterations or improvements are
made. Nothing in this Lease shall be construed to authorize Tenant, or any person dealing with or under Tenant, to charge the
rents of the Premises, or the property and buildings of which the Premises form a part, or the interest of Landlord in the state
of the Premises, with a mechanics' lien or encumbrance of any kind, and under no circumstances shall Tenant be construed to be
the agent, employee or representative of the Landlord in the making of any such improvements or alterations to the Premises.

 

14.3         Removal
of Liens. If, because of any act or omission
(or alleged act or omission) of Tenant, any mechanic's, materialman's, or other lien, charge or order for the payment of money
shall be filed or recorded against the Premises or against Landlord (whether or not such lien, charge or order is valid or enforceable
as such), Tenant shall, at its own expense, either cause the same to be discharged of record pursuant to A.R.S. §33-1004,
or otherwise cause such discharge, within ten (10) days after Tenant shall have received notice of the filing thereof, or Tenant
may, within such period, furnish to Landlord a bond satisfactory to Landlord against such lien, charge or order, in which case
Tenant shall have the right in good faith to contest the validity or amount thereof.

 

SECTION 15 - INSURANCE.

 

15.1         Project
Insurance. Landlord bears the risk of and
may insure as a Common Area Expense as practical or as required by Landlord's Lender, the operation of the Project as a whole
or the common areas thereof. Such insurance may include, but is not limited to, general liability, umbrella excess liability,
bodily injury, public liability, property damage liability, fire and extended coverage in amounts not less than eighty percent
(80%) of the replacement cost of the Project, sign insurance and the like in coverage limits selected by Landlord. Tenant shall
pay to Landlord its “Proportionate Share” of such insurance as provided in Section 11 above.

 

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15.2        Tenant's
Property. Tenant agrees that all property
owned by it in, on, or about the Premises shall be at the sole risk and hazard of the Tenant. Landlord shall not be liable or
responsible for any loss or damage to Tenant, or anyone claiming under or through Tenant, or otherwise, whether caused by or resulting
from a peril required to be insured hereunder, or from water, gas leakage, plumbing, electricity or electrical apparatus,
pipe or apparatus of any kind, the elements or other similar or dissimilar causes, and whether or not originating in the Premises
or elsewhere, irrespective of whether or not Landlord may be deemed to have been negligent with respect thereto, and provided
such damage or loss is not the result of any intentional and wrongful act of Landlord. Tenant shall require all policies of risk
insurance carried by it on its property in the Premises to contain or be endorsed with the provision in and by which the insurer
designated therein shall waive its right of subrogation against Landlord.

 

15.3        Tenant's
Operations. All operations conducted by
Tenant shall be at Tenant's sole risk. In addition, Tenant shall procure insurance for its operations as follows:

 

A.           Tenant
shall keep in force at its own expense public liability insurance and comprehensive general liability insurance, including contractual
liability insurance sufficient to cover all phases and aspects of the operation and conduct of its business, with minimum limits
of $2,000,000.00 on account of bodily injuries to or death of one person and $3,000,000.00 on account of bodily injuries to or
death of more than one person as a result of any one accident or disaster, and $2,000,000.00 as a result of damage to property.

 

B.           Tenant
shall keep and maintain in force during the Term hereof, plate glass insurance upon windows and doors in the Premises as required
by Landlord unless Landlord maintains such insurance on behalf of all Tenants and treats it as a Common Area Expense.

 

15.4         Certificate
of Insurance. Tenant shall provide annually
to Landlord a Certificate of Insurance listing Landlord as an additional named insured under the Tenant's policy of insurance.

 

15.5.        Insurance
Companies. The policies affording the insurance
required by this Lease shall be with companies (rated A-[minus] VII or better, A. M. Best's Key Rating Guide) authorized to do
business in the State of Arizona and shall be in a form reasonably satisfactory to Landlord, shall provide replacement cost coverage,
shall name Landlord as an additional insured, and shall provide for payment of loss thereunder to Landlord and Tenant as their
interests may appear. The policies or certificates evidencing such insurance shall be delivered to Landlord on or before the Commencement
Date and renewals thereof shall be delivered to Landlord at least thirty (30) days prior to the expiration dates of the respective
policies. Alternatively, the insurance required by this Section 15 may be provided under a blanket policy to the Tenant's existing
insurance policy.

 

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15.6.          Failure
to Procure Insurance. In the event Tenant
shall fail to procure insurance required under this Lease or fail to maintain the same in force continuously during the Term,
or any extension thereof, Landlord shall be entitled to procure such insurance and Tenant shall, upon demand, immediately reimburse
Landlord for such premium expense or Landlord may declare Tenant in default under this Lease.

 

15.7           Repair.
In the event of loss under any such policy or policies, Tenant shall promptly proceed with the repair and restoration of
the damaged or destroyed improvements in accordance with Section 16 of this Lease. The insurance proceeds, if less than $20,000.00,
shall be paid to Tenant for application to such repair, restoration or remediation, so long as (a) Tenant is not then in default
under this Lease, and (b) Tenant expressly covenants in writing with Landlord to expend such funds for the repair, restoration
or remediation of the Premises and the improvements therein, and to furnish Landlord with documentation evidencing such expenditure
of funds for work and improvements incorporated in the Premises within thirty (30) days following completion of such repair, restoration
or remediation. If the insurance proceeds exceed $20,000.00, the same shall be paid to and held in trust by the Landlord pursuant
to Section 16 of this Lease. All insurance proceeds described in this Section 15.7 shall be paid upon architects' certificates
and contractors', subcontractors' and materialmen's waivers of lien for the cost and expense of repair, restoration or remediation
of the damage. If at any time such insurance proceeds shall be insufficient to pay fully the cost of completion of such repair,
restoration or remediation, Tenant shall upon demand of Landlord pay a sufficient portion of such cost so that it shall appear
to the reasonable satisfaction of Landlord that the amount of insurance money in the hands of Tenant or Landlord, as applicable,
shall at all times be sufficient to pay for the completion of the repairs, restoration or remediation free and clear of all liens.
Upon the completion of the repairs, restoration or remediation, free and clear of all liens, any surplus of insurance monies shall
be paid to Tenant, provided that Tenant is not then in default hereunder. In the event that this Lease shall have been terminated
for any default of Tenant under any of the terms and provisions contained in this Lease, all proceeds of insurance in the hands
of Tenant or Landlord and all claims against insurers shall be and become the absolute property of Landlord.

 

SECTION 16 - DAMAGE OR DESTRUCTION.

 

16.1         Tenant
Obligations. In the event of damage to
or destruction of any of the improvements on the Premises by fire or other casualty, Tenant shall give Landlord immediate notice
thereof and shall, at Tenant's own expense and whether or not the insurance proceeds are sufficient for the purpose, promptly
commence and thereafter diligently pursue completion of the repair, restoration or rebuilding of the same so that upon completion
of such repairs, restoration or rebuilding, the value and rental value of the improvements shall be substantially equal to the
value and rental value thereof immediately prior to the occurrence of such fire or other casualty. Tenant hereby expressly waives
any statutory right to terminate this Lease in the event of damage or destruction of the Premises or all or any portion of the
buildings or improvements thereon.

 

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16.2         Lease
Termination. Notwithstanding anything to
the contrary contained herein, if the Premises should be rendered untenantable by fire or other casualty during the last two (2)
years of the Term to the extent of fifty percent (50%) or more of the replacement cost of the Premises, Tenant shall have the
option to terminate this Lease by notice to Landlord within sixty (60) days after the occurrence of such damage or destruction.
Upon termination, this Lease and the Term hereof shall cease and come to an end as of the effective date of such notice (which
shall be not less than thirty (30) nor more than ninety (90) days after the notice and shall be specified in the notice). Any
unearned rent or other charges shall be apportioned as of the effective date and Tenant shall assign to Landlord all of its rights
to the insurance proceeds arising out of damage or destruction to the improvements and shall pay Landlord (when the information
is ascertained) the difference between the value of the property damaged or destroyed, prior to the damage or destruction, and
the amount, if any, of the insurance proceeds.

 

SECTION 17 - EASEMENTS.

 

Landlord expressly
reserves all rights in and with respect to the use of the Premises as provided herein, including (without in any way limiting the
generality of the foregoing) the rights of Landlord to establish Common Areas and grant parking easements to others and to enter
upon the Premises and give easements to others for the purpose of installing, using, maintaining, renewing and replacing such overhead
or underground water, gas, sewer, and other pipe lines, and telephone, electric and power lines, cables and conduits as Landlord
may deem desirable in connection with the development or use of the other property in the Project or any other property in the
neighborhood thereof, whether owned by Landlord or not.

 

SECTION 18 - INDEMNIFICATION.

 

18.1.          By
Tenant. Excepting any responsibility allocated
to Landlord by reason of its negligence (excluding from this exception, however, any responsibility allocated to Landlord by reason
of its failure to enforce the terms of this Lease), Tenant shall indemnify, defend and hold Landlord harmless for, from and against
all liabilities, obligations, claims, suits, damages, penalties, causes of action, costs and expenses (including without limitation,
reasonable attorneys' fees and expenses) imposed upon or asserted against Landlord by reason of the acts or omissions of
Tenant, its agents, employees, contractors, suppliers, licensees, invitees and guests and/or the occurrence of any of the following
during the Term: (i) any use, nonuse or condition of the Premises or any part thereof; (ii) any accident, injury to or death of
persons (including workmen) or loss of or damage to property occurring on or about the Premises or any part thereof; (iii) any
failure on the part of Tenant to perform or comply with any of the provisions of this Lease; (iv) performance of any labor or
services or the furnishings of any materials or other property in respect of the Premises or any part thereof (excluding any such
matters performed or furnished by or at the request of Landlord and unrelated to a default of Tenant under this Lease); or (v)
any failure on the part of Tenant to clean up and/or dispose of any Hazardous Materials, as described in Section 13.2 above, in
accordance with the requirements of this Lease and applicable law. In the

 

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event
Landlord should be made a defendant in any action, suit or proceeding brought by reason of any such occurrence, Tenant shall, at
its own expense, resist and defend such action, suit or proceeding or cause the same to be resisted and defended by legal counsel
designated by Tenant but approved by Landlord. If any such action, suit or proceeding should result in a final judgment against
Landlord, Tenant shall promptly satisfy and discharge such judgment or shall cause such judgment to be promptly satisfied and discharged.
The obligations of Tenant under this Section 18 arising by reason of any such occurrence taking place while this Lease is in effect
shall survive the termination of this Lease.

 

18.2         By
Landlord. Landlord shall save, hold harmless
and indemnify Tenant for, from and against all liabilities, obligations, claims, suits, damages, penalties, causes of action,
costs and expenses (including, without limitation, reasonable attorneys' fees and expenses) imposed upon or asserted against Tenant
by reason of the negligence of Landlord or its agents, contractors, servants or employees.

 

18.3         Waiver
of Claims. Landlord and its agents, contractors,
servants or employees and shall not be liable for, and Tenant hereby releases all claims for, damage to persons and property sustained
by Tenant or any person claiming through Tenant resulting from any theft, fire, accident, occurrence or condition in, on or about
the Premises or building of which they are a part, including, but not limited to, such claims for damage resulting from (i) any
defect in or failure of plumbing, heating or air-conditioning equipment, electric wiring or installation thereof, water pipes,
stairs, railings or walks; (ii) any equipment or appurtenances needing repair; (iii) the bursting, leaking or running of any tank,
wash stand, water closet, waste pipe, drain or any other pipe or tank in or about the Premises; (iv) the backing up of any sewer
pipe or down spout; (v) the escape of steam or hot water; (vi) water, snow or ice being upon or coming through the roof or any
other place upon or near the Premises or otherwise; (vii) the falling of any fixture, plaster or stucco; and (viii) broken glass.

 

SECTION 19 - ASSIGNMENT AND SUBLETTING.

 

19.1         Landlord
Consent. Tenant shall not transfer or assign
this Lease or any interest in this Lease or sublet the Premises or any portion thereof without first obtaining the written consent
of Landlord, which consent may be given or withheld in Landlord's sole discretion; and any attempted transfer, assignment or subletting,
including any involuntary transfers or assignments by operation of law, without such consent shall be void and confer no rights
upon any third person, and at the option of Landlord, shall cause a termination of this Lease, in which event such third person
shall occupy the Premises as a tenant at sufferance. The acceptance of any rent payments by Landlord from any such alleged assignee
shall not constitute approval of the assignment or subletting of this Lease by Landlord. No transfer, assignment or subletting
shall relieve Tenant of its liability for the full performance of all of the provisions, agreements, covenants and conditions
of this Lease. A consent by Landlord to one transfer, assignment or subletting shall not operate as a waiver of this Section as
to any future

 

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transfer, assignment or subletting, and this Section
19 shall apply to any transferee, assignee or subtenant.

 

19.2        
In Writing. Each transfer, assignment, and subletting to which there has been consent shall be by an instrument in writing
in form satisfactory to Landlord, and shall be executed by the transferor, assignor or sublessor; and the transferee, assignee,
or sublessee shall agree in writing for the benefit of Landlord to assume, to be bound by, and to perform the provisions, covenants
and conditions of this Lease to be done, kept and performed by Tenant. One executed copy of such written instrument shall be delivered
to Landlord. A consent to any transfer, assignment or subletting shall not constitute waiver or discharge of the provisions of
this paragraph with respect to a subsequent transfer, assignment or subletting. The acceptance of rent from any other person shall
not be deemed to be a waiver of any of the provisions of this Lease or a consent to the transfer, assignment or subletting of
the Premises.

 

19.3        
Transfer Limitation. If Tenant (including any entity later becoming Tenant) is a corporation, unincorporated association,
limited liability company or a partnership, the transfer (other than pursuant to the laws of devise and descent upon the death
of a shareholder, partner or owner), assignment or hypothecation of any stock or interest in such corporation, association, company
or partnership in the aggregate in excess of twenty percent (20%) from the time such entity becomes a Tenant hereunder, shall
be deemed an assignment within the meaning and provisions of this Section 19. The foregoing sentence shall not apply to a corporation
of which the capital stock is publicly traded on a recognized national stock exchange.

 

19.4        
Deleted.

 

SECTION 20 - SUBJECT TO MASTER LEASE.

 

Tenant acknowledges
that this Lease is subordinate to a Master Lease of the Project among CANYON PORTAL PROPERTIES, L.L.C. and ATHERTON VENTURES, L.L.C.
as Landlord and CANYON PORTAL II, L.L.C., an Arizona limited liability company as Tenant. A Memorandum of Lease is recorded in
Coconino County as Instrument No. 98-21399 on July 2, 1998. An Amendment to Memorandum of Lease is recorded in Coconino County
as Instrument No. 3288292 on October 14, 2004.

 

SECTION 21 - DEFAULTS BY TENANT.

 

21.1        
Event of Default. Each of the following occurrences shall be an Event of Default hereunder:

 

A.           If
Tenant fails to pay any Rent, Additional Charges or any sum due hereunder promptly when due and such failure continues for three
(3) days after the date such payment was due.

 

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B.           If
Tenant defaults or breaches any of the other (non-monetary) covenants, agreements, conditions or undertakings herein to be kept,
observed and performed by Tenant and such default continues for ten (10) days after notice thereof in writing to Tenant.

 

C.           TENANT
ACKNOWLEDGES THAT ANY VIOLATION OF ANY OF THE PRESCRIBED CONDUCT AS SET FORTH IN PARAGRAPH 8.3 IS A MATERIAL BREACH OF THIS LEASE.
IF IN ANY TWELVE (12) MONTH PERIOD THERE ARE MORE THAN TWO (2) NOTICES OF VIOLATION OF PARAGRAPH 8.3 SENT BY LANDLORD TO TENANT,
THEN LANDLORD SHALL HAVE THE RIGHT TO TERMINATE THIS LEASE WITHOUT NOTICE.

 

TENANT’S INITIALS:
______________

 

D.           If
Tenant files any petition under any chapter or section of the Federal Bankruptcy Code or any similar law, state or federal, whether
now or hereafter existing, or shall file an answer admitting insolvency or inability to pay its debts.

 

E.           If
Tenant fails to obtain a stay of any involuntary proceedings under any chapter or section of the Federal Bankruptcy Code within
sixty (60) days after the institution thereof.

 

F.           If
a trustee or receiver is appointed for Tenant or for a major portion of its property or for any portion of the Premises and such
appointment is not vacated and dismissed within sixty (60) days thereafter and in any event prior to any action adverse to the
interest of Tenant or Landlord having been taken by such trustee or receiver.

 

G.           If
any court takes jurisdiction of a major portion of the property of Tenant or any part of the Premises in any involuntary proceeding
for dissolution, liquidation or winding up of Tenant and such jurisdiction is not relinquished or vacated within sixty (60) days.

 

H.           If
Tenant makes an assignment for the benefit of its creditors.

 

I.           If
Tenant fails to occupy and operate the business in the Premises for three (3) consecutive days (except as otherwise allowed under
Section 8.4).

 

21.2         
Re-Enter of Premises. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have
the right, at its election, to reenter the Premises, or any part thereof, either with or without process of law, and to expel,
remove and evict Tenant and all persons occupying or upon the

 

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same under Tenant, using such force as
may be lawful and necessary in so doing, and to possess the Premises and enjoy the same as in their former estate and to take full
possession of and control over the Premises and the buildings and improvements thereon and to have, hold and enjoy the same and
to receive all rental income of and from the same. No reentry by Landlord shall be deemed an acceptance of a surrender of this
Lease, nor shall it absolve or discharge Tenant from any liability under this Lease. Upon such reentry, all rights of Tenant to
occupy or possess the Premises shall cease and terminate.

 

21.3         
Lease Termination. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have
the right, at its election, with or without reentry as provided in Section 21.2, to give written notice to Tenant stating that
this Lease shall terminate on the date specified by such notice, and upon the date specified in such notice this Lease and the
Term hereby demised and all rights of Tenant hereunder shall terminate. Upon such termination, Tenant shall quit and peacefully
surrender to Landlord the Premises and the buildings and improvements then situated thereon.

 

21.4         
Relettinq. At any time and from time to time after such reentry, Landlord may relet the Premises and the buildings and
improvements thereon, or any part thereof, in the name of Landlord or otherwise, for such term or terms (which may be greater
or less than the period which would otherwise have constituted the balance of the Term of this Lease), and on such conditions
(which may include concessions or free rental) as Landlord, in its reasonable discretion, may determine and may collect and receive
the rental therefore. However, in no event shall Landlord be under any obligation to relet the Premises and the buildings and
improvements thereon, or any part thereof, and Landlord shall in no way be responsible or liable for any failure to relet or for
any failure to collect any rental due upon any such reletting. Even though it may relet the Premises, Landlord shall have the
right thereafter to terminate this Lease and all of the rights of Tenant in or to the Premises. Nothing contained in the foregoing
shall be deemed a waiver or relinquishment by Tenant of any duty imposed by law on Landlord to mitigate its damages.

 

21.5         
Survival of Liability. Unless Landlord shall have notified Tenant in writing that it has elected to terminate this Lease,
no such reentry or action in lawful detainer or otherwise to obtain possession of the Premises shall relieve Tenant of its liability
and obligations under this Lease; and all such liability and obligations shall survive any such reentry. In the event of any such
reentry, whether or not the Premises and the buildings and improvements thereon, or any part thereof, shall have been relet, Tenant
shall pay to Landlord the entire rental and all other charges required to be paid by Tenant up to the time of such reentry of
this Lease, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such reentry,
shall be liable to Landlord, and shall pay to Landlord, as damages for Tenant’s default:

 

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A.           The
amount of Minimum Annual Base Rental and additional charges which would be payable under this Lease by Tenant if this Lease were
still in effect, less

 

B.           The
net proceeds of any reletting, after deducting all of Landlord’s expenses in connection with such reletting, including without
limitation all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, alteration costs and expenses of preparation
for such reletting.

 

Tenant shall be liable
for and pay such damages to Landlord on a monthly basis on the first day of each month and Landlord shall be entitled to recover
from Tenant monthly as the same shall arise. The excess, if any, in any month or months, of the net proceeds described in subparagraph
(B) above actually received by Landlord over the Minimum Annual Base Rental and Additional Charges described in subparagraph (A)
above shall belong to Landlord, provided that such excess shall be credited and applied against Tenant’s future obligations arising
under this Section 21.5 as the same become due and payable by Tenant hereunder, and that Tenant shall remain liable for future
deficiencies, as applicable. Notwithstanding any such reentry without termination, Landlord may at any time thereafter, by written
notice to Tenant, elect to terminate this Lease for Tenant’s previous breach.

 

21.6        
Cumulative Remedies. Each right and remedy of Landlord provided for in this Lease shall be cumulative and in addition to
every other right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise;
and the exercise or beginning of the exercise by Landlord of any one or more of such rights or remedies shall not preclude the
simultaneous or later exercise by Landlord of any or all other rights or remedies provided for in this Lease now or hereafter
existing at law or in equity or by statute or otherwise.

 

21.7        
Sublessee Defaults. Any violation of any covenant or provision of this Lease, whether by act or omission, by any sublessee
or any other persons occupying any portion of the Premises under the rights of Tenant shall be deemed a violation of such provision
by Tenant and a default under this Lease. Any such violation shall not be deemed to be a default hereunder if and so long as Tenant
in good faith and at its own expense takes and diligently pursues any and all steps it is entitled to take and which steps if
completed will cure said default.

 

21.8        
Repetitive Rent Payment Defaults. NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH 21.1 HEREOF TO THE CONTRARY, IF IN ANY ONE
(1) PERIOD OF TWELVE (12) CONSECUTIVE MONTHS, TENANT SHALL HAVE BEEN IN DEFAULT IN THE PAYMENT OF RENT HEREIN AT LEAST THREE (3)
TIMES AND LANDLORD, BECAUSE OF SUCH DEFAULTS, SHALL HAVE SERVED UPON TENANT WITHIN SUCH TWELVE (12) MONTH PERIOD THREE (3) OR
MORE NOTICES OF LATE PAYMENT, THEN THE FOURTH DEFAULT SHALL BE DEEMED TO BE A NONCURABLE DEFAULT AND LANDLORD SHALL BE ENTITLED
TO IMMEDIATE POSSESSION OF THE PREMISES.

 

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21.9        
Cure Period. Notwithstanding any other provision of this Section, Landlord agrees that if the default complained of, other
than for the payment of monies, is of such a nature that the same cannot be cured within the twenty (20) day period for curing
as specified in the written notice relating thereto, then such default shall be deemed to be cured if Tenant within such period
of twenty (20) days shall have commenced thereof and shall continue thereafter with all due diligence to effect such cure and
does so complete the same with the use of such diligence as aforesaid.

 

21.10        
Late Charges. A late charge in the amount of ten percent (10%) of the delinquent payment shall be assessed to any payment
required to be made by Tenant to Landlord under the terms of this Lease not received by Landlord within three (3) days after its
due date (regardless of whether Tenant has been given notice of such failure of payment). If Tenant tenders to Landlord a check
that is returned marked “NSF” or its equivalent, Tenant shall pay Landlord a payment in the amount of twenty percent
(20%) of the amount of such non-negotiable check. Tenant’s failure to pay any such late charge within three (3) days after
Landlord’s written demand therefor shall constitute an Event of Default hereunder. In addition to the payments set forth
in the preceding two sentences, Tenant shall pay Landlord interest at the rate of eighteen percent (18%) per annum from the date
any payment is due until the date such payment is actually received by Landlord.

 

SECTION 22 - CONDEMNATION.

 

If title to all or
any portion of the Premises is taken by a public or quasi-public authority under any statute or by right of eminent domain of any
governmental body, whether such loss or damage results from condemnation of part or all of the Premises, Tenant shall not be entitled
to participate or receive any part of the damages or award except where the same shall provide for Tenant’s moving or other reimbursable
expenses, the portion thereof allocated to the taking of Tenant’s trade fixtures, equipment and personal property or to a loss
of business by Tenant. Should any power of eminent domain be exercised after Tenant is in possession, such exercise shall not void
or impair this Lease unless the amount of the Premises so taken substantially and materially impairs the usefulness of the Premises
for the purposes for which they are leased in which case, either party may cancel this Lease by notice to the other within sixty
(60) days after such possession. Should only a portion of the Premises be taken and the Premises continue to be reasonably suitable
for Tenant’s use, the rent shall be reduced from the date of such possession in direct proportion to the reduction in the square
footage of the Premises.

 

SECTION 23 - TENANT’S WAIVER OF STATUTORY RIGHTS.

 

In the event of any
termination of the Term (or any repossession of the Premises), Tenant so far as permitted by law, waives (i) any notice of reentry
or of the institution of legal proceedings to that end; and (ii) the benefits of any laws now or hereafter in force exempting property
from liability for rent or for debt.

 

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SECTION 24 - WAIVER OF PERFORMANCE.

 

No failure by Landlord
or Tenant to insist upon the strict performance of any term or condition hereof or to exercise any right, power or remedy consequent
upon a breach thereof and no submission by Tenant or acceptance by Landlord of full or partial rent during the continuance of any
such breach shall constitute a waiver of any such breach or of any such term. No waiver of any breach shall affect or alter this
Lease (which shall continue in full force and effect), or the respective rights of Landlord or Tenant with respect to any other
then-existing or subsequent breach.

 

SECTION 25 - REMEDIES CUMULATIVE.

 

Each right, power and
remedy provided for in this Lease now or hereafter existing at law, in equity or otherwise shall be cumulative and concurrent and
shall be in addition to every other right, power or remedy provided for in this Lease now or hereafter existing at law, in equity
or otherwise; and the exercise or beginning of the exercise of any one or more of the rights, powers or remedies provided for in
this Lease shall not preclude the simultaneous or later exercise of any or all such other rights, powers or remedies.

 

SECTION 26 - CONVEYANCE BY LANDLORD.

 

In the event Landlord
or any successor Landlord shall convey or otherwise dispose of the Premises, it shall thereupon be released from all liabilities
and obligations imposed upon Landlord under this Lease (except those accruing prior to such conveyance or other disposition) and
such liabilities and obligations shall be binding solely on the then owner of the Premises.

 

SECTION 27 - NO PERSONAL LIABILITY TO LANDLORD.

 

Tenant shall look solely
to Landlord’s interest in the Premises for the satisfaction of any judgment or decree requiring the payment of money by Landlord
based upon any default under this Lease, and no other property or assets of Landlord, or any partner or member of, or shareholder
in, Landlord, shall be subject to levy, execution or other enforcement procedures for satisfaction of any such judgment or decree.

 

SECTION 28 - ATTORNEYS’ FEES.

 

In the event Landlord
retains an attorney to enforce its rights under this Lease or to bring suit for possession of the Premises, for the recovery of
any sum due hereunder, or for any other relief against Tenant, declaratory or otherwise, arising out of a breach of any
term of this Lease, or in the event Tenant should bring any action for any relief against Landlord, declaratory or otherwise, arising
out of this Lease, the prevailing party shall be entitled to receive from the other party reasonable attorneys’ fees and reasonable
costs and expenses, which shall be deemed to have accrued due 

 

    	21

    	 

    

 

to the commencement of such action and shall be enforceable whether
or not such action is prosecuted to judgment. 

 

SECTION 29 - PROVISIONS SUBJECT TO APPLICABLE LAW.

 

All rights, powers
and remedies provided herein shall be exercised only to the extent that the exercise thereof shall not violate any applicable law
and are intended to be limited to the extent necessary so that they shall not render this Lease invalid or unenforceable under
any applicable law. If any term of this Lease shall be held to be invalid, illegal or unenforceable, the validity of the other
terms of this Lease shall in no way be affected thereby.

 

SECTION 30 - RIGHT TO CURE TENANT’S DEFAULTS.

 

In the event Tenant
shall breach any term, covenant or provision of this Lease, Landlord may at any time, without notice, cure such breach for the
account and at the expense of Tenant. If Landlord at any time, by reason of such breach, is compelled to pay or elects to pay any
sum of money or to do any act that will require the payment of any sum of money, or is compelled to incur any expense, including
reasonable attorneys’ fees, incurred in instituting, prosecuting or defending any actions or proceedings to enforce Landlord’s
rights under this Lease or otherwise, the sum or sums so paid by Landlord, with all interest, costs and damages, shall be deemed
to be Additional Charges and shall be paid by Tenant to Landlord on the first day of the month following the incurring of such
expenses of the payment of such sums and shall include interest at the rate of eighteen percent (18%) per annum from the date Landlord
makes a payment until Tenant pays such Additional Charges in full.

 

SECTION 31 - NOTICES.

 

Any notice to be given
by Landlord or Tenant shall be given in writing and delivered in person or by overnight mail service to Landlord or Tenant, forwarded
by certified or registered mail, postage prepaid, or sent via facsimile transmission, to the address indicated in the Fundamental
Lease Provisions, unless the party giving any such notice has been notified, in writing, of a change of address. Any such notice
shall be deemed effective (a) upon receipt or refusal to accept delivery, if personally delivered; (b) on the next business day
following delivery to the overnight courier; (c) in the case of certified mailing, on the date of actual delivery as shown by the
addressee’s receipt or upon the expiration of three (3) business days following the date of mailing, whichever occurs first; or
(d) in the case of facsimile transmission, upon receipt (a written confirmation of successful transmission from the transmitting
facsimile machine being prima facie evidence of such receipt).

  

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SECTION 32 - SIGNS.

 

Tenant shall not place,
alter, exhibit, inscribe, paint or affix any sign, awning, canopy, advertisement, notice or other lettering on any part of the
outside of the Premises, or of the building of which the Premises is a part, or inside the Premises if visible from the outside,
without first obtaining Landlord’s written approval thereof, which shall not be unreasonably withheld, and if so approved, Tenant
shall maintain the same in good condition and repair. All signs shall comply with applicable ordinances or other governmental restrictions
and with all applicable rules and regulations then in force or as may be put in force and effect from time to time by any governmental
authority or by Landlord.

 

SECTION 33 - LANDLORD’S INSPECTIONS.

 

33.1         
Inspection. Landlord reserves the right to, at all reasonable times, by itself or by its duly authorized agents, employees
and contractors, and without notice to go upon and inspect the Premises and every part thereof, to enforce or carry out the provisions
of this Lease, to make, at its option, repairs, installations, alterations, improvements and additions to the Premises or the
building of which the Premises are a part, to perform any defaulted obligation of Tenant or for any other proper purposes. Landlord
also reserves the right to install or place upon or affix to the roof and exterior walls of the Premises: equipment, signs, displays,
antennae and any other object or structure of any kind, provided the same shall not interfere with Tenant’s occupancy or
materially impair the structural integrity of the building of which the Premises are a part.

 

33.2         
Presenting for Sale or Lease. Landlord hereby reserves the right during usual business hours to enter the Premises and
to show the same for purposes of sale, lease or mortgage, and during the last six (6) months of the term of this Lease, or the
extension thereof, to exhibit the same to any prospective tenant, and to display appropriate signage for such sale or lease. Prospective
purchasers or tenants authorized by Landlord may inspect the Premises during reasonable hours at any time.

 

SECTION 34 - ESTOPPEL CERTIFICATE.

 

Tenant will execute,
acknowledge and deliver to Landlord, within three (3) days following request therefor, a certificate certifying (a) that this Lease
is unmodified and in full force (or, if there have been modifications, that the Lease is in full force and effect, as modified,
and stating the modifications); (b) the dates, if any, to which rent, Additional Charges and other sums payable hereunder have
been paid; (c) that no notice has been received by Tenant of any default which has not been cured, except as to defaults specified
in such certificate; and (d) this Lease is and shall be subordinate to any existing or future deed of trust, mortgage or security
agreement placed upon the Premises or the Project by the Landlord or owner of the Property. Any claim of Tenant in contradiction
of any of the foregoing matters must be set forth with specificity in the certificate. Any such certificate may be relied upon
by any prospective purchaser or encumbrancer of the Premises or any part thereof. Tenant’s failure to 

 

    	23

    	 

    

 

deliver such certificate
within the time permitted hereby shall be conclusive upon Tenant that this Lease is in full force and effect, except to the extent
any modification has been represented by Landlord, and there are no uncured defaults in Landlord’s performance, and that not more
than one month’s rent has been paid in advance. In addition, at Landlord’s option, after notice to Tenant and expiration of applicable
grace period under this Lease, such failure of Tenant to deliver such certificate shall constitute an Event of Default. Tenant
acknowledges and agrees that the promise to issue such statements pursuant hereto are a material consideration inducing Landlord
to enter into this Lease and that the breach of such promise shall be deemed a material breach of this Lease.

 

SECTION 35 - WAIVER OF TRIAL BY JURY.

 

TENANT HEREBY WAIVES
ALL RIGHTS TO TRIAL BY JURY IN ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM BY EITHER LANDLORD OR TENANT AGAINST EACH OTHER ON
ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, AND/OR TENANT’S USE
OR OCCUPANCY OF THE LEASED PREMISES. TENANT AGREES THAT EXCLUSIVE JURISDICTION FOR ALL LEGAL ACTIONS SHALL BE COCONINO COUNTY SUPERIOR
COURT.

 

SECTION 36 - RECORDING.

 

Neither this Lease
nor a memorandum thereof, may be recorded, or otherwise made public, by any means, without the express written consent of Landlord.
Any such recording or publication without such consent, shall, at Landlord’s option, cause this Lease and all rights of Tenant
hereunder, to be immediately forfeited and of no further force and effect, provided, however, that Landlord shall have the right
to such action against Tenant, for damages resulting from such recording, as Landlord shall be entitled to by law.

 

SECTION 37 - SUBORDINATION.

 

This Lease is hereby
declared to be subject and subordinate to the lien of any present or future encumbrance or encumbrances upon the Premises or the
Project, irrespective of the time of execution or the time of recording of any such encumbrance or encumbrances. Landlord shall
use its good faith efforts to obtain for Tenant an attornment and non-disturbance agreement from any lender which has a lien on
the Premises. This subordination is subject to the right of Tenant upon a foreclosure or other action taken under any mortgage
by the holders thereof to have this Lease and the rights of Tenant hereunder not be disturbed but to continue in full force and
effect so long as Tenant shall not be in default hereunder. The word  “encumbrance” as used herein includes mortgages,
deeds of trust or other similar instruments, and modifications, extensions, renewals and replacements thereof, and any and all
advances thereunder.

 

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SECTION 38 - MISCELLANEOUS.

 

38.1         
Definition of Tenant. The Term  “Tenant” shall include legal representatives, successors and permitted assigns.
All covenants herein shall be made binding upon Tenant and construed to be equally applicable to and binding upon its agents, employees
and others claiming the right to be in the Premises or in the building or in the building through, under or above Tenant.

 

38.2         
Tenant. If more than one individual, firm, or corporation shall join as Tenant, singular context shall be construed to
be plural wherever necessary and the covenants of Tenant shall be the joint and several obligations of each party signing as Tenant
and when the parties signing as Tenant are partners, it shall be the obligation of the firm and of the individual members thereof.

 

38.3         
Gender and Number. Whenever from the context it appears appropriate, each item stated in the singular shall include the
plural and vice versa and the masculine, feminine, or neuter form shall included the masculine, feminine and neuter forms.

 

38.4         
Modifications and Waivers. No change, modification, or waiver of any provision of this Lease shall be valid or binding
unless it is in writing dated after the date hereof and signed by the parties intended to be bound. No waiver of any breach, term,
or condition of this Lease by either party shall constitute a subsequent waiver of the same or any other breach, term, or condition.

 

38.5         
Implied Warranties. OTHER THAN AS SET FORTH IN THIS LEASE, TENANT AND LANDLORD EXPRESSLY AGREE THAT THERE ARE AND SHALL
BE NO IMPLIED WARRANTIES OF MERCHANTABILITY, HABITABILITY, FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER KIND ARISING OUT OF THIS
LEASE, AND THERE ARE NO WARRANTIES WHICH EXTEND BEYOND THOSE EXPRESSLY SET FORTH IN THIS LEASE.

 

38.6         
Binding Effect. This Lease shall be binding upon and shall inure to the benefit of the parties and their respective heirs,
personal representatives, successors and assigns. This provision shall not be deemed to grant Tenant any right to assign this
Lease or sublet the Premises or any part thereof other than as provided in this Lease.

 

38.7         
Severability. To the fullest extent possible each provision of this agreement shall be interpreted in such fashion as to
be effective and valid under applicable law. If any provision of this Lease is declared void or unenforceable with respect to
particular circumstances, such provision shall remain in full force and effect in all other circumstances. If any provision of
this Lease is declared void or unenforceable, such provision shall be deemed severed from this Lease, which shall otherwise remain
in full force and effect.

 

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38.8         
Governing Law and Jurisdiction. Except where preempted by the laws of the United States or the rules or regulations of
any agency or instrumentality thereof, this Lease is to be interpreted, construed and governed by the laws of the State of Arizona.
The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the Superior Court of the State of Arizona
for the County of Coconino in connection with any legal action or proceeding arising out of or relating to this Lease and the
parties waive any objection relating to the basis for personal or in rem jurisdiction or to venue which it may now or hereafter
have in any such suit, action or proceeding.

 

38.9         
Entire Agreement. This instrument constitutes the sole and only agreement between Landlord and Tenant respecting the Premises,
the leasing of the Premises to the Tenant, or the Lease term herein specified, and correctly sets forth the obligations of the
Landlord and Tenant to each other as of its date. Any agreements or representations by the Landlord to the Tenant not expressly
set forth in this instrument are void and unenforceable. All prior agreements and understanding of the parties with respect to
such subject matter are hereby superseded. No representations, promises, agreements, or understandings contained in this Lease
regarding the subject matter hereof shall be of any force or effect unless in writing, executed by the party to be bound, and
dated on or subsequent to the date hereof. Captions and headings are for convenience only and shall not alter any provision or
be used in the interpretation of this Lease.

 

38.10         
Time is of the Essence. Time is of the essence of this Lease and each and every provision hereof. Any extension of time
granted for the performance of any duty under this Lease shall not be considered an extension of time for the performance of any
other duty under this Lease.

 

38.11         
Brokers. Tenant represents and warrants that it has not entered into any agreement with, nor otherwise had any dealings
with, any broker or agent in connection or execution of this Lease which could form the basis of any claim by any such broker
or agent for a brokerage fee or commission, finder’s fee, or any other compensation of any kind or nature in connection
with this Leasehold.

  

	LANDLORD:	 	TENANT:
	 	 	 
	CANYON PORTAL II, L.L.C.,	 	L’AUBERGE ORCHARDS, LLC,
	an Arizona limited liability company	 	an Arizona corporation
	 	 	 
	By:	/s/ Al Spector	 	By:	/s/ Al Spector
	 	Al Spector	 	 	Al Spector
	Its:	Manager	 	Its:	Manager

  

    	26

    	 

    

 

List of Exhibits

 

A.           Project
Site Plan

 

    	 

    	 

    

 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

 

EXHIBIT
G            LA BORROWER LEASES

 

iii.            SINAGUA STORAGE LEASE

 

    	3

    	 

    

 

SECOND AMENDMENT TO LEASE

 

(Sinagua Plaza II Storage Lease)

 

THIS SECOND AMENDMENT TO LEASE (“Amendment”)
executed and effective as of May 14, 2013 by and between Sinagua Plaza II, L.L.C., an Arizona limited liability company (“Landlord”)
and L’Auberge Orchards, LLC, an Arizona limited liability company (“Tenant”).

 

WHEREAS, Landlord and Tenant entered into
that certain Lease dated January 1, 2012 (“Original Lease”), as amended by that certain Amendment to Lease dated May
1, 2012 (“First Amendment”)(the Original Lease and First Amendment are hereby collectively referred to as the “Lease”),
whereby Landlord leased to Tenant and Tenant leased from Landlord 17 parking spaces located on the property commonly known as 320
N. Highway 89A, Sedona, Arizona, as described in the Original Lease and legally described on Exhibit A attached hereto;

 

WHEREAS, Landlord and Tenant desire to further
amend the terms of the Lease pursuant to the provisions of this Amendment.

 

NOW, THEREFORE, in consideration of the
above recitals, the mutual promises contained herein, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Landlord and Tenant agree as follows:

 

1. Lease Term.

 

(a) The Lease Term is hereby extended to
the date which is the tenth (10th ) anniversary of the date hereof.

 

(b) Section 5 of the Original Lease is hereby
deleted in its entirety and replaced with the following:

 

 “Landlord grants to Tenant the right to extend the Lease
Term for one (1) additional period of ten (10) years. Such extension shall be upon the same terms and conditions as the Original
Lease, as modified by this Amendment.

 

(c) Notwithstanding anything herein or in
the Original Lease to the contrary, Tenant shall have the right to terminate this Lease at any time upon thirty (30) days prior
written notice to Landlord.

 

2. Rent. The total monthly Minimum Rent payable in accordance
with the Lease shall be $2,000 for the period commencing on the date hereof through the first (1st) anniversary of the date hereof.
Thereafter, the total monthly Minimum Rent payable under this Lease shall be increased on an annual basis an amount equal to three
percent (3%) of the Minimum Rent payable in the immediately preceding year.

 

3. Common Area Expenses. Following
the first (1st ) year of the term of this Lease, Tenant’s proportionate share of common area expenses shall be
adjusted for each year thereafter as follows: The base for computing the adjustment is the Consumers’ Price Index for All
Urban

 

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Consumers, United States Cities Average
published by the United States Department of Labor, Bureau of Labor Statistics (the “Index”), which is in effect on
the date of the commencement of the first day of the previous Lease year ( “Beginning Index”). For example, the adjustment
for year two would be based on the Index for the first day of Lease year one. The Index published most immediately preceding the
Adjustment Date in question ( “Extension Index”) is to be used in determining the amount of the adjustment. If the
Extension Index has increased over the Beginning Index, the common area expenses for the following year shall be set by multiplying
the base monthly rent for the previous year, e.g., for the 12th Lease month, by a fraction, the numerator of which is the Extension
Index and the denominator of which is the Beginning Index. However, the adjustment to common area expenses shall be no greater
than three percent (3%) compounded per annum of the prior year’s common area expenses.

 

4. Certificate of Insurance. Section 8 of the Original
Lease is hereby deleted in its entirety and replaced with the following:

 

  “Tenant shall provide annually to
Landlord a Certificate of Insurance listing Landlord as an additional insured.”

 

5. Premises Utilities. Landlord shall, at Landlord’s
expense, cause to the Premises to be properly lighted at all times in which the Project is open to the public for business.

 

6. Repair. Section 11 of the Lease is hereby deleted
in its entirety.

 

7. Damage or Destruction. Article 12 of the Lease
is hereby deleted in its entirety and replaced with the following:

 

  “If all or any portion of the Premises or the Project
is damaged by fire or other casualty insurable under a standard fire insurance policy with a standard extended coverage endorsement,
Minimum Monthly Rental and Additional Rent shall abate and Landlord shall promptly repair as is necessary to replace the Premises
and when placed in such condition the Premises shall be deemed restored and rendered tenantable, such repair or rebuilding to be
commenced within a reasonable time after the occurrence. If such damage occurs in the last two years of the Lease Term or during
any Option Term, Tenant or Landlord shall have the option of terminating the Lease upon written notice to the other party. If Landlord’s
Lender requires that the insurance proceeds be used to retire the debt, Landlord shall have no obligation to rebuild, and this
Lease shall terminate upon notice to Tenant. Promptly following Landlord’s repair or rebuilding, Tenant, at Tenant’s
sole expense, shall repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings and equipment, and
if Tenant has closed, Tenant shall promptly reopen for business.”

 

15. Waiver of Subrogation. Except with respect to Worker’s
Compensation, to which no waiver of subrogation will apply, each party hereby waives any and every right or cause of action for
the events which occur or accrue during the Lease Term for any and all loss of, or damage to, any of its property (whether or not
such loss or damage is caused by the fault or negligence of the other party or anyone for whom said other party may be responsible),
which loss or damage is covered by valid and collectible

 

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fire, extended coverage, “All Risk” or similar
policies covering real property, personal property or business interruption insurance policies, to the extent that such loss or
damage is recovered under said insurance policies. Said waivers shall be in addition to, and not in limitation or derogation of,
any other waiver or release contained in this Lease with respect to any loss or damage to property of the parties hereto. Written
notice of the terms of such mutual waivers shall be given to each insurance carrier and the insurance policies shall be properly
endorsed, if necessary, to prevent the invalidation of coverage by reason of said waivers.

 

16.. Indemnification.

 

a.   Section 14.1 of the Original
Lease is hereby deleted in its entirety and replaced with the following:

 

   “By Tenant. Excepting any
responsibility allocated to Landlord by reason of its gross negligence (excluding from this exception, however, any responsibility
allocated to Landlord by reason of its failure to enforce the terms of this Lease), Tenant shall indemnify, defend and hold Landlord
harmless for, from and against all liabilities, obligations, claims, suits, damages, penalties, causes of action, costs and expenses
(including without limitation, reasonable attorneys’ fees and expenses) imposed upon or asserted against Landlord by reason
of the gross negligence or willful misconduct of Tenant, its agents, employees, contractors, suppliers, licensees, invitees and
guests and/or the occurrence of any of thefollowing during the Term: (i) any use, non-use or condition of the Premises or any part
thereof; (ii) any accident, injury to or death of persons (including workmen) or loss of or damage to property occurring on or
about the Premises or any part thereof; (iii) any failure on the part of Tenant to perform or comply with any of the provisions
of this Lease; (iv) performance of any labor or services or the furnishings of any materials or other property in respect of the
Premises or any part thereof (excluding any such matters performed or furnished by or at the request of Landlord and unrelated
to a default of Tenant under this Lease); or (v) any failure on the part of Tenant to clean up and/or dispose of any Hazardous
Materials, as described in Section 13.2 above, in accordance with the requirements of this Lease and applicable law. In the event
Landlord should be made a defendant in any action, suit or proceeding brought by reason of any such occurrence, Tenant shall, at
its own expense, resist and defend such action, suit or proceeding or cause the same to be resisted and defended by legal counsel
designated by Tenant but approved by Landlord. If any such action, suit or proceeding should result in a final judgment against
Landlord, Tenant shall promptly satisfy and discharge such judgment or shall cause such judgment to be promptly satisfied and discharged.
The obligations of Tenant under this Section 18 arising by reason of any such occurrence taking place while this Lease is in effect
shall survive the termination of this Lease.”

 

b. Section 14.2 of the Original Lease is
hereby deleted in its entirety and replaced with the following:

 

“By Landlord. Landlord
shall save, hold harmless and indemnify Tenant for, from and against all liabilities, obligations, claims, suits, damages,
penalties, causes of action, costs and expenses (including, without limitation, reasonable attorneys’ fees and
expenses) imposed upon or asserted against Tenant 

 

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by reason of the gross negligence or willful
misconduct of Landlord or its agents, contractors, servants or employees and/or the occurrence of any of the following during
the Term: (i) any use or condition of the Premises or any part thereof (which Landlord is required to maintain); (ii) any accident,
injury to or death of persons (including workmen) or loss of or damage to property occurring on or about the Common Areas; (iii)
any failure on the part of Landlord to perform or comply with any of the provisions of this Lease; and (iv) performance of any
labor or services or the furnishings of any materials or other property in respect of the Premises or any part thereof (excluding
any such matters performed or furnished by or at the request of Tenant). In the event Tenant should be made a defendant in any
action, suit or proceeding brought by reason of any such occurrence, Landlord shall, at its own expense, resist and defend such
action, suit or proceeding or cause the same to be resisted and defended by legal counsel designated by Landlord but approved
by Tenant. If any such action, suit or proceeding should result in a final judgment against Tenant, Landlord shall promptly satisfy
and discharge such judgment or shall cause such judgment to be promptly satisfied and discharged. The obligations of Landlord
under this Section 18 arising by reason of any such occurrence taking place while this Lease is in effect shall survive the termination
of this Lease.”

 

17. Assignment and Subletting. Article 15 of the Original
Lease is hereby deleted in its entirety and replaced with the following:

 

  “Tenant shall have the right to transfer or assign this
Lease or sublet all or any portion of the Premises without Landlord’s consent, but with prior written notice to Landlord;
provided, the assignee or subtenant expressly assumes all obligations of Tenant under the Lease. Notwithstanding the foregoing,
Landlord shall not have the right to consent to any assignment or subletting of this Lease or any portion of the Premises to an
entity which controls, is controlled by or is under common control with Tenant, and Landlord shall not withhold its consent to
any proposed assignee or subtenant with financial wherewithal equal to or superior to that of Tenant and who is actively engaged
in the hospitality industry.”

 

19. Estoppels. The period in which Tenant must respond
to a request for an estoppel pursuant to Section 29 of the Lease is hereby modified from seven (7) days to ten (10) business days.
In the event Tenant fails to respond within such ten (10) business day period, Tenant shall be deemed in default under Section
16.1 of the Lease, but in no event will Tenant’s failure to respond be deemed an acknowledgement of any proported facts contained
in any form estoppel.

 

20. Conflicting Terms. In the event of any conflict,
inconsistency or ambiguity between the terms of this Amendment and the Lease, the terms of this Amendment shall control.

 

21. Defined Terms. Capitalized terms not otherwise defined
herein shall have the meaning ascribed to them in the Lease.

 

22. Multiple Counterparts. This Amendment may be executed
in multiple counterparts, each of which shall be deemed an original and together shall constitute one and the same instrument.

 

    	4

    	 

    

 

23. Ratification. Except as expressly modified by this
Amendment, the Lease remains unmodified and in full force and effect.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

[SIGNATURE PAGE FOLLOWS]

 

    	5

    	 

    

 

IN WITNESS WHEREOF, the parties have executed this Amendment
as of the day and year above first written.

 

  “Landlord”

 

Sinagua Plaza II, L.L.C., an Arizona limited liability company

 

	By:	/s/ Al Spector	 
	 	 	 
	Name:	Al Spector	 
	 	 	 
	Title:	Manager	 

 

  “Tenant”

 

L’Auberge Orchards, LLC, an Arizona limited liability
company

 

	By:	/s/ Al Spector	 
	 	 	 
	Name:	Al Spector	 
	 	 	 
	Title:	Manager	 

 

Second Amendment to Lease (Sinagua
Plaza Parking) – Signature Page

 

    	 

    	 

    

 

AMENDMENT TO LEASE

 

This Amendment to Lease (Amendment) is made
this 1st day of May, 2012 by and between Sinagua Plaza II, LLC as Landlord (“Landlord”) and L’Auberge Orchards
LLC as Tenant (“Tenant”) and amends the Lease for Storage Space between Landlord and Tenant dated January 1, 2012.

 

RECITALS

 

1.          Landlord
and Tenant entered into a Lease for Storage Space in the basement of the Landlord’s shopping center at 320 N. Highway 89A, Sedona,
AZ 86336.

 

2.          Tenant
did not have sufficient cash flow during the months of January, February, March and April 2012 to pay Landlord the Rent that was
due.

 

3.          Tenant
has requested and Landlord has agreed to allow Tenant to defer payment of Rent during these months until the months of May, June,
July and August 2012 under the terms and conditions set forth in this Amendment.

 

It is agreed as follows:

 

1.           Paragraph
4A, Minimum Rent is amended as follows:

 

A.           Tenant
shall pay to Landlord the Minimum Rent in advance, on the first day of each calendar month, except that in 2012 for the months
of January, February, March and April, Rent shall be paid as follows: (I) January Rent will be paid in May, February Rent will
be paid in June, March Rent will be paid in July and April Rent will be paid in August This accommodation of deferred Rent is extended
to Tenant by Landlord provided that the revised Rent schedule stated in this Paragraph is adhered to in 2012. Should Tenant not
make Rent payments pursuant to this deferred Rent schedule, Tenant will be in default under this Lease.

 

2.           
Full Force and Effect. Except as modified by this Amendment, the Lease and each of its terms and conditions remains in full
force and effect.

 

    	1

    	 

    

 

	LANDLORD:	 	TENANT:
	 	 	 
	SINAGUA PLAZA II, LLC,	 	L’AUBERGE ORCHARDS, LLC,
	an Arizona limited liability company	 	an Arizona limited liability company
	 	 	 
	By:	JOHNAL CORPORATION, an Arizona corporation	 	 	 
	 	 	 	 	 
	Its:	Manager	 	By:	/s/ Al Spector
	 	 	 	 	Al Spector
	 	By:	/s/ John Carleton	 	Its:	Manager
	 	 	John Carleton	 	 	 
	 	Its:	President	 	 	 
	 	 	 	 	 	 
	 	By:	/s/ Al Spector	 	 	 
	 	 	Al Spector	 	 	 
	 	Its:	Vice President	 	 	 

 

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LEASE FOR STORAGE SPACE

 

This LEASE FOR STORAGE
SPACE (“Lease”), is made this 1st day of January, 2012, by and between Sinagua Plaza II, LLC, an Arizona
limited liability company, having offices at 6900 E. Camelback Road, Suite 915, Scottsdale, AZ 85251 ( “Landlord”),
and L’Auberge Orchards LLC, an Arizona limited liability company, having offices at 301 L’Auberge Lane, Sedona, AZ
86336 (“Tenant”).

 

RECITALS

 

		1.	Landlord owns the Sinagua Plaza shopping center located at 320 N. Highway 89A in Sedona, Arizona.
Sinagua Plaza is a retail shopping center with a very large basement storage area.

 

		2.	Tenant has stored furniture, fixtures and equipment including but not limited to a walk-in refrigerator
and freezer in the basement storage area of Sinagua Plaza, free of charge, since January, 2009.

 

		3.	Tenant desires to continue to use the space for storage. Landlord agrees to permit Tenant to use
the space for storage under the terms and conditions set forth below.

 

It is agreed as follows:

 

1.             Premises.
Landlord and Tenant agree that Tenant has used up to 3,000 square feet of space in the basement area. Tenant desires to continue
to have this space available to it for current and future storage needs.

 

		2.	Commencement
                                                          Date, The Commencement Date of this Lease is January 1, 2012.

 

		3.	Termination
                                                          Date. The Termination Date of this Lease is December 31, 2017.

 

		4.	Minimum Rent,
                                                          Commencing January 1, 2012, Minimum Rent shall be Two Thousand Dollars
                                                          ($2,000.00) per month. Rent is due and payable in advance on or before
                                                          the first day of each month and subject to adjustment as set forth below.

 

A.           Tenant
shall pay to Landlord the Minimum Rent in advance, on the first day of each calendar month. The Minimum Rent hereinafter provided
for shall be paid in lawful money of the United States to Landlord at its address or at such other place as Landlord may from time
to time designate in writing.

 

    	1

    	 

    

 

B.           The
Minimum Rent shall be subject to adjustment as described herein commencing in the second year of the Lease Term and for each year
thereafter as follows except for the first year of any Option Term, when rent shall be adjusted to Market Rent.

 

The base for computing
the adjustment is the Consumers’ Price Index for All Urban Consumers, United States Cities Average published by the United States
Department of Labor, Bureau of Labor Statistics (the  “Index”), which is in effect on the date of the commencement of
the first day of the previous Lease year (“Beginning Index”). For example, the adjustment for year two would be based
on the Index for the first day of Lease year one. The Index published most immediately preceding the Adjustment Date in question
(“Extension Index”) is to be used in determining the amount of the adjustment. If the Extension Index has increased over
the Beginning Index, the base monthly rent for the following year shall be set by multiplying the base monthly rent for the previous
year, e.g., for the 12th Lease month, by a fraction, the numerator of which is the Extension Index and the denominator
of which is the Beginning Index. However, the adjustment to the rent shall be no less than three percent (3%) compounded per annum
of the base monthly rent provided in this Lease. As an example, if year one monthly rent is $1,000.00 and the three percent (3%)
is applicable each year, then monthly rent for years two through five would be: year two - $1,030.00; year three - $1,060.90; year
four - $1,092.73; and year five $1,125.51.

 

If the Index is changed
so that the base year differs from that in effect when the Term commences, the Index shall be converted in accordance with the
conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued
or revised during the Term, such other government index or computation with which it is replaced shall be used in order to obtain
substantially the same result as would be obtained if the Index had not been discontinued or revised.

 

C.           Monthly
rent for the first month shall be paid on the date the Term commences. Monthly rent for any partial month shall be prorated at
the rate of one-thirtieth (1/30) of the monthly rent per day.

 

D.           All
rental amounts are “net” rent to Landlord.

 

5.            
Options to Renew. Provided that (i) this Lease is in full force and effect; (ii) Tenant is in possession of the Premises;
and (iii) Tenant has not been and is not in default under this Lease, Tenant shall have the right and option to further extend
the Term of this Lease for two (2) additional successive renewal periods of five (5) years each. The tenancy resulting from the
exercise of this option shall be upon the same terms and conditions as set forth in this Lease. The Minimum Rent for the first
year of each renewal period shall be adjusted upward or downward by Landlord in the first year of each renewal period based upon
the prevailing rates (Market Rent) for rents in Sinagua Plaza. Thereafter, for

 

    	2

    	 

    

 

years 2, 3, 4 and 5 of each renewal period
Rent shall increase by three percent (3%) per year over the previous years Rent. The option for the renewal periods may be exercised
only upon written notice thereof to Landlord at least six (6) months prior to the Termination Date of this Lease. Within sixty
(60) days after exercise of any option for a renewal period, Landlord shall, in writing, notify Tenant of the Rent during the
first year of the renewal period. If Tenant fails to exercise any option during the period when the option is available, or if
this Lease is in default or is no longer in full force and effect for any reason, the applicable option shall be void.

 

The first renewal period
shall commence on the date following the originally fixed Termination Date. The second renewal period shall commence on the date
following the termination date of the first renewal period.

 

6.            
Size and Configuration. Landlord and Tenant agree that the size and characteristics of the Premises will be at the sole
discretion of Landlord.

 

7.            
Tenant’s Property. Tenant agrees that all property owned by it in, on, or about the Premises shall be at the sole
risk and hazard of the Tenant. Landlord shall not be liable or responsible for any loss or damage to Tenant, or anyone claiming
under or through Tenant, or otherwise, whether caused by or resulting from a peril required to be insured hereunder, or from water,
gas leakage, plumbing, electricity or electrical apparatus, pipe or apparatus of any kind, the elements or other similar or dissimilar
causes, and whether or not originating in the Premises or elsewhere, irrespective of whether or not Landlord may be deemed to
have been negligent with respect thereto, and provided such damage or loss is not the result of any intentional and wrongful act
of Landlord. Tenant shall require all policies of risk insurance carried by it on its property in the Premises to contain or be
endorsed with the provision in and by which the insurer designated therein shall waive its right of subrogation against Landlord.

 

8.            
Certificate of Insurance. Tenant shall provide annually to Landlord a Certificate of Insurance listing Landlord as an additional
named insured and Barrett Realty LLC as an additional named insured under the Tenant’s policy of insurance.

 

9.            
Insurance Companies. The policies affording the insurance required by this Lease shall be with companies (rated A-[minus]
VII or better, A. M. Best’s Key Rating Guide) authorized to do business in the State of Arizona and shall be in a form reasonably
satisfactory to Landlord, shall provide replacement cost coverage, shall name Landlord as an additional insured, and shall provide
for payment of loss thereunder to Landlord and Tenant as their interests may appear. The policies or certificates evidencing such
insurance shall be delivered to Landlord on or before the Commencement Date and renewals thereof shall be delivered to Landlord
at least thirty (30) days prior to the expiration dates of the respective policies. Alternatively, the insurance required by this
Section 15 may be provided under a blanket policy to the Tenant’s existing insurance policy. 

 

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10.          
Failure to Procure Insurance. In the event Tenant shall fail to procure insurance required under this Lease or fail to
maintain the same in force continuously during the Term, or any extension thereof, Landlord shall be entitled to procure such
insurance and Tenant shall, upon demand, immediately reimburse Landlord for such premium expense or Landlord may declare Tenant
in default under this Lease.

 

11.          
Repair. In the event of loss under any such policy or policies, Tenant shall promptly proceed with the repair and restoration
of the damaged or destroyed improvements. The insurance proceeds, if less than $20,000.00, shall be paid to Tenant for application
to such repair, restoration or remediation, so long as (a) Tenant is not then in default under this Lease, and (b) Tenant expressly
covenants in writing with Landlord to expend such funds for the repair, restoration or remediation of the Premises and the improvements
therein, and to furnish Landlord with documentation evidencing such expenditure of funds for work and improvements incorporated
in the Premises within thirty (30) days following completion of such repair, restoration or remediation. If the insurance proceeds
exceed $20,000.00, the same shall be paid to and held in trust by the Landlord. All insurance proceeds described in this Paragraph
11 shall be paid upon architects’ certificates and contractors’, subcontractors’ and materialmen’s waivers
of lien for the cost and expense of repair, restoration or remediation of the damage. If at any time such insurance proceeds shall
be insufficient to pay fully the cost of completion of such repair, restoration or remediation, Tenant shall upon demand of Landlord
pay a sufficient portion of such cost so that it shall appear to the reasonable satisfaction of Landlord that the amount of insurance
money in the hands of Tenant or Landlord, as applicable, shall at all times be sufficient to pay for the completion of the repairs,
restoration or remediation free and clear of all liens. Upon the completion of the repairs, restoration or remediation, free and
clear of all liens, any surplus of insurance monies shall be paid to Tenant, provided that Tenant is not then in default hereunder.
In the event that this Lease shall have been terminated for any default of Tenant under any of the terms and provisions contained
in this Lease, all proceeds of insurance in the hands of Tenant or Landlord and all claims against insurers shall be and become
the absolute property of Landlord.

 

12.          
Damage or Destruction.

 

12.1 Tenant Obligations.
In the event of damage to or destruction of any of the improvements on the Premises by fire or other casualty, Tenant shall give
Landlord immediate notice thereof and shall, at Tenant’s own expense and whether or not the insurance proceeds are sufficient
for the purpose, promptly commence and thereafter diligently pursue completion of the repair, restoration or rebuilding of the
same so that upon completion of such repairs, restoration or rebuilding, the value and rental value of the improvements shall
be substantially equal to the value and rental value thereof immediately prior to the occurrence of such fire or other casualty.
Tenant hereby expressly waives any statutory right to terminate this Lease in the

 

    	4

    	 

    

 

event of damage or destruction of the Premises or all or any portion
of the buildings or improvements thereon.

 

12.2 Lease Termination.
Notwithstanding anything to the contrary contained herein, if the Premises should be rendered untenantable by fire or other casualty
during the last two (2) years of the Term to the extent of fifty percent (50%) or more of the replacement cost of the Premises,
Tenant shall have the option to terminate this Lease by notice to Landlord within sixty (60) days after the occurrence of such
damage or destruction. Upon termination, this Lease and the Term hereof shall cease and come to an end as of the effective date
of such notice (which shall be not less than thirty (30) nor more than ninety (90) days after the notice and shall be specified
in the notice). Any unearned rent or other charges shall be apportioned as of the effective date and Tenant shall assign to Landlord
all of its rights to the insurance proceeds arising out of damage or destruction to the improvements and shall pay Landlord (when
the information is ascertained) the difference between the value of the property damaged or destroyed, prior to the damage or
destruction, and the amount, if any, of the insurance proceeds.

 

13.          
Easements. Landlord expressly reserves all rights in and with respect to the use of the Premises as provided herein, including
(without in any way limiting the generality of the foregoing) the rights of Landlord to establish Common Areas and grant parking
easements to others and to enter upon the Premises and give easements to others for the purpose of installing, using, maintaining,
renewing and replacing such overhead or underground water, gas, sewer, and other pipe lines, and telephone, electric and power
lines, cables and conduits as Landlord may deem desirable in connection with the development or use of the other property in the
Project or any other property in the neighborhood thereof, whether owned by Landlord or not.

 

14.          
Indemnification.

 

14.1. By Tenant.
Excepting any responsibility allocated to Landlord by reason of its negligence (excluding from this exception, however, any responsibility
allocated to Landlord by reason of its failure to enforce the terms of this Lease), Tenant shall indemnify, defend and hold Landlord
harmless for, from and against all liabilities, obligations, claims, suits, damages, penalties, causes of action, costs and expenses
(including without limitation, reasonable attorneys’ fees and expenses) imposed upon or asserted against Landlord by reason
of the acts or omissions of Tenant, its agents, employees, contractors, suppliers, licensees, invitees and guests and/or the occurrence
of any of the following during the Term: (i) any use, non-use or condition of the

 

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Premises or any part thereof; (ii) any
accident, injury to or death of persons (including workmen) or loss of or damage to property occurring on or about the Premises
or any part thereof; (iii) any failure on the part of Tenant to perform or comply with any of the provisions of this Lease; (iv)
performance of any labor or services or the furnishings of any materials or other property in respect of the Premises or any part
thereof (excluding any such matters performed or furnished by or at the request of Landlord and unrelated to a default of Tenant
under this Lease); or (v) any failure on the part of Tenant to clean up and/or dispose of any Hazardous Materials, as described
in Section 13.2 above, in accordance with the requirements of this Lease and applicable law. In the event Landlord should be made
a defendant in any action, suit or proceeding brought by reason of any such occurrence, Tenant shall, at its own expense, resist
and defend such action, suit or proceeding or cause the same to be resisted and defended by legal counsel designated by Tenant
but approved by Landlord. If any such action, suit or proceeding should result in a final judgment against Landlord, Tenant shall
promptly satisfy and discharge such judgment or shall cause such judgment to be promptly satisfied and discharged. The obligations
of Tenant under this Section 18 arising by reason of any such occurrence taking place while this Lease is in effect shall survive
the termination of this Lease.

 

14.2        
By Landlord. Landlord shall save, hold harmless and indemnify Tenant for, from and against all liabilities, obligations,
claims, suits, damages, penalties, causes of action, costs and expenses (including, without limitation, reasonable attorneys’
fees and expenses) imposed upon or asserted against Tenant by reason of the negligence of Landlord or its agents, contractors,
servants or employees.

 

15.          
Assignment and Subletting. Tenant shall not transfer or assign this Lease or any interest in this Lease or sublet the Premises
or any portion thereof without first obtaining the written consent of Landlord, which consent may be given or withheld in Landlord’s
sole discretion; and any attempted transfer, assignment or subletting, including any involuntary transfers or assignments by operation
of law, without such consent shall be void and confer no rights upon any third person, and at the option of Landlord, shall cause
a termination of this Lease, in which event such third person shall occupy the Premises as a tenant at sufferance. The acceptance
of any rent payments by Landlord from any such alleged assignee shall not constitute approval of the assignment or subletting
of this Lease by Landlord. No transfer, assignment or subletting shall relieve Tenant of its liability for the full performance
of all of the provisions, agreements, covenants and conditions of this Lease. A consent by Landlord to one transfer, assignment
or subletting shall not operate as a waiver of this Section as to any future transfer, assignment or subletting, and this Section
15 shall apply to any transferee, assignee or subtenant.

 

16.          
Defaults by Tenant.

 

16.1        
Event of Default. Each of the following occurrences shall be an Event of Default hereunder:

 

A.           If
Tenant fails to pay any Rent, Additional Charges or any sum due hereunder promptly when due and such failure continues for three
(3) days after the date such payment was due.

  

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B.           If
Tenant defaults or breaches any of the other (non-monetary) covenants, agreements, conditions or undertakings herein to be kept,
observed and performed by Tenant and such default continues for ten (10) days after notice thereof in writing to Tenant.

 

C.           If
Tenant files any petition under any chapter or section of the Federal Bankruptcy Code or any similar law, state or federal, whether
now or hereafter existing, or shall file an answer admitting insolvency or inability to pay its debts.

 

D.           If
Tenant fails to obtain a stay of any involuntary proceedings under any chapter or section of the Federal Bankruptcy Code within
sixty (60) days after the institution thereof.

 

E.           If
a trustee or receiver is appointed for Tenant or for a major portion of its property or for any portion of the Premises and such
appointment is not vacated and dismissed within sixty (60) days thereafter and in any event prior to any action adverse to the
interest of Tenant or Landlord having been taken by such trustee or receiver.

 

F.           If
any court takes jurisdiction of a major portion of the property of Tenant or any part of the Premises in any involuntary proceeding
for dissolution, liquidation or winding up of Tenant and such jurisdiction is not relinquished or vacated within sixty (60) days.

 

G.           If
Tenant makes an assignment for the benefit of its creditors.

 

16.2        
Re-Enter of Premises. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have
the right, at its election, to reenter the Premises, or any part thereof, either with or without process of law, and to expel,
remove and evict Tenant and all persons occupying or upon the same under Tenant, using such force as may be lawful and necessary
in so doing, and to possess the Premises and enjoy the same as in their former estate and to take full possession of and control
over the Premises and the buildings and improvements thereon and to have, hold and enjoy the same and to receive all rental income
of and from the same. No reentry by Landlord shall be deemed an acceptance of a surrender of this Lease, nor shall it absolve
or discharge Tenant from any liability under this Lease. Upon such reentry, all rights of Tenant to occupy or possess the Premises
shall cease and terminate.

 

16.3        
Lease Termination. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have
the right, at its election, with or without reentry as provided in Section 16.2, to give written notice to Tenant stating that
this Lease shall terminate on the date specified by such notice, and upon the date specified in such notice this Lease and the
Term hereby demised and all rights of Tenant hereunder shall terminate. Upon such termination, Tenant shall quit and peacefully 

 

    	7

    	 

    

 

surrender
to Landlord the Premises and the buildings and improvements then situated thereon. 

 

16.4        
Relettinq. At any time and from time to time after such reentry, Landlord may re-let the Premises and the buildings and
improvements thereon, or any part thereof, in the name of Landlord or otherwise, for such term or terms (which may be greater
or less than the period which would otherwise have constituted the balance of the Term of this Lease), and on such conditions
(which may include concessions or free rental) as Landlord, in its reasonable discretion, may determine and may collect and receive
the rental therefore. However, in no event shall Landlord be under any obligation to re-let the Premises and the buildings and
improvements thereon, or any part thereof, and Landlord shall in no way be responsible or liable for any failure to re-let or
for any failure to collect any rental due upon any such re-letting. Even though it may re-let the Premises, Landlord shall have
the right thereafter to terminate this Lease and all of the rights of Tenant in or to the Premises. Nothing contained in the foregoing
shall be deemed a waiver or relinquishment by Tenant of any duty imposed by law on Landlord to mitigate its damages.

 

16.5        
Survival of Liability. Unless Landlord shall have notified Tenant in writing that it has elected to terminate this Lease,
no such reentry or action in lawful detainer or otherwise to obtain possession of the Premises shall relieve Tenant of its liability
and obligations under this Lease; and all such liability and obligations shall survive any such reentry. In the event of any such
reentry, whether or not the Premises and the buildings and improvements thereon, or any part thereof, shall have been re-let,
Tenant shall pay to Landlord the entire rental and all other charges required to be paid by Tenant up to the time of such reentry
of this Lease, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such reentry,
shall be liable to Landlord, and shall pay to Landlord, as damages for Tenant’s default:

 

A.           The
amount of Minimum Base Rent which would be payable under this Lease by Tenant if this Lease were still in effect, less

 

B.           The
net proceeds of any re-letting, after deducting all of Landlord’s expenses in connection with such re-letting, including without
limitation all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, alteration costs and expenses of preparation
for such re-letting.

 

Tenant shall be liable
for and pay such damages to Landlord on a monthly basis on the first day of each month and Landlord shall be entitled to recover
from Tenant monthly as the same shall arise. The excess, if any, in any month or months, of the net proceeds described in subparagraph
(B) above actually received by Landlord over the Minimum Base Rent described in subparagraph (A) above shall belong to Landlord,
provided that such excess shall be credited and applied against Tenant’s future obligations arising under this Section 16.5 as
the same become due and payable by Tenant hereunder, and that Tenant shall remain liable for future 

 

    	8

    	 

    

 

deficiencies, as applicable.
Notwithstanding any such reentry without termination, Landlord may at any time thereafter, by written notice to Tenant, elect to
terminate this Lease for Tenant’s previous breach.

 

16.6         
Cumulative Remedies. Each right and remedy of Landlord provided for in this Lease shall be cumulative and in addition to
every other right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise;
and the exercise or beginning of the exercise by Landlord of any one or more of such rights or remedies shall not preclude the
simultaneous or later exercise by Landlord of any or all other rights or remedies provided for in this Lease now or hereafter
existing at law or in equity or by statute or otherwise.

 

16.7         
Sublessee Defaults. Any violation of any covenant or provision of this Lease, whether by act or omission, by any sublessee
or any other persons occupying any portion of the Premises under the rights of Tenant shall be deemed a violation of such provision
by Tenant and a default under this Lease. Any such violation shall not be deemed to be a default hereunder if and so long as Tenant
in good faith and at its own expense takes and diligently pursues any and all steps it is entitled to take and which steps if
completed will cure said default.

 

16.8         
Repetitive Rent Payment Defaults.   NOTWITHSTANDING THE PROVISIONS OF THIS LEASE TO THE CONTRARY, IF IN ANY ONE
(1) PERIOD OF TWELVE (12) CONSECUTIVE MONTHS, TENANT SHALL HAVE BEEN IN DEFAULT IN THE PAYMENT OF RENT HEREIN AT LEAST THREE (3)
TIMES AND LANDLORD, BECAUSE OF SUCH DEFAULTS, SHALL HAVE SERVED UPON TENANT WITHIN SUCH TWELVE (12) MONTH PERIOD THREE (3) OR
MORE NOTICES OF LATE PAYMENT, THEN THE FOURTH DEFAULT SHALL BE DEEMED TO BE A NON-CURABLE DEFAULT AND LANDLORD SHALL BE ENTITLED
TO IMMEDIATE POSSESSION OF THE PREMISES.

 

16.9         
Cure Period. Notwithstanding any other provision of this Section, Landlord and Tenant agree that if the default complained
of, other than for the payment of monies, is of such a nature that the same cannot be cured within the twenty (20) day period
for curing as specified in the written notice relating thereto, then such default shall be deemed to be cured by the other party
within such period of twenty (20) days if the other party shall have commenced thereof and shall continue thereafter with all
due diligence to effect such cure and does so complete the same with the use of such diligence as aforesaid.

 

16.10        
Late Charges. A late charge in the amount of ten percent (10%) of the delinquent payment shall be assessed to any payment
required to be made by Tenant to Landlord under the terms of this Lease not received by Landlord within three (3) days after its
due date (regardless of whether Tenant has been given notice of such failure of payment). If Tenant tenders to Landlord a check
that is returned marked “NSF” or its equivalent, Tenant shall pay Landlord a payment in the amount of twenty percent

 

    	9

    	 

    

 

(20%) of the amount of such non-negotiable check. Tenant’s failure to pay any such late charge within three (3) days after Landlord’s
written demand therefor shall constitute an Event of Default hereunder. In addition to the payments set forth in the preceding
two sentences, Tenant shall pay Landlord interest at the rate of eighteen percent (18%) per annum from the date any payment is
due until the date such payment is actually received by Landlord.

 

17.          
Condemnation. If title to all or any portion of the Premises is taken by a public or quasi-public authority under any statute
or by right of eminent domain of any governmental body, whether such loss or damage results from condemnation of part or all of
the Premises, Tenant shall not be entitled to participate or receive any part of the damages or award except where the same shall
provide for Tenant’s moving or other reimbursable expenses, the portion thereof allocated to the taking of Tenant’s
trade fixtures, equipment and personal property or to a loss of business by Tenant. Should any power of eminent domain be exercised
after Tenant is in possession, such exercise shall not void or impair this Lease unless the amount of the Premises so taken substantially
and materially impairs the usefulness of the Premises for the purposes for which they are leased in which case, either party may
cancel this Lease by notice to the other within sixty (60) days after such possession. Should only a portion of the Premises be
taken and the Premises continue to be reasonably suitable for Tenant’s use, the rent shall be reduced from the date of such
possession in direct proportion to the reduction in the square footage of the Premises. Notwithstanding the language of this Paragraph,
Tenant shall be allowed to separately litigate its damages for loss of its business as a result of any condemnation.

 

18.          
Tenant’s Waiver of Statutory Rights. In the event of any termination of the Term (or any repossession of the Premises),
Tenant so far as permitted by law, waives (i) any notice of reentry or of the institution of legal proceedings to that end; and
(ii) the benefits of any laws now or hereafter in force exempting property from liability for rent or for debt.

 

19.          
Waiver of Performance. No failure by Landlord or Tenant to insist upon the strict performance of any term or condition
hereof or to exercise any right, power or remedy consequent upon a breach thereof and no submission by Tenant or acceptance by
Landlord of full or partial rent during the continuance of any such breach shall constitute a waiver of any such breach or of
any such term. No waiver of any breach shall affect or alter this Lease (which shall continue in full force and effect), or the
respective rights of Landlord or Tenant with respect to any other then-existing or subsequent breach.

 

20.          
Remedies Cumulative. Each right, power and remedy provided for in this Lease now or hereafter existing at law, in equity
or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power or remedy provided for in
this Lease now or hereafter existing at law, in equity or otherwise; and the exercise or beginning of the exercise of any one
or more of the rights, powers or remedies

 

    	10

    	 

    

 

provided for in this Lease shall not preclude the simultaneous or later exercise of any
or all such other rights, powers or remedies. 

 

21.          
Conveyance by Landlord. In the event Landlord or any successor Landlord shall convey or otherwise dispose of the Premises,
it shall thereupon be released from all liabilities and obligations imposed upon Landlord under this Lease (except those accruing
prior to such conveyance or other disposition) and such liabilities and obligations shall be binding solely on the then owner
of the Premises.

 

22.          
No Personal Liability to Landlord. Tenant shall look solely to Landlord’s interest in the Premises for the satisfaction
of any judgment or decree requiring the payment of money by Landlord based upon any default under this Lease, and no other property
or assets of Landlord, or any partner or member of, or shareholder in, Landlord, shall be subject to levy, execution or other
enforcement procedures for satisfaction of any such judgment or decree.

 

23.          
Attorneys’ Fees. In the event Landlord retains an attorney to enforce its rights under this Lease or to bring suit
for possession of the Premises, for the recovery of any sum due hereunder, or for any other relief against Tenant, declaratory
or otherwise, arising out of a breach of any term of this Lease, or in the event Tenant should bring any action for any relief
against Landlord, declaratory or otherwise, arising out of this Lease, the prevailing party shall be entitled to receive from
the other party reasonable attorneys’ fees and reasonable costs and expenses, which shall be deemed to have accrued due
to the commencement of such action and shall be enforceable whether or not such action is prosecuted to judgment.

 

24.          
Provisions Subject to Applicable Law. All rights, powers and remedies provided herein shall be exercised only to the extent
that the exercise thereof shall not violate any applicable law and are intended to be limited to the extent necessary so that
they shall not render this Lease invalid or unenforceable under any applicable law. If any term of this Lease shall be held to
be invalid, illegal or unenforceable, the validity of the other terms of this Lease shall in no way be affected thereby.

 

25.          
Right to Cure Tenant’s Defaults. In the event Tenant shall breach any term, covenant or provision of this Lease,
Landlord may at any time, without notice, cure such breach for the account and at the expense of Tenant. If Landlord at any time,
by reason of such breach, is compelled to pay or elects to pay any sum of money or to do any act that will require the payment
of any sum of money, or is compelled to incur any expense, including reasonable attorneys’ fees, incurred in instituting,
prosecuting or defending any actions or proceedings to enforce Landlord’s rights under this Lease or otherwise, the sum
or sums so paid by Landlord, with all interest, costs and damages, shall be deemed to be Additional Charges and shall be paid
by Tenant to Landlord on the first day of the month following the incurring of such expenses of the payment of such sums and shall
include interest at the rate of eighteen percent (18%) per annum

 

    	11

    	 

    

 

 from the date Landlord makes a payment until Tenant pays such Additional Charges in full. 

 

26.          
Notices. Any notice to be given by Landlord or Tenant shall be given exclusively in writing and delivered in person or
by overnight mail service to Landlord or Tenant, forwarded by certified or registered mail, postage prepaid, or sent via facsimile
transmission, to the address indicated in the Fundamental Lease Provisions, unless the party giving any such notice has been notified,
in writing, of a change of address. Any such notice shall be deemed effective (a) upon receipt or refusal to accept delivery,
if personally delivered; (b) on the next business day following delivery to the overnight courier; (c) in the case of certified
mailing, on the date of actual delivery as shown by the addressee’s receipt or upon the expiration of three (3) business
days following the date of mailing, whichever occurs first; or (d) in the case of facsimile transmission, upon receipt (a written
confirmation of successful transmission from the transmitting facsimile machine being prima facie evidence of such receipt).

 

27.          
Signs. Tenant shall not place, alter, exhibit, inscribe, paint or affix any sign, awning, canopy, advertisement, notice
or other lettering on any part of the outside of the Premises, or of the building of which the Premises is a part, or inside the
Premises if visible from the outside, without first obtaining Landlord’s written approval thereof, which shall not be unreasonably
withheld, and if so approved, Tenant shall maintain the same in good condition and repair. All signs shall comply with applicable
ordinances or other governmental restrictions and with all applicable rules and regulations then in force or as may be put in
force and effect from time to time by any governmental authority or by Landlord.

 

28.          
Landlord’s Inspections.

 

28.1        
Inspection. Landlord reserves the right to, at all reasonable times, by itself or by its duly authorized agents, employees
and contractors, and without notice to go upon and inspect the Premises and every part thereof, to enforce or carry out the provisions
of this Lease, to make, at its option, repairs, installations, alterations, improvements and additions to the Premises or the
building of which the Premises are a part, to perform any defaulted obligation of Tenant or for any other proper purposes. Landlord
also reserves the right to install or place upon or affix to the roof and exterior walls of the Premises: equipment, signs, displays,
antennae and any other object or structure of any kind, provided the same shall not interfere with Tenant’s occupancy or
materially impair the structural integrity of the building of which the Premises are a part.

 

28.2        
Presenting for Sale or Lease. Landlord hereby reserves the right during usual business hours to enter the Premises and
to show the same for purposes of sale, lease or mortgage, and during the last six (6) months of the term of this Lease, or the
extension thereof, to exhibit the same to any prospective tenant, and to display appropriate signage for such sale or lease. Prospective
purchasers or tenants authorized by Landlord may inspect the Premises during reasonable hours at any time.

 

    	12

    	 

    

 

29.          
Estoppel Certificate. Tenant will execute, acknowledge and deliver to Landlord, within seven (7) days following a written
request therefor, a certificate certifying (a) that this Lease is unmodified and in full force (or, if there have been modifications,
that the Lease is in full force and effect, as modified, and stating the modifications); (b) the dates, if any, to which rent,
Additional Charges and other sums payable hereunder have been paid; (c) that no notice has been received by Tenant of any default
which has not been cured, except as to defaults specified in such certificate; and (d) this Lease is and shall be subordinate
to any existing or future deed of trust, mortgage or security agreement placed upon the Premises or the Project by the Landlord
or owner of the Property. Any claim of Tenant in contradiction of any of the foregoing matters must be set forth with specificity
in the certificate. Any such certificate may be relied upon by any prospective purchaser or encumbrancer of the Premises or any
part thereof. Tenant’s failure to deliver such certificate within the time permitted hereby shall be conclusive upon Tenant
that this Lease is in full force and effect, except to the extent any modification has been represented by Landlord, and there
are no uncured defaults in Landlord’s performance, and that not more than one month’s rent has been paid in
advance. In addition, at Landlord’s option, after notice to Tenant and expiration of applicable grace period under this
Lease, such failure of Tenant to deliver such certificate shall constitute an Event of Default. Tenant acknowledges and agrees
that the promise to issue such statements pursuant hereto are a material consideration inducing Landlord to enter into this Lease
and that the breach of such promise shall be deemed a material breach of this Lease.

 

30.         
Waiver of Trial By Jury. TENANT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM
BY EITHER LANDLORD OR TENANT AGAINST EACH OTHER ON ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE RELATIONSHIP
OF LANDLORD AND TENANT, AND/OR TENANT’S USE OR OCCUPANCY OF THE LEASED PREMISES. TENANT AGREES THAT EXCLUSIVE JURISDICTION
FOR ALL LEGAL ACTIONS SHALL BE COCONINO COUNTY SUPERIOR COURT.

  

31.          
Recording. Neither this Lease nor a memorandum thereof, may be recorded, or otherwise made public, by any means, without
the express written consent of Landlord. Any such recording or publication without such consent, shall, at Landlord’s option,
cause this Lease and all rights of Tenant hereunder, to be immediately forfeited and of no further force and effect, provided,
however, that Landlord shall have the right to such action against Tenant, for damages resulting from such recording, as Landlord
shall be entitled to by law.

 

32.          
Subordination. This Lease is hereby declared to be subject and subordinate to the lien of any present or future encumbrance
or encumbrances upon the Premises or the Project, irrespective of the time of execution or the time of recording of any such encumbrance
or encumbrances. Landlord shall use its good faith efforts to obtain for Tenant an attornment and non-disturbance agreement from
any lender which has a lien on the Premises. This subordination is subject to the right of Tenant upon a

 

    	13

    	 

    

 

foreclosure or other action
taken under any mortgage by the holders thereof to have this Lease and the rights of Tenant hereunder not be disturbed but to continue
in full force and effect so long as Tenant shall not be in default hereunder. The word  “encumbrance” as used herein includes
mortgages, deeds of trust or other similar instruments, and modifications, extensions, renewals and replacements thereof, and any
and all advances thereunder. 

 

33.          
Miscellaneous.

 

33.1        
Definition of Tenant. The Term “Tenant” shall include legal representatives, successors and permitted assigns.
All covenants herein shall be made binding upon Tenant and construed to be equally applicable to and binding upon its agents,
employees and others claiming the right to be in the Premises or in the building or in the building through, under or above Tenant.

 

33.2        
Tenant. If more than one individual, firm, or corporation shall join as Tenant, singular context shall be construed to
be plural wherever necessary and the covenants of Tenant shall be the joint and several obligations of each party signing as Tenant
and when the parties signing as Tenant are partners, it shall be the obligation of the firm and of the individual members thereof.

 

33.3        
Gender and Number. Whenever from the context it appears appropriate, each item stated in the singular shall include the
plural and vice versa and the masculine, feminine, or neuter form shall included the masculine, feminine and neuter forms.

 

33.4        
Modifications and Waivers. No change, modification, or waiver of any provision of this Lease shall be valid or binding
unless it is in writing dated after the date hereof and signed by the parties intended to be bound. No waiver of any breach, term,
or condition of this Lease by either party shall constitute a subsequent waiver of the same or any other breach, term, or condition.

 

33.5        
Implied Warranties. OTHER THAN AS SET FORTH IN THIS LEASE, TENANT AND LANDLORD EXPRESSLY AGREE THAT THERE ARE AND SHALL
BE NO IMPLIED WARRANTIES OF MERCHANTABILITY, HABITABILITY, FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER KIND ARISING OUT OF THIS
LEASE, AND THERE ARE NO WARRANTIES WHICH EXTEND BEYOND THOSE EXPRESSLY SET FORTH IN THIS LEASE.

 

33.6        
Binding Effect. This Lease shall be binding upon and shall inure to the benefit of the parties and their respective heirs,
personal representatives, successors and assigns. This provision shall not be deemed to grant Tenant any right to assign this
Lease or sublet the Premises or any part thereof other than as provided in this Lease.

 

    	14

    	 

    

 

33.7         
Severability. To the fullest extent possible each provision of this agreement shall be interpreted in such fashion as to
be effective and valid under applicable law. If any provision of this Lease is declared void or unenforceable with respect to
particular circumstances, such provision shall remain in full force and effect in all other circumstances. If any provision
of this Lease is declared void or unenforceable, such provision shall be deemed severed from this Lease, which shall otherwise
remain in full force and effect.

 

33.8         
Governing Law and Jurisdiction. Except where preempted by the laws of the United States or the rules or regulations of
any agency or instrumentality thereof, this Lease is to be interpreted, construed and governed by the laws of the State of Arizona.
The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the Superior Court of the State of Arizona
for the County of Coconino in connection with any legal action or proceeding arising out of or relating to this Lease and the
parties waive any objection relating to the basis for personal or in rem jurisdiction or to venue which it may now or hereafter
have in any such suit, action or proceeding.

 

33.9         
Entire Agreement. This instrument constitutes the sole and only agreement between Landlord and Tenant respecting the Premises,
the leasing of the Premises to the Tenant, or the Lease term herein specified, and correctly sets forth the obligations of the
Landlord and Tenant to each other as of its date. Any agreements or representations by the Landlord to the Tenant not expressly
set forth in this instrument are void and unenforceable. All prior agreements and understanding of the parties with respect to
such subject matter are hereby superseded. No representations, promises, agreements, or understandings contained in this Lease
regarding the subject matter hereof shall be of any force or effect unless in writing, executed by the party to be bound, and
dated on or subsequent to the date hereof. Captions and headings are for convenience only and shall not alter any provision or
be used in the interpretation of this Lease.

 

33.10       
Time is of the Essence. Time is of the essence of this Lease and each and every provision hereof. Any extension of time
granted for the performance of any duty under this Lease shall not be considered an extension of time for the performance of any
other duty under this Lease.

 

33.11       
Brokers. Landlord and Tenant represent and warrant that neither has entered into any agreement with, nor otherwise had
any dealings with, any broker or agent in connection or execution of this Lease which could form the basis of any claim by any
such broker or agent for a brokerage fee or commission, finder’s fee, or any other compensation of any kind or nature in
connection with this Leasehold.

 

    	15

    	 

    

  

	LANDLORD:	 	TENANT:
	 	 	 
	SINAGUA
    PLAZA II, LLC., An Arizona	 	L’AUBERGE
    ORCHARDS, LLC, an
	limited
    liability company	 	Arizona
    limited liability company
	 	 	 
	By:	JOHNAL
    CORPORATION,	 	 	 
	 	an
    Arizona corporation	 	 	 
	 	 	 	 	 
	Its:	Manager	 	By:	/s/
    Al Spector
	 	 	 	 	Al Spector
	 	By:	/s/
    John Carleton	 	Its:	Manager
	 	 	John Carleton	 	 	 
	 	Its:	President	 	 	 
	 	 	 	 	 	 
	 	By:	/s/
    Al Spector	 	 	 
	 	 	Al Spector	 	 	 
	 	Its:	Vice President	 	 	 

  

    	 

    	 

    

 

 

    	 

    	 

    

 

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

 

EXHIBIT G      LA
BORROWER LEASES

 

iv.      SINAGUA
PARKING LEASE

 

    	4

    	 

    

 

SECOND AMENDMENT TO LEASE

 

(Sinagua Plaza II Parking Lease)

 

THIS SECOND AMENDMENT TO LEASE (“Amendment”)
executed and effective as of May 14, 2013 by and between Sinagua Plaza II, L.L.C., an Arizona limited liability company (“Landlord”)
and L’Auberge Orchards, LLC, an Arizona limited liability company (“Tenant”).

 

WHEREAS, Landlord and Tenantentered into
that certain Lease dated January 1, 2012 (“Original Lease”), as amended by that certain Amendment to Lease dated May
1, 2012 (“First Amendment”)(the Original Lease and First Amendment are hereby collectively referred to as the “Lease”),
whereby Landlord leased to Tenant and Tenant leased from Landlord 17 parking spaces located on the propertycommonly known as 320
N. Highway 89A, Sedona, Arizona, as described in the Original Lease and legally described on Exhibit A attached hereto;

 

WHEREAS, Landlord and Tenant desire to further
amend the terms of the Lease pursuant to the provisions of this Amendment.

 

NOW, THEREFORE, in consideration of the
above recitals, the mutual promises contained herein, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Landlord and Tenant agree as follows:

 

1. Lease Term.

 

(a) The Lease Term is hereby extended to
the date which is the tenth (10th) anniversary of the date hereof.

 

(b) Section 5 of the Original Lease is hereby
deleted in its entirety and replaced with the following:

 

“Landlord grants to Tenant the right to extend the Lease
Term for one (1) additional period of ten (10) years. Such extension shall be upon the same terms and conditions as the Original
Lease, as modified by this Amendment.

 

(c) Notwithstanding anything herein or in
the Original Lease to the contrary, Tenant shall have the right to terminate this Lease at any time upon thirty (30) days prior
written notice to Landlord.

 

2. Rent. The total monthly Minimum Rent payable in accordance
with the Lease shall be $2,000 for the period commencing on the date hereof through the first (1st) anniversary of the date hereof.
Thereafter, the total monthly Minimum Rent payable under this Lease shall be increased on an annual basis an amount equal to three
percent (3%) of the Minimum Rent payable in the immediately preceding year.

 

3. Common Area Expenses. Following
the first (1st) year of the term of this Lease, Tenant’s proportionate share of common area expenses shall be
adjusted for each year thereafter as follows: The base for computing the adjustment is the Consumers’ Price Index for All
Urban 

 

    	1

    	 

    

 

Consumers, United States Cities Average
published by the United States Department of Labor, Bureau of Labor Statistics (the “Index”), which is in effect on
the date of the commencement of the first day of the previous Lease year (“Beginning Index”). For example, the adjustment
for year two would be based on the Index for the first day of Lease year one. The Index published most immediately preceding the
Adjustment Date in question (“Extension Index”) is to be used in determining the amount of the adjustment. If the
Extension Index has increased over the Beginning Index, the common area expenses for the following year shall be set by multiplying
the base monthly rent for the previous year, e.g., for the 12th Lease month, by a fraction, the numerator of which is the Extension
Index and the denominator of which is the Beginning Index. However, the adjustment to common area expenses shall be no greater
than three percent (3%) compounded per annum of the prior year’s common area expenses.

 

4. Certificate of Insurance. Section 8 of the Original
Lease is hereby deleted in its entirety and replaced with the following:

 

“Tenant shall provide annually to
Landlord a Certificate of Insurance listing Landlord as an additional insured.”

 

5. Premises Utilities. Landlord shall, at Landlord’s
expense, cause to the Premises to be properly lighted at all times in which the Project is open to the public for business.

 

6. Repair. Section 11 of the Lease is hereby deleted
in its entirety.

 

7. Damage or Destruction. Article 12 of the Lease is
hereby deleted in its entirety and replaced with the following:

 

“If all or any portion of the Premises or the Project
is damaged by fire or other casualty insurable under a standard fire insurance policy with a standard extended coverage endorsement,
Minimum Monthly Rental and Additional Rent shall abate and Landlord shall promptly repair as is necessary to replace the Premises
and when placed in such condition the Premises shall be deemed restored and rendered tenantable, such repair or rebuilding to be
commenced within a reasonable time after the occurrence. If such damage occurs in the last two years of the Lease Term or during
any Option Term, Tenant or Landlord shall have the option of terminating the Lease upon written notice to the other party. If Landlord’s
Lender requires that the insurance proceeds be used to retire the debt, Landlord shall have no obligation to rebuild, and this
Lease shall terminate upon notice to Tenant. Promptly following Landlord’s repair or rebuilding, Tenant, at Tenant’s
sole expense, shall repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings and equipment, and
if Tenant has closed, Tenant shall promptly reopen for business.”

 

15. Waiver of Subrogation. Except with respect to Worker’s
Compensation, to which no waiver of subrogation will apply, each party hereby waives any and every right or cause of action for
the events which occur or accrue during the Lease Term for any and all loss of, or damage to, any of its property (whether or not
such loss or damage is caused by the fault or negligence of the other party or anyone for whom said other party may be responsible),
which loss or damage is covered by valid and collectible

 

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 fire, extended coverage, “All Risk” or similar policies covering
real property, personal property or business interruption insurance policies, to the extent that such loss or damage is recovered
under said insurance policies. Said waivers shall be in addition to, and not in limitation or derogation of, any other waiver or
release contained in this Lease with respect to any loss or damage to property of the parties hereto. Written notice of the terms
of such mutual waivers shall be given to each insurance carrier and the insurance policies shall be properly endorsed, if necessary,
to prevent the invalidation of coverage by reason of said waivers.

 

16. Indemnification.

 

a. Section 14.1 of the Original Lease is
hereby deleted in its entirety and replaced with the following:

 

“By Tenant. Excepting any responsibility
allocated to Landlord by reason of its gross negligence (excluding from this exception, however, any responsibility allocated to
Landlord by reason of its failure to enforce the terms of this Lease), Tenant shall indemnify, defend and hold Landlord harmless
for, from and against all liabilities, obligations, claims, suits, damages, penalties, causes of action, costs and expenses (including
without limitation, reasonable attorneys’ fees and expenses) imposed upon or asserted against Landlord by reason of the gross
negligence or willful misconduct of Tenant, its agents, employees, contractors, suppliers, licensees, invitees and guests and/or
the occurrence of any of thefollowing during the Term: (i) any use, non-use or condition of the Premises or any part thereof; (ii)
any accident, injury to or death of persons (including workmen) or loss of or damage to property occurring on or about the Premises
or any part thereof; (iii) any failure on the part of Tenant to perform or comply with any of the provisions of this Lease; (iv)
performance of any labor or services or the furnishings of any materials or other property in respect of the Premises or any part
thereof (excluding any such matters performed or furnished by or at the request of Landlord and unrelated to a default of Tenant
under this Lease); or (v) any failure on the part of Tenant to clean up and/or dispose of any Hazardous Materials, as described
in Section 13.2 above, in accordance with the requirements of this Lease and applicable law. In the event Landlord should be made
a defendant in any action, suit or proceeding brought by reason of any such occurrence, Tenant shall, at its own expense, resist
and defend such action, suit or proceeding or cause the same to be resisted and defended by legal counsel designated by Tenant
but approved by Landlord. If any such action, suit or proceeding should result in a final judgment against Landlord, Tenant shall
promptly satisfy and discharge such judgment or shall cause such judgment to be promptly satisfied and discharged. The obligations
of Tenant under this Section 18 arising by reason of any such occurrence taking place while this Lease is in effect shall survive
the termination of this Lease.”

 

b. Section 14.2 of the Original Lease is
hereby deleted in its entirety and replaced with the following:

 

“By Landlord.Landlord shall
save, hold harmless and indemnify Tenant for, from and against all liabilities, obligations, claims, suits, damages, penalties,
causes of action, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) imposed upon
or asserted against Tenant 

 

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by reason of the gross negligence or willful
misconduct of Landlord or its agents, contractors, servants or employees and/or the occurrence of any of the following during
the Term: (i) any use or condition of the Premises or any part thereof (which Landlord is required to maintain); (ii) any accident,
injury to or death of persons (including workmen) or loss of or damage to property occurring on or about the Common Areas; (iii)
any failure on the part of Landlord to perform or comply with any of the provisions of this Lease; and (iv) performance of any
labor or services or the furnishings of any materials or other property in respect of the Premises or any part thereof (excluding
any such matters performed or furnished by or at the request of Tenant). In the event Tenant should be made a defendant in any
action, suit or proceeding brought by reason of any such occurrence, Landlord shall, at its own expense, resist and defend such
action, suit or proceeding or cause the same to be resisted and defended by legal counsel designated by Landlord but approved
by Tenant. If any such action, suit or proceeding should result in a final judgment against Tenant, Landlord shall promptly satisfy
and discharge such judgment or shall cause such judgment to be promptly satisfied and discharged. The obligations of Landlord
under this Section 18 arising by reason of any such occurrence taking place while this Lease is in effect shall survive the termination
of this Lease.”

 

17. Assignment and Subletting. Article 15 of the Original
Lease is hereby deleted in its entirety and replaced with the following:

 

“Tenant shall have the right to transfer or assign this
Lease or sublet all or any portion of the Premises without Landlord’s consent, but with prior written notice to Landlord;
provided, the assignee or subtenant expressly assumes all obligations of Tenant under the Lease. Notwithstanding the foregoing,
Landlord shall not have the right to consent to any assignment or subletting of this Lease or any portion of the Premises to an
entity which controls, is controlled by or is under common control with Tenant, and Landlord shall not withhold its consent to
any proposed assignee or subtenant with financial wherewithal equal to or superior to that of Tenant and who is actively engaged
in the hospitality industry.”

 

19. Estoppels. The period in which Tenant must respond
to a request for an estoppel pursuant to Section 29 of the Lease is hereby modified from seven (7) days to ten (10) business days.
In the event Tenant fails to respond within such ten (10) business day period, Tenant shall be deemed in default under Section
16.1 of the Lease, but in no event will Tenant’s failure to respond be deemed an acknowledgement of any proported facts contained
in any form estoppel.

 

20. Conflicting Terms. In the event of any conflict,
inconsistency or ambiguity between the terms of this Amendment and the Lease, the terms of this Amendment shall control.

 

21. Defined Terms. Capitalized terms not otherwise defined
herein shall have the meaning ascribed to them in the Lease.

 

22. Multiple Counterparts. This Amendment may be executed
in multiple counterparts, each of which shall be deemed an original and together shall constitute one and the same instrument.

 

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23. Ratification. Except as expressly modified by this
Amendment, the Lease remains unmodified and in full force and effect.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties have executed this Amendment
as of the day and year above first written.

 

“Landlord”

 

Sinagua Plaza II, L.L.C., an Arizona limited liability company

 

	By:	/s/ Al Spector	 
	 	 	 
	Name:	Al Spector	 
	 	 	 
	Title:	Manager	 

 

“Tenant”

 

L’Auberge Orchards, LLC, an Arizona limited liability
company

 

	By:	/s/ Al Spector	 
	 	 	 
	Name:	Al Spector	 
	 	 	 
	Title:	Manager	 

 

Second Amendment to Lease (Sinagua Plaza
Parking) – Signature Page

 

    	 

    	 

    

 

AMENDMENT TO LEASE

 

This Amendment to Lease (Amendment) is made
this 1st day of May, 2012 by and between Sinagua Plaza II, LLC as Landlord (“Landlord”) and L’Auberge
Orchards LLC as Tenant (“Tenant”) and amends the Lease for Parking Spaces between Landlord and Tenant dated January
1, 2012.

 

RECITALS

 

1.         Landlord
and Tenant entered into a Lease for Parking Spaces in the Sinagua Plaza Parking Structure property of 17 parking spaces.

 

2.         Tenant
did not have sufficient cash flow during the months of January, February, March and April 2012 to pay Landlord the Rent that was
due.

 

3.         Tenant
has requested and Landlord has agreed to allow Tenant to defer payment of Rent during these months until the months of May, June,
July and August 2012 under the terms and conditions set forth in this Amendment.

 

It is agreed as follows:

 

1.         Paragraph
4A, Minimum Rent, is amended as follows:

 

A.         Tenant
shall pay to Landlord the Minimum Rent in advance, on the first day of each calendar month, except that in 2012 for the months
of January, February, March and April, Rent shall be paid as follows: (I) January Rent will be paid in May, February Rent will
be paid in June, March Rent will be paid in July and April Rent will be paid in August. This accommodation of deferred Rent is
extended to Tenant by Landlord provided that the revised Rent schedule stated in this Paragraph is adhered to in 2012. Should Tenant
not make Rent payments pursuant to this deferred Rent schedule, Tenant will be in default under this Lease.

 

2.         
Full Force and Effect. Except as modified by this Amendment, the Lease and each of its terms and conditions remains in
full force and effect.

 

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	LANDLORD:	 	TENANT:
	 	 	 
	SINAGUA PLAZA II, LLC, an Arizona	 	L’AUBERGE ORCHARDS, LLC, an
	limited liability company	 	Arizona limited liability company
	 	 	 
	By:	JOHNAL CORPORATION, an	 	 	 
	 	Arizona corporation	 	 	 
	 	 	 	 	 
	Its:	Manager	 	By:	/s/ Al Spector
	 	 	 	 	Al Spector
	 	By:	/s/ John Carleton	 	Its:	Manager
	 	 	John Carleton	 	 	 
	 	Its:	President	 	 	 
	 	 	 	 	 	 
	 	By:	/s/ Al Spector	 	 	 
	 	 	Al Spector	 	 	 
	 	Its:	Vice President	 	 	 

 

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LEASE FOR PARKING SPACES

 

This LEASE FOR PARKING
SPACES (“Lease”), is made this 1st day of January, 2012, by and between Sinagua Plaza II, LLC, an Arizona
limited liability company, having offices at 6900 E. Camelback Road, Suite 915, Scottsdale, AZ 85251 (“Landlord”),
and L’Auberge Orchards LLC, an Arizona limited liability company, having offices at 301 L’Auberge Lane, Sedona, AZ
86336 (“Tenant”).

 

RECITALS

 

		1.	Landlord owns the Sinagua Plaza Shopping Center and Parking
Structure located at 320 N. Highway 89A in Sedona, Arizona. Sinagua Plaza is a retail shopping center together with the adjacent
Parking Structure.

 

		2.	Tenant has enjoyed the use of 17 parking spaces for parking vehicles of employees and the placement
of its waste containers since June, 2008. The parking spaces are designated on the attached Exhibit “A”.

 

		3.	Tenant desires to continue to use the 17 parking spaces for its waste container management and
parking needs. Landlord agrees to permit Tenant to use the 17 parking spaces under the terms and conditions set forth below.

 

It is agreed as follows:

 

		1.	Premises. Landlord and Tenant
                                                          agree that Tenant has used the 17 parking spaces, and Tenant desires
                                                          to continue to use these spaces for its parking and waste container
                                                          management needs.

 

		2.	Commencement Date. The Commencement
                                                          Date of this Lease is January 1, 2012.

 

		3.	Termination Date. The Termination
                                                          Date of this Lease is December 31, 2017.

 

		4.	Minimum Rent. Commencing January
                                                          1, 2012, Minimum Rent shall be Two Thousand Dollars ($2,000.00) per
                                                          month. Rent is due and payable in advance on or before the first day
                                                          of each month and subject to adjustment as set forth below.

 

A.         Tenant
shall pay to Landlord the Minimum Rent in advance, on the first day of each calendar month. The Minimum Rent hereinafter provided
for shall be paid in lawful money of the United States to Landlord at its address or at such other place as Landlord may from time
to time designate in writing.

 

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B.         The
Minimum Rent shall be subject to adjustment as described herein commencing in the second year of the Lease Term and for each year
thereafter as follows except for the first year of any Option Term, when rent shall be adjusted to Market Rent.

 

The base for computing
the adjustment is the Consumers’ Price Index for All Urban Consumers, United States Cities Average published by the United
States Department of Labor, Bureau of Labor Statistics (the “Index”), which is in effect on the date of the commencement
of the first day of the previous Lease year (“Beginning Index”). For example, the adjustment for year two would be
based on the Index for the first day of Lease year one. The Index published most immediately preceding the Adjustment Date in question
(“Extension Index”) is to be used in determining the amount of the adjustment. If the Extension Index has increased
over the Beginning Index, the base monthly rent for the following year shall be set by multiplying the base monthly rent for the
previous year, e.g., for the 12th Lease month, by a fraction, the numerator of which is the Extension Index and the
denominator of which is the Beginning Index. However, the adjustment to the rent shall be no less than three percent (3%) compounded
per annum of the base monthly rent provided in this Lease. As an example, if year one monthly rent is $1,000.00 and the three percent
(3%) is applicable each year, then monthly rent for years two through five would be: year two - $1,030.00; year three - $1,060.90;
year four - $1,092.73; and year five $1,125.51.

 

If the Index is changed
so that the base year differs from that in effect when the Term commences, the Index shall be converted in accordance with the
conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued
or revised during the Term, such other government index or computation with which it is replaced shall be used in order to obtain
substantially the same result as would be obtained if the Index had not been discontinued or revised.

 

C.         Monthly
rent for the first month shall be paid on the date the Term commences. Monthly rent for any partial month shall be prorated at
the rate of one-thirtieth (1/30) of the monthly rent per day.

 

D.         All
rental amounts are “net” rent to Landlord.

 

5.         
Options to Renew. Provided that (i) this Lease is in full force and effect; (ii) Tenant is in possession of the Premises;
and (iii) Tenant has not been and is not in default under this Lease, Tenant shall have the right and option to further extend
the Term of this Lease for two (2) additional successive renewal periods of five (5) years each. The tenancy resulting from the
exercise of this option shall be upon the same terms and conditions as set forth in this Lease. The Minimum Rent for the first
year of each renewal period shall be adjusted upward or downward by Landlord in the first year of each renewal period based upon
the prevailing rates (Market Rent) for rents in Sinagua Plaza. Thereafter, for

 

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years 2, 3, 4 and 5 of each renewal period
Rent shall increase by three percent (3%) per year over the previous years Rent. The option for the renewal periods may be exercised
only upon written notice thereof to Landlord at least six (6) months prior to the Termination Date of this Lease. Within sixty
(60) days after exercise of any option for a renewal period, Landlord shall, in writing, notify Tenant of the Rent during the
first year of the renewal period. If Tenant fails to exercise any option during the period when the option is available, or if
this Lease is in default or is no longer in full force and effect for any reason, the applicable option shall be void.

 

The first renewal period
shall commence on the date following the originally fixed Termination Date. The second renewal period shall commence on the date
following the termination date of the first renewal period.

 

6.         
Size and Configuration. Landlord and Tenant agree that the location of the 17 parking spaces may be changed should such
a change be required by municipal or county regulations.

 

7.         
Tenant’s Property. Tenant agrees that all property owned by it in, on, or about the Premises shall be at the sole
risk and hazard of the Tenant. Landlord shall not be liable or responsible for any loss or damage to Tenant, or anyone claiming
under or through Tenant, or otherwise, whether caused by or resulting from a peril required to be insured hereunder, or from water,
gas leakage, plumbing, electricity or electrical apparatus, pipe or apparatus of any kind, the elements or other similar or dissimilar
causes, and whether or not originating in the Premises or elsewhere, irrespective of whether or not Landlord may be deemed to
have been negligent with respect thereto, and provided such damage or loss is not the result of any intentional and wrongful act
of Landlord. Tenant shall require all policies of risk insurance carried by it on its property in the Premises to contain or be
endorsed with the provision in and by which the insurer designated therein shall waive its right of subrogation against Landlord.

 

8.         
Certificate of Insurance. Tenant shall provide annually to Landlord a Certificate of Insurance listing Landlord as an additional
named insured and Barrett Realty LLC as an additional named insured under the Tenant’s policy of insurance.

 

9.         
Insurance Companies. The policies affording the insurance required by this Lease shall be with companies (rated A-[minus]
VII or better, A. M. Best’s Key Rating Guide) authorized to do business in the State of Arizona and shall be in a form reasonably
satisfactory to Landlord, shall provide replacement cost coverage, shall name Landlord as an additional insured, and shall provide
for payment of loss thereunder to Landlord and Tenant as their interests may appear. The policies or certificates evidencing such
insurance shall be delivered to Landlord on or before the Commencement Date and renewals thereof shall be delivered to Landlord
at least thirty (30) days prior to the expiration dates of the respective policies. Alternatively, the insurance required by this
Section 15 may be provided under a blanket policy to the Tenant’s existing insurance policy.

 

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10.         
Failure to Procure Insurance. In the event Tenant shall fail to procure insurance required under this Lease or fail to
maintain the same in force continuously during the Term, or any extension thereof, Landlord shall be entitled to procure such
insurance and Tenant shall, upon demand, immediately reimburse Landlord for such premium expense or Landlord may declare Tenant
in default under this Lease.

 

11.         
Repair. In the event of loss under any such policy or policies, Tenant shall promptly proceed with the repair and restoration
of the damaged or destroyed improvements. The insurance proceeds, if less than $20,000.00, shall be paid to Tenant for application
to such repair, restoration or remediation, so long as (a) Tenant is not then in default under this Lease, and (b) Tenant expressly
covenants in writing with Landlord to expend such funds for the repair, restoration or remediation of the Premises and the improvements
therein, and to furnish Landlord with documentation evidencing such expenditure of funds for work and improvements incorporated
in the Premises within thirty (30) days following completion of such repair, restoration or remediation. If the insurance proceeds
exceed $20,000.00, the same shall be paid to and held in trust by the Landlord. All insurance proceeds described in this Paragraph
11 shall be paid upon architects’ certificates and contractors’, subcontractors’ and materialmen’s waivers
of lien for the cost and expense of repair, restoration or remediation of the damage. If at any time such insurance proceeds shall
be insufficient to pay fully the cost of completion of such repair, restoration or remediation, Tenant shall upon demand of Landlord
pay a sufficient portion of such cost so that it shall appear to the reasonable satisfaction of Landlord that the amount of insurance
money in the hands of Tenant or Landlord, as applicable, shall at all times be sufficient to pay for the completion of the repairs,
restoration or remediation free and clear of all liens. Upon the completion of the repairs, restoration or remediation, free and
clear of all liens, any surplus of insurance monies shall be paid to Tenant, provided that Tenant is not then in default hereunder.
In the event that this Lease shall have been terminated for any default of Tenant under any of the terms and provisions contained
in this Lease, all proceeds of insurance in the hands of Tenant or Landlord and all claims against insurers shall be and become
the absolute property of Landlord.

 

12.         
Damage or Destruction.

 

12.1 Tenant Obligations.
In the event of damage to or destruction of any of the improvements on the Premises by fire or other casualty, Tenant shall give
Landlord immediate notice thereof and shall, at Tenant’s own expense and whether or not the insurance proceeds are sufficient
for the purpose, promptly commence and thereafter diligently pursue completion of the repair, restoration or rebuilding of the
same so that upon completion of such repairs, restoration or rebuilding, the value and rental value of the improvements shall
be substantially equal to the value and rental value thereof immediately prior to the occurrence of such fire or other casualty.
Tenant hereby expressly waives any statutory right to terminate this Lease in the

 

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event of damage or destruction of the Premises or all
or any portion of the buildings or improvements thereon.

 

12.2 Lease Termination.
Notwithstanding anything to the contrary contained herein, if the Premises should be rendered untenantable by fire or other casualty
during the last two (2) years of the Term to the extent of fifty percent (50%) or more of the replacement cost of the Premises,
Tenant shall have the option to terminate this Lease by notice to Landlord within sixty (60) days after the occurrence of such
damage or destruction. Upon termination, this Lease and the Term hereof shall cease and come to an end as of the effective date
of such notice (which shall be not less than thirty (30) nor more than ninety (90) days after the notice and shall be specified
in the notice). Any unearned rent or other charges shall be apportioned as of the effective date and Tenant shall assign to Landlord
all of its rights to the insurance proceeds arising out of damage or destruction to the improvements and shall pay Landlord (when
the information is ascertained) the difference between the value of the property damaged or destroyed, prior to the damage or
destruction, and the amount, if any, of the insurance proceeds.

 

13.         
Easements. Landlord expressly reserves all rights in and with respect to the use of the Premises as provided herein, including
(without in any way limiting the generality of the foregoing) the rights of Landlord to establish Common Areas and grant parking
easements to others and to enter upon the Premises and give easements to others for the purpose of installing, using, maintaining,
renewing and replacing such overhead or underground water, gas, sewer, and other pipe lines, and telephone, electric and power
lines, cables and conduits as Landlord may deem desirable in connection with the development or use of the other property in the
Project or any other property in the neighborhood thereof, whether owned by Landlord or not.

 

14.         
Indemnification.

   

14.1. By Tenant.
Excepting any responsibility allocated to Landlord by reason of its negligence (excluding from this exception, however, any responsibility
allocated to Landlord by reason of its failure to enforce the terms of this Lease), Tenant shall indemnify, defend and hold Landlord
harmless for, from and against all liabilities, obligations, claims, suits, damages, penalties, causes of action, costs and expenses
(including without limitation, reasonable attorneys’ fees and expenses) imposed upon or asserted against Landlord by reason
of the acts or omissions of Tenant, its agents, employees, contractors, suppliers, licensees, invitees and guests and/or the occurrence
of any of the following during the Term: (i) any use, non-use or condition of the Premises or any part thereof; (ii) any accident,
injury to or death of persons (including workmen) or loss of or damage to property occurring on or about the Premises or any part
thereof; (iii) any failure on the part of Tenant to perform or comply with any of the provisions of this Lease; (iv) performance
of any labor or services or the furnishings of any materials or other property in respect of the

 

    	5

    	 

    

 

Premises or any part thereof (excluding
any such matters performed or furnished by or at the request of Landlord and unrelated to a default of Tenant under this Lease);
or (v) any failure on the part of Tenant to clean up and/or dispose of any Hazardous Materials, as described in Section 13.2 above,
in accordance with the requirements of this Lease and applicable law. In the event Landlord should be made a defendant in any action,
suit or proceeding brought by reason of any such occurrence, Tenant shall, at its own expense, resist and defend such action, suit
or proceeding or cause the same to be resisted and defended by legal counsel designated by Tenant but approved by Landlord. If
any such action, suit or proceeding should result in a final judgment against Landlord, Tenant shall promptly satisfy and discharge
such judgment or shall cause such judgment to be promptly satisfied and discharged. The obligations of Tenant under this Section
18 arising by reason of any such occurrence taking place while this Lease is in effect shall survive the termination of this Lease.

 

14.2 By Landlord.
Landlord shall save, hold harmless and indemnify Tenant for, from and against all liabilities, obligations, claims, suits, damages,
penalties, causes of action, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses)
imposed upon or asserted against Tenant by reason of the negligence of Landlord or its agents, contractors, servants or employees.

 

15.         
Assignment and Subletting. Tenant shall not transfer or assign this Lease or any interest in this Lease or sublet the Premises
or any portion thereof without first obtaining the written consent of Landlord, which consent may be given or withheld in Landlord’s
sole discretion; and any attempted transfer, assignment or subletting, including any involuntary transfers or assignments by operation
of law, without such consent shall be void and confer no rights upon any third person, and at the option of Landlord, shall cause
a termination of this Lease, in which event such third person shall occupy the Premises as a tenant at sufferance. The acceptance
of any rent payments by Landlord from any such alleged assignee shall not constitute approval of the assignment or subletting
of this Lease by Landlord. No transfer, assignment or subletting shall relieve Tenant of its liability for the full performance
of all of the provisions, agreements, covenants and conditions of this Lease. A consent by Landlord to one transfer, assignment
or subletting shall not operate as a waiver of this Section as to any future transfer, assignment or subletting, and this Section
15 shall apply to any transferee, assignee or subtenant.

 

16.         
Defaults by Tenant.

 

16.1 Event of
Default. Each of the following occurrences shall be an Event of Default hereunder:

 

A.         If
Tenant fails to pay any Rent, Additional Charges or any sum due hereunder promptly when due and such failure continues for three
(3) days after the date such payment was due.

 

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B.         If
Tenant defaults or breaches any of the other (non-monetary) covenants, agreements, conditions or undertakings herein to be kept,
observed and performed by Tenant and such default continues for ten (10) days after notice thereof in writing to Tenant.

 

C.         If
Tenant files any petition under any chapter or section of the Federal Bankruptcy Code or any similar law, state or federal, whether
now or hereafter existing, or shall file an answer admitting insolvency or inability to pay its debts.

 

D.         If
Tenant fails to obtain a stay of any involuntary proceedings under any chapter or section of the Federal Bankruptcy Code within
sixty (60) days after the institution thereof.

 

E.         If
a trustee or receiver is appointed for Tenant or for a major portion of its property or for any portion of the Premises and such
appointment is not vacated, and dismissed within sixty (60) days thereafter and in any event prior to any action adverse to the
interest of Tenant or Landlord having been taken by such trustee or receiver.

 

F.         If
any court takes jurisdiction of a major portion of the property of Tenant or any part of the Premises in any involuntary proceeding
for dissolution, liquidation or winding up of Tenant and such jurisdiction is not relinquished or vacated within sixty (60) days.

 

G.         If
Tenant makes an assignment for the benefit of its creditors.

 

16.2 Re-Enter
of Premises. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have the right,
at its election, to reenter the Premises, or any part thereof, either with or without process of law, and to expel, remove and
evict Tenant and all persons occupying or upon the same under Tenant, using such force as may be lawful and necessary in so doing,
and to possess the Premises and enjoy the same as in their former estate and to take full possession of and control over the Premises
and the buildings and improvements thereon and to have, hold and enjoy the same and to receive all rental income of and from the
same. No reentry by Landlord shall be deemed an acceptance of a surrender of this Lease, nor shall it absolve or discharge Tenant
from any liability under this Lease. Upon such reentry, all rights of Tenant to occupy or possess the Premises shall cease and
terminate.

 

16.3 Lease Termination.
Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have the right, at its election,
with or without reentry as provided in Section 16.2, to give written notice to Tenant stating that this Lease shall terminate
on the date specified by such notice, and upon the date specified in such notice this Lease and the Term hereby demised and all
rights of Tenant hereunder shall terminate. Upon such termination, Tenant shall quit and peacefully

 

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surrender to Landlord the Premises
and the buildings and improvements then situated thereon.

 

16.4 Relettinq.
At any time and from time to time after such reentry, Landlord may re-let the Premises and the buildings and improvements thereon,
or any part thereof, in the name of Landlord or otherwise, for such term or terms (which may be greater or less than the period
which would otherwise have constituted the balance of the Term of this Lease), and on such conditions (which may include concessions
or free rental) as Landlord, in its reasonable discretion, may determine and may collect and receive the rental therefore. However,
in no event shall Landlord be under any obligation to re-let the Premises and the buildings and improvements thereon, or any part
thereof, and Landlord shall in no way be responsible or liable for any failure to re-let or for any failure to collect any rental
due upon any such re-letting. Even though it may re-let the Premises, Landlord shall have the right thereafter to terminate this
Lease and all of the rights of Tenant in or to the Premises. Nothing contained in the foregoing shall be deemed a waiver or relinquishment
by Tenant of any duty imposed by law on Landlord to mitigate its damages.

 

16.5 Survival of
Liability. Unless Landlord shall have notified Tenant in writing that it has elected to terminate this Lease, no such reentry
or action in lawful detainer or otherwise to obtain possession of the Premises shall relieve Tenant of its liability and obligations
under this Lease; and all such liability and obligations shall survive any such reentry. In the event of any such reentry, whether
or not the Premises and the buildings and improvements thereon, or any part thereof, shall have been re-let, Tenant shall pay
to Landlord the entire rental and all other charges required to be paid by Tenant up to the time of such reentry of this Lease,
and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such reentry, shall be liable
to Landlord, and shall pay to Landlord, as damages for Tenant’s default:

 

A.         The
amount of Minimum Base Rent which would be payable under this Lease by Tenant if this Lease were still in effect, less

 

B.         The
net proceeds of any re-letting, after deducting all of Landlord’s expenses in connection with such re-letting, including
without limitation all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, alteration costs and expenses
of preparation for such re-letting.

 

Tenant shall be liable
for and pay such damages to Landlord on a monthly basis on the first day of each month and Landlord shall be entitled to recover
from Tenant monthly as the same shall arise. The excess, if any, in any month or months, of the net proceeds described in subparagraph
(B) above actually received by Landlord over the Minimum Base Rent described in subparagraph (A) above shall belong to Landlord,
provided that such excess shall be credited and applied against Tenant’s future obligations arising under this Section 16.5
as the same become due and payable by Tenant hereunder, and that Tenant shall remain liable for future 

 

    	8

    	 

    

 

deficiencies, as applicable.
Notwithstanding any such reentry without termination, Landlord may at any time thereafter, by written notice to Tenant, elect to
terminate this Lease for Tenant’s previous breach.

 

16.6 Cumulative
Remedies. Each right and remedy of Landlord provided for in this Lease shall be cumulative and in addition to every other
right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise; and the
exercise or beginning of the exercise by Landlord of any one or more of such rights or remedies shall not preclude the simultaneous
or later exercise by Landlord of any or all other rights or remedies provided for in this Lease now or hereafter existing at law
or in equity or by statute or otherwise.

 

16.7 Sublessee
Defaults. Any violation of any covenant or provision of this Lease, whether by act or omission, by any sublessee or any other
persons occupying any portion of the Premises under the rights of Tenant shall be deemed a violation of such provision by Tenant
and a default under this Lease. Any such violation shall not be deemed to be a default hereunder if and so long as Tenant in good
faith and at its own expense takes and diligently pursues any and all steps it is entitled to take and which steps if completed
will cure said default.

 

16.8 Repetitive
Rent Payment Defaults.          NOTWITHSTANDING THE PROVISIONS OF THIS LEASE
TO THE CONTRARY, IF IN ANY ONE (1) PERIOD OF TWELVE (12) CONSECUTIVE MONTHS, TENANT SHALL HAVE BEEN IN DEFAULT IN THE PAYMENT
OF RENT HEREIN AT LEAST THREE (3) TIMES AND LANDLORD, BECAUSE OF SUCH DEFAULTS, SHALL HAVE SERVED UPON TENANT WITHIN SUCH TWELVE
(12) MONTH PERIOD THREE (3) OR MORE NOTICES OF LATE PAYMENT, THEN THE FOURTH DEFAULT SHALL BE DEEMED TO BE A NON-CURABLE DEFAULT
AND LANDLORD SHALL BE ENTITLED TO IMMEDIATE POSSESSION OF THE PREMISES.

 

16.9 Cure Period.
Notwithstanding any other provision of this Section, Landlord and Tenant agree that if the default complained of, other than for
the payment of monies, is of such a nature that the same cannot be cured within the twenty (20) day period for curing as specified
in the written notice relating thereto, then such default shall be deemed to be cured by the other party within such period of
twenty (20) days if the other party shall have commenced thereof and shall continue thereafter with all due diligence to effect
such cure and does so complete the same with the use of such diligence as aforesaid.

 

16.10 Late Charges.
A late charge in the amount of ten percent (10%) of the delinquent payment shall be assessed to any payment required to be made
by Tenant to Landlord under the terms of this Lease not received by Landlord within three (3) days after its due date (regardless
of whether Tenant has been given notice of such failure of payment). If Tenant tenders to Landlord a check that is returned marked
“NSF” or its equivalent, Tenant shall pay Landlord a payment in the amount of twenty percent

 

    	9

    	 

    

 

(20%) of the amount of
such non-negotiable check. Tenant’s failure to pay any such late charge within three (3) days after Landlord’s written
demand therefor shall constitute an Event of Default hereunder. In addition to the payments set forth in the preceding two sentences,
Tenant shall pay Landlord interest at the rate of eighteen percent (18%) per annum from the date any payment is due until the date
such payment is actually received by Landlord.

 

17.         
Condemnation. If title to all or any portion of the Premises is taken by a public or quasi-public authority under any statute
or by right of eminent domain of any governmental body, whether such loss or damage results from condemnation of part or all of
the Premises, Tenant shall not be entitled to participate or receive any part of the damages or award except where the same shall
provide for Tenant’s moving or other reimbursable expenses, the portion thereof allocated to the taking of Tenant’s
trade fixtures, equipment and personal property or to a loss of business by Tenant. Should any power of eminent domain be exercised
after Tenant is in possession, such exercise shall not void or impair this Lease unless the amount of the Premises so taken substantially
and materially impairs the usefulness of the Premises for the purposes for which they are leased in which case, either party may
cancel this Lease by notice to the other within sixty (60) days after such possession. Should only a portion of the Premises be
taken and the Premises continue to be reasonably suitable for Tenant’s use, the rent shall be reduced from the date of such
possession in direct proportion to the reduction in the square footage of the Premises. Notwithstanding the language of this Paragraph,
Tenant shall be allowed to separately litigate its damages for loss of its business as a result of any condemnation.

 

18.         
Tenant’s Waiver of Statutory Rights. In the event of any termination of the Term (or any repossession of the Premises),
Tenant so far as permitted by law, waives (i) any notice of reentry or of the institution of legal proceedings to that end; and
(ii) the benefits of any laws now or hereafter in force exempting property from liability for rent or for debt.

 

19.         
Waiver of Performance. No failure by Landlord or Tenant to insist upon the strict performance of any term or condition
hereof or to exercise any right, power or remedy consequent upon a breach thereof and no submission by Tenant or acceptance by
Landlord of full or partial rent during the continuance of any such breach shall constitute a waiver of any such breach or of
any such term. No waiver of any breach shall affect or alter this Lease (which shall continue in full force and effect), or the
respective rights of Landlord or Tenant with respect to any other then-existing or subsequent breach.

 

20.         
Remedies Cumulative. Each right, power and remedy provided for in this Lease now or hereafter existing at law, in equity
or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power or remedy provided for in
this Lease now or hereafter existing at law, in equity or otherwise; and the exercise or beginning of the exercise of any one
or more of the rights, powers or remedies

 

    	10

    	 

    

 

provided for in this Lease shall not preclude the simultaneous or later exercise of any
or all such other rights, powers or remedies.

 

21.         
Conveyance by Landlord. In the event Landlord or any successor Landlord shall convey or otherwise dispose of the Premises,
it shall thereupon be released from all liabilities and obligations imposed upon Landlord under this Lease (except those accruing
prior to such conveyance or other disposition) and such liabilities and obligations shall be binding solely on the then owner
of the Premises.

 

22.         
No Personal Liability to Landlord. Tenant shall look solely to Landlord’s interest in the Premises for the satisfaction
of any judgment or decree requiring the payment of money by Landlord based upon any default under this Lease, and no other property
or assets of Landlord, or any partner or member of, or shareholder in, Landlord, shall be subject to levy, execution or other
enforcement procedures for satisfaction of any such judgment or decree.

 

23.         
Attorneys’ Fees. In the event Landlord retains an attorney to enforce its rights under this Lease or to bring suit
for possession of the Premises, for the recovery of any sum due hereunder, or for any other relief against Tenant, declaratory
or otherwise, arising out of a breach of any term of this Lease, or in the event Tenant should bring any action for any relief
against Landlord, declaratory or otherwise, arising out of this Lease, the prevailing party shall be entitled to receive from
the other party reasonable attorneys’ fees and reasonable costs and expenses, which shall be deemed to have accrued due
to the commencement of such action and shall be enforceable whether or not such action is prosecuted to judgment.

 

24.         
Provisions Subject to Applicable Law. All rights, powers and remedies provided herein shall be exercised only to the extent
that the exercise thereof shall not violate any applicable law and are intended to be limited to the extent necessary so that
they shall not render this Lease invalid or unenforceable under any applicable law. If any term of this Lease shall be held to
be invalid, illegal or unenforceable, the validity of the other terms of this Lease shall in no way be affected thereby.

 

25.         
Right to Cure Tenant’s Defaults. In the event Tenant shall breach any term, covenant or provision of this Lease,
Landlord may at any time, without notice, cure such breach for the account and at the expense of Tenant. If Landlord at any time,
by reason of such breach, is compelled to pay or elects to pay any sum of money or to do any act that will require the payment
of any sum of money, or is compelled to incur any expense, including reasonable attorneys’ fees, incurred in instituting,
prosecuting or defending any actions or proceedings to enforce Landlord’s rights under this Lease or otherwise, the sum
or sums so paid by Landlord, with all interest, costs and damages, shall be deemed to be Additional Charges and shall be paid
by Tenant to Landlord on the first day of the month following the incurring of such expenses of the payment of such sums and shall
include interest at the rate of eighteen percent (18%) per annum

 

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from the date Landlord makes a payment until Tenant pays such Additional Charges in
full.

 

26.         
Notices. Any notice to be given by Landlord or Tenant shall be given exclusively in writing and delivered in person or
by overnight mail service to Landlord or Tenant, forwarded by certified or registered mail, postage prepaid, or sent via facsimile
transmission, to the address indicated in the Fundamental Lease Provisions, unless the party giving any such notice has been notified,
in writing, of a change of address. Any such notice shall be deemed effective (a) upon receipt or refusal to accept delivery,
if personally delivered; (b) on the next business day following delivery to the overnight courier; (c) in the case of certified
mailing, on the date of actual delivery as shown by the addressee’s receipt or upon the expiration of three (3) business
days following the date of mailing, whichever occurs first; or (d) in the case of facsimile transmission, upon receipt (a written
confirmation of successful transmission from the transmitting facsimile machine being prima facie evidence of such receipt).

 

27.         
Signs. Tenant shall not place, alter, exhibit, inscribe, paint or affix any sign, awning, canopy, advertisement, notice
or other lettering on any part of the outside of the Premises, or of the building of which the Premises is a part, or inside the
Premises if visible from the outside, without first obtaining Landlord’s written approval thereof, which shall not be unreasonably
withheld, and if so approved, Tenant shall maintain the same in good condition and repair. All signs shall comply with applicable
ordinances or other governmental restrictions and with all applicable rules and regulations then in force or as may be put in
force and effect from time to time by any governmental authority or by Landlord.

 

28.         
Landlord’s Inspections.

 

28.1 Inspection.
Landlord reserves the right to, at all reasonable times, by itself or by its duly authorized agents, employees and contractors,
and without notice to go upon and inspect the Premises and every part thereof, to enforce or carry out the provisions of this
Lease, to make, at its option, repairs, installations, alterations, improvements and additions to the Premises or the building
of which the Premises are a part, to perform any defaulted obligation of Tenant or for any other proper purposes. Landlord also
reserves the right to install or place upon or affix to the roof and exterior walls of the Premises: equipment, signs, displays,
antennae and any other object or structure of any kind, provided the same shall not interfere with Tenant’s occupancy or
materially impair the structural integrity of the building of which the Premises are a part.

 

28.2 Presenting
for Sale or Lease. Landlord hereby reserves the right during usual business hours to enter the Premises and to show the same
for purposes of sale, lease or mortgage, and during the last six (6) months of the term of this Lease, or the extension thereof,
to exhibit the same to any prospective tenant, and to display appropriate signage for such sale or lease. Prospective purchasers
or tenants authorized by Landlord may inspect the Premises during reasonable hours at any time.

 

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29.         
Estoppel Certificate. Tenant will execute, acknowledge and deliver to Landlord, within seven (7) days following a written
request therefor, a certificate certifying (a) that this Lease is unmodified and in full force (or, if there have been modifications,
that the Lease is in full force and effect, as modified, and stating the modifications); (b) the dates, if any, to which
rent, Additional Charges and other sums payable hereunder have been paid; (c) that no notice has been received by Tenant of any
default which has not been cured, except as to defaults specified in such certificate; and (d) this Lease is and shall be subordinate
to any existing or future deed of trust, mortgage or security agreement placed upon the Premises or the Project by the Landlord
or owner of the Property. Any claim of Tenant in contradiction of any of the foregoing matters must be set forth with specificity
in the certificate. Any such certificate may be relied upon by any prospective purchaser or encumbrancer of the Premises or any
part thereof. Tenant’s failure to deliver such certificate within the time permitted hereby shall be conclusive upon Tenant
that this Lease is in full force and effect, except to the extent any modification has been represented by Landlord, and there
are no uncured defaults in Landlord’s performance, and that not more than one month’s rent has been paid in advance.
In addition, at Landlord’s option, after notice to Tenant and expiration of applicable grace period under this Lease, such
failure of Tenant to deliver such certificate shall constitute an Event of Default. Tenant acknowledges and agrees that the promise
to issue such statements pursuant hereto are a material consideration inducing Landlord to enter into this Lease and that the
breach of such promise shall be deemed a material breach of this Lease.

 

30.         
Waiver of Trial By Jury. TENANT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM
BY EITHER LANDLORD OR TENANT AGAINST EACH OTHER ON ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE RELATIONSHIP
OF LANDLORD AND TENANT, AND/OR TENANT’S USE OR OCCUPANCY OF THE LEASED PREMISES. TENANT AGREES THAT EXCLUSIVE JURISDICTION
FOR ALL LEGAL ACTIONS SHALL BE COCONINO COUNTY SUPERIOR COURT.

 

31.         
Recording. Neither this Lease nor a memorandum thereof, may be recorded, or otherwise made public, by any means, without
the express written consent of Landlord. Any such recording or publication without such consent, shall, at Landlord’s option,
cause this Lease and all rights of Tenant hereunder, to be immediately forfeited and of no further force and effect, provided,
however, that Landlord shall have the right to such action against Tenant, for damages resulting from such recording, as Landlord
shall be entitled to by law.

 

32.         
Subordination. This Lease is hereby declared to be subject and subordinate to the lien of any present or future encumbrance
or encumbrances upon the Premises or the Project, irrespective of the time of execution or the time of recording of any such encumbrance
or encumbrances. Landlord shall use its good faith efforts to obtain for Tenant an attornment and non-disturbance agreement from
any lender which has a lien on the Premises. This subordination is subject to the right of Tenant upon a

 

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foreclosure or other action
taken under any mortgage by the holders thereof to have this Lease and the rights of Tenant hereunder not be disturbed but to continue
in full force and effect so long as Tenant shall not be in default hereunder. The word “encumbrance” as used herein
includes mortgages, deeds of trust or other similar instruments, and modifications, extensions, renewals and replacements thereof,
and any and all advances thereunder.

 

33.        Miscellaneous.

 

33.1 Definition
of Tenant. The Term “Tenant” shall include legal representatives, successors and permitted assigns. All covenants
herein shall be made binding upon Tenant and construed to be equally applicable to and binding upon its agents, employees and
others claiming the right to be in the Premises or in the building or in the building through, under or above Tenant.

 

33.2 Tenant.
If more than one individual, firm, or corporation shall join as Tenant, singular context shall be construed to be plural wherever
necessary and the covenants of Tenant shall be the joint and several obligations of each party signing as Tenant and when the
parties signing as Tenant are partners, it shall be the obligation of the firm and of the individual members thereof.

 

33.3 Gender and
Number. Whenever from the context it appears appropriate, each item stated in the singular shall include the plural and vice
versa and the masculine, feminine, or neuter form shall included the masculine, feminine and neuter forms.

 

33.4 Modifications
and Waivers. No change, modification, or waiver of any provision of this Lease shall be valid or binding unless it is in writing
dated after the date hereof and signed by the parties intended to be bound. No waiver of any breach, term, or condition of this
Lease by either party shall constitute a subsequent waiver of the same or any other breach, term, or condition.

 

33.5 Implied Warranties.
OTHER THAN AS SET FORTH IN THIS LEASE, TENANT AND LANDLORD EXPRESSLY AGREE THAT THERE ARE AND SHALL BE NO IMPLIED WARRANTIES OF
MERCHANTABILITY, HABITABILITY, FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER KIND ARISING OUT OF THIS LEASE, AND THERE ARE NO
WARRANTIES WHICH EXTEND BEYOND THOSE EXPRESSLY SET FORTH IN THIS LEASE.

 

33.6 Binding Effect.
This Lease shall be binding upon and shall inure to the benefit of the parties and their respective heirs, personal representatives,
successors and assigns. This provision shall not be deemed to grant Tenant any right to assign this Lease or sublet the Premises
or any part thereof other than as provided in this Lease.

 

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33.7 Severability.
To the fullest extent possible each provision of this agreement shall be interpreted in such fashion as to be effective and valid
under applicable law. If any provision of this Lease is declared void or unenforceable with respect to particular circumstances,
such provision shall remain in full force and effect in all other circumstances. If any provision of this Lease is declared void
or unenforceable, such provision shall be deemed severed from this Lease, which shall otherwise remain in full force and effect.

 

33.8 Governing
Law and Jurisdiction. Except where preempted by the laws of the United States or the rules or regulations of any agency or
instrumentality thereof, this Lease is to be interpreted, construed and governed by the laws of the State of Arizona. The parties
irrevocably and unconditionally submit to the exclusive jurisdiction of the Superior Court of the State of Arizona for the County
of Coconino in connection with any legal action or proceeding arising out of or relating to this Lease and the parties waive any
objection relating to the basis for personal or in rem jurisdiction or to venue which it may now or hereafter have in any such
suit, action or proceeding.

 

33.9 Entire Agreement.
This instrument constitutes the sole and only agreement between Landlord and Tenant respecting the Premises, the leasing of the
Premises to the Tenant, or the Lease term herein specified, and correctly sets forth the obligations of the Landlord and Tenant
to each other as of its date. Any agreements or representations by the Landlord to the Tenant not expressly set forth in this
instrument are void and unenforceable. All prior agreements and understanding of the parties with respect to such subject matter
are hereby superseded. No representations, promises, agreements, or understandings contained in this Lease regarding the subject
matter hereof shall be of any force or effect unless in writing, executed by the party to be bound, and dated on or subsequent
to the date hereof. Captions and headings are for convenience only and shall not alter any provision or be used in the interpretation
of this Lease.

 

33.10 Time is
of the Essence. Time is of the essence of this Lease and each and every provision hereof. Any extension of time granted for
the performance of any duty under this Lease shall not be considered an extension of time for the performance of any other duty
under this Lease.

 

33.11 Brokers.
Landlord and Tenant represent and warrant that neither has entered into any agreement with, nor otherwise had any dealings with,
any broker or agent in connection or execution of this Lease which could form the basis of any claim by any such broker or agent
for a brokerage fee or commission, finder’s fee, or any other compensation of any kind or nature in connection with this
Leasehold.

 

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	LANDLORD:	 	TENANT:
	 	 	 
	SINAGUA PLAZA II, L.L.C., An Arizona	 	L’AUBERGE ORCHARDS LLC, an
	limited liability company	 	Arizona limited liability company
	 	 	 
	By:	JOHNAL CORPORATION, an	 	 	 
	 	Arizona corporation	 	 	 
	 	 	 	 	 
	Its:	Manager	 	By:	/s/ Al Spector
	 	 	 	 	Al Spector
	 	By:	/s/ John Carleton	 	Its:	Manager
	 	 	John Carleton	 	 	 
	 	Its:	President	 	 	 
	 	 	 	 	 	 
	 	By:	/s/ Al Spector	 	 	 
	 	 	Al Spector	 	 	 
	 	Its:	Vice President	 	 	 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

SECOND AMENDMENT TO LEASE

 

(Orchards Annex)

 

THIS SECOND AMENDMENT TO LEASE (“Amendment”)
executed and effective as of May 14, 2013 by and between Canyon Portal II, L.L.C., an Arizona limited liability company (“Landlord”)
and Orchards Annex, LLC, an Arizona limited liability company (“Tenant”).

 

WHEREAS, Landlord and Tenant entered into
that certain Lease dated March 13, 2009 (“Original Lease”), whereby Landlord leased to Tenant and Tenant leased from
Landlord that certain 40 unit hotel property located in Sedona, Arizona described in the Original Lease;

 

WHEREAS, the Original Lease was modified
by that certain Amendment to Lease dated July 1, 2011 (“First Amendment”), whereby Landlord and Annex amended the Original
Lease to, among other things, increase the Minimum Monthly Base Rental and reduce the number of hotel units leased pursuant to
the Original Lease (the Original Lease and First Amendment are hereinafter collectively referred to as the “Lease”);

 

WHEREAS, Landlord and Tenant desire to further
amend the terms of the Lease pursuant to the provisions of this Amendment.

 

NOW, THEREFORE, in consideration of the
above recitals, the mutual promises contained herein, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Landlord and Tenant agree as follows:

 

1. Rent. The total gross monthly rent (which rent is
inclusive of, and shall obligate Landlord to provide, liability insurance, property taxes, parking lot improvements and common
area utilities) payable under the Lease is hereby reduced to $9,815 for the period commencing on July 1, 2013, through the fifth
(5th) anniversary of the date hereof. Thereafter, the total gross monthly rent payable under this Lease shall be adjusted
in accordance with that portion of Section 6 of the First Amendment beginning with the second sentence of such Section 6.

 

2. Lease Term. Section 5 of the First Amendment is hereby
deleted in its entirety and replaced with the following:

 

(a)          Landlord
grants to Tenant the right to extend the Lease Term for three (3) additional periods of ten (10) years each.

 

3. Approval of Financial Statement. Section 3.2 of the
Original Lease is hereby deleted in its entirety.

 

4. Parking Charges. Section 7.3 of the Original Lease
is hereby deleted in its entirety.

 

5. Prescribed Conduct. Section 8.3(G) of the Original
Lease is hereby deleted in its entirety.

 

6. Operation of Premises. Section 8.4 of the Original
Lease is hereby deleted in its entirety and replaced with the following:

 

    	 

    	 

    

 

A.           Tenant
shall operate its business on the Premises during the entire Term of this Lease. Subject to inability by reason of strikes or labor
disputes or other reasons beyond Tenant’s reasonable control, Tenant shall continuously and uninterruptedly conduct its business
365 days per year.

 

B.           Tenant
covenants and agrees that it will continuously and uninterruptedly from and after its initial opening for business, operate and
conduct under the provisions of this Lease, except (i) while the Premises are untenantable by reason of fire or other casualty;
or (ii) closed for purposes of remodeling, not to exceed a cumulative of thirty (30) days during any five (5) year period. Tenant
shall fully utilize the Premises for its business and shall at all times keep and maintain upon the Premises trade fixtures and
inventory.

 

7. Written Approval of Tenant Alterations. Section 9.3
of the Original Lease is hereby amended to including the following: “Notwithstanding the foregoing to the contrary, Landlord’s
approval of any request by Tenant to make any alterations, additions or improvements to the Premises shall not be unreasonably
withheld, conditioned or delayed and Landlord shall not have the right to require Tenant, or its contractor, to secure a labor
and materials payment bond for any alterations, additions or improvements to the Premises the value of which is Two Hundred Fifty
Thousand Dollars ($250,000) or less in any single instance. Tenant agrees to not make any payment for such alterations, additions
or improvements without obtaining lien waivers for labor or materials provided.”

 

8. Premises Utilities. Notwithstanding anything provided
in Section 10.5 of the Original Lease to the contrary, Landlord shall, at Landlord’s expense, cause to be provided to the
Premises all lines for water, gas, sewer, and electricity necessary for the operation of the Premises for the Permitted Use.

 

9. Common Area Maintenance Expenses. The following items
shall not be included in Landlords calculation of Common Area Maintenance Expenses pursuant to Section 11.1 of the Original Lease:

 

(i)          depreciation;

 

(ii)         costs
of repairing and replacing to the extent that proceeds of insurance or condemnation awards are received therefor;

 

(iii)        costs
incurred in renovating or otherwise improving, decorating, painting or altering space for tenants in the Project;

 

(iv)        cost
of procuring or relocating tenants, including attorneys’ fees, accounting fees, design fees, advertising expenses and broker
commissions;

 

(v)         expenses
incurred in connection with the enforcement of the terms of any lease, including the cost of removing and storing the property
of former occupants of the Project;

 

(vi)        cost
of any special or unique service furnished on a selective basis to individual occupants of the Project;

 

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(vii)       ground
rents, debt service payments, loan origination fees, loan closing costs and similar expenses relating to indebtedness encumbering
the Project;

 

(viii)      promotional,
marketing or entertainment expenses, including charitable or political contributions;

 

(ix)         fines
or penalties assessed against Landlord which are not the result of Tenant’s failure to timely perform any obligation of Tenant
under this Lease;

 

(x)          Except
as provided in Section 11.1(A)(4), property management fees; salaries or other compensation paid to executive employees above the
grade of Project or property manager (including profit sharing, bonuses and 401(k) savings plans); expenses relating to the formation,
modification, maintenance and dissolution of the entity comprising Landlord, including accounting, auditing and legal fees and
key man disability insurance; any expense representing an amount paid by Landlord to a related entity which is in excess of the
amount which would have been paid in the absence of that relationship; Landlord’s general overhead and general and administrative
expenses, including costs relating to accounting, payroll and computer services; rental costs relating to any management office
(on or off site) and costs associated with the purchase or rental of furniture, fixtures or equipment for Landlord’s offices;

 

(xi)         costs
incurred by Landlord to rectify violations of laws existing as of the Effective Date;

 

(xii)        reserves;

 

(xiii)       cost
of repairing damage caused by the negligence of Landlord, its agents, employees and contractors or other tenants and their respective
agents, employees and contractors;

 

(xiv)      costs
for investigating, monitoring or remediation Hazardous Materials not caused by Tenant, Tenant’s agents, contractors, or employees;
and

 

(xv)       capital
expenditures, except those (i) made primarily to reduce Common Area Costs or to comply with any Laws or other governmental requirements
enacted after the effective date of this Lease, or (ii) for repairs (as opposed to additions or new improvements, except that Landlord
shall be permitted to include new improvements involving signs for the Center or the upgrading or addition of lights in the parking
and other Common Areas), or (iii) repairs of sidewalks, curb cuts, and driveways; provided, all such permitted capital expenditures
(together with reasonable finance charges) shall be amortized on a straight-line basis without interest for purposes of this Lease
over the shorter of seven (7) years or the useful life of such improvement. Tenant shall be responsible for Tenant’s Proportionate
Share of such permitted amortization of capital expenditures during the Term.

 

10. Tenant’s Proportionate Share. The second full
paragraph of Section 11.1 of the Original Lease is hereby deleted in its entirety and replaced with the following:

 

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“Tenant’s Proportionate Share shall be the ratio
that the total floor area of the Premises bears to the total floor area of all buildings in the Project which are from time to
time completed as of the first day of each calendar quarter.”

 

11. Tenant’s Obligation. Notwithstanding anything
in Section 12.1 of the Original Lease to the contrary, Tenant shall keep and maintain in good order, condition and repair (including
such replacement, periodic painting and restoration as is required for that purpose), the landscaping and signage appurtenant to
the Premises.

 

12. Insurance. Notwithstanding Section 15.1 of the Original
Lease to the contrary, Landlord shall maintain the insurance coverages provided in Section 15.1 and such coverages for general
liability, bodily injury and property damage shall be in an amount of not less than $3,000,000 and fire and extended coverage in
an amount not less than the full replacement cost of the Premises.

 

13. Repair. Section 15.7 of the Lease is hereby deleted
in its entirety.

 

14. Damage or Destruction. Section 16 of the Lease is
hereby deleted in its entirety and replaced with the following:

 

“If all or any portion of the Premises or the Project
is damaged by fire or other casualty insurable under a standard fire insurance policy with a standard extended coverage endorsement,
Minimum Monthly Rental and Additional Rent shall abate and Landlord shall promptly repair as is necessary to replace the Premises
and when placed in such condition the Premises shall be deemed restored and rendered tenantable, such repair or rebuilding to be
commenced within a reasonable time after the occurrence. If such damage occurs in the last two years of the Lease Term or during
any Option Term, Tenant or Landlord shall have the option of terminating the Lease upon written notice to the other party. If Landlord’s
Lender requires that the insurance proceeds be used to retire the debt, Landlord shall have no obligation to rebuild, and this
Lease shall terminate upon notice to Tenant. Promptly following Landlord’s repair or rebuilding, Tenant, at Tenant’s
sole expense, shall repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings and equipment, and
if Tenant has closed, Tenant shall promptly reopen for business.”

 

15. Indemnification.

 

a. Section 18.1 of the Original Lease is
hereby deleted in its entirety and replaced with the following:

 

“By Tenant.Excepting
any responsibility allocated to Landlord by reason of its gross negligence (excluding from this exception, however, any responsibility
allocated to Landlord by reason of its failure to enforce the terms of this Lease), Tenant shall indemnify, defend and hold Landlord
harmless for, from and against all liabilities, obligations, claims, suits, damages, penalties, causes of action, costs and expenses
(including without limitation, reasonable attorneys’ fees and expenses) imposed upon or asserted against Landlord by reason
of the gross negligence or willful misconduct of Tenant, its agents, employees, contractors, suppliers, licensees, invitees and
guests and/or the occurrence of any of 

 

    	4

    	 

    

 

thefollowing during
the Term: (i) any use, non-use or condition of the Premises or any part thereof; (ii) any accident, injury to or death of persons
(including workmen) or loss of or damage to property occurring on or about the Premises or any part thereof; (iii) any failure
on the part of Tenant to perform or comply with any of the provisions of this Lease; (iv) performance of any labor or services
or the furnishings of any materials or other property in respect of the Premises or any part thereof (excluding any such matters
performed or furnished by or at the request of Landlord and unrelated to a default of Tenant under this Lease); or (v) any failure
on the part of Tenant to clean up and/or dispose of any Hazardous Materials, as described in Section 13.2 above, in accordance
with the requirements of this Lease and applicable law. In the event Landlord should be made a defendant in any action, suit or
proceeding brought by reason of any such occurrence, Tenant shall, at its own expense, resist and defend such action, suit or
proceeding or cause the same to be resisted and defended by legal counsel designated by Tenant but approved by Landlord. If any
such action, suit or proceeding should result in a final judgment against Landlord, Tenant shall promptly satisfy and discharge
such judgment or shall cause such judgment to be promptly satisfied and discharged. The obligations of Tenant under this Section
18 arising by reason of any such occurrence taking place while this Lease is in effect shall survive the termination of this Lease.”

 

b. Section 18.2 of the Original Lease is
hereby deleted in its entirety and replaced with the following:

 

“By Landlord.Landlord shall
save, hold harmless and indemnify Tenant for, from and against all liabilities, obligations, claims, suits, damages, penalties,
causes of action, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) imposed upon
or asserted against Tenant by reason of the gross negligence or willful misconduct of Landlord or its agents, contractors, servants
or employees and/or the occurrence of any of the following during the Term: (i) any use or condition of the Premises or any part
thereof (which Landlord is required to maintain); (ii) any accident, injury to or death of persons (including workmen) or loss
of or damage to property occurring on or about the Common Areas; (iii) any failure on the part of Landlord to perform or comply
with any of the provisions of this Lease; and (iv) performance of any labor or services or the furnishings of any materials or
other property in respect of the Premises or any part thereof (excluding any such matters performed or furnished by or at the request
of Tenant). In the event Tenant should be made a defendant in any action, suit or proceeding brought by reason of any such occurrence,
Landlord shall, at its own expense, resist and defend such action, suit or proceeding or cause the same to be resisted and defended
by legal counsel designated by Landlord but approved by Tenant. If any such action, suit or proceeding should result in a final
judgment against Tenant, Landlord shall promptly satisfy and discharge such judgment or shall cause such judgment to be promptly
satisfied and discharged. The obligations of Landlord under this Section 18 arising by reason of any such occurrence taking place
while this Lease is in effect shall survive the termination of this Lease.”

 

16. Waiver of Subrogation. Except with respect to Worker’s
Compensation, to which no waiver of subrogation will apply, each party hereby waives any and every right or cause of action for
the events which occur or accrue during the Lease Term for any and all loss of, or damage to, any of its property (whether or not
such loss or damage is caused by the fault or negligence of the other party or anyone 

 

    	5

    	 

    

 

for whom said other party may be responsible), which loss or
damage is covered by valid and collectible fire, extended coverage, “All Risk” or similar policies covering real property,
personal property or business interruption insurance policies, to the extent that such loss or damage is recovered under said
insurance policies. Said waivers shall be in addition to, and not in limitation or derogation of, any other waiver or release
contained in this Lease with respect to any loss or damage to property of the parties hereto. Written notice of the terms of such
mutual waivers shall be given to each insurance carrier and the insurance policies shall be properly endorsed, if necessary, to
prevent the invalidation of coverage by reason of said waivers.

 

17. Assignment and Subletting. Article 19 of the Original
Lease is hereby deleted in its entirety and replaced with the following:

 

“Tenant shall have the right to transfer or assign this
Lease or sublet all or any portion of the Premises with Landlord’s consent, which consent shall not be unreasonably withheld;
provided, the assignee or subtenant expressly assumes all obligations of Tenant under the Lease. Notwithstanding the foregoing,
Landlord shall not have the right to consent to any assignment or subletting of this Lease or any portion of the Premises to an
entity which controls, is controlled by or is under common control with Tenant, and Landlord shall not withhold its consent to
any proposed assignee or subtenant with financial wherewithal equal to or superior to that of Tenant and who is actively engaged
in the hospitality industry.”

 

18. Estoppels. The period in which Tenant must respond
to a request for an estoppel pursuant to Section 34 of the Lease is hereby modified from three (3) days to ten (10) business days.
In the event Tenant fails to respond within such ten (10) business day period, Tenant shall be deemed in default under Section
21.1 of the Lease, but in no event will Tenant’s failure to respond be deemed an acknowledgement of any proported facts contained
in any form estoppel.

 

19. Conflicting Terms. In the event of any conflict,
inconsistency or ambiguity between the terms of this Amendment and the Lease, the terms of this Amendment shall control.

 

20. Defined Terms. Capitalized terms not otherwise defined
herein shall have the meaning ascribed to them in the Lease.

 

21. Multiple Counterparts. This Amendment may be executed
in multiple counterparts, each of which shall be deemed an original and together shall constitute one and the same instrument.

 

22. Ratification. Except as expressly modified by this
Amendment, the Lease remains unmodified and in full force and effect.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

[SIGNATURE PAGE FOLLOWS]

 

    	6

    	 

    

 

IN WITNESS WHEREOF, the parties have executed this Amendment
as of the day and year above first written.

 

“Landlord”

 

Canyon Portal II, L.L.C., an Arizona limited liability company

 

	By:	/s/ Al Spector	 
	 	 	 
	Name:	Al Spector	 
	 	 	 
	Title:	Manager	 

 

“Tenant”

 

Orchards Annex LLC, an Arizona limited liability company

 

	By:	/s/ Al Spector	 
	 	 	 
	Name:	Al Spector	 
	 	 	 
	Title:	Manager	 

 

Second Amendment to Lease (Orchards Annex)

 

    	 

    	 

    

 

AMENDMENT TO LEASE

 

This Amendment to Lease
("Amendment") is entered into with an effective date of July 1, 2011 by and between Canyon Portal II, L.L.C., an Arizona
limited liability company ("Landlord") and Orchards Annex, LLC (" Tenant").

 

RECITALS

 

A.           Landlord
and Tenant entered into a Lease ("Lease") with a Commencement Date of March 1, 2009 with respect to the 40 Unit hotel
property reflected on Exhibit A of the Lease ("Premises").

 

B.           Tenant
owes to Landlord past due Rent.

 

C.           Landlord
and Tenant desire to extend the term of the Lease.

 

D.          The
terms used herein shall have the same meaning as in the Lease.

 

E.           Tenant
and Landlord desire to further amend the lease as follows.

 

IT IS AGREED AS FOLLOWS:

 

1.          
Forgiveness of Past Due Rent. As of June 30, 2011, Tenant owes the sum of One Hundred Ninety Six Thousand Nine Hundred
Sixty One Dollars and Eighteen Cents ($196,961.18) in past due rent. Landlord agrees to write off this sum of past due rent. Landlord
agrees that Tenant shall not be liable at any time in the future for payment of this sum to Landlord.

 

2.          
Lease Term. Landlord and Tenant have agreed to amend the Lease Term so that the Termination Date of the Lease shall
be December 31, 2040.

 

3.          
Minimum Monthly Base Rental.

 

	TIME PERIOD	 	MINIMUM MONTHLY BASE RENTAL	 
	 	 	 	 
	August 1, 2011 to October 31, 2011	 	$	33,585.96	 
	 	 	 	 	 
	November 1, 2011 to February 28, 2012	 	 	-0-	 
	 	 	 	 	 
	March 1, 2012 to October 31, 2012	 	$	22,000.00	 
	 	 	 	 	 
	November 1, 2012 to December 31, 2012	 	 	-0-	 

 

    	1

    	 

    

 

The amounts above include rental tax. There will be no Management
Fees due or payable by Tenant to Landlord for the time period above.

 

Common Area Maintenance Charges:

 

	TIME PERIOD	 	COMMON AREA MAINTENANCE CHARGES	 
	 	 	 	 
	August 1, 2011 to October 31, 2011	 	 	-0-	 
	 	 	 	 	 
	November 1, 2011 to February 28, 2012	 	 	-0-	 
	 	 	 	 	 
	March 1, 2012 to October 31, 2012	 	$	16,000.00	 
	 	 	 	 	 
	November 1, 2012 - December 31, 2012	 	 	-0-	 

 

Thereafter Common Area Maintenance Charges will be payable only
in the months of March through October of each subsequent year.

 

4.          
Management Fees. Commencing on January 1, 2013 Management Fees will be due and payable only in the months of March
through October of 2013 and in each subsequent year.

 

5.          
Extension of Term. Paragraph 4.6 of the Lease is amended as follows: Provided that (I) this Lease is in full force
and effect; (ii) Tenant is in possession of the Premises; and (iii) Tenant has not been and is not in default under this Lease,
for three (3) additional periods of ten (10) years each. The tenancy resulting from the exercise of this option shall be upon
the same terms and conditions as set forth in the Lease, except Minimum Rent shall be adjusted upward by Landlord in the first
year of the option period based upon the prevailing market rates (Market Rent) for retail rents in the Project (as defined in
Section 2). Thereafter, for years 2, 3, 4 and 5 Rent shall increase as set forth in Paragraph 4 below. The option may be exercised
only upon written notice thereof to Landlord at least six (6) months prior to the Termination Date of this Lease. Within sixty
(60) days after exercise of this option, Landlord shall, in writing, notify Tenant of the Minimum Annual Base Rental during the
first year of the Extension Term.

 

The first renewal
period shall commence on the date following the originally fixed Termination Date. The second renewal period shall commence on
the date following the Termination Date of the first renewal period. The third renewal period shall commence on the date following
the Termination Date of the second renewal period. 

 

6.          
Rent Increases for Period After 2012. The Rent and CAMs provided for in this Amendment shall be subject to adjustment
as described herein commencing in the lease year beginning in 2013 and for each year thereafter and the second year of any Option
Period, and for each year thereafter as follows except for the first year of each Option Term, when rent shall be adjusted to
Market Rent. The base for computing the adjustment is the Consumers' Price

 

    	2

    	 

    

 

Index for All Urban Consumers, United
States Cities Average published by the United States Department of Labor, Bureau of Labor Statistics (the "Index"),
which is in effect on the date of the commencement of the first day of the previous Lease year ("Beginning Index").
For example, the adjustment for year two would be based on the Index for the first day of Lease year one. The Index published
most immediately preceding the Adjustment Date in question ("Extension Index") is to be used in determining the amount
of the adjustment. If the Extension Index has increased over the Beginning Index, the base monthly rent for the following year
shall be set by multiplying the base monthly rent for the previous year, e.g., for the 12th Lease month, by a fraction,
the numerator of which is the Extension Index and the denominator of which is the Beginning Index. However, the adjustment to
the rent shall be no more than six percent (6%) compounded per annum of the base monthly rent provided in this Amendment.

 

If the Index is changed
so that the base year differs from that in effect when the Term commences, the Index shall be converted in accordance with the
conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued
or revised during the Term, such other government index or computation with which it is replaced shall be used in order to obtain
substantially the same result as would be obtained if the Index had not been discontinued or revised.

 

7.          
Premises. From and after March 1, 2012, the Premises shall consist only of the 28 hotel units in the 3 buildings
marked on Exhibit "A".

 

8.          
Acknowledgment of Landlord's Improvements. Tenant acknowledges Landlord has fulfilled its total obligation to fund
the repairs and improvements referenced in Section 2 of the Lease.

 

9.          
Full Force and Effect. Except as modified by this Amendment, the Lease and each of its terms and conditions remains
in full force and effect. 

 

	LANDLORD:	TENANT:
	 	 
	CANYON PORTAL II, L.L.C.,	ORCHARDS ANNEX LLC, an Arizona
	an Arizona limited liability company	limited liability company

 

	By:	/s/ Al
    Spector	 	By:	/s/ Al
    Spector
	 	Al Spector	 	 	Al Spector
	Its:	Manager	 	Its:	Manager

 

    	3

    	 

    

 

 

    	 

    	 

    

 

CANYON
PORTAL MOTEL

280 N.
Highway 89A

 

LEASE

 

SEDONA,
ARIZONA

 

Landlord:
Canyon Portal II L.L.C.

 

Tenant:
Orchards Annex, LLC

 

Date:
March 13, 2009

 

    	 

    	 

    

 

 

TABLE OF CONTENTS

 

	SECTION 1 – FUNDAMENTAL LEASE PROVISIONS	1
	 	 
	SECTION 2 – PREMISES	2
	 	 	 
	SECTION 3 – GENERAL PROVISIONS	3
	3.1	No Option	3
	3.2	Approval of Financial Statement	3
	3.3	No Co-Tenancy Requirement	3
	3.4	Name Change	3
	 	 	 
	SECTION 4 - LEASE TERMS	3
	4.1	Term	3
	4.2	Delay in Commencement	3
	4.3	Holding Over	3
	4.4	Abandonment	4
	4.5	Surrender of Premises	4
	4.6	Extension of Term	4
	 	 	 
	SECTION 5 – RENT, SECURITY DEPOSIT	5
	5.1	Rent	5
	5.2	Security Deposit	6
	5.3	(Deleted)	6
	5.4	Additional Rent	6
	 	 	 
	SECTION 6 – NO COUNTERCLAIM OR ABATEMENT OF RENT	6
	6.1	No Notice	6
	6.2	No conditional Payment	6
	 	 	 
	SECTION 7 – COMMON AREAS	6
	7.1	Use of Common Areas	7
	7.2	Parking Policy	7
	7.3	Parking Charges	7
	 	 	 
	SECTION 8 – USE OF PREMISES	7
	8.1	Use	7
	8.2	Prohibited Conduct	7
	8.3	Prescribed Conduct	8
	8.4	Operation of Premises – Intentionally Deleted	9
	 	 	 
	SECTION 9 – TENANT’S CONSTRUCTION FO IMPROVEMENTS	9
	9.1	Tenant’s Obligation	9
	9.2	Intentionally Deleted	9

 

    	 

    	 

    

 

	9.3	Written Approval	10
	9.4	Trade Fixtures	10
	 	 	 
	SECTION 10 – TENANT OBLIGATIONS	10
	10.1	Payment by Tenant	10
	10.2	Payment by Landlord	10
	10.3	Proof of Payment	11
	10.4	Personal Property Taxes	11
	10.5	Premises Utilities	11
	10.6	Merchants Association	11
	 	 	 
	SECTION 11 – COMMON AREA MAINTENANCE –	11
	11.1	Expenses	11
	11.2	Common Area Expenses Estimates	13
	 	 	 
	SECTION 12 – MAINTENANCE AND REPAIRS BY TENANT	13
	12.1	Tenant’s Obligation	13
	12.2	Prohibited Acts	13
	12.3	Rights of Landlord	14
	 	 	 
	SECTION 13 – REPAIR BY LANDLORD	14
	13.1	Repair by Landlord	14
	13.2	Hazardous Materials	14
	 	 	 
	SECTION 14 – LIENS	15
	14.1	No Liens	15
	14.2	Tenant’s Obligations	16
	14.3	Removal of Liens	16
	 	 	 
	SECTION 15 – INSURANCE	16
	15.1	Project Insurance	16
	15.2	Tenant’s Property	16
	15.3	Tenant’s Operations	17
	15.4	Certificate of Insurance	17
	15.5	Insurance Companies	17
	15.6	Failure to Procure Insurance	17
	15.7	Repair	17
	 	 	 
	SECTION 16 – DAMAGE OR DESTRUCTION	18
	16.1	Tenant Obligations	18
	16.2	Lease Termination	18
	 	 	 
	SECTION 17 – EASEMENTS	19

 

    	ii

    	 

    

 

	SECTION 18 – INDEMNIFICATION	19
	18.1	By Tenant	19
	18.2	By Landlord	20
	18.3	Waiver of Claims	20
	 	 	 
	SECTION 19 – ASSIGNMENT AND SUBLETTING	20
	19.1	Landlord Consent	20
	19.2	In Writing	21
	19.3	Transfer Limitation	21
	19.4	Deleted	21
	 	 	 
	SECTION 20 – SUBJECT TO MASTER LEASE	21
	 	 	 
	SECTION 21 – DEFAULTS BY TENANT	21
	21.1	Event of Default	21
	21.2	Re-Enter of Premises	22
	21.3	Lease Termination	23
	21.4	Reletting	23
	21.5	Survival of Liability	23
	21.6	Cumulative Remedies	24
	21.7	Sublessee Defaults	24
	21.8	Repetitive Rent Payment Defaults	24
	21.9	Cure Period	25
	21.10	Late Charges	25
	 	 	 
	SECTION 22 – CONDEMNATION	25
	 	 
	SECTION 23 – TENANT’S WAIVER OF STATUTORY RIGHTS	25
	 	 
	SECTION 24 – WAIVER OF PERFORMANCE	26
	 	 
	SECTION 25 – REMEDIES CUMULATIVE	26
	 	 
	SECTION 26 – CONVEYANCE BY LANDLORD	26
	 	 
	SECTION 27 – NO PERSONAL LIABILITY TO LANDLORD	26
	 	 
	SECTION 28 – ATTORNEYS’ FEES	26
	 	 
	SECTION 29 – PROVISIONS SUBJECT TO APPLICABLE LAW	27
	 	 
	SECTION 30 – RIGHT TO CURE TENANT’S DEFAULTS	27

 

    	iii

    	 

    

 

	SECTION 31 – NOTICES	27
	 	 
	SECTION 32 – SIGNS	28
	 	 
	SECTION 33 – LANDLORD’S INSPECTIONS	28
	33.1	Inspection	28
	33.2	Presenting for Sale or Lease	28
	 	 	 
	SECTION 34 – ESTOPPEL CERTIFICATE	28
	 	 
	SECTION 35 – WAIVER OF TRIAL BY JURY	29
	 	 
	SECTION 36 – RECORDING	29
	 	 
	SECTION 37 – SUBORDINATION	30
	 	 
	SECTION 38 – MISCELLANEOUS	30
	38.1	Definition of Tenant	30
	38.2	Tenant	30
	38.3	Gender and Number	30
	38.4	Modifications and Waivers	30
	38.5	Implied Warranties	30
	38.6	Binding Effect	31
	38.7	Severability	31
	38.8	Governing Law and Jurisdiction	31
	38.9	Entire Agreement	31
	38.10	Time is of the Essence	31
	38.11	Brokers	32

 

    	iv

    	 

    

 

CANYON
PORTAL II, L.L.C.

LEASE

 

SECTION 1 - FUNDAMENTAL LEASE PROVISIONS.

 

	Landlord:	Canyon Portal II, L.L.C., an Arizona limited liability company
	 	 
	Tenant:	Orchards Annex, LLC, an Arizona limited liability company
	 	 
	Trade Name:	Orchards Inn
	 	 
	Lease Term:	Commencement Date:       March 1, 2009
	 	 
	 	Termination Date:             December 31, 2020
	 	 
	Premises:	40 Unit hotel property reflected on Exhibit A.

 

Minimum Monthly Base Rental:

 

	Time Period	 	Minimum Monthly  
Base Rental	 
	April 1, 2009 to October 31, 2009	 	$	10,000.00	 
	November 1, 2009 to February 28, 2010	 	 	-0-	 
	March 1, 2010 to October 31, 2010	 	$	12,000.00	 
	November 1, 2010 to February 28, 2011	 	 	-0-	 
	March 1, 2011 to October 31, 2011	 	$	15,000.00	 
	November 1, 2011 to February 28, 2012	 	 	-0-	 
	March 1, 2012 to October 31, 2012	 	$	18,000.00	 
	November 1, 2012 to February 28, 2013	 	 	-0-	 

 

Thereafter during the Lease Term each March
1 to October 31 period and each November 1 through February 28 period will increase three percent (3%) over the prior year's Minimum
Monthly Base Rental for that period. Beginning with the first year of any Option Period Rent shall be adjusted in accordance with
Paragraph 5.1B.

 

Security Deposit:    None Required

 

Common Area Charges: Payable only in the
months of April 1 2009 to October 31, 2009 and thereafter only in the months of March through October each subsequent year.

 

    	 

    	 

    

 

	Address of Landlord:	
        Canyon Portal II, L.L.C.

        6900 E. Camelback Road, #830

        Scottsdale, AZ 85251

	 	 
	Address of Tenant:	
        Orchards Annex, LLC

        270 N. Highway 89A, Suite 11

        Sedona, AZ 86336

        Telephone: (928) 282-4527

        Fax:(928) 282-3637

	 	 
	Only Permitted Uses:	Rental of 40 hotel rooms for nightly accommodations.
	 	 
	Guarantors:	None

 

The foregoing Fundamental
Lease Provisions are an integral part of this Lease, and each reference in the body of the Lease to any Fundamental Lease Provision
shall be construed to incorporate all of the terms set forth above with respect to such Provisions.

 

SECTION 2 - PREMISES.

 

Subject to the conditions
set forth herein, Landlord hereby leases to Tenant the Premises. A site plan showing the boundaries of the Premises and its relative
location within a larger commercial development comprised of four elements including the Trading Post Shops, Canyon Portal Shops,
North Retail Building, and Orchards (the "Project") is attached hereto as Exhibit A. Tenant's acceptance of the Premises
and Agreement to the terms of this Lease are not conditioned upon any representation by Landlord of the number of square feet in
the Premises. TENANT ACKNOWLEDGES THAT IT HAS INSPECTED THE PREMISES, IS FAMILIAR WITH ITS CONDITION AND ACCEPTS THE PREMISES IN
ITS PRESENT CONDITION "AS IS." EXCEPT AS EXPRESSLY SET FORTH IN THIS LEASE, LANDLORD HAS MADE NO REPRESENTATIONS OR WARRANTIES
CONCERNING THE PREMISES OR THE PROJECT. Landlord acknowledges the exterior and the interiors of the Leased Premises need renovation.
Landlord commits that in the next twenty four (24) months it will fund directly or to Tenant the following:

 

		(i)	$10,000.00 to repair the pool area

 

		(ii)	$20,000.00 to repair exterior siding of motel buildings

 

		(iii)	$20,000.00 to Tenant for new interior furnishings

 

    	2

    	 

    

 

SECTION 3 - GENERAL PROVISIONS.

 

3.1          
No Option. The submission of this Lease by Landlord, its agent or representative for examination or execution by Tenant
does not constitute an option or offer to lease the Premises upon the terms and conditions contained herein or a reservation of
the Premises in favor of Tenant, it being intended hereby that this Lease shall become binding upon Landlord only upon Landlord's
delivery to Tenant of a fully executed counterpart hereof.

 

3.2          
Approval of Financial Statement. This Lease is subject to Landlord's and Landlord's Lender's approval of a current financial
statement of Tenant. Tenant agrees to execute any and all documents Landlord's Lender may require and provide Landlord and Landlord's
Lender with credit and financial information as requested.

 

3.3          
No Co-Tenancy Requirement. Landlord reserves the right to effect such tenancies in the Project as Landlord, in the exercise
of its sole business judgment, shall determine to best promote the interest of the Project. Tenant is not relying on the fact,
nor does Landlord represent, that any specific tenant or kind of tenant or number of tenants shall, during the term of this lease,
occupy any space in the Project.

 

3.4           
Name Change. Landlord reserves the right to change the name of the Project from time to time during the term of this Lease.

 

SECTION 4 - LEASE TERM

 

4.1          
Term. The term of this Lease (herein called the "Lease Term" or the "Term") shall commence on the Commencement
Date unless the Term is terminated sooner or extended as hereinafter provided.

 

4.2          
Delay in Commencement. If Landlord, for any reason whatsoever, cannot deliver possession of the Premises to Tenant at the
commencement of the Lease Term, this Lease shall not be void or voidable, nor shall Landlord be liable for any loss or damage
resulting therefrom. In the event of a delay in possession; however, there shall be a proportionate reduction of rent covering
the period between the commencement of the Lease Term and the time when Landlord can deliver possession of the Premises. Notwithstanding
the foregoing, no delay caused by the action or inaction of Tenant or Tenant's agents shall result in a reduction of rent.

 

4.3          
Holding Over. If Tenant, upon expiration or termination of this Lease, either by lapse of time or otherwise, remains in
possession of the Premises with Landlord's written consent, but without a new lease reduced to writing and duly executed, Tenant
shall be deemed to be occupying the Premises as a tenant from

 

    	3

    	 

    

 

month to month, subject to all covenants, conditions and provisions
of this Lease. If Tenant remains in possession without Landlord's written consent, Tenant shall be deemed to be in wrongful hold
over and shall be subject to all the rights and remedies provided to Landlord under this Lease and by law, including but not limited
to forcible entry and detainer actions or other eviction processes. During any hold over period, whether with consent or wrongful,
the monthly rent shall be two hundred percent (200%) of Tenant's monthly rent payable during the last month of the Term of this
Lease.

 

4.4          
Abandonment. If Tenant, prior to the expiration of this Lease, relinquishes possession of the Premises without Landlord's
written consent, such relinquishment shall be deemed to be an abandonment of the Premises and an Event of Default under this Lease.

 

4.5          
Surrender of Premises. Upon any termination of this Lease for any reason, Tenant shall immediately surrender possession
of the Premises to Landlord in good and tenantable repair, reasonable wear and tear excepted, and shall surrender all keys and
all copies of such keys for the Premises to Landlord at the place then fixed for the payment of rent or other agreed upon location.

 

4.6          
Extension of Term. Provided that (i) this Lease is in full force and effect; (ii) Tenant is in possession of the Premises;
and (iii) Tenant has not been and is not in default under this Lease, Tenant shall have the right and option to extend
the Term of this Lease for five additional periods of five (5) years each. The first renewal period shall commence on the date
following the originally fixed Termination Date. The second renewal period shall commence on the date following the termination
of the first renewal period. The tenancy resulting from the exercise of this option shall be upon the same terms and conditions
as set forth in this Lease, except Minimum Annual Base Rent shall be adjusted upward or downward by Landlord based upon the prevailing
market rates for rents in the Uptown Sedona, Arizona area and in the Project. The option may be exercised only upon written notice
thereof to Landlord at least six (6) months prior to the Termination Date of this Lease. Within sixty (60) days after exercise
of this option, Landlord shall, in writing, notify Tenant of the Minimum Annual Base Rental during the first year of the Extension
Term. If Tenant fails to exercise any option during the period when the option is available, or if this Lease was or is in default
or is no longer in full force and effect for any reason, the applicable option shall be void.

 

    	4

    	 

    

 

SECTION 5 - RENT, SECURITY DEPOSIT AND SALES REPORTS.

 

5.1          
Rent.

 

A.           Tenant
shall pay to Landlord the Minimum Annual Base Rental set forth in Section 1 of this Lease in twelve (12) equal monthly installments
during each Lease Year, in advance, on the first day of each calendar month. The Minimum Annual Base Rental and Additional Charges
hereinafter provided for shall be paid in lawful money of the United States to Landlord at its address or at such other place as
Landlord may from time to time designate in writing.

 

B.           The
rent provided for in this Section 5.1 shall be subject to adjustment as described herein commencing January 1, 2021 and for
each year thereafter of any Option Period. The base for computing the adjustment is the Consumers' Price Index for All Urban
Consumers, United States Cities Average published by the United States Department of Labor, Bureau of Labor Statistics (the
"Index"), which is in effect on the date of the commencement of the first day of the previous Lease year
("Beginning Index"). For example, the adjustment for year two would be based on the Index for the first day of
Lease year one. The Index published most immediately preceding the Adjustment Date in question ("Extension Index")
is to be used in determining the amount of the adjustment. If the Extension Index has increased over the Beginning Index, the
base monthly rent for the following year shall be set by multiplying the base monthly rent for the previous year, e.g., for
the 12th Lease month, by a fraction, the numerator of which is the Extension Index and the denominator of which is
the Beginning Index. However, the adjustment to the rent shall be no less than three percent (3%) compounded per annum of the
base monthly rent provided in this Lease. As an example, if year one monthly rent is $1,000.00 and the three percent (3%) is
applicable each year, then monthly rent for years two through five would be: year two - $1,030.00; year three - $1,060.90;
year four $1,092.73; and year five - $1,125.52.

 

If the Index is changed
so that the base year differs from that in effect when the Term commences, the Index shall be converted in accordance with the
conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued
or revised during the Term, such other government index or computation with which it is replaced shall be used in order to obtain
substantially the same result as would be obtained if the Index had not been discontinued or revised.

 

C.           Monthly
rent for the first month shall be paid on the date the Term commences. Monthly rent for any partial month shall be prorated at
the rate of one-thirtieth (1/30) of the monthly rent per day.

 

    	5

    	 

    

 

D. All rental amounts
are "net" rent to Landlord. All Additional Charges (as described in this Lease) shall be deemed rent whether or not expressly
designated as such, and shall be paid in addition to the Minimum Annual Base Rental at the times and in the manner provided for
in this Lease.

 

5.2.          Security
Deposit. None Required.

 

5.3           (Deleted).

 

5.4          
 Additional Rent. In the event any additional usable square footage is acquired by the Tenant in its Premises due to alterations
of or improvements made on the original Premises (by way of example, the addition of a loft), the Minimum Annual Base Rent payable
by Tenant to Landlord under this Lease shall be increased, on a proportionate basis, to include the additional square
footage utilized by the Tenant.

 

SECTION 6 - NO COUNTERCLAIM OR ABATEMENT OF RENT.

 

6.1           No
Notice. Except as expressly provided herein, monthly rental and Additional Charges and all other sums payable by Tenant shall
be paid without notice, demand, counterclaim, setoff, recoupment, deduction or defense of any kind or nature and without abatement,
suspension, deferment, diminution or reduction. Except as expressly provided herein, Tenant waives all rights now or hereafter
conferred by statute or otherwise to quit, terminate or surrender this Lease or the Premises or any part thereof and to any abatement,
suspension, deferment, diminution or reduction of any sum payable by Tenant to Landlord.

 

6.2           No
Conditional Payment. NO PAYMENT BY TENANT OR RECEIPT BY LANDLORD OF A LESSER AMOUNT THAN THE TOTAL OF ALL SUMS DUE HEREUNDER
SHALL BE DEEMED TO BE OTHER THAN AN ACCOUNT OF THE EARLIEST STIPULATED RENT, NOR SHALL ANY ENDORSEMENT OR STATEMENT ON ANY CHECK,
OTHER PAYMENTS OR ANY ACCOMPANYING LETTER BE DEEMED AS ACCORD AND/OR SATISFACTION AND LANDLORD MAY ACCEPT SUCH CASH AND/OR NEGOTIATE
SUCH CHECK OR PAYMENT WITHOUT PREJUDICE TO LANDLORD'S RIGHT TO RECOVER THE BALANCE OF SUCH RENT OR PURSUE ANY OTHER REMEDY PROVIDED
IN THIS LEASE OR OTHERWISE, REGARDLESS OF WHETHER LANDLORD MAKES ANY NOTATION ON SUCH INSTRUMENT OF PAYMENT OR OTHERWISE NOTIFIES
TENANT THAT SUCH ACCEPTANCE, CASHING OR NEGOTIATION OF SUCH PAYMENT IS WITHOUT PREJUDICE TO ANY OF LANDLORD'S RIGHTS. TENANT SPECIFICALLY
WAIVES THE PROVISIONS OF A.R.S. 47-1207.

 

SECTION 7 - COMMON
AREAS.

 

    	6

    	 

    

  

7.1          
Use of Common Areas. All facilities furnished by Landlord in the Project and designated for the general common use of occupants
of the Project, including Tenant hereunder, its officers, agents, employees and customers, shall at all times be subject to the
exclusive control and management of Landlord. Landlord shall have the right, from time to time, to change the area, level, location
and arrangement of parking areas and other Common Area facilities and to make all rules and regulations pertaining to and necessary
for the proper operation and maintenance thereof. Landlord shall have the exclusive right at any and all times to close any portion
of the Common Areas for the purpose of making repairs, changes or additions thereto; may change the size, area or arrangement
of the Common Areas; and may enter into agreements as Landlord deems appropriate for parking and ingress or egress.

 

7.2          
Parking Policy. There will be reserved for Tenant 20 parking spaces are are exclusively reserved on a 24 hour a day basis.
An additional 25 spaces will be labeled as "Reserved for Motel Parking Only after 4:00 p.m." All parking spaces in
front of the Motel Office (as reflected on Exhibit A) will be included in the 20 parking spaces reserved exclusively for Tenant.

 

7.3          
Parking Charges. Landlord will establish a reasonable schedule of fees for all parking spaces in the Project in order to
provide parking for tenants, tourists and periodic visitors to the Project. Notwithstanding anything contained herein to the contrary,
Landlord has the right to meter the parking lot of the Project and charge an hourly fee to anyone who parks a vehicle in the lot.
Landlord reserves the right to regulate the parking at the Project to ensure that the parking lot is used on a long term basis
by customers of the Project and not tenants, employees, or the general public.

 

SECTION 8 - USE OF PREMISES.

 

8.1          
Use. Tenant shall use the Premises solely for the Permitted Uses set forth in the Fundamental Lease Provisions and not for
any other purpose. Tenant shall not use or permit the Premises to be used in violation of the laws, ordinances, regulations and
requirements of the United States, the State of Arizona, Coconino County, the City of Sedona or any subdivision or department thereof
or any other authority or agency having jurisdiction over the Premises or the Project. Tenant acknowledges other tenants at the
Project have certain exclusive uses, a list of which is attached hereto as Exhibit B. Tenant shall not sell any items which are
protected by other Tenants' exclusivity rights.

 

8.2          
Prohibited Conduct. Except by prior written consent of Landlord, Tenant shall not:

 

A.           Use
or operate any machinery that, in Landlord's opinion, is harmful to the Premises or the Project or disturbing to other tenants
in the building of which the Premises is a part; use any loud speakers, televisions, stereos, radios or other

 

    	7

    	 

    

 

devices in a manner
so as to be heard or seen outside the Premises; or display merchandise on the exterior of the Premises either for sale or for promotional
purposes.

 

B.           Do
or suffer to be done any act, matter or thing objectionable to the fire, casualty or liability insurance carriers whereby any insurance
now in force or hereafter to be placed on the Premises or the Project, or any part thereof, shall become void or suspended, or
whereby the same shall be rated as a more hazardous risk than at the date when Tenant receives possession of the Premises. In case
of a breach of this covenant, in addition to all other remedies of Landlord hereunder, Tenant agrees to pay to Landlord as additional
rent any and all increase or increases of premiums on insurance carried by Landlord on the Premises or the Project.

 

C.           Do
or cause to be done any act, matter or thing in violation of any federal, state, county or local law, statute, regulation, rule
or ordinance.

 

8.3             Prescribed
Conduct. At all times throughout the Lease Term, Tenant shall:

 

A.           Comply
with any and all requirements of any of the constituted public authorities and with the terms of any state or federal statute or
local ordinance or regulation applicable to Tenant or its use, safety, cleanliness or occupation of the Premises, and save Landlord
harmless from penalties, fines, costs, expenses or damages resulting from Tenant's failure to do so.

 

B.           Give
Landlord prompt written notice of any accident, fire, pest infestation, or damage occurring on or to the Premises.

 

C.           Load
and unload goods at such times in the areas and through such entrances as may be designated for "Delivery" by Landlord.
Such trailers or trucks shall not be permitted to remain parked overnight in any area of the Project, whether loaded or unloaded.
Designated fire lanes shall not be used for the loading or unloading of merchandise, parking or standing of running vehicles at
any time. The unlawful use of such fire lanes may result in the towing of the offending vehicle and subject the owner or user thereof
to all applicable fines established by the City of Sedona and/or Landlord.

 

D.           Conduct
its business in the Premises in all respects in a dignified manner and in accordance with high standards of store operation. Tenant
will not engage in any deceptive marketing or sales efforts that offend the customers of the Project, its Tenants or in any way
conduct its operations in a "discount sale" manner.

 

    	8

    	 

    

 

E.           Disclose
to their customers and prospective customers truthful information about the business, the goods or services available for purchase
or sale, and the transaction itself.

 

F.           Adopt
information practices that treat customers with care. Tenant shall adhere to a policy based on fair information principles, take
appropriate measures to provide adequate enforcement, and respect consumers' preferences regarding unsolicited sales.

 

G.           Comply
with all reasonable rules and regulations of Landlord in effect at the time of the execution of this Lease or at any time or times,
and from time to time, promulgated by Landlord which Landlord, in its sole discretion, shall deem necessary in connection with
the Premises or the Project including but not limited to both the operation of Tenant's business during certain minimum days and
hours.

 

8.4          
Operation of Premises.

 

A.           Tenant
shall operate its business on the Premises during the entire Term of this Lease. With due diligence and efficiency so as
to produce the maximum Gross Receipts which may be produced by such manner of operation. Subject to inability by reason
of strikes or labor disputes or other reasons beyond Tenant's reasonable control, Tenant shall continuously and uninterruptedly
conduct its business 365 days per year.

 

B.           Tenant
covenants and agrees that it will continuously and uninterruptedly from and after its initial opening for business, operate and
conduct under the provisions of this Lease, except (i) while the Premises are untenantable by reason of fire or other casualty;
or (ii) closed on account of the death of the owner of Tenant or the death of a member of such owner’s family (not
to exceed 3 days); or (iii) closed for purposes of remodeling, not to exceed a cumulative of thirty (30) days during any
five (5) year period. Tenant shall fully utilize the Premises for its business and shall at all times keep and
maintain upon the Premises competent personnel, trade fixtures and inventory. To service and supply the
ordinary demands and requirements of its customers. one (1) OK

 

C.           Tenant
shall use its best efforts to achieve maximum Gross Receipts during the Term of the Lease.

 

SECTION 9 - TENANT'S CONSTRUCTION OF IMPROVEMENTS.

 

9.1           Intentionally
Deleted.

 

9.2           Intentionally
Deleted.

 

    	9

    	 

    

 

9.3          
Written Approval. Tenant shall not make or cause to be made any alterations, additions or improvements to the Premises,
without first obtaining Landlord's written approval and consent. Tenant shall present to Landlord plans and specifications for
such work at the time approval is sought. Landlord may condition its approval upon the requirement that Tenant, or its contractor,
secure and bear the cost of a labor and materials payment bond. All alterations, improvements, additions and fixtures made or
installed by Tenant shall remain upon the Premises at the expiration or earlier termination of this Lease and shall become the
property of Landlord.

 

9.4          
Trade Fixtures. Tenant shall not cut or drill into or secure any trade fixtures, apparatus or equipment of any kind to
any part of the Premises without first obtaining the written consent of Landlord, which shall not be unreasonably withheld. All
furnishings, equipment and machines installed by Tenant and that are not trade fixtures in the Premises shall remain the property
of Tenant subject to any lien provided Landlord by law and shall be removed at the expiration or earlier termination of
this Lease, or any renewal or extension thereof; provided, Tenant shall not at such time be in default under any covenant or agreement
contained in this Lease and provided further that in the event of such removal, Tenant shall promptly restore the Premises to
its original order and condition. Any such furnishings, trade fixtures, equipment and machines not removed at or prior to such
termination of this Lease shall be and become the property of Landlord.

 

SECTION 10 - TENANT OBLIGATIONS.

 

10.1        
Payment by Tenant. Tenant shall pay and discharge punctually as and when the same shall become due and payable, each and
every cost, expense and obligation of every kind and nature, foreseen or unforseen, arising out of the possession, operation,
maintenance, alteration, repair, rebuilding, use or occupancy of the Premises. Tenant shall also pay and discharge punctually,
as and when the same shall become due and payable without penalty, personal property, business, occupation and occupational
license taxes, water, sewer, electricity and telephone charges and fees.

 

10.2        
Payment by Landlord. Tenant shall not be required to pay or reimburse Landlord for (i) any local, state or federal capital
levy, franchise tax, revenue tax, income tax, or profits tax of Landlord unless and to the extent such levy, tax or imposition
is in lieu of or a substitute for any other levy, tax or imposition now or later in existence upon or with respect to the Premises
which, if such other levy, tax or impostion were in effect, would be payable by Tenant under the provisions hereof; (ii) any estate,
inheritance, devolution, succession or transfer tax which may be imposed upon or with respect to any transfer (other than taxes
in connection with a conveyance by Landlord to Tenant) of Landlord's interest in the Premises; or (iii) any

 

    	10

    	 

    

 

lien not of record
as of the Commencement Date arising from the unilateral acts or omissions of Landlord and unrelated to a default of Tenant under
this Lease.

 

10.3          
Proof of Payment. Tenant, upon Landlord's request, shall furnish to Landlord within thirty (30) days thereafter proof of
the payment of any obligation to be paid by Tenant.

 

10.4          Personal
Property Taxes. Tenant shall be responsible for and shall pay before delinquency all taxes levied or assessed against any
leasehold interest or personal property of any kind owned or placed in, upon or about the Premises by Tenant. Tenant hereby agrees
to protect and hold harmless Landlord and the Premises from any liability for Tenant's share of any and all such taxes, assessments
and charges together with any interest, penalties or other charges thereby imposed, and from any sale or other proceedings to
enforce payment thereof, and to pay all such taxes, assessments and charges before delinquency and before same become a lien.

 

10.5       
   Premises Utilities. Tenant shall be responsible for any and shall pay for all utilities used or consumed
in or upon the Premises as and when the charges shall become due and payable during the Term. Tenant shall make all appropriate
applications to local utility companies and pay all required deposits. In no event shall Landlord be liable for any interruption
or failure in the supply of any utilities to the Premises.

 

10.6       
   Merchants Association. Tenant agrees that it will become and remain during the entire Term of this Lease
a member of a merchants' association, which shall consist of Landlord and the Tenants of the Project. The purpose of the association
shall be the general furtherance of the business interest of the Project as a whole, including advertising, promotion and special
events calculated to the benefit of the Project and the business of all the tenants located therein. The association shall make
its own rules and regulations with respect to such matters. Tenant's contribution to such association shall be determined by a
vote of the association members. Members shall have the ability to modify or cancel any rules and regulations established by the
association by a specific majority vote of the members. Landlord shall be noticed by mail of any upcoming advertising, promotion,
or special events sponsored by the association.

 

SECTION 11 - COMMON AREA MAINTENANCE.

 

11.1     
   Expenses. For the Term hereof, Tenant shall pay to Landlord, as Additional Rent, Tenant's "Proportionate
Share" of: (i) all costs of operation and maintenance of the Common Areas of the Project; (ii) all Common Area utilities;
(iii) all real estate and assessment taxes levied and assessed against the Project; (iv) all insurance coverage upon the Project
and its operations; (v) all marketing expenses for the Project and (vi) Landlord's management fee. Tenant's Proportionate Share
shall

 

    	11

    	 

    

 

be payable in equal monthly installments
at the same time rent is payable hereunder, without demand and without any deduction or set-off whatsoever. This additional Rental
shall only be payable in the months as reflected on Page 1 of this Lease.

 

Landlord shall equitably
allocate the foregoing charges among all the occupants of the Project. In making the allocation, Landlord shall reasonably evaluate
the factors that determine the amount of the costs and expenses attributable to Tenant. Tenant's Proportionate Share shall be not
less than the ratio that Tenant's total floor area bears to the total floor area of all the retail buildings (as measured by Landlord)
in the Project which are from time to time completed as of the first day of each calendar quarter.

 

A.      FOR PURPOSES OF THIS SECTION
11.1:

 

1.          
The cost of operation and maintenance of the common facilities includes all expenditures incurred by or on behalf of Landlord
in keeping and maintaining the foundations, exterior walls, floors and roofs of the Project, all repairs to and replacements of
equipment associated with the Project including, but not limited to, air-conditioning units and the cost of operating and maintaining
the common facilities, including without limitation, the cost of all of Landlord's gardening and landscaping, the current portion
of any assessments against the Project for any purpose, repairs, preventive maintenance, repainting including restriping of parking
lot and access ways, updating and maintenance of directory signs, rental of signs and equipment, lighting, sanitary control, cleaning,
sweeping, removal of ice, snow, trash, rubbish, garbage and other refuse, depreciation over a period of not exceeding sixty (60)
months of machinery, equipment and other assets used in the operation and maintenance of the Project, repair, maintenance or replacement
of onsite water lines, sanitary sewer lines, septic tanks, leach lines and evapotranspiration beds, storm water lines and electrical
lines and equipment serving the property, the cost of police, security and traffic control services, reasonable reserves for anticipated
expenditures, the cost and maintenance and upkeep of the public restroom facilities, and the cost of all personnel required to
supervise, implement and accomplish all of the foregoing, including but not limited to, on-site management and maintenance personnel.

 

2.          
Real Estate Taxes includes all taxes, assessments and other governmental fees or charges, general and specific, ordinary and
extraordinary, of any kind and nature whatsoever, including but not limited to, assessments for public improvements or benefits,
which shall, during the Term hereof, be assessed, levied, or imposed upon the Project or Landlord or become due or payable.

 

3.          
Insurance coverage upon the Project and its operations includes the cost of all Landlord's insurance relating to the common
facilities of the Project as a whole or the operations thereon, including, but not limited to: casualty insurance, flood insurance,
rent loss insurance, fire insurance and extended coverage, as well as general liability insurance, umbrella liability insurance,
bodily injury, public 

 

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liability, property damage liability, automobile insurance, sign insurance and any other insurance carried
by the Landlord in coverage limits selected by the Landlord.

 

4.          Landlord's
Management Fee is comprised of compensation and fees paid by Landlord to an independent management agent or broker for management
of the Project, or if Landlord manages the Project on its own behalf, such fees shall be stipulated to be and computed as
four percent (4%) of the gross rent received by Landlord from all Project Tenants for the fiscal year in question. In addition,
the Manager shall charge and be paid an additional fee of ten percent (10%) of the total of all Common Area Expenses to cover supervision,
administration and overhead of the Project.

 

11.2         Common
Area Expenses Estimates. At the beginning of each calendar year, Landlord shall have the right to prospectively estimate the
total amount of Common Area Expenses anticipated for such year, based on Landlord's experience and the latest available tax information,
and Landlord shall thereafter notify Tenant of the portion of estimated Common Area Expenses which Tenant shall be expected to
pay each month. Within ninety (90) days following the end of the applicable calendar year, Landlord shall furnish Tenant a statement
setting forth the amount of the actual Common Area Expenses for such year, showing in adequate detail the manner in which Tenant's
portion of Common Area Expenses has been computed and the payments made by Tenant for Common Area Expenses during such year. If
the amount collected by Landlord from Tenant for estimated Common Area Expenses exceeds the actual amount of Common Area Expenses
for such year, Landlord shall refund the excess within thirty (30) days or shall apply any credit to the next Common Area Expense
payment to be made by Tenant. If Tenant's payments of estimated Common Area Expenses are less than the total amount of
actual Common Area Expenses for such year, Tenant shall pay the deficiency within thirty (30) days.

 

SECTION 12 – MAINTENANCE AND
REPAIRS BY TENANT.  Landscaping signage

 

12.1         Tenant's
Obligation. Tenant shall keep and maintain in good order, condition and repair (including any such replacement, periodic painting
and restoration as is required for that purpose) the Premises and every part thereof and any and all appurtenances thereto wherever
located, including but not limited to, the exterior and interior portion of all doors, door checks, door locks, windows, plate
glass, store front, all plumbing and sewage facilities within the Premises, all alterations, improvements and installations made
by Tenant and any repairs required to be made due to burglary or other illegal entry into the Premises. Tenant shall maintain
and bear the expense of the light fixtures and bulbs, air-conditioning unit and filters, heating unit or furnace, janitorial
services, interior pest control, and the like.

 

12.2        
Prohibited Acts. Tenant shall not cause or permit accumulation of any debris or extraneous matter on the roof of the Premises
and will be responsible for any

 

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damage caused thereto by any acts of Tenant, its agents, servants, employees or contractors. Tenant
shall place any rubbish, broken down boxes, trash or other excess matter only in such containers as are authorized from time to
time by Landlord; keep the Premises (including all exterior surfaces and both sides of all glass) clean, orderly, sanitary and
free from objectionable odors and from insects, vermin, and other pests; and keep the outside areas and sidewalks immediately adjoining
the Premises clean and free from empty boxes, trash of any kind, ice and any other obstructions or safety hazards.

 

12.3         
 Rights of Landlord. If Tenant refuses or fails to commence and complete repairs or maintenance required herein promptly
and adequately, Landlord may, but shall not be required to, make and complete the repairs or perform the maintenance. The
cost of such repairs or maintenance shall be paid immediately by Tenant to Landlord as additional rent upon demand.

 

SECTION 13 - REPAIR BY LANDLORD.

 

13.1         Repair
by Landlord. Landlord shall keep and maintain the foundation, exterior walls, floors and roof of the building in which the
Premises are located (but the same shall be included in the cost of operations and maintenance of the common facilities as defined
in Section 11), exclusive of doors, door frames, door checks, door locks, windows and window frames located in exterior building
walls. Landlord shall not, however, be required to make any such repairs when such repairs are the result of misuse or neglect
by Tenant, its agents, employees, invitees, licensees or contractors. Any repairs required to be made by reason of such Tenant
misuse or neglect shall be the responsibility of Tenant, the above provisions to the contrary notwithstanding. Except as provided
herein, Landlord shall have no obligation to alter or modify the Premises, or any part thereof, or to repair and maintain any
plumbing, heating, electrical, air-conditioning or other mechanical installation in the Premises. Under no circumstances shall
Landlord be obligated to repair, replace or maintain any plate glass or door or window glass no matter what the cause.

 

13.2        
Hazardous Materials. Exclusive of Hazardous Materials normally associated with Tenant's permitted use, if any, Tenant covenants
and agrees not to use, generate, release, manage, treat, manufacture, store, or dispose of, on, under or about, or transport to
or from (any of the foregoing hereinafter a "Use") the Premises any Hazardous Materials (other than "De Minimis"
amounts (as defined below)). Tenant further covenants and agrees to pay all costs and expenses associated with enforcement, removal,
remedial or other governmental or regulatory actions, agreements or order threatened, instituted or completed pursuant to any
Hazardous Materials Laws, and all audits, tests, investigations, cleanup, reports and other such items incurred in connection
with any efforts to complete, satisfy or resolve any matters, issues or concerns, whether governmental or otherwise, arising out
of or in any way related to the Use of Hazardous Materials in any amount by Tenant, its

 

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employees, agents,
invitees, subtenants, licensees, assignees or contractors. For purposes of this Lease (1) the term "Hazardous Materials"
shall include but not be limited to asbestos, urea formaldehyde, polychlorinated biphenyls, automotive and petroleum products
and byproducts (including, without limitation, gasoline, diesel and other fuels, new, used and recycled oil, grease, brake fluid,
antifreeze, and other automotive fluids installed in or recovered from service vehicles or otherwise, and any other fuel additive,
derivative, lubricant or byproduct generated, stored or used in Tenant's business operation or otherwise occurring), pesticides,
radioactive materials, hazardous wastes, toxic substances and any other related or dangerous toxic or hazardous chemical, material
or substance defined as hazardous or regulated or as a pollutant or contaminant in, or the use of or exposure to which is prohibited,
limited, governed or regulated by, any Hazardous Materials Laws; (ii) the term "De Minimis" amounts shall mean, with
respect to any given level of Hazardous Materials, that such level or quantity of Hazardous Materials in any form or combination
of forms (a) does not constitute a violation of any Hazardous Materials Laws; and (b) is customarily employed in, or associated
with, similar retail projects in Coconino County, Arizona; and (iii) the term "Hazardous Materials Laws" shall mean
any federal, state, county, municipal, local or other statute, law, ordinance or regulation now or hereafter enacted which may
relate or legislate the protection of human health or the environment, including but not limited to the Comprehensive Environment
Response, Compensation and Liability Act of 1980, 42 U.S.C. Section 9601, et seq.; the Hazardous Materials Transportation
Act, 49 U.S.C. Section 1801, et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq.;
the Federal Water Pollution Control Act, 33 U.S.C. Section 1251, et sea.; the Toxic Substances Control Act of 1976,
15 U.S.C. Section 2601, et sea.; Ariz. Rev. Stat. Ann. Title 49 (The "Arizona Environmental Quality Act of 1986");
and any rules, regulations or guidelines adopted or promulgated pursuant to any of the foregoing as they may be adopted, amended
or replaced from time to time.

 

SECTION 14 - LIENS.

 

14.1        
No Liens. Tenant shall have no authority to do any act or make any contract which may create or be the basis for any lien,
mortgage or other encumbrance upon any interest of Landlord in the Premises or which would cause any document to be recorded against
the Premises or the Project. Should Tenant cause any construction, alterations, rebuildings, restorations, replacements, changes,
additions, improvements or repairs to be made on the Premises, or cause any labor to be performed or material to be furnished
thereon, therein or thereto, neither Landlord nor the Premises shall under any circumstances be liable for the payment of any
expense incurred or for the value of any work done or material furnished, and Tenant shall be solely and wholly responsible to
contractors, laborers and materialmen for performing such labor and furnishing such material.

 

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14.2        
Tenant's Obligations. The initial and any subsequent alterations or improvements made by Tenant to the Premises must be
paid for by Tenant when such alterations or improvements are made. Nothing in this Lease shall be construed to authorize Tenant,
or any person dealing with or under Tenant, to charge the rents of the Premises, or the property and buildings of which the Premises
form a part, or the interest of Landlord in the state of the Premises, with a mechanics' lien or encumbrance of any kind, and
under no circumstances shall Tenant be construed to be the agent, employee or representative of the Landlord in the making of
any such improvements or alterations to the Premises.

 

14.3        
Removal of Liens. If, because of any act or omission (or alleged act or omission) of Tenant, any mechanic's, materialman's,
or other lien, charge or order for the payment of money shall be filed or recorded against the Premises or against Landlord (whether
or not such lien, charge or order is valid or enforceable as such), Tenant shall, at its own expense, either cause the same to
be discharged of record pursuant to A.R.S. §33-1004,or otherwise cause such discharge, within ten (10) days after Tenant
shall have received notice of the filing thereof, or Tenant may, within such period, furnish to Landlord a bond satisfactory to
Landlord against such lien, charge or order, in which case Tenant shall have the right in good faith to contest the validity or
amount thereof.

 

SECTION 15 - INSURANCE.

 

15.1        
Project Insurance. Landlord bears the risk of and may insure as a Common Area Expense as practical or as required by Landlord's
Lender, the operation of the Project as a whole or the common areas thereof. Such insurance may include, but is not limited to,
general liability, umbrella excess liability, bodily injury, public liability, property damage liability, fire and extended coverage
in amounts not less than eighty percent (80%) of the replacement cost of the Project, sign insurance and the like in coverage
limits selected by Landlord. Tenant shall pay to Landlord its "Proportionate Share" of such insurance as provided in
Section 11 above.

 

15.2        
Tenant's Property. Tenant agrees that all property owned by it in, on, or about the Premises shall be at the sole risk
and hazard of the Tenant. Landlord shall not be liable or responsible for any loss or damage to Tenant, or anyone claiming under
or through Tenant, or otherwise, whether caused by or resulting from a peril required to be insured hereunder, or from water,
gas leakage, plumbing, electricity or electrical apparatus, pipe or apparatus of any kind, the elements or other similar or dissimilar
causes, and whether or not originating in the Premises or elsewhere, irrespective of whether or not Landlord may be deemed to
have been negligent with respect thereto, and provided such damage or loss is not the result of any intentional and wrongful act
of Landlord. Tenant shall require all policies of risk insurance carried by it on its property in the Premises to contain or be
endorsed with the provision in and by which the insurer designated therein shall waive its right of subrogation against Landlord.

 

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15.3        
Tenant's Operations. All operations conducted by Tenant shall be at Tenant's sole risk. In addition, Tenant shall procure
insurance for its operations as follows:

 

A.           Tenant
shall keep in force at its own expense public liability insurance and comprehensive general liability insurance, including contractual
liability insurance sufficient to cover all phases and aspects of the operation and conduct of its business, with minimum limits
of $2,000,000.00 on account of bodily injuries to or death of one person and $3,000,000.00 on account of bodily injuries to or
death of more than one person as a result of any one accident or disaster, and $2,000,000.00 as a result of damage to property.

 

B.           Tenant
shall keep and maintain in force during the Term hereof, plate glass insurance upon windows and doors in the Premises as required
by Landlord unless Landlord maintains such insurance on behalf of all Tenants and treats it as a Common Area Expense.

 

15.4        
Certificate of Insurance. Tenant shall provide annually to Landlord a Certificate of Insurance listing Landlord as an additional
named insured under the Tenant's policy of insurance.

 

15.5.       
Insurance Companies. The policies affording the insurance required by this Lease shall be with companies (rated A-[minus]
VII or better, A. M. Best's Key Rating Guide) authorized to do business in the State of Arizona and shall be in a form reasonably
satisfactory to Landlord, shall provide replacement cost coverage, shall name Landlord as an additional insured, and shall provide
for payment of loss thereunder to Landlord and Tenant as their interests may appear. The policies or certificates evidencing such
insurance shall be delivered to Landlord on or before the Commencement Date and renewals thereof shall be delivered to Landlord
at least thirty (30) days prior to the expiration dates of the respective policies. Alternatively, the insurance required by this
Section 15 may be provided under a blanket policy to the Tenant's existing insurance policy.

 

15.6.       
Failure to Procure Insurance In the event Tenant shall fail to procure insurance required under this Lease or fail to maintain
the same in force continuously during the Term, or any extension thereof, Landlord shall be entitled to procure such insurance
and Tenant shall, upon demand, immediately reimburse Landlord for such premium expense or Landlord may declare Tenant in default
under this Lease.

 

15.7        
Repair. In the event of loss under any such policy or policies, Tenant shall promptly proceed with the repair and restoration
of the damaged or destroyed improvements in accordance with Section 16 of this Lease. The insurance proceeds, if less than $20,000.00,
shall be paid to Tenant for application to such repair, restoration or remediation, so long as (a) Tenant is not then in default
under this Lease,

 

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and (b) Tenant expressly
covenants in writing with Landlord to expend such funds for the repair, restoration or remediation of the Premises and the improvements
therein, and to furnish Landlord with documentation evidencing such expenditure of funds for work and improvements incorporated
in the Premises within thirty (30) days following completion of such repair, restoration or remediation. If the insurance proceeds
exceed $20,000.00, the same shall be paid to and held in trust by the Landlord pursuant to Section 16 of this Lease. All insurance
proceeds described in this Section 15.7 shall be paid upon architects' certificates and contractors', subcontractors' and materialmen's
waivers of lien for the cost and expense of repair, restoration or remediation of the damage. If at any time such insurance proceeds
shall be insufficient to pay fully the cost of completion of such repair, restoration or remediation, Tenant shall upon
demand of Landlord pay a sufficient portion of such cost so that it shall appear to the reasonable satisfaction of Landlord that
the amount of insurance money in the hands of Tenant or Landlord, as applicable, shall at all times be sufficient to pay for the
completion of the repairs, restoration or remediation free and clear of all liens. Upon the completion of the repairs, restoration
or remediation, free and clear of all liens, any surplus of insurance monies shall be paid to Tenant, provided that Tenant is
not then in default hereunder. In the event that this Lease shall have been terminated for any default of Tenant under any of
the terms and provisions contained in this Lease, all proceeds of insurance in the hands of Tenant or Landlord and all claims
against insurers shall be and become the absolute property of Landlord.

 

SECTION 16 - DAMAGE OR DESTRUCTION.

 

16.1        
Tenant Obligations. In the event of damage to or destruction of any of the improvements on the Premises by fire or other
casualty, Tenant shall give Landlord immediate notice thereof and shall, at Tenant's own expense and whether or not the insurance
proceeds are sufficient for the purpose, promptly commence and thereafter diligently pursue completion of the repair, restoration
or rebuilding of the same so that upon completion of such repairs, restoration or rebuilding, the value and rental value of the
improvements shall be substantially equal to the value and rental value thereof immediately prior to the occurrence of such fire
or other casualty. Tenant hereby expressly waives any statutory right to terminate this Lease in the event of damage or destruction
of the Premises or all or any portion of the buildings or improvements thereon.

 

16.2        
Lease Termination. Notwithstanding anything to the contrary contained herein, if the Premises should be rendered untenantable
by fire or other casualty during the last two (2) years of the Term to the extent of fifty percent (50%) or more of the replacement
cost of the Premises, Tenant shall have the option to terminate this Lease by notice to Landlord within sixty (60) days after
the occurrence of such damage or destruction. Upon termination, this Lease and the Term hereof shall cease and come to an end
as of the effective date of such notice (which shall be not less than thirty

 

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(30) nor more than ninety (90) days after the notice and
shall be specified in the notice). Any unearned rent or other charges shall be apportioned as of the effective date and
Tenant shall assign to Landlord all of its rights to the insurance proceeds arising out of damage or destruction to the improvements
and shall pay Landlord (when the information is ascertained) the difference between the value of the property damaged or destroyed,
prior to the damage or destruction, and the amount, if any, of the insurance proceeds.

 

SECTION 17 - EASEMENTS.

 

Landlord expressly
reserves all rights in and with respect to the use of the Premises as provided herein, including (without in any
way limiting the generality of the foregoing) the rights of Landlord to establish Common Areas and grant parking easements to others
and to enter upon the Premises and give easements to others for the purpose of installing, using, maintaining, renewing and replacing
such overhead or underground water, gas, sewer, and other pipe lines, and telephone, electric and power lines, cables and conduits
as Landlord may deem desirable in connection with the development or use of the other property in the Project or any other property
in the neighborhood thereof, whether owned by Landlord or not.

 

SECTION 18 - INDEMNIFICATION.

 

18.1.    
   By Tenant. Excepting any responsibility allocated to Landlord by reason of its negligence (excluding from
this exception, however, any responsibility allocated to Landlord by reason of its failure to enforce the terms of this Lease),
Tenant shall indemnify, defend and hold Landlord harmless for, from and against all liabilities, obligations, claims, suits, damages,
penalties, causes of action, costs and expenses (including without limitation, reasonable attorneys' fees and expenses) imposed
upon or asserted against Landlord by reason of the acts or omissions of Tenant, its agents, employees, contractors, suppliers,
licensees, invitees and guests and/or the occurrence of any of the following during the Term: (i) any use, nonuse or condition
of the Premises or any part thereof; (ii) any accident, injury to or death of persons (including workmen) or loss of or damage
to property occurring on or about the Premises or any part thereof; (iii) any failure on the part of Tenant to perform or comply
with any of the provisions of this Lease; (iv) performance of any labor or services or the furnishings of any materials or other
property in respect of the Premises or any part thereof (excluding any such matters performed or furnished by or at the request
of Landlord and unrelated to a default of Tenant under this Lease); or (v) any failure on the part of Tenant to clean up and/or
dispose of any Hazardous Materials, as described in Section 13.2 above, in accordance with the requirements of this Lease and
applicable law. In the event Landlord should be made a defendant in any action, suit or proceeding brought by reason of any such
occurrence, Tenant shall, at its own expense, resist and defend such action, suit or proceeding or cause the same to be resisted
and defended by legal counsel designated by Tenant but approved by Landlord. If any such action,

 

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suit or proceeding should result in a final judgment against Landlord, Tenant shall promptly
satisfy and discharge such judgment or shall cause such judgment to be promptly satisfied and discharged. The obligations of
Tenant under this Section 18 arising by reason of any such occurrence taking place while this Lease is in effect shall
survive the termination of this Lease.

 

18.2   
      By Landlord. Landlord shall save, hold harmless and indemnify Tenant for, from and against
all liabilities, obligations, claims, suits, damages, penalties, causes of action, costs and expenses (including, without limitation,
reasonable attorneys' fees and expenses) imposed upon or asserted against Tenant by reason of the negligence of Landlord or its
agents, contractors, servants or employees.

 

18.3    
     Waiver of Claims. Landlord and its agents, contractors, servants or employees and shall not be
liable for, and Tenant hereby releases all claims for, damage to persons and property sustained by Tenant or any person claiming
through Tenant resulting from any theft, fire, accident, occurrence or condition in, on or about the Premises or building of which
they are a part, including, but not limited to, such claims for damage resulting from (i) any defect in or failure of plumbing,
heating or air-conditioning equipment, electric wiring or installation thereof, water pipes, stairs, railings or walks; (ii) any
equipment or appurtenances needing repair; (iii) the bursting, leaking or running of any tank, wash stand, water closet, waste
pipe, drain or any other pipe or tank in or about the Premises; (iv) the backing up of any sewer pipe or down spout;
(v) the escape of steam or hot water; (vi) water, snow or ice being upon or coming through the roof or any other place upon or
near the Premises or otherwise; (vii) the falling of any fixture, plaster or stucco; and (viii) broken glass.

 

SECTION 19 - ASSIGNMENT AND SUBLETTING.

 

19.1        
Landlord Consent. Tenant shall not transfer or assign this Lease or any interest in this Lease or sublet the Premises or
any portion thereof without first obtaining the written consent of Landlord, which consent may be given or withheld in Landlord's
sole discretion; and any attempted transfer, assignment or subletting, including any involuntary transfers or assignments by operation
of law, without such consent shall be void and confer no rights upon any third person, and at the option of Landlord, shall cause
a termination of this Lease, in which event such third person shall occupy the Premises as a tenant at sufferance. The acceptance
of any rent payments by Landlord from any such alleged assignee shall not constitute approval of the assignment or subletting
of this Lease by Landlord. No transfer, assignment or subletting shall relieve Tenant of its liability for the full performance
of all of the provisions, agreements, covenants and conditions of this Lease. A consent by Landlord to one transfer, assignment
or subletting shall not operate as a waiver of this Section as to any future transfer, assignment or subletting, and this Section
19 shall apply to any transferee, assignee or subtenant.

 

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19.2        
In Writing. Each transfer, assignment, and subletting to which there has been consent shall be by an instrument in writing
in form satisfactory to Landlord, and shall be executed by the transferor, assignor or sublessor; and the transferee, assignee,
or sublessee shall agree in writing for the benefit of Landlord to assume, to be bound by, and to perform the provisions, covenants
and conditions of this Lease to be done, kept and performed by Tenant. One executed copy of such written instrument shall be delivered
to Landlord. A consent to any transfer, assignment or subletting shall not constitute waiver or discharge of the provisions of
this paragraph with respect to a subsequent transfer, assignment or subletting. The acceptance of rent from any other person
shall not be deemed to be a waiver of any of the provisions of this Lease or a consent to the transfer, assignment or subletting
of the Premises.

 

19.3        
Transfer Limitation. If Tenant (including any entity later becoming Tenant) is a corporation, unincorporated association,
limited liability company or a partnership, the transfer (other than pursuant to the laws of devise and descent upon the death
of a shareholder, partner or owner), assignment or hypothecation of any stock or interest in such corporation, association, company
or partnership in the aggregate in excess of twenty percent (20%) from the time such entity becomes a Tenant hereunder, shall
be deemed an assignment within the meaning and provisions of this Section 19. The foregoing sentence shall not apply to
a corporation of which the capital stock is publicly traded on a recognized national stock exchange.

 

19.4        
Deleted.

 

SECTION 20 - SUBJECT TO MASTER LEASE.

 

Tenant acknowledges
that this Lease is subordinate to a Master Lease of the Project among CANYON PORTAL PROPERTIES, L.L.C. and ATHERTON VENTURES, L.L.C.
as Landlord and CANYON PORTAL II, L.L.C., an Arizona limited liability company as Tenant. A Memorandum of Lease is recorded in
Coconino County as Instrument No. 98-21399 on July 2, 1998. An Amendment to Memorandum of Lease is recorded in Coconino County
as Instrument No. 3288292 on October 14, 2004.

 

SECTION 21 - DEFAULTS BY TENANT.

 

21.1        
Event of Default. Each of the following occurrences shall be an Event of Default hereunder:

 

A.           If
Tenant fails to pay any Rent, Additional Charges or any sum due hereunder promptly when due and such failure continues for three
(3) days after the date such payment was due.

 

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B.           If
Tenant defaults or breaches any of the other (non-monetary) covenants, agreements, conditions or undertakings herein to be kept,
observed and performed by Tenant and such default continues for ten (10) days after notice thereof in writing to Tenant.

 

C.           TENANT
ACKNOWLEDGES THAT ANY VIOLATION OF ANY OF THE PRESCRIBED CONDUCT AS SET FORTH IN PARAGRAPH 8.3 IS A MATERIAL BREACH OF THIS LEASE.
IF IN ANY TWELVE (12) MONTH PERIOD THERE ARE MORE THAN TWO (2) NOTICES OF VIOLATION OF PARAGRAPH 8.3 SENT BY LANDLORD TO TENANT,
THEN LANDLORD SHALL HAVE THE RIGHT TO TERMINATE THIS LEASE WITHOUT NOTICE.

 

TENANT'S INITIALS: AS

 

D.           If
Tenant files any petition under any chapter or section of the Federal Bankruptcy Code or any similar law, state or federal, whether
now or hereafter existing, or shall file an answer admitting insolvency or inability to pay its debts.

 

E.           If
Tenant fails to obtain a stay of any involuntary proceedings under any chapter or section of the Federal Bankruptcy Code within
sixty (60) days after the institution thereof.

 

F.           If
a trustee or receiver is appointed for Tenant or for a major portion of its property or for any portion of the Premises and such
appointment is not vacated and dismissed within sixty (60) days thereafter and in any event prior to any action adverse to the
interest of Tenant or Landlord having been taken by such trustee or receiver.

 

G.           If
any court takes jurisdiction of a major portion of the property of Tenant or any part of the Premises in any involuntary proceeding
for dissolution, liquidation or winding up of Tenant and such jurisdiction is not relinquished or vacated within sixty (60) days.

 

H.           If
Tenant makes an assignment for the benefit of its creditors.

 

I.           If
Tenant fails to occupy and operate the business in the Premises for three (3) consecutive days (except as otherwise allowed under
Section 8.4).

 

21.2         
Re-Enter of Premises. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have
the right, at its election, to reenter the Premises, or any part thereof, either with or without process of law, and to expel,
remove and evict Tenant and all persons occupying or upon the same under Tenant, using such force as may be lawful and necessary
in so doing, and to possess the Premises and enjoy the same as in their former estate and to take full possession

 

    	22

    	 

    

 

of and control
over the Premises and the buildings and improvements thereon and to have, hold and enjoy the same and to receive all rental income
of and from the same. No reentry by Landlord shall be deemed an acceptance of a surrender of this Lease, nor shall it absolve or
discharge Tenant from any liability under this Lease. Upon such reentry, all rights of Tenant to occupy or possess the Premises
shall cease and terminate.

 

21.3     
   Lease Termination. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord
shall have the right, at its election, with or without reentry as provided in Section 21.2, to give written notice to Tenant stating
that this Lease shall terminate on the date specified by such notice, and upon the date specified in such notice this Lease and
the Term hereby demised and all rights of Tenant hereunder shall terminate. Upon such termination, Tenant shall quit and peacefully
surrender to Landlord the Premises and the buildings and improvements then situated thereon.

 

21.4   
     Relettinq. At any time and from time to time after such reentry, Landlord may relet the Premises
and the buildings and improvements thereon, or any part thereof, in the name of Landlord or otherwise, for such term or terms
(which may be greater or less than the period which would otherwise have constituted the balance of the Term of this Lease), and
on such conditions (which may include concessions or free rental) as Landlord, in its reasonable discretion, may determine and
may collect and receive the rental therefore. However, in no event shall Landlord be under any obligation to relet the Premises
and the buildings and improvements thereon, or any part thereof, and Landlord shall in no way be responsible or liable for any
failure to relet or for any failure to collect any rental due upon any such reletting. Even though it may relet the Premises,
Landlord shall have the right thereafter to terminate this Lease and all of the rights of Tenant in or to the Premises. Nothing
contained in the foregoing shall be deemed a waiver or relinquishment by Tenant of any duty imposed by law on Landlord
to mitigate its damages.

 

21.5        
Survival of Liability. Unless Landlord shall have notified Tenant in writing that it has elected to terminate this Lease,
no such reentry or action in lawful detainer or otherwise to obtain possession of the Premises shall relieve Tenant of its liability
and obligations under this Lease; and all such liability and obligations shall survive any such reentry. In the event of any such
reentry, whether or not the Premises and the buildings and improvement's thereon, or any part thereof, shall have been
relet, Tenant shall pay to Landlord the entire rental and all other charges required to be paid by Tenant up to the time of such
reentry of this Lease, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such
reentry, shall be liable to Landlord, and shall pay to Landlord, as damages for Tenant's default:

 

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A.          The
amount of Minimum Annual Base Rental and additional charges which would be payable under this Lease by Tenant if this Lease were
still in effect, less

 

B.           The
net proceeds of any reletting, after deducting all of Landlord's expenses in connection with such reletting, including without
limitation all repossession costs, brokerage commissions, legal expenses, attorneys' fees, alteration costs and expenses of preparation
for such reletting.

 

Tenant shall be liable
for and pay such damages to Landlord on a monthly basis on the first day of each month and Landlord shall be entitled to recover
from Tenant monthly as the same shall arise. The excess, if any, in any month or months, of the net proceeds described in subparagraph
(B) above actually received by Landlord over the Minimum Annual Base Rental and Additional Charges described in subparagraph (A)
above shall belong to Landlord, provided that such excess shall be credited and applied against Tenant's future obligations arising
under this Section 21.5 as the same become due and payable by Tenant hereunder, and that Tenant shall remain liable for future
deficiencies, as applicable. Notwithstanding any such reentry without termination, Landlord may at any time thereafter, by written
notice to Tenant, elect to terminate this Lease for Tenant's previous breach.

 

21.6         
Cumulative Remedies. Each right and remedy of Landlord provided for in this Lease shall be cumulative and in addition to
every other right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise;
and the exercise or beginning of the exercise by Landlord of any one or more of such rights or remedies shall not preclude the
simultaneous or later exercise by Landlord of any or all other rights or remedies provided for in this Lease now or hereafter
existing at law or in equity or by statute or otherwise.

 

21.7         
Sublessee Defaults. Any violation of any covenant or provision of this Lease, whether by act or omission, by any sublessee
or any other persons occupying any portion of the Premises under the rights of Tenant shall be deemed a violation of such provision
by Tenant and a default under this Lease. Any such violation shall not be deemed to be a default hereunder if and so long as Tenant
in good faith and at its own expense takes and diligently pursues any and all steps it is entitled to take and which steps if
completed will cure said default.

 

21.8         
Repetitive Rent Payment Defaults. NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH 21.1 HEREOF TO THE CONTRARY, IF IN ANY ONE
(1) PERIOD OF TWELVE (12) CONSECUTIVE MONTHS, TENANT SHALL HAVE BEEN IN DEFAULT IN THE PAYMENT OF RENT HEREIN AT LEAST THREE (3)
TIMES AND LANDLORD, BECAUSE OF SUCH DEFAULTS, SHALL HAVE SERVED UPON TENANT WITHIN SUCH TWELVE (12) MONTH PERIOD THREE (3) OR
MORE NOTICES OF LATE PAYMENT, THEN THE FOURTH DEFAULT SHALL BE DEEMED TO BE A NONCURABLE

 

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DEFAULT AND LANDLORD SHALL BE ENTITLED TO IMMEDIATE
POSSESSION OF THE PREMISES.

 

21.9          
Cure Period. Notwithstanding any other provision of this Section, Landlord agrees that if the default complained of, other
than for the payment of monies, is of such a nature that the same cannot be cured within the twenty (20) day period for curing
as specified in the written notice relating thereto, then such default shall be deemed to be cured if Tenant within such period
of twenty (20) days shall have commenced thereof and shall continue thereafter with all due diligence to effect such cure and
does so complete the same with the use of such diligence as aforesaid.

 

21.10        
Late Charges. A late charge in the amount of ten percent (10%) of the delinquent payment shall be assessed to any payment
required to be made by Tenant to Landlord under the terms of this Lease not received by Landlord within three (3) days after its
due date (regardless of whether Tenant has been given notice of such failure of payment). If Tenant tenders to Landlord a check
that is returned marked "NSF" or its equivalent, Tenant shall pay Landlord a payment in the amount of twenty percent
(20%) of the amount of such non-negotiable check. Tenant's failure to pay any such late charge within three (3) days after Landlord's
written demand therefor shall constitute an Event of Default hereunder. In addition to the payments set forth in the preceding
two sentences, Tenant shall pay Landlord interest at the rate of eighteen percent (18%) per annum from the date any payment is
due until the date such payment is actually received by Landlord.

 

SECTION 22 - CONDEMNATION.

 

If title to all or
any portion of the Premises is taken by a public or quasi-public authority under any statute or by right of eminent domain of any
governmental body, whether such loss or damage results from condemnation of part or all of the Premises, Tenant shall not be entitled
to participate or receive any part of the damages or award except where the same shall provide for Tenant's moving or other reimbursable
expenses, the portion thereof allocated to the taking of Tenant's trade fixtures, equipment and personal property or to a loss
of business by Tenant. Should any power of eminent domain be exercised after Tenant is in possession, such exercise shall not void
or impair this Lease unless the amount of the Premises so taken substantially and materially impairs the usefulness of the Premises
for the purposes for which they are leased in which case, either party may cancel this Lease by notice to the other within sixty
(60) days after such possession. Should only a portion of the Premises be taken and the Premises continue to be reasonably suitable
for Tenant's use, the rent shall be reduced from the date of such possession in direct proportion to the reduction in the square
footage of the Premises.

 

SECTION 23 - TENANT'S
WAIVER OF STATUTORY RIGHTS.

 

    	25

    	 

    

 

In the event of any
termination of the Term (or any repossession of the Premises), Tenant so far as permitted by law, waives (i) any notice of reentry
or of the institution of legal proceedings to that end; and (ii) the benefits of any laws now or hereafter in force exempting property
from liability for rent or for debt.

 

SECTION 24 - WAIVER OF PERFORMANCE.

 

No failure by Landlord
or Tenant to insist upon the strict performance of any term or condition hereof or to exercise any right, power or remedy consequent
upon a breach thereof and no submission by Tenant or acceptance by Landlord of full or partial rent during the continuance of any
such breach shall constitute a waiver of any such breach or of any such term. No waiver of any breach shall affect or alter this
Lease (which shall continue in full force and effect), or the respective rights of Landlord or Tenant with respect to any other
then-existing or subsequent breach.

 

SECTION 25 - REMEDIES CUMULATIVE.

 

Each right, power
and remedy provided for in this Lease now or hereafter existing at law, in equity or otherwise shall be cumulative and concurrent
and shall be in addition to every other right, power or remedy provided for in this Lease now or hereafter existing at law, in
equity or otherwise; and the exercise or beginning of the exercise of any one or more of the rights, powers or remedies provided
for in this Lease shall not preclude the simultaneous or later exercise of any or all such other rights, powers or remedies.

 

SECTION 26 - CONVEYANCE BY LANDLORD.

 

In the event Landlord
or any successor Landlord shall convey or otherwise dispose of the Premises, it shall thereupon be released from all liabilities
and obligations imposed upon Landlord under this Lease (except those accruing prior to such conveyance or other disposition) and
such liabilities and obligations shall be binding solely on the then owner of the Premises.

 

SECTION 27 - NO PERSONAL LIABILITY TO LANDLORD.

 

Tenant shall look
solely to Landlord's interest in the Premises for the satisfaction of any judgment or decree requiring the payment of money by
Landlord based upon any default under this Lease, and no other property or assets of Landlord, or any partner or member of, or
shareholder in, Landlord, shall be subject to levy, execution or other enforcement procedures for satisfaction of any such judgment
or decree.

 

SECTION 28 - ATTORNEYS'
FEES.

 

    	26

    	 

    

 

In the event Landlord
retains an attorney to enforce its rights under this Lease or to bring suit for possession of the Premises, for the recovery of
any sum due hereunder, or for any other relief against Tenant, declaratory or otherwise, arising out of a breach of any term of
this Lease, or in the event Tenant should bring any action for any relief against Landlord, declaratory or otherwise, arising out
of this Lease, the prevailing party shall be entitled to receive from the other party reasonable attorneys' fees and reasonable
costs and expenses, which shall be deemed to have accrued due to the commencement of such action and shall be enforceable whether
or not such action is prosecuted to judgment.

 

SECTION 29 - PROVISIONS SUBJECT TO APPLICABLE LAW.

 

All rights, powers
and remedies provided herein shall be exercised only to the extent that the exercise thereof shall not violate any applicable law
and are intended to be limited to the extent necessary so that they shall not render this Lease invalid or unenforceable under
any applicable law. If any term of this Lease shall be held to be invalid, illegal or unenforceable, the validity of the other
terms of this Lease shall in no way be affected thereby.

 

SECTION 30 - RIGHT TO CURE TENANT'S DEFAULTS.

 

In the event Tenant
shall breach any term, covenant or provision of this Lease, Landlord may at any time, without notice, cure such breach for the
account and at the expense of Tenant. If Landlord at any time, by reason of such breach, is compelled to pay or elects to pay any
sum of money or to do any act that will require the payment of any sum of money, or is compelled to incur any expense, including
reasonable attorneys' fees, incurred in instituting, prosecuting or defending any actions or proceedings to enforce Landlord's
rights under this Lease or otherwise, the sum or sums so paid by Landlord, with all interest, costs and damages, shall be deemed
to be Additional Charges and shall be paid by Tenant to Landlord on the first day of the month following the incurring of such
expenses of the payment of such sums and shall include interest at the rate of eighteen percent (18%) per annum from the date Landlord
makes a payment until Tenant pays such Additional Charges in full.

 

SECTION 31 - NOTICES.

 

Any notice to be given
by Landlord or Tenant shall be given in writing and delivered in person or by overnight mail service to Landlord or Tenant, forwarded
by certified or registered mail, postage prepaid, or sent via facsimile transmission, to the address indicated in the Fundamental
Lease Provisions, unless the party giving any such notice has been notified, in writing, of a change of address. Any such notice
shall be deemed effective (a) upon receipt or refusal to accept delivery, if personally delivered; (b) on the next business day
following delivery to the overnight courier; (c) 

 

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in the case of certified mailing, on the date of actual delivery as shown by the
addressee's receipt or upon the expiration of three (3) business days following the date of mailing, whichever occurs first; or
(d) in the case of facsimile transmission, upon receipt (a written confirmation of successful transmission from the transmitting
facsimile machine being prima facie evidence of such receipt).

 

SECTION 32 - SIGNS.

 

Tenant shall not place,
alter, exhibit, inscribe, paint or affix any sign, awning, canopy, advertisement, notice or other lettering on any part of the
outside of the Premises, or of the building of which the Premises is a part, or inside the Premises if visible from the outside,
without first obtaining Landlord's written approval thereof, which shall not be unreasonably withheld, and if so approved, Tenant
shall maintain the same in good condition and repair. All signs shall comply with applicable ordinances or other governmental restrictions
and with all applicable rules and regulations then in force or as may be put in force and effect from time to time by any governmental
authority or by Landlord.

 

SECTION 33 - LANDLORD'S INSPECTIONS.

 

33.1          
Inspection.  Landlord reserves the right to, at all reasonable times, by itself or by its duly authorized agents,
employees and contractors, and without notice to go upon and inspect the Premises and every part thereof, to enforce or carry
out the provisions of this Lease, to make, at its option, repairs, installations, alterations, improvements and additions to the
Premises or the building of which the Premises are a part, to perform any defaulted obligation of Tenant or for any other proper
purposes. Landlord also reserves the right to install or place upon or affix to the roof and exterior walls of the Premises: equipment,
signs, displays, antennae and any other object or structure of any kind, provided the same shall not interfere with Tenant's occupancy
or materially impair the structural integrity of the building of which the Premises are a part.

 

33.2          
Presenting for Sale or Lease.       Landlord hereby reserves the right during usual business
hours to enter the Premises and to show the same for purposes of sale, lease or mortgage, and during the last six (6) months of
the term of this Lease, or the extension thereof, to exhibit the same to any prospective tenant, and to display appropriate signage
for such sale or lease. Prospective purchasers or tenants authorized by Landlord may inspect the Premises during reasonable hours
at any time.

 

SECTION 34 - ESTOPPEL CERTIFICATE.

 

Tenant will execute,
acknowledge and deliver to Landlord, within three (3) days following request therefor, a certificate certifying (a) that this Lease
is unmodified and

 

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in full force (or, if there have been modifications, that the
Lease is in full force and effect, as modified, and stating the modifications); (b) the dates, if any, to which rent, Additional
Charges and other sums payable hereunder have been paid; (c) that no notice has been received by Tenant of any default which has
not been cured, except as to defaults specified in such certificate; and (d) this Lease is and shall be subordinate to any existing
or future deed of trust, mortgage or security agreement placed upon the Premises or the Project by the Landlord or owner
of the Property. Any claim of Tenant in contradiction of any of the foregoing matters must be set forth with specificity in the
certificate. Any such certificate may be relied upon by any prospective purchaser or encumbrancer of the Premises or any part
thereof. Tenant's failure to deliver such certificate within the time permitted hereby shall be conclusive upon Tenant that this
Lease is in full force and effect, except to the extent any modification has been represented by Landlord, and there are no uncured
defaults in Landlord's performance, and that not more than one month's rent has been paid in advance. In addition, at Landlord's
option, after notice to Tenant and expiration of applicable grace period under this Lease, such failure of Tenant to deliver such
certificate shall constitute an Event of Default. Tenant acknowledges and agrees that the promise to issue such statements pursuant
hereto are a material consideration inducing Landlord to enter into this Lease and that the breach of such promise shall be deemed
a material breach of this Lease.

 

SECTION 35 - WAIVER OF TRIAL BY JURY.

 

TENANT HEREBY WAIVES
ALL RIGHTS TO TRIAL BY JURY IN ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM BY EITHER LANDLORD OR TENANT AGAINST EACH OTHER ON
ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, AND/OR TENANT'S USE
OR OCCUPANCY OF THE LEASED PREMISES. TENANT AGREES THAT EXCLUSIVE JURISDICTION FOR ALL LEGAL ACTIONS SHALL BE COCONINO COUNTY SUPERIOR
COURT.

 

SECTION 36 - RECORDING.

 

Neither this Lease
nor a memorandum thereof, may be recorded, or otherwise made public, by any means, without the express written consent of Landlord.
Any such recording or publication without such consent, shall, at Landlord's option, cause this Lease and all rights of Tenant
hereunder, to be immediately forfeited and of no further force and effect, provided, however, that Landlord shall have the
right to such action against Tenant, for damages resulting from such recording, as Landlord shall be entitled to by law.

 

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SECTION 37 - SUBORDINATION.

 

This Lease is hereby
declared to be subject and subordinate to the lien of any present or future encumbrance or encumbrances upon the Premises or the
Project, irrespective of the time of execution or the time of recording of any such encumbrance or encumbrances. Landlord shall
use its good faith efforts to obtain for Tenant an attornment and non-disturbance agreement from any lender which has a lien on
the Premises. This subordination is subject to the right of Tenant upon a foreclosure or other action taken under any mortgage
by the holders thereof to have this Lease and the rights of Tenant hereunder not be disturbed but to continue in full force and
effect so long as Tenant shall not be in default hereunder. The word "encumbrance" as used herein includes mortgages,
deeds of trust or other similar instruments, and modifications, extensions, renewals and replacements thereof, and any and all
advances thereunder.

 

SECTION 38 - MISCELLANEOUS.

 

38.1        
Definition of Tenant. The Term "Tenant" shall include legal representatives, successors and permitted assigns.
All covenants herein shall be made binding upon Tenant and construed to be equally applicable to and binding upon its agents,
employees and others claiming the right to be in the Premises or in the building or in the building through, under or above Tenant.

 

38.2        
Tenant. If more than one individual, firm, or corporation shall join as Tenant, singular context shall be construed to
be plural wherever necessary and the covenants of Tenant shall be the joint and several obligations of each party signing as Tenant
and when the parties signing as Tenant are partners, it shall be the obligation of the firm and of the individual members thereof.

 

38.3        
Gender and Number. Whenever from the context it appears appropriate, each item stated in the singular shall include the
plural and vice versa and the masculine, feminine, or neuter form shall included the masculine, feminine and neuter forms.

 

38.4        
Modifications and Waivers. No change, modification, or waiver of any provision of this Lease shall be valid or binding
unless it is in writing dated after the date hereof and signed by the parties intended to be bound. No waiver of any breach, term,
or condition of this Lease by either party shall constitute a subsequent waiver of the same or any other breach, term, or condition.

 

38.5        
Implied Warranties. OTHER THAN AS SET FORTH IN THIS LEASE, TENANT AND LANDLORD EXPRESSLY AGREE THAT THERE ARE AND SHALL
BE NO IMPLIED WARRANTIES OF MERCHANTABILITY, HABITABILITY, FITNESS FOR A

 

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PARTICULAR PURPOSE OR ANY OTHER KIND ARISING OUT OF THIS
LEASE, AND THERE ARE NO WARRANTIES WHICH EXTEND BEYOND THOSE EXPRESSLY SET FORTH IN THIS LEASE.

 

38.6         
Binding Effect. This Lease shall be binding upon and shall inure to the benefit of the parties and their respective heirs,
personal representatives, successors and assigns. This provision shall not be deemed to grant Tenant any right to assign this
Lease or sublet the Premises or any part thereof other than as provided in this Lease.

 

38.7        
Severability. To the fullest extent possible each provision of this agreement shall be interpreted in such fashion as to
be effective and valid under applicable law. If any provision of this Lease is declared void or unenforceable with respect to
particular circumstances, such provision shall remain in full force and effect in all other circumstances. If any provision of
this Lease is declared void or unenforceable, such provision shall be deemed severed from this Lease, which shall otherwise remain
in full force and effect.

 

38.8         
Governing Law and Jurisdiction. Except where preempted by the laws of the United States or the rules or regulations of
any agency or instrumentality thereof, this Lease is to be interpreted, construed and governed by the laws of the State of Arizona.
The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the Superior Court of the State of Arizona
for the County of Coconino in connection with any legal action or proceeding arising out of or relating to this Lease and the
parties waive any objection relating to the basis for personal or in rem jurisdiction or to venue which it may now or hereafter
have in any such suit, action or proceeding.

 

38.9          
Entire Agreement. This instrument constitutes the sole and only agreement between Landlord and Tenant respecting the Premises,
the leasing of the Premises to the Tenant, or the Lease term herein specified, and correctly sets forth the obligations of the
Landlord and Tenant to each other as of its date. Any agreements or representations by the Landlord to the Tenant not expressly
set forth in this instrument are void and unenforceable. All prior agreements and understanding of the parties with respect to
such subject matter are hereby superseded. No representations, promises, agreements, or understandings contained in this Lease
regarding the subject matter hereof shall be of any force or effect unless in writing, executed by the party to be bound, and
dated on or subsequent to the date hereof. Captions and headings are for convenience only and shall not alter any provision or
be used in the interpretation of this Lease.

 

38.10        
Time is of the Essence. Time is of the essence of this Lease and each and every provision hereof. Any extension
of time granted for the performance of any

 

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duty under this Lease shall not be considered an extension of time for the performance
of any other duty under this Lease.

 

38.11      
Brokers. Tenant represents and warrants that it has not entered into any agreement with, nor otherwise had any dealings
with, any broker or agent in connection or execution of this Lease which could form the basis of any claim by any such broker
or agent for a brokerage fee or commission, finder's fee, or any other compensation of any kind or nature in connection
with this Leasehold.

 

	LANDLORD:	 	TENANT:
	 	 	 	 	 
	CANYON PORTAL II, L.L.C.,	 	ORCHARDS ANNEX, LLC, an Arizona
	an Arizona limited liability company	 	corporation
	 	 	 
	By:	/s/ Al Spector	 	By:	/s/ Al Spector
	 	Al Spector	 	 	Al Spector
	Its:	Manager	 	Its:	Manager

 

    	32

    	 

    

 

List of Exhibits

 

		A.	Project Site Plan

 

		B.	Exclusive Use of Tenants List

 

    	 

    	 

    

 

EXHIBIT
A

 

    	 

    	 

    

 

 

    	 

    	 

    

 

EXHIBIT B

 

    	 

    	 

    

 

CANYON PORTAL II, L.L.C.

TENANT EXCLUSIVES

   

	TRADING POST SHOPS
	TENANT	EXCLUSIVE
	Rocky’s	No Exclusives
	Red Rock Jeep Tours	No Exclusives
	Bronco Jewelry	No Exclusives
	Nicrin, Inc.	No Exclusives
	Steve Aysheh	No Exclusives

	CANYON PORTAL SHOPS
	TENANT	EXCLUSIVE
	Pink Jeeps	No Exclusives
	Joe Wilcox Red Rock Outpost	No Exclusives
	Sedona Candle Gallery	No Exclusives
	Resort Marketing International, Inc.	In the Canyon Portal Shops Building Resort Marketing International, Inc. has the exclusive rights to market its timeshare properties and related Visitor Services from its lease location. This exclusive is applicable only to the Canyon Portal Shops Building and not the other Buildings at Canyon Portal or Sedona Center.
	Sedona Trolley	No Exclusives
	Running Strong, Inc.	No Exclusives

 

Exhibit B

 

    	 

    	 

    

 

	NORTH RETAIL BUILDING
	TENANT	EXCLUSIVE
	Red Canyon Gallery	Tenant has an exclusive in the North Retail Building for the sale of fine arts, bronze sculpture, oils, watercolors, pastels, hand-blown glass, manmade metal furniture, silver and gold designer jewelry with the exception that other tenants may sell such items as long as the floor space devoted to such items does not exceed 20% of the total of that tenant’s premises.
	Sedona Turquoise Trading	Tenant has an exclusive for the North Retail Building to sell authentic Indian-made sand paintings, moccasins and Indian pottery. In addition, Tenant has an exclusive to sell authentic Indian-made turquoise jewelry with the exception that other tenants may sell such turquoise jewelry as long as the floor space devoted to such sales does not exceed 20% of such tenant’s premises.
	Canyon Breeze Restaurant	Exclusive on a restaurant and lounge facility at the Canyon Portal Project.

 

Exhibit B

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

SECOND AMENDMENT TO LEASE

 

(Parking Lease)

 

THIS SECOND AMENDMENT TO LEASE (“Amendment”)
executed and effective as of May 14, 2013 by and between Canyon Portal II, L.L.C., an Arizona limited liability company (“Landlord”)
and Orchards Inn & Restaurant LLC, an Arizona limited liability company (“Tenant”).

 

WHEREAS, Landlord and Tenant entered into
that certain Lease dated January 1, 2012 (“Original Lease”), whereby Landlord leased to Tenant and Tenant leased from
Landlord those certain 10 parking spaces located in Sedona, Arizona described in the Original Lease;

 

WHEREAS, the Original Lease was modified
by that certain Amendment to Lease dated May 1, 2012 (“First Amendment”) (the Original Lease and First Amendment are
hereinafter collectively referred to as the “Lease”);

 

WHEREAS, Landlord and Tenant desire to further
amend the terms of the Lease pursuant to the provisions of this Amendment.

 

NOW, THEREFORE, in consideration of the
above recitals, the mutual promises contained herein, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Landlord and Tenant agree as follows:

 

1. Lease Term.

 

(a) The Lease Term is hereby extended to
December 31, 2040.

 

(b) Section 5 of the Original Lease is hereby
deleted in its entirety and replaced with the following:

 

“Landlord grants to Tenant the right to extend the Lease
Term for three (3) additional periods of ten (10) years each. Each extension shall be upon the same terms and conditions as the
Original Lease, as modified by this Amendment,

 

(c) Notwithstanding anything herein or in
the Original Lease to the contrary, Tenant shall have the right to terminate this Lease at any time upon thirty (30) days prior
written notice to Landlord.

 

2. Rent. The total gross monthly rent (inclusive of
minimum base rent, common area charges and all other additional rent) payable in accordance with the Lease shall be $2,758 for
the period commencing on the date hereof through the fifth (5th) anniversary of the date hereof. Thereafter, the total
gross monthly rent payable under this Lease shall be adjusted in accordance with that portion of Section 4.B. of the Original
Lease beginning with the second sentence of such Section 4.B.

  

3.   Size and Configuration. Section 6 of the Original
Lease is hereby deleted in its entirety and replaced with the following”

 

    	 

    	 

    

 

“Landlord and Tenant agree that the location of the 10
parking spaces may be changed should such a change be required by municipal or county regulations.”

 

4. Certificate of Insurance. Tenant shall not be required
to include any party other than Landlord or Landlord’s lender as an additional insured under all policies of insurance required
to be maintained by Tenant under the Lease.

 

5. Repair. Section 11 of the Original Lease is hereby
deleted in its entirety.

 

6. Damage or Destruction. Article 12 of the Lease is
hereby deleted in its entirety and replaced with the following:

 

“If all or any portion of the Premises or the Project
is damaged by fire or other casualty insurable under a standard fire insurance policy with a standard extended coverage endorsement,
Minimum Monthly Rental and Additional Rent shall abate and Landlord shall promptly repair as is necessary to replace the Premises
and when placed in such condition the Premises shall be deemed restored and rendered tenantable, such repair or rebuilding to be
commenced within a reasonable time after the occurrence. If such damage occurs in the last two years of the Lease Term or during
any Option Term, Tenant or Landlord shall have the option of terminating the Lease upon written notice to the other party. If Landlord’s
Lender requires that the insurance proceeds be used to retire the debt, Landlord shall have no obligation to rebuild, and this
Lease shall terminate upon notice to Tenant. Promptly following Landlord’s repair or rebuilding, Tenant, at Tenant’s
sole expense, shall repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings and equipment, and
if Tenant has closed, Tenant shall promptly reopen for business.”

 

7. Waiver of Subrogation. Except with respect to Worker’s
Compensation, to which no waiver of subrogation will apply, each party hereby waives any and every right or cause of action for
the events which occur or accrue during the Lease Term for any and all loss of, or damage to, any of its property (whether or
not such loss or damage is caused by the fault or negligence of the other party or anyone for whom said other party may be responsible),
which loss or damage is covered by valid and collectible fire, extended coverage, “All Risk” or similar policies covering
real property, personal property or business interruption insurance policies, to the extent that such loss or damage is recovered
under said insurance policies. Said waivers shall be in addition to, and not in limitation or derogation of, any other waiver
or release contained in this Lease with respect to any loss or damage to property of the parties hereto. Written notice of the
terms of such mutual waivers shall be given to each insurance carrier and the insurance policies shall be properly endorsed, if
necessary, to prevent the invalidation of coverage by reason of said waivers.

 

8. Indemnification.

 

a. Section 14.1 of the Original Lease is
hereby deleted in its entirety and replaced with the following:

 

    	2

    	 

    

 

“By Tenant   Excepting
any responsibility allocated to Landlord by reason of its gross negligence (excluding from this exception, however, any responsibility
allocated to Landlord by reason of its failure to enforce the terms of this Lease), Tenant shall indemnify, defend and hold Landlord
harmless for, from and against all liabilities, obligations, claims, suits, damages, penalties, causes of action, costs and expenses
(including without limitation, reasonable attorneys’ fees and expenses) imposed upon or asserted against Landlord by reason
of the gross negligence or willful misconduct of Tenant, its agents, employees, contractors, suppliers, licensees, invitees and
guests and/or the occurrence of any of the following during the Term: (i) any use, non-use or condition of the Premises or any
part thereof; (ii) any accident, injury to or death of persons (including workmen) or loss of or damage to property occurring on
or about the Premises or any part thereof; (iii) any failure on the part of Tenant to perform or comply with any of the provisions
of this Lease; (iv) performance of any labor or services or the furnishings of any materials or other property in respect of the
Premises or any part thereof (excluding any such matters performed or furnished by or at the request of Landlord and unrelated
to a default of Tenant under this Lease); or (v) any failure on the part of Tenant to clean up and/or dispose of any Hazardous
Materials, as described in Section 13.2 above, in accordance with the requirements of this Lease and applicable law. In the event
Landlord should be made a defendant in any action, suit or proceeding brought by reason of any such occurrence, Tenant shall, at
its own expense, resist and defend such action, suit or proceeding or cause the same to be resisted and defended by legal counsel
designated by Tenant but approved by Landlord. If any such action, suit or proceeding should result in a final judgment against
Landlord, Tenant shall promptly satisfy and discharge such judgment or shall cause such judgment to be promptly satisfied and discharged.
The obligations of Tenant under this Section 18 arising by reason of any such occurrence taking place while this Lease is in effect
shall survive the termination of this Lease.”

 

b. Section 14.2 of the Original Lease is
hereby deleted in its entirety and replaced with the following:

 

“By Landlord. Landlord
shall save, hold harmless and indemnify Tenant for, from and against all liabilities, obligations, claims, suits, damages,
penalties, causes of action, costs and expenses (including, without limitation, reasonable attorneys’ fees and
expenses) imposed upon or asserted against Tenant by reason of the gross negligence or willful misconduct of Landlord or its
agents, contractors, servants or employees and/or the occurrence of any of the following during the Term: (i) any use or
condition of the Premises or any part thereof (which Landlord is required to maintain); (ii) any accident, injury to or death
of persons (including workmen) or loss of or damage to property occurring on or about the Common Areas; (iii) any failure on
the part of Landlord to perform or comply with any of the provisions of this Lease; and (iv) performance of any labor or
services or the furnishings of any materials or other property in respect of the Premises or any part thereof (excluding any
such matters performed or furnished by or at the request of Tenant). In the event Tenant should be made a defendant in any
action, suit or proceeding brought by reason of any such occurrence, Landlord shall, at its own expense, resist and defend
such action, suit or proceeding or cause the same to be resisted and defended by legal counsel designated by Landlord but
approved by Tenant. If any such action, suit or proceeding should result in a final judgment against Tenant, Landlord shall
promptly satisfy and discharge such judgment or

 

    	3

    	 

    

 

shall cause such judgment to be promptly
satisfied and discharged. The obligations of Landlord under this Section 18 arising by reason of any such occurrence taking place
while this Lease is in effect shall survive the termination of this Lease.”

 

9. Waiver of Subrogation. Except with respect to Worker’s
Compensation, to which no waiver of subrogation will apply, each party hereby waives any and every right or cause of action for
the events which occur or accrue during the Lease Term for any and all loss of, or damage to, any of its property (whether or
not such loss or damage is caused by the fault or negligence of the other party or anyone for whom said other party may be responsible),
which loss or damage is covered by valid and collectible fire, extended coverage, “All Risk” or similar policies covering
real property, personal property or business interruption insurance policies, to the extent that such loss or damage is recovered
under said insurance policies. Said waivers shall be in addition to, and not in limitation or derogation of, any other waiver
or release contained in this Lease with respect to any loss or damage to property of the parties hereto. Written notice of the
terms of such mutual waivers shall be given to each insurance carrier and the insurance policies shall be properly endorsed, if
necessary, to prevent the invalidation of coverage by reason of said waivers.

 

10. Assignment and Subletting. Article 15 of the Original
Lease is hereby deleted in its entirety and replaced with the following:

 

“Tenant shall have the right to transfer or assign this
Lease or sublet all or any portion of the Premises without Landlord’s consent, but with prior written notice to Landlord;
provided, the assignee or subtenant expressly assumes all obligations of Tenant under the Lease. Notwithstanding the foregoing,
Landlord shall not have the right to consent to any assignment or subletting of this Lease or any portion of the Premises to an
entity which controls, is controlled by or is under common control with Tenant, and Landlord shall not withhold its consent to
any proposed assignee or subtenant with financial wherewithal equal to or superior to that of Tenant and who is actively engaged
in the hospitality industry.”

 

11. Estoppels. The period in which Tenant must respond
to a request for an estoppel pursuant to Section 29 of the Lease is hereby modified from seven (7) days to ten (10) business days.
In the event Tenant fails to respond within such ten (10) business day period, Tenant shall be deemed in default under Section
16.1 of the Lease, but in no event will Tenant’s failure to respond be deemed an acknowledgement of any proported facts
contained in any form estoppel.

 

12. Conflicting Terms. In the event of any conflict,
inconsistency or ambiguity between the terms of this Amendment and the Lease, the terms of this Amendment shall control.

 

13. Defined Terms. Capitalized terms not otherwise defined
herein shall have the meaning ascribed to them in the Lease.

 

14. Multiple Counterparts. This Amendment may be executed
in multiple counterparts, each of which shall be deemed an original and together shall constitute one and the same instrument.

 

    	4

    	 

    

 

15. Ratification. Except as expressly modified by this
Amendment, the Lease remains unmodified and in full force and effect.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK]

 

[SIGNATURE PAGE FOLLOWS]

 

    	5

    	 

    

 

IN WITNESS WHEREOF, the parties have executed this Amendment
as of the day and year above first written.

 

“Landlord”

 

CANYON PORTAL II, LLC, an Arizona limited liability company

 

	By:	/s/ Al Spector	 
	 	 	 
	Name:	Al Spector	 
	 	 	 
	Title:	Manager	 

 

“Tenant”

 

ORCHARDS INN & RESTAURANT LLC, an Arizona limited liability
company

 

	By:	 /s/ Al Spector	 
	 	 	 
	Name:	Al Spector	 
	 	 	 
	Title:	Manager	 

 

Second Amendment to Lease (Orchards Inn
Parking)

 

    	 

    	 

    

 

AMENDMENT TO LEASE

 

This Amendment to Lease (Amendment) is
made this 1st day of May, 2012 by and between Canyon Portal II, LLC as Landlord ("Landlord") and Orchards
Inn & Restaurant LLC as Tenant ("Tenant") and amends the Lease for Parking Spaces between Landlord and Tenant dated
January 1, 2012.

 

RECITALS

 

1.          Landlord
and Tenant entered into a Lease for Parking Spaces on the Canyon Portal property of 10 parking spaces.

 

2.          Tenant
did not have sufficient cash flow during the months of January, February, March and April 2012 to pay Landlord the Rent that was
due.

 

3.          Tenant
has requested and Landlord has agreed to allow Tenant to defer payment of Rent during these months until the months of May, June,
July and August 2012 under the terms and conditions set forth in this Amendment.

 

It is agreed as follows:

 

1.          
Paragraph 4A, Minimum Rent, is amended as follows:

 

A.          Tenant
shall pay to Landlord the Minimum Rent in advance, on the first day of each calendar month, except that in 2012 for the months
of January, February, March and April, Rent shall be paid as follows: (I) January Rent will be paid in May, February Rent will
be paid in June, March Rent will be paid in July and April Rent will be paid in August. This accommodation of deferred Rent is
extended to Tenant by Landlord provided that the revised Rent schedule stated in this Paragraph is adhered to in 2012. Should Tenant
not make Rent payments pursuant to this deferred Rent schedule, Tenant will be in default under this Lease.

 

2.          
Full Force and Effect.  Except as modified by this Amendment, the Lease and each of its terms and conditions
remains in full force and effect.

  

	LANDLORD:	 	TENANT:
	 	 	 
	CANYON PORTAL II, LLC, an Arizona

limited liability company	 	ORCHARDS INN & RESTAURANT, LLC,

an Arizona limited liability company
	 	 	 
	By:	/s/ Al Spector	 	By:	L’AUBERGE ORCHARDS LLC, an
	 	Al Spector	 	 	Arizona limited liability company
	Its:	Manager	 	Its:	Manager

 

	 	 	 	By:	/s/ Al Spector
	 	 	 	 	Al Spector
	 	 	 	Its:	Manager

 

    	 

    	 

    

 

LEASE FOR PARKING SPACES

 

This LEASE FOR PARKING
SPACES ("Lease"), is made this 1st day of January, 2012, by and between Canyon Portal II, LLC, an Arizona limited liability
company, having offices at 6900 E. Camelback Road, Suite 915, Scottsdale, AZ 85251 ("Landlord"), and Orchards Inn &
Restaurant LLC, an Arizona limited liability company, having offices at 270 N. Highway 89A, Suite 11, Sedona, AZ 86336 ("Tenant").

 

RECITALS

 

		1.	Landlord owns the Canyon Portal Motel and Shopping Center located at 270-300 N. Highway 89A in
Sedona, Arizona. Canyon Portal is a retail shopping center together with 3 adjacent buildings containing 28 motel units.

 

		2.	Tenant operates the Orchards Inn, a 42 unit motel located adjacent to Landlord’s Property.

 

		3.	When at full occupancy, Tenant is short 7 parking spaces. Landlord has excess parking spaces.

 

		3.	Landlord desires to lease 10 parking spaces to Tenant. Landlord and Tenant agree to the use of
these 10 parking spaces by Tenant under the terms and conditions set forth below.

 

It is agreed as follows:

 

		1.	Premises. Landlord and Tenant
agree that Tenant will have the exclusive use of the 10 parking spaces which will be used for parking vehicles in connection with
the operation of Orchards Inn. The 10 parking spaces are reflected on the attached Exhibit "A".

 

		2.	Commencement Date. The Commencement
Date of this Lease is January 1, 2012.

 

		3.	Termination Date. The Termination
Date of this Lease is December 31, 2017.

 

		4.	Minimum Rent. Commencing
January 1, 2012, Minimum Rent shall be Two Thousand Five Hundred Dollars ($2,500.00) per month. Rent is due and payable in advance
on or before the first day of each month and subject to adjustment as set forth below.

 

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A.          Tenant
shall pay to Landlord the Minimum Rent in advance, on the first day of each calendar month. The Minimum Rent hereinafter provided
for shall be paid in lawful money of the United States to Landlord at its address or at such other place as Landlord may from time
to time designate in writing.

 

B.          The
Minimum Rent shall be subject to adjustment as described herein commencing in the second year of the Lease Term and for each year
thereafter as follows except for the first year of any Option Term, when rent shall be adjusted to Market Rent.

 

The base for computing
the adjustment is the Consumers’ Price Index for All Urban Consumers, United States Cities Average published by the United
States Department of Labor, Bureau of Labor Statistics (the “Index”), which is in effect on the date of the commencement
of the first day of the previous Lease year ("Beginning Index"). For example, the adjustment for year two would be based
on the Index for the first day of Lease year one. The Index published most immediately preceding the Adjustment Date in question
(“Extension Index”) is to be used in determining the amount of the adjustment. If the Extension Index has increased over
the Beginning Index, the base monthly rent for the following year shall be set by multiplying the base monthly rent for the previous
year, e.g., for the 12th Lease month, by a fraction, the numerator of which is the Extension Index and the denominator
of which is the Beginning Index. However, the adjustment to the rent shall be no less than three percent (3%) compounded per annum
of the base monthly rent provided in this Lease. As an example, if year one monthly rent is $1,000.00 and the three percent (3%)
is applicable each year, then monthly rent for years two through five would be: year two - $1,030.00; year three - $1,060.90; year
four - $1,092.73; and year five $1,125.51.

 

If the Index is changed
so that the base year differs from that in effect when the Term commences, the Index shall be converted in accordance with the
conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued
or revised during the Term, such other government index or computation with which it is replaced shall be used in order to obtain
substantially the same result as would be obtained if the Index had not been discontinued or revised.

 

C.          Monthly
rent for the first month shall be paid on the date the Term commences. Monthly rent for any partial month shall be prorated at
the rate of one-thirtieth (1/30) of the monthly rent per day.

 

D.          All
rental amounts are "net" rent to Landlord.

 

5.           
Options to Renew. Provided that (i) this Lease is in full force and effect; (ii) Tenant is in possession of the Premises;
and (iii) Tenant has not been and is not in default under this Lease, Tenant shall have the right and option to further extend
the Term of this Lease

 

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for two (2) additional successive renewal
periods of five (5) years each. The tenancy resulting from the exercise of this option shall be upon the same terms and conditions
as set forth in this Lease. The Minimum Rent for the first year of each renewal period shall be adjusted upward or downward by
Landlord in the first year of each renewal period based upon the prevailing rates (Market Rent) for rents in Sinagua Plaza. Thereafter,
for years 2, 3, 4 and 5 of each renewal period Rent shall increase by three percent (3%) per year over the previous years Rent.
The option for the renewal periods may be exercised only upon written notice thereof to Landlord at least six (6) months prior
to the Termination Date of this Lease. Within sixty (60) days after exercise of any option for a renewal period, Landlord shall,
in writing, notify Tenant of the Rent during the first year of the renewal period. If Tenant fails to exercise any option during
the period when the option is available, or if this Lease is in default or is no longer in full force and effect for any reason,
the applicable option shall be void.

  

The first renewal period
shall commence on the date following the originally fixed Termination Date. The second renewal period shall commence on the date
following the termination date of the first renewal period.

 

6.           
Size and Configuration. Landlord and Tenant agree that the location of the 17 parking spaces may be changed should
such a change be required by municipal or county regulations.

 

7.           
Tenant’s Property. Tenant agrees that all property owned by it in, on, or about the Premises shall be at the
sole risk and hazard of the Tenant. Landlord shall not be liable or responsible for any loss or damage to Tenant, or anyone claiming
under or through Tenant, or otherwise, whether caused by or resulting from a peril required to be insured hereunder, or from water,
gas leakage, plumbing, electricity or electrical apparatus, pipe or apparatus of any kind, the elements or other similar or dissimilar
causes, and whether or not originating in the Premises or elsewhere, irrespective of whether or not Landlord may be deemed to
have been negligent with respect thereto, and provided such damage or loss is not the result of any intentional and wrongful act
of Landlord. Tenant shall require all policies of risk insurance carried by it on its property in the Premises to contain or be
endorsed with the provision in and by which the insurer designated therein shall waive its right of subrogation against
Landlord.

 

8.           
Certificate of Insurance. Tenant shall provide annually to Landlord a Certificate of Insurance listing Landlord as
an additional named insured and Barrett Realty LLC as an additional named insured under the Tenant’s policy of insurance.

 

9.           
Insurance Companies. The policies affording the insurance required by this Lease shall be with companies (rated A-[minus]
VII or better, A. M. Best’s Key Rating Guide) authorized to do business in the State of Arizona and shall be in a form reasonably
satisfactory to Landlord, shall provide replacement cost coverage, shall name Landlord as an additional insured, and shall provide
for payment of loss thereunder to Landlord and Tenant as their interests may appear. The policies or

 

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certificates evidencing such
insurance shall be delivered to Landlord on or before the Commencement Date and renewals thereof shall be delivered to Landlord
at least thirty (30) days prior to the expiration dates of the respective policies. Alternatively, the insurance required by this
Section 15 may be provided under a blanket policy to the Tenant’s existing insurance policy.

 

10.         
Failure to Procure Insurance. In the event Tenant shall fail to procure insurance required under this Lease or fail
to maintain the same in force continuously during the Term or any extension thereof, Landlord shall be entitled to procure such
insurance and Tenant shall, upon demand, immediately reimburse Landlord for such premium expense or Landlord may declare Tenant
in default under this Lease.

 

11.         
Repair. In the event of loss under any such policy or policies, Tenant shall promptly proceed with the repair and
restoration of the damaged or destroyed improvements. The insurance proceeds, if less than $20,000.00, shall be paid to Tenant
for application to such repair, restoration or remediation, so long as (a) Tenant is not then in default under this Lease, and
(b) Tenant expressly covenants in writing with Landlord to expend such funds for the repair, restoration or remediation of the
Premises and the improvements therein, and to furnish Landlord with documentation evidencing such expenditure of funds for work
and improvements incorporated in the Premises within thirty (30) days following completion of such repair, restoration or remediation.
If the insurance proceeds exceed $20,000.00, the same shall be paid to and held in trust by the Landlord. All insurance proceeds
described in this Paragraph 11 shall be paid upon architects’ certificates and contractors’, subcontractors’
and materialmen’s waivers of lien for the cost and expense of repair, restoration or remediation of the damage. If at any
time such insurance proceeds shall be insufficient to pay fully the cost of completion of such repair, restoration or remediation,
Tenant shall upon demand of Landlord pay a sufficient portion of such cost so that it shall appear to the reasonable satisfaction
of Landlord that the amount of insurance money in the hands of Tenant or Landlord, as applicable, shall at all times be sufficient
to pay for the completion of the repairs, restoration or remediation free and clear of all liens. Upon the completion of the repairs,
restoration or remediation, free and clear of all liens, any surplus of insurance monies shall be paid to Tenant, provided that
Tenant is not then in default hereunder. In the event that this Lease shall have been terminated for any default of Tenant under
any of the terms and provisions contained in this Lease, all proceeds of insurance in the hands of Tenant or Landlord and all
claims against insurers shall be and become the absolute property of Landlord.

 

12.         
Damage or Destruction.

 

12.1 Tenant Obligations. In
the event of damage to or destruction of any of the improvements on the Premises by fire or other casualty, Tenant shall give
Landlord immediate notice thereof and shall, at Tenant’s own expense and whether or not the insurance proceeds are sufficient
for the purpose, promptly commence and

 

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thereafter diligently pursue completion
of the repair, restoration or rebuilding of the same so that upon completion of such repairs, restoration or rebuilding, the value
and rental value of the improvements shall be substantially equal to the value and rental value thereof immediately prior to the
occurrence of such fire or other casualty. Tenant hereby expressly waives any statutory right to terminate this Lease in the event
of damage or destruction of the Premises or all or any portion of the buildings or improvements thereon.

 

12.2 Lease Termination. Notwithstanding
anything to the contrary contained herein, if the Premises should be rendered untenantable by fire or other casualty during the
last two (2) years of the Term to the extent of fifty percent (50%) or more of the replacement cost of the Premises, Tenant shall
have the option to terminate this Lease by notice to Landlord within sixty (60) days after the occurrence of such damage or destruction.
Upon termination, this Lease and the Term hereof shall cease and come to an end as of the effective date of such notice (which
shall be not less than thirty (30) nor more than ninety (90) days after the notice and shall be specified in the notice). Any
unearned rent or other charges shall be apportioned as of the effective date and Tenant shall assign to Landlord all of its rights
to the insurance proceeds arising out of damage or destruction to the improvements and shall pay Landlord (when the information
is ascertained) the difference between the value of the property damaged or destroyed, prior to the damage or destruction, and
the amount, if any, of the insurance proceeds.

 

13.         
Easements. Landlord expressly reserves all rights in and with respect to the use of the Premises as provided herein, including
(without in any way limiting the generality of the foregoing) the rights of Landlord to establish Common Areas and grant parking
easements to others and to enter upon the Premises and give easements to others for the purpose of installing, using, maintaining,
renewing and replacing such overhead or underground water, gas, sewer, and other pipe lines, and telephone, electric and power
lines, cables and conduits as Landlord may deem desirable in connection with the development or use of the other property in the
Project or any other property in the neighborhood thereof, whether owned by Landlord or not.

  

14.         
Indemnification.

 

14.1. By Tenant. Excepting
any responsibility allocated to Landlord by reason of its negligence (excluding from this exception, however, any responsibility
allocated to Landlord by reason of its failure to enforce the terms of this Lease), Tenant shall indemnify, defend and hold Landlord
harmless for, from and against all liabilities, obligations, claims, suits, damages, penalties, causes of action, costs and expenses
(including without limitation, reasonable attorneys’ fees and expenses) imposed upon or asserted against Landlord by reason
of the acts or omissions of Tenant, its agents, employees, contractors, suppliers, licensees, invitees and guests and/or the occurrence
of any of the following during the Term: (i) any use, non-use or condition

 

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of the Premises or any part thereof; (ii)
any accident, injury to or death of persons (including workmen) or loss of or damage to property occurring on or about the Premises
or any part thereof; (iii) any failure on the part of Tenant to perform or comply with any of the provisions of this Lease; (iv)
performance of any labor or services or the furnishings of any materials or other property in respect of the Premises or any part
thereof (excluding any such matters performed or furnished by or at the request of Landlord and unrelated to a default of Tenant
under this Lease); or (v) any failure on the part of Tenant to clean up and/or dispose of any Hazardous Materials, as described
in Section 13.2 above, in accordance with the requirements of this Lease and applicable law. In the event Landlord should be made
a defendant in any action, suit or proceeding brought by reason of any such occurrence, Tenant shall, at its own expense, resist
and defend such action, suit or proceeding or cause the same to be resisted and defended by legal counsel designated by Tenant
but approved by Landlord. If any such action, suit or proceeding should result in a final judgment against Landlord, Tenant shall
promptly satisfy and discharge such judgment or shall cause such judgment to be promptly satisfied and discharged. The obligations
of Tenant under this Section 18 arising by reason of any such occurrence taking place while this Lease is in effect shall survive
the termination of this Lease.

 

14.2 By Landlord. Landlord shall save, hold harmless and indemnify Tenant for, from and against all liabilities, obligations, claims, suits,
damages, penalties, causes of action, costs and expenses (including, without limitation, reasonable attorneys’ fees and
expenses) imposed upon or asserted against Tenant by reason of the negligence of Landlord or its agents, contractors, servants
or employees.

 

15.          
Assignment and Subletting. Tenant shall not transfer or assign this Lease or any interest in this Lease or sublet
the Premises or any portion thereof without first obtaining the written consent of Landlord, which consent may be given or withheld
in Landlord’s sole discretion; and any attempted transfer, assignment or subletting, including any involuntary transfers
or assignments by operation of law, without such consent shall be void and confer no rights upon any third person, and at the
option of Landlord, shall cause a termination of this Lease, in which event such third person shall occupy the Premises as a tenant
at sufferance. The acceptance of any rent payments by Landlord from any such alleged assignee shall not constitute approval of
the assignment or subletting of this Lease by Landlord. No transfer, assignment or subletting shall relieve Tenant of its liability
for the full performance of all of the provisions, agreements, covenants and conditions of this Lease. A consent by Landlord to
one transfer, assignment or subletting shall not operate as a waiver of this Section as to any future transfer, assignment or
subletting, and this Section 15 shall apply to any transferee, assignee or subtenant.

 

16.           
Defaults by Tenant.

 

16.1 Event
of Default. Each of the following occurrences shall be an Event of Default hereunder:

 

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A.           If
Tenant fails to pay any Rent, Additional Charges or any sum due hereunder promptly when due and such failure continues for three
(3) days after the date such payment was due.

 

B.           If
Tenant defaults or breaches any of the other (non-monetary) covenants, agreements, conditions or undertakings herein to be kept,
observed and performed by Tenant and such default continues for ten (10) days after notice thereof in writing to Tenant.

 

C.           If
Tenant files any petition under any chapter or section of the Federal Bankruptcy Code or any similar law, state or federal, whether
now or hereafter existing, or shall file an answer admitting insolvency or inability to pay its debts.

 

D.           If
Tenant fails to obtain a stay of any involuntary proceedings under any chapter or section of the Federal Bankruptcy Code within
sixty (60) days after the institution thereof.

 

E.           If
a trustee or receiver is appointed for Tenant or for a major portion of its property or for any portion of the Premises and such
appointment is not vacated and dismissed within sixty (60) days thereafter and in any event prior to any action adverse to the
interest of Tenant or Landlord having been taken by such trustee or receiver.

 

F.           If
any court takes jurisdiction of a major portion of the property of Tenant or any part of the Premises in any involuntary proceeding
for dissolution, liquidation or winding up of Tenant and such jurisdiction is not relinquished or vacated within sixty (60) days.

 

G.           If
Tenant makes an assignment for the benefit of its creditors.

 

16.2 Re-Enter of
Premises. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have the right,
at its election, to reenter the Premises, or any part thereof, either with or without process of law, and to expel, remove and
evict Tenant and all persons occupying or upon the same under Tenant, using such force as may be lawful and necessary in so doing,
and to possess the Premises and enjoy the same as in their former estate and to take full possession of and control over the Premises
and the buildings and improvements thereon and to have, hold and enjoy the same and to receive all rental income of and from the
same. No reentry by Landlord shall be deemed an acceptance of a surrender of this Lease, nor shall it absolve or discharge Tenant
from any liability under this Lease. Upon such reentry, all rights of Tenant to occupy or possess the Premises shall cease and
terminate.

 

16.3   Lease
Termination. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have the
right, at its election, with or without reentry as provided in Section 16.2, to give written notice to Tenant stating that this

 

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Lease shall terminate
on the date specified by such notice, and upon the date specified in such notice this Lease and the Term hereby demised and all
rights of Tenant hereunder shall terminate. Upon such termination, Tenant shall quit and peacefully surrender to Landlord the
Premises and the buildings and improvements then situated thereon.

 

16.4   Reletting. At
any time and from time to time after such reentry, Landlord may re-let the Premises and the buildings and improvements thereon,
or any part thereof, in the name of Landlord or otherwise, for such term or terms (which may be greater or less than the period
which would otherwise have constituted the balance of the Term of this Lease), and on such conditions (which may include concessions
or free rental) as Landlord, in its reasonable discretion, may determine and may collect and receive the rental therefore. However,
in no event shall Landlord be under any obligation to re-let the Premises and the buildings and improvements thereon, or any part
thereof, and Landlord shall in no way be responsible or liable for any failure to re-let or for any failure to collect any rental
due upon any such re-letting. Even though it may re-let the Premises, Landlord shall have the right thereafter to terminate this
Lease and all of the rights of Tenant in or to the Premises. Nothing contained in the foregoing shall be deemed a waiver or relinquishment
by Tenant of any duty imposed by law on Landlord to mitigate its damages.

 

16.5   Survival
of Liability. Unless Landlord shall have notified Tenant in writing that it has elected to terminate this Lease, no such
reentry or action in lawful detainer or otherwise to obtain possession of the Premises shall relieve Tenant of its liability and
obligations under this Lease; and all such liability and obligations shall survive any such reentry. In the event of any such
reentry, whether or not the Premises and the buildings and improvements thereon, or any part thereof, shall have been re-let,
Tenant shall pay to Landlord the entire rental and all other charges required to be paid by Tenant up to the time of such reentry
of this Lease, and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such reentry,
shall be liable to Landlord, and shall pay to Landlord, as damages for Tenant’s default:

 

A.           The
amount of Minimum Base Rent which would be payable under this Lease by Tenant if this Lease were still in effect, less

 

B.           The
net proceeds of any re-letting, after deducting all of Landlord’s expenses in connection with such re-letting, including
without limitation all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, alteration costs and expenses
of preparation for such re-letting.

 

Tenant shall be liable for and pay
such damages to Landlord on a monthly basis on the first day of each month and Landlord shall be entitled to recover from
Tenant monthly as the same shall arise. The excess, if any, in any month or months, of the net proceeds described in
subparagraph (B) above actually received by Landlord over the Minimum Base Rent described in subparagraph (A) above shall

 

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 belong to Landlord, provided that such excess shall be credited and applied against Tenant’s future obligations arising
under this Section 16.5 as the same become due and payable by Tenant hereunder, and that Tenant shall remain liable for
future deficiencies, as applicable. Notwithstanding any such reentry without termination, Landlord may at any time
thereafter, by written notice to Tenant, elect to terminate this Lease for Tenant’s previous breach.

 

16.6   Cumulative
Remedies. Each right and remedy of Landlord provided for in this Lease shall be cumulative and in addition to every other
right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise; and the
exercise or beginning of the exercise by Landlord of any one or more of such rights or remedies shall not preclude the simultaneous
or later exercise by Landlord of any or all other rights or remedies provided for in this Lease now or hereafter existing at law
or in equity or by statute or otherwise.

 

16.7   Sublessee
Defaults. Any violation of any covenant or provision of this Lease, whether by act or omission, by any sublessee or any
other persons occupying any portion of the Premises under the rights of Tenant shall be deemed a violation of such provision by
Tenant and a default under this Lease. Any such violation shall not be deemed to be a default hereunder if and so long as Tenant
in good faith and at its own expense takes and diligently pursues any and all steps it is entitled to take and which steps if
completed will cure said default.

 

16.8   Repetitive
Rent Payment Defaults. NOTWITHSTANDING THE PROVISIONS OF THIS LEASE TO THE CONTRARY, IF IN ANY ONE (1) PERIOD OF TWELVE
(12) CONSECUTIVE MONTHS, TENANT SHALL HAVE BEEN IN DEFAULT IN THE PAYMENT OF RENT HEREIN AT LEAST THREE (3) TIMES AND LANDLORD,
BECAUSE OF SUCH DEFAULTS, SHALL HAVE SERVED UPON TENANT WITHIN SUCH TWELVE (12) MONTH PERIOD THREE (3) OR MORE NOTICES OF LATE
PAYMENT, THEN THE FOURTH DEFAULT SHALL BE DEEMED TO BE A NON-CURABLE DEFAULT AND LANDLORD SHALL BE ENTITLED TO IMMEDIATE POSSESSION
OF THE PREMISES.

 

16.9   Cure
Period. Notwithstanding any other provision of this Section, Landlord and Tenant agree that if the default complained
of, other than for the payment of monies, is of such a nature that the same cannot be cured within the twenty (20) day period
for curing as specified in the written notice relating thereto, then such default shall be deemed to be cured by the other party
within such period of twenty (20) days if the other party shall have commenced thereof and shall continue thereafter with all
due diligence to effect such cure and does so complete the same with the use of such diligence as aforesaid.

 

16.10  
Late Charges. A late charge in the amount of ten percent (10%) of the delinquent payment shall be assessed to any
payment required to be made by Tenant to Landlord under the terms of this Lease not received by Landlord within three (3) days

 

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after its due date
(regardless of whether Tenant has been given notice of such failure of payment). If Tenant tenders to Landlord a check that is
returned marked "NSF" or its equivalent, Tenant shall pay Landlord a payment in the amount of twenty percent (20%) of
the amount of such non-negotiable check. Tenant’s failure to pay any such late charge within three (3) days after Landlord’s
written demand therefor shall constitute an Event of Default hereunder. In addition to the payments set forth in the preceding
two sentences, Tenant shall pay Landlord interest at the rate of eighteen percent (18%) per annum from the date any payment is
due until the date such payment is actually received by Landlord.

 

17.           
Condemnation. If title to all or any portion of the Premises is taken by a public or quasi-public authority under
any statute or by right of eminent domain of any governmental body, whether such loss or damage results from condemnation of part
or all of the Premises, Tenant shall not be entitled to participate or receive any part of the damages or award except where the
same shall provide for Tenant’s moving or other reimbursable expenses, the portion thereof allocated to the taking of Tenant’s
trade fixtures, equipment and personal property or to a loss of business by Tenant. Should any power of eminent domain be exercised
after Tenant is in possession, such exercise shall not void or impair this Lease unless the amount of the Premises so taken substantially
and materially impairs the usefulness of the Premises for the purposes for which they are leased in which case, either party may
cancel this Lease by notice to the other within sixty (60) days after such possession. Should only a portion of the Premises be
taken and the Premises continue to be reasonably suitable for Tenant’s use, the rent shall be reduced from the date of such
possession in direct proportion to the reduction in the square footage of the Premises. Notwithstanding the language of this Paragraph,
Tenant shall be allowed to separately litigate its damages for loss of its business as a result of any condemnation.

 

18.           
Tenant’s Waiver of Statutory Rights. In the event of any termination of the Term (or any repossession of the
Premises), Tenant so far as permitted by law, waives (i) any notice of reentry or of the institution of legal proceedings to that
end; and (ii) the benefits of any laws now or hereafter in force exempting property from liability for rent or for debt.

 

19.           
Waiver of Performance. No failure by Landlord or Tenant to insist upon the strict performance of any term or condition
hereof or to exercise any right, power or remedy consequent upon a breach thereof and no submission by Tenant or acceptance by
Landlord of full or partial rent during the continuance of any such breach shall constitute a waiver of any such breach or of
any such term. No waiver of any breach shall affect or alter this Lease (which shall continue in full force and effect), or the
respective rights of Landlord or Tenant with respect to any other then-existing or subsequent breach.

 

20.           
Remedies Cumulative. Each right, power and remedy provided for in this Lease now or hereafter existing at law, in
equity or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power or remedy provided
for

 

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in
this Lease now or hereafter existing at law, in equity or otherwise; and the exercise or beginning of the exercise of any one or
more of the rights, powers or remedies provided for in this Lease shall not preclude the simultaneous or later exercise of any
or all such other rights, powers or remedies.

 

21.           
Conveyance by Landlord. In the event Landlord or any successor Landlord shall convey or otherwise dispose of the Premises,
it shall thereupon be released from all liabilities and obligations imposed upon Landlord under this Lease (except those accruing
prior to such conveyance or other disposition) and such liabilities and obligations shall be binding solely on the then owner
of the Premises.

 

22.           
No Personal Liability to Landlord. Tenant shall look solely to Landlord’s interest in the Premises for the satisfaction
of any judgment or decree requiring the payment of money by Landlord based upon any default under this Lease, and no other property
or assets of Landlord, or any partner or member of, or shareholder in, Landlord, shall be subject to levy, execution or other
enforcement procedures for satisfaction of any such judgment or decree.

 

23.           
Attorneys’ Fees. In the event Landlord retains an attorney to enforce its rights under this Lease or to bring
suit for possession of the Premises, for the recovery of any sum due hereunder, or for any other relief against Tenant, declaratory
or otherwise, arising out of a breach of any term of this Lease, or in the event Tenant should bring any action for any relief
against Landlord, declaratory or otherwise, arising out of this Lease, the prevailing party shall be entitled to receive from
the other party reasonable attorneys’ fees and reasonable costs and expenses, which shall be deemed to have accrued due
to the commencement of such action and shall be enforceable whether or not such action is prosecuted to judgment.

 

24.           
Provisions Subject to Applicable Law. All rights, powers and remedies provided herein shall be exercised only to the
extent that the exercise thereof shall not violate any applicable law and are intended to be limited to the extent necessary so
that they shall not render this Lease invalid or unenforceable under any applicable law. If any term of this Lease shall be held
to be invalid, illegal or unenforceable, the validity of the other terms of this Lease shall in no way be affected thereby.

 

25.           
Right to Cure Tenant’s Defaults. In the event Tenant shall breach any term, covenant or provision of this Lease,
Landlord may at any time, without notice, cure such breach for the account and at the expense of Tenant. If Landlord at any time,
by reason of such breach, is compelled to pay or elects to pay any sum of money or to do any act that will require the payment
of any sum of money, or is compelled to incur any expense, including reasonable attorneys’ fees, incurred in instituting,
prosecuting or defending any actions or proceedings to enforce Landlord’s rights under this Lease or otherwise, the sum
or sums so paid by Landlord, with all interest, costs and damages, shall be deemed to be Additional Charges and shall be paid
by Tenant to Landlord on the first day of the month following the incurring of such expenses of the payment of

 

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such sums and shall include interest at
the rate of eighteen percent (18%) per annum from the date Landlord makes a payment until Tenant pays such Additional Charges in
full.

 

26.          Notices. Any notice to be given by Landlord or Tenant shall be given exclusively in writing and delivered in person or by
overnight mail service to Landlord or Tenant, forwarded by certified or registered mail, postage prepaid, or sent via facsimile
transmission, to the address indicated in the Fundamental Lease Provisions, unless the party giving any such notice has been notified,
in writing, of a change of address. Any such notice shall be deemed effective (a) upon receipt or refusal to accept delivery, if
personally delivered; (b) on the next business day following delivery to the overnight courier; (c) in the case of certified mailing,
on the date of actual delivery as shown by the addressee’s receipt or upon the expiration of three (3) business days following
the date of mailing, whichever occurs first; or (d) in the case of facsimile transmission, upon receipt (a written confirmation
of successful transmission from the transmitting facsimile machine being prima facie evidence of such receipt).

 

27.          Signs. Tenant shall not place, alter, exhibit, inscribe, paint or affix any sign, awning, canopy, advertisement, notice
or other lettering on any part of the outside of the Premises, or of the building of which the Premises is a part, or inside the
Premises if visible from the outside, without first obtaining Landlord’s written approval thereof, which shall not be unreasonably
withheld, and if so approved, Tenant shall maintain the same in good condition and repair. All signs shall comply with applicable
ordinances or other governmental restrictions and with all applicable rules and regulations then in force or as may be put in force
and effect from time to time by any governmental authority or by Landlord.

 

28.          Landlord’s Inspections.

 

28.1 Inspection.
  Landlord reserves the right to, at all reasonable times, by itself or by its duly authorized agents, employees and contractors,
and without notice to go upon and inspect the Premises and every part thereof, to enforce or carry out the provisions of this Lease,
to make, at its option, repairs, installations, alterations, improvements and additions to the Premises or the building of which
the Premises are a part, to perform any defaulted obligation of Tenant or for any other proper purposes. Landlord also reserves
the right to install or place upon or affix to the roof and exterior walls of the Premises: equipment, signs, displays, antennae
and any other object or structure of any kind, provided the same shall not interfere with Tenant’s occupancy or materially
impair the structural integrity of the building of which the Premises are a part.

 

28.2 Presenting
for Sale or Lease. Landlord hereby reserves the right during
usual business hours to enter the Premises and to show the same for purposes of sale, lease or mortgage, and during the last six
(6) months of the term of this Lease, or the extension thereof, to exhibit the same to any prospective tenant, and to display appropriate
signage for such sale or lease. Prospective purchasers or tenants 

 

    	12

    	 

    

 

authorized by Landlord may inspect the Premises during reasonable
hours at any time.

 

29.           
Estoppel Certificate. Tenant will execute, acknowledge and deliver to Landlord, within seven (7) days following a written
request therefor, a certificate certifying (a) that this Lease is unmodified and in full force (or, if there have been modifications,
that the Lease is in full force and effect, as modified, and stating the modifications); (b) the dates, if any, to which rent,
Additional Charges and other sums payable hereunder have been paid; (c) that no notice has been received by Tenant of any default
which has not been cured, except as to defaults specified in such certificate; and (d) this Lease is and shall be subordinate to
any existing or future deed of trust, mortgage or security agreement placed upon the Premises or the Project by the Landlord or
owner of the Property. Any claim of Tenant in contradiction of any of the foregoing matters must be set forth with specificity
in the certificate. Any such certificate may be relied upon by any prospective purchaser or encumbrancer of the Premises or any
part thereof. Tenant’s failure to deliver such certificate within the time permitted hereby shall be conclusive upon Tenant
that this Lease is in full force and effect, except to the extent any modification has been represented by Landlord, and there
are no uncured defaults in Landlord’s performance, and that not more than one month’s rent has been paid in advance.
In addition, at Landlord’s option, after notice to Tenant and expiration of applicable grace period under this Lease, such
failure of Tenant to deliver such certificate shall constitute an Event of Default. Tenant acknowledges and agrees that the promise
to issue such statements pursuant hereto are a material consideration inducing Landlord to enter into this Lease and that the breach
of such promise shall be deemed a material breach of this Lease.

 

30.           
Waiver of Trial By Jury. TENANT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM
BY EITHER LANDLORD OR TENANT AGAINST EACH OTHER ON ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE RELATIONSHIP
OF LANDLORD AND TENANT, AND/OR TENANT’S USE OR OCCUPANCY OF THE LEASED PREMISES. TENANT AGREES THAT EXCLUSIVE JURISDICTION
FOR ALL LEGAL ACTIONS SHALL BE COCONINO COUNTY SUPERIOR COURT.

 

31.           
Recording. Neither this Lease nor a memorandum thereof, may be recorded, or otherwise made public, by any means, without
the express written consent of Landlord. Any such recording or publication without such consent, shall, at Landlord’s option,
cause this Lease and all rights of Tenant hereunder, to be immediately forfeited and of no further force and effect, provided,
however, that Landlord shall have the right to such action against Tenant, for damages resulting from such recording, as Landlord
shall be entitled to by law.

 

32.           
Subordination. This Lease is hereby declared to be subject and subordinate to the lien of any present or future encumbrance
or encumbrances upon the Premises or the Project, irrespective of the time of execution or the time of recording of any such encumbrance
or encumbrances. Landlord shall use its good faith efforts to obtain for Tenant an attornment and non-disturbance agreement from
any lender which has a  

 

    	13

    	 

    

 

lien on the Premises. This subordination is subject to the right of Tenant upon a foreclosure or other action
taken under any mortgage by the holders thereof to have this Lease and the rights of Tenant hereunder not be disturbed but to continue
in full force and effect so long as Tenant shall not be in default hereunder. The word “encumbrance” as used herein includes
mortgages, deeds of trust or other similar instruments, and modifications, extensions, renewals and replacements thereof, and any
and all advances thereunder.

 

33.          Miscellaneous.

 

33.1   Definition
of Tenant. The Term “Tenant” shall include legal
representatives, successors and permitted assigns. All covenants herein shall be made binding upon Tenant and construed to be equally
applicable to and binding upon its agents, employees and others claiming the right to be in the Premises or in the building or
in the building through, under or above Tenant.

 

33.2   Tenant.
If more than one individual, firm, or corporation shall join as Tenant, singular context shall be construed to be plural wherever
necessary and the covenants of Tenant shall be the joint and several obligations of each party signing as Tenant and when the parties
signing as Tenant are partners, it shall be the obligation of the firm and of the individual members thereof.

 

33.3   Gender and
Number. Whenever from the context it appears appropriate, each item stated in the singular shall include the plural and vice
versa and the masculine, feminine, or neuter form shall included the masculine, feminine and neuter forms.

 

33.4   Modifications
and Waivers. No change, modification, or waiver of any provision of this Lease shall be valid or binding unless it is in writing
dated after the date hereof and signed by the parties intended to be bound. No waiver of any breach, term, or condition of this
Lease by either party shall constitute a subsequent waiver of the same or any other breach, term, or condition.

 

33.5   Implied Warranties.
OTHER THAN AS SET FORTH IN THIS LEASE, TENANT AND LANDLORD EXPRESSLY AGREE THAT THERE ARE AND SHALL BE NO IMPLIED WARRANTIES OF
MERCHANTABILITY, HABITABILITY, FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER KIND ARISING OUT OF THIS LEASE, AND THERE ARE NO WARRANTIES
WHICH EXTEND BEYOND THOSE EXPRESSLY SET FORTH IN THIS LEASE.

 

33.6   Binding Effect.
This Lease shall be binding upon and shall inure to the benefit of the parties and their respective heirs, personal representatives,
successors and assigns. This provision shall not be deemed to grant Tenant any right to assign this Lease or sublet the Premises
or any part thereof other than as provided in this Lease.

 

    	14

    	 

    

 

	LANDLORD:	 	TENANT:
	 	 	 
	CANYON PORTAL II, L.L.C., An Arizona	 	ORCHARDS INN & RESTAURANT LLC, an
	limited liability company	 	Arizona limited liability company
	 	 	 
	 	 	 	By:	L’Auberge Orchards LLC, an Arizona
	By: 	/s/ Al Spector	 	 	limited liability company
	 	Al Spector	 	 	 
	Its:	Manager	 	Its:	Manager
	 	 	 	 	 
	 	 	 	 	By:	/s/ Al Spector
	 	 	 	 	 	Al Spector
	 	 	 	 	 	 
	 	 	 	 	Its:	Manager

 

    	 

    	 

    

  

 

    	 

    	 

    

 

  

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK] 

 

    	 

    	 

    

 

TRADING
POST SHOPS

 

TENANT
LEASE

 

SEDONA,
ARIZONA

 

Landlord:
Canyon Portal II, L.L.C.

 

Tenant:
Orchards Inn & Restaurant, LLC

Space:
12A

 

Date of
Lease: May 1, 2010

 

    	 

    	 

    

  

	 

 

TABLE OF CONTENTS

 

	SECTION 1 - FUNDAMENTAL LEASE PROVISIONS.	1
	 	 	 
	SECTION 2 - PREMISES	2
	 	 	 
	 	 	2
	3.1	No Option	2
	 	 	2
	3.2	Approval of Financial Statement	3
	 	 	3
	3.3	No Co-Tenancy Requirement	3
	 	 	3
	3.4	Name Change of the Project	3
	 	 	
	SECTION 4 - LEASE TERM	3
	 	 	
	 	 	3
	4.1	Term	3
	 	 	3
	4.2	Delay in Commencement	3
	 	 	3
	4.3	Holding Over	3
	 	 	3
	4.4	Abandonment	3
	 	 	3
	4.5	Surrender of Premises	3
	 	 	3
	4.6	Extension of Term	4
	 	 	4
	 	 	 
	SECTION 5 - RENT. SECURITY DEPOSIT AND SALES REPORTS	4
	 	 	 
	 	 	4
	5.1	Rent	4
	 	 	4
	5.2.	Security Deposit	5
	 	 	5
	 	 	 
	SECTION 6 - NO COUNTERCLAIM OR ABATEMENT OF RENT.	5
	 	 	 
	 	 	5
	6.1	No Notice	5
	 	 	5
	6.2	No Conditional Payment	6
	 	 	6

 

 

	 

 

    	 

    	 

    

 

	 

 

	SECTION 7 - COMMON AREAS	6
	 	 	 
	 	 	6
	7.1	Use of Common Areas	6
	 	 	6
	7.2	Parking Policy	6
	 	 	6
	7.3	Parking Charges	7
	 	 	7
	 	 	 
	SECTION 8 - USE OF PREMISES	7
	 	 	 
	 	 	7
	8.1	Use	7
	 	 	7
	8.2	Prohibited Conduct	7
	 	 	7
	8.3	Prescribed Conduct	7
	 	 	7
	8.4	Intentionally Deleted	8
	 	 	8
	 	 	 
	SECTION 9 - CONSTRUCTION OF IMPROVEMENTS	8
	 	 	 
	 	 	
	9.1	Construction	8
	 	 	8
	9.2	Tenant Improvements	8
	9.3	Written Approval	9
	 	 	9
	9.4	Trade Fixtures	9
	 	 	9
	 	 	 
	SECTION 10 - TENANT OBLIGATIONS	9
	 	 	 
	 	 	9
	10.1	Payment by Tenant	9
	 	 	9
	10.2	Payment by Landlord	9
	 	 	9
	10.3	Proof of Payment	10
	 	 	10
	10.4	Personal Property Taxes	10
	10.5	Premises Utilities	10

 

 

	ii 

 

    	 

    	 

    

 

	 

 

	 	 	10
	10.6	Merchants Association	10
	 	 	10
	 	 	 
	SECTION 11 - COMMON /AREA MAINTENANCE	10
	 	 
	 	 	10
	11.1	Expenses	10
	 	 	10
	11.2	Common Area Expenses Estimates	12
	 	 	12
	SECTION 12 - MAINTENANCE AND REPAIRS BY TENANT	12
	 	 
	 	 	12
	12.1	Tenant's Obligation	12
	 	 	12
	12.2	Prohibited Acts	13
	 	 	13
	12.3	Rights of Landlord	13
	 	 	13
	 	 	 
	SECTION 13 – REPAIR BY LANDLORD	13
	 	 
	 	 	13
	13.1	Repair by Landlord	13
	 	 	13
	13.2	Hazardous Materials	14
	 	 	14
	 	 	 
	SECTION 14 - LIENS.	14
	 	 	 
	 	 	14
	14.1	No Liens	14
	 	 	14
	14.2	Tenant's Obligations	15
	 	 	15
	14.3	Removal of Liens	15
	 	 	15
	 	 	 
	SECTION 15 - INSURANCE.	15
	15.1	Project Insurance	15
	 	 	15
	15.2	Tenant’s Property	15
	 	 	15

 

 

	iii 

 

    	 

    	 

    

 

	 

 

	15.3	Tenant's Operations	16
	 	 	16
	15.4	Certificate of Insurance	16
	 	 	16
	 	15.5        Insurance Companies	16
	 	 	16
	15.6	Failure to Procure Insurance	17
	 	 	17
	15.7	Repair	17
	 	 	17
	 	 	 
	SECTION 16 - DAMAGE OR DESTRUCTION	17
	 	 	 
	 	 	17
	16.1	16.1        Tenant Obligations	17
	 	 	17
	16.2	Lease Termination	18
	 	 	18
	 	 	 
	SECTION 17 – EASEMENTS	18
	 	 
	 	 	18
	 	 	 
	SECTION 18 – INDEMNIFICATION	18
	 	 	 
	 	 	18
	 	18.1.        By Tenant	18
	 	 	18
	18.2	By Landlord	19
	 	 	19
	 	 	 
	SECTION 19 - ASSIGNMENT AND SUBLETTING	19
	 	 	 
	 	 	19
	19.1	Landlord Consent	19
	 	 	19
	19.2	In Writing	20
	 	 	20
	19.3	Transfer Limitation	20
	 	 	20
	19.4	Lease Transfer	20
	 	 	20
	 	 	 
	SECTION 20 - SUBJECT TO MASTER LEASE	21

 

 

	iv 

 

    	 

    	 

    

 

	 

 

	 	21
	 	 
	SECTION 21 - DEFAULTS BY TENANT.	21
	 	 	 
	 	 	21
	21.1	Event of Default	21
	 	 	21
	21.2	Re-Enter of Premises	22
	 	 	22
	21.3	Lease Termination	23
	 	 	23
	21.4	Reletting	23
	 	 	23
	21.5	Survival of Liability	23
	 	 	23
	21.6	Cumulative Remedies	24
	 	 	24
	21.7	Sublessee Defaults	24
	 	 	24
	21.8	Repetitive Rent Payment Defaults	24
	 	 	24
	21.9	Cure Period	25
	 	 	25
	21.10	Late Charges.	25
	 	 	25
	 	 	 
	SECTION 22 – CONDEMNATION	25
	 	 
	 	25
	 	 
	SECTION 23 - TENANT'S WAIVER OF STATUTORY RIGHTS.	26
	 	 
	 	26
	 	 
	SECTION 24 - WAIVER OF PERFORMANCE	26
	 	 
	 	26
	 	 
	SECTION 25 - REMEDIES CUMULATIVE.	26
	 	 
	SECTION 26 - CONVEYANCE BY LANDLORD	26
	 	 
	 	26
	 	 
	SECTION 27 - NO PERSONAL LIABILITY TO LANDLORD	27

 

 

	v 

 

    	 

    	 

    

 

	 

   

	SECTION 28 - ATTORNEYS' FEES	27
	 	 
	 	27
	 	 
	SECTION 29 - PROVISIONS SUBJECT TO APPLICABLE LAW.	27
	 	 
	 	27
	 	 
	SECTION 30 - RIGHT TO CURE TENANTS DEFAULTS	27
	 	 
	 	27
	 	 
	SECTION 31 - NOTICES	28
	 	 
	 	28
	 	 
	SECTION 32 - SIGNS	28
	 	 
	 	28
	 	 
	SECTION 33 - LANDLORD'S INSPECTIONS	28
	 	 	 
	 	 	28
	33.1	Inspection	28
	 	 	28
	33.2	Presenting for Sale or Lease	28
	 	 	28
	SECTION 34 - ESTOPPEL CERTIFICATE	29
	 	 
	 	29
	 	 
	SECTION 35 - WAIVER OF TRIAL BY JURY	29
	 	 
	 	29
	 	 
	SECTION 36 - RECORDING	29
	 	 
	 	29
	 	 
	SECTION 37 - SUBORDINATION	30

 

 

	vi 

 

    	 

    	 

    

 

	 

 

	 	30
	SECTION 38 - MISCELLANEOUS	30
	 	 	 
	38.1	Definition of Tenant	30
	 	 	30
	38.2	Tenant	30
	 	 	30
	38.3	Gender and Number	30
	 	 	30
	38.4	Modifications and Waivers	30
	 	 	30
	38.5	Implied Warranties	31
	 	 	31
	38.6	Binding Effect	31
	 	 	31
	38.7	Severability	31
	 	 	31
	38.8	Governing Law and Jurisdiction	31
	 	 	31
	38.9	Entire Agreement	31
	 	 	31
	38.10	Time is of the Essence	32
	 	 	32
	38.11	Brokers	32
	 	 	32

 

 

	vii 

 

    	 

    	 

    

 

 

CANYON PORTAL II, L.L.C.

 

LEASE

 

SECTION 1 - FUNDAMENTAL LEASE PROVISIONS.

 

	Landlord:	Canyon Portal II, L.L.C., an Arizona limited liability company
	 	 
	Tenant:	Orchards Inn & Restaurant, LLC, an Arizona limited liability company
	 	 
	Trade Name:	N/A
	 	 
	Lease Term:	Commencement Date: May 1, 2010
	 	 
	 	Termination Date:     December 31, 2020
	 	 
	Premises:	
        Suite 12A of the Trading Post
Shops Building as reflected on Exhibit A attached hereto containing approximately 553 square feet.

	 	 
	Minimum Rent:	The Minimum Base Monthly Rent for the period May 1, 2010 through December 31, 2010 is One Thousand Three Hundred Thirteen Dollars and Seventy One Cents ($1,313.71). Thereafter on January 1 of each year Minimum Rent shall be subject to adjustment as set forth in Section 5.1 of this Lease. Rent is due and payable in advance on or before the first day of each month.
	 	 
	 	Upon execution of this Lease the first month’s rent will be paid by Tenant to Landlord.

 

	Common Area Proportionate Share:	Based upon square footage.
	 	 
	Security Deposit Amount:	No Security Deposit is required

 

	Address of Landlord:	
        Canyon Portal II, L.L.C.

        270 N. State Route 89A, Suite 11

        Sedona, AZ 86336

        Telephone: (480) 941-0221

        Fax: (480) 990-9093

 

    	 

    	 

    

 

	Address to which Rent Payments
	should be sent:	 
	 	Canyon Portal II LLC
	 	P.O. Box Dept 848998
	 	Los Angeles, CA 90084-8998
	 	 
	 	With a copy of the check mailed to Landlord at Landlord’s address; or the copy may instead by faxed to Landlord at Landlord’s fax number; or, the copy may instead be emailed to claire@sedona-center.com.
	 	 
	Address of Tenant:	Orchards Inn & Restaurant LLC
	 	254 N. State Route 89A
	 	Sedona, AZ 86336
	 	 
	Only Permitted Uses:	Storage facilities and office for housekeeping department of Orchards Inn.
	 	 
	Guarantors:	None

 

The foregoing Fundamental
Lease Provisions are an integral part of this Lease, and each reference in the body of the Lease to any Fundamental Lease Provision
shall be construed to incorporate all of the terms set forth above with respect to such Provisions.

 

SECTION 2- PREMISES.

 

Subject to the conditions
set forth herein, Landlord hereby leases to Tenant the Premises. A site plan showing the boundaries of the Premises and its relative
location within a larger commercial development comprised of four elements including the Trading Post Shops, Canyon Portal Shops,
North Retail Building, and Orchards Annex (the “Project”) is attached hereto as Exhibit A. Tenant’s acceptance
of the Premises and Agreement to the terms of this Lease are not conditioned upon any representation by Landlord of the number
of square feet in the Premises. Tenant is already in possession of the Premises and Tenant’s business is continuing uninterrupted.

 

SECTION 3- GENERAL PROVISIONS.

 

3.1           
No Option. The submission of this Lease by Landlord, its agent or representative for examination or execution by Tenant
does not constitute an option or offer to lease the Premises upon the terms and conditions contained 

 

    	2

    	 

    

 

herein or a reservation of the Premises in favor of Tenant,
it being intended hereby that this Lease shall become binding upon Landlord only upon Landlord’s delivery to Tenant of a
fully executed counterpart hereof.

 

3.2           
Approval of Financial Statement. None

 

3.3           
No Co-Tenancy Requirement. Landlord reserves the right to effect such tenancies in the Project as Landlord, in the exercise
of its sole business judgment, shall determine to best promote the interest of the Project. Tenant is not relying on the fact,
nor does Landlord represent, that any specific tenant or kind of tenant or number of tenants shall, during the term of this lease,
occupy any space in the Project.

 

3.4           
Name Change of the Project. Landlord reserves the right to change the name of the Project from time to time during the term
of this Lease.

 

SECTION 4 - LEASE TERM

 

4.1           
Term. The term of this Lease (herein called the "Lease Term" or the "Term") shall commence on the Commencement
Date and shall continue until the Termination Date, unless the Term is terminated sooner or extended as hereinafter provided.

 

4.2           
Delay in Commencement. INTENTIONALLY DELETED.

 

4.3           
Holding Over. If Tenant, upon expiration or termination of this Lease, either by lapse of time or otherwise, remains in
possession of the Premises with Landlord’s written consent, but without a new lease reduced to writing and duly executed,
Tenant shall be deemed to be occupying the Premises as a tenant from month to month, subject to all covenants, conditions and
provisions of this Lease. If Tenant remains in possession without Landlord’s written consent, Tenant shall be deemed to be
in wrongful hold over and shall be subject to all the rights and remedies provided to Landlord under this Lease and by law, including
but not limited to forcible entry and detainer actions or other eviction processes. During any hold over period, whether with consent
or wrongful, the monthly rent shall be two hundred percent (200%) of Tenant’s monthly rent payable during the last month
of the Term of this Lease.

 

4.4           
Abandonment. If Tenant, prior to the expiration of this Lease, relinquishes possession of the Premises without Landlord’s
written consent, such relinquishment shall be deemed to be an abandonment of the Premises and an Event of Default under this Lease.

 

4.5           
Surrender of Premises. Upon any termination of this Lease for any reason, Tenant shall immediately surrender possession
of the Premises to 

 

    	3

    	 

    

 

Landlord in good and tenantable repair,
reasonable wear and tear excepted, and shall surrender all keys and all copies of such keys for the Premises to Landlord at the
place then fixed for the payment of rent or other agreed upon location.

 

4.6           
Extension of Term. Provided that (i) this Lease is in full force and effect; (ii) Tenant is in possession of the Premises;
and (iii) Tenant has not been and is not in default under this Lease, Tenant shall have the right and option to further extend
the Term of this Lease for three (3) additional successive periods each of five (5) years. Such Extension of Term must be documented
in either an Amendment to Lease or an entirely new Lease which will be signed by Landlord and Tenant. The tenancy resulting from
the exercise of this option shall be upon the same terms and conditions as set forth in this Lease, except Minimum Rent
shall be adjusted upward by Landlord in the first year of the option period based upon the prevailing market rates (Market Rent)
for retail rents in the Project (as defined in Section 2). Thereafter, for years 2, 3, 4 and 5 Rent shall Increase as set forth
in Paragraph 5.1(B) of this Lease. The option may be exercised only upon written notice thereof to Landlord at least six (6) months
prior to the Termination Date of this Lease. Within sixty (60) days after exercise of this option, Landlord shall, in writing,
notify Tenant of the Minimum Annual Base Rental during the first year of the Extension Term. If Tenant fails to exercise any option
during the period when the option is available, or if this Lease was or is in default or is no longer in full force and effect
for any reason, the applicable option shall be void.

 

The first renewal period
shall commence on the date following the originally fixed Termination Date. The second renewal period shall commence on the date
following the Termination Date of the first renewal period. The third renewal period shall commence on the date following the Termination
Date of the second renewal period.

 

SECTION 5 - RENT. SECURITY DEPOSIT AND SALES REPORTS.

 

5.1          Rent.

 

A.           Tenant
shall pay to Landlord the Minimum Rent as set forth in Section 1 under Fundamental Lease Provisions in twelve (12) equal monthly
installments during each. Lease Year, in advance, on the first day of each calendar month. The Minimum Rent and Additional Charges
hereinafter provided for shall be paid in lawful money of the United States to Landlord at its address or at such other place as
Landlord may from time to time designate in writing.

 

B.           The
Rent provided for in this Section 5.1 shall be subject to adjustment as described herein commencing in the second year of any Option
Period, and for each year thereafter as follows except for the first year of each Option Term, when rent shall be adjusted to Market
Rent. The base for

 

    	4

    	 

    

 

 

computing the adjustment is the Consumers’ Price Index for All Urban Consumers, United States Cities Average
published by the United States Department of Labor, Bureau of Labor Statistics (the “Index”), which is in effect on the
date of the commencement of the first day of the previous Lease year (“Beginning Index”). For example, the adjustment
for year two would be based on the Index for the first day of Lease year one. The Index published most immediately preceding the
Adjustment Date in question (“Extension Index”) is to be used in determining the amount of the adjustment. If the Extension
Index has increased over the Beginning Index, the base monthly rent for the following year shall be set by multiplying the base
monthly rent for the previous year, e.g., for the 12th Lease month, by a fraction, the numerator of which is the Extension Index
and the denominator of which is the Beginning Index. However, the adjustment to the rent shall be no less than five percent (5%)
compounded per annum of the base monthly rent provided in this Lease. As an example, if year one monthly rent is $1,000.00 and
the five percent (5%) is applicable each year, then monthly rent for years two through five would be: year two - $1,050.00; year
three- $1,102.50; year four - $1,157.63; and year five - $1,215.51.

 

If the Index is changed
so that the base year differs from that in effect when the Term commences, the Index shall be converted in accordance with the
conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued
or revised during the Term, such other government index or computation with which it is replaced shall be used in order to obtain
substantially the same result as would be obtained if the Index had not been discontinued or revised.

 

C.           Monthly
rent for the first month shall be paid on the date the Term commences. Monthly rent for any partial month shall be prorated at
the rate of one-thirtieth (1/30) of the monthly rent per day.

 

D.           All
rental amounts are “net” rent to Landlord. All Additional Charges (as described in this Lease) shall be deemed rent whether
or not expressly designated as such, and shall be paid in addition to the Minimum Annual Base Rental at the times and in the manner
provided for in this Lease.

 

5.2.        Security
Deposit. None

 

SECTION 6 - NO COUNTERCLAIM OR ABATEMENT OF RENT.

 

6.1         
No Notice. Except as expressly provided herein, monthly rental and Additional Charges and all other sums payable by Tenant
shall be paid without notice, demand, counterclaim, setoff, recoupment, deduction or defense of any kind or nature and without
abatement, suspension, deferment, diminution or reduction. Except as expressly provided herein, Tenant waives all rights now or
hereafter conferred by statute or otherwise to quit, terminate or surrender this

 

    	5

    	 

    

 

Lease or the Premises or any part thereof and
to any abatement, suspension, deferment, diminution or reduction of any sum payable by Tenant to Landlord.

 

6.2         No
Conditional Payment. NO PAYMENT BY TENANT OR RECEIPT BY LANDLORD OF A LESSER AMOUNT THAN THE TOTAL OF ALL SUMS DUE HEREUNDER
SHALL BE DEEMED TO BE OTHER THAN AN ACCOUNT OF THE EARLIEST STIPULATED RENT, NOR SHALL ANY ENDORSEMENT OR STATEMENT ON ANY CHECK,
OTHER PAYMENTS OR ANY ACCOMPANYING LETTER BE DEEMED AS ACCORD AND/OR SATISFACTION AND LANDLORD MAY ACCEPT SUCH CASH AND/OR NEGOTIATE
SUCH CHECK OR PAYMENT WITHOUT PREJUDICE TO LANDLORD’S RIGHT TO RECOVER THE BALANCE OF SUCH RENT OR PURSUE ANY OTHER REMEDY
PROVIDED IN THIS LEASE OR OTHERWISE, REGARDLESS OF WHETHER LANDLORD MAKES ANY NOTATION ON SUCH INSTRUMENT OF PAYMENT OR OTHERWISE
NOTIFIES TENANT THAT SUCH ACCEPTANCE, CASHING OR NEGOTIATION OF SUCH PAYMENT IS WITHOUT PREJUDICE TO ANY OF LANDLORD’S RIGHTS.
TENANT SPECIFICALLY WAIVES THE PROVISIONS OF A.R.S. 47-1207.

 

SECTION 7 - COMMON AREAS.

 

7.1           
Use of Common Areas. All facilities furnished by Landlord in the Project and designated for the general common use of occupants
of the Project, including Tenant hereunder, its officers, agents, employees and customers, shall at all times be subject to the
exclusive control and management of Landlord. Landlord shall have the right, from time to time, to change the area, level, location
and arrangement of parking areas and other Common Area facilities and to make all rules and regulations pertaining to and necessary
for the proper operation and maintenance thereof. Landlord shall have the exclusive right at any and all times to close any portion
of the Common Areas for the purpose of making repairs, changes or additions thereto; may change the size, area or arrangement
of the Common Areas; and may enter into agreements as Landlord deems appropriate for parking and ingress or egress.

 

7.2           
Parking Policy. Each Tenant shall be allocated one reserved parking space at the Project, determined by square footage
of suite, the location of which may be changed by Landlord from time to time. Tenant shall be responsible for the removal of any
vehicle that is unlawfully parked in the Tenant’s reserved parking space. Tenant and its employees shall not park in any
parking space that is designated for another Tenant. Any vehicle that is unlawfully parked in a designated parking space for another
Tenant will be towed at the owner’s expense. All employees of Tenant may park at the Project only in parking spaces designated
for “Employees” by the Landlord. In order to restrict the use by Tenant’s employees of parking areas designated
or which may be designated by Landlord as customer parking areas, Tenant shall furnish

 

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Landlord with the license numbers of any vehicle of Tenant and Tenant’s employees
promptly after each request for such information by Landlord.

 

7.3           
Parking Charges. Landlord will establish a reasonable schedule of fees for all parking spaces in the Project in order to
provide parking for tenants, tourists and periodic visitors to the Project. Notwithstanding anything contained herein to
the contrary, Landlord has the right to meter the parking lot of the Project and charge an hourly fee to anyone who parks a vehicle
in the lot. Landlord reserves the right to regulate the parking at the Project to ensure that the parking lot is used on a long
term basis by customers of the Project and not tenants, employees, or the general public.

 

SECTION 8 - USE OF PREMISES.

 

8.1          Use.
Tenant shall use the Premises solely for the Permitted Uses set forth in the Fundamental Lease Provisions and not for any other
purpose. Tenant shall not use or permit the Premises to be used in violation of the laws, ordinances, regulations and requirements
of the United States, the State of Arizona, Coconino County, the City of Sedona or any subdivision or department thereof or any
other authority or agency having jurisdiction over the Premises or the Project.

 

8.2          Prohibited
Conduct. Except by prior written consent of Landlord, Tenant shall not:

 

A.           Use
or operate any machinery that, in Landlord’s opinion, is harmful to the Premises or the Project or disturbing to other tenants
in the building of which the Premises is a part; use any loud speakers, televisions, stereos, radios or other devices in a manner
so as to be heard or seen outside the Premises; or display merchandise on the exterior of the Premises either for sale or for promotional
purposes.

 

B.           Do
or suffer to be done any act, matter or thing objectionable to the fire, casualty or liability insurance carriers whereby any insurance
now in force or hereafter to be placed on the Premises or the Project, or any part thereof, shall become void or suspended, or
whereby the same shall be rated as a more hazardous risk than at the date when Tenant receives possession of the Premises. In case
of a breach of this covenant, in addition to all other remedies of Landlord hereunder, Tenant agrees to pay to Landlord as additional
rent any and all increase or increases of premiums on insurance carried by Landlord on the Premises or the Project.

 

C.           Do
or cause to be done any act, matter or thing in violation of any federal, state, county or local law, statute, regulation, rule
or ordinance.

 

8.3          Prescribed
Conduct. At all times throughout the Lease Term,

 

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Tenant shall:

 

A.           Comply
with any and all requirements of any of the constituted public authorities and with the terms of any state or federal statute or
local ordinance or regulation applicable to Tenant or its use, safety, cleanliness or occupation of the Premises, and save Landlord
harmless from penalties, fines, costs, expenses or damages resulting from Tenant’s failure to do so.

 

B.           Give
Landlord prompt written notice of any accident, fire, pest infestation, or damage occurring on or to the Premises.

 

C.           Load
and unload goods at such times in the areas and through such entrances as may be designated for “Delivery” by Landlord.
Such trailers or trucks shall not be permitted to remain parked overnight in any area of the Project, whether loaded or unloaded.
Designated fire lanes shall not be used for the loading or unloading of merchandise, parking or standing of running vehicles at
any time. The unlawful use of such fire lanes may result in the towing of the offending vehicle and subject the owner or user thereof
to all applicable fines established by the City of Sedona and/or Landlord.

 

D.           Conduct
its business in the Premises in all respects in a dignified manner and in accordance with high standards of store operation. Tenant
will not engage in any deceptive marketing, sales efforts or other practices that offend the customers of the Project or its Tenants
or in any way conduct its operations in a “discount sale” manner.

 

E.           Comply
with all reasonable rules and regulations of Landlord in effect at the time of the execution of this Lease or at any time or times,
and from time to time, promulgated by Landlord which Landlord, in its sole discretion, shall deem necessary in connection with
the Premises or the Project including but not limited to both the operation of Tenant’s business during certain minimum days and
hours.

 

8.4          Intentionally
Deleted.

 

SECTION 9 - CONSTRUCTION OF IMPROVEMENTS.

 

9.1          Construction.

 

A.           Landlord

 

B.           Tenant

 

9.2          Tenant
Improvements. All Tenant Improvements will be performed by and the cost will be borne by Tenant. Tenant will be responsible
for obtaining

 

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all municipal permits and paying all applicable fees.

 

9.3           
Written Approval. Tenant shall not make or cause to be made any alterations, additions or improvements to the Premises,
without first obtaining Landlord’s written approval and consent. Tenant shall present to Landlord plans and specifications
for such work at the time approval is sought. Landlord may condition its approval upon the requirement that Tenant, or its contractor,
secure and bear the cost of a labor and materials payment bond. All alterations, improvements, additions and fixtures made or
installed by Tenant shall remain upon the Premises at the expiration or earlier termination of this Lease and shall become the
property of Landlord.

 

9.4           
Trade Fixtures. Tenant shall not cut or drill into or secure any trade fixtures, apparatus or equipment of any kind to
any part of the Premises without first obtaining the written consent of Landlord, which shall not be unreasonably withheld. All
furnishings, equipment and machines installed by Tenant and that are not trade fixtures in the Premises shall remain the property
of Tenant subject to any lien provided Landlord by law and shall be removed at the expiration or earlier termination of this Lease,
or any renewal or extension thereof; provided, Tenant shall not at such time be in default under any covenant or agreement contained
in this Lease and provided further that in the event of such removal, Tenant shall promptly restore the Premises to its original
order and condition. Any such furnishings, trade fixtures, equipment and machines not removed at or prior to such termination
of this Lease shall be and become the property of Landlord.

 

SECTION 10 - TENANT OBLIGATIONS.

 

10.1           
Payment by Tenant. Tenant shall pay and discharge punctually as and when the same shall become due and payable, each and
every cost, expense and obligation of every kind and nature, foreseen or unforeseen, arising out of the possession, operation,
maintenance, alteration, repair, rebuilding, use or occupancy of the Premises. Tenant shall also pay and discharge punctually,
as and when the same shall become due and payable without penalty, personal property, business, occupation and occupational license
taxes, water, sewer, electricity and telephone charges and fees.

 

10.2           Payment
by Landlord. Tenant shall not be required to pay or reimburse Landlord for (i) any local, state or federal capital levy, franchise
tax, revenue tax, income tax, or profits tax of Landlord unless and to the extent such levy, tax or imposition is in lieu of or
a substitute for any other levy, tax or imposition now or later in existence upon or with respect to the Premises which, if such
other levy, tax or imposition were in effect, would be payable by Tenant under the provisions hereof; (ii) any estate, inheritance,
devolution, succession or transfer tax which may be imposed upon or with respect to any transfer (other than taxes in connection
with a conveyance by Landlord to Tenant) of Landlord’s

 

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interest in the Premises; or (iii) any lien not of record
as of the Commencement Date arising from the unilateral acts or omissions of Landlord and unrelated to a default of Tenant under
this Lease.

 

10.3          
Proof of Payment. Tenant, upon Landlord’s request, shall furnish to Landlord within thirty (30) days thereafter proof
of the payment of any obligation to be paid by Tenant.

 

10.4           Personal
Property Taxes. Tenant shall be responsible for and shall pay before delinquency all taxes levied or assessed against any
leasehold interest or personal property of any kind owned or placed in, upon or about the Premises by Tenant. Tenant hereby agrees
to protect and hold harmless Landlord and the Premises from any liability for Tenant’s share of any and all such taxes,
assessments and charges together with any interest, penalties or other charges thereby imposed, and from any sale or other proceedings
to enforce payment thereof, and to pay all such taxes, assessments and charges before delinquency and before same become a lien.

 

10.5           Premises
Utilities. Tenant shall be responsible for any and shall pay for all utilities used or consumed in or upon the Premises as
and when the charges shall become due and payable during the Term. Tenant shall make all appropriate applications to local utility
companies and pay all required deposits. In no event shall. Landlord be liable for any interruption or failure in the supply of
any utilities to the Premises.

 

10.6           Merchants
Association. Tenant agrees that it will become and remain during the entire Term of this Lease a member of a merchants’
association, which shall consist of Landlord and the Tenants of the Project. The purpose of the association shall be the general
furtherance of the business interest of the Project as a whole, including advertising, promotion and special events calculated
to the benefit of the Project and the business of all the tenants located therein. The association shall make its own rules and
regulations with respect to such matters. Tenant’s contribution to such association shall be determined by a vote of the
association members. Members shall have the ability to modify or cancel any rules and regulations established by the association
by a specific majority vote of the members. Landlord shall be noticed by mail of any upcoming advertising, promotion, or special
events sponsored by the association.

 

SECTION 11 - COMMON AREA MAINTENANCE.

 

11.1           Expenses.
From and after the Commencement Date and continuing for the Term hereof, Tenant shall pay to Landlord, as Additional Rent, Tenant’s
“Proportionate Share” of: (i) all costs of operation and maintenance of the Common Areas of the Project; (ii) all
Common Area utilities; (iii) all real estate and assessment taxes levied and assessed against the Project; (iv) all

 

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insurance coverage
upon the Project and its operations; and (v) Landlord’s management fee. Tenant’s Proportionate Share shall be payable in equal
monthly installments at the same time rent is payable hereunder, without demand and without any deduction or set-off whatsoever.

 

Landlord shall equitably
allocate the foregoing charges among all the occupants of the Project. In making the allocation, Landlord shall reasonably evaluate
the factors that determine the amount of the costs and expenses attributable to Tenant. Tenant’s Proportionate Share shall be not
less than the ratio that Tenant’s total floor area bears to the total floor area of all the retail buildings (as measured by Landlord)
in the Project which are from time to time completed as of the first day of each calendar quarter.

 

A.           FOR
PURPOSES OF THIS SECTION 11.1:

 

1.          The
cost of operation and maintenance of the common facilities includes all expenditures incurred by or on behalf of Landlord in keeping
and maintaining the foundations, exterior walls, floors and roofs of the Project, all repairs to and replacements of equipment
associated with the Project including, but not limited to, air-conditioning units and the cost of operating and maintaining the
common facilities, including without limitation, the cost of all of Landlord’s gardening and landscaping, the current portion of
any assessments against the Project for any purpose, repairs, preventive maintenance, repainting including restriping of parking
lot and access ways, updating and maintenance of directory signs, rental of signs and equipment, lighting, sanitary control, cleaning,
sweeping, removal of ice, snow, trash, rubbish, garbage and other refuse, depreciation over a period of not exceeding sixty (60)
months of machinery, equipment and other assets used in the operation and maintenance of the Project, repair, maintenance or replacement
of onsite water lines, sanitary sewer lines, septic tanks, leach lines and evapotranspiration beds, storm water lines and electrical
lines and equipment serving the property, the cost of police, security and traffic control services, reasonable reserves for anticipated
expenditures, the cost and maintenance and upkeep of the public restroom facilities, marketing and advertising expenditures for
Canyon Portal complex and the cost of all personnel required to supervise, implement and accomplish all of the foregoing, including
but not limited to, on-site management and maintenance personnel.

 

2.          Real
Estate Taxes includes all taxes, assessments and other governmental fees or charges, general and specific, ordinary and extraordinary,
of any kind and nature whatsoever, including but not limited to, assessments for public improvements or benefits, which shall,
during the Term hereof, be assessed, levied, or imposed upon the Project or Landlord or become due or payable.

 

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3.          Insurance
coverage upon the Project and its operations includes the cost of all Landlord’s insurance relating to the common facilities of
the Project as a whole or the operations thereon, including, but not limited to: casualty insurance, flood insurance, rent loss
insurance, fire insurance and extended coverage, as well as general liability insurance, umbrella liability insurance, bodily injury,
public liability, property damage liability, automobile insurance, sign insurance and any other insurance carried by the Landlord
in coverage limits selected by the Landlord.

 

4.          Landlord’s
Management Fee is comprised of compensation and fees paid by Landlord to an independent management agent or broker for management
of the Project, or if Landlord manages the Project on its own behalf, such fees shall be stipulated to be and computed as four
percent (4%) of the gross rent received by Landlord from all Project Tenants for the fiscal year in question. In addition, the
Manager shall charge and be paid an additional fee of ten percent (10%) of the total of all Common Area Expenses to cover supervision,
administration and overhead of the Project.

 

11.2            Common
Area Expenses Estimates. At the beginning of each calendar year, Landlord shall have the right to prospectively estimate the
total amount of Common Area Expenses anticipated for such year, based on Landlord’s experience and the latest available
tax information, and Landlord shall thereafter notify Tenant of the portion of estimated Common Area Expenses which Tenant shall
be expected to pay each month. Within ninety (90) days following the end of the applicable calendar year, Landlord shall furnish
Tenant a statement setting forth the amount of the actual Common Area Expenses for such year, showing in adequate detail the manner
in which Tenant’s portion of Common Area Expenses has been computed and the payments made by Tenant for Common Area Expenses
during such year. If the amount collected by Landlord from Tenant for estimated Common Area Expenses exceeds the actual amount
of Common Area Expenses for such year, Landlord shall refund the excess within thirty (30) days or shall apply any credit to the
next Common Area Expense payment to be made by Tenant. If Tenant’s payments of estimated Common Area Expenses are less than
the total amount of actual Common Area Expenses for such year, Tenant shall pay the deficiency within thirty (30) days.

 

SECTION 12 - MAINTENANCE AND REPAIRS BY TENANT.

 

12.1           Tenant’s
Obligation. Tenant shall keep and maintain in good order, condition and repair (including any such replacement, periodic painting
and restoration as is required for that purpose) the Premises and every part thereof and any and all appurtenances thereto wherever
located, including but not limited to, the exterior and interior portion of all doors, door checks, door locks, windows, plate
glass, store front, all plumbing and sewage facilities within the Premises, all alterations, improvements and installations made
by Tenant and

 

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any repairs required to be made due to burglary or other illegal entry into the Premises. Tenant shall maintain and
bear the expense of the light fixtures and bulbs, air-conditioning unit and filters, heating unit or furnace, janitorial services,
interior pest control, and the like.

 

12.2           Prohibited
Acts. Tenant shall not cause or permit accumulation of any debris or extraneous matter on the roof of the Premises and will
be responsible for any damage caused thereto by any acts of Tenant, its agents, servants, employees or contractors. Tenant shall
place any rubbish, broken down boxes, trash or other excess matter only in such containers as are authorized from time to time
by Landlord; keep the Premises (including all exterior surfaces and both sides of all glass) clean, orderly, sanitary and free
from objectionable odors and from insects, vermin, and other pests; and keep the outside areas and sidewalks immediately adjoining
the Premises clean and free from empty boxes, trash of any kind, ice and any other obstructions or safety hazards.

 

12.3           Rights
of Landlord. If Tenant refuses or fails to commence and complete repairs or maintenance required herein promptly and adequately,
Landlord may, but shall not be required to, make and complete the repairs or perform the maintenance. The cost of such repairs
or maintenance shall be paid immediately by Tenant to Landlord as additional rent upon demand.

 

SECTION 13 - REPAIR BY LANDLORD.

 

13.1           Repair
by Landlord. Landlord shall keep and maintain the foundation, exterior walls, floors and roof of the building in which the
Premises are located (but the same shall be included in the cost of operations and maintenance of the common facilities as defined
in Section 11), exclusive of doors, door frames, door checks, door locks, windows and window frames located in exterior building
walls. Landlord shall not, however, be required to make any such repairs when such repairs are the result of misuse or neglect
by Tenant, its agents, employees, invitees, licensees or contractors. Any repairs required to be made by reason of such Tenant
misuse or neglect shall be the responsibility of Tenant, the above provisions to the contrary notwithstanding. Except as provided
herein, Landlord shall have no obligation to alter or modify the Premises, or any part thereof, or to repair and maintain any
plumbing, heating, electrical, air-conditioning or other mechanical installation in the Premises. Under no circumstances shall
Landlord be obligated to repair, replace or maintain any plate glass or door or window glass no matter what the cause. If Tenant
deems that Landlord is in default in any work or repair to be done by Landlord, the Tenant should give Landlord written notice
of such default. Landlord shall have twenty (10) days within which to cure the default. In no event, however, will rent be abated
by Tenant due to any alleged default of Landlord.

 

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13.2           Hazardous
Materials. Exclusive of Hazardous Materials normally associated with Tenant’s permitted use, if any, Tenant covenants
and agrees not to use, generate, release, manage, treat, manufacture, store, or dispose of, on, under or about, or transport to
or from (any of the foregoing hereinafter a “Use”) the Premises any Hazardous Materials (other than “De Minimis”
amounts (as defined below)). Tenant further covenants and agrees to pay all costs and expenses associated with enforcement, removal,
remedial or other governmental or regulatory actions, agreements or order threatened, instituted or completed pursuant to any
Hazardous Materials Laws, and all audits, tests, investigations, cleanup, reports and other such items incurred in connection
with any efforts to complete, satisfy or resolve any matters, issues or concerns, whether governmental or otherwise, arising out
of or in any way related to the Use of Hazardous Materials in any amount by Tenant, its employees, agents, invitees, subtenants,
licensees, assignees or contractors. For purposes of this Lease (i) the term “Hazardous Materials” shall include but
not be limited to asbestos, urea formaldehyde, polychlorinated biphenyls, automotive and petroleum products and byproducts
(including, without limitation, gasoline, diesel and other fuels, new, used and recycled oil, grease, brake fluid, antifreeze,
and other automotive fluids installed in or recovered from service vehicles or otherwise, and any other fuel additive, derivative,
lubricant or byproduct generated, stored or used in Tenant’s business operation or otherwise occurring), pesticides, radioactive
materials, hazardous wastes, toxic substances and any other related or dangerous toxic or hazardous chemical, material or substance
defined as hazardous or regulated or as a pollutant or contaminant in, or the use of or exposure to which is prohibited, limited,
governed or regulated by, any Hazardous Materials Laws; (ii) the term “De Minimis” amounts shall mean, with respect
to any given level of Hazardous Materials, that such level or quantity of Hazardous Materials in any form or combination of forms
(a) does not constitute a violation of any Hazardous Materials Laws; and (b) is customarily employed in, or associated with, similar
retail projects in Coconino County, Arizona; and (iii) the term “Hazardous Materials Laws” shall mean any federal,
state, county, municipal, local or other statute, law, ordinance or regulation now or hereafter enacted which may relate or legislate
the protection of human health or the environment, including but not limited to the Comprehensive Environment Response,
Compensation and Liability Act of 1980, 42 U.S.C. Section 9601, et seq.; the Hazardous Materials Transportation
Act, 49 U.S.C. Section 1801, et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq.;
the Federal Water Pollution Control Act, 33 U.S.C. Section 1251, et seq.; the Toxic Substances Control Act of 1976,
15 U.S.C. Section 2601, et seq.; Ariz. Rev. Stat. Ann. Title 49 (The “Arizona Environmental Quality Act of 1986”);
and any rules, regulations or guidelines adopted or promulgated pursuant to any of the foregoing as they may be adopted, amended
or replaced from time to time.

 

SECTION 14 - LIENS.  

 

14.1           
No Liens. Tenant shall have no authority to do any act or make

 

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any contract which may create or be the basis for any lien,
mortgage or other encumbrance upon any interest of Landlord in the Premises or which would cause any document to be recorded against
the Premises or the Project. Should Tenant cause any construction, alterations, rebuildings, restorations, replacements, changes,
additions, improvements or repairs to be made on the Premises, or cause any labor to be performed or material to be furnished
thereon, therein or thereto, neither Landlord nor the Premises shall under any circumstances be liable for the payment of any
expense incurred or for the value of any work done or material furnished, and Tenant shall be solely and wholly responsible
to contractors, laborers and materialmen for performing such labor and furnishing such material.

 

14.2           Tenant’s
Obligations. The initial and any subsequent alterations or improvements made by Tenant to the Premises must be paid for by
Tenant when such alterations or improvements are made. Nothing in this Lease shall be construed to authorize Tenant, or any person
dealing with or under Tenant, to charge the rents of the Premises, or the property and buildings of which the Premises form a
part, or the interest of Landlord in the state of the Premises, with a mechanics’ lien or encumbrance of any kind, and under
no circumstances shall Tenant be construed to be the agent, employee or representative of the Landlord in the making of any such
improvements or alterations to the Premises.

 

14.3           Removal
of Liens. If, because of any act or omission (or alleged act or omission) of Tenant, any mechanic’s, materialman’s,
or other lien, charge or order for the payment of money shall be filed or recorded against the Premises or against Landlord (whether
or not such lien, charge or order is valid or enforceable as such), Tenant shall, at its own expense, either cause the same to
be discharged of record pursuant to A.R.S. §33-1004, or otherwise cause such discharge, within ten (10) days after Tenant
shall have received notice of the filing thereof, or Tenant may, within such period, furnish to Landlord a bond satisfactory to
Landlord against such lien, charge or order, in which case Tenant shall have the right in good faith to contest the validity or
amount thereof.

 

SECTION 15- INSURANCE.

 

15.1           Project
Insurance. Landlord bears the risk of and may insure as a Common Area Expense as practical or as required by Landlord’s
Lender, the operation of the Project as a whole, or the common areas thereof. Such insurance may include, but is not limited to,
general liability, umbrella excess liability, bodily injury, public liability, property damage liability, fire and extended coverage
in amounts not less than eighty percent (80%) of the replacement cost of the Project, sign insurance and the like in coverage
limits selected by Landlord. Tenant shall pay to Landlord its “Proportionate Share” of such insurance as provided
in Section 11 above.

 

15.2           Tenants
Property. Tenant agrees that all property owned by it in,

 

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on, or about the Premises
shall be at the sole risk and hazard of the Tenant. Landlord shall not be liable or responsible for any loss or damage to Tenant,
or anyone claiming under or through Tenant, or otherwise, whether caused by or resulting from a peril required to be insured hereunder,
or from water, gas leakage, plumbing, electricity or electrical apparatus, pipe or apparatus of any kind, the elements or other
similar or dissimilar causes, and whether or not originating in the Premises or elsewhere, irrespective of whether or not Landlord
may be deemed to have been negligent with respect thereto, and provided such damage or loss is not the result of any intentional
and wrongful act of Landlord. Tenant shall require all policies of risk insurance carried by it on its property in the Premises
to contain or be endorsed with the provision in and by which the insurer designated therein shall waive its right of subrogation
against Landlord.

 

15.3           Tenant’s
Operations. All operations conducted by Tenant shall be at Tenant’s sole risk. In addition, Tenant shall procure insurance
for its operations as follows:

 

A.    Tenant
shall keep in force at its own expense public liability insurance and comprehensive general liability insurance, including contractual
liability insurance sufficient to cover all phases and aspects of the operation and conduct of its business, with minimum limits
of $2,000,000.00 on account, of bodily injuries to or death of one person and $3,000,000.00 on account of bodily injuries to or
death of more than one person as a result of any one accident or disaster, and $2,000,000.00 as a result of damage to property.

 

B.    Tenant
shall keep and maintain in force during the Term hereof, plate glass insurance upon windows and doors in the Premises as required
by Landlord unless Landlord maintains such insurance on behalf of all Tenants and treats it as a Common Area Expense.

 

15.4           Certificate
of Insurance. Tenant shall provide annually to Landlord a Certificate of Insurance listing Landlord as an additional named
insured and Barrett Realty LLC as an additional named insured under the Tenant’s policy of insurance.

 

15.5.           Insurance
Companies. The policies affording the insurance required by this Lease shall be with companies (rated A[minus] VII or better,
A. M. Best’s Key Rating Guide) authorized to do business in the State of Arizona and shall be in a form reasonably satisfactory
to Landlord, shall provide replacement cost coverage, shall name Landlord as an additional insured, and shall provide for payment
of loss thereunder to Landlord and Tenant as their interests, may appear. The policies or certificates evidencing such insurance
shall be delivered to Landlord on or before the Commencement Date and renewals thereof shall be delivered to Landlord at least
thirty (30) days prior to the expiration dates of the respective policies. Alternatively, the insurance required by this Section
15 may be provided under a blanket policy to the

 

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Tenant’s existing insurance policy.

 

15.6.           Failure
to Procure Insurance. In the event Tenant shall fail to procure insurance required under this Lease or fail to maintain the
same in force continuously during the Term, or any extension thereof, Landlord shall be entitled to procure such insurance and
Tenant shall, upon demand, immediately reimburse Landlord for such premium expense or Landlord may declare Tenant in default under
this Lease.

 

15.7           Repair.
In the event of loss under any such policy or policies, Tenant shall promptly proceed with the repair and restoration of the damaged
or destroyed improvements in accordance with Section 16 of this Lease. The insurance proceeds, if less than $20,000.00, shall
be paid to Tenant for application to such repair, restoration or remediation, so long as (a) Tenant is not then in default under
this Lease, and (b) Tenant expressly covenants in writing with Landlord to expend such funds for the repair, restoration or remediation
of the Premises and the improvements therein, and to furnish Landlord with documentation evidencing such expenditure of funds
for work and improvements incorporated in the Premises within thirty (30) days following completion of such repair, restoration
or remediation. If the insurance proceeds exceed $20,000.00, the same shalt be paid to and held in trust by the Landlord pursuant
to Section 16 of this Lease. All insurance proceeds described in this Section 15.7 shall be paid upon architects’ certificates
and contractors’, subcontractors’ and materialmen’s waivers of lien for the cost and expense of repair, restoration
or remediation of the damage. If at any time such insurance proceeds shall be insufficient to pay fully the cost of completion
of such repair, restoration or remediation, Tenant shall upon demand of Landlord pay a sufficient portion of such cost so that
it shall appear to the reasonable satisfaction of Landlord that the amount of insurance money in the hands of Tenant or Landlord,
as applicable, shall at all times be sufficient to pay for the completion of the repairs, restoration or remediation free and
clear of all liens. Upon the completion of the repairs, restoration or remediation, free and clear of all liens, any surplus of
insurance monies shall be paid to Tenant, provided that Tenant is not then in default hereunder. In the event that this Lease
shall have been terminated for any default of Tenant under any of the terms and provisions contained in this Lease, all proceeds
of insurance in the hands of Tenant or Landlord and all claims against insurers shall be and become the absolute property of Landlord.

 

SECTION 16 - DAMAGE OR DESTRUCTION.

 

16.1           Tenant
Obligations. In the event of damage to or destruction of any of the improvements on the Premises by fire or other casualty,
Tenant shall give Landlord immediate notice thereof and shall, at Tenant’s own expense and whether or not the insurance
proceeds are sufficient for the purpose, promptly commence and thereafter diligently pursue completion of the repair, restoration
or rebuilding of the same so that upon completion of such repairs, restoration or  

 

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rebuilding, the value and rental value of the improvements
shall be substantially equal to the value and rental value thereof immediately prior to the occurrence of such fire or other casualty.
Tenant hereby expressly waives any statutory right to terminate this Lease in the event of damage or destruction of the Premises
or all or any portion of the buildings or improvements thereon.

 

16.2           Lease
Termination. Notwithstanding anything to the contrary contained herein, if the Premises should be rendered untenantable by
fire or other casualty during the last two (2) years of the Term to the extent of fifty percent (50%) or more of the replacement
cost of the Premises, Tenant shall have the option to terminate this Lease by notice to Landlord within sixty (60) days after
the occurrence of such damage or destruction. Upon termination, this Lease and the Term hereof shall cease and come to an end
as of the effective date of such notice (which shall be not less than thirty (30) nor more than ninety (90) days after the notice
and shall be specified in the notice). Any unearned rent or other charges shall be apportioned as of the effective date and Tenant
shall assign to Landlord all of its rights to the insurance proceeds arising out of damage or destruction to the improvements
and shall pay Landlord (when the information is ascertained) the difference between the value of the property damaged or destroyed,
prior to the damage or destruction, and the amount, if any, of the insurance proceeds.

 

SECTION 17 - EASEMENTS.

 

Landlord expressly
reserves all rights in and with respect to the use of the Premises as provided herein, including (without in any way limiting the
generality of the foregoing) the rights of Landlord to establish Common Areas and grant parking easements to others and to enter
upon the Premises and give easements to others for the purpose of installing, using, maintaining, renewing and replacing such overhead
or underground water, gas, sewer, and other pipe lines, and telephone, electric and power lines, cables and conduits as Landlord
may deem desirable in connection with the development or use of the other property in the Project or any other property in the
neighborhood thereof, whether owned by Landlord or not.

 

SECTION 18 - INDEMNIFICATION.

 

18.1.           By
Tenant. Excepting any responsibility allocated to Landlord by reason of its negligence (excluding from this exception, however,
any responsibility allocated to Landlord by reason of its failure to enforce the terms of this Lease), Tenant shall indemnify,
defend and hold Landlord harmless for, from and against all liabilities, obligations, claims, suits, damages, penalties, causes
of action, costs and expenses (including without limitation, reasonable attorneys’ fees and expenses) imposed upon or asserted
against Landlord by reason of the acts or omissions of Tenant, its agents, employees, contractors, suppliers, licensees, invitees
and guests and/or the occurrence of any of the

 

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following during the Term: (i) any use, non-use or condition
of the Premises or any part thereof; (ii) any accident, injury to or death of persons (including workmen) or loss of or damage
to property occurring on or about the Premises or any part thereof; (iii) any failure on the part of Tenant to perform or comply
with any of the provisions of this Lease; (iv) performance of any labor or services or the furnishings of any materials or other
property in respect of the Premises or any part thereof (excluding any such matters performed or furnished by or at the request
of Landlord and unrelated to a default of Tenant under this Lease); or (v) any failure on the part of Tenant to clean up and/or
dispose of any Hazardous Materials, as described in Section 13.2 above, in accordance with the requirements of this Lease and
applicable law. In the event Landlord should be made a defendant in any action, suit or proceeding brought by reason of any such
occurrence, Tenant shall, at its own expense, resist and defend such action, suit or proceeding or cause the same to be resisted
and defended by legal counsel designated by Tenant but approved by Landlord. If any such action, suit or proceeding should result
in a final judgment against Landlord, Tenant shall promptly satisfy and discharge such judgment or shall cause such judgment to
be promptly satisfied and discharged. The obligations of Tenant under this Section 18 arising by reason of any such occurrence
taking place while this Lease is in effect shall survive the termination of this Lease.

 

18.2           By
Landlord. Landlord shall save, hold harmless and indemnify Tenant for, from and against all liabilities, obligations, claims,
suits, damages, penalties, causes of action, costs and expenses (including, without limitation, reasonable attorneys’ fees
and expenses) imposed upon or asserted against Tenant by reason of the negligence of Landlord or its agents, contractors, servants
or employees.

 

SECTION 19 - ASSIGNMENT AND SUBLETTING.

 

19.1           Landlord
Consent. Tenant shall not transfer or assign this Lease’ or any interest in this Lease or sublet the Premises or any
portion thereof without first obtaining the written consent of Landlord, which consent may be given or withheld in Landlord’s
sole discretion; and any attempted transfer, assignment or subletting, including any involuntary transfers or assignments by operation
of law, without such consent shall be void and confer no rights upon any third person, and at the option of Landlord, shall cause
a termination of this Lease, in which event such third person shall occupy the Premises as a tenant at sufferance. The acceptance
of any rent payments by Landlord from any such alleged assignee shall not constitute approval of the assignment or subletting
of this Lease by Landlord. No transfer, assignment or subletting shall relieve Tenant of its liability for the full performance
of all of the provisions, agreements, covenants and conditions of this Lease. A consent by Landlord to one transfer, assignment
or subletting shall not operate as a waiver of this Section as to any future transfer, assignment or subletting, and this Section
19 shall apply to any transferee, assignee or subtenant.

 

 

    	19

    	 

    

  

19.2     In
Writing. Each transfer, assignment, and subletting to which there has been consent shall be by an instrument in writing in
form satisfactory to Landlord, and shall be executed by the transferor, assignor or sublessor; and the transferee, assignee, or
sublessee shall agree in writing for the benefit of Landlord to assume, to be bound by, and to perform the provisions, covenants
and conditions of this Lease to be done, kept and performed by Tenant. One executed copy of such written instrument shall be delivered
to Landlord. A consent to any transfer, assignment or subletting shall not constitute waiver or discharge of the provisions of
this paragraph with respect to a subsequent transfer, assignment or subletting. The acceptance of rent from any other person shall
not be deemed to be a waiver of any of the provisions of this Lease or a consent to the transfer, assignment or subletting of
the Premises.

 

19.3     Transfer
Limitation. If Tenant (including any entity later becoming Tenant) is a corporation, unincorporated association, limited liability
company or a partnership, the transfer (other than pursuant to the laws of devise and descent upon the death of a shareholder,
partner or owner), assignment or hypothecation of any stock or interest in such corporation, association, company or partnership
in the aggregate in excess of twenty percent (20%) from the time such entity becomes a Tenant hereunder, shall be deemed an assignment
within the meaning and provisions of this Section 19. The foregoing sentence shall not apply to a corporation of which the capital
stock is publicly traded on a recognized national stock exchange.

 

19.4   Lease
Transfer.

 

A.         Tenant
shall pay to Landlord a Lease Transfer Fee (as defined in Section 19.4(8) below) upon the occurrence of any of the following events:
(i) Tenant sells, transfers or assigns (directly, by operation of law or otherwise) its interest in the Lease or in the business
being conducted at the Premises to any other person or legal entity; (ii) a sale, transfer or assignment (directly, by operation
of law or otherwise) of all or any portion of the ownership of stock or ownership interest in the present Tenant entity or any
successor entity (except as allowed by Section 19.3) including but not limited to any sale, transfer or assignment by merger, recapitalization,
reorganization, or restructure; or (iii) Tenant enters into a sublease, license, use or occupancy agreement with any other person
or entity for the leased Premises (items in sub-paragraphs i, ii, and iii are collectively referred to as a “Transfer”).
This Lease Transfer Fee is specifically negotiated to compensate Landlord for a Transfer of Premises that Tenant acknowledges is
in short supply in Uptown Sedona, Arizona. Should Tenant, for any reason, reacquire the leased premises after any sale, sublease
or transfer, there will be no “transfer fee” to Tenant upon the reacquisition of the Premises. However, any subsequent
action by Tenant that meets the requirements of items (i), (ii), or (iii) above, shall subject Tenant to a new Transfer Fee. The
offer of Landlord to enter into this Lease is specifically contingent upon Tenant agreeing to pay the Lease Transfer Fee.
Any failure of 

 

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Tenant to pay a Lease Transfer Fee entitles Landlord immediately, and without notice, to terminate this Lease. The
Lease Transfer Fee is not in substitution of other provisions of this Lease concerning assignment and subletting, which are in
full force and effect.

 

B.    A
Lease Transfer Fee shall be paid by Tenant to Landlord in cash upon the date of the Transfer in the amount of Eleven Thousand Sixty
Dollars ($11,060), with such amount to be increased by a CPI adjustment calculated with the actual CPI.

 

C.   As
a condition of approval of the Transfer, Landlord shall enter into a Lease amendment with the assignee increasing the Minimum Annual
Base Rental to the then-market rental for the Premises, as reasonably determined by Landlord and taking into account the additional
amounts received by Landlord and tenants for rent, key fees, lease assignments or sales of business.

 

D.    Landlord
shall be entitled to review in detail the retail experience, the intended use on the Premises, financial capability and tourist
marketing experience of any assignee to determine if such proposed assignee is suitable as a tenant in the Project. Tenant acknowledges
that Landlord has no obligation to consent to Transfers and that Landlord, after a review of proposed assignee, may reject such
assignee as not suitable for the Project.

 

E.     Tenant
acknowledges that (i) the Lease Transfer Fee is a serious impediment to the Transfer of this Lease or the sale of Tenant’s business;
(ii) Landlord has entered into this Lease after carefully choosing Tenant from a number of applicants to lease the Premises; and
(iii) Landlord does not want and will not allow Tenant to Transfer this Lease or sell its business unless the Lease Transfer Fee
provisions are complied with in full.

 

SECTION 20 - SUBJECT TO MASTER LEASE.

 

Tenant acknowledges
that this Lease is subordinate to a Master Lease of the Project among CANYON PORTAL PROPERTIES, L.L.C. and ATHERTON VENTURES,
L.L.C. as Landlord and CANYON PORTAL II, L.L.C., an Arizona limited liability company as Tenant. A Memorandum of Lease is recorded
in Coconino County as Instrument No. 98-21399 on July 2, 1998. An Amendment to Memorandum of Lease is recorded in Coconino County
as Instrument No. 3288292 on October 14, 2004.

 

SECTION 21 - DEFAULTS BY TENANT. 

 

21.1      Event
of Default. Each of the following occurrences shall be an Event of Default hereunder:

 

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A.    If
Tenant fails to pay any Rent, Additional Charges or any sum due hereunder promptly when due and such failure continues for three
(3) days after the date such payment was due.

 

B.     
If Tenant defaults or breaches any of the other (non-monetary) covenants, agreements, conditions or undertakings herein to be kept,
observed and performed by Tenant and such default continues for ten (10) days after notice thereof in writing to Tenant.

 

C.     TENANT
ACKNOWLEDGES THAT ANY VIOLATION OF ANY OF THE PRESCRIBED CONDUCT AS SET FORTH IN PARAGRAPH 8.3I5 A MATERIAL BREACH OF THIS LEASE.
IF IN ANY TWELVE (12) MONTH PERIOD THERE ARE MORE THAN TWO (2) NOTICES OF VIOLATION OF PARAGRAPH 8.3 SENT BY LANDLORD TO TENANT,
THEN LANDLORD SHALL HAVE THE RIGHT TO TERMINATE THIS LEASE WITHOUT NOTICE.

 

	TENANT’S
    INITIALS:	AS

  

D.    
If Tenant files any petition under any chapter or section of the Federal Bankruptcy Code or any similar law, state or federal,
whether now or hereafter existing, or shall file an answer admitting insolvency or inability to pay its debts.

 

E.     If
Tenant fails to obtain a stay of any involuntary proceedings under any chapter or section of the Federal Bankruptcy Code within
sixty (60) days after the institution thereof.

 

F.     If
a trustee or receiver is appointed for Tenant or for a major portion of its property or for any portion of the Premises and such
appointment is not vacated and dismissed within sixty (60) days thereafter and in any event prior to any action adverse to the
interest of Tenant or Landlord having been taken by such trustee or receiver.

 

G.     If
any court takes jurisdiction of a major portion of the property of Tenant or any part of the Premises in any involuntary proceeding
for dissolution, liquidation or winding up of Tenant and such jurisdiction is not relinquished or vacated within sixty (60) days.

 

H.    If
Tenant makes an assignment for the benefit of its creditors.

 

I.      If
Tenant fails to occupy and operate the business in the Premises for three (3) consecutive days (except as otherwise allowed under
Section 8.4).

 

21.2      Re-Enter
of Premises. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have the right,
at its election,

 

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to reenter the Premises,
or any part thereof, either with or without process of law, and to expel, remove and evict Tenant and all persons occupying or
upon the same under Tenant, using such force as may be lawful and necessary in so doing, and to possess the Premises and enjoy
the same as in their former estate and to take full possession of and control over the Premises and the buildings and improvements
thereon and to have, hold and enjoy the same and to receive all rental income of and from the same. No reentry by Landlord shall
be deemed an acceptance of a surrender of this Lease, nor shall it absolve or discharge Tenant from any liability under this Lease.
Upon such reentry, all rights of Tenant to occupy or possess the Premises shall cease and terminate.

 

21.3      Lease
Termination. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have the right,
at its election, with or without reentry as provided in Section 21.2, to give written notice to Tenant stating that this Lease
shall terminate on the date specified by such notice, and upon the date specified in such notice this Lease and the Term hereby
demised and all rights of Tenant hereunder shall terminate. Upon such termination, Tenant shall quit and peacefully surrender
to Landlord the Premises and the buildings and improvements then situated thereon.

 

21.4      Relettinq.
At any time and from time to time after such reentry, Landlord may re-let the Premises and the buildings and improvements thereon,
or any part thereof, in the name of Landlord or otherwise, for such term or terms (which may be greater or less than the period
which would otherwise have constituted the balance of the Term of this Lease), and on such conditions (which may include concessions
or free rental) as Landlord, in its reasonable discretion, may determine and may collect and receive the rental therefore. However,
in no event shall Landlord be under any obligation to re-let the Premises and the buildings and improvements thereon, or any part
thereof, and Landlord shall in no way be responsible or liable for any failure to re-let or for any failure to collect any rental
due upon any such re-letting. Even though it may re-let the Premises, Landlord shall have the right thereafter to terminate this
Lease and all of the rights of Tenant in or to the Premises. Nothing contained in the foregoing shall be deemed a waiver or relinquishment
by Tenant of any duty imposed by law on Landlord to mitigate its damages.

 

21.5     Survival
of Liability. Unless Landlord shall have notified Tenant in writing that it has elected to terminate this Lease, no such reentry
or action in lawful detainer or otherwise to obtain possession of the Premises shall relieve Tenant of its liability and obligations
under this Lease; and all such liability and obligations shall survive any such reentry. In the event of any such reentry, whether
or not the Premises and the buildings and improvements thereon, or any part thereof, shall have been re-let, Tenant shall pay
to Landlord the entire rental and all other charges required to be paid by Tenant up to the time of such reentry of this Lease,
and thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such reentry, shall be liable
to

 

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Landlord, and shall pay to Landlord, as damages for Tenant’s default:

 

A.   The
amount of Minimum Annual Base Rental and additional charges which would be payable under this Lease by Tenant if this Lease were
still in effect, less

 

B.    The
net proceeds of any re-letting, after deducting all of Landlord’s expenses in connection with such re-letting, including without
limitation all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, alteration costs and expenses of preparation
for such re-letting.

 

Tenant shall be liable
for and pay such damages to Landlord on a monthly basis on the first day of each month and Landlord shall be entitled to recover
from Tenant monthly as the same shall arise. The excess, if any, in any month or months, of the net proceeds described in subparagraph
(B) above actually received by Landlord over the Minimum Annual Base Rental and Additional Charges described in subparagraph (A)
above shall belong to Landlord, provided that such excess shall be credited and applied against Tenant’s future obligations arising
under this Section 21.5 as the same become due and payable by Tenant hereunder, and that Tenant shall remain liable for future
deficiencies, as applicable. Notwithstanding any such reentry without termination, Landlord may at any time thereafter, by written
notice to Tenant, elect to terminate this Lease for Tenant’s previous breach.

 

21.6     Cumulative
Remedies. Each right and remedy of Landlord provided for in this Lease shall be cumulative and in addition to every other
right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise; and the
exercise or beginning of the exercise by Landlord of any one or more of such rights or remedies shall not preclude the simultaneous
or later exercise by Landlord of any or all other rights or remedies provided for in this Lease now or hereafter existing at law
or in equity or by statute or otherwise.

 

21.7     Sublessee
Defaults. Any violation of any covenant or provision of this Lease, whether by act or omission, by any sublessee or any other
persons occupying any portion of the Premises under the rights of Tenant shall be deemed a violation of such provision by Tenant
and a default under this Lease. Any such violation shall not be deemed to be a default hereunder if and so long as Tenant in good
faith and at its own expense takes and diligently pursues any and all steps it is entitled to take and which steps if completed
will cure said default.

 

21.8     Repetitive
Rent Payment Defaults. NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH 21.1 HEREOF TO THE CONTRARY, IF IN ANY ONE (1) PERIOD OF
TWELVE (12) CONSECUTIVE MONTHS, TENANT

 

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SHALL HAVE BEEN IN
DEFAULT IN THE PAYMENT OF RENT HEREIN AT LEAST THREE (3) TIMES AND LANDLORD, BECAUSE OF SUCH DEFAULTS, SHALL HAVE SERVED UPON
TENANT WITHIN SUCH TWELVE (12) MONTH PERIOD THREE (3) OR MORE NOTICES OF LATE PAYMENT, THEN THE FOURTH DEFAULT SHALL BE DEEMED
TO BE A NON-CURABLE DEFAULT AND LANDLORD SHALL BE ENTITLED TO IMMEDIATE POSSESSION OF THE PREMISES.

 

21.9     Cure
Period. Notwithstanding any other provision of this Section, Landlord and Tenant agree that if the default complained of,
other than for the payment of monies, is of such a nature that the same cannot be cured within the twenty (20) day period for
curing as specified in the written notice relating thereto, then such default shall be deemed to be cured by the other party within
such period of twenty (20) days if the other party shall have commenced thereof and shall continue thereafter with all due diligence
to effect such cure and does so complete the same with the use of such diligence as aforesaid.

 

21.10     Late
Charges. A late charge in the amount of ten percent (10%) of the delinquent payment shall be assessed to any payment required
to be made by Tenant to Landlord under the terms of this Lease not received by Landlord within three (3) days after its due date
(regardless of whether Tenant has been given notice of such failure of payment). If Tenant tenders to Landlord a check that is
returned marked “NSF” or its equivalent, Tenant shall pay Landlord a payment in the amount of twenty percent (20%)
of the amount of such non-negotiable check. Tenant’s failure to pay any such late charge within three (3) days after Landlord’s
written demand therefor shall constitute an Event of Default hereunder. In addition to the payments set forth in the preceding
two sentences, Tenant shall pay Landlord interest at the rate of eighteen percent (18%) per annum from the date any payment is
due until the date such payment is actually received by Landlord.

 

SECTION 22 - CONDEMNATION.

 

If title to all or
any portion of the Premises is taken by a public or quasi-public authority under any statute or by right of eminent domain of any
governmental body, whether such loss or damage results from condemnation of part or all of the Premises, Tenant shall not be entitled
to participate or receive any part of the damages or award except where the same shall provide for Tenant’s moving or other reimbursable
expenses, the portion thereof allocated to the taking of Tenant’s trade fixtures, equipment and personal property or to a loss
of business by Tenant. Should any power of eminent domain be exercised after Tenant is in possession, such exercise shall not void
or impair this Lease unless the amount of the Premises so taken substantially and 

 

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materially impairs the usefulness of the Premises
for the purposes for which they are leased in which case, either party may cancel this Lease by notice to the other within sixty
(60) days after such possession. Should only a portion of the Premises be taken and the Premises continue to be reasonably suitable
for Tenant’s use, the rent shall be reduced from the date of such possession in direct proportion to the reduction in the square
footage of the Premises. Notwithstanding the language of this Paragraph, Tenant shall be allowed to separately litigate its damages
for loss of its business as a result of any condemnation.

 

SECTION 23 - TENANTS WAIVER OF STATUTORY RIGHTS.

 

In the event of any
termination of the Term (or any repossession of the Premises), Tenant so far as permitted by law, waives (i) any notice of reentry
or of the institution of legal proceedings to that end; and (ii) the benefits of any laws now or hereafter in force exempting property
from liability for rent or for debt.

 

SECTION 24 - WAIVER OF PERFORMANCE.

 

No failure by Landlord
or Tenant to insist upon the strict performance of any term or condition hereof or to exercise any right, power or remedy consequent
upon a breach thereof and no submission by Tenant or acceptance by Landlord of full or partial rent during the continuance of any
such breach shall constitute a waiver of any such breach or of any such term. No waiver of any breach shall affect or alter this
Lease (which shall continue in full force and effect), or the respective rights of Landlord or Tenant with respect to any other
then-existing or subsequent breach.

 

SECTION 25 - REMEDIES CUMULATIVE.

 

Each right, power
and remedy provided for in this Lease now or hereafter existing at law, in equity or otherwise shall be cumulative and concurrent
and shall be in addition to every other right, power or remedy provided for in this Lease now or hereafter existing at law, in
equity or otherwise; and the exercise or beginning of the exercise of any one or more of the rights, powers or remedies provided
for in this Lease shall not preclude the simultaneous or later exercise of any or all such other rights, powers or remedies.

 

SECTION 26 - CONVEYANCE BY LANDLORD.

 

In the event Landlord
or any successor Landlord shall convey or otherwise dispose of the Premises, it shall thereupon be released from all liabilities
and obligations imposed upon Landlord under this Lease (except those accruing prior to such conveyance or other disposition) and
such liabilities and obligations shall be binding solely on the then owner of the Premises.

 

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SECTION 27 - NO PERSONAL LIABILITY TO LANDLORD.

 

Tenant shall look
solely to Landlord’s interest in the Premises for the satisfaction of any judgment or decree requiring the payment of money by
Landlord based upon any default under this Lease, and no other property or assets of Landlord, or any partner or member of, or
shareholder in, Landlord, shall be subject to levy, execution or other enforcement procedures for satisfaction of any such judgment
or decree.

 

SECTION 28 - ATTORNEYS’ FEES.

 

In the event Landlord
retains an attorney to enforce its rights under this Lease or to bring suit for possession of the Premises, for the recovery of
any sum due hereunder, or for any other relief against Tenant, declaratory or otherwise, arising out of a breach of any term of
this Lease, or in the event Tenant should bring any action for any relief against Landlord, declaratory or otherwise, arising out
of this Lease, the prevailing party shall be entitled to receive from the other party reasonable attorneys’ fees and reasonable
costs and expenses, which shall be deemed to have accrued due to the commencement of such action and shall be enforceable whether
or not such action is prosecuted to judgment.

 

SECTION 29 - PROVISIONS SUBJECT TO APPLICABLE LAW.

 

All rights, powers
and remedies provided herein shall be exercised only to the extent that the exercise thereof shall not violate any applicable law
and are intended to be limited to the extent necessary so that they shall not render this Lease invalid or unenforceable under
any applicable law. If any term of this Lease shall be held to be invalid, illegal or unenforceable, the validity of the other
terms of this Lease shall in no way be affected thereby.

 

SECTION 30 - RIGHT TO CURE TENANT’S DEFAULTS.

 

In the event Tenant shall breach any term, covenant or provision
of this Lease, Landlord may at any time, without notice, cure such breach for the account and at the expense of Tenant. if Landlord
at any time, by reason of such breach, is compelled to pay or elects to pay any sum of money or to do any act that will require
the payment of any sum of money, or is compelled to incur any expense, including reasonable attorneys’ fees, incurred in instituting,
prosecuting or defending any actions or proceedings to enforce Landlord’s rights under this Lease or otherwise, the sum or sums
so paid by Landlord, with all interest, costs and damages, shall be deemed to be Additional Charges and shall be paid by Tenant
to Landlord on the first day of the month following the incurring of such expenses of the payment of such sums and shall include 

 

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interest at the rate of eighteen percent (18%) per annum from the date Landlord makes a payment until Tenant pays such Additional
Charges in full.

 

SECTION 31 - NOTICES.

 

Any notice to be given
by Landlord or Tenant shall be given exclusively in writing and delivered in person or by overnight mail service to Landlord or
Tenant, forwarded by certified or registered mail, postage prepaid, or sent via facsimile transmission, to the address indicated
in the Fundamental Lease Provisions, unless the party giving any such notice has been notified, in writing, of a change of address.
Any such notice shall be deemed effective (a) upon receipt or refusal to accept delivery, if personally delivered; (b) on the next
business day following delivery to the overnight courier; (c) in the case of certified mailing, on the date of actual delivery
as shown by the addressee’s receipt or upon the expiration of three (3) business days following the date of mailing, whichever
occurs first; or (d) in the case of facsimile transmission, upon receipt (a written confirmation of successful transmission from
the transmitting facsimile machine being prima facie evidence of such receipt).

 

SECTION 32 - SIGNS.

 

Tenant shall not place,
alter, exhibit, inscribe, paint or affix any sign, awning, canopy, advertisement, notice or other lettering on any part of the
outside of the Premises, or of the building of which the Premises is a part, or inside the Premises if visible from the outside,
without first obtaining Landlord’s written approval thereof, which shall not be unreasonably withheld, and if so approved, Tenant
shall maintain the same in good condition and repair.

 

SECTION 33 - LANDLORD’S INSPECTIONS.

 

33.1         
Inspection. Landlord reserves the right to, at all reasonable times, by itself or by its duly authorized agents, employees
and contractors, and without notice to go upon and inspect the Premises and every part thereof, to enforce or carry out the provisions
of this Lease, to make, at its option, repairs, installations, alterations, improvements and additions to the Premises or the
building of which the Premises are a part, to perform any defaulted obligation of Tenant or for any other proper purposes. Landlord
also reserves the right to install or place upon or affix to the roof and exterior walls of the Premises: equipment, signs, displays,
antennae and any other object or structure of any kind, provided the same shall not interfere with Tenant’s occupancy or
materially impair the structural integrity of the building of which the Premises are a part.

 

33.2 Presenting
for Sale or Lease.          Landlord hereby reserves the right during usual business
hours to enter the Premises and to show the same for purposes of sale, lease or mortgage, and during the last six (6) months of
the

 

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term of this Lease, or the extension thereof, to exhibit the same to any prospective tenant, and to display appropriate signage
for such sale or lease. Prospective purchasers or tenants authorized by Landlord may inspect the Premises during reasonable hours
at any time.

 

SECTION 34 - ESTOPPEL CERTIFICATE.

 

Tenant will execute,
acknowledge and deliver to Landlord, within seven (7) days following a written request therefor, a certificate certifying (a) that
this Lease is unmodified and in full force (or, if there have been modifications, that the Lease is in full force and effect, as
modified, and stating the modifications); (b) the dates, if any, to which rent, Additional Charges and other sums payable hereunder
have been paid; (c) that no notice has been received by Tenant of any default which has not been cured, except as to defaults specified
in such certificate; and (d) this Lease is and shall be subordinate to any existing or future deed of trust, mortgage or security
agreement placed upon the Premises or the Project by the Landlord or owner of the Property. Any claim of Tenant in contradiction
of any of the foregoing matters must be set forth with specificity in the certificate. Any such certificate may be relied upon
by any prospective purchaser or encumbrancer of the Premises or any part thereof. Tenant’s failure to deliver such certificate
within the time permitted hereby shall be conclusive upon Tenant that this Lease is in full force and effect, except to the extent
any modification has been represented by Landlord, and there are no uncured defaults in Landlord’s performance, and that not more
than one month’s rent has been paid in advance. In addition, at Landlord’s option, after notice to Tenant and expiration of applicable
grace period under this Lease, such failure of Tenant to deliver such certificate shall constitute an Event of Default. Tenant
acknowledges and agrees that the promise to issue such statements pursuant hereto are a material consideration inducing Landlord
to enter into this Lease and that the breach of such promise shall be deemed a material breach of this Lease.

 

SECTION 35 - WAIVER OF TRIAL BY JURY.

 

TENANT HEREBY WAIVES
ALL RIGHTS TO TRIAL BY JURY IN ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM BY EITHER LANDLORD OR TENANT AGAINST EACH OTHER ON
ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, AND/OR TENANT’S USE
OR OCCUPANCY OF THE LEASED PREMISES. TENANT AGREES THAT EXCLUSIVE JURISDICTION FOR ALL LEGAL ACTIONS SHALL BE COCONINO COUNTY SUPERIOR
COURT.

 

SECTION 36 - RECORDING.

 

    	29

    	 

    

  

Neither this Lease
nor a memorandum thereof, may be recorded, or otherwise made public, by any means, without the express written consent of Landlord.
Any such recording or publication without such consent, shall, at Landlord’s option, cause this Lease and all rights of Tenant
hereunder, to be immediately forfeited and of no further force and effect, provided, however, that Landlord shall have the right
to such action against Tenant, for damages resulting from such recording, as Landlord shall be entitled to by law.

 

SECTION 37 - SUBORDINATION.

 

This Lease is hereby
declared to be subject and subordinate to the lien of any present or future encumbrance or encumbrances upon the Premises or the
Project, irrespective of the time of execution or the time of recording of any such encumbrance or encumbrances. Landlord shall
use its good faith efforts to obtain for Tenant an attornment and non-disturbance agreement from any lender which has a lien on
the Premises. This subordination is subject to the right of Tenant upon a foreclosure or other action taken under any mortgage
by the holders thereof to have this Lease and the rights of Tenant hereunder not be disturbed but to continue in full force and
effect so long as Tenant shall not be in default hereunder. The word “encumbrance” as used herein includes mortgages,
deeds of trust or other similar instruments, and modifications, extensions, renewals and replacements thereof, and any and all
advances thereunder.

 

SECTION 38 - MISCELLANEQUS.

 

38.1 Definition
of Tenant. The Term “Tenant” shall include legal representatives, successors and permitted assigns. All covenants
herein shall be made binding upon Tenant and construed to be equally applicable to and binding upon its agents, employees and
others claiming the right to be in the Premises or in the building or in the building through, under or above Tenant.

 

38.2 Tenant.
If more than one individual, firm, or corporation shall join as Tenant, singular context shall be construed to be plural wherever
necessary and the covenants of Tenant shall be the joint and several obligations of each party signing as Tenant and when the
parties signing as Tenant are partners, it shall be the obligation of the firm and of the individual members thereof.

 

38.3 Gender and
Number. Whenever from the context it appears appropriate, each item stated in the singular shall include the plural and vice
versa and the masculine, feminine, or neuter form shall included the masculine, feminine and neuter forms.

 

38.4 Modifications
and Waivers. No change, modification, or waiver of any provision of this Lease shall be valid or binding unless it is in writing
dated after the date hereof and signed by the parties intended to be bound. No waiver 

 

    	30

    	 

    

 

of any breach, term, or condition of this
Lease by either party shall constitute a subsequent waiver of the same or any other breach, term, or condition.

 

38.5 Implied Warranties.
OTHER THAN AS SET FORTH IN THIS LEASE, TENANT AND LANDLORD EXPRESSLY AGREE THAT THERE ARE AND SHALL BE NO IMPLIED WARRANTIES OF
MERCHANTABILITY, HABITABILITY, FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER KIND ARISING OUT OF THIS LEASE, AND THERE ARE NO
WARRANTIES WHICH EXTEND BEYOND THOSE EXPRESSLY SET FORTH IN THIS LEASE.

 

38.6 Binding Effect.
This Lease shall be binding upon and shall inure to the benefit of the parties and their respective heirs, personal representatives,
successors and assigns. This provision shall not be deemed to grant Tenant any right to assign this Lease or sublet the Premises
or any part thereof other than as provided in this Lease.

 

38.7 Severability.
To the fullest extent possible each provision of this agreement shall be interpreted in such fashion as to be effective and valid
under applicable law. If any provision of this Lease is declared void or unenforceable with respect to particular circumstances,
such provision shall remain in full force and effect in all other circumstances. If any provision of this Lease is declared
void or unenforceable, such provision shall be deemed severed from this Lease, which shall otherwise remain in full force and
effect.

 

38.8 Governing
Law and Jurisdiction. Except where preempted by the laws of the United States or the rules or regulations of any agency or
instrumentality thereof, this Lease is to be interpreted, construed and governed by the laws of the State of Arizona. The parties
irrevocably and unconditionally submit to the exclusive jurisdiction of the Superior Court of the State of Arizona for the County
of Coconino in connection with any legal action or proceeding arising out of or relating to this Lease and the parties waive any
objection relating to the basis for personal or in rem jurisdiction or to venue which it may now or hereafter have in any such
suit, action or proceeding.

 

38.9 Entire Agreement.
This instrument constitutes the sole and only agreement between Landlord and Tenant respecting the Premises, the leasing of the
Premises to the Tenant, or the Lease term herein specified, and correctly sets forth the obligations of the Landlord and Tenant
to each other as of its date. Any agreements or representations by the Landlord to the Tenant not expressly set forth in this
instrument are void and unenforceable. All prior agreements and understanding of the parties with respect to such subject matter
are hereby superseded. No representations, promises, agreements, or understandings contained in this Lease regarding the subject
matter hereof shall be of any force or effect unless in writing, executed by the party to be bound, and dated on or subsequent
to the date hereof. Captions and headings are for convenience only and shall not alter any provision or be used in the interpretation
of this Lease.

 

    	31

    	 

    

 

38.10 Time is of
the Essence. Time is of the essence of this Lease and each and every provision hereof. Any extension of time granted for the
performance of any duty under this Lease shalt not be considered an extension of time for the performance of any other duty under
this Lease.

 

38.11 Brokers.
Tenant represents and warrants that it has not entered into any agreement with, nor otherwise had any dealings with, any broker
or agent in connection or execution of this Lease which could form the basis of any claim by any such broker or agent for a brokerage
fee or commission, finder’s fee, or any other compensation of any kind or nature in connection with this Leasehold.

 

	LANDLORD:	TENANT:
	 	 
	CANYON PORTAL II, L.L.C.,	ORCHARDS INN & RESTAURANT
	an Arizona limited liability company	LLC., an Arizona corporation
	 	 	 	 	 
	By:	/s/ Al Spector	 	By:	/s/ Al Spector
	 	Al Spector	 	 	Al Spector
	Its:	Manager	 	Its:	Manager

 

    	32

    	 

    

 

List of Exhibits

 

A.        Project Site
Plan

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT J

 

LEGAL DESCRIPTION

 

(Schnebly Hill)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF COCONINO,

STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

A tract of land in the Northwest quarter of Section 8, Township
17 North, Range 6 East of the Gila and Salt River Base and Meridian, Coconino County, Arizona, described as follows:

 

COMMENCING at the northeast corner of Lot 1, Mountain Villa
Subdivision as said lot is shown on the map of said subdivision recorded in Case 2, Map 106, Coconino County Records;

 

Thence North 87 degrees, 17 minutes, 30 seconds East, a distance
of 30.00 feet to the East line of Mountain view Drive;

 

Thence along said east line, South 2 degrees, 42 minutes, 30
seconds East, a distance of 36.02 feet to an iron pipe marking the Southwest corner of the BOURKE property as described in Deed
recorded in Book 121, Pages 131-132, Official Records of Coconino

County;

 

Thence along the South line of said Bourke property as staked
on the ground, South 88 degrees 03 minutes 30 seconds East, 70.00 feet to the Point of Beginning for the herein described tract;

 

Thence South 2 degrees, 42 minutes, 30 seconds East, a distance
of 134.58 feet to the Northerly line of Road Dedication recorded in Case 2, Map 29, records of Coconino

County;

 

Thence along said Northerly line from a tangent that bears North
73 degrees, 20 minutes East, along a curve to the left with a radius of 115.43 feet, through an angle of 19 degrees, 39 minutes,
30 seconds, a distance of 39.60 feet to an iron pipe;

 

Thence North 53 degrees, 40 minutes, 30 seconds East, a distance
of 78.45 feet to an iron pipe;

 

Thence North 50 degrees, 52 minutes East, a distance of 13.46
feet (the last two courses being along said Road Dedication line);

 

Thence North 39 degrees, 08 minutes West, a distance of 80.51
feet to said South line of BOURKE property;

 

Thence along said South line, South 73 degrees, 35 minutes,
30 seconds West, a distance of 10.00 feet to an iron pipe;

 

Thence North 88 degrees, 03 minutes, 30 seconds West, a distance
of 54.90 feet to the POINT OF BEGINNING.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

	3:31 PM	EXHIBIT K-i	 
	04/23/13	Orchards Inn & Restaurant, LLC.	 
	Accrual Basis	Balance Sheet	 
	 	As of March 31, 2013	 

 

	 	 	Mar 31, 13	 
	ASSETS	 	 	 	 
	Current Assets	 	 	 	 
	Checking/Savings	 	 	 	 
	1100 · Alliance Operating Account	 	 	 	 
	1109 · American Express Clearing	 	 	188.23	 
	1110 · Alliance Resort Clearing Acct	 	 	1,844.85	 
	1100 · Alliance Operating Account - Other	 	 	-19,175.46	 
	Total 1100 · Alliance Operating Account	 	 	-17,142.38	 
	 	 	 	 	 
	1105 · Cash on Hand	 	 	3,300.00	 
	Total Checking/Savings	 	 	-13,842.38	 
	 	 	 	 	 
	Accounts Receivable	 	 	 	 
	1200 · Accounts Receivable	 	 	44,428.59	 
	1240 · Note Receivable Orchards Annex	 	 	133,000.00	 
	Total Accounts Receivable	 	 	177,428.59	 
	 	 	 	 	 
	Other Current Assets	 	 	 	 
	1210 · Guest Ledger	 	 	3,781.37	 
	1220 · City Ledger	 	 	32,148.18	 
	1230 · Misc Clearing	 	 	8,812.98	 
	1260 · Package Ledger	 	 	-50.00	 
	1267 · A/R- Flood Insurance Billing	 	 	1,301.00	 
	1270 · Intercompany Accounts	 	 	 	 
	1255 · L’Auberge de Sedona	 	 	2,294,876.05	 
	1257 · Canyon Breeze	 	 	4,362.60	 
	1258 · Open Range	 	 	-1,081.77	 
	1259 · Canyon Portal	 	 	149.70	 
	1259.1 · Amx Merch Fin Inter Co - LA	 	 	651,840.73	 
	1261 · Barrett Realty	 	 	11,904.60	 
	1262 · Barrett Accrued PTO	 	 	337.25	 
	1263 · Spector Offices	 	 	6,878.50	 
	1265 · L’Auberge Orchards	 	 	-3,404,440.13	 
	1272 · Orchards Annex	 	 	-635,962.47	 
	1273 · Orchards Annex Allocation	 	 	808,090.72	 
	1275 · Due from HL	 	 	2,000.00	 
	Total 1270 · Intercompany Accounts	 	 	-261,044.22	 
	 	 	 	 	 
	1300 · Payroll Clearing	 	 	-60,758.26	 
	1400 · Inventories	 	 	 	 
	1421·Inventory-Beer	 	 	3,699.47	 
	1423·Inventory-Liquor	 	 	13,122.28	 
	1424·Inventory-Wine	 	 	1,470.37	 
	1430·Inventory-Food	 	 	11,513.95	 

 

    	Page 1 of 4

    	 

    

 

	3:31 PM	EXHIBIT K-i	 
	04/23/13	Orchards Inn & Restaurant, LLC.	 
	Accrual Basis	Balance Sheet	 
	 	As of March 31, 2013	 

 

	Total 1400 · Inventories	 	 	29,806.07	 
	 	 	 	 	 
	1500 · Prepaid Expenses	 	 	 	 
	1510 · Prepaid Expense	 	 	31,998.17	 
	1520 · Prepaid Insurance	 	 	3,889.01	 
	1530 · Workers’ Comp	 	 	4,314.39	 
	1535 · Prepaid management Fees	 	 	1,044.33	 
	Total 1500 · Prepaid Expenses	 	 	41,245.90	 
	 	 	 	 	 
	Total Other Current Assets	 	 	-204,756.98	 
	 	 	 	 	 
	Total Current Assets	 	 	-41,170.77	 
	 	 	 	 	 
	Fixed Assets	 	 	 	 
	1600 · Buildings	 	 	 	 
	1600.1 · Building additions 2009	 	 	34,498.77	 
	1600.2 · Room Prep after Renovation	 	 	26,936.70	 
	1600.3 · Construction legal & admin cost	 	 	54,711.15	 
	1600.4 · Restaurant Remodel	 	 	147,168.37	 
	1600.5 · Landscaping	 	 	29,062.88	 
	1600 · Buildings - Other	 	 	5,135,365.99	 
	Total 1600 · Buildings	 	 	5,427,743.86	 
	 	 	 	 	 
	1601 · Land	 	 	2,346,000.00	 
	1602 · Acquisition Costs (purchase)	 	 	37,643.94	 
	1605 · Improvements	 	 	703,918.29	 
	1610 · Furniture Fixtures & Equipment	 	 	 	 
	1615 · Artwork	 	 	98.47	 
	1620 · Communications Equipment	 	 	21,551.24	 
	1625 · Computer Equipment	 	 	70,413.00	 
	1630 · Equipment	 	 	186,545.09	 
	1635 · Furniture	 	 	45,251.86	 
	1640 · Guest Room Furnishings	 	 	216,286.14	 
	1645 · Lobby & Public Areas	 	 	2,442.78	 
	1655 · Patio & Pool	 	 	17,832.56	 
	1660 · Signage	 	 	9,324.36	 
	1665 · Software	 	 	15,308.00	 
	1680 · Restaurant Furniture & Fixtures	 	 	133,596.50	 
	1610 · Furniture Fixtures & Equipment - Other	 	 	5,238.29	 
	Total 1610 · Furniture Fixtures & Equipment	 	 	723,888.29	 
	 	 	 	 	 
	1690 · Accumulated Depreciation	 	 	-655,336.44	 
	1700 · Leasehold Improvements	 	 	 	 
	1710 · LH Improvement - Visitor Center	 	 	17,386.55	 
	Total 1700 · Leasehold Improvements	 	 	17,386.55	 

 

    	Page 2 of 4

    	 

    

 

	3:31 PM	EXHIBIT K-i	 
	04/23/13	Orchards Inn & Restaurant, LLC.	 
	Accrual Basis	Balance Sheet	 
	 	As of March 31, 2013	 

 

	Total Fixed Assets	 	 	8,601,244.49	 
	 	 	 	 	 
	Other Assets	 	 	 	 
	1803 · Acquis. Costs- post purchase	 	 	21,026.13	 
	1804 · Deferred Financing Costs	 	 	 	 
	1805 · IMH Deferred Financing Costs	 	 	1,986,231.77	 
	1807.1 · Deferred Finance Charges-2011	 	 	156,967.64	 
	Total 1804 · Deferred Financing Costs	 	 	2,143,199.41	 
	 	 	 	 	 
	1990 · Accumulated Amortization	 	 	-32,358.76	 
	Total Other Assets	 	 	2,131,866.78	 
	 	 	 	 	 
	TOTAL ASSETS	 	 	10,691,940.50	 
	 	 	 	 	 
	LIABILITIES & EQUITY	 	 	 	 
	Liabilities	 	 	 	 
	Current Liabilities	 	 	 	 
	Accounts Payable	 	 	 	 
	2000 · Accounts Payable	 	 	189,546.32	 
	Total Accounts Payable	 	 	189,546.32	 
	 	 	 	 	 
	Other Current Liabilities	 	 	 	 
	2100 · Payroll Tax Liabilities	 	 	 	 
	2130 · Garnishment Payable	 	 	299.75	 
	Total 2100 · Payroll Tax Liabilities	 	 	299.75	 
	 	 	 	 	 
	2200 · Other Current Liabilities	 	 	 	 
	2210 · Advance Deposit Liability	 	 	400,013.53	 
	2240 · Refunds Payable	 	 	-112.72	 
	2241 · Unclaimed/Stale payroll checks	 	 	4,360.18	 
	Total 2200 · Other Current Liabilities	 	 	404,260.99	 
	 	 	 	 	 
	2215 · Gift Certificates	 	 	300.00	 
	2300 · Accrued Expenses	 	 	 	 
	2310 · Accrued Payroll	 	 	2,499.99	 
	2315 · Accrued PTO	 	 	6,897.61	 
	2315. T · Accrued PTO- Taos	 	 	9,976.01	 
	2320 · Accrued Workers’ Comp	 	 	1,583.00	 
	2330 · Accrued Property Taxes	 	 	2,808.45	 
	2340 · Personal Property Tax	 	 	4,800.00	 
	2300 · Accrued Expenses - Other	 	 	-23,204.14	 
	Total 2300 · Accrued Expenses	 	 	5,360.92	 
	 	 	 	 	 
	2500 · Sales/Use Tax payable	 	 	 	 
	2510 · Sales Tax Rooms	 	 	15,737.95	 

 

    	Page 3 of 4

    	 

    

 

	3:31 PM	EXHIBIT K-i	 
	04/23/13	Orchards Inn & Restaurant, LLC.	 
	Accrual Basis	Balance Sheet	 
	 	As of March 31, 2013	 

  

	2520 · Sales Tax	 	 	45,072.59	 
	2530 · Retail Sales Tax	 	 	-623.64	 
	Total 2500 · Sales/Use Tax payable	 	 	60,186.90	 
	 	 	 	 	 
	2600 · Gratuities Payable	 	 	 	 
	2605 · Room Gratuities/Porterage	 	 	424.65	 
	2610 · Restaurant Gratuitites	 	 	119.78	 
	2625 · Service Fees	 	 	-14,483.77	 
	Total 2600 · Gratuities Payable	 	 	-13,939.34	 
	 	 	 	 	 
	Total Other Current Liabilities	 	 	456,469.22	 
	 	 	 	 	 
	Total Current Liabilities	 	 	646,015.54	 
	 	 	 	 	 
	Long Term Liabilities	 	 	 	 
	2700 · Notes Payable	 	 	 	 
	2701 · IMH Note Payable	 	 	9,000,000.00	 
	Total 2700 · Notes Payable	 	 	9,000,000.00	 
	 	 	 	 	 
	Total Long Term Liabilities	 	 	9,000,000.00	 
	 	 	 	 	 
	Total Liabilities	 	 	9,646,015.54	 
	 	 	 	 	 
	Equity	 	 	 	 
	3200 · L’Auberge Orchards, LLC.	 	 	 	 
	3201 · Capital Contributions	 	 	190,000.00	 
	3203 · Consultant Reconciliation -2008	 	 	-90,175.76	 
	Total 3200 · L’Auberge Orchards, LLC.	 	 	99,824.24	 
	 	 	 	 	 
	3900 · Retained Earnings	 	 	770,497.62	 
	Net Income	 	 	175,603.10	 
	Total Equity	 	 	1,045,924.96	 
	 	 	 	 	 
	TOTAL LIABILITIES & EQUITY	 	 	10,691,940.50	 

 

    	Page 4 of 4

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

	3:19 PM	EXHIBIT
    K-ii	 
	04/23/13	L’Auberge
    de Sedona, LLC.	 
	Accrual Basis	Balance Sheet	 
	 	As of March 31, 2013	 

 

	 	 	Mar 31, 13	 
	ASSETS	 	 	 
	Current Assets	 	 	 
	Checking/Savings	 	 	 
	1100 · Alliance Operating Account	 	 	 
	1110 · Alliance Resort Clearing Acct	 	 	4,549.52	 
	1100 · Alliance Operating Account - Other	 	 	-16,279.71	 
	Total 1100 · Alliance Operating Account	 	 	-11,730.19	 
	 	 	 	 	 
	1105 · Cash on Hand	 	 	14,000.00	 
	Total Checking/Savings	 	 	2,269.81	 
	 	 	 	 	 
	Accounts Receivable	 	 	 	 
	1200 · Accounts Receivable	 	 	9,086.89	 
	Total Accounts Receivable	 	 	9,086.89	 
	 	 	 	 	 
	Other Current Assets	 	 	 	 
	1210 · Guest Ledger	 	 	-33,123.25	 
	1220 · City Ledger	 	 	27,069.13	 
	1230 · Package Ledger	 	 	-215.40	 
	1240 · 1240-Intercompany Accounts	 	 	 	 
	1242 · SP-LA Art Gallery LLC	 	 	100.00	 
	1243 · Tasting Arizona	 	 	600.00	 
	1255 · Canyon Portal	 	 	843.33	 
	1258 · Open Range	 	 	5,785.51	 
	1259 · Orchards	 	 	-2,301,715.09	 
	1259.1 · AMX Merch Fin - Inter Co - Orch	 	 	-637,811.14	 
	1262 · Barrett Reality	 	 	74,532.49	 
	1263 · Spector Offices	 	 	30,019.63	 
	1265 · L’Auberge Orchards LLC	 	 	3,797,378.51	 
	1267 · H.L. LLC (La Merra)	 	 	275,908.24	 
	Total 1240 · 1240-Intercompany Accounts	 	 	1,245,641.48	 
	 	 	 	 	 
	1269 · A/R Flood Insurance Payment	 	 	-8,662.48	 
	1300 · Payroll Clearing Account	 	 	-292,420.89	 
	1301 · 2011 Clearing	 	 	18,173.93	 
	1400 · Inventories	 	 	 	 
	1415 · Guest Supplies	 	 	5,245.00	 
	1420 · Beverages	 	 	 	 
	1421
    · Inventory-Beer	 	 	911.85	 
	1423
    · Inventory-Liquor	 	 	7,326.40	 
	1424
    · Inventory-Wine	 	 	183,792.93	 
	Total 1420 · Beverages	 	 	192,031.18	 

  

    	Page 1 of 5

    	 

    

 

 

	
        3:19 PM

        04/23/13

        Accrual Basis
	
        EXHIBIT
        K-ii

        L’Auberge
        de Sedona, LLC.

        Balance
        Sheet

        As of March 31, 2013
	 

 

	1430 · Inventory-Food	 	 	44,019.15	 
	1490 · Inventory-Spa	 	 	 	 
	1491 · Inventory-Spa Retail	 	 	3,833.10	 
	1492 · Inventory-Spa Back Bar	 	 	660.07	 
	Total 1490 · Inventory-Spa	 	 	4,493.17	 
	 	 	 	 	 
	Total 1400 · Inventories	 	 	245,788.50	 
	 	 	 	 	 
	1416 · CD Inventory	 	 	1,000.00	 
	1499 · Undeposited Funds	 	 	600.00	 
	1500 · Prepaid Expenses	 	 	 	 
	1510 · Prepaid Expense	 	 	86,682.20	 
	1515 · Prepaid Advertising	 	 	7,866.49	 
	1516 · Prepaid Marketing	 	 	13,063.21	 
	1520 · Prepaid Insurance	 	 	13,765.56	 
	1530 · Workers' Comp	 	 	58,484.88	 
	Total 1500 · Prepaid Expenses	 	 	179,862.34	 
	 	 	 	 	 
	1607 · Asset Purchase Consultants	 	 	13,009.00	 
	Total Other Current Assets	 	 	1,396,722.36	 
	 	 	 	 	 
	Total Current Assets	 	 	1,408,079.06	 
	 	 	 	 	 
	Fixed Assets	 	 	 	 
	1600 · Buildings	 	 	 	 
	1600.2 · Affordable Housing Units	 	 	439,714.50	 
	1600.5 · Spa Improvements	 	 	125,645.67	 
	1600.7 · Fitness Facility	 	 	29,916.71	 
	1600 · Buildings - Other	 	 	38,311,067.62	 
	Total 1600 · Buildings	 	 	38,906,344.50	 
	 	 	 	 	 
	1600.3 · Acquistion costs - purchase	 	 	38,245.71	 
	1600.4 · Capitalized const interest	 	 	3,763.17	 
	1600.6 · Engineering Office	 	 	5,265.28	 
	1605 · Improvements	 	 	1,207,038.59	 
	1610 · Furniture Fixtures & Equipment	 	 	 	 
	1615 · Artwork	 	 	139,190.46	 
	1620 · Communications Equipment	 	 	62,932.94	 
	1625 · Computer Equipment	 	 	438,490.31	 
	1630 · Equipment	 	 	391,907.98	 
	1635 · Furniture	 	 	931,287.78	 
	1640 · Guest Room Furnishings	 	 	315,288.13	 
	1645 · Lobby & Public Areas	 	 	5,161.04	 
	1655 · Patio & Pool	 	 	56,635.14	 
	1660 · Signage	 	 	12,924.13	 

 

    	Page 2 of 5

    	 

    

 

	
        3:19 PM

        04/23/13

        Accrual Basis
	
        EXHIBIT
        K-ii

        L’Auberge
        de Sedona, LLC.

        Balance
        Sheet

        As of March 31, 2013
	 

 

	1665 · Software	 	 	43,341.54	 
	1670 · Linens	 	 	37,461.80	 
	1675 · Uniforms	 	 	-2.37	 
	1680 · Restaurant Furniture & Fixtures	 	 	151,952.97	 
	1685 · China,Glass,Silver,Supplies	 	 	61,335.17	 
	1691 · Rooms Expansion & Renovation	 	 	 	 
	1691A · Valet - Construction Parking Mg	 	 	119,754.22	 
	1691B · Construction-Engineer inspector	 	 	2,330.08	 
	1691C · Room Prep after Renovation	 	 	133,396.47	 
	1691D · Construction/Design Management	 	 	101,134.32	 
	1691E · Landscaping - materials	 	 	192,304.75	 
	1691F · Landscaping - labor	 	 	180,221.98	 
	1691P · Pool Construction Costs	 	 	132,233.85	 
	1691PF · Pool Fencing	 	 	24,773.90	 
	1691PFF · Pool Furniture & Fixtures	 	 	13,405.92	 
	1691PL · Pool Landscape	 	 	14,523.78	 
	1691R · Restaurant Deck	 	 	13,558.71	 
	1691 · Rooms Expansion & Renovation - Other	 	 	423,827.94	 
	Total 1691 · Rooms Expansion & Renovation	 	 	1,351,465.92	 
	 	 	 	 	 
	1610 · Furniture Fixtures & Equipment - Other	 	 	67,191.45	 
	Total 1610 · Furniture Fixtures & Equipment	 	 	4,066,564.39	 
	 	 	 	 	 
	1690 · Accumulated Depreciation	 	 	-729,089.60	 
	1700 · Leasehold Improvements	 	 	 	 
	1710 · LH Improvement - Visitor Center	 	 	31,866.40	 
	Total 1700 · Leasehold Improvements	 	 	31,866.40	 
	 	 	 	 	 
	Total Fixed Assets	 	 	43,529,998.44	 
	 	 	 	 	 
	Other Assets	 	 	 	 
	1599 · Construction In Progress	 	 	81,433.48	 
	1601 · Land	 	 	6,354,000.00	 
	1800 · Deposits	 	 	 	 
	1801 · Lease Deposits	 	 	2,500.00	 
	1800 · Deposits - Other	 	 	6,719.60	 
	Total 1800 · Deposits	 	 	9,219.60	 
	 	 	 	 	 
	1802 · Start-Up Costs - LA Store	 	 	86,115.86	 
	1803 · Acquistion Costs post purchase	 	 	346,296.71	 
	1804 · Deferred Financing Cost	 	 	 	 
	1805 · IMH Deferred Financing Cost	 	 	7,503,837.42	 
	1806 · FCB Deferred Financing Cost	 	 	503,570.00	 
	1807 · Refinancing costs	 	 	77,568.31	 
	1807.1 · Deferred Finance Charges-2011	 	 	308,779.19	 
	Total 1804 · Deferred Financing Cost	 	 	8,393,754.92	 

  

    	Page 3 of 5

    	 

    

 

	
        3:19 PM

        04/23/13

        Accrual Basis
	
        EXHIBIT
        K-ii

        L’Auberge
        de Sedona, LLC.

        Balance
        Sheet

        As of March 31, 2013
	 

 

	1808 · Deferred Revenue Discounts	 	 	81,250.00	 
	1990 · Accumulated Amortization	 	 	-5,501.24	 
	Total Other Assets	 	 	15,346,569.33	 
	 	 	 	 	 
	TOTAL ASSETS	 	 	60,284,646.83	 
	 	 	 	 	 
	LIABILITIES & EQUITY	 	 	 	 
	Liabilities	 	 	 	 
	Current Liabilities	 	 	 	 
	Accounts Payable	 	 	 	 
	2000 · Accounts Payable	 	 	1,045,750.89	 
	Total Accounts Payable	 	 	1,045,750.89	 
	 	 	 	 	 
	Other Current Liabilities	 	 	 	 
	2100 · Payroll Tax Liabilities	 	 	 	 
	2130 · Garnishment Payable	 	 	-121.25	 
	Total 2100 · Payroll Tax Liabilities	 	 	-121.25	 
	 	 	 	 	 
	2200 · Other Current Liabilities	 	 	 	 
	2210 · Advance Deposit Liability	 	 	1,528,431.42	 
	2211 · Advance Deposits - Def. Revenue	 	 	81,250.00	 
	2215 · Gift Certificates	 	 	68,781.76	 
	2216 · Gift certs - Tarsadia discount	 	 	-0.16	 
	2240 · Refunds Payable	 	 	165.58	 
	2241 · Unclaimed-Stale payroll Checks	 	 	7,603.04	 
	2245 · Metropolitan Lease Clearing	 	 	3,104.64	 
	Total 2200 · Other Current Liabilities	 	 	1,689,336.28	 
	 	 	 	 	 
	2300 · Accrued Expenses	 	 	 	 
	2310 · Accrued Payroll	 	 	19,287.50	 
	2311 · Accrued Incentive Compensation	 	 	5,000.00	 
	2315 · Accrued PTO	 	 	97,724.64	 
	2330 · Accrued Property Taxes	 	 	27,195.95	 
	2340 · Personal Property Tax	 	 	-6,720.27	 
	2350 · Other Accruals	 	 	-210.99	 
	2300 · Accrued Expenses - Other	 	 	5,416.74	 
	Total 2300 · Accrued Expenses	 	 	147,693.57	 
	 	 	 	 	 
	2500 · Tax Liabilities	 	 	 	 
	2510 · Room Tax	 	 	151,408.69	 
	2520 · Sales Tax	 	 	32,647.53	 
	Total 2500 · Tax Liabilities	 	 	184,056.22	 
	 	 	 	 	 
	2600 · Gratuities Payable	 	 	 	 
	2608 · LA Store Commission	 	 	-3,293.16	 

 

    	Page 4 of 5

    	 

    

 

	
        3:19 PM

        04/23/13

        Accrual Basis
	
        EXHIBIT
        K-ii

        L’Auberge
        de Sedona, LLC.

        Balance
        Sheet

        As of March 31, 2013
	 

 

	2610 · Restaurant Gratuitites	 	 	12,486.94	 
	2615 · Banquet Gratuites	 	 	24,207.67	 
	2625 · Service Fees	 	 	47.98	 
	2630 · Spa Gratuities	 	 	-4,697.93	 
	2633 · Wine Commission	 	 	-1,058.39	 
	2634 · Trip Advisor	 	 	487.07	 
	Total 2600 · Gratuities Payable	 	 	28,180.18	 
	 	 	 	 	 
	Total Other Current Liabilities	 	 	2,049,145.00	 
	 	 	 	 	 
	Total Current Liabilities	 	 	3,094,895.89	 
	 	 	 	 	 
	Long Term Liabilities	 	 	 	 
	2700 · Notes Payable	 	 	 	 
	2701 · IMH Note Payable	 	 	60,083,251.89	 
	2702 · FCB Note Payable	 	 	17,626,550.61	 
	2703 · Bank 1440 Note Payable	 	 	242,791.80	 
	2705 · American Express Loan	 	 	-49,164.18	 
	Total 2700 · Notes Payable	 	 	77,903,430.12	 
	 	 	 	 	 
	Total Long Term Liabilities	 	 	77,903,430.12	 
	 	 	 	 	 
	Total Liabilities	 	 	80,998,326.01	 
	 	 	 	 	 
	Equity	 	 	 	 
	3200 · L'Auberge Orchards, LLC.	 	 	 	 
	3201 · Capital Contributions	 	 	810,000.00	 
	3203 · Consultant Reconciliation -2008	 	 	-5,618.62	 
	Total 3200 · L'Auberge Orchards, LLC.	 	 	804,381.38	 
	 	 	 	 	 
	3900 · Retained Earnings	 	 	-20,023,787.10	 
	Net Income	 	 	-1,494,273.46	 
	Total Equity	 	 	-20,713,679.18	 
	 	 	 	 	 
	TOTAL LIABILITIES & EQUITY	 	 	60,284,646.83	 

 

    	Page 5 of 5

    	 

    

 

[INTENTIONALLY LEFT BLANK]

    	 

    	 

    

 

EXHIBIT R

CANYON BREEZE SERVICE AGREEMENT  

 

AMENDMENT TO CANYON BREEZE SERVICE
AGREEMENT

 

THIS AMENDMENT TO AGREEMENT
(“Amendment”) is made effective as of May 14, 2013 (“Effective Date”), by and between, Orchards
Newco, LLC, a Delaware limited liability company (“Orchards Newco”) and Sedona Culinary Concepts, LLC, an Arizona
limited liability company (“Concepts”).

 

WHEREAS, Orchards Inn
& Restaurant, LLC, an Arizona limited liability company (“Inn”), Orchards Annex, LLC, an Arizona limited
liability company (“Annex”) and Concepts entered into that certain Agreement dated June 1, 2011 (“Original
Agreement”), as amended by that certain First Amendment to Agreement dated March 1, 2012 (“First Amendment”)
(the Original Amendment and the First Amendment are hereinafter collectively referred to as, the “Agreement”),
whereby Concepts agreed to provide breakfast buffet services to customers of Inn and Annex;

 

WHEREAS, Orchards Newco
now owns and operates the lodging units formerly owned by Inn and Annex (“Lodging Units”);

 

WHEREAS, in connection
with the conveyance of both Inn’s and Annex’s interests in the lodging units, Inn and Annex assigned to Orchards Newco
their respective rights under the Agreement pursuant to that certain Assignment and Assumption Agreement dated May 14, 2013, by
and between Orchards Newco and Annex and that certain Assignment and Assumption Agreement between Orchards Newco and Inn;

 

WHEREAS, Orchards Newco
and Concepts desire to further amend the Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing recitals, the mutual promises contained herein, and other good and valuable consideration the receipt
and sufficient of which is hereby acknowledged, the parties agree as follows:

 

1.  First Amendment. The provisions
of the First Amendment are hereby deleted in their entirety.

 

2.  Term. Notwithstanding anything
in the Agreement to the contrary, the term of the Agreement shall commence upon the Effective Date and expire May 13, 2014 (“Term”);
provided, so long as Orchards Newco owns and operates the Lodging Units, Orchards Newco shall have the right to extend the Term
for successive one-year periods by providing written notice to Concepts on or prior to the end of the then current term.

 

3.  Termination. Orchards Newco shall have the right to terminate the Agreement, for any reason or no reason, by providing written
notice to Concepts as least thirty (30) days prior to such termination.

 

    	 

    	 

    

 

4.  Exclusivity. Section
3 of the Original Agreement is hereby deleted in its entirety. Additionally, Orchards Newco shall have the right, in its sole
and absolute discretion, to change the service, scope and types of breakfast foods offered or any aspect thereof, revise pricing,
and temporarily discontinue service for such period or periods required by Orchards Newco without terminating this Agreement or
being in default thereof.

 

5.  Ratification. Except
as expressly modified by this Amendment, the Agreement remains unmodified and in full force and effect.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties have executed
this Amendment the day and year above first written.

 

	 	ORCHARDS NEWCO, LLC,a
    Delaware limited liability company
	 	 
	 	By: IMH Financial Corporation,a
    Delaware corporation, its sole member
	 	 
	 	 	By:	/s/ Steven
    T. Darak
	 	 	 	Steven T. Darak, CFO

 

	 	SEDONA CULINARY CONCEPTS, L.L.C., an Arizona limited liability company
	 	 	 
	 	By:	/s/ Al Spector
	 	 	Al Spector, Manager

 

Amendment to Canyon Breeze Service Agreement
– Signature Page

 

    	 

    	 

    

 

FIRST AMENDMENT TO AGREEMENT

 

This First Amendment
to Agreement (“Amendment”) is made this 1st day of March, 2012 by and between Sedona Culinary Concepts,
LLC, an Arizona limited liability company, dba Canyon Breeze (“Canyon Breeze”); Orchards Annex LLC, an Arizona limited
liability company and Orchards Inn & Restaurant, LLC, an Arizona limited liability company (collectively, (“Orchards
Inn”). This Amendment is consented to by Orchards Inn & Restaurant LLC’s parent company L’Auberge Orchards
LLC, an Arizona limited liability company.

 

RECITALS

 

		1.	Orchards Inn desires to have Canyon Breeze upgrade the Breakfast Buffet service so that the offerings
also include fresh fruit, boxed cereals, individual yogurt, and additional types of pastries.

 

		2.	Orchards Inn also desires that Canyon Breeze provide additional service staff for the Breakfast
Buffet.

 

		3.	Canyon Breeze agrees to provide wait staff and upgrade the offerings. Canyon Breeze will incur
additional labor and a higher food cost in order to accommodate these changes. Orchards Inn agrees to pay an increased Rate Per
Person in order to achieve these upgrades.

 

It is agreed as follows:

 

1.            Changes
to Breakfast Buffet Offerings. Beginning March 1, 2012 and continuing for the remaining term of the Agreement, Canyon
Breeze will make additional food items available which will include fresh hi-season fruits, individual boxes of a variety of cereals,
individually packaged yogurt and additional and various types of pastries.

 

2.            Rate Per Person. The agreed upon amount that will be charged by Canyon Breeze and paid by Orchards Inn per person, both
adults and children, is as follows.

 

 

	March 1, 2012 through December 31, 2012	 	$	7.50	 

 

The Rate Per Person shall be subject to
adjustment as described in the Agreement.

 

    	1

    	 

    

 

3.             Full Force and Effect. Except as modified by this Amendment, the Agreement and each of its terms and conditions remains
in full force and effect.

 

	“CANYON BREEZE”:	 	“ORCHARDS INN”:
	 	 	 
	SEDONA CULINARY CONCEPTS, LLC,	 	ORCHARDS ANNEX LLC,
	an Arizona limited liability company	 	an
    Arizona limited liability company
	 	 	 	 	 
	By:	/s/ Roberta Surber	 	By:	/s/ Al
    Spector
	 	Roberta Surber	 	 	Al Spector
	Its:	Manager	 	Its:	Manager
	 	 	 	 	 
	 	 	 	ORCHARDS INN & RESTAURANT LLC,

    an Arizona limited liability company
	 	 	 	 	 
	 	 	 	By:	/s/ Al
    Spector
	 	 	 	 	Al Spector
	 	 	 	Its:	Manager
	 	 	 	 	 
	 	 	 	L’AUBERGE ORCHARDS LLC,
	 	 	 	an Arizona limited liability company
	 	 	 	 	 
	 	 	 	By:	/s/ Al Spector
	 	 	 	 	Al Spector
	 	 	 	Its:	Manager

 

    	2

    	 

    

 

AGREEMENT

 

This Agreement
(“Agreement”) is made this 1st day of June, 2011 by and between Sedona Culinary Concepts, LLC, an
Arizona limited liability company, dba Canyon Breeze (“Canyon Breeze”); Orchards Annex LLC, an Arizona limited
liability company and Orchards Inn & Restaurant LLC, an Arizona limited liability company (collectively, “Orchards
Inn”). This Agreement is consented to by Orchards Inn & Restaurant LLC’s parent company L’Auberge
Orchards LLC, an Arizona limited liability company.

 

RECITALS

 

		1.	Orchards Inn desires to provide a breakfast buffet (“Breakfast Buffet”) to its guests
as an incentive to the public to stay at Orchards.

 

		2.	The restaurant at Orchards Inn does not find it profitable to be open for Breakfast and in any
event is unable to accommodate Orchards Inn for a Breakfast Buffet area because space is limited.

 

		3.	Canyon Breeze is a larger restaurant within reasonable walking distance from Orchards inn. Canyon
Breeze Is open for breakfast, has the space to set up and can accommodate a Breakfast Buffet

 

		4.	Orchards Inn has a total of 70 rooms, 28 of which are located at the Orchards Annex and 42 located
at Orchards Inn.

 

		5.	Orchards Inn desires to enter into this Agreement with Canyon Breeze for a Breakfast Buffet for
its guests

 

It is agreed as follows:

 

1.            Breakfast Buffet. Beginning June 13, 2011 and continuing on a 365-daily basis, Canyon Breeze will set up and provide a Breakfast
Buffet to Orchards Inn guests. The food items available may change from time to time but will always be consistent and comparable
to the breakfast buffets offered at such hotels as Hampton Inn and more locally Arroyo Roble. The offerings may include coffee,
tea, juices, milk, toast, breakfast meats, eggs, waffles, cereal, fruit and yogurt and may include other items as well.

 

2.            Term and Hours of Operation. The Term of this Agreement shall be sixty-six (66) months, beginning June 13.2011 and ending
December 31, 2016. The hours that the Breakfast Buffet will be available for Orchards Inn guests are 7 a.m. to 10 a.m. (“Operating
Hours”). The Breakfast Buffett will be set up every day of the year.

 

    	1

    	 

    

 

3.            Exclusive
Basis. All parties agree that this Agreement is exclusive for the entire Term of this Agreement. Further, Orchards Inn
agrees it will not offer any other breakfast, breakfast buffet or other breakfast foods either directly or at any other restaurant
in Sedona.

 

4.            Accounting
by Canyon Breeze. At the beginning of each month, Canyon Breeze will prepare and send an invoice to Orchards Inn for
the estimated number of Orchards Inn guests that it will serve at the Breakfast Buffet. Orchards Inn will pay the invoice no later
than the 10th of the month. Canyon Breeze will keep detailed records on the number of people, both adult and children
that are Orchards Inn guests who dine at the Breakfast Buffet. At the end of each month Canyon Breeze will then submit to Orchards
Inn a true accounting based on the actual number of Orchards Inn guests served at the Breakfast Buffet during that month. At the
beginning of the next consecutive month the invoice will be adjusted accordingly. For example, on June 1st Canyon
Breeze may submit an invoice to Orchards Inn for 2,500 guests. On June 30th, if the actual number of guests served was 2,400,
then the invoice sent on July 1 for July Breakfast Buffet service will be credited for 100 guests.

 

5.            Rate
Per Person. The agreed upon amount that will be charged by Canyon Breeze and paid by Orchards Inn per person, both adults
and children, is as follows.

 

	June 13, 2011 through February 29, 2012	 	$	5.00	 
	 	 	 	 	 
	March 1, 2012 through December 31, 2012	 	$	6.00	 

 

The Rate Per Person shall be subject to
adjustment as described herein commencing on January 1, 2013 and for each year thereafter as follows. The base for computing the
adjustment is the Consumers’ Price Index for All Urban Consumers, United States Cities Average published by the United States
Department of Labor, Bureau of Labor Statistics (the “Index”), which is in effect on the date of the commencement of
the first day of the previous year (“Beginning Index”). For example, the adjustment for the period of January 1, 2013
to December 31, 2013 would be based on the $6.00 Rate Per Person that was the Rate Per Person in the previous calendar year. The
Index published most immediately preceding the Adjustment Date in question (“Extension Index”) is to be used in determining
the amount of the adjustment if the Extension Index has increased over the Beginning Index, the Rate Per Person for the following
year shall be set by multiplying the Rate Per Person for the previous year by a fraction, the numerator of which is the Extension
index and the denominator of which is the Beginning Index.

 

6.           Notices. All
notices required or permitted to be given hereunder shall be in writing and may be given in person or by United States Mail, delivery
service or electronic transmission. Any notice directed to a party to this Agreement shall become effective upon the earliest
of the following: (i) actual receipt by that party; (ii) delivery to the designated

 

    	2

    	 

    

 

 address of that party, addressed to that party;
(iii) if given by certified or registered mail, twenty-four(24) hours after deposit with the United States Postal Service, postage
prepaid, addressed as shown below or to such other address as such party may from time to time designate in writing; or (iv) by
facsimile if sender receives a confirmation receipt.

 

	Canyon Breeze:	Sedona Culinary Concepts LLC
	 	Accounting Office
	 	270 N. Highway 89A, Suite 11

Sedona, AZ 86336
	 	(928) 204-4376 (phone)
	 	(928) 282-4531 (fax)
	 	 
	and	Canyon Breeze Restaurant
	 	Attn: Bobbie Surber
	 	300 N. Highway 89A, Suite 3
	 	Sedans, AZ 86336
	 	(928) 282-2112 (phone)
	 	 
	Orchards Inn:	Orchards Inn & Restaurant LLC
	 	Attention: General Manager
	 	254 N. Highway 89A

Scottsdale, AZ 85251

(928) 282-2405 (phone)

(928) 282-5710 (fax)

 

7.            Partial
Invalidity. The invalidity or unenforceability of a portion Agreement shall not affect the validity or enforceability
of the remainder hereof.

 

8.            Title
and Captions. All paragraph titles or captions contained in this Agreement are for convenience only and are not deemed
part of the context hereof.

 

9.            Pronouns and Plurals. All pronouns and any variations thereof are deemed to refer to the masculine, feminine, neuter, singular
or plural as the identity of the parson or persons may require.

 

10.          Amendments. This Agreement may be amended only by a written statement signed by Canyon Breeze and Orchards Inn.

 

11.          Governing
Law and Jurisdiction. Except where preempted by the laws of the United States or the rules or regulations of any agency or
instrumentality thereof, this Agreement is to be interpreted, construed and governed by the laws of the State of Arizona. The
parties irrevocably and unconditionally submit to the exclusive jurisdiction of the Coconino County Superior Court of the State
of Arizona in connection with any legal action or proceeding arising out of or relating to this Agreement and the parties waive
any objection relating to the basis for personal or in rem jurisdiction or to venue which it may 

 

    	3

    	 

    

 

now or hereafter have
in any such suit, action or proceeding.

 

12.           Entire
Agreement. This Agreement contains the entire understandings between the parties and supersedes any prior understandings
and agreements between them respecting the subject matter hereof.

 

	“CANYON BREEZE”:	 	“ORCHARDS INN”:
	 	 	 
	SEDONA CULINARY CONCEPTS, LLC, an	 	ORCHARDS ANNEX LLC,
	Arizona limited liability company	 	an Arizona limited liability company
	 	 	 	 	 
	By:	/s/ Roberta Surber	 	By:	/s/ Al
    Spector
	 	Roberta Surber	 	 	Al Spector
	Its:	Manager	 	Its:	Manager
	 	 	 	 	 
	 	 	 	ORCHARDS INN & RESTAURANT LLC,

    an Arizona limited liability company
	 	 	 	 	 
	 	 	 	By:	/s/ Al
    Spector
	 	 	 	 	Al Spector
	 	 	 	Its:	Manager
	 	 	 	 	 
	 	 	 	L’AUBERGE ORCHARDS LLC,
	 	 	 	an Arizona limited liability company
	 	 	 	 	 
	 	 	 	By:	/s/ Al Spector
	 	 	 	 	Al Spector
	 	 	 	Its:	Manager

 

    	4

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(a)-i

 

HL, LLC (Lamerra)

Contract List

4/25/2013

 

	Company	 	Type
	 	 	 
	1 Arizona Waste Water Service	 	Vericomm alarm service (requested agreement)
	2 McNatt Caretaker Lease	 	 
	3	 	 
	4	 	 
	5	 	 

 

    	 

    	 

    

 

	Arizona Waste

Water Service

	
        Arizona Waste Water Service

        PO Box 3890

        Sedona, AZ 86340
	
        Invoice

        Invoice Number:

        111195

         

	 	
         

         

         

        Voice:       928-203-9320

        Fax:          928-203-9321
	
        Invoice Date:

        Aug 17, 2012

         

        Page:

        1

 

	
        Sold To:

        H.L. LLC

        H.L. LLC

        6900 E. Camelback Rd, Ste 915

        Scottsdale, AZ 82521
	 	
        Ship To:

        H.L. LLC

        H.L. LLC

        6900 E. Camelback Rd, Ste 915

        Scottsdale, AZ 82521

         

 

	Customer ID	Customer PO	Payment Terms
	LaMerra High House	2012 Yrly Vericomm	Net 15 Days
	Sales Rep ID	Shipping Method	Ship Date	Due Date
	 	N/A	 	9/1/12

	Quantity	Item	Description	Unit Price	Extension
	1.00	Service	
        8/01/12: Yearly Vericomm alarm service – August 2012-
        July 2013.

         

         

         

        POSTED

        9-7-12

         

         

         

         

         

         

         

         

         

         

         

         

         
	15.60 	15.60

 

	 	Subtotal	15.60
	 	Sales Tax	 
	 	Total Invoice Amount	15.60
	Check/Credit Memo No	Payment/Credit Applied	 
	 	TOTAL	15.60

 

A Finance Charge of 1.5% will be added to all delinquent invoices

 

The Customer guarantees payment within the specified terms and
agrees to reimburse AWWS for all expenses incurred in collecting amount of this invoice.  All invoiced parts and supplies
will remain the property of AWWS until this invoice is paid.

 

    	 

    	 

    

 

	RE: Information for Okie and Lisa	Page 1 of 5

 

RE: Information for Okie and
Lisa

 

Lexy Vudrag

 

	Sent:	Friday, January 18, 2013 12:05 PM
	To:	Lexy Vudrag; o mcnatt [wilddesertcowboy@yahoo.corn]
	Cc:	Al Spector
	 	 

January 18, 2013

 

James Earl (“Okie”) McNatt

Lisa McNatt

361 Velite Drive

Borrego Springs, CA 92004

 

Re: 29 Serene Court, Sedona, AZ 86336

 

Dear Okie and Lisa:

 

This email is intended to confirm the relationship between HL
LLC, an Arizona limited liability company (“HL”) and Okie and Lisa McNatt (“McNatt”) for the property owned
by HL located at 29 Serene Court, Sedona, AZ (“Property”). It is agreed as follows.

 

Recitals.

 

1.  The Property is current vacant, and there is some
maintenance that is necessary from time to time.

 

2.  HL desires to permit McNatt to live at the property
and perform maintenance on the house as and if it becomes necessary.

 

3.  McNatt desires to live at the property and is
willing to perform maintenance from time to time.

 

4.  McNatt will pay no rent to HL. McNatt will maintain
the utilities, including cable, electric, water and phone.

 

It is agreed as follows:

 

	https://webmail.sedonacampus.com/owa/?ae=Item&t =IPM.Note&id=RgAA... 	4/8/2013

 

    	 

    	 

    

 

	RE: Information for Okie and Lisa	Page 2 of 5

 

1.  No Rent. McNatt is not obligated to pay
any rent whatsoever to HL for the period of time that McNatt lives at the house. In lieu of the payment of Rent, McNatt will maintain
the property in good condition, normal wear and tear excepted.

 

2.  Term. The term of McNatt's residency is
month-to-month beginning in January, 2013.

 

3.  McNatt Right to Terminate. Should McNatt
choose to move out of the house, McNatt will give HL written notice of not less than thirty (30) days of their desire to vacate
the property.

 

4.  HL Right to Terminate. HL may, upon no
less than thirty (30) days written notice, terminate this Agreement at which time McNatt will make arrangements to vacate the property
and move out by the 30th day following receipt of the notice.

 

Please respond to this email indicating your acceptance and
agreement of the terms and conditions set forth above.

 

Lexy Vudrag

on behalf of HL LLC

 

Lexy Vudrag

Vice President

Sedona Center

6900 E. Camelback Road, #915

Scottsdale, AZ 85251

Phone: (480) 941-0221, x 314

Fax: (480) 990-9093

e: LexyV@ sedona-center.com

 

For your records please note that my new email address is LexyV@
sedona-center.com. While I will continue to receive e-mail sent to the old address for the next few months, it is recommended
to please change your records now to

 

	https://webmail.sedonacampus.com/owa/?ae=Item&t=IPM.Note&id=RgAA...	4/8/2 013

 

    	 

    	 

    

 

	Re: Information for Okie and Lisa	Page 1 of 6

 

Re: Information for Okie and Lisa 

 

o mcnatt [wilddesertcowboy@yahoo.com]

 

	Sent:	Friday, January 18, 2013 2:33 PM
	To:	Lexy Vudrag
	Cc:	Al Spector
	 	 

To whom it may concern, James McNatt and Lisa McNatt accept
and agree to the terms and conditions in this email.

 

Thank you,

Lisa McNatt

James McNatt

		 

From: Lexy Vudrag < LexyV@sedona-center.com
>

To: Lexy Vudrag <LexyV@ sedona-center.com >;
o mcnatt < wilddesertcowboy@yahoo.com >

Cc: Al Spector < Al@alspector.net >

Sent: Friday, January 18, 2013 11:05 AM

Subject: RE: Information for Okie and Lisa

 

January 18, 2013

 

James Earl (“Okie”) McNatt Lisa McNatt

361 Velite Drive

Borrego Springs, CA 92004

 

Re: 29 Serene Court, Sedona, AZ 86336

 

Dear Okie and Lisa:

 

This email is intended to confirm the relationship
between HL LLC, an Arizona limited liability company (“HL”) and Okie and Lisa McNatt (“McNatt”) for the
property owned by HL located at 29 Serene Court, Sedona, AZ (“Property”). It is agreed as follows.

 

Recitals.

 

	https://webmail.sedonacampus.com/owa/?ae=Item&t =IPM.Note&id=RgAA...	1/18/2013

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(a)-ii

 

L'Auberge de Sedona LLC 

Contract List

4/25/2013

 

	Company	 	Type
	 	 	 
	1 A Greener Day	 	Service Agreement greese disposal/pickup
	2 Cintas	 	Fire Protection Agreement
	3 Ecolab	 	Pest elimination services agreement
	4 Fix Enterprises LLC, DBA Roto Rooter Plumbers	 	Plumbing services
	5 Iron Mountain	 	Customer agreement - records storage
	6 Macquarie Equipment Finance	 	Equipment financing
	7 Merit Technology Partners	 	Outsourcing and IT Staffing Agreement
	8 Sabre Hospitality Solutions	 	I nternet marlketing services
	9 Shift 4	 	Corporate Affiliate Agreement
	10 Specialty Textile Services	 	Service agreement - linen services
	11 Suddenlink	 	Bulk service and access agreement
	12 Sysco Arizona	 	Distribution Agreement
	13 Waste Management	 	Service agreement waste pickup
	14 Waste Management	 	Equipment rental agreement
	15 Botanic Effects	 	Plant maintenance
	16 Xerox - not received from Conveying Parties by 5/26/13	 	Copier leases (4)
	17 Elavon	 	ProtoBase eXpress Service
	18 Expedia	 	Booking agreement (requested agr.)
	19 J Public Relations	 	Service agreement
	20 Millenium	 	Subscription agreement
	21 Transfirst - L’Auberge & Lauberge Rest.	 	Rate Review Agreement
	22 Open Table	 	Reservation Agreement (Requested copy)
	23 Diamond Certificate Agreement	 	 
	24 Navis RezForce Services Agreement	 	 
	25 Micros Copperstate	 	 
	26 APS	 	 

 

    	 

    	 

    

 

A GREENER DAY

Recycling

 

Service Agreement for Grease Disposal and Oil Pick Up

 

	Customer Name	 	L’Auberge de Sedona
	 	 	 
	Address	 	301 Lauberge Lane Sedona, AZ 86336
	 	 	 
	Phone Number	 	(928)204-4381	Contact	 

 

Specification and Pricing for the location listed
above  

 

Pick Up of Used Cooking Oil    

 

	Frequency	3 Weeks		Tank Size	180

 

Grease Trap and Interceptor Service

 

	Frequency	3 Months	Size	2500	Inside/Outside

 

Hydro-Jetting

 

	Frequency  	As Needed	First Service Dote	TBD

 

	Pricing	 	 
	Oil Removal Service	.50 per gallon	(Paid to Customer)
	Same Day Emergency Pump	$50.00	 
	Grease Trap Pumping	.18 per gallon	 
	Hydro-Jetting Service	TBD	 

 

Additional terms of agreement

All checks will be mailed to 270 N. State Route 89A Suite
11 Sedona, AZ 86336, if fuel prices rise above $5.00 per gallon, a meeting with either L'Auberge de Sedona's Ownership or
C.O.O and A Greener Day will be held to discuss action. In exchange for rates being locked in it is agreed A Greener Day will
be the sole contractor for servicing the grease traps with the exception of emergency calls which A Greener Day cannot
service under 3 hours. L'Auberge de Sedona has the right to call another contractor for service for time sensitive
emergencies without violating the contract. A Greener Day will be expected to have direct and open communication with Rotor
Rooter on all services. Best practice is A Greener Day will contact the Rotor Rooter before any service is performed. A
Greener Day agrees to follow up communication with Rotor Rooter, L'Auberge de Sedona's Chief Engineer, and Engineering
Supervisor directly after service. This contract is subject to termination if open communication ceases or A Greener Day
falls to make communication efforts with Rotor Rooter.

 

A Greener Day Recycling complies with all local, state and federal
laws and regulations in regards to pick up service, recycling, processing and disposal of all waste products. Upon singing, this
agreement will be in effect for (3) three years from the date of this agreement exclusively between A Greener Day Recycling and
above mentioned party.

 

	 	 	 
	Aron Sheehan	 	12/21/2012
	A Greener Day Representative	 	Date
	Arizona limited liability company	 	 
	 	 	 
	L’Auberge Sedona LLC	 	 
	L’Auberge Sedona Authorized Representative	 	Date
	By: /s/ Al Spector, Manager	 	 
	1/9/13	 	 

 

PO Box 1265 Camp Verde, AZ86322 Main (928)
567-7060 Fax (928) 567-8947

 

    	 

    	 

    

 

	 

                                                                                      CINTAS Fire
                                                                                      Protection

	
        Fire
        Protection

        Service
        Agreement

	
          1825 W Parkside Lane

          Phoenix, AZ 85027

          623-939-7979/623-929-9390 fax 
	 
	Customer Name: L'Auberge de Sedona	Billing Name: L'Auberge
	Address: 301 L'Auberge Lane	Address:        301 L'Auberge Lane
	City, State, Zip: Sedona, AZ 86336	City, State, Zip: Sedona, AZ 86336
	Phone: 928-274-7033	Phone:             928-274-7033
	Fax:	Fax:
	Contact Dave Baumgartner	Contact:          Dave Baumgartner

	We hereby provide the following Price quotations. Services to be performed per the attached Cintas Scope of Services for the services quoted. Prices do not include overtime, labor, service repair, parts, or applicable sales taxes. Service and labor prices are available upon request.  Quantities are for estimation purposes only.  Services will be included at the Unit Price indicated.
	 

	 Description	Service
    Frequency	Next
        Service

        mm/dd/yyyy
	Frequency

        (Month)
	Estimated

        Quantity
	Unit
    Cost	Total
        Annual

        Cost

	 	 	 	 	 	 	 
	Annual Test and Inspection / Fire Alarm	ANN	 	 	 	 	$195.00
	 	 	 	 	 	 	 
	Annual Test and Inspection Main Sprinkler Riser	ANN	 	 	 	 	$165,00
	 	 	 	 	 	 	 
	Additional Water Flows	ANN	 	 	70	$30.00	$2,100.00
	 	 	 	 	 	 	 
	Monitoring Fire Alarm Panel	MNT	 	 	 	$29.95	 
	One Time Reprogramming Fee	 	 	 	 	$150.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Service Charge	 	 	 	 	 	$48.00
	Tax	 	 	 	 	 	 
	 	 	Estimated Tax (excluding tax)	 

	This agreement is subject to the Terms and Conditions of Sale-Fire Equipment Goods and Services, and is valid for 1 year, after which prices are subject to change without notice (not subject to local charges). All services are subject to a Service Charge for onsite service and (illegible) Billing. Unless otherwise noted, pricing is for service performed during normal weekday hours of 7:00 a.m. – 5:00 p.m. unless we endeavor to give Customer reasonable notification of service due to be performed. However, Customer accepts the ultimate responsibility to be aware of the services required and to schedule that work in a timely manner, including repairs of any impairments found in the equipment serviced. Term of agreement to be for a period of one (1) years from the date of acceptance by Customer and shall be renewed each year thereafter without further action by the parties. Agreement may be canceled by earlier of the parties upon thirty (30) days written notice.

 
	Acceptance
    for Customer by:
	Signature: /s/ Jesse Alexander 	Date: 4/28/11
	Name/Title Jesse Alexander/General Manger
	Cintas Location: 1825 W. Parkside Lane, Phoenix, AZ 85086	Representative: Lisa Montana
	Location Phone # 480-540-9170	By his/her signature above, the Customer acknowledges and accepts the Terms and Conditions of Sale contained on the face hereof and on the reverse, and acknowledges receipt of the Cintas Scope of Services for the services quoted.
	Location Fax # 623-939-9390
	 	 	 

    	 

    	 

    

 

	 

                           CINTAS

Fire Protection

	
        1825 W Parkside Lane

        Phoenix, AZ 85027

        623 939 7979 / 623 939 8380 fx

        AZ “ROC” #252121 / 251224

        Alarm
        Monitoring Service Agreement

 

	Company Name (“Customer”): L’AUBERGE de SEDONA 	Contact: DAVE BAUMGARTNER
	 	 	 
	Billing Address: 301 L’AUBERGE LN 	City: SEDONA 	State: AZ          Zip: 86336
	 	 	 
	Phone: 828-274-7033          cell	                      Fax: 	Email: DaveB@Lauberg.com

 

Cintas Fire Protection, a division of Cintas
Corporation (“Cintas”), agrees to perform Monitoring Services (as defined herein) for a commercial signaling system
(“System”) located at the Customer's premises listed on Schedule “A” attached hereto (the “Premises”)
at the prices and on the terms and conditions set forth in this Agreement as follows.

 

	CintasNet	#
    of Units	 	Price	 	Cost
	WIRED(telephone/IP)	1	X	$29.95 month	X 12 =	$ 359.40 
	WIRELESS (RF)	 	X	$        / month	X 12 =	$
	 	 	 	TOTAL
    ANNUAL COST	=	$ 
	CintasNet Unit (If sold)	NA	X	$       / one time	=	$
	Activation
    Fee	 	X	$       / one time	=	$
	Programming/ Permits/Other	150.00	X	$150+ one time	=	$150.00
	 	 	 	TOTAL
    ONE TIME	=	$ 509.40

Billing Frequency: [ X ]Annual

 

1. Annual Monitoring Fee:
The one-time service activation fee and first periodic payment are due thirty (30) days prior to the Service Agreement Start Date.
Subsequent periodic payments are due upon receipt of each invoice. Quarterly or monthly payments shall include a surcharge of
4% per payment. For any payment that is not paid within thirty (30) days of the invoice date, Cintas shall be entitled to assess,
and Customer shall pay, a service charge of 6% of the amount of the unpaid amount due and a finance charge of 1-1/2% per month
on the unpaid amount due. Cintas has the right to increase periodic charges at any time or times (i) after expiration of one (1)
year from the Service Agreement Start Date; provided, that any increase shall not exceed the greater of 6% or the increase in
CPI for all urban consumers in the United States for the period since any prior Increase and (ii) at any time for any new or increased
pass-through fees, costs and expenses.

 

2. Rented CintasNet equipment:
For rented CintasNet units, Cintas shall at all times retain exclusive ownership, title and control of the CintasNet units. The
Customer shall pay for repairs or replacement of the CintasNet units required for any reason other than ordinary wear and tear
on a time and material basis at the then prevailing charges for Cintas. For avoidance of doubt. “ordinary wear and tear”
does not include degraded, obsolescent or end of useful life units.

 

3. False Alarms: In the
event the System is activated, unless directly caused by Cintas during a service inspection, for any other reason whatsoever,
Customer shall pay or reimburse Cintas for any and all fees, fines, costs, expenses, penalties and other charges assessed against
Customer or Cintas pursuant to any law or by any governmental entity, court or administrative agency.

 

4. Emergency Information:
Customer shall (i) furnish all contact information and (ii) make changes to the contact Information as appropriate by submitting
their current Information in writing to the servicing Cintas location.

 

5. Term: Renewal: The initial
term of this Agreement is sixty (12) months from the Service Agreement Start Date and self renews for successive equal periods,
unless either party delivers written notice of termination of this Agreement at least sixty (60) days prior to any renewal date;
provided, however, in the event this renewal provision is not effective for any reason whatsoever, the parties agree that this
Agreement shall automatically be deemed to renew from month-to-month unless either party delivers a written notice of termination
of this Agreement at least thirty (30) days prior to any monthly renewal date.

 

6. Cancellation: Customer
may terminate this Agreement or the Monitoring Service to any Premises for its convenience at anytime with a sixty (60) day advance
written notification. With the notice, Customer shall pay to Cintas (i) all charges then due, and (ii) 90% of all periodic payments
which would be due hereunder for the unexpired term of this Agreement, if this Agreement is terminated, or the unexpired term
related to the Premises, as liquidated damages and not as a penalty; and Cintas shall have no further obligation to perform Monitoring
Services under this Agreement or at law or in equity on and after the termination dale either under this Agreement or for the
Premises, as appropriate pursuant to the notice. In addition, for rented CintasNet Units, on and after the last date of Monitoring
Service, Customer shall, during regular business hours, permit Cintas access to the Premises to remove any and all CintasNet units,
which shall be undamaged and in good and proper working order in the sole and absolute discretion of Cintas; provided, that Customer
shall pay $1,500 per CintasNet unit that is damaged or is not in good and proper working order after it is removed from the Premises.

 

7. NOTICES TO CUSTOMER.
CUSTOMER ACKNOWLEDGES AND ACCEPTS THE DISCLAIMER/LIMITATION OF LIABILITY AND INDEMNITY SECTIONS HEREOF. TERMS AND CONDITIONS ON
THE REVERSE SIDE ARE AN INTEGRAL PART OF THIS AGREEMENT. READ THE FRONT AND REVERSE BEFORE SIGNING.

 

	Customer’s Authorized Representative Signature:	Signature on 1st page	Date:	4.20.11
	 	 	 	 
	Customer’s Authorized Representative’s Name	Jesse Alexander	Title:	General Manager

 

	Sales Partner	Lisa Montana	Signature:	 

 

	Cintas Authorization	 	Signature:	 	Location #	D-53

 

	PLEASE PRINT AND SIGN 3 COPIES: CUSTOMER/OFFICE/FILE	Cintas Fire Monitoring Service Agreement (7/2010)

 

    	 

    	 

    

 

 

8. 
Subcontractors. Cintas may subcontract for the provision of services under this Agreement.
Customer acknowledges and agrees that the provisions of this Agreement inure to the benefit of and are applicable to any subcontractors
engaged by Cintas to provide any service set forth herein to Customer, and bind Customer to said subcontractor(s) with the same
force and effect as they bind Customer to Cintas. Subcontractors are independent companies and have no affiliation with Cintas.
Customer hereby irrevocably appoints Cintas as its agent to communicate with the subcontractor concerning all matters related
to this Agreement including, without limitation, Monitoring Services.

9. 
Monitoring Services. Monitoring service consists solely of monitoring service personnel
(“Operator”) calling by telephone the telephone numbers supplied by Customer in writing (“Proper Authorities”)
within a reasonable period of time under the circumstances at the monitoring facility after signals which are identified in writing
(“Listed Codes”) appear on the Operator’s computer screen or when voice communication requesting assistance
is received by an Operator from the Premises (“Monitoring Service”). No Monitoring Service shall be rendered for signals
received which are not Listed Codes or for voice communication which does not request assistance. Notwithstanding anything contained
herein to the contrary, (a) upon receipt of a Listed Code and prior to telephoning Proper Authorities, Cintas may, in its sole
and absolute discretion and without any liability, contact or attempt to contact the Premises or other telephone numbers or electronic
mail addresses provided by Customer in writing as frequently as Company deems appropriate to verify the necessity to report the
receipt of a Listed Code to Proper Authorities, and (b) upon receipt of an sheet code or oral advice to disregard the receipt
aft Listed Code, Cintas may, in its sole and absolute discretion and without any liability, refrain from contacting Proper Authorities
or advise Proper Authorities of receipt of an abort code or oral advice to disregard the receipt of the Listed Code. Cintas’
efforts to notify Proper Authorities shall be satisfied by advice by telephone to any person answering the telephone at the telephone
number(s) provided to Cintas in writing or by leaving a message with a telephone answering service or any mechanical, electrical,
electronic or other technology permitting the recordation of voice or data communications. If the Premises is located in a Jurisdiction
requiring a personal verified on-site response (“Verified Response”) prior to dispatching a Proper Authority, it is
Customer’s sole responsibility to engage a service to provide such Verified Response. All fees, costs and expenses in connection
with Verified Response shall be borne by Customer only,

10. 
Run-Away Systems. In the event Cintas notifies Subscriber by telephone, electronically
or otherwise that its System is excessively transmitting signals to Cintas’ monitoring facility (a “Run-Away System”)
and Subscriber fails to (i) immediately authorize Cintas le provide repair service to the Run-Away System, and (ii)
provide reasonable unrestricted access to the Premises and the Run-Away System within four (4) hours
after such notice, Subscriber agrees to pay to Cintas its then prevailing charges for each signal transmitted to Cintas’
monitoring facility by the Run-Away System.

11. 
DISCLAIMER/LIMITATION OF LIABILITY. CUSTOMER UNDERSTANDS AND AGREES AS FOLLOWS: (I)
NEITHER CINTAS NOR ITS DIRECTORS, OFFICERS, SHAREHOLDERS, PARTNERS OR EMPLOYEES (COLLECTIVELY, “REPRESENTATIVES”)
IS AN INSURER; (11) IT IS THE SPECIFIC INTENT OF THE PARTIES THAT (A) INSURANCE COVERING ALL LOSS, DAMAGE AND EXPENSE ARISING
OUT OF OR FROM, IN CONNECTION WITH, RELATED TO, AS A CONSEQUENCE OF OR RESULTING FROM THIS AGREEMENT, SHALL BE OBTAINED AND CONTINUOUSLY
MAINTAINED BY THE CUSTOMER, (B) RECOVERY FOR ALL SUCH LOSS, DAMAGE AND EXPENSE SHALL BE LIMITED TO ANY SUCH INSURANCE COVERAGE
ONLY, AND (C) CINTAS AND REPRESENTATIVES ARE RELEASED FROM ANY AND ALL LIABILITY FOR ALL SUCH LOSS, DAMAGE AND EXPENSE; (III)
CINTAS AND REPRESENTATIVES, EXCEPT AS SET FORTH HEREIN, MAKE NO GUARANTEE, REPRESENTATION OR WARRANTY INCLUDING, WITHOUT LIMITATION,
ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR PURPOSE; (IV) CINTAS AND REPRESENTATIVES ARE RELEASED FOR ALL LOSS, DAMAGE
OR EXPENSE WHICH MAY OCCUR PRIOR TO, CONTEMPORANEOUSLY WITH, OR SUBSEQUENT TO THE EXECUTION OF THIS AGREEMENT DUE TO THE IMPROPER
OPERATION OR NON-OPERATION OF THE SYSTEM (INCLUDING, WITHOUT LIMITATION OR EXAMPLE, THE COMMUNICATIONS EQUIPMENT OR SERVICES NECESSARY
TO TRANSMIT TO OR FROM OR RECEIVE ANY DATA AT THE PREMISES OR THE MONITORING FACILITY); AND (V) SHOULD THERE ARISE ANY LIABILITY
ON THE PART OF CINTAS OR REPRESENTATIVES FOR ECONOMIC LOSSES, PERSONAL INJURY, INCLUDING DEATH, OR PROPERTY DAMAGE (REAL OR PERSONAL)
WHICH IS IN CONNECTION WITH, ARISES OUT OF OR FROM, RESULTS FROM, IS RELATED TO OR IS A CONSEQUENCE OF THE ACTIVE OR PASSIVE SOLE,
JOINT OR SEVERAL NEGLIGENCE OF ANY KIND OR DEGREE OF CINTAS OR REPRESENTATIVES INCLUDING, WITHOUT LIMITATION, ACTS, ERRORS OR
OMISSIONS WHICH OCCUR PRIOR TO, CONTEMPORANEOUSLY WITH OR SUBSEQUENT TO THE EXECUTION OF THIS AGREEMENT, OR BREACH OF THIS AGREEMENT,
OR ANY CLAIM BROUGHT IN PRODUCT OR STRICT LIABILITY, SUBROGATION, CONTRIBUTION OR INDEMNIFICATION, WHETHER IN CONTRACT, TORT OR
EQU1TY, INCLUDING, WITHOUT LIMITATION, ANY GENERAL, DIRECT, SPECIAL, INCIDENTAL, EXEMPLARY, PUNITIVE, STATUTORY OR CONSEQUENTIAL
DAMAGES, IRRESPECTIVE OF CAUSE, SUCH LIABILITY SHALL BE LIMITED TO THE MAXIMUM SUM OF $1,000.00 COLLECTIVELY FOR CINTAS AND REPRESENTATIVES,
AND THIS LIABILITY SHALL BE EXCLUSIVE. IN THE EVENT THAT THE CUSTOMER WISHES TO INCREASE THE MAXIMUM AMOUNT OF SUCH LIMITED LIABILITY,
CUSTOMER MAY, AS A MATTER OF RIGHT, OBTAIN A HIGHER LIMIT BY PAYING AN ADDITIONAL AMOUNT FOR THE INCREASE IN SUCH LIMIT OF LIABILITY,
BUT THIS PAYMENT SHALL IN NO WAY BE INTERPRETED TO HOLD CINTAS OR REPRESENTATIVES AS AN INSURER.

12. 
No Warranties or Representations by Cintas. Customer acknowledges and agrees that
Cintas has not made any representation or warranties to Customer regarding the System at the Premises, its fitness for any purpose
or its suitability or effectiveness as an alarm system. Under the tents of this Agreement, neither Cintas nor any subcontractor
is responsible for the maintenance, service, repair or operation of the System and shall not be liable for any failure or malfunction
of the System to detect and communicate signals to the monitoring facility. Customer acknowledges and agrees that during the term
of this Agreement it is Customer’s sole responsibility to provide and maintain the communication path (e.g, telephone lines,
radio signal path, VOIP, etc.) and all required dedicated electrical connections to the System and equipment necessary or as required
per applicable local, state, NFPA, insurance and other standards and codes.

13. 
Suspension of Service. Customer agrees that (a) Cintas’ obligations hereunder
are waived automatically without notice, and (b) Cintas is released for and from all loss, damage and expense in the event of
a default or breach of this Agreement by Customer or if the monitoring facility, transmission medium between the System and the
monitoring facility or the System are destroyed, damaged, inoperable or malfunction for any season whatsoever, for the duration
of such interruption of service, and Customer shall be entitled to reimbursement of the unearned charge paid for the period of
interruption on request of Customer and this shall be the limit of Cintas’ liability.

14. 
Central Control Panel. Customer understands, acknowledges and agrees that Customer
shall provide an undamaged and fully operational System compliant with law including, without limitation, a central control panel
compliant with law (the “Panel”) useable by Cintas without any cost or expense to Cintas, e.g., if the Panel is programmed
with proprietary data and not fully accessible or useable by Cintas, Customer shall promptly have the Panel replaced, if necessary,
or reprogrammed so that it is fully accessible and useable by Cintas or replaced by Cintas at an additional charge to Customer.

15. 
Delay or Interruption of Service. Cintas and its subcontractors shall not be liable
for delays in or interruption of Monitoring Service caused by riots, strikes, insurrections, earthquakes, lightning, storms, hurricanes,
tornadoes, interruption of communications including but not limited to telephone, cable, cellular, satellite, Internet, radio
service or malfunction, acts of God, social instability or other causes beyond the reasonable control of Cintas or its subcontractors
(“Force Majeure”) and all Monitoring Services shall be suspended during Force Majeure.

16.  Consent
to Intercept, Record, Disclose and Use Contents of Communications. Customer, for itself
and as the authorized agent of its employees, invitees, guests and representatives (individually and collectively, “Any
Person”), hereby consents to Claim and any subcontractor recording, retrieving, reviewing, copying, disclosing and using
the contents of all telephone and other forms of transmission or communication to which Customer and/or any Person and Cintas
or any subcontractor are parties.

17. 
Default of Customer. In the event of any default by Customer, without limiting the
rights of Cintas under this Agreement or at law or equity, Cintas shall be entitled to retain all prepayments received and Customer
shall immediately pay to Cintas (i) all payments then due and payable, (ii) ninety percent (90%) of all payments which would be
due hereunder for the unexpired term as liquidated damages and not as a penalty; and Cintas shall have no further obligation to
perform under this Agreement. In addition, if any suit or alternative dispute resolution proceeding is instituted and Cintas is
the substantially prevailing party by judgment, award, finding or settlement, Customer shall pay directly or reimburse Cintas
for all of its costs and expenses including, without limitation or example, consultants’ and professionals’ fees and
costs including, without limitation or example, reasonable attorneys’ fees and costs.

18. 
Governing Law. This Agreement shall be governed by the laws of the State of Ohio.
The parties irrevocably agree that the courts of the State of Ohio in Hamilton County, Ohio (the “Courts”) shall have
exclusive venue and jurisdiction over the parties with respect to any dispute between the parties related to this Agreement. In
any action commenced by either party, the party against whom a claim is made waives personal service of any legal process and
consents that service of process may be made by the United States Postal Service, by certified mail or registered mail return
receipt requested or by a national overnight courier service, e.g., Federal Express.

19. 
Limitation of Action. Any action by Customer against Cintas or any subcontractor
must be commenced in a court of competent jurisdiction within one year of the accrual of the cause of action or the action shall
he barred. THE PARTIES WAIVE TRIAL BY JURY IN ANY ACTION BETWEEN THEM.

20. 
INDEMNIFICATION. CUSTOMER AGREES (A) THAT CINTAS AND REPRESENTATIVES SHALL HAVE THE
RIGHT, BUT NOT OBLIGATION, TO DESIGNATE ITS OR THEIR ATTORNEYS TO CONTROL THE INVESTIGATION, DEFENSE AND SETTLEMENT OF ANY CLAIM
OR SUIT AGAINST IT OR THEM, AND (B) TO PROTECT, INDEMNIFY, DEPEND (UPON THE REQUEST OF CINTAS OR REPRESENTATIVES) AND HOLD HARMLESS
CINTAS AND REPRESENTATIVES FROM AND AGAINST AND PAY (WITHOUT ANY CONDITION THAT CINTAS OR REPRESENTATIVES FIRST PAY) FOR ALL CLAIMS,
DEMANDS, SUITS, LIABILITIES, DAMAGES, JUDGMENTS, LOSSES AND EXPENSES INCLUDING, WITHOUT LIMITATION OR EXAMPLE, ATTORNEYS’
FEES, WHICH MAY BE ASSERTED AGAINST OR INCURRED BY CINTAS OR REPRESENTATIVES BY OR DUE TO ANY CLAIM BY ANY PERSON NOT A PARTY
TO THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION OR EXAMPLE, CUSTOMER’S INSURANCE COMPANY OR CUSTOMER’S EMPLOYEES
OR THE PERSONAL REPRESENTATIVE OF ANY EMPLOYEE (NOTWITHSTANDING ANY PROTECTIONS OTHERWISE AFFORDED CUSTOMER UNDER ANY WORKER’S
COMPENSATION ACT, LAW OR REGULATION), FOR ANY EXPENSE, LOSS OR DAMAGE INCLUDING, WITHOUT LIMITATION, STATUTORY CIVIL DAMAGES,
ECONOMIC DAMAGES, PERSONAL INJURY, DEATH OR PROPERTY DAMAGE, REAL OR PERSONAL, ARISING OUT OF OR FROM, IN CONNECTION WITH, AS
A RESULT OF, RELATED TO OR AS A CONSEQUENCE OF BREACH OF THIS AGREEMENT, RECORDING OF COMMUNICATIONS, VIDEO SURVEILLANCE/RECORDING,
ACTIVE OR PASSIVE SOLE, JOINT OR SEVERAL NEGLIGENCE OF ANY KIND OR DEGREE OF CINTAS OR REPRESENTATIVES, PRODUCT OR STRICT LIABILITY,
OR ANY CLAIM FOR SUBROGATION, CONTRIBUTION OR INDEMNIFICATION, WHETHER IN CONTRACT, TORT OR EQUITY.

21. 
Authorized Representative Execute Agreement. Each party represents and warrants to
the other party that (i) the execution, delivery and performance of this Agreement have been duly authorized by all necessary
entity action, and (ii) this Agreement constitutes a valid and binding obligation as to it, enforceable against it in accordance
with its terms.

22.
 Assignment. This Agreement cannot be assigned by the Customer without the prior
written consent of Cintas, which consent will not he unreasonably withheld. The Agreement shall inure to the benefit of and be
binding on the parties and their respective successors and permitted assigns.

23.
Entire Agreement; Modifications. This Agreement constitutes the entire Agreement
between the parties with respect to the subject matter hereof and supersedes any and all other agreements, understandings or representations,
whether oral or in writing, between the parties. Any prior agreements, promises, negotiations or representations, either oral
or in writing, not expressly set forth in this Agreement are of no force or effect. No modification or amendment to this Agreement
shall be effective unless in writing and executed and delivered by an authorized representative of each party.

24.
Warranties: THERE ARE NO GUARANTEES, REPRESENTATIONS OR WARRANTIES BY CINTAS OR ANY
SUBCONTRACTOR, EXPRESSED OR IMPLIED, WHICH EXTEND BEYOND THE DESCRIPTION ON THE FACE OR REVERSE HEREOF, INCLUDING ANY IMPLIED
WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

25. 
Waiver. No waiver of any provision of this Agreement by a party shall be valid unless
the same is in writing and signed by the party against whom it is sought to be enforced. No waiver of any provision of this Agreement
at any time will be deemed a waiver of any other provisions of this Agreement at such time or will be deemed a waiver of such
provision at any other time.

26.
Severability. The invalidity or unenforceability of any provision or section of this
Agreement, or a portion of a section, shall not affect the validity or enforceability of any other provision or section; provided,
however, in the event either the “Disclaimer/Limitation of Liability” or “Indemnification” sections
or any portion of each is held by a court to be invalid or unenforceable, Cintas shall have the right to terminate this Agreement
without any liability upon thirty (30) days prior written notice to customer.

27. 
Prior Agreements With Others. Customer represents and warrants that (a) its cancellation
or termination of any contract, or (b) execution of this Agreement does not breach and will not breach any contract with or obligation
to any other person. Customer agrees to protect, defend, indemnify and hold harmless Cintas and Representatives from and against
and pay (without any condition that Cintas or Representatives first pay) for all claims, demands, suits, liabilities, losses,
damages, judgments, costs and expenses including, without limitation, attorneys’ fees and court costs arising out of or
from, in connection with, as a result of, related to or as a consequence of Customer’s breach of this representation and
warranty.

28. 
U.L. Certified Systems. In the event the System is U.L. certificated, Customer shall
pay Cintas’ prevailing initial and renewal certificate fees. In the event the System is activated without objective physical
evidence of the necessity for the activation and Cintas dispatches an agent, Customer shall pay Cintas’ prevailing charge
for dispatch of such agent. U.L. certificated systems satisfy the requirements of U.L. for the stated class and grade as of the
date of installation. If in the future U.L, adopts new or different specifications for the certificate issued, Cintas agrees,
upon receipt of written consent of Customer, to perform all services necessary to satisfy the new or different specifications
of U.L. for the certificate issued, and Customer shall pay all costs thereof at Cintas’ then prevailing charges.

29. 
Internet Services. Cintas hereby grants to Customer a non-exclusive, non-transferable
license to use the Cintas’ website, internet site, and software to access, input, delete and modify information through
the internet. Except for Customer’s (a) failure to keep confidential all information, passwords, etc., (b) use of the license
or the Information in any manner that negatively affects Cintas, (c) use of the license or the Information for any illegal purpose,
or (d) violation of any applicable law, this license shall continue and be coextensive with the term of this Agreement. Customer
shall be solely and absolutely responsible for the Information which it inputs, deletes or modifies. Customer agrees that upon
termination of this Agreement or termination or suspension of the license by Clines, Cintas may immediately, and without notice,
disable Customer’s access to the website, internet site and software and cancel all passwords or other access codes.

30.
 Cross-Default. In the event Cintas and Customer are parties to any other agreement,
Customer acknowledges and agrees that a default by Customer under this Agreement or any other agreement between the parties shall
be deemed to be a default by Customer under all such agreements between the parties permitting Cintas to exercise any or all of
its rights under any or all of such agreements in the sole and absolute discretion of Cintas.

31. 
Email Notice. la the event Customer elects to receive automatic email notice of certain
System events, e.g., the arming or disarming of the System, Customer acknowledges, understands and agrees that (I) any such notice
is conditioned on (a) receipt of the data at Cintas’ central station, (b) the proper operation of communication equipment,
services, systems and networks including, without limitation, the Internet, and (c) any failure, malfunction or delay in processing
or transmitting the data by Cintas’ equipment or software, and (II) Cintas is hereby released from any liability arising
out of or from, resulting from or in connection with the failure, malfunction or delay of any such notice for any reason, including
Cintas’ or Representative’s sole, joint or several negligence of any kind or degree.

32. 
Storage of Agreement and Information. Customer authorizes Cintas to store or retain
this Agreement and all information and other written materials on electronic data or other storage media and, in the sole and
absolute discretion of Cintas, to destroy all written documents or materials which have been stored or retained on electronic
data or other storage media.

33. 
Execution In Counterparts and by Facsimile or Electronically by PDF. This
Agreement may be executed in any number of counterparts, any one of which need not contain the signature of more than one party,
but all of which shall together constitute one and the same instrument. The parties agree that this Agreement and the signatures
affixed hereto may be transmitted and delivered by facsimile or electronically by PDF and that all such signatures and this Agreement
transmitted or delivered by facsimile or electronically by PDF shall be deemed to be originals for all purposes and given the
same legal force and effect as the original Agreement and original signatures.

34.
 Consent to Communicate to Others. Customer hereby irrevocably authorizes and
consents to Cintas communicating with U.L. (as necessary or appropriate) and Customer’s insurance company and/or broker

in
connection with this Agreement and/or the relationship between Cintas and Customer arising out of or from or as a result of this
Agreement; provided, that Cintas shall not be obligated or required to communicate with any other person or entity including,
without limitation, U.L. and Customer’s insurance company or broker, and all such communication shall be in Cintas’
sole and absolute discretion; provided, further, that all such communications or failures to communicate shall not result in any
liability of Cintas or Representatives. No third-party including, without limitation, U.L. and Customer’s insurance company
and broker are third-party beneficiaries of this section.

35. 
Taxes. Customer shall pay, remit to Cintas or reimburse Cintas for all sales, use,
value added and any and all similar taxes (including any tax liability, interest, penalties, costs and expenses including, without
limitation, reasonable attorneys’, consultants’, accountants’ and other professional fees).

36. Time. The parties
agree that time is of the essence of this Agreement.

	PLEASE
    PRINT AND SIGN 3 COPIES: CUSTOMER/OFFICE/FILE	Cintas
    Fire Alarm Monitoring Service Agreement (7/2010)

 

    	 

    	 

    

 

	 

                                            CINTAS

The Service Professionals

	1825 W Parkside Lane

        Phoenix, AZ 85027

        623 939 7979

         

        AZ “ROC” #252121
        / #251224

 

PLEASE UPDATE YOUR RESPONDING PARTY (RP) LIST

 

	ACCT #	 	DATE:	04.28.2011
	BUILDING NAME:	L’AUBERGE	ATT:	 
	EMAIL or FAX:	928-282-1064	 	 
	PHONE:	928-282-1661	 	 

 

RESPONSIBLE PARTIES:
The persons listed on this responsible party list are the contacts that will be called in the event of an alarm or trouble on your
fire monitoring system. The contacts will be called in the order that is designated below. A passcode must be chosen and will be
required when cancelling false alarms or putting your system in test mode. The passcode can be letters, numbers, or a combination
of both. It can be the same for all responsible parties or each contact can have their own.

	RESPONSIBLE PARTY #1	 
	NAME:	MICHAEL CATALAND	ENGINEERING MGR.
	DAY PHONE:	928-282-1661	 
	NIGHT PHONE:	928-282-1661	 
	CELL/OTHER:	602-466-4234	 
	PASSCODE:	L’AUBERGE	 
	RESPONSIBLE PARTY #2	 
	NAME:	DAVE BAUMGARTNER	DIRECTOR OF ENGINEERING
	DAY PHONE:	928-282-1661	 
	NIGHT PHONE:	928-282-1661	 
	CELL/OTHER:	928-274-7033	 
	PASSCODE:	L’AUBERGE	 
	RESPONSIBLE PARTY #3	 
	NAME:	SCOTT BROOKS	LEAD SECURITY 10P – 7A
	DAY PHONE:	928-282-1661	 
	NIGHT PHONE:	928-282-1661	 
	CELL/OTHER:	928-282-1661	 
	PASSCODE:	L’AUBERGE	 

 

	AUTHORIZED SIGNATURE MAKING CHANGES:	/s/ Michael Catalano	 	DATE:  04.28.2011

 

PLEASE FILL OUT AND EMAIL: florences@cintas.com or FAX: 623-939-9390
ASAP.

 

MUST RECEIVE THIS INFORMATION TO UPDATE OUR ACCOUNT. THANK
YOU

 

    	 

    	 

    

 

	
        Pending ID #

        ECOLAB
	
        Contract
        #

        Pest
Elimination Services Agreement

        
	
        PO Box 6007

        Grand Forks, ND 58206-.6007

        1-800-325-1671

 

	Date:        10/18/12	 	 	Ecolab Account #	 	 
	 	Billing Address	 	 	Service Address	 
	Name	 	 	Name	L’Auberge De Sedona	 
	Street	 	 	Street	301 L’Auberge Lane	 
	City	 	 	City	Sedona	 
	State	Zip	 	State	AZ    Zip     86336	 
	Phone #	 	 	Phone #	928 274-5767	 
	Contact Name	 	 	Type of Facility	     FSR	 
	Title	 	 	Contact Name	 	 
	 	 	 	Title	 	 
	Email	 	 	Email	 	 

	Service/Program	Frequency of Service	Service Fee

	x	Elimination    or     ̈   Extermination
    Only (Comments are required in Special Instructions)

 

	x	Ecolab Cockroach Program & Ecolab Rodent Program	x Monthly	 ̈ Other
	 ̈	Ecolab Cockroach Program	 ̈ Monthly	 ̈ Other
	 ̈	Ecolab Rodent Program	 ̈ Monthly	 ̈ Other
	Ecolab Service Reporting (Included with Each Service)	 	 
	ü	Sanitation & Structural inspection	 	 
	ü	Service Report	 	 

	 	First
    Month (Including Clean Out)     $1,248.00	$624.00 Per Month

	 ̈	FS Comprehensive Program     (cockroaches, rodents, ants and small flies)	______ Per Month

	ü	Perimeter Protection Ant Application 	(Only applies with FS Comprehensive Program)

Check Month(s) of Service

Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈

	ü	Ecolab Small Fly Proactive Services/Applications                 (Only applies with FS Comprehensive Program)

Check Month(s) of Service

	 ̈   	Full Service	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈
	 ̈	Touch-up	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈
	 	See Sanitation Partnership: If there are significant sanitation issues, additional for-fee small fly treatments may be required, which will be reviewed with management.

 

	x	Ecolab Large Fly Program	 ̈ Monthly	
        x
        See Special 

        Instructions
	$30.00 per month

	 	 Check Month(s) of Service	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May x Jun x Jul x Aug x Sep x Oct x Nov  ̈ Dec  ̈

 

	 	Equipment	Number of Units
	 	Maxima	2
	 	Decora	____
	 	Air Defense	____
	 	Exterior Fly Bait Station	2

 

	 ̈
          Ecolab Air Quality Program     ̈
    Monthly 	______ Per Month
	Number of units _________

 

	 ̈       Ecolab Ant Program	   ̈ Monthly	 ̈ Other	______ Per Month

Check Month(s) of Service

	Targeted Baiting	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈
	Ground Force Stations #	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈
	Granular Application	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈
	Power Spray	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈

 

	 ̈       Ecolab Bird Program	   ̈ Monthly	 ̈ Other	____ Per Month

Check month(s)
of Service

	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈

 

130R4/10 © 2010
Ecolab Inc.

 

    	 

    	 

    

 

	 ̈     Ecolab Small Fly Program	   ̈ Monthly	 ̈ Other	____ Per Month

Check month(s) of Service

	 	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈

 

	 ̈     Other	____ Per Month

 

	Scope of Service/Special Instructions
	***** Ecolab Hotel Protect Premium Plus Program - Common, commercial areas, immediate exterior, F&B areas and 15 guest units/rooms will be inspected and treated monthly. Rodent Program Included.
	*****Ecolab Large Fly Program (restaurant) - Ecolab will install 2 Stealth Fly Lights and 2 Stealth Fly Stations and will provide service May-October (cost spread over 12 months), along with residual treatment for large flies.
	***No extra charge for call backs on covered pests*** (One month of service free, see coupon.)

 

	Room Rotation
	 ̈     5% Upon Request
	x    16% Room Rotation (1/6 rotation)
	 ̈     10% Room Rotation (Limited Hospitality only)

 

	First Month’s Fee:	$1,278.00	Start Date	11/1/2012	Total Monthly Fee	$654.00

(Incl. all services and clean-out)

 

All equipment used or delivered by Ecolab
which relates to pest elimination/control services (including, but not limited to, bait stations) is at all (Times the sole and
exclusive property of Ecolab. Customer will have no right of ownership of such property. Customer will not remove the equipment
without the prior written consent of Ecolab and must return that equipment promptly following the expiration or termination of
this Agreement for any reason. Customer is responsible for any loss, damage, theft or destruction of that equipment.

 

Ecolab agrees to provide the periodic services
above in a good and workmanlike manner and in accordance with Ecolab’s then-current standard written procedures. Materials
and methods of application used in the performance of such services will conform to applicable federal and state laws and regulations.

 

Ecolab will inform Customer of any sanitation
and structural deficiencies which are known to Ecolab which may contribute to pest infestation. Customer must correct those deficiencies.

 

Customer agrees to pay the amounts stated
for the specified services. If Ecolab does not provide the contracted service on the agreed date, Customer will receive that service
visit free of charge. If Ecolab has made an appointment with Customer for service and Customer refuses to allow service or has
not followed preparation instructions so as to require a return visit, Customer will be billed an extra trip charge of one-half
the total fee for one regular service visit. Customer will be invoiced for each regular service and other specified services. Payment
is due within 30 days of service.

 

Should legal action be required in order
for Ecolab to enforce payment under this Agreement, Customer agrees to pay and reimburse Ecolab for all reasonable court costs,
expenses, attorneys’ fees, and other reasonable costs that may be incurred in such proceedings. If Ecolab fails to provide
the services in accordance with the terms of this Agreement, Customer must give written notice to Ecolab to remedy that deficiency
by specifying the aspect of the service found to be deficient. If the deficiency has not been corrected within thirty (30) days
of such notice, Customer will have the right to cancel this Agreement. This Agreement has an Initial term of one year and will
automatically renew on a month to month basis thereafter, until terminated by either party on 30 days prior written notice. Ecolab
will contact the customer in person 60 days before the renewal to make sure the customer is satisfied.

 

This Agreement reflects the entire understanding of the parties
and supersedes all previous and contemporaneous Agreements or Understanding between the parties, both written and verbal, concerning
the subject matter of this Agreement.

 

	By:	/s/ Sean
    P. Klell	 	By:	/s/ L’Auberge de Sedona LLC by Al Spector, Manager
	 	Ecolab Representative Signature	 	 	Customer Representative Signature
	 	 	 	 	 
	 	Sean P. Klell, Manager Corporate Accounts Finance	 	 	Al Spector
	 	Please Print Name and Employee Number	 	 	Please Print Name

 

The Terms
and Conditions on the following pages of this Agreement are made a part of this Agreement by this reference.

 

Distribute copy to National Support Center,
Customer (ALL PAGES), Sales, and District Manager

 

130R4/10 © 2010
Ecolab Inc.

 

    	 

    	 

    

 

ALL PESTS (GENERAL PROVISIONS).

Pests Subject to Agreement. While
this document applies to all services performed by Ecolab’s Pest Elimination Division, this document does not, by Itself,
create an Ecolab obligation to treat for each of the pests selected on the front of this document. Ecolab is only responsible for
treating those specific pests which the parties have agreed to in writing on the front of this document. If Ecolab treats for a
pest not specifically listed in this document, Customer’s only remedy for a new or continued problem relating to that pest
will be a free retreatrnent.

 

Customer Commitment.

Customer Is entitled to the guarantees set forth above only
if payment of Customer’s account Is current and Customer has complied with all of the following:

		·	Provided
Ecolab access to all areas of the facility at the appropriate time of day, including locked areas; and

		·	Allowed
adequate time for service to be performed, when food, preparation or cleaning is not in progress; and

		·	Maintained
monthly maintenance services; and

		·	Promptly
corrected sanitation/structural deficiencies noted by Ecolab service professionals; and

		·	Prepared
the premises for professional servicing per the instructions issued by Ecolab to Customer; and

		·	Washed
all surfaces which have direct food contact before resuming operations; and

		·	Not
moved, destroyed or altered any bait stations; and

		·	Complied
with the other obligations otherwise set forth in this document.

 

Factors Beyond Ecolab’s Reasonable
Control. With regard to all pests treated by Ecolab, Ecolab does not guarantee Customer will never see another pest on Customer’s
premises. Pests may gain entry with deliveries, guests, structural defects or a variety of other means which Ecolab cannot reasonably
control.

 

Property Access Agreement. Customer
agrees to provide Ecolab access to the premises, including locked areas required to be serviced. Customer may provide keys to the
facility or to such areas requiring access by Ecolab to perform required services. Upon request from Customer or termination of
this Agreement, Ecolab shall promptly return any keys to Customer. In the event of missing or damaged Customer property caused
by Ecolab, Ecolab will pay the cost of replacement or repair of such items.

 

Ecolab HotelProtectTMCockroach and Ecolab Rodent Program
Guarantees. (Cockroaches, Rats and Mice)

·
   General Guarantee; Ecolab guarantees that while Customer is using Ecolab’s continuing
services to control rats, mice and cockroaches, those pests will not become established on the treated premises. If, after Ecolab
treats a Customer’s facility for a targeted pest, that facility continues to have an Infestation of that targeted pest, then
Customer will have no obligation to pay for those services until such time as the infestation is eliminated to the Customer’s
reasonable satisfaction, and then Cutomer’s normal billing will resume. An infestation is a reproducing population of a targeted
pest for which Ecolab provides services:

·
   Guest Guarantees If Customer has a dissatisfied guest due to the guest seeing a live
cockroach, mouse or rat on premises being treated for those pests by Ecolab, Ecolab will reimburse Customer for that guest’s
restaurant bill (excluding alcohol) for that meal [(or for that guest’s hotel room charge for that day but only if Customer
has previously elected to purchase a qualifying room program consisting of a one-sixth room treatment rotation)] by issuing Customer
a credit memo, but only if Ecolab is notified within 48 hours of any such sighting and given the name and address of the guest.
Ecolab will not have any obligation to Issue credit memos in excess of the monthly service fees paid to Ecolab by Customer for
those pests.

 

Ecolab Premium Plus Guest Room Program Guarantee. For
Custorner’s electing to use Ecolab’s Premium Plus Guest Room Program, Ecolab will Implement a proactive guest room
visual-only inspection for bed bugs in key harborage locations and targeted product applications to help reduce the likelihood
of pest activity. Customer acknowledges that this is a cursory inspection and is not a guarantee that evidence of bed bugs will
be found, even if bed bugs are present. Customer acknowledges that bed bugs can be brought into an area at any time and no treatments
can prevent bed bugs from being brought into a facility.

 

Ecolab Bed Beg Bug Assurance TM Program Guarantee. For
Customer’s that sign up at least 95% of their managed properties with Ecolab’s Pest Elimination Division, Ecolab will
provide its then-current bed bug inspection and treatment service for up to ten (10) ‘infested rooms’ each calendar
year. An “infested room” is where Ecolab finds one or more live bed bugs (or evidence of live bed bugs) in a room during
the preliminary inspection. Additional charges will be incurred for all inspections conducted that do not result in treatment and
standard treatment rates will apply after the 10th infested room is treated. A prorated early termination fee will apply, if the
program is cancelled prior to the anniversary of the first year.

 

Ecolab Large Fly Program Guarantee.
For Customers electing to use Ecolab’s Large Fly Program, Ecolab will implement that program in a manner consistent with
Ecolab’s then-current written scope of service for Customer. If Ecolab fails to follow that written scope of service and
as a result of that failure an infestation of house flies continues, Customer will not be charged the monthly service fee for the
particular premises where the problem continues. Interior breeding flies (fruit, phorid and drain) are excluded from this program.
There is no guarantee for any use of a Large Fly Program in any livestock housing facilities (such as dairy, cattle or poultry
barns).

 

Ecolab Ant Program Terms. Ecolab
Ant Program controls the following perimeter crawling Insect pests: ants, sowbugs, pillbugs, millipedes, centipedes, earwigs and
silverfish. Unless noted under Special Instructions on the first page of this document, this Agreement does not cover pharaoh ants,
fire ants, carpenter ants, or any other wood destroying organisms.

 

Ecolab Ant Program Guarantee. For
Customers electing to use Ecolab’s Ant Program, Ecolab will implement that program in a manner consistent with Ecolab’s
then-current written scope of service for Customer, using bait stations, liquid treatments and/or granular treatments. If Ecolab
fails to follow that written scope of service and as a result of that failure an infestation of ants continues, Customer will not
be charged the monthly service fee for the particular premises where the problem continues.

 

Ecolab Small Fly Program Guarantee.
(Fruit Files) For Customers electing to use Ecolab’s Small Fly Program to control Fruit Files (Red Eyed or Dark Eyed
Fruit Flies), Ecolab will treat the appropriate areas of the premises on a one-time (as requested) basis to help reduce an existing
adult Fruit Fly population and render Indoor breeding sites less usable for egg laying and larval development. Ecolab guarantees

 

130R4/10 ©2010 Ecolab Inc.

 

    	 

    	 

    

 

 

Customer’s reasonable satisfaction
for 90 days after a Small Fly service has been provided or Ecolab will provide a second service at the affected premises at no
additional charge during that 90-day period.

 

Ecolab Bird Program Service Installation
Warranty. Ecolab warrants that all exclusion products installed by Ecolab will be free of Installation defects for one year
following installation or Ecolab will repair the installation at no charge. Acts of God, vandalism, accidental damage, modification
by Customer or third parties or any other act or event beyond Ecolab’s reasonable control which causes damage to the exclusion
products voids all warrantees, actual or implied. ECOLAB MAKES NO WARRANTY WITH REGARD TO ANY OF THE EXCLUSION PRODUCTS THEMSELVES
AND THOSE ARE SOLD “AS IS” AND WITHOUT ANY ECOLAB WARRANTY. Any warranty claim for a defective exclusion product must
be made against the manufacturer of the particular exclusion product. Customer warrants and agrees that Customer is solely responsible
for all appropriate warning signs, as Customer may deem appropriate, to notify third parties of the existence of such control barriers
and devices on Customer’s premises.

 

LIMITATION OF WARRANTY. EXCEPT FOR
THE EXPRESS WARRANTIES CONTAINED IN THIS DOCUMENT ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, WRITTEN OR VERBAL, INCLUDING ANY WARRANTY
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, ARE DISCLAIMED. ECOLAB ALSO DISCLAIMS LIABILITY TO CUSTOMER AND ALL OTHERS
FOR ALL CONSEQUENTIAL, INCIDENTAL, AND/OR SPECIAL DAMAGES IN ANY WAY RELATED TO ECOLAB’S SERVICES OR PRODUCTS. CUSTOMER ACKNOWLEDGES
AND AGREES THAT ECOLAB IS NOT RESPONSIBLE FOR ANY DAMAGE RELATED TO ANY PEST (WHETHER THE PEST IS SPECIFICALLY REFERENCED IN THIS
DOCUMENT OR NOT) FOR ANY REASON WHENEVER CAUSED. THIS PROVISION WILL SURVIVE ANY TERMINATION OR EXPIRATION OF ANY AGREEMENT OR
RELATIONSHIP BETWEEN ECOLAB AND CUSTOMER.

 

INDEMNIFICATION. With regard to
third party claims, Ecolab will defend, indemnify and hold Customer harmless from and against any liability, including reasonable
attorneys’ fees and court costs, relating to bodily Injury, death or property damage, but only to the proportionate extent
that such injury, death or property damage is caused directly by Ecolab’s (or Ecolab’s employees’ or agents’)
negligent or intentionally wrongful acts or omissions. Customer must give Ecolab prompt written notice of any claim for which Customer
intends to seek recovery from Ecolab under this Agreement. Customer may not settle, defend or litigate any claim for which Customer
seeks or will seek indemnification from Ecolab without the prior written consent of Ecolab, and Ecolab will not be liable for any
settlement or claim established against, or cost or expense incurred by, Customer without that prior written consent.

 

INSURANCE. Ecolab will carry and
maintain Worker’s Compensation insurance coverage as required by state law, auto liability insurance with at least $1,000,000
bodily injury and property damage combined single limit, and comprehensive general liability insurance with at least $1,000,000
bodily and property damage combined single limit including products liability coverage. Upon request, Ecolab will name Customer
as an additional insured on a blanket basis under its general liability policy but only to the extent of any indemnification obligations
of Ecolab as set forth in this Agreement. No coverage will be provided for claims resulting from the negligent or wrongful acts
of Customer, its agents, assigns or employees. If Ecolab’s insurer defends against damages that were caused by Customer’s
fault, then Customer must reimburse Ecolab or its insurer for that portion of the damages paid, and the proportionate reasonable
costs incurred associated with those damages. Ecolab will provide Customer with a Memorandum of insurance evidencing Ecolab’s
insurance coverage as required, if any, in this Agreement.

 

NOTWITHSTANDING ANYTHING IN THIS AGREEMENT
TO THE CONTRARY, IF CUSTOMER AND ECOLAB ARE PARTIES TO A PRODUCT AND SERVICES SUPPLY AGREEMENT (A “SERVICES AGREEMENT”)
THAT IS IN EFFECT AS OF THE DATE OF THIS AGREEMENT AND IF THERE ARE ANY INCONSISTENCIES BETWEEN ANY OF THE TERMS OF THAT SERVICES
AGREEMENT AND THE TERMS OF THIS AGREEMENT, THE TERMS OF THE SERVICES AGREEMENT WILL CONTROL.

 

For Customers located In Georgia the following statement applies:

“The Georgia Structural Pest Control Act” requires
all pest control companies to maintain insurance coverage. Information about this coverage is available from this pest control
company.

 

130R4/10 © 2010 EcoLab Inc.

 

    	 

    	 

    

 

Fix Enterprises LLC, DBA Roto
Rooter Plumbers

 

ROTO ROOTER 

Plumbing & Drain Service

  

L’Auberge
De Sedona

 

Start Date: Begins the date ownership
signs contract

End Date: January 1, 2016

 

The rate listed will stay in place through the duration
of this contract. L’Auberge de Sedona restaurant & the EDR (Employee Dining Room) located at 301 L’Auberge Lane,
Sedona AZ 86336 will be HydroScrubbed on a 2x a year basis beginning on January 1, 2013 and ending on January 1, 2016. In exchange
for rates being locked in it is agreed that Roto Rooter Plumbing will be the sole plumbing contractor used for any and all plumbing
needs not handled by the staff of L’Auberge de Sedona Engineering Team. An exception will be made to sole plumbing agreement
in the event of an emergency. It is understood that if Roto Rooter cannot service an emergency call in under 3 hours, L’Auberge
de Sedona will call another plumper without voiding this contract. All service work including procedures and quality standards
must be approved by the L’Auberge de Sedona’s Chief Engineer and/or Engineering Supervisor before work is begun.

 

Roto Rooter will be expected to have direct and open
communication with A Greener Day on all service calls made to L’Auberge de Sedona. Best practice is Roto Rooter will contact
the owner of A Greener Day before any service is performed. Roto Rooter agrees to follow up communication with A Greener Day, L’Auberge
de Sedona’s Chief Engineer, and/or Engineering Supervisor directly after service. This contract is subject to termination
if open communication ceases or Roto Rooter falls to make communication efforts with A Greener Day.

 

	Services	 	Our Price	 
	Cable Cleaning with Camera	 	$	220.00	 
	Cabling Thru Toilet flange by removing and resetting	 	$	270.00	 
	Trailer hydro scrubbing (not to exceed 2 hours)	 	$	400.00	 
	Pipe Repair	 	 	 	 
	All size pipe repair exposed to water line	 	$	160.00	 
	HydroScrub
    Rates	 	 	 	 
	L’Auberge de Sedona	 	$	175.00	 
	EDR (Employee Dining Room)	 	$	175.00	 

 

		1.	Cable Cleaning with Camera inspection, through accessible clean out access, 1 1/2” thru 4” diameter
                                                                       drains, not to exceed 100 feet in length, or 2 hours of onsite Job time. $220.00 per drain

 

    	 

    	 

    

  

		2.	Cable cleaning through toilet flange by removing and resetting, 3” and 4” drains, not to exceed 100 feet
                                                                       in length, or 2 hours of onsite job time. $270.00 per drain

 

		3.	Trailer hydro scrubbing (with accessible access means and accessible clean out, not to exceed 2 hours of onsite job time
or drain length of 100’ on 2” diameter drains or drain length of 300’ on 3” and 4” drain. $400.00
per drain. All drain cleaning time in access of 2 hours will be billed out at $100.00 per hour broke into 1⁄2 hour Intervals.
Assessable access, and accessible clean out access means the ability to place and operate drain and sewer cleaning equipment with
1 person operation no further than 6 feet from work per OSHA Safety.

 

		4.	Pipe Repair – 1⁄2”, 3⁄4”, 1” diameter exposed water lines up to 2’ in length, of
copper, Pex, or PVC with proper isolation valves not to include any cost of (valves or controls) $160.00 per repair.

 

		5.	Hydro Scrub – refer to Individual contract rates. Main Inlet drain to Grease traps and outlet drain from grease traps.

 

Any work that is outside the hours of 7:30 am - 5:00 pm Monday
– Friday that is not agreed upon beforehand including emergency work/ weekends / Holidays will be billed at 1.5 times additional
to the list cost.

 

*Pricing not subject to tax or fuel charge.

*Net 30 day payment on invoiced service

 

	/s/ by Al Spector	1/9/13	 	/s/ Signature illegible	01-02-2013
	Signature	Date	 	Signature	Date
	L’Auberge de Sedona	 	 	Roto Rooter Plumber	 
	Manager L’Auberge de Sedona LLC	 	 	 	 

 

    	 

    	 

    

 

IRON MOUNTAIN

  Customer
Agreement  

	 	 
	Iron Mountain
    Information Management, Inc.
	 	 
	Address of Iron Mountain Branch/District Office:	 
	 	 	 	For Iron Mountain
    Purposes Only	 
	 	 	 	Account Number:	NAICS Code:	 
	 	 	 	Branch/District Cost Ctr. No.:	 
	Contract Effective Date:	  May 19, 2010	 	 
	 	 	 	 	 	 	 

  

	Customer:	Billing
    Address (If Different):
	 	L’Auberge
    Sedona	 

	Street
    Address: 301 L’Auberge Lane	Street or Box No.:

         

	City:
    Sedona	State:

        AZ
	Zip + 4:

        86336
	City:	State:	Zip
    + 4:

	Primary Contact and Title:

        Diana Randel
	Billing
    Contact:

	 

        Telephone: 928-204-4338

        E-mail: drandel@lauberge.com

         
	Fax:

        928-282-4531
	 

        Telephone:

        E-mail:

         
	Fax:

 

	
        Iron Mountain Information Management, Inc.
        (“Iron Mountain”) will perform the services described on schedules annexed to this Agreement, either physically or
        by reference (each a “Schedule”), and Customer will pay Iron Mountain for such services according to the rates and
        provisions in the Schedules. Ali services will be provided subject to this Agreement, which consists of this page, the Basic Terms
        and Conditions, the Schedules and the Glossary of terms that can be found at http://cic.ironmountain.com.

         

        VALUE OF DEPOSITS. Customer
        declares, for the purposes of this Agreement, that (a) with respect to hard-copy (paper) records, microfilm and microfiche
        stored pursuant to this Agreement, the value of such stored items is $1.00 per carton, linear foot of open-shelf files,
        container or other storage unit, and (b) with respect to round reel tape, audio tape, video tape, film, data tape, cartridges
        or cassettes or other non-paper media stored pursuant to this Agreement, the value of such stored items is equal to the
        cost of replacing the physical media. Customer acknowledges that it has declined to declare an excess valuation, for which
        an excess valuation fee would have been charged.

         

        LIMITATION OF LIABILITY.
        Iron Mountain’s liability, if any, for loss or destruction of, or damage to, materials stored with Iron Mountain
        (“Deposits” or “Items”) is limited to the value of each Deposit as described above, or as otherwise
        set forth herein. Iron Mountain reserves the right to replace media for which liability is so limited rather than pay
        the replacement cost. Iron Mountain’s maximum liability with respect to services not related to storage is the amount
        paid by Customer for a discrete project or, if the loss is related to service of an ongoing and continuing nature, six
        months of fees paid by Customer for such service. Other limitations on Iron Mountain’s and/or Customer’s liability
        are set forth on the following pages.

 

	Customer:	 	Iron
    Mountain
	L’Auberge de Sedona	 	 
	Individual
    Signing:	 	Individual Signing:
	[print
    name]	Del E. Goehring	 	[print
    name]
	Signature:	/s/ Del E Goehring	 	Signature:
	Title:	Director of Finance	 	Title:
	Signing
    Date: 	7/7/10	 	Signing
    Date:

 

In order to keep Customer apprised of Iron Mountain’s
service offerings, new regulations that may be of interest to customers and similar information, Iron Mountain will add Customer’s
representative to its informational mailing list. If an email address is provided above, to receive newsletters and communications
through email or postal delivery. Customer may elect to unsubscribe any time after receiving the first newsletter or communication.

 

	IM-35 Rev. 07/01/09	©2009 Iron Mountain Incorporated 	Page 1 of 4

 

    	 

    	 

    

 

BASIC TERMS AND CONDITIONS

 

(Based on terms and conditions promulgated
by Professional Records & Information Services Management)

 

The following terms and conditions shall apply to this Agreement.

 

		1.	Term. The term of this Agreement shall commence on the date of Customer’s signature
or, if later, the Effective Date set forth on the first page of this Agreement. The initial term of this Agreement shall continue
for one (1) year after commencement, unless otherwise set forth in a Schedule. Unless otherwise provided in a Schedule, upon expiration
of the initial term, the term will continue with automatic renewals for additional one (1) year terms, unless written notice of
non-renewal is delivered by either party to the other not less than thirty (30) days prior to the expiration date. In the event
that Iron Mountain continues to hold Deposits after the expiration or termination of this Agreement, the terms of this Agreement
shall continue to apply until all Deposits have been removed from Iron Mountain’s facility, except that Iron Mountain may
adjust rates upon thirty (30) days’ written notice.

		2.	Charges. Rates and charges shall be as specified in the Pricing Schedule (Schedule A) and/or
other Schedules. Unless otherwise provided in a Schedule, rates and charges for storage and services shall remain fixed for the
first year of this Agreement, and may thereafter be changed at any time upon thirty (30) days’ written notice. Transportation
surcharges apply and change monthly without notice in accordance with the fuel surcharge policy, which is based on the national
price of diesel fuel and may be found at http:// cic.ironmountain.com/fuelsurcharge/.

		3.	Principal Provider. The charges for the services set forth in the Schedules are predicated
upon the expectation that Customer will utilize Iron Mountain as its primary third-party provider of such services. In the event
that Customer does not so utilize Iron Mountain’s services, Iron Mountain reserves the right to adjust rates and charges
to standard list rates and charges. Customer agrees to maintain its storage levels with Iron Mountain at no less than eighty percent
(80%) of the storage levels maintained by Customer during the immediately preceding three (3) month period, excluding any Deposits
destroyed by Iron Mountain at Customer’s request, but in no event shall such levels result in monthly billings lower than
the monthly minimum set forth in Schedule A.

		4.	Authorization; Customer Instructions. Iron Mountain will perform services pursuant to direction
of Customer’s agent(s) identified pursuant to Iron Mountain’s standards. Authority granted to any persons on standard
authorization forms shall constitute Customer’s representation that the identified persons have full authority to order any
service for, or disposal or removal of, Customer’s Deposits. Such orders may be given in person, by telephone or in writing
(fax, electronically or hard-copy).

		5.	Operational Procedures. Customer shall comply with Iron Mountain’s reasonable operational
requirements, as modified from time to time, regarding containers, container integrity, delivery/pickup volumes, preparation for
pickup, security, access and similar matters. Customer acknowledges that volume requests that exceed one hundred twenty-five percent
(125%) of normal volume (defined as Customer’s average transaction volume over the immediately preceding three month period)
may require Iron Mountain to incur additional costs, which Customer will pay at Iron Mountain’s overtime rates, provided
that Iron Mountain shall have advised Customer thereof in advance.

		6.	Force Majeure. In no event shall either party be liable for delay or inability to perform
caused by acts of God, governmental actions, labor unrest, acts of terrorism, riots, unusual traffic delays or other causes beyond
its reasonable control.

		7.	Governmental Orders. Iron Mountain is authorized to comply with any subpoena or similar
order related to the Deposits, provided that Iron Mountain notifies Customer promptly upon receipt thereof, unless such notice
is prohibited by law. Customer shall pay Iron Mountain’s applicable charges set forth in a Schedule(s) for such compliance.
Iron Mountain will cooperate with Customer’s efforts to quash or limit any subpoena, at Customer’s expense. Customer
acknowledges that its shipments may be subject to inspection while in transit by federal, state or local government entities (“Government
Inspectors”), and Customer authorizes Iron Mountain to fully cooperate with such inspections. Iron Mountain shall bear no
responsibility for loss or damage to Deposits, or containers housing Deposits, caused by Government Inspectors.

		8.	Confidentiality. “Confidential Information” means any information (i) contained
in the Deposits, (ii) concerning or relating to the property, business and affairs of the party disclosing such information that
is furnished to the receiving party, and (iii) regarding this Agreement and its Schedules and Iron Mountain’s processes and
procedures; except for information that was previously known to the receiving party free of any obligation to keep it confidential,
is subsequently made public by the disclosing party or is disclosed by a third party having a legal right to make such disclosure.
Confidential Information shall be used only in the manner contemplated by this Agreement and shall not be intentionally disclosed
to third parties without the disclosing party’s written consent. Iron Mountain shall not

 

	IM-35 Rev. 07/01/09	© 2009 Iron Mountain Incorporated	Page 2 of 4

 

    	 

    	 

    

 

		 	obtain any rights of any sort in or to the Confidential Information of Customer contained in Deposits. Iron Mountain shall
implement and maintain reasonable safeguards designed to protect Customer’s Confidential Information.

		9.	Liability in Event of Loss of Deposits. Iron Mountain shall not be liable for any loss or destruction of, or damage
to, Deposits, including costs resulting from a loss of a Deposit constituting a breach of data security or confidentiality, however
caused, unless such loss or damage resulted from the failure by Iron Mountain to exercise such care as a reasonably careful person
would exercise under like circumstances; Iron Mountain is not liable for loss or damage which could not have been avoided by the
exercise of such care. If liable, the amount of Iron Mountain’s liability is limited as provided on the first page hereof.
Deposits are not insured by Iron Mountain against loss or damage, however caused. Customer may insure Deposits through third-party
insurers for any amount, including amounts in excess of the agreed value set forth above. Customer shall cause its insurers of
Deposits to waive any right of subrogation against Iron Mountain. If Deposits are placed in the custody of a third-party carrier
for transportation, the carrier shall be solely responsible for any loss or destruction of, or damage to, such Deposits while in
the custody of the carrier.

		10.	Liability for Non-Storage Services. With respect to services not related to the storage of Deposits, Iron Mountain shall
not be liable for any loss or default unless such loss or default is due to the negligence of Iron Mountain. If liable, the amount
of Iron Mountain’s liability is limited as provided on the first page hereof. Iron Mountain shall not be liable for the loss
of contents of shredding bins unless and until the bins are in the custody and control of Iron Mountain.

		11.	No Consequential Damages, etc. In no event shall either party be liable for any consequential, incidental, special or
punitive damages, or for loss of profits or loss of data, regardless of whether an action is brought in tort, contract or under
any other theory.

		12.	Destruction of Deposits. Customer releases Iron Mountain from all liability by reason of the destruction of Deposits
pursuant to Customer’s written authorization. Deposits will be destroyed by shredding (except that media may be destroyed
by pulverization or incineration). Services will be performed at the rates set forth in a Schedule.

		13.	No Product Warranty. IRON MOUNTAIN MAKES NO WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO PRODUCTS PROVIDED TO OR
SOLD TO CUSTOMER, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

		14.	Notice of Claims; Filing of Actions. Claims by Customer must be presented in writing within a reasonable time, and in
no event longer than ninety (90) days after delivery or return of the Deposits to Customer or ninety (90) days after Customer is
notified of loss, damage or destruction to part or all of the Deposits. No action may be maintained against Iron Mountain for loss,
damage or destruction of Deposits, unless timely written notice has been given as provided herein, and unless such action is commenced
within the earlier of one (1) year after: (i) the date of delivery or return of the Deposits, or (ii) the date Customer is notified
of the loss, damage or destruction.

		15.	Notice of Loss. When Deposits have been lost, damaged or destroyed, notice thereof may be given by mailing a letter
via U.S. mail to Customer, and the time limitation for presentation of a claim and commencement of action or suit begins on the
date of Customer’s receipt of such notice.

		16.	Payment; Late Fees, etc. Payment terms are net, thirty (30) days. Customer shall be liable for late charges at the rate
equal to the lesser of one percent (1%) per month or the highest rate legally permitted in the state where Customer is located,
calculated from the date payment was due until the date payment is made together with all expenses incurred in collection, including
reasonable attorneys’ fees and expenses. Prior to delivery of Deposits upon the expiration or termination of this Agreement,
Iron Mountain may require payment by certified check.

		17.	Customer Default. If Customer fails to pay Iron Mountain’s charges (other than disputed charges) within forty-five
(45) days after the date of an invoice, Iron Mountain may, at its option: (a) suspend service, or (b) terminate this Agreement.
If Customer fails to pay Iron Mountain’s charges (other than disputed charges), for six (6) months or longer, Iron Mountain
may securely destroy Deposits, provided Iron Mountain shall have provided ninety (90) days written notice to Customer; Customer
shall pay Iron Mountain’s standard price for such secure destruction. A final notice will be sent to Customer ten (10) days
prior to secure destruction of the Deposits. Iron Mountain shall have other rights and remedies as may be provided by law. In the
event Iron Mountain takes any actions pursuant to this Section, it shall have no liability to Customer or anyone claiming by or
through Customer.

		18.	Ownership Warranty. Customer warrants that it is the owner or legal custodian of the Deposits and has full authority
to store the Deposits and direct their disposition in accordance with this Agreement. Customer shall reimburse Iron Mountain for
any expenses reasonably incurred by Iron Mountain (including reasonable legal fees) by reason of (i) Iron Mountain’s compliance
with the instructions of Customer in the event of a dispute concerning the ownership, custody or disposition of Deposits, or (ii)
any representation by Customer in this Agreement being untrue or incorrect.

 

	IM-35 Rev. 07/01/09	© 2009 Iron Mountain Incorporated	Page 3 of 4

 

    	 

    	 

    

 

		19.	Restrictions on Material; Customer Premises. Customer shall not store with Iron Mountain
nor deliver for shredding any material that is highly flammable, explosive, hazardous, toxic, radioactive, medical waste, organic
material that may attract vermin or insects, or otherwise dangerous or unsafe to store or handle, or any material that is regulated
under any federal or state law or regulation relating to the environment or hazardous materials. Customer shall not store negotiable
instruments, jewelry, check stock or other items that have intrinsic value. Customer’s premises where Iron Mountain employees
perform services or make deliveries hereunder shall be free of hazardous substances and hazardous or dangerous conditions. Customer
warrants that it shall only place paper-based materials in the shredding bins: Customer shall reimburse Iron Mountain for damage
to equipment or injury to personnel resulting from Customer’s breach of this warranty.

		20.	Software. Customer acknowledges that all software and the inventory management system comprised
of the software belong to Iron Mountain. During the term of this Agreement, Iron Mountain shall have the exclusive right to use
Deposit inventory information (including metadata) to provide records management services to Customer; upon expiration of this
Agreement, Iron Mountain shall have the right to use such inventory information for administrative purposes. Iron Mountain’s
obligation to protect the confidentiality of such information shall survive the termination or expiration of this Agreement.

		21.	Purchase Orders. In the event that Customer issues a purchase order to Iron Mountain covering
the services provided under this Agreement, any terms and conditions set forth in the purchase order which are in addition to or
establish conflicting terms and conditions to those set forth in this Agreement are expressly rejected by Iron Mountain.

		22.	Non-Custodial Status. Unless Iron Mountain shall have explicitly agreed in writing, Iron
Mountain’s performance of services shall not cause Iron Mountain to be deemed a “custodian” of the records or
“designee” of Customer with respect to such records, or have any other liability under state or federal law with respect
to such records.

		23.	ITAR/EAR Compliance. Customer represents that none of the Deposits stored by Iron Mountain
pursuant to this Agreement require protection from access by foreign persons because they contain technical information regarding
defense articles or defense services within the meaning of the International Traffic in Arms Regulations (22 CFR 120) or technical
data within the meaning of the Export Administration Regulations (15 CFR 730-774). If any of Customer’s Deposits do contain
any such information, Customer shall notify Iron Mountain of the specific Deposits that contain such information and acknowledge
that special storage and service rates shall apply thereto.

		24.	Miscellaneous. This Agreement binds the successors and assigns of the respective parties
and cannot be changed orally. This Agreement may not be assigned by either party (other than to an affiliate which shall assume
the obligations of its assignor by written instrument) without the written consent of the other party, which shall not be unreasonably
withheld or delayed. Any notice made pursuant to this Agreement may be given in writing at the addresses set out on the first page
hereof until written notice of a change of address has been received. Notices to Iron Mountain shall be sent to the attention of
its General Manager at such address. Iron Mountain shall have, and may exercise, all rights granted to warehousemen by the Uniform
Commercial Code as adopted in the state where the Deposits are stored. In the event of inconsistency between these printed Basic
Terms and Conditions and the terms of a Schedule, the Schedule shall prevail as to the services covered thereby.

 

	IM-35 Rev. 07/01/09	© 2009 Iron Mountain Incorporated	Page 4 of 4

 

    	 

    	 

    

 

MELA V (US Lease Nonn)

(REV 9/26/08)

 

	 	Lease No. 001

Dated February 23, 2011	MACQUARIE

 

	Lessee:	L’ Auberge Da Sedona LLC	Lessor:	Macquarie Equipment Finance LLC
	Street Address:	301 L’Auberge Lane	Street Address:	2285 Franklin Road, Suite 100
	City/State/Zip:	Sedona, AZ 86336	City/State/Zip:	Bloomfield Hills, MI 48302

	Qty.	Mfr.	EquipmentType/

Model/Feature	Description	Serial

Number	Lessor’s

Basis	Rental 

Payment
	 	 	 	 	 	 	 
	1	LG	HD HEAD END SYSTEM 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

	Base Term:    48 months	 	TOTAL:	$68,241.13	$2,126.05 
      *
 $850.42 **
	Due Date: Rental Payments are due in advance
        on the first day of each Rental Period.

         

        Rental Period: Each calendar month during
        the Term.

         

        Equipment Location:   301 L’Auberge Lane

        Sedona, AZ 86336
	  
     * $2,126.05 Monthly from March         through October

        ** $ 850.42 Monthly from November through February

         

        Base Term Commencement Date: The first day
        of the first whole Rental Period occurring on or after the last Acceptance Date for any item of Equipment.

         

        Outside Acceptance Date: March 1, 2011

 

Special Terms:

 

1.           Provided
no Event of Default has occurred and is continuing, Lessee will purchase the Equipment from Lessor at the expiration of the Initial
Lease Term by payment to Lessor of one dollar ($1.00). Upon such payment, Lessor shall transfer title to the Equipment to Lessee
free and clear of all items, security Interests, and encumbrances by and through Lessor and such transfer shall be AS-IS, WHERE-IS.

 

2.           The
Lessee shall not be required to provide certified or audited financial statements as required in Sections 8 and 14 below.

 

	
        1.  Lease.  Lessor leases to Lessee
        the equipment (‘Equipment’) described in this Lease. Lessor also finances for Lessee the costs of those software, services,
        consumables, and other nonhardware items described in this Lease and included in the Lessor’s Basis (‘Soft Cost Items’).
        If any Special Terms arc specified above and inconsistent with the remaining provisions of this Lease, the Special Terms shall
        control.

        2.  Purchase and Delivery of Equipment.  Lessee is responsible for delivery and installation of the Equipment at the Equipment Location. Lessor will purchase the Equipment
        from, and pay for Soft Cost Items to, the seller thereof (‘Seller’), and lease the Equipment Lessee, only if not Event
        of Default, or event that with notice or the lapse of time or both would constitute an Event of Default, is continuing; and on
        or before the Outside Acceptance Date or, if no Outside Acceptance Date is specified in this, one month from the date of this Lease,
        Lessor receives the Acceptance Certificate executed by Lessee and this Lease executed by the parties, and such other documents
        or assurances as Lessor may reasonably request.

        3.  Acceptance.  On the day Lessee
        accepts the Equipment and is prepared for Lessor to pay for the Soft Cost Items (‘Acceptance Date’), or promptly thereafter,
        Lessee will execute a certificate of acceptance acceptable to Lessor (‘Acceptance Certificate’). By executing the Acceptance
        Certificate, in addition to its provision, Lessee represents and warrants that: Lessee has selected the Equipment, Soft Cost Items,
        and Seller; Lessee has been informed by Lessor or otherwise knows of Seller’s Identity; and Lessee has irrevocably accepted
        the Equipment and authorized Lessor to pay for the Soft Cost Items.

        4.  Term.  The initial term of the
        lease of an item of Equipment and financing of a Soft Cost Item (‘Initial Term’) begins on the item’s Acceptance
        Date and continues through the Base Term Commencement Date and then for the Base Term. Any renewal term (‘Renewal Term’)
        begins at the end of, as applicable, the Initial Term or any preceding Renewal Term (the Initial Term and all Renewal Terms currently
        in effect,
	 	
        previously in effect, or which are to come
        into effect as provided in this Lease or by other written agreement of the parties, collectively, ‘Term’).

        5.  Rental Payments.  Regardless of
        whether Lessee receives invoices or notices that any Rental Payments are due, Lessee will pay the Rental Payment, plus all applicable,
        Taxes, for the Term, at such address as Lessor may specify in writing ( including in any invoice), on the Due Dates. Lessor will
        invoice Lessee for Rental Payments, but the sole remedy for any failure to invoice shall be that no late interest shall accrue
        under Section 25 on any Rental Payment until payment has been demanded in writing (including in any invoice) for at least 30 days.
        This Lease is a net lease and is noncancelable during its Term (except as expressly provided in this Lease). During the Term, Lessee’s
        obligation to pay Rental Payments and other amounts under this Lease shall be, except to the limited extent provided for in Section
        23, absolute and unconditional and not subject to abatement, reduction, offset, recoupment, compensation, crossclaim, counterclaim,
        or any other defense whatsoever, arising under this Lease or otherwise, or against Lessor, Assignee, Seller, the Equipment’s
        manufacturer (‘Manufacturer’), or any other person. However, the foregoing does not limit Lessee’s enforcement
        of rights against Lessor in a separate action at law.

        6.  Lessee’s End of Term Options.  At the end of the Term, Lessee has the right, but not the obligation, to exercise one of these option, but only if Lessee gives
        irrevocable notice to Lessor unequivocally electing one of these options (‘Exercise Notice’) and the Exercise Notice
        is received by Lessor at least 90 days before the end of the Term:

        (a)   Purchase Option. If no Event
        of Default is continuing at the time Lessor receives the Exercise Notice or at the end of the Term, Lessee may purchase all of
        the Equipment in which case: Lessee will, on the last day of the Term, pay Lessor the Fair Market Value of the Equipment determined
        as of the date of the Exercise Notice, and all applicable Taxes; Lessee will make all other payments required during the remainder
        of the Term; and, at the end of the Term, this Lease will

 

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Page 1 of 5

 

    	 

    	 

    

 

MELA V (US Lease Nonn)

(REV 9/26/08)

 

	
        terminate and Lessee will be entitled to
        Lessor’s interest in the Equipment.

        (b) 
         Renewal Option. If no Event         of Default is continuing at the time Lessor receives the Exercise Notice or
        at the end of the Term and Lessor determines that no         material adverse change in Lessee’s business or financial
        condition has occurred since the Acceptance Date, Lessee may renew         the Term for Renewal Term of 6 months or more as
        specified in the Exercise Notice in which case: the Rental Payment will be the         Fair Market Value of all of the
        Equipment for the Renewal Term; the parties will enter into a Lease supplement confirming the applicable         Rental
        Payment and Renewal Term; and all other provisions of this Lease will continue to apply (but the failure of the parties
        to enter into such a supplement will not condition or affect Lessee’s obligations during the Renewal Term).

        (c) 
         Return Option. Lessee may return         all of the Equipment, in which case Lessee will return the Equipment to
        Lessor in accordance with Section 16 within l0 days of         the last day of the Term.

        If one of the foregoing options is not
        exercised, the Term will automatically extend for successive 3-month Renewal Terms in which case Lessee will continue to pay Lessor
        rent at the rate total periodic Rental Payment previously in effect for all items of Equipment and Soft Cost Items (or, if the
        Rental Payments for the Base Term of Renewal Term previously in effect were not constant for all whole Rental Periods, at the rate
        of the sum of such Rental Payments divided by the number of Rental Periods) (the ‘Previously Effective Rental Rate); and
        all other provisions of this Lease will continue to apply. Lessee’s purchase, renewal. And return options and the automatic
        renewal provisions provided for in this section apply at the end of the Initial Term and all optional or automatic Renewal Terms.
        If Lessee fails to comply with the terms of any of the foregoing options elected by it, Lessor may in its absolute discretion elect
        to terminate the Exercise Notice in which case the automatic renewal provision set forth above will apply as if no Exercise Notice
        were given, or Lessor may proceed as otherwise permitted by this Lease., including exercising the remedies provided for in this
        Lease or at law. The foregoing applies following the noncompliance with any of the foregoing options notwithstanding the execution
        or entry into of any Lease supplement, bill of sale, purchase agreement, confirmation, or other documentation memorializing and/or
        confirming the exercise of the option or the terms of the exercise.

        7.  Taxes.  Lessee will pay Lessor
        (or pay directly to the applicable taxing authority if instructed in writing by Lessor) all taxes, fees, an) and assessments that
        may be imposed by any governmental entity or taxing authority on the Rental Payments or the Equipment or Soft Cost Item, or their
        purchase (by Lessee or Lessor), ownership, delivery, return, possession, operation, sale (by Lessor or Lessee), or rental, whether
        imposed on Lessor or Lessee or any of their affiliates or the Equipment, any Soft Cost Items, this Lease, or any related instrument
        (‘Taxes’). Taxes include all license and registration fees, and all sales, use personal property, business transfer,
        value added, goods and services, and other taxes, and governmental and transaction charges, together with any penalties, fines
        and interest thereon (except to the extent resulting from Lessor’s negligence or willful misconduct), that may be imposed
        during the Term or Possession Period (as defined In Section 10) or after the Term or Possession Period and relating to events or
        conditions occurring or existing during the Term or Possession Period. Lessee will not be liable for; Taxes imposed on or measured
        by Lessor’s net income or tax preference items; overall business taxes that are in lieu of net income taxes; or Lessor’s
        corporate franchise or net worth taxes. If Lessee is required by law or administrative practice to make any report or return with,
        respect to Taxes, Lessee will promptly give Lessor notice and cooperate with Lessor to ensure that such action is properly made
        arid Lessor’s interests accurately reflected. Lessor has no obligation to contest or preserve any right to contest Taxes.
        However, Lessee may contest Taxes in its own name and at its own expense so long as, in Lessor’s opinion, the contest will
        not result in encumbrance on any Equipment or otherwise jeopardize Lessor’s rights or interests in any Equipment.

        8.  Covenants.  Lessee will during
        the Term (a) maintain the Equipment in good working order and condition, in accordance with the Manufacturer’s recommended
        engineering and maintenance standards; (b) use the Equipment only in connection with its business operations and for purposes for
        which it was designed and in compliance with all applicable Manufacturer operating standards and all insurance requirements; (c)
        keep the Equipment at the Equipment Location; (d) affix
	 	
        to the Equipment any labels Lessor may
        supply stating the Equipment is owned by Lessor; (e) make no alterations of additions to the Equipment except additions that; do
        not impair the value or performance of the Equipment, are readily removable without damage to the Equipment, and do not result
        in an encumbrance on the Equipment; (f) comply with all laws and regulations applicable to or affecting this Lease, the Equipment
        or Lessee, including maintain all required insurance and obtaining all governmental permissions necessary for it to so comply or
        that may be required of Lessor in so complying; (g) furnish Lessor with its certified or audited financial statements (at any time
        that its current financial statements are not readily available on the Internet through a free governmental website), and Lessee
        represents and warrants that all such financial statements or other financial information will be prepared in accordance with generally
        accepted accounting principles and accurately present Lessee’s financial position as of the dates given; (h) furnish Lessor
        with resolution, certifications of the names, titles, signatures, and authority of those persons executing Lease documents on behalf
        of Lessee, and such other information and documents as Lessor may reasonably request; (i) not permit the Equipment to become an
        accession, a fixture, or real or immoveable property; (j) permit Lessor to inspect the Equipment and Lessee’s applicable
        maintenance agreements and records at any reasonable time (subject to Lessee’s usual, reasonable security procedures); (k)
        promptly notify Lessor of: any change in Lessee’s name, any change in the location of Lessee’s chief executive or registered
        office, any transfer by Lessee, authorized or not, of any interest in or benefit from the Equipment, and any change, authorized
        or not, in the location of any Equipment, and (l) ensure that neither Lessee nor its successors or assigns is a tax-exempt entity
        (as described in the Internal Revenue Code) at any time during the Term or the five years preceding the Term.

        9.  Title to Equipment.  The Equipment
        will remain the personal property of Lessor even if physically attached to real property. Lessee will keep the Equipment free of
        encumbrances (other than his Lease or encumbrances created by Lessor or Assignee). Before the Acceptance Date, if requested by
        Lessor, and from time to time within 30 days of any request by Lessor, Lessee will provide a written waiver of any claim to the
        Equipment by any person having an interest in the real property where the Equipment is located. Lessee has no right or interest
        in the Equipment except that set forth in this Lease.

        10.  Risk of Loss.  From delivery
        of the Equipment by Seller or Lessor to a carrier for shipment to Lessee until the Equipment is returned to and received by Lessor
        (‘Possession Period’), Lessee bears the entire risk of whole or partial loss, theft, destruction or damage to the Equipment
        from any cause whatsoever, or requisition of the Equipment by any governmental entity, or expropriation or the taking of the Equipment
        by eminent domain or otherwise (collectively, ‘Loss’). Lessee will give Lessor notice within 10 days of any Loss (‘Loss
        Notice’). Except as provided in this section, no Loss will condition, reduce, or relieve Lessee’s Lease obligations,
        including its obligation to pay Rental Payments in full. If any Equipment is damaged but can be economically repaired, Lessee will
        immediately place the Equipment in good working order and condition. Upon the occurrence of any other kind of Loss, or if Lessee
        does not place the Equipment in good working order and condition within 30 days of any economically repairable damage, Lessee will
        upon Lessor’s demand pay Lessor the Lessor’s Return (as defined in Section 19), calculated by Lessor as of the date
        of Loss; upon Lessor’s receipt of the Lessor’s Return, plus all other amounts that are or become due under this Lease,
        this Lease will terminate and Lessee will b. entitled to Lessor’s interest in the Equipment.

        11.  Insurance.  Lessee will at its
        expense during the Possession Period maintain: (a) insurance against the loss, theft, or damage to the Equipment for its full replacement
        value, naming Lessor as sole loss payee; and (b) public liability and third party property damage insurance in the amount of $1,000,000
        or such other amount as may be requested by Lessor, per occurrence, naming Lessor as an additional insured. Such insurance shall
        be reasonably satisfactory to Lessor, shall contain the Insurer’s agreement to give Lessor 30 days’ written notice
        before any cancellation or material change; shall be payable to Lessor regardless of any act, omission or breach by Lessee; and
        shall provide for commercially reasonable deductibles satisfactory to Lessor. Lessee will provide Lessor with certificates of such
        insurance effective for the entire Term. Any insurance proceeds of such insurance received by Lessor or Assignee in respect of
        events with respect to which Lessee has concurrent Lease obligations (including obligations under Sections 10 or 15) will be applied

 

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        by Lessor to those obligations. Lessee
        has no right to the benefit of any insurance maintained by Lessor.

        12.  Assignment of Warranties.  Lessee
        is entitled under the Uniform Commercial Code—Leases (Article 2A) to the promises end warranties provided to Lesser, by Seller
        or any third party in connection with the Equipment. Lessor assigns to Lessee during the Term, so long as no Event of Default is
        continuing, any assignable representations, warranties, and promises made by Seller or Manufacturer or any other third party in
        connection with the Equipment, but any claims arising therefrom may only be pursued by Lessee in its own name. Lessor will reasonably
        cooperate with Lessee, at Lessee’s request and expense, in pursuing any such claims and obtaining for Lessee the benefit
        of all such rights. Lessee may communicate with Seller or any third party and receive an accurate complete statement of those promises
        and warranties, including any disclaimers and limitations thereon or on any remedies.

        13.  Disclaimer and Limitations.  As to Lessor, Lessee leases the Equipment and finances the Soft Cost Items As-Is, Where-Is, and on a nonrecourse basis. Whenever
        Lessee is entitled to Lessor’s interest in any Equipment, Lessor will assign such Equipment As-Is, Where-Is, except that
        Lessor will warrant the absence of any encumbrances by, through, or under Lessor and, on request, provide Lessee with Lessor’s
        standard bill of sale to the forgoing effect. Lessor disclaims any other representation or warranty, including with respect to
        the design, compliance with specifications, durability, quality, operation, or condition (whether discoverable or not) of the Equipment
        or Soft Costs Items, title, the merchantability of the Equipment or Soft Cost Items, the fitness of the Equipment or Soft Cost
        Items for particular purposes, status of this Lease for tax accounting classification purposes, or issues regarding the design
        or operation of the Equipment of infringement of industrial or intellectual property rights of any persons or any patent, trademark,
        or copyright infringement or the like. Lessor will not be considered to have made any statement, representation, warranty, or promise
        made by Seller, and neither Seller nor Lessor shall be considered to be an agent of the other. Lessor will have no liability to
        Lessee, or its customers, or any other persons, for damages arising out of this Lease or concerning any Equipment or Soft Cost
        Items, including direct, indirect, special, or consequential damages, or damages based on strict or absolute tort liability, and
        also as to any programs or data residing on any Equipment at any time, including upon return to or repossession by Lessor. However,
        Lessor shall remain liable to Lessee, in a separate action at law, for direct damages resulting from Lessor’s negligence,
        willful misconduct, or breach of Lease. This Lease is intended to be a finance lease as defined in the Uniform Commercial Code—Leases
        (Article 2A) and to be governed solely by its terms. This Lease, the parties’ performance of this Lease, and their other
        actions relating to this Lease are to be considered so as to give the fullest possible effect to such intent. To the extent permitted
        by law, Lessee and Lessor agree that this Lease shall be treated as a finance lease. This section does not affect Lessee’s
        rights against persons other than Lessor, including Seller and Manufacturer.

        14.  Lessee Warranties.  Lessee represents
        and warrants when it executes this Lease and when it executes the Acceptance Certificate, that: (a) Lessee is duly organized and
        in good standing under applicable law in the jurisdiction of its organization and domicile and in which Equipment may be located
        with full power and authority to enter into this Lease; (b) this Lease is enforceable against Lessee in accordance with its terms,
        subject to laws of general application affecting creditors’ rights generally, and does not breach or create a default under
        any instrument or agreement binding on Lessee; (c) no proceedings exist before any court or administrative agency that would have
        a material adverse effect on Lessee, this Lease, or the Equipment, nor has Lessee been threatened with any such proceedings; (d)
        the financial statements and other financial information made available by Lessee have been prepared in accordance with generally
        accepted accounting principles and accurately present Lessee’s financial position as of the dates given; and (e) Lessee’s
        chief executive and registered office is located at its address specified in this Lease.

        15.  Indemnity.  Lessee will indemnify
        Lessor against and hold Lessor harmless from all liabilities, damages, Taxes, losses (including losses of tax benefits), penalties,
        expenses (including legal fees and disbursements and costs), claims, actions, and suits, whether based on a theory of strict liability
        or statutory regulatory liability of Lessor or otherwise (collectively, ‘Claims’), directly or indirectly relating
        to the operation, selection, manufacture, purchase (by Lessee or Lessor), ownership (for
	 	
        strict liability in tort or for statutory
        or regulatory liability), leasing, possession, maintenance, delivery, return, at sale (by Lessor to Lessee) of the Equipment, or
        selection, licensing, provision, return or relinquishment, obtaining, use, creation, or ownership of Soft Cost Items, including
        Claims relating to (a) the condition of any Equipment arising or existing during the Possession Period, including undiscoverable
        defects; (b) infringement by Lessee or the Equipment or Soft Cost Items of any patent, trademark, copyright, or industrial or other
        intellectual property rights of any person; and (c) Lessee’s contest of Taxes or Lessor’s contest of Taxes at Lessee’s
        behest. However, Lessee will not be liable: (a) following the time Lessor is required to purchase the Equipment and pay for the
        Soft Cost Items, for the net price of the Equipment or Soft Cost Items included within the Lessor’s Basis; or (b) to a person
        (including Lessor or Assignee) pursuant to the foregoing for any Claims to the extent resulting from that person’s negligence
        or willful misconduct or breach of Lease.

        16.  Surrender of Equipment.  Whenever
        Lessee is required or permitted to return Equipment, Lessee will (or, at Lessor’s request, Lessee will have the Manufacturer
        or another party acceptable to Lessor), at Lessee’s expense, deinstall, inspect, and properly pack (the Equipment, and return
        the Equipment to Lessor by such common carrier as Lessor may specify, to a destination within the continental United States of
        America specified by Lessor, accompanied by the relocation inventory or similar form completed by the deinstaller. However, if
        the return destination is more than 1,000 miles from the original or final Equipment Location (whichever is closer to the return
        destination), Lessee’s freight expense in returning the Equipment shall be limited to the amount that would be incurred if
        the return destination were within such a distance. Lessor is not required to accept any return of Equipment more than one month
        before the end of the Term. Any return of Equipment accepted by Lessor releases Lessee of its leasehold rights and possessory interest
        in the Equipment, but will not otherwise constitute a termination of the Term or this Lease or Lessee’s related obligations.
        When received by Lessor, the Equipment shall be: in good working order; reasonably clean and cosmetically good; free of password
        protection; and in the same condition as when shipped lo Lessee, reasonable wear and tear excepted. Lessee will be liable to Lessor
        for all expenses Lessor incurs or would incur in placing the Equipment in the condition required by this Lease (whether or not
        Lessor actually does place the Equipment in such condition), up to the Fair Market Value of the Equipment. Any additions to the
        Equipment not removed before return shall become Lessor’s exclusive property (lien free) or, al Lessor’s option and
        Lessee’s expense, removed and returned to Lessee or sold, destroyed, or otherwise disposed of, all without any liability
        on the part of Lessor or any other person to Lessee or any other person, and the Equipment restored to its original condition.

        17.  Default.  It is an ‘Event
        of Default’ under this Lease if (a) Lessee’s failure to pay any Rental Payment or other amount under this Lease when
        due continues for 10 days after notice; (b) Lessee’s failure to observe any provision of this Lease continues for 30 days
        after notice; (c) a representation or warranty or statement made by Lessee in this Lease or in any other instrument provided by
        Lessee is incorrect in any material respect when made; (d) unless expressly permitted by Section 8(c), Lessee relocates the Equipment
        or, unless expressly permitted by Section 21, Lessee purports to assign or sublet any interest in the Equipment or this Lease or
        undergo a Change In Control (as defined in such section); (e) the Equipment is levied against, seized, or attached; (f) the appointment,
        election, nomination, or other institution of any administrator, examiner, administrative receiver, compulsory manager, trustee,
        or liquidator of Lessee (or any similar person contemplated by the laws of the United States of America or other applicable laws),
        or Lessee makes or seeks an assignment for the benefit of creditors or any arrangement or composition with its; creditors, or becomes
        insolvent, or commits any act of bankruptcy, or is the subject of a petition or proceeding under any bankruptcy, reorganization,
        arrangement of debts insolvency, or receivership law, or Lessee seeks to effectuate a bulk sale of its inventory, equipment, or
        assets, or any action is taken with a view to Lessee’s termination or the termination of its business, and, if any of the
        foregoing events is not voluntary, it continues for 60 days; (g) any guarantor of this Lease dies or is the subject of an event
        of the types listed in clause (f) or breeches or defaults under the guaranty; or (h) a default or event of default occurs under
        any other lease entered into between Lessor and Lessee.

        18.  Remedies.  If an Event of Default
        is continuing, or if at any time during the continuance of an Event of Default under this Lease or any

 

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        other lease entered into between
Lessor and Lessee Lessor has with or without notice to Lessee declared the occurrence of the Event of Default, Lessor may in its
absolute discretion exercise any one or more of these remedies: (a) terminate this Lease (b) take possession of, or render unusable,
any Equipment wherever located, without notice or process of law (but without breaching the peace and subject to an applicable
law), and without liability for damages occasioned by such action (except for direct damages to the extent caused by Lessor’s
negligence or willful misconduct), and no such action will constitute a termination of this Lease, all as thought Lessee had failed
to surrender the Equipment when required to do so; (c) require Lessee to return the Equipment to a location designated by Lessor
in accordance with Section 16 and there surrender control of the Equipment lo Lessor pursuant to Section 16 as though the Term
had expired (and such actions will not constitute a termination of this Lease); (d) declare all or, in one or more declarations,
any portion of the Lessor’s Return (as defined in Section 19), calculated by Lessor as of the date of the declaration, due
and payable, and; (I) upon Lessor’s full receipt of the entire Lessor’s Return, plus all other amounts that are or
become due under this Lease, this Lease will terminate and Lessee will be entitled to Lessor’s interest in the Equipment,
and (III) upon a declaration of the entire Lessor’s Return or Remaining Rental Payments (as defined in Section 19) being
due and payable, any later Rental Payments coming due Under this Lease before the then effective expiration date of the Term shall
cease; (c) proceed by court action to enforce performance by Lessee of this Lease and/or to recover all damages and expenses suffered
by Lessor as a consequence of any Event of Default; or (f) exorcise any other right or remedy available at law or in equity. Lessee
will also reimburse Lessor for all expenses (including legal fees and disbursements and costs and fees of collection agencies)
incurred by Lessor in enforcing this lease. Lessor’s sole obligation to mitigate its damages is that if it repossesses any
Equipment pursuant to this section Lessor will lease, sell, or otherwise dispose of the Equipment in a commercially reasonable
manner, with or without notice, and at public or private sale, and apply the net proceeds (after deducting all expenses of disposition),
if any, to the amounts owed to Lessor; but Lessee will remain liable to Lessor for any deficiency that remains after any such
disposition. With respect to any notice of sale required by law, 10 days’ notice is reasonable notice. The remedies provided
in this Lease are in addition to all other rights or remedies now or hereafter existing under this Lease, or at 1aw or in equity,
and may be enforced concurrently therewith, and from time to time.

        19. Lessor’s Return.
        Lessor may become entitled to the Lessor’s Return, Which shall be Lessor’s anticipated benefit of its
        bargain rind profit from This Lease transaction (to which it will specifically be entitled). The Lessor’s Return,
        as stipulated to herein, includes amounts attributed by the parties to (and a loss to Lessor upon a Loss or Event of Default
        is dependent in part upon) unpaid Rental Payments to become due, the original cost of the Equipment and Soft Cost Items
        to Lessor, the unrealized anticipated value of the Equipment to Lessor, the future observance by Lessee of its nonrental
        Lease obligations for the benefit of Lessor, and Lessor’s minimum anticipated proceeds from the future retail Sale
        or lease of the Equipment to Lessee or another customer. The parties agree that the Lessor’s Return will, as liquidated
        damages and not as a penalty, be the following (together with related Taxes):

        (a)   105% of the Lessor’s Basis minus
        70% of the Rental Payments (excluding Taxes) having come due since the Base Term Commencement Date, or

        (b)   if greater, the Present Value (as defined in Section 27) of: the Rental Payments scheduled to become due through the last day
of the then effective Term (Remaining Rental Payments’); plus Lessor’s estimate of the Fair Market Value of the Equipment
on the last day of the Term, or

        (c)   if (and only if) this Lease gives Lessee the option to purchase all of the Equipment at the
end of the Term for a price which is (or is limited to) a stated amount, including an amount stated as a percentage of the Lessor’s
Basis, the Present Value of the Remaining Rental Payments; plus such stated amount.

        20. Assignment By Lessor.
        Lessor may unqualifiedly assign this Lease or any Equipment, in whole or in part, including granting or assigning
        any encumbrance or other interest in this Lease or any Equipment, without notice to or consent of Lessee, to any person
        (‘Assignee). No assignment will relieve Lessor of its Lease obligations. Lessee and Lessor acknowledge that any
        suck assignment will not materially change
	 	
        Lessee’s or Lessor’s obligation
        under this Lease. If Lessor notifies Lessee of an assignment, Lessee will: (a) unless otherwise directed, absolutely and unconditionally
        pay all amounts due under this Lease to Assignee without abatement, reduction, offset, recoupment, compensation, crossclaim, counterclaim,
        or any other defense whatsoever; (b) not permit this Lease to be amended or any of its terms waived without the written consent
        of Assignee; (c) not require Assignee to perform any obligations of Lessor other than the warranty of quiet enjoyment provided
        for in Section 23 and any other obligations expressly assumed by the Assignee in Writing; and (d) execute such acknowledgements
        of assignment as may be reasonably requested by Lessor. Assignee will be entitled to all of Lessor’s rights, power, and privileges
        under this Lease to the extent of the assignment, including the right to make further assignments. Assignee will not be liable
        for Lessor’s negligence or willful misconduct or breach of Lease, nor will any action or inaction by Lessor affect the obligations
        of Lessee to Assignee under this Lease. Lessor may provide copies of this Lease or related documents or information concerning
        Lessee and its obligations thereunder to any Assignee, prospective Assignee, affiliate, or other person.

        21. Assignment By Lessee;
        Change in Control. Without the prior written consent of the Lessor (not to be unreasonably withheld) Lessee cannot:
        assign any interest in this Lease or assign or sublet any interest in Equipment (including in connection with a sale of
        all or some of Lessee’s assets); or undergo an acquisition, change in control, merger, reorganization, consolidation,
        amalgamation or other event whereby the holders of more than 1⁄2 of the equity end voting power of Lessee immediately
        before the event are not the holders of 1⁄2 or more of the equity and voting power of Lessee or its successor immediately
        after the event (‘Change In Control’). No assignment or sublease by Lessee will discharge or diminish Lessee’s
        obligations, and Lessee will continue to be primarily, absolutely, unconditionally, and independently liable for the full
        and prompt observance of all of its obligations under this Lease following any such assignment or sublease or Change In
        Control.

        22. Counterparts:
        Financing/Statements. This Lease may be executed in one or more counterparts. If there is only one such counterpart,
        it will be the ‘Original,’ otherwise, one such counterpart will be marked as and be the ‘Original’
        and any other counterparts will be marked as and be Duplicates.’ No security interest in this Lease, if it constitutes
        chattel paper, as defined in the Uniform Commercial Code—Secured Transactions (Article 9) or analogous legislation in
        effect in any relevant jurisdiction, may be created except through the transfer or possession of the Original. Unless Lessee
        has the right to acquire Lessor’s interest in the Equipment at the end of the Term for nominal or no consideration, the
        parties intend this Lease to be a true lease end not one intended merely for security. Lessee Authorizes Lessor and its
        agents to file financing statements to give public notice of Lessor’s interest in the Equipment and any proceeds
        thereof or any other items Lessor anticipates may be leased by Lessor to Lessee under this Lease or any other lease (whether
        nor not such other lease has been executed), but Lessor will terminate or amend any financing statement covering items not
        leased, at Lessee’s request and Lessor’s expense.

        23. Quiet Enjoyment.
        So long as no Event of Default is continuing, Lessor will not interfere with Lessee’s quiet enjoyment of the
        Equipment. If a failure by Lessor to materially observe the foregoing warranty of quiet enjoyment continues for l0 days
        after notice, Lessee may in its absolute discretion exercise any one or more of the following remedies (which shall be
        its exclusive remedies for such failure): (a) by notice terminate this Lease (including its obligation to pay Rental Payments)
        as it relates to such Equipment; or (b) proceed in a separate action at law to recover all direct damages suffered by
        Lessee resulting from such failure.

        24. Fair Market Value.
‘Fair Market Value’ is the price or rent, as applicable, that
would be obtained at arm’s length between informed and willing parties, neither under compulsion to contract, for the sale
or lease of Equipment assuming the Equipment is: in installed, continued, and uninterrupted use by the buyer or lessee; in the
condition required by this Lease; and being sold with the software necessary for its use. Fair Market Value will be determined
by Lessor, but if Lessee objects in writing to Lessor’s determination within 10 days after Lessor communicates its determination
to Lessee’s representative in writing or by email, then Fair Market Value will at Lessee’s expense be determined by
an independent appraiser selected by Lessor and reasonably satisfactory to Lessee.

        25. Late Performances Interest
        Limitations. Amounts due under this Lease (including Rental Payments and Lessor’s Return and other payments

 

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        demanded or declared to be due or otherwise due or reimbursable)
        that are not paid within 10 days of their due date or demand will bear interest, payable upon demand, at the rate of 12% per annum,
        or such lesser rate as may be the maximum legal rate, from their due dates. Whenever any Equipment is required to be returned to
        Lessor but is not returned to Lessor by the date required, in addition to all of Lessor’s other rights and remedies hereunder,
        Lessee shall pay to Lessor rent for the period after the end of the Term through the date of Lessor’s receipt of the Equipment
        at the Previously Effective Rental Rate (as defined in Section 6). If any payments required to be made under this Lease would otherwise
        be considered the collection of interest in excess of the maximum amount permitted by applicable law: Lessee will not be obligated
        to pay the excess; any excess which may have been collected will be credited to Lessee’s other obligations to Lessor or refunded;
        and this Lease will be considered to have been amended so as to eliminate Lessee’s obligation to pay such excess.

        26. Prorations.
        Rental Payments for Rental Periods not consisting of a whole calendar month or a whole calendar quarter or another whole
        calendar period, as applicable, will be prorated on the basis of a 360-day year comprised of four 90-day quarters and
        twelve 30-day months.

        27. Present Value.
        ‘Present Value’ is the present value of the amount in question discounted to the date present value is to
        be determined at the Present Value Rate on the last day of the complete week most recently reported on the date of determination
        or on the Base Term Commencement Date, whichever is less, compounded with the same periodicity as the Rental Period. The
        ‘Present Value Rate’ is three-fifths of the annualized daily prime rate of interest, as described in Federal
        Reserve Statistical Release H.15 — Selected Interest Rates (available, for example, at http:// wwv.federalreserve.gov/Releases/H15/data.htm),
        or any successor publication of the US Federal Reserve System, but if there is no such publication, the lowest prime rate
        published in The Wall Street Journal.

        28. Further Assurances.
        Lessee will promptly execute such documents And take such further action as Lessor may from time to time reasonably
        request in order to carry out the intent of this Lease or protect or perfect the rights, interests, and remedies of Lessor
        reasonably intended to be created thereunder.

        29. Notices. Notices
        under this Lease shall be in writing and conclusively deemed to have been received by the receiving party; on the 5th
        business day after being sent by first class mail, postage prepaid, unless there is an interruption in postal services,
        or on the business day when sent by confirming fax; or if sent by overnight or express domestic or international courier,
        on the next business day or other business day warranted by the courier for delivery; or when given in person; and in
        all such cases notice shall be directed to a party at its address set forth in this Lease, or at such other address as
        a party may notify the other from time to time as its address for notice. Notices not sent in accordance with the foregoing
        will only be effective if and when the writing is actually received by the receiving party at its address for notice.

        30. Interpretation.
        Term of inclusion mean inclusion without limitation. Time is of the essence. The provisions of this Lease will survive
        its termination, and any return or sale of Equipment, and remain in full force and effect with respect to events or conditions
        occurring or
	 	
        existing during (or fairly attributable to) the Term or Possession
        Period. Any waiver or failure of a party to require strict observance of this Lease will not constitute a waiver of any other breach
        of the same or any other provision of the same Lease or any other lease. This Lease will not be binding upon a party until executed
        by the party. This Lease cannot be amended except in an instrument executed by both parties. This Lease binds and benefits the
        parties’ successors and permitted assigns. The parties hereby acknowledge that they have required this contract, and other
        agreements and notices required or permitted to be entered into or given pursuant hereto, to be drawn up in the English language
        only. If any such document or communication is prepared in or contains both the English language and another language, only the
        English language provisions shall have import and the versions in any other language shall not be binding upon the parties thereto
        and shall have no effect whatsoever on the Interpretation or construction of the English language version. The page Numbering of
        this Lease may be exclusive of exhibits, if any.

        31. Soft Cost Items.
        The Equipment may contain software in which the Parties have no ownership or other proprietary rights. Where required
        by a software owner or manufacturer or the Seller of other Soft Cost Items, Lessee will enter into n license or other
        agreement for the use of the software and the provision of the Soft Cost Items. Any such agreement will be separate and
        distinct from this Lease, and Lessor will have no rights or obligations thereunder unless otherwise agreed by it in writing.
        Any rent attributable to Lessor’s financing of Soft Cost Items will be paid under this Lease as rent subject to
        the provisions of Section 5 regardless of Lessee’s dissatisfaction with, or the failure or quality of the Soft Cost
        Items, Lessee acknowledges that all Soft Cost Items are provided directly to Lessee by Seller, and not by Lessor, regardless
        of: anything to the contrary in this Lease; the listing of a Soft Cost Item in this Lease or any purchase agreement, purchase
        assignment agreement, or other agreement entered into by Lessor (and any such agreement, to the extent entered into by
        Lessor and relating to Soft Cost Items, shall be solely for the benefit of the Lessee); any characterization by the parties
        of a Soft Cost Item as ‘Equipment’ in this Lease or any related document.

        32. Facsimiles.
        In any proceeding relating to this Lease, a party may produce a reliably made facsimile will be of an instrument rather
        than the original and such facsimile will be considered the original. Each party acknowledges that it has received and
        reviewed all of the pages of this Lease and that none of its provisions are missing or illegible.

        33. Invalidity.
        A provision of this Lease that is or becomes invalid will be ineffective only to the extent of the invalidity, without
        affecting the remainder of such provision or this Lease.

        34. Applicable Law.
        This Lease is governed by Michigan law without regard to conflicts of law principles. The parties consent and submit
        to the jurisdiction of the local, state, and federal courts located within Michigan. The parties wave any objection relating
        to improper venue or Forum non conveniens to the conduct of any proceeding in any such courts.The parties irrevocably
        waive all right to trial by jury in anyproceeding between them relating to this Lease or the Equipment.

 

If this Lease was transmitted to Lessee
for signature in electronic format, Lessee represents and warrants to Lessor that the text originally transmitted has not been
altered in any way. Lessor’s acceptance of this Lease is based on its reliance on, and specifically conditioned by, the
truth of this representation and warranty. Lessee acknowledges receipt of a true copy of this Lease. This Lease constitutes the
entire agreement of the parties relating to leasing of the Equipment.

 

	
        L’Auberge De Sedona LLC

        (Lessee)
	 	
        Macquarie Equipment Finance, LLC

        (Lessor)

	 	 	 	 	 
	By:	/s/ Al Spector	 	By:	/s/ Wendell Lochbiler
	Name/Title:	Al Spector/Manager	 	Name/Title	Wendell Lochbiler Vice President- Contracts
	Date:	2/24/11	 	Date:	2-25-11

 

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        MELA V (US Lease Nonn)

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	MACQUARIE

Acceptance Certificate

For Lease No. 001

 

	Lessee:                  L’ Auberge De Sedona LLC	Lessor:                 Macquarie Equipment Finance LLC
	Street Address:     301 L’Auberge Lane	Street Address:    2285 Franklin Road, Suite 100
	City/State/Zip:      Sedona, AZ 86336	City/State/Zip:      Bloomfield Hills, MI 48302
	This Acceptance Certificate is made by Lessee pursuant to the above-referenced Lease between Lessee and Lessor (‘Lease’). Capitalized terms used in this Acceptance Certificate without definition are defined in the Lease.

 

Lessee certifies that: (a) the Equipment
described or referred to in this Acceptance Certificate (‘Accepted Equipment’) is located at the Equipment Location
specified below and is fully installed; (b) Lessee has inspected the Accepted Equipment; (c) on the Acceptance Date specified below
Lessee accepted the Accepted Equipment for all purposes of the Lease, any purchase documents with Seller, and all related documents;
and (d) no Event of Default or event that with notice or the lapse of time would constitute an Event of Default is continuing.

 

1. The Accepted Equipment is all of the Equipment described
in the Lease.

 

	2. Seller:	DSS Installations, Ltd.

 

3. Address for Billing (if different from Lessee’s address
stated above):

 

	 	 	 
	 	 	 
	 	 	 

 

	4. Equipment Location:	301 L’Auberge Lane
	 	Sedona, AZ 86336
	 	 
	5. Acceptance Date:	February 24, 2011 (Lessee must fill in.)

 

	L’Auberge De Sedona LLC (Lessee)	 
	 	 	 
	By:	/s/ Al Spector	 
	Name/Title:	Al Spector/Manager	 
	Date:	2/24/11	 

 

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OUTSOURCING AND IT STAFFING AGREEMENT

 

THIS AGREEMENT (“Agreement”)
is entered Into on March 1, 2009, between MerIT Technology Partners (“Provider”), with its principal place of business
located at 2940 Southwest Drive, Sedona, Arizona, 86336 and Sedona Center (“Client”), with its principal place of business
located at 301 L’Auberge Lane, Sedona, Arizona, 86336 and shall be effective as of March 1, 2009 (the “Effective Date”).

 

RECITALS

 

WHEREAS, Provider is engaged in the business
of providing personnel and expertise for the performance of certain technology-related services,

 

WHEREAS, Client wishes to retain Provider
to provide personnel to Client in connection with the project. or projects set forth in Exhibit A (Statement of Work).

 

NOW, THEREFORE, Provider and Client agree
as follows:

 

		1.	Scope
of Services

 

Provider will provide
personnel (the “Supplied Personnel”) to perform the work (the “Work”) described in Exhibit A for Client
in accordance with the completion times set forth therein.

 

		2.	Price
and Payment Terms

 

Provider agrees to cooperate with Client’s
reasonable requests with respect to the supplying of personnel and to pay Provider for the services of the Supplied Personnel as
set forth in Exhibit A.

 

		3.	Relation
of Parties

 

A.            
The Supplied Personnel are employees of Provider, and Provider retains all responsibility related thereto, including but not limited
to withholding and payment of any applicable local, state or federal taxes, and payment for Workers’ Compensation
protection. Provider will indemnify client against any claims made or brought by personnel, government or taxing authority relating
to such payments or withholdings.

 

B.            
The performance by Provider of Its duties and obligations under this Agreement will be that of an independent contractor, and nothing
herein shall create or imply an agency relationship between Provider and Client, nor will this Agreement be deemed to constitute
a joint venture or partnership between the parties.

 

		4.	Term
and Termination

 

Unless terminated as
provided herein, the effective date of this agreement shall begin January 1, 2009 for a term of one ( 1 ) year ending December
31, 2010. Client may terminate this Agreement without cause upon three ( 3 ) months written notice. In the event of termination
without cause, Client

 

    	 

    	 

    

 

agrees to pay Provider for any and all
payments remaining on the contract. Either party may terminate this agreement for material breach, provided, however, that the
terminating party has given the other party at least sixty (60) days written notice of and the opportunity to cure the breach.
Termination for breach will not preclude the terminating party from exercising any other remedies for breach.

 

		5.	Ownership of Intellectual property

 

To the extent that
Provider has received payment of compensation as provided in this Agreement, any work of authorship created in conjunction with
the Work will be deemed a “commissioned work” and “work made for hire” to the greatest extent permitted
by law and Client will be the sole owner of the Work and/or any works derived there from. To the extent that the Work is not properly
characterized as “work made for hire,” then Provider hereby irrevocably assigns to Client all right, title and interest
in and to the Work (including but not limited to the copyright therein), and any and all Ideas and information embodied therein,
in perpetuity and throughout the world.

 

		6.	Confidential
Information

 

A.           
Provider warrants that it has obligated the Supplied Personnel to abide by the terms of this Agreement related to the nondisclosure
of confidential information. All information relating to Client that is known to be confidential or proprietary, or which is clearly
marked as such, will be held in confidence by Provider and will not be disclosed or used by Provider except to the extent that
such disclosure or use Is reasonably necessary to the performance of the Work.

 

B.            
All information relating to Provider that is known to be confidential or proprietary, or which is clearly marked as such, shall
be held in confidence by Client and will not be disclosed or used by Client except to the extent that such disclosure or use is
reasonably necessary to the performance of Client’s duties and obligations under this Agreement.

 

C.            
These obligations of confidentiality will extend for a period of One Year after the termination of this agreement, but will not
apply with respect to information that Is independently developed by the parties, lawfully becomes a part of the public domain,
or of which the parties gained knowledge or possession free of any confidentiality obligation.

 

		7.	Warranty
and Disclaimer

 

Provider warrants that
the Work will be provided in a workmanlike manner, and in conformity with generally prevailing industry standards. THIS WARRANTY
IS EXCLUSIVE AND IS IN LIEU OF ALL OTHER WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE AND ANY ORAL OR WRITTEN REPRESENTATIONS, PROPOSALS OR STATEMENTS MADE ON OR PRIOR TO THE EFFECTIVE
DATE OF THIS AGREEMENT.

 

		8.	Limitation
of Remedies

 

Client’s sole
and exclusive remedy for any claim against Provider with respect to the quality of the Work will be the correction by Provider
of any material defects or deficiencies therein, of which Client notifies Provider in writing within ninety (90) days after the
completion of that portion of Provider’s

 

    	 

    	 

    

 

 

Work. In the absence of any such notice,
the Work will be deemed satisfactory to and accepted by Client.

 

		9.	Limitation
of Liability

 

In no event will Provider
be liable for any loss of profit or revenue by Client, or for any other consequential, incidental, indirect or economic damages
incurred or suffered by Client arising as a result of or related to the Work, whether in contract, tort or otherwise, even if Client
has advised of the possibility of such loss or damages. Client further agrees that the total liability of Provider for all claims
of any kind arising as a result of or related to this Agreement, or to any act or omission of Provider, whether in contract, tort
or otherwise, will not exceed an amount equal to the amount actually paid by Client to Provider for the Work during the twelve
(12) month period preceding the date the claim arises. Client will indemnify and hold Provider harmless against any claims by third
parties, including all costs, expenses and attorneys' fees incurred by Provider therein, arising out of or In conjunction with
Client's performance under or breach of this Agreement.

 

		10.	E
mployee Solicitation/Hiring

 

During the period of
this agreement and for twelve (12) months thereafter, neither party shall directly or indirectly solicit or offer employment to
or hire any employee, former employee, subcontractor or former subcontractor of the other. The terms “former employee”
and “former subcontractor” shall Include only those employees or subcontractors of either party who were employed or
utilized by that party on the Effective Date of this Agreement.

 

		11.	Non-assignment

 

Neither party may assign
this Agreement, In whole or in part, without the prior written consent of the other party. This Agreement shall inure to the benefit
of, and be binding upon, the parties hereto, together with their respective legal representatives, successors and assigns, as permitted
herein.

 

		12.	Arbitration

 

Any dispute arising
under this Agreement will be subject to binding arbitration by a single Arbitrator with the American Arbitration Association (AAA),
in accordance with Its relevant industry rules, if any. The parties agree that this Agreement will be governed by and construed
and Interpreted In accordance with the laws of the State of Arizona. The arbitration shall be held in Arizona. The Arbitrator will
have the authority to grant injunctive relief and specific performance to enforce the terms of this Agreement. Judgment on any
award rendered by the Arbitrator may be entered in any Court of competent jurisdiction.

 

		13.	Attorneys'
fees

 

If any litigation or
arbitration Is necessary to enforce the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys'
fees and costs.

 

    	 

    	 

    

 

		14.	Severability

 

If any term of this
Agreement Is found to be unenforceable or contrary to law, It shall be modified to the least extent necessary to make It enforceable,
and the remaining portions of this Agreement will remain in full force and effect.

 

		15.	Force
Maieure

 

Neither party will
be held responsible for any delay or failure In performance of any part of this Agreement to the extent such delay is caused by
events or circumstances beyond the delayed party's reasonable control.

 

		16.	No
Waiver

 

The waiver by any party
of any breach of covenant will not be construed to be a waiver of any succeeding breach or any other covenant. All waivers must
be in writing, and signed by the party waiving its rights. This Agreement may be modified only by a written Instrument executed
by authorized representatives of the parties hereto.

 

		17.	Entire
Agreement

 

This Agreement constitutes
the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior agreements, proposals,
negotiations, representations or communications relating to the subject matter. Both parties acknowledge that they have not been
Induced to enter Into this Agreement by any representations or promises not specifically stated herein.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement on the date first set forth above.

 

	Provider: MeriT Technology Partners	 	Client: Sedona Center
	 	 	 	 	 	 	 
	By:	/s/ Paul Giovanni	 	 	By:	/s/ Del Goehring	 
	 	Paul Giovanni	 	 	 	Del Goehring	 
	 	 	 	 	 	 	 
	Title: Managing Member	 	Title: Controller

 

    	 

    	 

    

 

 

EXHIBIT
A: STATEMENT OF WORK

 

		1.0	Scope

 

Management of Information Technology
(IT) infrastructure

-IT Technician(s) - Eighty (80
)Hours Monthly (over 80 Hours monthly will be overtime)

-On call technician 24/7/365
for Emergencies

 

		2.0	Tasks

 

Install Support and Maintain Business systems Including: 

	- Computer File Servers	 	- Other IT Work As Applicable
	- Computer Workstations	 	- Network Routers & Switches

- Firewall / SPAM and intrusion Detection Systems

-Operating System and Application Software

 

		3.0	Service
Sites: Services will be performed at the following locations:

 

	L'Auberge de Sedona	Amara Resort
	Orchards Inn	LeClere Office
	Open Range	Accounting Office
	Rocky Mt. Chocolate Factory	F&B Admin Office

 

		4.0	Client
Representative. Personnel will perform Services for:

 

	Client Representative Name:	Joe Mottershead / Del Goehring
	Client Department:	Executive / Accounting
	Phone Number:	928.282.1661 / 282.4527
	Email Address:	JoeM@Lauberge.com / DelG@lauberge.com

 

		5.0	Compensation:

 

As full compensation for the Services rendered pursuant
to this Agreement, Client will pay Provider the sum of $60,000.00 annually plus applicable overtime to be paid as follows:

 

-
Monthly In the amount of $5,000.00

-
Overtime shall be billed at a rate of $75.00/hour

-
Hours Beyond Scope Outlined Above Are Considered Overtime ( Cost Averaged Monthly )

-
Overtime Hours Will be Added to Monthly Invoices and Are Payable Upon Receipt

 

(Continued on Following Page)

 

DG

 

    	 

    	 

    

 

		6.0	Expenses
and Taxes

 

Prices quoted for Services do
not include, and Client will reimburse Provider for, its reasonable and necessary cost of travel and out-of-pocket costs for photocopying,
overnight courier, unusual long distance telephone and the like. All non-local trips must be approved by Client before commencing.
Any applicable sales tax is to be paid by Client.

 

		7.0	Accounting
of Time

 

Client will be provided a detailed
account of time on a monthly basis. This accounting will include the breakdown of time spent by MerIT employee(s) at the client's
business by business unit and by type of work performed. This accounting will be included with the monthly invoice.

 

		8.0	“Roll-Over”
of Unused Time

 

During the first six (6) months
of this contract any unused hours will roll-over to the following month and will be used prior to incurring overtime. The roll-over
will be limited to a maximum of One Hundred Sixty (160) hours for any given 30 day period.

 

		9.0	Six
(6) Month “Fresh Look”

 

Upon completion of the first
six (6) months of this contract Provider agrees to allow the Client a “Fresh Look” to determine if the scope of this
agreement should be modified to add or subtract IT hours. Provider agrees to negotiate and modify the terms of this contract in
a manner mutually agreeable by both parties.

 

If it is determined upon the
“Fresh Look” that no changes are necessary, this contract will remain in force to the end of the original term specified
herein.

 

EXHIBIT B: RESPONSE TIMES

 

See Attached PDF Document

 

“Help Desk Times, Triage and Flow.pdf”

 

DG

 

    	 

    	 

    

 

 

 

EXHIBIT A: STATEMENT OF WORK

 

		1.0	Scope

 

Management of Information Technology
(IT) infrastructure

-IT Technlcian(s) - Eighty (80
)Hours Monthly (over 80 Hours monthly will be overtime)

-On call technician 24/7/365
for Emergencies

 

		2.0	Tasks

 

Install Support and Maintain
Business systems including:

	-  Computer File Servers	- Other IT Work As Applicable
	-  Computer Workstations	- Network Routers & Switches
	- Firewall / SPAM and Intrusion Detection Systems	 
	-Operating System and Application Software	 

 

		3.0	Service
Sites: Services will be performed at the following locations:

 

	 L'Auberge de Sedona	Amara Resort
	Orchards Inn	LeClere Office
	Open Range	Accounting Office
	Rocky Mt. Chocolate Factory	F&B Admin Office

 

		4.0	Client
Representative. Personnel will perform Services for:

 

	Client Representative Name:	Joe Mottershead / Del Goehring
	Client Department:	Executive / Accounting
	Phone Number:	928.282.1661/282.4527
	Email Address:	JoeM@Lauberge.com / DelG@lauberge.com

 

		5.0	Compensation:

 

As full compensation for the
Services rendered pursuant to this Agreement, Client will pay Provider the sum of $60,000.00 annually plus applicable overtime
to be paid as follows:

 

-
Monthly in the amount of $5,000.00

-
Overtime shall be billed at a rate of $75.00/hour

-
Hours Beyond Scope Outlined above Are Considered Overtime ( Cost Averaged Monthly)

-
Overtime Hours Will Be Added to Monthly Invoices and Are Payable Upon Receipt

 

(Continued on Following Page)

 

 

DG

    	 

    	 

    

 

		6.0	Expenses
and Taxes

 

Prices quoted for Services do
not Include, and Client will reimburse Provider for, Its reasonable and necessary cost of travel and out-of-pocket costs for photocopying,
overnight courier, unusual long distance telephone and the like. All non-local trips must be approved by Client before commencing.
Any applicable sales tax Is to be paid by Client.

 

		7.0	Accounting
of time

 

Client will be provided a detailed
account of time on a monthly basis. This accounting will include the breakdown of time spent by MerlT employee(s) at the client's
business by business unit and by type of work performed. This accounting will be included with the monthly invoice.

 

		8.0	“Roll-Over”
of Unused Time

 

During the first six ( 6 ) months
of this contract any unused hours will roll-over to the following month and will be used prior to incurring overtime. The roll-over
will be limited to a maximum of One Hundred Sixty (160) hours for any given 30 day period.

 

		9.0	Six
(6) Month “Fresh Look”

 

Upon completion of the first
six (6) months of this contract Provider agrees to allow the Client a “Fresh Look” to determine if the scope of this
agreement should be modified to add or subtract IT hours. Provider agrees to negotiate and modify the terms of this contract in
a manner mutually agreeable by both parties.

 

If it is determined upon the
“Fresh look” that no changes are necessary, this contract will remain in force to the end of the original term specified
herein.

 

EXHIBIT B: RESPONSE TIMES

 

See Attached PDF Document

 

“Help Desk Times, Triage and Flow.pdf”

 

DG

 

    	 

    	 

    

 

	 	SERVICE REQUEST – HELP DESK MATRIX
	PRIORITY	P1	P2	P3	P4
	DESCRIPTION	
        Multiple Workers Affected

        No Work Around
	
        Multiple Workers Affected

        Work Around Available

        Single Worker VIP Affected

        No Work Around
	
        Single Worker Affected

        Work Around
	Scheduled Requests
	ACKNOWLEDGEMENT	1 Hour	2 Hours	4 Hours	8 Hours
	RESOLUTION	A.S.A.P	8 Hours	24 Hours	As Reasonable
	ASSIGNMENT	1 Hour to SWAT	2 Hours To Tech Lead	8 Hours to Analyst	8 Hours to Help Desk
	
        MISSED

        ACKNOWLDGEMENT
	
        Notify management with

        Hourly updates until

        Acknowledgement

        Received
	Reminder Page	Reminder Page	Reminder Page
	
        50% TO

        RESOLUTION TIME
	N/A	
        Notify management;

        Notify Lead; Metrics Report
	
        Notify management;

        Notify Lead; Metrics Report
	
        Notify management;

        Notify Lead; Metrics Report

	
        PROACTIVE

        NOTIFICATION
	
        Hourly Updates to Help

        Desk. Coordinator
	 	 	
        Reminder email 8 hours

        Prior to resolution

	
        MISSED

        RESOLUTION

         
	N/A	
        Auto-escalate to next

        support level;

        Metrics Report
	
        Auto-escalate to Lead

        Metrics Report
	
        Notify Management

        Metrics Report

	
        ESCALATION

        LEVEL
	N/A	
        Escalate to SWAT or

        next level of

        management after

        missed resolution;

        150% of Resolution

        time (6 hours);

        Metrics Reports
	
        Escalate to Lead after

        missed resolution;

        Escalate to

        Management after

        150% of Resolution

        time (12 hours):

        Metrics Report
	
        Metrics

        Report

	
        NOTIFICATION

        LEVEL
	
        Automatic or Manual

        Email to CIO within 30

        Minutes; Page IT

        Managers, IT Directors
	
        Metrics

        Report
	
        Metrics

        Report
	
        Metrics

        Report

 

    	 

    	 

    

 

 

 

 

 

 

 

DG

    	 

    	 

    

 

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	Detailed Report	Page 1 of 4

 

	MerIT Technology Partners

 

Detailed Time Report

 

	Timeframe	01 Mar 2009 - 31 Mar 2009	Person	All users
	Client	Sedona Campus	Task	All tasks
	Project	All projects	Total	56.00 hours
	 	 	 	56.00 billable & uninvoiced

 

	DATE	CLIENT	PROJECT	TASK	PERSON	HOURS
	03/02/2009 (3.50 hours)	 	 	 	 
	03/02/2009	Sedona	Orchards inn at	Misc.	Darshan	3.00
	 	Campus	L'Auberge	 	Simon	 
	 	Walked Los Abrigados Lodge property and created plan for cross connecting room all room phones to Mitel system at Orchards	 	 	 
	03/02/2009	Sedona	Orchards inn at	Misc.	Darshan	0.50
	 	Campus	L'Auberge	 	Simon	 
	 	Drew conduit plan for Orchards/Los Abrigados Lodge phone interconnect	 	 	 
	03/03/2009 (0.75 hours)	 	 	 	 
	03/03/2009	Sedona	L'Auberge de Sedona	Cabling	Chris Fox	0.75
	 	Campus	 	 	 	 
	 	Went with Paul and Brian to decide on best route for cables between new server room and bakery closet	 	 	 
	03/04/2009 (0.50 hours)	 	 	 	 
	03/04/2009	Sedona	Orchards Inn at	Cabling	Darshan	0.50
	 	Campus	L'Auberge	 	Simon	 
	 	Pulled pull tape through Orchards  house conduit to facilitate connecting  Orchards & previous Los Abrigados Lodge	 	 	 
	03/05/2009 (14.50 hours)	 	 	 	 
	03/05/2009	Sedona	Orchards Inn at	Cabling	Darshan	5.00
	 	Campus	L'Auberge	 	Simon	 
	 	Pulled and cross connected 2x 50 pair cables through conduits between Los Abrigados Lodge and Orchards demarcs	 	 	 
	03/05/2009	Sedona	Orchards Inn at	Cabling	Chris Fox	5.00
	 	Campus	L'Auberge	 	 	 
	 	Ran 2 50 pair from Los Ab Lodge to Orchards phone room, punched 66 block	 	 	 

 

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	Detailed Report	Page 2 of 4

 

	03/05/2009	Sedona	L'Auberge de Sedona	Cabling	Darshan	0.50
	 	Campus	 	 	Simon	 
	 	Pulled 3x Cat5e from server room/demarc to just above conference room	 	 	 
	03/05/2009	Sedona	Orchards inn at	Cabling	Brian Clark	4.00
	 	Campus	L'Auberge	 	 	 
	 	Pull 2x 25 pair cables and punch down tq 66 blocks.	 	 	 
	03/06/2009 (1.50 hours)	 	 	 	 
	03/06/2009	Sedona	L'Auberge de Sedona	Cabling	Darshan	1.00
	 	Campus	 	 	Simon	 
	 	Verified cross connects, met with American Telephone tech and walked job with him	 	 	 
	03/05/2009	Sedona	Orchards inn at	Meetings	Darshan	0.50
	 	Campus	L'Auberge	 	Simon	 
	 	Met Trans West representatives at L'Auberge and explained details of telephone equipment move	 	 	 
	03/08/2009 (0.50 hours)	 	 	 	 
	03/08/2009	Sedona	L'Auberge de Sedona	Emergency	Darshan	0.50
	 	Campus	 	Support	Simon	 
	 	Tested DSL/Firewall at L'Auberge	 	 	 
	03/09/2009 (3.50 hours)	 	 	 	 
	03/09/2009	Sedona	L'Auberge de Sedona	Support	Darshan	3.00
	 	Campus	 	 	Simon	 
	 	Troubleshot and restored DSL & Internet connectivity	 	 	 
	03/09/2009	Sedona	Orchards inn at	Misc.	Chris Fox	0.50
	 	Campus	L'Auberge	 	 	 
	 	Brought DSL modem to Orchards	 	 	 
	03/11/2009 (0.75 hours)	 	 	 	 
	03/11/2009	Sedona	L'Auberge de Sedona	Support	Ryan Williams	0.25
	 	Campus	 	 	 	 
	 	Help with unloading server racks.	 	 	 
	03/11/2009	Sedona	L'Auberge de Sedona	Misc.	Brian Clark	0.50
	 	Campus	 	 	 	 
	 	Load up server racks, take to L'Auberge and unload	 	 	 
	03/12/2009 (14.50 hours)	 	 	 	 
	03/12/2009	Sedona	L'Auberge de Sedona	Cabling	Chris Fox	8.00
	 	Campus	 	 	 	 
	 	Cabled new server room, set up racks, installed ladder rack	 	 	 
	03/12/2009	Sedona	L'Auberge de Sedona	Cabling	Darshan	6.50
	 	Campus	 	 	Simon	 
	 	Worked on IT room build out, repaired phone lines damaged in removal of breezeway from Lodge	 	 	 

 

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	Detailed Report	 	 	 	Page 3 of 4

 

	03/13/2009 (4.00 hours)	 	 	 	 
	03/13/2009	Sedona	L'Auberge de Sedona	Installation	Brian Clark	2.00
	 	Campus	 	 	 	 
	 	Install 4 post rack, and rack UPS's. Clean up.	 	 	 
	03/13/2009	Sedona	L'Auberge de Sedona	Cabling	Chris Fox	2.00
	 	Campus	 	 	 	 
	 	Installed second 4-post rack in server room, installed UPS in each rack	 	 	 
	03/20/2009 (0.50 hours)	 	 	 	 
	03/20/2009	Sedona	L'Auberge de Sedona	Cabling	Chris Fox	0.50
	 	Campus	 	 	 	 
	 	Network down between Lauberge and Orchards. Initially appeared to be DSL modem. After testing modem, found problem was with fibre transceiver.	 	 	 
	03/23/2009 (7.50 hours)	 	 	 	 
	03/23/2009	Sedona	Orchards inn at	Cabling	Chris Fox	4.00
	 	Campus	L'Auberge	 	 	 
	 	Traced 100 pair cable from Orchards to L'auberge.	 	 	 
	03/23/2009	Sedona	L'Auberge de Sedona	Cabling	Darshan	1.00
	 	Campus	 	 	Simon	 
	 	Traced 100 pair cable from Orchards to L'auberge.	 	 	 
	03/23/2009	Sedona	Canyon Breeze	Cabling	Chris Fox	0.50
	 	Campus	 	 	 	 
	 	Traced 2x 25 pair from side of LeClere to Los Lodge	 	 	 
	03/23/2009	Sedona	Canyon Breeze	Cabling	Chris Fox	1.00
	 	Campus	 	 	 	 
	 	Traced cables for new POS terminals, installed switch under counter	 	 	 
	03/23/2009	Sedona	L'Auberge de Sedona	Cabling	Brian Clark	1.00
	 	Campus	 	 	 	 
	 	Tone out 100 pair from Orchards to L'Auberge.	 	 	 
	03/24/2009 (4.00 hours)	 	 	 	 
	03/24/2009	Sedona	L'Auberge de Sedona	Cabling	Darshan	2.00
	 	Campus	 	 	Simon	 
	 	Installed additional pieces of ladder rack and punched down 24 uplink cables from old IT closet	 	 	 

 

 

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	Detailed Report	Page 4 of 4

 

	03/24/2009	Sedona	L'Auberge de Sedona	Cabling	Chris Fox	2.00
	 	Campus	 	 	 	 
	 	Installed ladder rack, punched and  tones patch from old server room to  new	 	 	 
	 	 	 	 	 	TOTAL
      56.00

 

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	Sabre / Hospitality

                  Solutions© 

	SHS
Internet Marketing Services
	 	January 5, 2011

 

INTERNET MARKETING SERVICES AGREEMENT

 

This Agreement (the “Agreement”)
is made as of this 15th day of June, 2011 (“Effective Date”) between L’Auberge, LLC. (“Customer”)
and Sabre Hospitality SolutionsSM a division of Sabre Inc. (“SHS”).

 

SHS agrees to provide the consulting
services and web development services described in this Agreement for Customer in accordance with the terms and conditions hereinafter
set forth.

 

	
        1.  Consulting Services. SHS agrees
        to provide services to Customer as described on Exhibit A – Internet Marketing Services Plan, and Exhibit B – Website
        Development (if applicable).

         

        2.  Website Development.  SHS will
        provide, on a non-exclusive basis, design and development services in connection with the creation or maintenance of an Internet
        Website, which shall include all graphics, content, branding, look and feel and source and object code for same that SHS shall
        conceive or develop after the Effective Date in the course of performing work for the Customer (together, the ‘Website”),
        pursuant to the description set forth In the attached Exhibit B. SHS shall use commercially reasonable efforts to perform
        the Services pursuant to the express terms of this Agreement.

         

        3.  Efforts.  Customer shall use commercially
        reasonable efforts to cooperate fully and in a timely manner with SHS with regard to the performance of the Services under this
        Agreement, and shall provide SHS all reasonable assistance and access to Customer facilities, files, and equipment, which SHS may
        reasonably require to perform the Services under this Agreement.

         

        4.  Compensation.  Customer shall
        pay SHS, and SHS shall accept from Customer, in payment of SHS’ services hereunder, compensation in the amount and rate as
        set forth In Exhibit A and Exhibit B (if applicable) and according to the Compensation Schedule attached hereto. Customer agrees
        to pay SHS all reasonable costs and expenses incurred In providing the consulting and development services set forth in this Agreement,
        including such costs as directory submissions, search engine paid advertising, photographs, long distance telephone calls, postage,
        reproduction and facsimile, travel expenses, etc. SHS will provide a monthly statement to Customer setting forth all fees and costs
        due under this Agreement. Customer shall pay all amounts due upon receipt of SHS’ statement and, in any event, within thirty
        (30) days of receipt of each statement. In the event an amount due is not paid within thirty (30) days of receipt of a statement
        setting forth the amount due, Customer agrees to pay interest on all amounts over thirty (30) days old at an annual rate of 15%
        or 14% per month. All payments due to SHS are payable by check or wire transfer, and are to be paid In United States currency.

         

        5.  Term.  This Agreement will commence
        on the Effective Date, and will remain in effect for twelve (12) months from such date (“Term”), subject to prior termination
        as set forth in Section 7. However, this Agreement shall be automatically renewed and extended for additional twelve (12) month
        periods unless at least thirty (30) days prior to the expiration of the initial Term or renewal Term, either party provides written
        notice to the other of its decision not to renew and extend.

         

        6.  Fee Increases.  Customer understands
        that SHS will increase pricing up to five percent (5%) after each anniversary of the Effective Date during any Term or Renewal
        Term.

         

        7.  Events of Default/Termination.  Either of the following shall constitute a default under this Agreement: (i) failure to pay any sums when due and such failure
        continues for a period of 30 days after receipt of written notice of such default; (ii) failure to comply with any of the terms
        of this Agreement and such failure continues for a period of 30 days after receipt of written notice identifying the
	 	 	
        failure; or (iii) either party declares
        bankruptcy or becomes insolvent.

         

        In the event of a default which remains
        uncured beyond the specified time period, the non-defaulting party may (i) demand payment of all outstanding amounts due pursuant
        to this Agreement and demand the payment of all costs, damages, expenses, and reasonable attorney’s fees arising due to the
        default and (ii) terminate this Agreement effective as of the date written notice is sent.

         

        In the event of termination or expiration
        of this Agreement for the reasons outlined in this Section, each party will return the other party’s Confidential Information
        In its possession at the time of termination.

         

        8.  Early Termination Fee.  Customer
        will remain liable for all amounts due to SHS under this Agreement if this Agreement is terminated. In the event this Agreement
        is terminated prior to the expiration of any Term for any reason other than due to a material breach of the Agreement by SHS, Customer
        agrees to pay a termination fee equal to the monthly payments due under this Agreement multiplied by the number of months remaining
        in the Term.

         

        9.  Confidentiality.  During the term
        of this Agreement, it is acknowledged by Customer and SHS, that Customer and SHS may each receive or have access to confidential
        and proprietary information of the other party including, but not limited to, software, code, tools, member lists, specifications,
        data in the form of a database, and other proprietary information and trade secrets (“Confidential Information”). Each
        party acknowledges that it shall not acquire any ownership or other rights in or to Confidential Information of the other except
        as provided for in this Agreement, and shall use the Confidential Information only for the purposes of the performance of this
        Agreement, and shall keep confidential and not disclose the Confidential Information to any other person, firm or corporation without
        the prior written consent of the other party, except as otherwise required by law. Any Confidential Information transmitted in
        writing or by other tangible media shall remain the property of the owner. Confidential Information shalt not include any information
        that is independently developed by SHS or lawfully received free of restriction from another source having the right to so furnish
        such information; or any information that has become or becomes generally available to the public.

         

        10.  Scope of Engagement/Independent
        Contractor Status.  Nothing contained herein shall be deemed or construed by the parties hereto or by any
        third party as creating the relationship of (I) principal and agent, (ii) partnership, (iii) joint venture, or (iv) employer
        and employee between the parties. SHS is an independent contractor and is entirely and solely responsible for its acts
        and the acts of its respective employees, subcontractors, and agents while performing the Services, and for the payment
        of its own and its employees’ compensation (including if applicable, withholding and payment of self-employment
        taxes, Income taxes, social security taxes and other payroll taxes, workers’ compensation and disability benefits
        Insurance). Unless otherwise agreed to by the parties in writing, SHS shall only receive the compensation set forth in
        this Agreement and, each party shall only be entitled to its respective rights as are provided for in this Agreement with
        respect to the subject matter of this Agreement.

 

	ü Document Integrity Verified	EchoSign Transaction Number: 2TDRZWXA3RXU5L

 

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	Sabre / Hospitality

                Solutions© 

	
        SHS Internet Marketing Services

        01/2011

 

	
        SHS, as an independent contractor shall
        have sole control over the manner and means of conducting the Services in accordance with the terms of this Agreement. Neither
        party shall have authority to act for or on behalf of the other party or to bind the other party to any contract without the express
        prior written consent of the other party; it being intended that each shall be responsible for its own actions. Customer Is aware
        that SHS may engage in providing Internet marketing and Website development services to other businesses, and Customer consents
        to SHS’ other employment and agrees that in no event shall such other employment constitute a material breach of this Agreement.

         

        11.  Ownership.  Upon receipt of payment
        by SHS of the compensation owed to SHS by Customer under this Agreement, Customer shall own all right, title, and interest In and
        to the Website created by SHS for the Customer and any associated intellectual property rights therein, including any HTML source
        files, designs, text, graphics, images, or illustrations created by SHS for the Customer pursuant to the terms of this Agreement.
        All rights, title, and Interest In and to any Customer content, trademarks, logos, and domain names provided by Customer are and
        shall remain the property of Customer.

         

        Notwithstanding the foregoing, Customer
        acknowledges and agrees that all right, title, and interest, in and to any of SHS Tools and any associated intellectual property
        shall remain and be the sole property of SHS. SHS Tools shall mean any and all object and source code, tools, techniques,
        data, design, documents, methods, graphics, works of authorship, and Content Management Toot which SHS developed prior to the Effective
        Date of this Agreement or licensed from a third party. in addition, SHS Tools shall mean information, material, techniques, methods,
        tools, media, content, software, computer programs, and other technology, Including Search Engine specific tools or methods, which
        SHS develops during the course of its performance under this Agreement that relate to SHS’ means of doing business and are
        not developed solely for use by Customer. Customer agrees that it will not disclose, make available, sub-license, or otherwise
        transfer any of SHS Tools to any third party or otherwise circumvent, disassemble, or decompile any programming source code, which
        is part of SHS Tools.

         

        To the extent any SHS Tools are Incorporated
        into or made an embedded part of the Website, SHS hereby grants to Customer, a perpetual, non-exclusive, royalty free license to
        use, modify or copy such SHS Tools to the extent necessary to utilize fully the Website. Search Engine specific tools or methods
        that are not necessary to fully utilize the Website will be removed and returned to the format which was in use by Customer prior
        to the Agreement.

         

        Subject to the foregoing license, SHS reserves
        all rights in its SHS Tools and its other intellectual property and intangible assets.

         

        12.  Warranty.

         

        a)  Both parties hereby represent and warrant
        that the performance of its obligations hereunder has been duly authorized by all necessary corporate action and this Agreement
        is a legal, valid, and binding obligation enforceable against it In accordance with the terms and conditions hereof.

         

        b)  Customer represents and warrants to
        SHS that any content or domain name provided by Customer to SHS (i) is not defamatory, libelous, lewd, pornographic, or obscene,
        (ii) does not contain viruses or other similar harmful or deleterious programming routines, and (iii) does not infringe or misappropriate
        any third party proprietary or personal rights under United Slates law.

         

        c)  SHS represents and warrants that all
        Services performed under this Agreement shall be provided by qualified professionals in their respective disciplines in a manner
        which
	 	 	
        is equivalent to the standard performed
        by SHS for other clients.

         

        d)  EXCEPT AS PROVIDED OTHERWISE IN THIS
        SECTION, ALL SERVICES HEREUNDER ARE PROVIDED ‘AS IS’, WITHOUT ANY WARRANTY WHATSOEVER. SHS DISCLAIMS ALL OTHER WARRANTIES,
        EXPRESS, IMPLIED, OR STATUTORY, REGARDING THE CONSULTING SERVICES, INCLUDING ANY WARRANTIES OF MERCHANTABILITY AND FITNESS FOR
        A PARTICULAR PURPOSE. NO REPRESENTATION OR OTHER AFFIRMATION OF FACT REGARDING THE SERVICES SHALL BE DEEMED A WARRANTY FOR ANY
        PURPOSE OR GIVE RISE TO ANY LIABILITY OF CUSTOMER WHATSOEVER. CUSTOMER ACKNOWLEDGES THAT IT HAS RELIED ON NO WARRANTIES OTHER THAN
        THE EXPRESS WARRANTY IN THIS AGREEMENT.

         

        e)  In the event of a breach of the above
        warranty, written notice thereof shall be given to SHS promptly, but not later than thirty (30) days from the date on which such
        Services were performed. Such notice shall describe the breach in detail, and SHS will re-perform any such defective services.

         

        f)  This Section shalt constitute Customer’s
        sole and exclusive remedy for breach of the above express warranty.

         

        13. Indemnification.  Each party
        (the ‘Indemnifying party’) agrees to Indemnify and hold the other (the ‘indemnified party’) harmless against
        arty suit, claim, damages and expense (Including reasonable attorneys’ fees) by reason of (a) any personal injuries or tangible
        property damage which the indemnified party may incur as the result of the indemnifying party’s gross negligence or willful
        misconduct in the course of the performance of this Agreement, or (b) breach of the indemnifying party’s obligations under
        the Section entitled ‘Confidentiality’ hereof.

         

        14. LIMITATION OF LIABILITY.  EACH
        PARTY WAIVES ALL TORT LIABILITY OF THE OTHER PARTY UNDER OR IN CONNECTION WITH THIS AGREEMENT THAT ARISES FROM NEGLIGENCE, WHETHER
        CONTRIBUTORY, SOLE OR JOINT. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, PUNITIVE
        OR CONSEQUENTIAL DAMAGES, INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, REVENUE OR SAVINGS, OR THE LOSS OF USE OF ANY DATA UNDER
        NO CIRCUMSTANCES SHALL (i) SHS’ AGGREGATE CUMULATIVE LIABILITY HEREUNDER, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED
        THE TOTAL AMOUNT OF SERVICE FEES ACTUALLY PAID BY CUSTOMER PURSUANT TO THIS AGREEMENT (ii) CUSTOMER’S AGGREGATE CUMULATIVE
        LIABILITY HEREUNDER, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE TOTAL AMOUNT OF SERVICE FEES DUE AND PAYABLE UNDER THIS
        AGREEMENT. CUSTOMER ACKNOWLEDGES THAT THE FEES PAID BY IT REFLECT THE ALLOCATION OF RISK SET FORTH IN THIS AGREEMENT AND THAT SHS
        WOULD NOT ENTER INTO THIS AGREEMENT WITHOUT THESE LIMITATIONS ON ITS LIABILITY.

         

        15. Notices.  All notices and communications
        concerning this contract shall be In writing and shall be (i) hand delivered, (ii) sent by mail, first class, registered or certified
        mail, return receipt requested, with postage prepaid, or (iii) sent by overnight courier service for next business delivery, shipping
        prepaid. Such notices shall be addressed to the authorized representatives of Customer and SHS designated below.

	 	 	 	To Customer	To SHS
	 	 	 	L’Auberge de Sedona	3150 Sabre Drive
	 	 	 	301 L’Auberge Lane	Southlake, TX 76092
	 	 	 	Sedona, AZ	Attn: President
	 	 	 	 	Copy to: General Counsel

 

	ü Document Integrity Verified	EchoSign Transaction Number: 2TDRZWXA3RXU5L

 

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	Sabre / Hospitality	SHS Internet Marketing Services
	               Solutions©	01/2011

 

	
        16.  Force Majeure.  Neither party
        will be liable for loss, injury, damage, delay or other casualty caused by strikes, lockouts, acts or omissions of any governmental
        authority or of the other party, insurrections, riots, war, acts of terrorism, fires, floods, failure of local, state, national
        or international telecommunications carrier, computer hosting facility, Acts of God, embargoes, or otherwise due to causes beyond
        the party’s reasonable control. In the event of any such delay, performance under this Agreement will be postponed by such
        length of time as may reasonably be necessary to compensate for the delay.

         

        17.  Entire Agreement.  This Agreement
        and the Exhibits attached hereto constitute the entire agreement between Customer and Si-IS with respect to the provision of the
        Services provided herein and supersedes and replaces any and all other agreements and representations, verbal or written, with
        respect to the subject matter of this Agreement. This Agreement shall be binding on the parties hereto and their respective successors
        and assigns. There are no representations, warranties or agreements made or relied
	 	 	
        upon by either party with respect to the
        subject matter of this Agreement that are not contained in this Agreement. This agreement may be executed in counterparts.

         

        18.  Modification.  No modifications,
        amendment, supplement to or waiver of this Agreement or any Schedule hereunder, or any of their provisions shalt be binding upon
        the parties hereto unless made in writing and duly signed by both parties.

         

        19.  Waiver and Severability.  A
        failure of either party to exercise any right provided for herein shall not be deemed to be a waiver of any right hereunder.
        In the event any one or more of the provisions of this Agreement or of any exhibit or schedule is Invalid or otherwise
        unenforceable, the enforceability of remaining provisions shall be unimpaired.

         

        20.  Governing Law.  This Agreement
        shall be governed by and construed in accordance with the laws of the State of Texas. Further, the parties designate the State
        of Texas as the forum for resolution of all disputes between the parties and hereby consent to the jurisdiction of and venue before
        the Federal and state courts in the State of Texas for these purposes.

 

Customer and SHS have caused this Agreement
to be executed by their duly authorized representatives as of the date set forth in the first paragraph hereof.

 

	Sabre Hospitality Solutions, a division of Sabre
    Inc.	 	L’Auberge, LLC.
	 	 	 
	BY:	 	 	BY:	 
	NAME:	 	 	NAME:	 
	TITLE:	 	 	TITLE:	 

 

	ü Document Integrity Verified	EchoSign Transaction Number: 2TDRZWXA3RXU5L

 

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	Sabre / Hospitality	SHS Internet Marketing Services
	               Solutions©	01/2011

 

Additional Services (Optional)

 

	Added Service	 	Implementation Fee	 	 	Monthly Fee	 
	 ̈ Content Management Tool	 	$	2,500	(*3)	 	$	300	 
	 ̈ Marketing Communications Center	 	$	1,000	 	 	$	75	 
	 ̈ E-store	 	$	4,500	 	 	$	150	 
	 ̈ E-store – Gift Card Only	 	$	1,000	 	 	$	75	 
	 ̈ Basic Trip Planner	 	 	 	 	 	 	 	 
	 ̈ E-mail Club Tool(*1)	 	$	3,500	 	 	$	300	 
	 ̈ E-mail Club with Automation(*2)	 	$	4,000	 	 	$	1,300	 
	 ̈ E-survey	 	$	1,500	 	 	$	75	 
	 ̈ Interactive Proposal Service	 	$	4,500	 	 	$	300	 
	 ̈ Reputation Management Dashboard	 	 	 	 	 	 	 	 
	 ̈ RezTrack	 	 	 	 	 	 	 	 
	 ̈ Website Hosting	 	 	 	(*3)	 	$	300	(*4)
	 ̈ Website Analysis	 	$	1,500	 	 	 	N/A	 
	 ̈ Mobile Text Marketing Platform	 	$	600	 	 	 	$100
plus $0.10

 per message	 

 

(*1) E-mail Club Tool includes up to 10,000 emails per month
and development of 1 customizable e-card template. Additional Email $0.03 per/email.

 

(*2) E-mail Club Tool with Automation includes daily PMS extracts
to pull all reservation activity and 4 automated email templates: E-confirmation, Pre-Arrival, Cancellation and Post Departure
letters.

 

(*3) Fee to move site to our hosting and/or Implement CMT will
be defined based on a site audit.

 

(*4) Monthly Fee for Website Hosting may vary based on size
for large websites

 

Mobile Website and/or Mobile Booking Engine (*5) —
Indicate Selections:

 

	 	 	x Smartphone (*6)	 	 	 ̈Basic (feature phone or non-
 Smartphone)	 	 	Transaction
 Fee –	 
	 	 	Implementation	 	 	Monthly	 	 	Implementation	 	 	Monthly	 	 	Per Net
 Reservation	 
	 ̈ Property Website	 	$	2,500	 	 	$	25	 	 	$	500	 	 	$	25	 	 	 	N/A	 
	x Property Booking Engine	 	$	750	 	 	$	25	 	 	$	500	 	 	$	25	 	 	$	7.00	 
	 ̈ Property Website & BE	 	$	3,000	 	 	$	50	 	 	$	1,000	 	 	$	50	 	 	$	7.00	 
	 ̈ Chain Website	 	$	4,000	 	 	$	150	 	 	$	2,000	 	 	$	150	 	 	 	N/A	 
	 ̈ Chain Booking Engine (*7)	 	$	1,500	 	 	$	175	 	 	$	1,000	 	 	$	175	 	 	$	7.00	 
	 ̈ Chain Website & BE (*7)	 	$	4,500	 	 	$	175	 	 	$	2,500	 	 	$	175	 	 	$	7.00	 

 

(*5) Monthly Fee for licensing/hosting with mobile CMT &
Booking Engine. Mobile booking fees at standard transaction fee of $7.

 

(*6) MCC Tool implementation is required for RSS Feeds in Smartphone
Websites. Standard pricing applies.

 

(*7) Chain pricing reflects standard cost for up to 20 properties.

 

	ü Document Integrity Verified	EchoSign Transaction Number: 2TDRZWXA3RXU5L

 

    	4

    	 

    

 

	Signature:  	/s/ Greg Velasquez	 
	 	Greg Velasquez (June 11, 2011)	 
	Email:  	gregv@lauberge.com	 
	Title:  	Director of Marketing	 

 

	ü Document Integrity Verified	EchoSign Transaction Number: 2TDRZWXA3RXU5L

 

    	 

    	 

    

 

 

	09/09/08  4:49PM 	Meyers	4805855321	Page 11

 

	
        Shift 4

        Secure Payment Processing
	
        Dollars            

        on the net 

CORPORATE AFFILIATE AGREEMENT

	SHIFT CORPORATION	 
	1491 Center Crossing Road	Prepared By: Rick Adams
	Las Vegas, NV 89144-7017	 
	Phone: (702) 597-2480	Affiliate of: Sedona Center, LLC
	Fax: (702) 597-2499	 
	www.Shift4.com	 

 

This Corporate Affiliate Agreement (this "Agreement) by
and between the above (SHIFT4) and:

	L’Auberge de Sedona LLC dba L’Auberge Restaurant on Oak Creek	(AFFILIATE)

270 N. Highway' 89A, Suite 11 

Sedona, AZ 86336

(928) 282-4527

 

Balance Due : $ 500.00

 

Initial Term

Three (3) years, commencing on the Effective Date of this Agreement,
unless this Agreement is earlier terminated in accordance with termination provisions stated herein.

 

Total Balance Currently Due:

 

Refer to Exhibit A on page 5 of this document to view Setup
and Transaction Fees.

 

Affiliate agrees it shall process transactions
with SHIFT4 for an initial Term of 36 months from the date the Corporate Affiliate Agreement is signed. Thereafter, the will be
automatically extended for 12 month term(s) unless AFFILIATE informs SHIFT4, in writing, of its intent to cancel at the end of
the current term AFFILATE can terminate the Corporate Affiliate Agreement as applicable at any time during the initial Term or
any renewal term by providing SHIFT4 thirty (30) Days prior written notice and paying all outstanding amounts due plus the amount
equal to the product of the Minimum Fee identified in Exhibit A multiplied by the number of months remaining in the then current
term (the "Early Termination Fee") The early termination fee shall be waived if the total number of transactions processed
by AFFILIATE determined in accordance with Exhibit A, is at least 1 Million transactions per month at the time the notice or termination
is given All pricing is valid for 30 days preceding the date on the bottom of this Agreement

 

To be valid, this Corporate Affiliate Agreement
must be signed and received at the SHIFT4 office address above within thirty (30) days of the date printed at the bottom of this
page. AFFILIATE understands if payment is not provided with this Agreement, the Total Balance Currently Due, as stated above, will
be charged in accordance with the ACH Agreement stated in this Agreement

 

	AFFILIATE Name	 	L’Auberge de Sedona LLC dba L’Auberge Restaurant on Oak Creek
	Authorized Signature	 	/s/ Mike Meyers
	Print Name	 	Mike Meyers
	Title	 	Manager
	Date	 	09/09/08

 

	 	 	Shift Corporation
	Authorized Signature	 	/s/ Thomas Stowers
	Print Name	 	Thomas Stowers
	Title	 	Vice President – Operations
	Date	 	09/10/08

 

	Page 1 of 5	Shift Corporation Affiliate Agreement (Confidential)	Date Prepared Tuesday, September 2, 2008

 

    	 

    	 

    

 

	09/09/08 4:49PM 	Meyers	4805855321	Page 12

 

General Provisions

SHIFT4 provides an online service which is a gateway between
AFFILIATES Point of Sale (POS) and AFFILIATE’S financial institution via AFFILIATE'S financial institutional third party
transaction processing company for the authorization and settlement of credit, debit and gift card transactions. SHIFT4 further
provides an online, Internet-based financial transaction accounting application for auditing, editing, reporting, archiving and
retrieving of credit, debit and gift card transactions. The service(s) is called DOLLARS ON THE NET® (pronounced “dollars
on the net”).

 

All capitalized terms not defined herein shad have the meanings
ascribed to them in the Master Service Agreement Terms and Conditions. Found in the Corporate Master Service Agreement

 

Installations 

Due to the fact that SHIFT4 has to configure software, and/or
perform setup operations, AFFILIATE understands that SHIFT4 cannot schedule a go-live date for AFFILIATE until SHIFT4 has received
this signed Agreement and the payment as specified.

 

AFFILIATE understands and agrees that setup operations, software
configuration/installation, and training will take place during normal working hours (7 a.m. to 7 p.m. Pacific Time) via telephone.

 

AFFILIATE agrees that it will make commercially reasonable efforts
to supply to SHIFT4 all required SHIFT4 Account Setup forms needed to establish and maintain AFFILIATE’S account; these forms
are located at http://www.shift4.com/installation.htm

 

AFFILIATE and/or AFFILIATE’S Merchant Service Provider
(MSP), on AFFILIATE'S behalf, agree to supply SHIFT4 with a copy of the detailed Processor Specific Profit Center Forms for all
merchant and/or terminal ID’s at least ten (10 ) business days prior to the scheduled go-live date. Upon receipt
of the forms SHIFT4 will validate information with AFFILIATE’S financial institution or AFFILIATE’S financial institution’s
third party processor; this process may take as much as 72 hours. Once validation is complete AFFILIATE’S ASP account is
established. If the information can not be validated, the information will be returned AFFILIATE for correction. AFFILIATE is
responsible for correction of these errors; however SHIFT4 will advise AFFILIATE and/or AFFILIATE’S MSP to correct specific
problems. SHIFT4 has no control over the time frame it will take AFFILIATE’S MSP to make required changes. Once SHIFT4 has
received corrected information the validation process and time frames will be repeated. If AFFILIATE does not turn in any MSP/Setup
information within 90 days of the Effective Date of this Agreement AFFILIATE’S account will be subject to termination and
all setup fees will be forfeited.

 

AFFILIATE understands and agrees that SHIFT4 is not responsible
for the setup of merchant and/or terminal IDs with the AFFILIATE’S MSP.

 

AFFILIATE understands that if SHIFT4 is not supplied all required
Account Setup Forms timely; the go-live date cannot be accommodated. If AFFILIATE has not completed the installation process within
60 (Sixty) days of the execution of this Agreement, by no fault of SHIFT4, SHIFT4 will bill AFFILIATE, the Minimum Fee as documented
in this Agreement, unless AFFILIATE has a commercially reasonable situation as to why their account has not been installed. In
the event that AFFILIATE must have a particular installation date (go-live) and AFFILIATE has supplied the required forms less
than ten (10) business days before the go-live, AFFILIATE agrees to pay an expedited fee of $500.00. In the
event that AFFILIATE has supplied the required forms less than five (5) business days before the go-live,
AFFILIATE agrees to pay an expedited fee of $1000.00

 

Infrastructure

AFFILIATE understands and agrees that operation of the ASP Service
requires the following minimum hardware for operation of SHIFT4’S Universals Transaction Gateway (UTGTM)

 

Intel Pentium III / Celeron or Athlon 88mhz or better; 128 Megabytes
RAM or greater; Hard Drive with 40 Gigabytes or greater; 10/100 Megabit Network Interface Card or better.

 

AFFILIATE understands and agrees that operation of the ASP Service
requires one of the following operating environments of UTG Windows NT 4.0 Service Pack 6a (with all updates); or Windows 2000
Server (all versions) - Service Pack 4; or Windows 2000 Professional - Service Pack 4; or Windows XP Professional (not Home Edition)
- Service Pack 2, or Windows 2003 Server (all versions); or Windows 2003 Professional (with all updates)

 

AFFILIATE understands and agrees that operator of the ASP Service
does not supped the following operating environments for operations of UTG: Windows 95, 98, ME (or lower)

 

AFFILIATE understands and agrees that its use of the ASP Service
requires that AFFILIATE provide a stable operating environment for optimal performance and reliability

 

AFFILIATE agrees to: (i) maintain all computers, routers, etc.
at the latest BIOS revision available from hardware’s manufactures; (ii) maintain operating system software to latest revision
or service pack; and (iii) maintain all device drivers at the latest version available from manufacturer. CLIENT understands and
agrees that SHIFT4 software is "mission critical" in, that it handles deposit of CLIENT'S funds into their bank. Therefore,
CLIENT agrees to not load any software onto the UTG PC that has not first been approved by SHIFT 4. SHIFT4 will not approve America
Online (AOL), video games, screen savers, or some virus protection programs.

 

AFFILIATE understands and agrees that SHIFT4’S DOLLARS
ON THE NET system requires the use of a public network such as the Internet, and in so much as that is the case needs access to
said network.

 

AFFILIATE understands and agrees that they are responsible for
all necessary hardware and/or software required to connect any machine running SHIFT4 software to the Internet, Virtual Private
Network (VPN) or Public/Private Network. This includes, but is not limited to, Network Interface Cards (NICs), Cables, HUBs, Switches,
Routers, Bastion Hosts, Firewalls, Modems, Broadband Hardware, Channel Banks, and Line Conditioners.

 

AFFILIATE understands and agrees that SHIFT4 is not
responsible for any AFFILIATE data communication connectivity as it relates to the local and/or Long Distance Phone Company
and/or AFFILIATE’S Internet Service Provider

 

AFFILIATE understands and agrees that SHIFT4’s system
will need outbound TCP/IP Port Level connectivity from the machine running SHIFT4 software attached to the AFFILIATE’S network
to the Internet. The following outbound ports are required: 26880(6900 hex) and 26881 (6901 hex). Inbound ephemeral ports must
be allowed for TCP/IP socket level connectivity to occur.

 

AFFILIATE understands and agrees that SHIFT4’S NetAuditTM
Internet Browser based software will need outbound TCP/IP and UDP/IP Port Level connectivity from the machine running the Internet
Browser attached to the AFFILIATE’S network to the Internet. The outbound ports required are ports 80(50 hex) and 443(1 BB
hex) for normal HTTP and HTTPS web traffic.

 

	Page 2 of 5	Shift Corporation Affiliate Agreement (Confidential)	 

 

    	 

    	 

    

 

	09/09/08 4:49PM 	Meyers	4805855321	Page 13

 

based HTML, however chosen must be at least
Microsoft Internet Explorer for Windows 4.01 Service Pack 2 or higher, Microsoft Internet Explorer for MAC/OS 4.5 or higher, or
Netscape Navigator 4.6 or higher.

 

AFFILIATE understand and agrees that all
merchants must have access to an Internet connected browser (as specified in the preceding paragraph) to audit and back up their
own transactions.

 

AFFILIATE understands that it is its responsibility
to configure its network security infrastructure (PCs, Firewalls, Switches, Routers, etc.). If help with said infrastructure
is required, SHIFT4 can offer assistance for a fee.

 

24/7 Operational Support for ASP
Service

Support of the DOLLARS ON THE NET service
is included in the DOLLARS  ON THE NET Application Service Provider Fees as described in Exhibit A.  SHIFT4 provides
continued support service via telephone, 24 hours a day, 7 days a week, 365 days per year for the ASP Service, provided that the
CLIENT is current in their accounts with SHIFT4.

 

SHIFT4’S Support personnel are available
to answer AFFILIATE’S questions regarding the operations of DOLLARS ON THE NET and UTG v.2tm.  SHIFT4’s Support
personnel are knowledgeable about both the interfaces and the Processor, and can determine if a problem lies on either side of
DOLLARS ON THE NET with their third party software, Point of Sale (POS), or with the Processor.  Should the call require intervention
by AFFILIATE’S POS, Merchant Services Provider (MSP), Processor or Internet Services Provider (ISP), AFFILIATE understands
and agrees that SHIFT4 cannot guarantee the amount of time a resolution will take however, will remain involved until it is determined
where the problems lies.

 

AFFILIATE understands ongoing telephone
support is for the support of operational problems only and that it is not a substitute for training.  SHIFT4 is not required
to support inadequately trained AFFILIATE personnel.  If AFFILIATE’S personnel are not adequately trained, SHIFT4 can
require that they take and pass the Computer Based Training (CBT) available via www.Shift4.com.

 

AFFILIATE understands that support of the
ASP Service is based on maintaining equipment running SHIFT4 products as defined by SHIFT4.  AFFILIATE agrees not to change
anything in the computer configured that operates SHIFT4’S products without first contacting SHIFT4.  AFFILIATE agrees
that if their personnel change the configuration of SHIFT4’S ASP Service, AFFILIATE will pay SHIFT4 to re-configure. 
AFFILIATE understands and agrees that this Agreement does not include any after-installation, or on site support.

 

Performance Standards

CLIENT understands and agrees that the
DOLLARS ON THE NET Application Service will be available 24 hours each day and 7 days each week, operational Ninety-Nine Percent
(99%) of the time measured annually, excluding scheduled down times for maintenance.  Scheduled down times will commence during
times when SHIFT4 has the lowest amount of transactions processing, and will be announced in the DOLLARS ON THE NET website within
Seventy-two (72) hours of the scheduled down time.  SHIFT4 will make commercially reasonable efforts to not exceed Thirty
(30) minutes of schedule down time per month.

 

CLIENT understands and agrees that down
time in excess of One Percent (1%) measured on an annual basis could be experienced due to any one of all of the outages of the
CLIENT’S Internet Service Provider, the credit card processor selected by CLIENT or CLIENT’S Merchant Service Provider,
the Telecommunications provider selected by the Credit Card Processor, SHIFT4’S Internet Service Provider, or SHIFT4’S
Telecommunications provider.

 

CLIENT further understands and agrees that
downtimes attributable to any of the above are beyond SHIFT4’S control and will not be included in calculating SHIFT4’S
annual uptime availability.

 

CLIENT understands and agrees that the
average response time for credit card authorization across all Processors will be five (5) seconds or less from the time the transaction
is received at SHIFT4 until it is transmitted from SHIFT4.

 

CLIENT understands and agrees that the
average response time can be affected by the Credit Card Processor selected by CLIENT or CLIENT’S Merchant Service Provider,
problems with the Cardholder’s bank, problems at the Credit Card Processing Company selected by CLIENT or CLIENT’S
Merchant Service Provider.  Problems with the Telecommunications Company selected by the Credit Card Processing Company, traffic
on the internet, problems with CLIENT’S Merchant Service Provider, problems with SHIFT4’S Internet Service Provider,
or problems with SHIFT4’S Telecommunications Company.

 

CLIENT further understands and agrees that
high transaction times attributable to any of the above are beyond SHIFT4’S control and will not be included in calculating
SHIFT4’S average authorization time.

 

To maintain SHIFT4’S Nine-Nine Percent
(99%) Service Level, the ASP Service is One Hundred Percent redundant as defined in the Terms and Conditions of this Agreement;
however, due to today’s highly technical Telecommunications systems, SHIFT4 cannot characterize how long a single outage
could take.

 

Maintenance and Regulation Changes

SHIFT4 agrees to maintain the ASP Service
compliant with all credit card association regulations.  Any error corrections and basic enhancements will be supplied to
CLIENT at no additional cost, provided that CLIENT is current in its accounts with SHIFT4 as defined in the Terms and Conditions.

 

Regulation Changes are at no extra cost
provided that in the case of transactions passed to SHIFT4 software via a Third Party Interface, SHIFT4 can only guarantee the
lowest rate based on the correct information being provided by the Third Party Application.

 

SHIFT4 will maintain the highest level
of possible security compliance; however, SHIFT4 is not responsible to make Regulation Changes of the Merchant Service Provider
Credit Card Processor, card associations, or any one of them if they do not notify SHIFT4 of such changes.

 

CLIENT understands that the text of Regulations
is only available to financial institutions; therefore, CLIENT should ensure that its, or if relevant, its CLIENT’S Merchant
Service Provider keeps SHIFT4 informed.

 

CLIENT agrees that SHIFT4 will make Error
Corrections, Basic Enhancements and Regulation Changes available via DOLLARS ON THE NET website.  All changes in the website
will be announced prior to implementation.

 

CLIENT agrees that they will make reasonable
efforts to read announcements each time they enter the DOLLARS ON THE NET website.

 

SHIFT4 serves the right to define and charge
for major new optional features to associated with any upgrades for compliance. 

 

	Page 3 of 5	Shift Corporation Affiliate Agreement (Confidential)	 

 

    	 

    	 

    

 

	09/09/08 4:50PM 	Meyers	4805855321	Page 14

 

ACH Agreement

AFFILIATE agrees to enter into an Agreement
for Automatic Clearing House (ACH) transactions for the initial setup fees as documented on page 1 of this Agreement. SHIFT4 shall
also be permitted to utilize ACH transactions in the event AFFILIATE’S monthly invoice payments are behind more than 15 day
after the due date.

 

SHIFT4 will provide an original invoice
after the end of the month which will include the itemization of the DOLLARS ON THE NET Application Service Fees, additional POS
applications and profit centers added during the previous Month. After receipt of this invoice, AFFILIATE will have seven (7) days
to review (Review Period) and notify SHIFT4 in writing of any discrepancies. After the Review Period, AFFILIATE has an additional
eight (8) days to submit payment.

 

AFFILIATE understands and agrees that if
payment is not received by check, money order, or other method of payment within fifteen (15) days of the invoice date, on the
16 th day, the total amount of AFFILIATE’S invoice will be automatically debited from the below listed account.

 

	AFFILIATE
    Information
	AFFILIATE
    Name:  L’AUBERGE DE SEDONA
	Address:   301
    L’AUBERGE	City:   SEDONA	State:   AZ	Zip
    Code:  86336

 

AFFILIATE hereby authorizes SHIFT4 Corporation
to institute debit entries and, if necessary, adjustments for any debit entries made in error, to the bank account indicated below.
AFFILIATE further authorizes the financial institution named below to credit and/or debit such entries to such account.

 

	Financial
    Institution Information
	Depository
    Financial Institution:  ALLIANCE BANK OF ARIZONA
	Branch:  Oak
    Creek	City:  SEDONA	State:
     AZ	Zip
    Code:  86351
	            ̈
              Checking                                                                                      £
    Savings

	Transit
    Routing Numbers:	1	2	2	2	1	0	5	9	8	0	 	 	 	 	 
	Account Number:	8	0	1	0	1	2	9	4	0	4	 	 	 	 	 

	
        Account
        funded in              
        x U.S.
        Dollars                                         ̈ Canadian
        Dollars

        Please note: All invoices will
        be billed in U.S. Dollars

	Authorized
    Contact Name:  MIKE MEYERS	Phone:  480-227-5321
	Title:                IT
    MGR.	Fax:      480-585-5321

 

This authorization Agreement remains in
full force and effect until SHIFT4 Corporation has received written notice from AFFILIATE of its termination. Such termination
must be made in such time and in such manner as to afford SHIFT4 Corporation a reasonable opportunity to act on it

 

	Authorized
    Signature: /s/ Mike Meyers	Date:
          9/09/08

 

	 	1843
	L’Auberge de Sedona LLC.	 
	301 L’AUBERGE LN.	ALLIANCE BANK OF ARIZONA
	SEDONA, AZ 86336	91-598-1221
	 	 
	PAY TO THE	 
	ORDER OF	 
	 	$
	 	DOLLARS
	 	 
	MEMO	VOID
	
        “’001843” ‘:122105980’:
        8010129404”’

        sp

 

[ AFFILIATE would like Setup Fees to be
withdrawn from the above account.

 

[ AFFILIATE will be sending SHIFT4 a check
for the Setup Fees via mail.

 

	Page 4 of 5	Shift4 Corporate Affiliate Agreement (Confidential)

 

    	 

    	 

    

 

	09/09/08 4:51PM 	Meyers	4805855321	Page 15

 

PRICING EXHIBIT A

 

SHIFT1 shall provide the ASP Service as
follows

 

Client Setup – This fee is to setup
the database for a physical location and to give that location access to the ASP Application for authorizing, auditing, settling,
reporting, archiving and retrieval. This pricing is for the initial setup only. It does not include future account maintenance,
processor charges, or other fees that may apply.

 

	Contract Includes	Quantity	Price	Extension
	Affiliate Location Setup Fee	1	$500.00	$500.00
	Miscellaneous Fees	0	$0.00	$0.00
	Miscellaneous Fees	0	$0.00	$0.00
	Sub Total	 	 	$500.00
	Less Discount	0	$0.00	$0.00
	Total	 	 	$500.00

 

AFFILIATE agrees to pay for Transaction
Fees based on the Rate Table below: AFFILIATE will earn a Transaction Rate based on the total number of transactions processed
for the month in connection with all other Corporate AFFILIATES ($$$ ON THE NET@ Application Service Fees), or will be billed a
minimum of $24.95, as stated, per month fee based on the rate of Agreement

 

	$$$
    On The Net Application Fees
	Minimum $24.95 Per Month
	Monthly Transactions	Transaction Fee
	00001	104,800	$0.025
	100,000	90,000	$0.024
	500,000	1,000,000	$0.023
	1,000,000	1,500,000	$0.022
	1,500,000	2,000,000	$0.021
	2,000,000	2,500,000	$0.020
	2,500,000	3,000,000	$0.019
	3,000,000	4,000,000	$0.018
	4,000,000	5,000,000	$0.017
	5,000,000	6,000,000	$0.016
		 	$0.016

 

	Your Contracted Processor(s)	TSYS

 

	Your Contracted InterFace(s)	Meros v4 3

 

	Business Partner (if any)	 

 

	Page 5 of 5	Shift4 Corporate Affiliate Agreement (Confidential)	 

 

    	 

    	 

    

	
        Shift 4

        Secure Payment Processing
	
        Dollars            

        on the net 

 

Shift4 Corporation (SHIFT4)

1491 Center Crossing Road

Las Vegas, NV 89144-7047

Phone: (702) 597-2480

Fax: (702) 597-2499

 

Acknowledgement, Release, and Hold Harmless Agreement
for Point of Sale (POS) Support.

 

Please read carefully.

 

Shift4 Corporation provides 24/7
operational telephone support of DOLLARS ON THE NET® and it’s Universal Transaction Gateway (UTG)®. SHIFT4 prefers
to utilize Remote Access Dial in while supporting and configuring our UTG and Micros Enhanced POS driver accounts.

 

CLIENT agrees to accept said
support services from SHIFT4 in accordance with our existing Agreement(s).

 

CLIENT understands and agrees
that it voluntarily and willingly assumes the risk of harm to its IT production environment and/or loss of processing capability
in the unlikely event SHIFT4 encounters unexpected anomalies during the performance of said support services.

 

CLIENT agrees to indemnify, defend,
and hold harmless SHIFT4, its officers, agents, employees, affiliates, successors, and assigns from and against any and all losses,
liabilities, damages, claims, fines, causes of action, deficiencies, costs, and expenses (including reasonable attorneys’
fees and other litigation expenses) based upon, arising out of, or otherwise related to such support services.

 

CLIENT understands that by not
selecting the option to agree to the terms of this agreement, resolution and support of UTG and Micros Enhanced POS driver products
can be delayed as well as require additional involvement and cooperation by CLIENT.

 

	þ	CLIENT agrees to the terms above	 ̈	CLIENT does not agree to the terms above

 

	Account Number	14968	 	 
	 	 	 	 
	CLIENT Name	L’Auberge de Sedona, LLC	 	(CLIENT)
	 	 	 	 
	CLIENT Representative	Bruce Campbell	 	 
	 	 	 	 
	Title	Director of Finance	 	 
	 	 	 	 
	Signature	/s/ Bruce Campbel1	 	 
	 	 	 	 	 
	Date	1/11/2012	 	 	 

 

	Page 1 of 1	Shift4 Corporation© 2009POS Hold Harmless Agreement (Confidential)	Date Created  	1/11/12

 

    	 

    	 

    

 

	
        Shift 4

        Secure Payment Processing
	
        Dollars            

        on the net 

 

	
        SHIFT4 CORPORATION (“SHIFT4”)

        1491 Center Crossing Road

        Las Vegas, NV 89144-7047

        Phone: (702) 597-2480

        Fax: (702) 597-2499

        www.Shift4.com
	
        ADDITIONAL SERVICES ADDENDUM

         

        Prepared by: Robert Davis

         

        Shift4 ID: 14968

 

	This Additional Services Addendum by and between SHIFT4 and:	 
	 	 
	L’Auberge de Sedona, LLC dba Sedona L’Auberge Restaurant on Oak Creek	(“CLIENT”)
	 	 
	270 N. Highway 89A, Suite 11	 
	 	 
	Sedona, AZ. 86336	 
	 	 
	(928) 282-4527	 

 

This Addendum is attached to and incorporated into
the Master Service Agreement entered into between SHIFT4 and CLIENT, as if fully set forth therein (together this Addendum and
the Master Service Agreement shall be referred to as the “Agreement”). The terms and conditions of this Addendum are
intended to amend Agreement and are executed as follows:

 

	Contract Includes:	Quantity	Price	Extension
	Client Setup - New Location	0	$500.00	$ 0.00
	Merchant/Profit Center	0	$150.00	$ 0.00
	UTG Interface License	1	$500.00	$ 500.00
	Installation Services (Not to Exceed 2 hours, each additional 1 hour @$125)	2	$125.00	$ 250.00
	Telephone Installation and Training (Not to Exceed 4 hours)	0	$500.00	$ 0.00
	Processor Change	0	$75.00	$ 0.00
	Sub Total	 	 	$ 750.00
	Less Discount	1	$500.00	$ 500.00
	Total	 	 	$ 250.00

 

Additional Information: Interface Swap

 

Sedona L’Auberge Restaurant 0000014968

 

Moving from: Micros S49700v3.60 to Micros 3700v4.9

 

5 WS5 Work Stations - UTG to be installed on Micros
Server

 

CLIENT understands and agrees that all work, terms,
and pricing are good for thirty (30) days following the Effective date below.

 

	CLIENT Name	L’Auberge de Sedona, LLC dba Sedona L’Auberge Restaurant on Oak Creek
	 	 
	Authorized Signature	/s/ Bruce Campbell
	 	 
	Title	Director of Finance
	 	 
	Date	1/11/2012

 

	Page 1 of 1	Shift4 Corporation 2011 Additional Services Addendum v_08-2011 (Confidential)	Date Created:

 

    	 

    	 

    

 

	
        Shift 4

        Secure Payment Processing
	
        Dollars            

        on the net 

 

Shift4 Corporation (SHIFT4)

1491 Center Crossing Road

Las Vegas, NV 89144-7047

Phone: (702) 597-2480

Fax: (702) 597-2499

 

Acknowledgement, Release, and Hold Harmless Agreement
for Point of Sale (POS) Support.

 

Please read carefully.

 

Shift4 Corporation provides 24/7
operational telephone support of DOLLARS ON THE NET® and it’s Universal Transaction Gateway (UTG)®. SHIFT4 prefers
to utilize Remote Access Dial in while supporting and configuring our UTG and Micros Enhanced POS driver accounts.

 

CLIENT agrees to accept said support services from
SHIFT4 in accordance with our existing Agreement(s).

 

CLIENT understands and agrees
that it voluntarily and willingly assumes the risk of harm to its IT production environment and/or loss of processing capability
in the unlikely event SHIFT4 encounters unexpected anomalies during the performance of said support services.

 

CLIENT agrees to indemnify, defend,
and hold harmless SHIFT4, its officers, agents, employees, affiliates, successors, and assigns from and against any and all losses,
liabilities, damages, claims, fines, causes of action, deficiencies, costs, and expenses (including reasonable attorneys’
fees and other litigation expenses) based upon, arising out of, or otherwise related to such support services.

 

CLIENT understands that by not
selecting the option to agree to the terms of this agreement, resolution and support of UTG and Micros Enhanced POS driver products
can be delayed as well as require additional involvement and cooperation by CLIENT.

 

	þ	CLIENT agrees to the terms above	 ̈	CLIENT does not agree to the terms above

 

	Account Number	14967	 	 
	 	 	 	 
	CLIENT Name	ORCHARDS INN & RESTAURANT LLC	 	(CLIENT)
	 	 	 	 
	CLIENT Representative	Bruce  Campbell	 	 
	 	 	 	 
	Title	Director of Finance	 	 
	 	 	 	 
	Signature	/s/ Bruce Campbell	 	 
	 	 	 	 
	Date	1/11/2012	 	 	 

 

	Page 1 of 1	Shift4 Corporation 2009POS Hold Harmless Agreement (Confidential)	Date Created  	1/11/12

 

    	 

    	 

    

 

	
        Shift 4

        Secure Payment Processing
	
        Dollars            

        on the net 

 

	
        SHIFT4 CORPORATION (“SHIFT4”)

        1491 Center Crossing Road

        Las Vegas, NV 89144-7047

        Phone: (702) 597-2480

        Fax: (702) 597-2499

        www.Shift4.com
	
        ADDITIONAL SERVICES ADDENDUM

         

        Prepared by: Robert Davis

         

        Shift4 ID: 14967

 

	This Additional Services Addendum by and between SHIFT4 and:	 
	 	 
	Orchards Inn and Restaurant LLC dba Orchards Restaurant	(“CLIENT”)
	 	 
	270 N. Highway 89A, Suite 11	 
	 	 
	Sedona, AZ. 86336	 
	 	 
	(928) 282-4527	 

 

This Addendum is attached to and incorporated into
the Master Service Agreement entered into between SHIFT4 and CLIENT, as if fully set forth therein (together this Addendum and
the Master Service Agreement shall be referred to as the “Agreement”). The terms and conditions of this Addendum are
intended to amend Agreement and are executed as follows:

 

	Contract Includes:	Quantity	Price	Extension
	Client Setup - New Location	0	$500.00	$ 0.00
	Merchant/Profit Center	0	$150.00	$ 0.00
	UTG Interface License	I	$500.00	$ 500.00
	Installation Services (Not to Exceed 2 hours, each additional 1 hour @$125)	2	$125.00	$ 250.00
	Telephone Installation and Training (Not to Exceed 4 hours)	0	$500.00	$ 0.00
	Processor Change	0	$75.00	$ 0.00
	Sub Total	 	 	$ 750.00
	Less Discount	I	$500.00	$ 500.00
	Total	 	 	$ 250.00

 

Additional Information: Interface Swap

 

Interface Swap - The Orchards Bar and Grill F 0000294033

 

Moving from: Micros S49700v3.60 to Micros 3700v4.9

 

5 WS4 Work Stations - UTG to be installed on Micros
Server

 

CLIENT understands and agrees that all work, terms,
and pricing are good for thirty (30) days following the Effective date below.

 

	CLIENT Name	Orchards Inn and Restaurant LLC dba Orchards Restaurant
	 	 
	Authorized Signature 	/s/ Bruce Campbell
	 	 
	Title	Director of Finance
	 	 
	Date	1/11/2012

 

	Page 1 of 1	Shift4 Corporation 2011 Additional Services Addendum v_08-2011 (Confidential)	Date Created:

 

    	 

    	 

    

	
        SPECIALTY Textile Services 

 

        Page 1 of 4
	Customer	L’Auberge de Sedona LLC (All Outlets) 
	Address	301 L’Auberge Lane
	City, State, Zip	Sedona, AZ 86336
	Phone	928-282-1661
	Fax	928-282-1064 

 

This Service Agreement is entered into by and between
Specialty Textile Services, LLC (“STS”), an Arizona limited liability company and L’Auberge de Sedona (All
Outlets) (“Customer”) on ______________, 2010. Supplier agrees to furnish and Customer agrees to accept
exclusively from Supplier all the items herein, and any future increases or added items to Customers requirements during the term
of this agreement and during any renewal of this agreement in accordance with the conditions and terms set forth herein.

 

	ITEM DESCRIPTION	Unit

Price	Minimum

Charge	Replacement

Value
	Apron	.35 each	50% of Inv.	$ 5.50 each
	Bar Towel	.20 each	“	1.35 each
	Utility Towel	.19 each	“	1.35 each
	Glass Towel	.21 each	“	1.25 each
	Napkin	.085 each	“	2.30 each
	63 x 63 Tablecloth	.68 each	“	20.00 each
	72 x 72 Tablecloth	.77 each	“	27.00 each
	90 x 90 Tablecloth	1.50 each	“	42.50 each
	54 x 120 Tablecloth	1.25 each	“	33.50 each
	54 x 54 Tablecloth	.55 each	“	13.50 each

 

	
        C.O.D.
         ̈                CHARGE
        þ                ECC/NAT
        GAS SURCHARGE n/a   Hskp. Inventory Maint. 20%

         

        GARMENT PREP CHARGE               
        EA   SYSTEMATIC INVENTORY REPL   F&B Inventory Maint 5%

	
         

        1.
All Items furnished to Customer shall remain the sole property of Supplier and are furnished for the exclusive use of Customer
on a rental basis, and shall be laundered and cleaned only by Supplier. If any Items furnished to Customer are lost, damaged,
or destroyed while in Customer’s possession for any reason other than normal wear, then Customer shall, on demand pay supplier
current replacement costs for any such lost, damaged or destroyed.

         

        2. STS guarantees to deliver high quality textile rental products
        and services at all times. Any complaints about service, cleaning quality or finish quality, which has not been resolved in the
        normal course of business, must be transmitted via registered letter or overnight delivery to STS. If STS falls to resolve any
        material complaint to acceptable Industry standards within thirty (30) days, the customer may terminate this agreement.

         

        3. The parties agree that Supplier’s count of pickup and
        delivery shall be proof of the amount of linen service provided, unless Customer gives written notice lo Supplier of any objection
        within seven (7) days after delivery of linen.

         

        4. Supplier shall have reasonable access to Customer’s
        place of business during normal business hours, as often as necessary, to check, deliver, or inventory any or all of the linen
        Items furnished by Supplier.

         

        5. Supplier shall Invoice Customer upon delivery of each linen
        supply. Said invoice is due and payable cash on delivery or, if Customer’s credit is approved by Supplier, net thirty (30)
        days of invoice. Delinquent accounts may be converted to a cash on dance basis and for be subject to a service charge on past due
        amounts of one and one-half percent (1.5%) per month (18%) annually.

         

        6. In consideration of the substantial investment by STS in
        merchandise and equipment to AS provide service to CUSTOMER, this agreement shall continue for sixty (60) months from the
        first delivery date specified above. This service agreement shall be renewed automatically for a one year period of time, provided
        it is not terminated by either party by written notice at least (60) days prior to the expiration of the Initial term or any renewal
        term. In the event of increased costs, STS may increase its unit rental rates not to exceed 6% for any 12 month period.

         

        7. In addition to the Cost of Living Increase aforementioned,
        such prices may be increased by the reasonable cost of Supplier’s compliance with new environmental requirements Imposed
        by any governmental agency.
	 	
        8. Because it would be otherwise difficult or impractical to
        fix the exact amount of damage to STS, In the event Customer cancels this agreement for any reason other than as described in paragraph
        2, Customer will pay to STS 50% of the average weekly dollar volume for the unexpired term based on the thirteen-week period preceding
        cancellation.

         

        9. Supplier’s obligations to provide services hereunder
        shall be excused without liability In the event Supplier is prevented from performing by reasons of strikes, lockouts, government
        acts, acts of God, and other such conditions reasonably beyond the control of the Supplier, including but not limited to explosions,
        fires, fuel and power shortages.

         

        10. This Agreement shall be binding upon and shall inure to
        the benefit of the parties hereto, their heirs, administrators, executors, successors, and assigns.

         

        11. Customer warrants that it is under no contract with any
        other party for linen supply service and that entry into this Agreement is not a breach of any existing contract to which Customer
        is a party.

         

        12. If any legal action is instituted by this Agreement, the
        prevailing party shall be entitled to recover reasonable attorney’s fees, court costs and all legal expenditures incurred
        as a result of said lawsuit from opposing party. Supplier is entitled to all attorneys’ fees or attendant collection costs
        whether litigation is initiated or not.

         

        13. Supplier shalt maintain regular deliveries and in addition
        shall make special deliveries should that be required to rectify a service failure on Supplier’s part. An additional service
        charge may be made by Supplier for any Special Deliveries resulting from the Customer’s failure to timely advise Supplier
        of a change In Its service requirements.

         

        14. Customer acknowledges that linen supply items rented under
        this Agreement are for general purposes and are not designated or recommended for use in areas of flammability. Customer agrees
        to hold harmless Supplier of and from any injury to person or property resulting from use of linen supply items furnished hereunder.

         

        15. If any provision hereof is determined to be invalid by a
        Court of competent jurisdiction, the remaining conditions hereof shall remain in full force and effect.

         

        16. This Agreement constitutes the entire Agreement of the parties,
        superseding any prior understanding. No waivers or statements made by any representative of Supplier will be valid unless contained
        In the Agreement. Any dispute in connection with this service ament or any matter relating to this service agreement shall be resolved
        by binding and final arbitration under the Federal Arbitration Act.

 

	SUPPLIER: SPECIALTY TEXTILE SERVICES, LLC	 	CUSTOMER: 	L’Auberge de Sedona LLC (All Outlets)
	 	 	 	 	 

	BY	/s/(illegible signature)	 	BY	/s/ Al Spector
	 	 	 	 	(Authorized Representative)
	 	 	 	 	 
	TITLE	Sales	 	TITLE	Manage of LLC
	 	 	 	 	 
	DATE	10/6/10	 	DATE	10/6/10

 

	Specialty
                           Textile Services LLC • 737 W. Buchanan Street Phoenix, AZ 85007

        (602) 252-9230 •
        Fax (602) 252-4507
	 	Specialty
                           Textile Services LLC • 3804 Main Street #8 Chula Vista, 91911

        (619) 476-8750 •
        Fax (619) 476-8775

    	 

    	 

    

 

	
        SPECIALTY Textile Services 

         

        Page 2 of 4
	
        L’Auberge
        de Sedona LLC 

        (All Outlets)
	Supplemental 

Item Sheet

 

This Supplemental Item Sheet provides for
additional items and services to The Service Agreement between Specialty Textile Services, LLC (“STS”), an Arizona
limited liability company and (“Customer’) signed on _____________ 2010. All items and services listed herein are subject
to the same terms and conditions as the Service Agreement.

 

	ITEM DESCRIPTION	Unit

Price	
        Minimum

        Charge
	
        Replacement

        Value

	Dust Mat	 	 	 
	3 x 4	3.50 each	50% of Inv.	$ 75.00 each
	4 x 6	5.50 each	“	95.00 each
	3 x 10	6.75 each	“	105.00 each
	 	 	 	 
	5 % Food & Beverage Inventory Maintenance	 	“	 
	 	 	 	 
	T-250 Micro-Check	 	 	 
	-    King Sheet 118” x 120”	.95 each	“	25.15 each
	-    King Sham 21” x 36” + 2”	.46 each	“	11.35 each
	-    King Pillow Case 21” x 37”	.15 each	“	4.00 each
	-    King Duvet 104” x 95”	3.95 each	“	81.55 each
	 	 	 	 
	-    Queen Sheet 100” x 120”	.90 each	“	24.20 each
	-    Std. Pillow Sham 21” x 34” + 2”	.44 each	“	9.35 each
	-    Std. Pillow Case 21” x 34”	.14 each	“	3.65 each
	-    Queen Duvet 92” x 92”	3.75 each	 	77.45 each
	 	 	 	 
	Deluxe Terry Toweling	 	 	 
	-    Bath Sheet 35” x 70”	.65 each	“	15.75 each
	-    Bath Towel 27” x 54”	.55 each	“	6.75 each
	-    Hand Towel 16” x 30”	.18 each	“	2.75 each
	-    Wash Cloth 13” x 13”	.10 each	“	1.00 each
	-    Bath Mat 22” x 36”	.39 each	“	4.75 each
	 	 	 	 
	20 % Housekeeping inventory Maintenance	 	“	 

 

	SUPPLIER: SPECIALTY TEXTILE SERVICES, LLC	 	CUSTOMER: L’Auberge de Sedona LLC (All Outlets)
	 	 	 
	BY	/s/(illegible signature)	 	BY	/s/ Al Spector
	 	 	 	 	(Authorized Representative)
	 	 	 	 	 
	TITLE	Sales	 	TITLE	Manage of LLC
	 	 	 	 	 
	DATE	10/6/10	 	DATE	10/6/10

 

	
        Specialty Textile Services LLC • 737 W. Buchanan
Street Phoenix, AZ 85007 (602) 252-9230 • Fax (602) 252-4507
	 	
        Specialty Textile Services LLC • 3804 Main Street
#8 Chula Vista, 91911 (619) 476-8750 • Fax (619) 476-8775

 

    	 

    	 

    

 

Page 3 of 4

 

Addendum - Supplement to Rental Service
Agreement

 

L’Auberge de Sedona LLC — Housekeeping
Department

 

Inventory Maintenance Charge

 

The parties agree the Customer will be assessed an inventory
maintenance charge equal to 20% of the total billable dollar amount of each invoice. The inventory maintenance charge offsets (up
to 25% loss of the working inventory) the replacement charges normally associated with lost products at the Customer’s location
for any (3) three consecutive calendar month periods.

 

Should the Customer exceed the loss of 25% (verified by audit)
of the working inventory for any (3) three consecutive calendar months, a one-time charge for the lost products will be assessed
to the Customer (by special invoice) at the Supplier’s current replacement charges.

 

	L’Auberge de Sedona	/s/ Al Spector Manager of LLC
	 	 
	Date	10/6/10
	 	 
	Speciality Textile Services	/s/(illegible signature)
	 	 
	Date	10/6/10

 

    	 

    	 

    

 

Page 4 of 4

 

Addendum - Supplement to Rental
Service Agreement

 

L’Auberge de Sedona LLC
F & B Department

 

Inventory Maintenance Charge

 

The parties agree the Customer will be assessed an inventory
maintenance charge equal to 5% of the total billable dollar amount of each invoice. The inventory maintenance charge offsets (up
to 25% loss of the working inventory) the replacement charges normally associated with lost products at the Customer’s location
for any (3) three consecutive calendar month periods.

 

Should the Customer exceed the loss of 25% (verified by audit)
of the working inventory for any (3) three consecutive calendar months, a one-time charge for the lost products will be assessed
to the Customer (by special invoice) at the Supplier’s current replacement charges.

 

	L’Auberge de Sedona	/s/ Al Spector Manager of LLC
	 	 
	Date	10/6/10
	 	 
	Speciality Textile Services	/s/(illegible signature)
	 	 
	Date	10/6/10

 

    	 

    	 

    

 

suddenlink

business

 

BULK SERVICES AND ACCESS AGREEMENT

 

THIS BULK SERVICES AGREEMENT (the “Agreement”)
is made this 9th Day of January, 2012 by and between (Suddenlink), d/b/a Suddenlink Communications
and L’Auberge De Sedona (“Owner”). 

 

WHEREAS, Suddenlink, directly or through
its affiliates, is a full-service provider of services, including, but is not limited to: 1) cable television service pursuant
to a franchise (the “Franchise”) from the appropriate governmental entity; 2) local and long distance telephone service
(where available), 3) high speed Internet service, and any additional services as they become available from or through Suddenlink
or its affiliates (collectively, the “Services”); and

 

WHEREAS, Owner holds title to, or is the
authorized managing agent for Owner of, the real property located at 301 L’Auberge Lane, Sedona AZ 86336, which
presently includes improvements located thereon totaling 88 dwelling units/outlets commonly known as L’Auberge
De Sedona, the “Premises”) and which is more particularly described in Exhibit A attached hereto and
by this reference incorporated herein; and

 

WHEREAS, Owner desires to purchase cable
television service (“Video Service”) from Suddenlink for individuals occupying or renting Owner’s dwelling units
(“Tenant(s)”), and permit Suddenlink to provide other services to Tenants; and

 

WHEREAS, Suddenlink is willing and desires
to provide Video Service and other Services to Tenants at the Premises upon the terms and conditions set forth hereafter; and

 

WHEREAS, the parties desire to establish
the ownership of certain facilities and equipment installed by Suddenlink or its predecessors within the Premises.

 

NOW, THEREFORE, in consideration of the
promises and covenants contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

 

1.      
Purpose, Term of Agreement and Rates. The purpose of this Agreement is to state the terms and conditions under which
Owner will provide access to the Premises to Suddenlink and Suddenlink will make Video Service available to units in the Premises
on a bulk rate basis.

 

This Agreement shall commence on February
1, 2012, and terminate on March 30, 2014. At the end of the original term, or any successive term, this Agreement
will automatically renew for successive terms of one (1) month each unless either party gives written notice of its intent not
to renew to the other party at least ninety (90) days prior to the expiration of the previous term (the “Term”).

 

Owner shall pay to Suddenlink the fees
set forth in Exhibit B attached hereto for the Video Service (the “Service Fee”). The Service Fee is due and
payable in advance on the first day of each month. Failure to pay the Service Fee in full by the tenth (10th) day of the month
shall be a material default under this Agreement. In such event, Suddenlink shall have the right (in addition to all other available
remedies) to (i) immediately terminate the Video Service upon ten (10) days’ prior written notice, and Owner shall be liable
for immediate payment of all Service Fees for the balance of the Term, which shall be determined by multiplying the then-current
monthly Service Fee by the number of months remaining in the Term; or (ii) convert this Agreement to an individual Service Agreement
in which event Owner grants to Company the right and

 

    	 

    	 

    

 

license to access the Premises to solicit
subscribers and provide Video Service to Tenants on an individual basis for the remainder of the Term. Owner shall not charge the
Tenants any incremental fee for the Video Service.

 

Suddenlink shall provide the Video Service
in accordance with the Franchise, applicable law and the rules and regulations of the Federal Communications Commission (“FCC”).
Suddenlink retains the right to control, add to, delete and/or change the Video Service. Proper notice of any changes in rates
or Video Service shall be given to Owner. If Owner requests services provided by Suddenlink other than those specified in this
Agreement, Suddenlink shall furnish such additional services at its established rates then in effect or, in the absence of established
rates, at a reasonable charge as Suddenlink determines.

 

Owner agrees that Tenants shall have the
right to individually subscribe to any and all additional services that Suddenlink offers in the market. Suddenlink acknowledges
and agrees that Owner shall have no financial responsibility for any services that a tenant subscribes to directly with Suddenlink.

 

2.    Grant of Easement
and Access Rights. Owner grants to Suddenlink and its successors and assigns a perpetual, transferable, and non-exclusive
easement across the Premises to install, connect, disconnect, transfer, improve, maintain, service, repair, remove and/or replace
its equipment and the Distribution System (as hereinafter defined) as necessary to provide the Services and to do all other acts
necessary to ensure continued operation of Services at the Premises, and Owner shall sign the Grant of Easement and Memorandum
of Agreement attached hereto as Exhibit D. The terms of the easement shall be deemed to be covenants running with the land
constituting the Premises. The provisions of this Section 2 shall survive the expiration or earlier termination of this Agreement.

 

3.   Distribution
System and Inside Wiring.

 

A.     “Distribution
System” shall mean (1) all distribution plant and associated electronics, equipment and wiring installed or provided by Suddenlink
or its predecessors which is necessary to distribute Services throughout the Premises, but specifically excluding Inside Wiring
defined below, and (2) all customer reception equipment furnished by Suddenlink at the Premises. The installation of the Distribution
System and Inside Wiring by Suddenlink will meet all applicable FCC specifications and will be installed in a good, workmanlike
manner.

 

B.      Ownership
of the Distribution System shall at all times be and remain in Suddenlink and shall be used exclusively by Suddenlink operations.
Upon expiration or termination of this Agreement, Suddenlink shall continue to own and control the entire Distribution System,
whether or not a unit is occupied at the time of expiration or termination and whether or not the occupant of a unit is a Suddenlink
customer for other services. Upon termination of this Agreement and if Suddenlink is no longer providing Services to the Premises,
Suddenlink has the option to remove all or any portion of the Distribution System, provided that any damage to the Premises caused
by removal of the Distribution System will be repaired by Suddenlink to Owner’s reasonable satisfaction. Any part of the
Distribution System remaining on the Premises upon (60) sixty days after termination of agreement by term or default (i) shall
be deemed to be abandoned by Suddenlink.

 

C.      ”Inside
Wiring” shall mean that wiring located within a Tenant’s unit and including wiring up to a point at or about 12 inches
outside of where the wire enters the Tenant’s unit, but shall not include wiring that is part of a “loop through”
system. Ownership of the Inside Wiring shall at all times be and remain in Owner. Owner shall be responsible for the repair and
maintenance of the Internal Wiring, in a good, workmanlike manner in accordance with all applicable codes, regulations, or laws.

 

4.    Maintenance
and Repairs. Suddenlink at its expense will maintain the Distribution System in a good, workmanlike manner in accordance with
all applicable codes, regulations, or laws.

 

5.    Promotional
Materials. Owner shall submit for Suddenlink’s review and approval prior to use all proposed advertising and promotional
materials for the Premises which describe features of Suddenlink’s

 

	 	Bulk Services and Access Agreement v1.1	2

 

    	 

    	 

    

 

Services. If Owner wishes to produce materials with the Suddenlink
logo, Owner shall request the logo from Suddenlink.

 

6.     Video Service
Programming. Owner acknowledges that Suddenlink’s performance of this Agreement may be subject to the rules and regulations
of federal, state or local regulatory powers and that Suddenlink is not guaranteeing the provision or availability of any particular
program or channel. The Video Service initially available to the Premises will consist of Suddenlink’s current channel lineup
which may be modified from time to time solely at Suddenlink’s discretion. Suddenlink’s channel lineup may not be changed
or altered by Owner or others without Suddenlink’s prior written permission. It is specifically understood that in providing
Video Service, Suddenlink makes use of certain programming owned by others. Owner agrees that it will make no claims nor undertake
any legal action against any person or entity, including Suddenlink, if certain programming is interrupted, discontinued or substituted;
provided that Suddenlink will provide to Owner its standard Video Service channel lineup at all times. The Video Service initially
provided to the Premises will consist of the channel lineup set forth in Exhibit C. Channel Lineup, and such channel lineup
may be modified from time to time.

 

7.     Interference.
Owner will not use, or permit others to use, any equipment that causes interference or is otherwise incompatible with the Distribution
System, the reception equipment, or Suddenlink’s right to provide Services under this Agreement. Owner shall not move, disturb,
alter, change, or connect any other device to the Distribution System nor authorize or permit anyone to do so.

 

8.     Insurance. Suddenlink shall maintain (a) comprehensive general liability insurance with a policy limit of at least $2,000,000 to protect
Owner against bodily injury or property damage resulting from the installation, operation or maintenance of the Distribution System
on the Premises and (b) Workers’ Compensation insurance in statutory amounts. Owner shall be an “additional insured”
under such general liability insurance coverage, but only to the extent of Suddenlink’s obligations under this Agreement.
Upon written request by Owner, Suddenlink shall provide a certificate of insurance for the foregoing policies. All policies written
pursuant to this Section 8 shall be with insurers (i) licensed to do business in the state in which the Premises are located and
(ii) carrying an A.M. Best rating of at least A-VIII. All policies, including any renewals thereof, shall specify that such policy
cannot be canceled without at least thirty (30) days written notice to the other party.

 

9.     No Agency.
Suddenlink and Owner are independent business entities and neither have any authority to act for, or on behalf of, or bind the
other to, any contract, without the other’s written approval.

 

10.   Force Majeure. Suddenlink
shall have no liability to any person for failure to meet any of its obligations under this Agreement, where such failure is the
result, in whole or part, of any labor dispute, failure of usual sources of supply, war, riot, insurrection, vandalism, commotion,
fire, flood, earthquake, accident, storm, loss of the right to use rights of way or to make pole attachments, act of God or government,
or any other cause beyond Suddenlink’s reasonable control.

 

11.   Owner’s Warranties. Owner warrants that (i) it holds all rights and has full authority to execute this Agreement and to grant the rights herein granted;
(ii) this Agreement constitutes a binding obligation of Owner; and (iii) there are no prior or existing agreements, nor will there
be any such agreements during the Term, with Tenants or third parties that would be breached or violated by the execution of this
Agreement or by Suddenlink providing Services to the Premises.

 

12.  Indemnification.

 

A.     Owner agrees
to indemnify, defend and hold Suddenlink harmless from and against all claims, suits, proceedings, liabilities, losses, costs,
damages and expenses (including reasonable attorneys’ fees) arising, in whole or in part, out of or in connection with (i)
the renting, leasing or purchasing of Owner’s residential dwelling space or units, (ii) injuries or damage to Suddenlink’s
employees, agents or the Distribution System resulting from the condition of the Premises or the acts or omissions of Owner, its
employees or agents, (iii) any claims by third parties that the execution of a service agreement with

 

	 	Bulk Services and Access Agreement v1.1	3

 

    	 

    	 

    

 

Suddenlink or Suddenlink’s provision
of Service to the Premises would violate any rights of such third party, and (iv) Owner’s breach of this Agreement or any
material provision set forth herein.

 

B.     Suddenlink
agrees to indemnify, defend and hold Owner harmless from and against all claims, suits, proceedings, liabilities, losses, costs,
damages and expenses, including reasonable attorneys’ fees, arising out of or in connection with bodily injury or property
damage caused by (i) Suddenlink’s provision of Services or (ii) Suddenlink’s breach of this Agreement or any material
provision set forth herein.

 

The provisions contained within this Section
12 shall survive the expiration or termination of this Agreement.

 

13.  LIMITATION OF LIABILITY. SUDDENLINK
SHALL NOT BE LIABLE FOR DAMAGES FOR FAILURE TO FURNISH, OR INTERRUPTION OF, ANY SERVICES, NOR SHALL SUDDENLINK BE RESPONSIBLE FOR
FAILURE OR ERRORS IN SIGNAL TRANSMISSION, LOST DATA, FILES OR SOFTWARE DAMAGE REGARDLESS OF THE CAUSE. UNDER NO CIRCUMSTANCES WILL
SUDDENLINK BE LIABLE FOR ANY SPECIAL, INDIRECT, PUNITIVE OR CONSEQUENTIAL DAMAGES INCLUDING LOST REVENUE OR PROFITS ARISING FROM
THIS AGREEMENT. SUDDENLINK’S MAXIMUM LIABILITY TO CUSTOMER ARISING UNDER THIS AGREEMENT SHALL BE THE LESSER OF $5,000.00
OR THE AMOUNT ACTUALLY PAID BY CUSTOMER FOR SERVICES HEREUNDER.

 

14.   Cooperation - Memorandum
of Agreement. Owner and Suddenlink agree to cooperate fully and promptly in carrying out this Agreement. Owner agrees to execute
any and all documents as may reasonably be requested by Suddenlink to evidence and effectuate the rights granted to Suddenlink
under this Agreement including, but not limited to, the execution of the Grant of Easement/Memorandum of Agreement attached hereto
as Exhibit D for the purpose of recordation.

 

15.   Additional Facilities. If Owner adds units to or adjacent to the Premises, this Agreement shall extend to all such units added if the parties mutually
agree.

 

16.   Notices. Any consent,
election or notice required or permitted to be given under this Agreement shall be in writing and sent by certified or registered
mail or via overnight express courier addressed to the address included at the end of this Agreement, or to such other address
or addresses as shall, from time to time, be furnished in writing by the party to receive such notice to the other party.

 

17.   Default. Subject
to the Force Majeure provisions in Section 10, if either party fails to perform or observe any of the material conditions
or agreements to be performed or observed by it hereunder (the “Defaulting Party”) and such failure is not cured within
thirty (30) days after receipt of written notice from the other party (the “Non-defaulting Party”), the Non-defaulting
Party, in addition to any other rights at law or equity it may have, shall have the right to immediately terminate this Agreement.

 

18.   Confidentiality.
Owner shall not disclose any of the terms of this Agreement to any third party without the prior written consent of Suddenlink.

 

19.   Miscellaneous. This
Agreement shall bind and benefit the parties and their respective successors and assigns, regardless of whether such successors
and assigns expressly agree to be bound by the Agreement. If Owner sells or transfers the Premises to a third party during the
initial Term, Owner shall provide a copy of this Agreement to the purchaser or transferee and said purchaser or transferee has
the right to assume the rights and obligations of this Agreement or negotiate a new agreement upon completion of sale or transfer
of property. Suddenlink may assign this Agreement and all of its rights hereunder without Owner’s consent to any entity which
controls, is controlled by or is under common control with Suddenlink or to any entity pursuant to a merger, sale or exchange of
stock, or sale or exchange of assets. This Agreement is the entire understanding between the parties and supersedes any prior agreements
or understandings whether oral or written. This Agreement may not be amended except by a written instrument executed by both parties.
Failure of either party to exercise any of its remedies as set forth in this Agreement or at law or in equity in the event of any
default by the other party shall not constitute a waiver of the right of the non-

 

	 	Bulk Services and Access Agreement v1.1	4

 

    	 

    	 

    

 

defaulting party to exercise the same in
the event of a subsequent default by the defaulting party. The prevailing party in any action brought under this Agreement shall
be entitled to recover from the other party reasonable attorney’s fees, costs and necessary disbursements. This Agreement
shall be governed by the laws of the state in which the Premises are located except where the laws of the United States have precedence.
This Agreement and the obligations of the parties shall be subject to all applicable laws, regulations, court rulings, administrative
orders, and Presidential decrees, as they may be amended from time to time.

  

	Suddenlink Communications	 	L’Auberge De Sedona (Owner) llc
	 	 	 	 	 
	By:	 	 	By:	/s/ Al Spector
	 	 	 	 	 
	Name:	 	 	Name:	Al Spector
	 	 	 	 	 
	Title:	 	 	Title:	Manager

 

	 	Bulk Services and Access Agreement v1.1	5

 

    	 

    	 

    

 

Exhibit A

 

Legal Description of Properties

 

301 L’Auberge Lane, Sedona AZ 86336

  

	 	Bulk Services and Access Agreement v1.1	6

 

    	 

    	 

    

 

Exhibit B

 

Fees for Video Service

 

The Monthly Service fee shall be $ 1760.00 + tax/fees/surcharges
for the first 12 months for Basic, High Definition, HBO, and Music (payable in 12 equal monthly installments). Thereafter, the
Service fee for all services may increase annually throughout the remaining original and successive terms, said increase is to
NOT to exceed 10%. Suddenlink Communications shall provide Owner with thirty (30) days prior written notice of any
such increase.

 

These rates are based upon a rate of $ 20.00 per
unit x 88 units per month, with any additional units opening up to be brought under at this same contract amount set forth in this
agreement.

 

Taxes, fees and surcharges, including broadcast surcharges,
are not included in these amounts and will be included on the monthly billing statement.

 

	 	Bulk Services and Access Agreement v1.1	7

 

    	 

    	 

    

 

Exhibit C

 

Channel Lineup

 

Channel lineup provided. See attached.

 

________ HBO / Music included.

 

	 	Bulk Services and Access Agreement v1.1	8

 

    	 

    	 

    

 

Exhibit D

 

Form of Grant of Easement/Memorandum
of Agreement

 

	RECORDING REQUESTED BY AND	 
	WHEN RECORDED MAIL TO:	 
	Suddenlink Communications	 
	 	 
	 	 
	Attn: MDU Department	 

 

	 
	space above for recorders use only

 

MEMORANDUM OF AGREEMENT

(Arizona)

 

PLEASE TAKE NOTICE that L’Auberge De Sedona (“Owner”)
and “ Suddenlink Communications’’  (“Suddenlink” ) have entered into a Bulk Service
Agreement (the “Agreement”) _______________, 2012, which, in accordance with its terms,
entitles Suddenlink to provide cable television and other services throughout the property described on Exhibit A attached
hereto and incorporated herein by this reference. Among other things, the Agreement provides Suddenlink with rights of ingress
and egress to the property necessary or useful to provide such service and maintain its equipment and other facilities and provides
for ownership of the facilities on the property used in providing such services. The Agreement binds any successors and assigns
of the Owner in accordance with its terms. A copy of relevant provisions of the Agreement will be provided to any properly interested
person upon written request.

 

Suddenlink requests that it receive notice of any pending trustee
or foreclosure sale or receivership, bankruptcy or other proceeding affecting the property, sent to the address above.

 

IN WITNESS WHEREOF, the parties have caused their hands and
seals to be hereunto affixed the day and year first above written.

 

	OWNER: (L’Auberage De Sedona) llc	 	SUDDENLINK:
	 	 	 	 	 
	By:	/s/ Al Spector	 	By:	 
	 	 	 	 	 
	Name:	Al Spector	 	Name:	 
	 	 	 	 	 
	Title:	Manager	 	Title:	 

 

	 	Bulk Services and Access Agreement v1.1	9

 

    	 

    	 

    

 

OWNER ACKNOWLEDGMENT

L’Auberge De Sedona

 

	STATE OF	 	 

 

	COUNTY OF	 	 

 

On 1/9/12 (date) before me, TINA
MARIE LITTLEMAN (Notary), personally appeared AL SPECTOR (name of signer), personally known to me (or proved to me on
the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the entity
upon behalf of which the person acted, executed the instrument.

 

	 	/s/ Tina Marie Littleman
	[NOTARY SEAL]	Notary Public Name:	TINA MARIE LITTLEMAN
	 	My Commission Expires: 10/21/12
		 	 

 

SUDDENLINK ACKNOWLEDGMENT

 

	STATE OF ARIZONA	 

 

	COUNTY OF	 	 

 

On _________________ (date) before me, _________________ (Notary),
personally appeared _________________ (name of signer), personally known to me (or proved to me on the basis of satisfactory evidence)
to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her
authorized capacity and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted,
executed the instrument.

 

	 	 
	[NOTARY SEAL]	Notary Public Name:	 
	 	My Commission Expires: _________________

 

    	 

    	 

    

 

suddenlink

Life ConnectedTM

 

ADDENDUM

L’auberge

301 L’auberge Lane

Sedona AZ

 

	Attn:	March 13, 2012

 

Please acknowledge with signature below
for Suddenlink to add an additional 20Mb of bandwidth to your existing internet service for a total of 40Mb @ $1800 per month ($45
per Mb) and extend the original agreement signed on August 29 th, 2011, for an additional 3 year term beginning April
1, 2012.

 

Account number 100-5200230-02

 

	Print Name:	Al Spector	 
	 	 	 
	Signature:	/s/ Al Spector	 
	 	 	 
	Title:	Manager L’Auberge de Sedona llc	 
	 	 	 
	Date:	3/14/12	 	 

 

	Thank You	 
	 	 
	Glen Clark	 

 

	Glen Clark	 
	Arizona Regional Sales Mngr - Suddenlink Business
	1601 S. Plaza Way	 
	Flagstaff AZ 86001	 
	glen.clark@suddenlink.com	 
	Cell 928-707-2592 FAX 866-670-1301	 

 

    	 

    	 

    

 

OPCO Short Form

 

DISTRIBUTION AGREEMENT

“Customer Service Agreement”

 

Distribution Agreement
(this “Agreement”), dated September 26 2012 (the “Effective Date”), between Sysco Arizona, (“Sysco”)
and Canyon Breeze, Taos Cantina, L’Auberge, and Open Range (customer).

 

Background

 

Sysco, a wholly-owned
affiliate of Sysco Corporation (“Parent”), and other operating affiliates of Parent (collectively, “Operating
Companies” and individually, an “Operating Company”), perform purchasing, marketing, warehousing, quality assurance,
transportation, distribution and other services for foodservice customers. Customer owns and operates the establishments listed
in Schedule 1 as amended from time to time pursuant to the terms of this Agreement, and identified as such (“Customer Locations”).
Customer desires to work with Sysco as its primary distributor (i.e., supplying 70% or more) of foodservice products to all Customer
Locations and Sysco desires to perform these services.

 

Agreement

 

In consideration of
the Background, above, and the mutual obligations set forth below, the parties agree as follows:

 

1.         
Scope “What does my program cover?”

 

This Agreement governs
Sysco’s distribution services for Customer within Sysco’s service area (the “Service Area”). Sysco has
no obligation to serve under this Agreement any foodservice outlet operated by any person or entity other than Customer. This Agreement
does not apply to direct sales by subsidiaries or other affiliated entities controlled directly or indirectly by Parent (“Affiliates”)
that do not operate a full-line foodservice distribution business but rather concentrate on specific, specialized product lines
(“Specialty Companies”). Customer’s purchases of goods and services directly from Specialty Companies shall be
on such terms as may be agreed upon from time to time by Customer and the servicing Specialty Company. Sales of Products by Sysco
that are sourced from Specialty Companies are covered by this Agreement.

 

2.         
Appointment of Distributor “Who is my distributor?”

 

Customer appoints Sysco
to serve as its primary distributor to Customer Locations of foodservice products within the product categories described in Schedule
2 (“Products”). By appointing Sysco its “primary distributor,” Customer agrees that each Customer Location
will purchase not less than 70% of the dollar volume of such Customer Location’s purchase

 

Al Spector MDA Sept 2012

 

    	2

    	 

    

 

OPCO Short Form

 

requirements for Products in each Product category stated in
the margin schedule set forth in Schedule 2.

 

3.         
Customer Service Provided by Sysco “What account service does Sysco provide for me?”

 

Sysco will assign an
account executive or a customer service representative to service each Customer Location. The account executive or customer service
representative will maintain contact with Customer Locations, on a mutually agreed basis, to review service requirements.

 

4.         
Operational Services Provided by Sysco “When do I receive my delivery? How do I handle my returns?”

 

4.1           
Delivery Service. Sysco will establish a delivery schedule for each Customer Location taking into consideration the needs
and preferences of the Customer Location and will use reasonable, good faith efforts to make on-time deliveries.

 

4.2           
Return Credit Policy. Returns of Products and credits for such returns are governed by Sysco’s Credit and Return
Policy, a current copy of which is attached as Schedule 3.

 

5.         
Information Services Provided By Sysco “What reports do I receive ?”

 

5.1           
Reports. Sysco can provide Customer usage data selected from standard file report or flat file options. Standard data is
made available either in hard copy or electronic format. Electronic options include EDI ANSI S. 12, FTP Server, bulletin board,
tape or diskette.

 

If Customer requests
customized reports instead of or in addition to the standard Sysco reports, Sysco will use reasonable efforts to provide such reports.
Customer agrees to pay for any additional costs incurred by Sysco for the development of any customized reports or system enhancements.

 

5.2           
Electronic Order Entry. If Customer desires electronic order entry, Sysco will provide customer with a personal computer
software application or an Internet order entry application. Customer Locations must provide, at their own cost, compatible hardware,
Internet and network connections in order to utilize the software or browser application provided by Sysco.

 

Al Spector MDA Sept 2012

 

    	3

    	 

    

 

OPCO Short Form

 

6.         
Pricing “How is my pricing calculated and how often?”

 

6.1           
Definition of Cost. The price to Customer for all Products sold under this Agreement (the “Sell Price”) will
be calculated on the basis of Cost. “Cost” is defined as the cost of the Product as shown on the invoice to Sysco,
plus, if the invoiced price to Sysco is not a delivered price, Applicable Freight. The invoice used to determine Cost will be the
invoice issued to Sysco by the supplier, including without limitation, Sysco’s merchandising services Affiliate, the Baugh
Supply Chain Cooperative, Inc. and its regional member cooperatives (collectively, “BSCC”), as well as any other Affiliate.
Cost is not reduced by cash discounts for prompt payment available to Sysco, Parent, BSCC or the Operating Companies (collectively,
the “Sysco Group”). Regardless of this Section 6.1, the price to Customer for or Controlled Price Products (as such
term is defined in Section 7), shall be determined as provided in Section 7.

 

“Applicable Freight”
means a freight charge for delivering products to Sysco. Applicable Freight charges may include: (i) common or contract carrier
charges by the Product supplier or a third party; (ii) charges billed by a freight management service operated by Parent or its
Affiliates (“FMS”), currently known as Alfmark; (iii) charges billed by FMS for shipments back hauled on trucks owned
or leased by members of the Sysco Group; or (iv) charges such as fuel surcharges, cross-dock charges, unloading and restacking
charges, container charges, air freight charges and other similar charges not included in the supplier’s invoice cost that
are required to bring Product into Sysco’s warehouse. Applicable Freight for any Product will not exceed the rate charged
by nationally recognized carriers operating in the same market for the same type of freight service and for the same quantity of
Product.

 

6.2           
Merchandising Services. Parent and its Affiliates, the Operating Companies and BSCC, perform value-added services for suppliers
of SYSCO ® brand and other Products over and above procurement activities typically provided by other distribution
companies in the foodservice industry. These services include, but are not limited to, (i) supply chain services such as consolidation
of Operating Company purchases from suppliers, management of supplier ordering processes, consolidation of payments by Operating
Companies to suppliers, processing claims by Operating Companies for Product loss and shortages, advanced inventory management,
freight consolidation and management and other services associated with management of the total supply chain, (ii) quality assurance
and (iii) regional and national marketing and performance-based product marketing. To bring these supply chain efficiencies to
our customers requires Sysco and its Affiliates, including BSCC, to accept responsibility for management of certain business functions
and expenses once borne by the supplier. There are also instances where Sysco and its Affiliates, including BSCC, incur additional
costs in order to generate savings when considering the entirety of the supply chain which is the case with activities such as
redistribution, forward contracting, freight consolidation, and cross docking. Therefore, Sysco and its Affiliates, including BSCC,
may recover the costs of providing these services, may be compensated for these services and may retain any savings they may receive
throughout the supply chain by utilizing their expertise, resources and capital, much of which is used to offset expenses already
incurred. Sysco considers such cost recovery, compensation and retained savings to be earned income. Receipt of such cost recovery
and earned income does not reduce Cost and does not diminish the commitment of Sysco and its Affiliates, including BSCC, to provide
competitive prices to their customers.

 

Al Spector MDA Sept 2012

 

    	4

    	 

    

 

OPCO Short Form

 

6.3           
Sell Price.

 

Calculation of Sell
Price - For Products subject to margin on sell pricing, the Sell Price will equal (i) the Cost of the Product divided by (ii)
the difference between 100% and the percentage margin on sell applicable to the product category of such Product as set forth in
Schedule 2.

 

For example, a case
of Product with a Cost of $25.00 per case, a margin on sell of 10% and an applicable Supplier Allowance of $.50 per case will have
a Sell Price calculated as follows:

 

	Calculate base price from margin	 	       $25.00     	=	    $25.00    	=	$	27.78
	 	 	(100%-10%)	 	90%	 	 	 
	Less applicable allowance (per case)	 	 	 	 	 	 	(.50)
		 	Sell Price	 	 	 	$	27.28

 

(b)          
Frequency of Sell Price Calculation - Sell Prices for all Products will remain in effect for the pricing period set forth
in Schedule 2 for the applicable Product category. Pricing periods are described below:

 

(1)         Time
of sale pricing - pricing in effect for current purchase only;

 

(2)         Daily
pricing - pricing in effect for a 24 hour period;

 

(3)         Weekly
pricing - pricing in effect for seven consecutive days; and

 

(4)         Monthly
pricing - pricing in effect for a calendar month or a defined Customer accounting period.

 

Sysco reserves the right,
on prior notice to Customer, to adjust monthly or weekly pricing in the event of major changes in Cost of any Product defined as
a change of more than 10% of then-current Cost.

 

(c)          
Sales, Use or Other Taxes - If, pursuant to local or state law, Sysco is obligated to remit sales or use taxes to applicable
taxing or regulatory authorities with respect to Sysco’s sales of Products to Customer locations, any (i) sales or use taxes,
(ii) business opportunity taxes, levies or assessments or (iii) taxes, fees or assessments relating to recyclable beverage containers
(“Pass-Through Assessments”), Sysco may recover from Customer, to the extent legally permissible, the amount of such
Pass Through Assessments, either through an increase in the margin on sell (or, if applicable, fee per case) or through a line
item surcharge.

 

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OPCO Short Form

 

(d)          
Use of the Term “Margin” - Unless the context clearly indicates otherwise, the term “margin” used
alone means the amount added to Cost to determine the Sell Price, whether such amount is determined as a margin on sell, mark-up
or fee per unit.

 

(e)          
Market Priced Products - For Products subject to market pricing as indicated in Schedule 2 (“Market Priced Products”),
the Sell Price shall be the prevailing market price, as determined by the delivering Operating Company for its respective Service
Area, in its sole discretion.

 

6.4           
Substitutions. Should a substitution be necessary, Sysco will ship a comparable product at a Sell Price calculated using
the same methodology and margin as on the original Product ordered. Adjustments will be made to account for any pack/size variance
and will be calculated based on the same unit price.

 

6.5           
Increase in Sell Price for Split Cases. The distribution fee payable in connection with distribution of split cases of Product
(as determined Sysco), will be (i) increased by adding three (3) percentage points to the margin in the categories specified in
Schedule 2 for the applicable Product category. If a Product comparable to the Product for which Customer desires a split exists
under the SYSCO brand, only the SYSCO brand Product will be split.

 

6.6           
Temporary Adjustment in Pricing for Unanticipated Problems. If Sysco’s operating costs are affected by significant
regional or national economic fluctuations, including but not limited to fuel cost changes and power supply fluctuations, Sysco
may, with advance written notice to Customer, add a surcharge to Customer’s invoice or adjust the margins to compensate for
such cost variances which surcharge or margin adjustments shall be removed or adjusted back to the pre-adjustment levels if the
condition prompting such surcharge or adjustment no longer exists.

 

7.         
Supplier Agreements “What about certain product supplier agreements ?”

 

There are a limited
number of Products (“Controlled Price Products”) that are governed by agreements with suppliers binding upon Sysco
(e.g., Coca Cola and Ecolab) which establish the ultimate price at which Sysco must sell the Product to the Customer Location (“Controlled
Price Agreements”). The Sell Price for Controlled Price Products is the amount stated in the applicable Controlled Price
Agreement regardless of Section 6.3. Sysco is obligated to determine the Sell Price for Contracted Products or Controlled Price
Products under Section 7.1 only if the Controlled Price Agreement is attached in a schedule to this Agreement or required information
relating to a new Controlled Price Agreement is timely provided to Sysco as provided above.

 

8.         
Proprietary and Special Order Products. “How will Sysco handle products with my logo and products ordered specially
for me?”

 

8.1       
Definitions.

 

8.1.1           
Special Order Products - Special Order Products are Products not inventoried by Sysco that Customer requests Sysco to purchase
for immediate or near-immediate

 

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OPCO Short Form

 

distribution to one
or more Customer Locations. Special order products are not brought into Sysco inventory as regularly stocked products.

 

8.1.2           
Definition of Proprietary Products. Proprietary Products are (i) Products bearing Customer’s name or logo, (ii) Products
with a unique formulation which are restricted for sale to Customer, or (iii) supplier branded Products that would otherwise not
be inventoried except for Customer’s requirements. Due to the highly perishable nature of fresh produce, fresh produce may
not be designated a proprietary product.

 

8.2      
Proprietary Product. Special Order Product and Contracted Product Requirements. Proprietary Products and Special Order Products
must meet the requirements and are subject to the limitations set forth in this section.

 

8.2.1           
Stocking of Proprietary Products - Sysco will work with Customer to meet Customer’s reasonable needs for Proprietary
and Special Order Product. Sysco will stock paper and disposable Products, Products for tabletop placement bearing the printed
name or logos of Customer and national branded Products with consumer recognition and which are covered by a Supplier Agreement.
Except for such logo-bearing paper, disposable or tabletop Products, Sysco shall not be obligated to stock Proprietary and Special
Order Products if Sysco has comparable Product already in its inventory.

 

8.2.2           
Customer Obligations for Special Order Products - Customer shall purchase all shipments of Special Order Products within
the timeframes specified in the special order request, as approved by Sysco. No Special Order Products may be returned other than
due to Product defects, miss-ships, or any products or returns for which the Supplier has agreed to credit Sysco. Any additional
distribution costs incurred by Sysco for Special Order Products outside of normal distribution costs will be paid by Customer whether
or not such Special Order Product is also a Contracted Product unless Supplier honors a bill-back to permit Sysco to recover such
costs.

 

8.2.3           
Proprietary and Special Order Product Requirements -Such Products must have a valid UPC number assigned and a scan-able
UPC bar code on each sellable unit. Customer must purchase no less than five (5) cases per week of such Product and the sales volume
of such Products must result in at least twelve turns of inventory of such Product in any twelve month period. Suppliers of such
Products must provide Sysco with an indemnity agreement and insurance coverage satisfactory to Sysco. If a supplier of such Products
does not provide the required indemnity and supporting insurance coverage and Customer still wishes to purchase products from such
supplier, Customer will defend, indemnify and hold harmless Sysco and its employees, officers and directors from all actions, claims
and proceedings, and any judgments, damages and expenses resulting therefrom, brought by any person or entity for injury, illness
and/or death or for damage to property in either case arising out of the delivery, sale, resale, use or consumption of any such
Product, except to the extent such claims are caused by the negligence of Sysco, its agents or employees.

 

9.        
Credit; Customer Financial Responsibility “What are my payment terms?”

 

Al Spector MDA Sept 2012

 

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OPCO Short Form

 

9.1        
Payment Terms. Customer terms will be set to coincide with the seasonality of business. Please see schedule below:

 

Rolling
30 day Terms

May, June,
July, August, September, October, March, April

 

Rolling
60 day Terms

November,
December, January, February

 

Customer
terms will fluctuate based on seasonality. Sysco will provide 30 day terms in season and 60 day terms out of season. In the event
customer cannot adhere to 60 day terms in the off season months, Sysco will allow customer to put 30 days worth of invoices on
a note to be paid back in 60 days at 6% interest with payments starting 30 days from the date of the note. Sysco will allow customer
two notes per year for 30 days worth of invoices. Notes cannot run concurrently.

 

Example:
Customer has 60 day terms in July and August and has July and August invoices outstanding on August 30 th, Sysco
takes July invoices and puts them on a note September 1 st with weekly payments starting October 1 st
 over an 8 week period. Customer terms are switched to in season terms of 30 days in September. Customer pays August invoices
in September but July invoices are spread out from October-November.

 

Terms
and notes are contingent upon the financial condition of the customer and Sysco reserves the right to limit, modify or retract
terms payment plans based on customer financial condition...... something like this is in the MDA already-use the MDA language-1
just wanted to make sure it was included.

 

9.2        
Set Off. Sysco’s rights of set off and recoupment are recognized by Customer and preserved in all respects.

 

9.3        
Service Charge; Collection Fees. If invoices are not paid when due, a service charge will be assessed to the applicable
Customer, up to the maximum amount permitted by law. Unpaid invoice balances and service charges due to Sysco will be deducted
from any credits due to such Customer. Customer shall pay all costs and expenses (including reasonable attorney’s fees) Sysco
incurs in enforcing its rights under this Agreement including, without limitation, its right to payment for Products sold to Customer.

 

9.4        
Applications and Other Documents and Information. Customer will complete and execute a new account application on forms
provided by Sysco and such account applications must be approved by Sysco as a condition to this Agreement binding Sysco. If required
by Sysco in its reasonable judgment, Customer shall also execute and deliver a guarantee, security agreement or other related agreements
as a further condition to this Agreement being binding upon Sysco.

 

In order to
enable Sysco to establish Customer’s credit terms and monitor Customer’s financial condition, Customer will supply
quarterly and annual financial statements consisting of an income statement, balance sheet and statement of cash flow. Sysco may
request such further

 

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OPCO Short Form

 

financial information from Customer from
time to time, sufficient, in Sysco’s judgment, to enable Sysco to accurately assess Customer’s financial condition.

 

9.6        
Delivery Stoppage. In the event Customer fails to make payment when due, Sysco may immediately, upon notice to Customer,
condition future deliveries upon more stringent credit and/or payment terms, including, without limitation, cash in advance, cash
on delivery, and/or the delivery of acceptable letters of credit, third party guarantees, and/or additional collateral and/or following
five (5) days written notice to the Customer, cease shipment of any Products to the Customer failing to make such payment until
the outstanding receivable balance is fully within terms.

 

10.        
Term and Termination “How long will the MDA remain in effect?”

 

10.1      
Term - The term of this Agreement (the “Term”) will begin on September 16, 2012, and will continue in effect
until terminated by Customer or Sysco on sixty days prior written notice to other party.

 

10.2      
Termination - This Agreement may be terminated prior to the end of the Term as follows:

 

10.2.1 
By Sysco

 

(a)          By
Sysco for failure of Customer to comply with any material provision of this Agreement within sixty (60) days of such party’s
receipt of written notice describing said failure (other than payment for Product purchased and services rendered the failure of
which is cause for termination under paragraph (b) below) unless with respect to not more than one such failure, such failure is
cured within such sixty (60) day period;

 

(b)          By
Sysco immediately upon written notice to Customer if Customer’s financial position deteriorates materially, determined by
Sysco in its sole judgment, or if Sysco becomes aware of any circumstances that, in Sysco’s sole judgment, materially impact
Customer’s ability to meet its financial obligations when due; and

 

(c)          By
Sysco, upon not less than sixty (60) days written notice to Customer if Customer and Sysco have failed to agree on a mutually acceptable
adjustment or other form of compensation to Sysco, as further described in Section 6.6.

 

10.2.2
 By Customer

 

By Customer
for failure of Sysco to comply with any material provision of this Agreement within sixty (60) days of Sysco’s receipt of
written notice describing said failure unless with respect to not more than one such failure, such failure is cured within such
sixty (60) day period.

 

10.3     
Obligations Upon Termination. Upon termination, Customer agrees to fully comply with all of its obligations under this Agreement,
including, without limitation the

 

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OPCO Short Form

 

obligation to pay all invoices at the earlier
of (i) the time they are due or (ii) two weeks from the date of the last shipment to a Customer Location.

 

11.         
Waiver of Jury Trial Right ‘What if we disagree?”

 

Each party affirmatively
waives its right to jury trial with respect to any disputes, claims or controversies of any kind whatsoever under this Agreement.

 

12.         
Perishable Agricultural Commodities “Do any products receive special treatment if I fail to pay for them?”

 

This Agreement
may cover sales of “perishable agricultural commodities” as those terms are defined by federal law. Generally, all
fresh and frozen fruits and vegetables which have not been processed beyond cutting, combining and/or steam blanching are considered
perishable agricultural commodities as are oil blanched french-fried potato products. All perishable agricultural commodities sold
under this Agreement are sold subject to the statutory trust authorized by Section 5(c) of the Perishable Agricultural Commodities
Act, 1930 (7 U.S.C. 499e(c)). The seller of these commodities retains a trust claim over these commodities and all inventories
of food or other products derived from these commodities until full payment is received.

 

13.         
Food Safety and Ground Beef “How do you handle ground beef and veal products?”

 

Food safety
is of paramount importance to the Sysco Group, Customer and the ultimate consumer. To that end, Parent has developed a set of stringent
standards for the production and packaging of ground beef and ground veal (the “Ground Beef and Veal Safety Standards”).
In order to adequately protect Sysco and Customer from potential food safety issues relating to the production and packaging of
ground beef and ground veal, Sysco will not be obligated to utilize any supplier of ground beef or ground veal that does not meet
the Ground Beef and Veal Safety Standards, whether or not the ground beef or ground veal supplied by such supplier has been designated
by Customer as a Proprietary Product, Contracted Product or Special Order Product.

 

14.         
Miscellaneous “What else is covered by our agreement?”

 

14.1     
Assignment. Neither Customer nor Sysco may assign this Agreement without the prior written consent of the other party provided
that Sysco may assign this Agreement to another Operating Company. Subject to these limitations, this Agreement shall be binding
upon and inure to the benefit of the successors and assigns of each of the parties.

 

14.2     
Entire Agreement. The parties expressly acknowledge that (i) this Agreement, (ii) any separate confidentiality agreement
between the parties and (iii) the credit applications and related agreements and guarantees referred to in this Agreement contain
the entire agreement of the parties with respect to the relationship specified in this Agreement and supersede any prior arrangements
or understandings between the parties with respect to such relationship.

 

14.3      
Amendments. This Agreement may only be amended by a written document signed by each of the parties.

 

Al Spector MDA Sept 2012

 

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OPCO Short Form

 

14.4      
Notices. Any written notice called for in this Agreement may be given by personal delivery, certified mail, overnight delivery
service or confirmed facsimile transmission. Notices given by personal delivery will be effective on delivery; by overnight service
on the next business day; by first class mail five business days after mailing; and by facsimile when an answer back confirming
receipt by the recipient’s facsimile machine is received. The address of each party is set forth below.

 

14.5      
Donations. Sysco will be unable to offer donations in any form, including, without limits, free goods, cash, or use of Sysco
owned equipment.

 

14.6      
Governing Law. This Agreement and the rights and obligations of the parties hereunder, shall be construed in accordance
with the laws of the state where Sysco’s facility is located as shown on the signature page of this Agreement.

 

Executed as of the Effective Date set forth at the beginning
of this Agreement.

 

	Address	 	 	 
	 	 	SYSCO Arizona
	 	 	 	 
	611 S. 80th Avenue	 	By:	/s/[ILLEGIBLE]
	Tolleson, AZ 85353	 	 	 
	Attention:      John Roberts	 	Its:	Vice President of Sales
	Telephone:    623-907-6339	 	 	 
	Facsimile:      623-907-6831	 	 	 

 

Address

 

Sedona Culinary Concepts, LLC
— owns and operates Canyon Breeze Restaurant. Physical address is 300 N. Highway 89A, Suite 3, Sedona, AZ 86336

 

	 	By:	/s/ Al Spector
	 	Its:	Manager

 

Open Range Grill and Tavern
LLC - owns and operates Open Range, Tasting Arizona and The Good, The Bad & The Ugly Saloon. Physical address is 320 N.
Highway 89A, Suite 16, Sedona AZ 86336.

 

	 	By:	/s/ Al Spector
	 	Its:	Manager

 

Taos Cantina, operated by Orchards
Inn & Restaurant LLC. Owned by L’Auberge Orchards LLC. Physical address is 254 N. Highway 89A, Sedona, AZ 86336.

 

	 	By:	/s/ Al Spector

 

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OPCO Short Form

 

	 	Its:	Manager

 

L’Auberge Restaurant, operated
by L’Auberge de Sedona LLC. Owned by L’Auberge Orchards LLC, Physical address is 301 L’Auberge Lane, Sedona,
AZ 86336

 

	 	By:	/s/ Al Spector
	 	Its:	Manager

 

At Spector MDA Sept 2012

 

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OPCO Short Form

 

MASTER DISTRIBUTION AGREEMENT

 

Schedule Index

 

	Schedule 1	Customer Locations as of Effective Date
	 	 
	Schedule 2	Customer Margin Schedule
	 	 
	Schedule 3	Customer Return Policy

 

Al Spector MDA Sept 2012

 

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OPCO Short Form

 

SCHEDULE 1

TO

MASTER DISTRIBUTION AGREEMENT

 

Customer Locations

And Description of the Service Area

 

Customer Locations:

 

Canyon Breeze

300 Arizona 89A

Sedona, AZ 86336

(928) 282-2112

 

Taos Cantina

254 N. Hwy 89A

Sedona, AZ 86336

(928) 282-1313

 

L’Auberge Restaurant

301 L’Auberge Ln

Sedona, AZ 86336

(928) 282-1661

 

Open Range

320 North State Route 89A

Sedona, AZ 86336

(928) 282-0002

 

Al Spector MDA Sept 2012

 

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OPCO Short Form

 

SCHEDULE 2

TO

MASTER DISTRIBUTION AGREEMENT

 

PRODUCT CATEGORIES AND CUSTOMER
MARGINS

NOT TO EXCEED  

 

	 	 	Product Category	 	
        Pricing

        Frequency
	 	
        Margin/Mark-up/Fee

        Per Unit*
	 	
        SPLITS - Margin/mark-

        up/Fee Per Unit
	 
	 	 	 	 	 	 	 	 	 	 
	1.	 	Healthcare	 	Monthly	 	12%	 	 	 
	 	 	 	 	 	 	 	 	 	 
	2.	 	Dairy Products	 	Weekly	 	8%	 	 	 
	 	 	 	 	 	 	 	 	 	 
	3.	 	Meats	 	Weekly	 	5%	 	 	 
	 	 	 	 	 	 	 	 	 	 
	4.	 	Seafood	 	Weekly	 	6%	 	 	 
	 	 	 	 	 	 	 	 	 	 
	5.	 	Poultry	 	Weekly	 	6%	 	 	 
	 	 	 	 	 	 	 	 	 	 
	6.	 	Frozen	 	Weekly	 	7%	 	+3%	 
	 	 	 	 	 	 	 	 	 	 
	7.	 	Canned & Dry	 	Monthly	 	7.5%	 	+3%	 
	 	 	 	 	 	 	 	 	 	 
	8.	 	Paper & Disposables	 	Monthly	 	8.5%	 	+3%	 
	 	 	 	 	 	 	 	 	 	 
	9.	 	Chemical/Janitorial	 	Monthly	 	10%	 	+3%	 
	 	 	 	 	 	 	 	 	 	 
	10.	 	Supplies & Equipment	 	Monthly	 	Bid	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Ecolab Controlled Price	 	 	 	Per contract	 	 	 
	 	 	 	 	 	 	 	 	 	 
	11.	 	Produce	 	Weekly	 	10%	 	 	 
	 	 	 	 	 	 	 	 	 	 
	12.	 	Dispenser Beverage	 	Monthly	 	10%	 	 	 

 

* Subject to adjustment as provided in the second following
paragraph

 

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OPCO Short Form

 

Beverage Service and Equipment

 

Sysco may supply
equipment and/or service for coffee or other beverage products. When a third party is utilized for this purpose, the amount invoiced
by the third party will be applied to the cost of the product after the distribution margin has been applied. When Sysco is the
agent for either equipment or service, a reasonable and customary internal charge will be added after the margin has been applied
to the product cost.

 

Al Spector MDA Sept 2012

 

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OPCO Short Form

 

Schedule 3

To

Master Distribution Agreement

 

Customer Return Policy

As of the Effective Date

 

One of the most
significant issues in foodservice is food safety. Sysco goes to significant lengths to assure all Product is wholesome and complies
with requirements established by the U.S. Department of Agriculture (“USDA”) or the U.S. Food and Drug Administration
(“FDA”), including without limitation, applicable requirements under Hazard Analysis/Critical Control Point programs
promulgated by USDA or FDA.

 

To assure that
Customer receives high quality product, maintained at optimum conditions, the following guidelines will be enforced for Product
that Customer requests to return to the delivering Operating Company after being delivered to a Customer Location. This does not
limit any rights Customer may have to reject Product at time of receiving.

 

Time frame:
Except for returns of the specific products noted below, all returns and credit requests must be made within these timelines:

 

Fresh Meat, poultry, and perishable items _____ returnable
only at time of delivery 

	Frozen Items	14 Days
	All other items	14 days

 

Temperature Requirements: All perishable items must be
maintained at the following temperatures:

 

	Frozen	0 to 20 degrees
	Refrigerated	30 to 35 degrees

 

Packaging: Products must
be returned in their original packaging free of markings, damage, or signs of temperature excursions or other duress.

 

Specific Product Return Guidelines:

 

Fresh Seafood - returnable only
at time of delivery

Produce - returnable only at time
of delivery

Dairy - returnable only at time
of delivery

Fresh Meat and Poultry - returnable
only at time of delivery

   - must
be authorized by a Sysco representative prior to return

   - must be in original sealed
container with no signs of temperature abuse

Cleaning Chemicals - must be in original, sealed container and
return must be authorized by Sysco representative.

Special order items - returnable
only at time of delivery due to quality problems or damage.

     Authorization by Sysco representative
required.

Direct Drop Shipments - Customer
must contact Sysco representative within 24 hours of receipt.

 

Al Spector MDA Sept 2012

 

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OPCO Short Form

 

PRICE VERIFICATION

 

Price Verification “How do I
know if my pricing is correct”?

 

Customer will
be allowed one (l) annual price verification for purchases made under this Agreement. The price verification will consist of reviewing
computer reports documenting SYSCO s calculation of Customer’s invoice price and verification of Sysco’s delivered
Cost. If requested, applicable Supplier invoices and accompanying freight invoices will also be made available. Supplier invoices
consist of invoices from third party suppliers or from the merchandising services affiliate of Parent including, without limitation,
BSCC, or a Specialty Company, as applicable. Price verification adjustments, if applicable, will be made utilizing the net of undercharges
and overcharges to the Customer. The price verification process is subject to the following:

 

(a)          Customer
must request a price verification in writing at least twenty (20) business days prior to the suggested date of the price verification
and must identify not more than fifteen (15) items to be price verified and the period covered;

 

(b)          The
date and time of price verification must be to the mutual agreement of Customer and Sysco;

 

(c)          The
price verification will be made at Sysco’s location;

 

(d)          Support
for the price verification may not be removed from Sysco’s office location where the price verification is conducted;

 

(e)          The
period for which pricing is to be verified will not begin more than three (3) months prior to the date of the price verification,
and will cover only one pricing period; and

 

(f)          
In no event will pricing be corrected for more than six (6) months prior to the date of the price verification.

 

Due to the extensive
time and complexity associated with price verification, Sysco will not accept computer generated price matching or electronic audits
by or on behalf of Customers or any Third Party Provider and any price verification adjustments will only be made following the
above price verification procedure.

 

Al Spector MDA Sept 2012

 

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OPCO Short Form

 

Delivery/Volume Allowance

 

Sysco Arizona will offer a percentage of total purchases
(see schedule below) based on achieving $2.5M in total purchases annually for all locations combined. Customer will qualify for
the bracket allowance based on the average weekly number of delivery days used during the year. Allowance will be paid if all invoices
meet the agreed upon credit terms at the end of 52 weeks unless prior arrangements have been made. Allowance will be paid within
30 days from the close of the 52 weeks of purchasing as a Prime Vendor with Sysco.

 

	Average Delivery Days Weekly	 	Allowance
	 	 	 
	3.0	 	1%
	 	 	 
	3.25	 	.75%
	 	 	 
	3.5	 	.5%
	 	 	 
	3.75	 	.25%

 

Al Spector MDA Sept 2012

 

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	WM

Waste Management

	
        Company Name

        Street Address

        City, St ZIP

        Tel Number
	
        Commercial

        SERVICE AGREEMENT

        NON-HAZARDOUS WASTES 
	
        SIC Code               7011

        Type of Business   LODGING

         

 

	WM AGREEMENT# _________	REASON CODE  NBG NBG NBG
	CUSTOMER ACCT# __________	EFFECTIVE DATE _______ LAST API DATE _____
	ACCT. NAME L’AUBERGE DE SEDONA	BILL. NAME L'AUBERGE DE SEDONA LLC
	SERV. ADDR  301 LAUBERGE LN	BILL. ADDR  270 N STATE ROUTE 89A
	CITY, ST ZIP  SEDONA St AZ Zip 86336	CITY, ST zip SEDONA St AZ Zip 86336
	COUNTY/Parish  _________	COUNTY/Parish  _________
	TEL # 602-510-4111 FAX 928-204-4323	TEL # 602-510-4111  FAX 928-204-4323
	CONTACT  KRIS SPECTOR	CONTACT  KRIS SPECTOR
	E-MAIL KSPECTOR@LAUBERGE.COM	E-MAIL  KSPECTOR@LAUBERGE.COM

 

EQUIPMENT/SERVICE SPECIFICATIONS –

 

	NEW	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	TH	F	S	S	 	 
	 	 	1.0	SOL	 	 	 	 	0	 	 	 	 	 	 	 	$109.32/mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 

 

	Big Belly Solar Compactor with Recycle Klosk, Custom wrap, side advertising panels and air card	     
    Total  $109.32/mth

 

	OLD	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	Th	F	S	S	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 

 

	To be completed, if applicable. Any blanks or unfilled or unmarked boxes or spaces shall be deemed to be inapplicable and not affect the validity of this Agreement.	*
    A fuel surcharge and environmental cost recovery charge, calculated as a percentage of the Charge(s), will be included on
    your invoice. Information about the Fuel/ Environmental Charge can be found on our website at www.wm.com under billing
    inquiry, state and Local taxes, if applicable, will also be added to the Charges	  
Total  $            /mth
	Container pull/push out required?	No (No/Yes)
	Container behind gate or enclosure?	No (No/Yes)	If applicable to your account the Recycle Material Offset fee (RMO/RML) may vary from month to month based on the recyclable material commodity market conditions.  The charge printed on this agreement represents the current fee and market conditions.	
        Net Change $         /mth

         

	Customer’s Waste Materials does not exceed an average weight of	lbs/yard	 
	Other applicable service terms (including Waste Material composition):	This is NBG lease agreement no service required no F & E to be billed. $50.00 Install charged on first billing.  Plotrowski #106

 

	CUSTOMER DEPOSIT	 	 	 	 	SCHEDULE OF CHARGES * AS REQUIRED
	P.O. NUMBER	 	 	 	 	Container Usage Fee	 	$ 0
	JOB NUMBER	 	 	 	 	Locks	 	
        $ / bin

        $ / install

	RECEIPT REQUIRED?	No (Yes/No)	BILL TO ACCT #	 	 	Overage Charge	 	$                  / yard, min 2 yard charge
	TAXABLE	No (Yes/No)	DISPOSAL SITE	 	 	Extra Pickup Charges *******	 	 
	 	 	 	 	 	 	Per Lift	 	$
	THE UNDERSIGNED INDIVIDUAL SIGNING THIS AGREEMENT ON BEHALF OF CUSTOMER ACKNOWLEDGES THAT HE/SHE HAS READ AND UNDERSTANDS	 	 	Per Yard	 	$
	THE TERMS AND CONDITIONS OF THIS AGREEMENT, ON THE SECOND	 	Delivery Charge	 	$ 50.00
	PAGE, AND THAT HE/SHE HAS THE AUTHORITY TO SIGN ON BEHALF OF THE CUISTOMER. 	 	Container Exchange Charge	 	$150.00
	—TERMS: DUE UPON RECEIPT —	 	Trip Charge (Unable to Service)	 	$
	 	 	 	 	 	Removal Fee	 	$50.00
	CUSTOMER	 	 	 	
        Customer Service Assisted

        Payment Charge
	 	$
	AUTHORIZED SIGNATURE	 	/s/ Al Spector Manager	 	Administrative Fee	 	$                          /invoice
	TITLE	 	 	Date	6/24/11	 	 	 	$
	NAME (PRINT OR TYPE)	 	 	 	 	 	 
	COMPANY	 	 	 	 	 	 
	AUTHORIZED SIGNATURE	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

    	 

    	 

    

 

	WM

Waste Management

	 	SERVICE AGREEMENT

NON-HAZARDOUS WASTES 	 

 

Commercial Service Agreement

Terms And Conditions

 

	
        1. SERVICES RENDERED; WASTE MATERIALS. Customer. grants to Company
        the exclusive right, and Company shell furnish equipment and services, to collect and dispose of and/or recycle all of Customer’s
        Waste Materials. Customer represents and warrants that the materials to be collected under this Agreement shall be only “Waste
        Materials” as defined herein. For purposes of this Agreement, “Waste Materials” means all non-hazardous solid
        waste and Recyclable Materials generated by Customer or at Customer’s Service Address. Waste Materials includes Special Waste,
        such as industrial process wastes, asbestos-containing material, petroleum contaminated soils treated/de-characterized wastes,
        and demolition debris, but Customer shall complete a Waste Profile for such Special Waste which has been approved by Company in
        writing. Recyclable Materials shall include any type of material that can be recycled or recovered whether separated or not separated
        from other Waste Materials prior to collection. Waste Materials specifically excludes, and Customer agrees not to deposit or permit
        the deposit for collection of, any waste tires, radioactive, volatile, corrosive, flammable, explosive, biomedical, infectious,
        biohazardous, regulated medical or hazardous waste, toxic substance or material, as defined by, characterized or listed under applicable
        federal, state, or local laws or regulations, or Special Waste not approved in writing by Company (collectively, “Excluded
        Materials”). Title to and liability for Excluded Material shall remain with Customer at all times. Title to Waste Materials
        provided by Customer to Company is transferred to Company upon Company’s receipt or collection unless otherwise provided
        in this Agreement or applicable law.

         

        2. TERM. The term (“Term”) of this Agreement is
        sixty (60) months from the Effective Date set forth (“Initial Term”), which shall automatically renew thereafter for
        additional terms of twelve (12) months each (“Renewal Term”) unless either party gives to the other party written notice
        (See Section 10(e)) of termination at least ninety (90) days, but no more than one hundred eighty (180) days, prior to the termination
        of the then-existing term.

         

        3. SERVICES GUARANTY; CUSTOMER TERMINATION. If the Company fails
        to perform the services described within five business days of its receipt of a written demand from Customer (See Section 10(e)),
        Customer may terminate this Agreement with the payment of all monies due through the termination date. If Company increases the
        Charges payable by Customer hereunder for reasons other than as set forth in Section 4 below, Customer shall have the right to
        terminate this Agreement by written notice to the Company no later than thirty (30) days after Company notifies Customer of such
        increase in Charges in writing. If Customer so notifies Company of its termination of this Agreement, such termination shall be
        of no force and effect if Company withdraws or removes such increases within fifteen (15) days after Customer provides timely notification
        of termination. Absent such termination, the increased Charges shall be binding and enforceable against Customer under this Agreement
        for the remaining Term.

         

        4. CHARGES; PAYMENTS; ADJUSTMENTS. Upon receipt of an Invoice,
        Customer shall pay for the services and/or equipment (including repair and maintenance) furnished by Company in accordance with
        the Charges on the first page, as it may be adjusted over the term of this Agreement as noted herein (the “Charges”).
        Company reserves the right to increase the Charges payable by Customer during the Term: (a) for any changes or modifications to,
        or differences between, the actual equipment and services provided by Company to Customer and the agreed upon Equipment/Service
        specifications on the first page, (b) any change in the composition of the Waste Materials or in the average weight per yard of
        Customer’s Waste Materials exceeds the amount specified on the first page; (c) for any increase in or other modification
        to its fuel or environmental cost recovery charges; (d) to cover any increases in disposal and/or third party transportation costs;
        (e) to cover increased costs due to uncontrollable circumstances, including, without limitation, changes in local, state or federal
        laws or regulations, imposition of taxes, fees or surcharges or acts of God such as floods, fires, hurricanes and natural disasters;
        and (f) no more often than annually from the Effective Date (of if specified on the first page, Customer’s Last API Date)
        for increases in the Consumer Price index plus four percent of the then current Charges. Any increase in Charges enumerated in
        clauses (a) through (e) above may include an amount for Company’s operating or gross profit margin. Company also reserves
        the right to charge Customer additional fees if the following additional services are provided to Customer, Administrative Fee,
        Enclosure Charge, Services on High Demand Days, Pull/Push Out Services, Container Relocation Fee, or Seasonal Restart Fee. In the
        event Company adjusts the Charges as provided in this Section 4, Customer and Company agree that this Agreement as so adjusted
        will continue in full force and effect for the remaining Term.

         

        Any Customer Invoice balance not paid within thirty (30) days
        of the date of Invoice is subject to a late fee, any Customer check returned for insufficient funds is subject to a NSF fee, both
        to the maximum extent allowed by applicable law. In the event that payment is not made when due, Company retains the right to suspend
        service until the past due balance is paid in full. In the even that service is suspended in excess of fifteen (15) days, Company
        may terminate this Agreement for such default and recover the equipment.

         

        5. CHANGES. Changes in the frequency of collection service,
        schedule, number, capacity and/or type of equipment, may be agreed to orally, in writing, by payment of the Invoice or by the actions
        and practices of the parties. If Customer changes its Service Address during the Term, this Agreement shall remain valid and enforceable
        with respect to services rendered at Customer’s new service location if such location is within Company’s service area.

         
	 	
        6. EQUIPMENT, ACCESS. All equipment furnished by Company shall
        remain the property of Company; however, Customer shall have care, custody and control of the equipment and for its contents while
        at Customer’s location. Customer shall not overload, more or alter the equipment and shall use the equipment only for its
        intended purpose. At the termination of this Agreement, Customer shall return the equipment to Company in the condition in which
        it was provided, normal wear and tear expected. Customer shall provide unobstructed access to the equipment on the scheduled collection
        day. Customer shall pay, if charged by Company, an additional fee for any service modifications caused by or resulting from Customer’s
        failure to provide access. Customer warrants that Customer’s property is sufficient to bear the weight of Company’s
        equipment and vehicles and that Company shall not be responsible for any damage to the Customer’s property resulting from
        the provision of services.

         

        7. LIQUIDATED DAMAGES. In the event Customer Terminates this
        Agreement prior to the expiration of the Term for any reason other than as set forth in Section 3, or in the event Company terminates
        this Agreement for Customer’s default, Customer shall pay the following liquidated damages in addition to the Company’s
        legal fees: (a) If the remaining Initial Term under this Agreement is six or more months, Customer shall pay its most recent monthly
        Charges multiplied by six; (b) if the remaining Initial Term under this Agreement is less than six months, Customer shall pay its
        most recent monthly Charges multiplied by the number of months remaining in the Term; (c) if the remaining Renewal Term under this
        Agreement is three or more months, Customer shall pay its most recent monthly Charges multiplied by three; or (d) If the remaining
        Renewal Term under this Agreement is less than three months, Customer shall pay its most recent monthly Charges multiplied by the
        number of months remaining in the Renewal Term. Customer acknowledges that the actual damage to Company in the even to Termination
        is difficult to fix or prove, and the foregoing liquidated damages amount is reasonable and commensurate with the anticipated loss
        to Company resulting from such termination and is an agreed upon fee and is not imposed as a penalty. Customer shall pay liquidated
        damages of $100 for every Customer waste tire that is found at the disposal facility.

         

        8. INDEMNITY. The Company agrees to indemnify, defend and save
        Customer harmless from and against any and all liability which Customer may be responsible for or pay out $$ a result of bodily
        injuries (including death), property damage, or any violation or alleged violation of law, to the extend caused by any negligent
        act, negligent omission or willful misconduct of the Company or its employees, which occurs (a) during the collection or transportation
        of Customer’s Waste Materials, or (b) as a result of the disposal of Customer’s Waste Materials in a facility owned
        by the Company or a subsidiary of Waste Management, Inc., provided that the Company’s Indemnification obligations will not
        apply to occurrences involved Excluded Materials.

         

        Customer agrees to indemnify, defend and save the Company harmless
        from and against any and all liability which the Company may be responsible for or pay out as a result of bodily injuries (including
        death), property damage, or any violation or alleged violation of law to the extent caused by Customer’s breach of this Agreement
        or by any negligent act, negligent omission or willful misconduct of the Customer or its employees, agents or contractors in the
        performance of this Agreement or Customer’s use, operation or possession of any equipment furnished by the Company.

         

        Neither party shall be liable to the other for consequential,
        incidental or punitive damages arising out of the performance of this Agreement.

          

        9. RIGHT OF FIRST REFUSAL. Customer grants to Company a right
        of first refusal to match any offer relating to services similar to those provided hereunder which Customer receives (or intends
        to make) upon termination of this Agreement for any reason and Customer shall give Company prompt written notice of any such offer
        and a reasonable opportunity to respond to it.

         

        10. MISCELLANEOUS. (a) Except for the obligation to
make payments hereunder, neither party shall be in default for its failure to perform or delay in performance caused by events
or significant threats of events beyond its reasonable control, whether or not foreseeable, including, but not limited to, strikes,
labor trouble, riots, imposition of laws or government orders, fires, acts of war or terrorism, acts of God, and the inability
to obtain equipment, and the affected party shall be excused from performance during the occurrence of such events. (b) This Agreement
shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and assigns. (c) This
Agreement represents the entire agreement between the parties and supersedes any and all other agreements, whether written or
oral, that may exist between the parties. (d) This Agreement shall be construed in accordance with the law of the state in which
the services are provided. (e) All written notification to Company required by this Agreement shall be by Certified Mail, Return
Receipt Requested. (f) Any blanks or unfilled or unmarked boxes or spaces on this first page shall be deemed to be inapplicable
and not affect the validity of the Agreement. (g) If any provision of this Agreement is declared invalid or unenforceable, then
such provision shall be severed from and shall not affect the remainder of this Agreement; however, the parties shall amend this
Agreement to give effect, to the maximum extent allowed, to the intent and meaning of the severed provision. (h) In the event
the Company successfully enforces its rights against Customer hereunder the Customer shall be required to pay the Company’s 

 

    	 

    	 

    

  

 

	WM

Waste Management

	
        Company Name

        Street Address

        City, St ZIP

        Tel Number
	
        Commercial

        SERVICE AGREEMENT

        NON-HAZARDOUS WASTES 
	
        SIC Code 7011

        Type of Business LODGING

 

	WM AGREEMENT# 	_________	REASON CODE	 DIS DIS DIS
	CUSTOMER ACCT# 	586-89039	EFFECTIVE DATE 60/01/211	 LAST API DATE _____
	ACCT. NAME 	L’AUBERGE DE SEDONA	BILL. NAME 	L'AUBERGE DE SEDONA
	SERV. ADDR 	301 LAUBERGE LN	BILL. ADDR 	301 LAUBERGE LANE
	CITY, ST ZIP 	SEDONA St AZ Zip 86336	CITY, ST zip SEDONA St AZ Zip 86336
	COUNTY/Parish	 ________	COUNTY/Parish _________
	TEL # 928-204-4328 	FAX 928-204-4323	TEL # 928-204-4329 FAX 928-204-4323
	CONTACT	 KRIS SPECTOR	CONTACT KRIS SPECTOR
	E-MAIL	 KSPECTOR@LAUBERGE.COM	E-MAIL KSPECTOR@LAUBERGE.COM

 

EQUIPMENT/SERVICE SPECIFICATIONS –

 

	NEW	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	TH	F	S	S	 	 
	 	 	2.0	8FL	 	 	 	 	0	Y207	 	Y207	 	Y608	Y609	 	$600.00/mth.	 
	 	 	2.0	PMF	 	 	 	 	 	 	 	 	 	 	 	 	$           /mth.	 
	 	 	ECC	 	 	 	 	 	 	 	 	 	 	 	 	 	$  30.00/mth.	 
	 	 	FCC	 	 	 	 	 	 	 	 	 	 	 	 	 	$  30.00/mth.	 

 

	Service Decreases to 4 times per week, Mon, Wed, Fri, Sat	      Total  $660.00/mth

 

	OLD	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	Th	F	S	S	 	 
	 	 	2.0	8FL	 	 	 	 	 	Y207	 	Y207	Y207	Y608	Y609	 	$1,488.00/mth.	 
	 	 	2.0	PMF	 	 	 	 	 	 	 	 	 	 	 	 	$     15.50/mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$             /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$             /mth.	 

 

	To be completed, if applicable. Any blanks or unfilled or unmarked boxes or spaces shall be deemed to be inapplicable and not affect the validity of this Agreement.	* A fuel surcharge and environmental cost recovery charge, calculated as a percentage of the Charge(s), will be included on your invoice. Information about the Fuel/ Environmental Charge can be found on our website at www.wm.com under billing inquiry, state and Local taxes, if applicable, will also be added to the Charges	      Total  $ 1,503.50/mth
	Container pull/push out required?	No (No/Yes)
	Container behind gate or enclosure?	No (No/Yes)	If applicable to your account the Recycle Material Offset fee (RMO/RML) may vary from month to month based on the recyclable material commodity market conditions.  The charge printed on this agreement represents the current fee and market conditions.	
        Net Change $ /mth

         

	Customer’s Waste Materials does not exceed an average weight of	lbs/yard	 
	Other applicable service terms (including Waste Material composition):	DIS agreement FCC and ECC locked at 10% excluding uncontrollable cost increases such as disposal, taxes and regulatory

 

	CUSTOMER DEPOSIT	 	 	 	 	SCHEDULE OF CHARGES * AS REQUIRED
	P.O. NUMBER	 	 	 	 	Container Usage Fee	 	$ 0
	JOB NUMBER	 	 	 	 	Locks	 	
        $ / bin

        $ / install

	RECEIPT REQUIRED?	No (Yes/No)	BILL TO ACCT #	 	 	Overage Charge	 	$                  / yard, min 2 yard charge
	TAXABLE	No (Yes/No)	DISPOSAL SITE	 	 	Extra Pickup Charges *******	 	 
	 	 	 	 	 	 	Per Lift	 	$25.00
	THE UNDERSIGNED INDIVIDUAL SIGNING THIS AGREEMENT ON BEHALF OF CUSTOMER ACKNOWLEDGES THAT HE/SHE HAS READ AND UNDERSTANDS	 	 	Per Yard	 	$
	THE TERMS AND CONDITIONS OF THIS AGREEMENT, ON THE SECOND	 	Delivery Charge	 	$ 60.00
	PAGE, AND THAT HE/SHE HAS THE AUTHORITY TO SIGN ON BEHALF OF THE CUISTOMER. 	 	Container Exchange Charge	 	$150.00
	—TERMS: DUE UPON RECEIPT —	 	Trip Charge (Unable to Service)	 	$50.00
	 	 	 	 	 	Removal Fee	 	$50.00
	CUSTOMER	 	/s/ Al Spector	 	
        Customer Service Assisted

        Payment Charge
	 	$
	AUTHORIZED SIGNATURE	 	L’Auberge de Sedona LLC	 	Administrative Fee	 	$ /invoice
	TITLE	 	Manager	Date	5/20/11	 	 	 	$
	NAME (PRINT OR TYPE)	 	Al Spector	 	 	 	 
	COMPANY	 	L’Auberge	 	 	 	 
	AUTHORIZED SIGNATURE	 	/s/ Paul Piotrowski	 	To be done with other contracts
	 	 	 	 	 	 	 	 	 	 	 	 	 

    	 

    	 

    

  

	WM

Waste Management

	 	SERVICE AGREEMENT

NON-HAZARDOUS WASTES 	 

 

Commercial Service Agreement

Terms And Conditions

 

	
        1. SERVICES RENDERED; WASTE MATERIALS. Customer. grants to Company
        the exclusive right, and Company shell furnish equipment and services, to collect and dispose of and/or recycle all of Customer’s
        Waste Materials. Customer represents and warrants that the materials to be collected under this Agreement shall be only “Waste
        Materials” as defined herein. For purposes of this Agreement, “Waste Materials” means all non-hazardous solid
        waste and Recyclable Materials generated by Customer or at Customer’s Service Address. Waste Materials includes Special Waste,
        such as industrial process wastes, asbestos-containing material, petroleum contaminated soils treated/de-characterized wastes,
        and demolition debris, but Customer shall complete a Waste Profile for such Special Waste which has been approved by Company in
        writing. Recyclable Materials shall include any type of material that can be recycled or recovered whether separated or not separated
        from other Waste Materials prior to collection. Waste Materials specifically excludes, and Customer agrees not to deposit or permit
        the deposit for collection of, any waste tires, radioactive, volatile, corrosive, flammable, explosive, biomedical, infectious,
        biohazardous, regulated medical or hazardous waste, toxic substance or material, as defined by, characterized or listed under applicable
        federal, state, or local laws or regulations, or Special Waste not approved in writing by Company (collectively, “Excluded
        Materials”). Title to and liability for Excluded Material shall remain with Customer at all times. Title to Waste Materials
        provided by Customer to Company is transferred to Company upon Company’s receipt or collection unless otherwise provided
        in this Agreement or applicable law.

         

        2. TERM. The term (“Term”) of this Agreement is
        sixty (60) months from the Effective Date set forth (“Initial Term”), which shall automatically renew thereafter for
        additional terms of twelve (12) months each (“Renewal Term”) unless either party gives to the other party written notice
        (See Section 10(e)) of termination at least ninety (90) days, but no more than one hundred eighty (180) days, prior to the termination
        of the then-existing term.

         

        3. SERVICES GUARANTY; CUSTOMER TERMINATION. If the Company fails
        to perform the services described within five business days of its receipt of a written demand from Customer (See Section 10(e)),
        Customer may terminate this Agreement with the payment of all monies due through the termination date. If Company increases the
        Charges payable by Customer hereunder for reasons other than as set forth in Section 4 below, Customer shall have the right to
        terminate this Agreement by written notice to the Company no later than thirty (30) days after Company notifies Customer of such
        increase in Charges in writing. If Customer so notifies Company of its termination of this Agreement, such termination shall be
        of no force and effect if Company withdraws or removes such increases within fifteen (15) days after Customer provides timely notification
        of termination. Absent such termination, the increased Charges shall be binding and enforceable against Customer under this Agreement
        for the remaining Term.

         

        4. CHARGES; PAYMENTS; ADJUSTMENTS. Upon receipt of an Invoice,
        Customer shall pay for the services and/or equipment (including repair and maintenance) furnished by Company in accordance with
        the Charges on the first page, as it may be adjusted over the term of this Agreement as noted herein (the “Charges”).
        Company reserves the right to increase the Charges payable by Customer during the Term: (a) for any changes or modifications to,
        or differences between, the actual equipment and services provided by Company to Customer and the agreed upon Equipment/Service
        specifications on the first page, (b) any change in the composition of the Waste Materials or in the average weight per yard of
        Customer’s Waste Materials exceeds the amount specified on the first page; (c) for any increase in or other modification
        to its fuel or environmental cost recovery charges; (d) to cover any increases in disposal and/or third party transportation costs;
        (e) to cover increased costs due to uncontrollable circumstances, including, without limitation, changes in local, state or federal
        laws or regulations, imposition of taxes, fees or surcharges or acts of God such as floods, fires, hurricanes and natural disasters;
        and (f) no more often than annually from the Effective Date (of if specified on the first page, Customer’s Last API Date)
        for increases in the Consumer Price index plus four percent of the then current Charges. Any increase in Charges enumerated in
        clauses (a) through (e) above may include an amount for Company’s operating or gross profit margin. Company also reserves
        the right to charge Customer additional fees if the following additional services are provided to Customer, Administrative Fee,
        Enclosure Charge, Services on High Demand Days, Pull/Push Out Services, Container Relocation Fee, or Seasonal Restart Fee. In the
        event Company adjusts the Charges as provided in this Section 4, Customer and Company agree that this Agreement as so adjusted
        will continue in full force and effect for the remaining Term.

         

        Any Customer Invoice balance not paid within thirty (30) days
        of the date of Invoice is subject to a late fee, any Customer check returned for insufficient funds is subject to a NSF fee, both
        to the maximum extent allowed by applicable law. In the event that payment is not made when due, Company retains the right to suspend
        service until the past due balance is paid in full. In the even that service is suspended in excess of fifteen (15) days, Company
        may terminate this Agreement for such default and recover the equipment.

         

        5. CHANGES. Changes in the frequency of
        collection service, schedule, number, capacity and/or type of equipment, may be agreed to orally, in writing, by payment of the
        Invoice or by the actions and practices of the parties. If Customer changes its Service Address during the Term, this Agreement
        shall remain valid and enforceable with respect to services rendered at Customer’s new service location if such location
        is within Company’s service area. 
	 	
         

        6. EQUIPMENT, ACCESS. All equipment furnished by Company shall
        remain the property of Company; however, Customer shall have care, custody and control of the equipment and for its contents while
        at Customer’s location. Customer shall not overload, more or alter the equipment and shall use the equipment only for its
        intended purpose. At the termination of this Agreement, Customer shall return the equipment to Company in the condition in which
        it was provided, normal wear and tear expected. Customer shall provide unobstructed access to the equipment on the scheduled collection
        day. Customer shall pay, if charged by Company, an additional fee for any service modifications caused by or resulting from Customer’s
        failure to provide access. Customer warrants that Customer’s property is sufficient to bear the weight of Company’s
        equipment and vehicles and that Company shall not be responsible for any damage to the Customer’s property resulting from
        the provision of services.

         

        7. LIQUIDATED DAMAGES. In the event Customer Terminates this
        Agreement prior to the expiration of the Term for any reason other than as set forth in Section 3, or in the event Company terminates
        this Agreement for Customer’s default, Customer shall pay the following liquidated damages in addition to the Company’s
        legal fees: (a) If the remaining Initial Term under this Agreement is six or more months, Customer shall pay its most recent monthly
        Charges multiplied by six; (b) if the remaining Initial Term under this Agreement is less than six months, Customer shall pay its
        most recent monthly Charges multiplied by the number of months remaining in the Term; (c) if the remaining Renewal Term under this
        Agreement is three or more months, Customer shall pay its most recent monthly Charges multiplied by three; or (d) If the remaining
        Renewal Term under this Agreement is less than three months, Customer shall pay its most recent monthly Charges multiplied by the
        number of months remaining in the Renewal Term. Customer acknowledges that the actual damage to Company in the even to Termination
        is difficult to fix or prove, and the foregoing liquidated damages amount is reasonable and commensurate with the anticipated loss
        to Company resulting from such termination and is an agreed upon fee and is not imposed as a penalty. Customer shall pay liquidated
        damages of $100 for every Customer waste tire that is found at the disposal facility.

         

        8. INDEMNITY. The Company agrees to indemnify, defend and save
        Customer harmless from and against any and all liability which Customer may be responsible for or pay out $$ a result of bodily
        injuries (including death), property damage, or any violation or alleged violation of law, to the extend caused by any negligent
        act, negligent omission or willful misconduct of the Company or its employees, which occurs (a) during the collection or transportation
        of Customer’s Waste Materials, or (b) as a result of the disposal of Customer’s Waste Materials in a facility owned
        by the Company or a subsidiary of Waste Management, Inc., provided that the Company’s Indemnification obligations will not
        apply to occurrences involved Excluded Materials.

         

        Customer agrees to indemnify, defend and save the Company harmless
        from and against any and all liability which the Company may be responsible for or pay out as a result of bodily injuries (including
        death), property damage, or any violation or alleged violation of law to the extent caused by Customer’s breach of this Agreement
        or by any negligent act, negligent omission or willful misconduct of the Customer or its employees, agents or contractors in the
        performance of this Agreement or Customer’s use, operation or possession of any equipment furnished by the Company.

         

        Neither party shall be liable to the other for consequential,
        incidental or punitive damages arising out of the performance of this Agreement.

         

        9. RIGHT OF FIRST REFUSAL. Customer grants to Company a right
        of first refusal to match any offer relating to services similar to those provided hereunder which Customer receives (or intends
        to make) upon termination of this Agreement for any reason and Customer shall give Company prompt written notice of any such offer
        and a reasonable opportunity to respond to it.

         

        10. MISCELLANEOUS. (a) Except for the obligation
        to make payments hereunder, neither party shall be in default for its failure to perform or delay in performance caused by events
        or significant threats of events beyond its reasonable control, whether or not foreseeable, including, but not limited to, strikes,
        labor trouble, riots, imposition of laws or government orders, fires, acts of war or terrorism, acts of God, and the inability
        to obtain equipment, and the affected party shall be excused from performance during the occurrence of such events. (b) This Agreement
        shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and assigns. (c) This
        Agreement represents the entire agreement between the parties and supersedes any and all other agreements, whether written or oral,
        that may exist between the parties. (d) This Agreement shall be construed in accordance with the law of the state in which the
        services are provided. (e) All written notification to Company required by this Agreement shall be by Certified Mail, Return Receipt
        Requested. (f) Any blanks or unfilled or unmarked boxes or spaces on this first page shall be deemed to be inapplicable and not
        affect the validity of the Agreement. (g) If any provision of this Agreement is declared invalid or unenforceable, then such provision
        shall be severed from and shall not affect the remainder of this Agreement; however, the parties shall amend this Agreement to
        give effect, to the maximum extent allowed, to the intent and meaning of the severed provision. (h) In the event the Company successfully
        enforces its rights against Customer hereunder the Customer shall be required to pay the Company’s 

 

    	 

    	 

    

  

	05/31/2011 15:12 FAX	001/002

  

	WM

Waste Management

	
        Company Name

        Street Address

        City, St ZIP

        Tel Number
	
        Commercial

        SERVICE AGREEMENT

        NON-HAZARDOUS WASTES 
	
        SIC Code 7011

        Type of Business LODGING

 

	WM AGREEMENT# _________	REASON CODE NBW NBW NBW
	CUSTOMER ACCT# __________	EFFECTIVE DATE 06/01/11 LAST API DATE _____
	ACCT. NAME L’AUBERGE DE SEDONA	BILL. NAME L'AUBERGE DE SEDONA LLC
	SERV. ADDR 301 LAUBERGE LN	BILL. ADDR 270 N 89A
	CITY, ST ZIP SEDONA St AZ Zip 86336	CITY, ST zip SEDONA St AZ Zip 86336
	COUNTY/Parish	COUNTY/Parish _________
	TEL # 602-510-4111 FAX 928-204-4323	TEL # 602-510-4111 FAX 928-204-4323
	CONTACT KRIS SPECTOR	CONTACT KRIS SPECTOR
	E-MAIL KSPECTOR@LAUBERGE.COM	E-MAIL KSPECTOR@LAUBERGE.COM

 

EQUIPMENT/SERVICE SPECIFICATIONS –

 

	NEW	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	TH	F	S	S	 	 
	 	 	3.0	8FY	X	 	 	 	0	 	X	 	 	X	 	 	$225.00/mth.	 
	 	 	1.0	ECC	 	 	 	 	 	 	 	 	 	 	 	 	$ 11.25/mth.	 
	 	 	1.0	FCC	 	 	 	 	 	 	 	 	 	 	 	 	$ 11.25/mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$          /mth.	 

 

	Place 3 tan 8 FY containers with lids on landing next to current trash containers. Service twice per week on Tuesday and Friday	      Total  $247.50/mth

 

	OLD	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	Th	F	S	S	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$          /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$          /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$          /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$          /mth.	 

 

	To be completed, if applicable. Any blanks or unfilled or unmarked boxes or spaces shall be deemed to be inapplicable and not affect the validity of this Agreement.	* A fuel surcharge and environmental cost recovery charge, calculated as a percentage of the Charge(s), will be included on your invoice. Information about the Fuel/ Environmental Charge can be found on our website at www.wm.com under billing inquiry, state and Local taxes, if applicable, will also be added to the Charges	      Total  $              /mth
	Container pull/push out required?	No (No/Yes)
	Container behind gate or enclosure?	No (No/Yes)	If applicable to your account the Recycle Material Offset fee (RMO/RML) may vary from month to month based on the recyclable material commodity market conditions.  The charge printed on this agreement represents the current fee and market conditions.	
        Net Change $ /mth

         

	Customer’s Waste Materials does not exceed an average weight of	lbs/yard	 
	Other applicable service terms (including Waste Material composition):	 	NBG agreement FCC and ECC locked at 10% excluding uncontrollable cost increases such as disposal, taxes and regulatory Customer to receive $100.00 new service cgn
	 	 	 	 	 

 

	CUSTOMER DEPOSIT	 	 	 	 	SCHEDULE OF CHARGES * AS REQUIRED
	P.O. NUMBER	 	 	 	 	Container Usage Fee	 	$ 0
	JOB NUMBER	 	 	 	 	Locks	 	
        $ / bin

        $ / install

	RECEIPT REQUIRED?	No (Yes/No)	BILL TO ACCT #	 	 	Overage Charge	 	$                  / yard, min 2 yard charge
	TAXABLE	No (Yes/No)	DISPOSAL SITE	 	 	Extra Pickup Charges *******	 	 
	 	 	 	 	 	 	Per Lift	 	$25.00
	THE UNDERSIGNED INDIVIDUAL SIGNING THIS AGREEMENT ON BEHALF OF CUSTOMER ACKNOWLEDGES THAT HE/SHE HAS READ AND UNDERSTANDS	 	 	Per Yard	 	$
	THE TERMS AND CONDITIONS OF THIS AGREEMENT, ON THE SECOND	 	Delivery Charge	 	$ 50.00
	PAGE, AND THAT HE/SHE HAS THE AUTHORITY TO SIGN ON BEHALF OF THE CUISTOMER. 	 	Container Exchange Charge	 	$150.00
	—TERMS: DUE UPON RECEIPT —	 	Trip Charge (Unable to Service)	 	$50.00
	 	 	 	 	 	Removal Fee	 	$50.00
	CUSTOMER	 	L’Auberge de Sedona LLC	 	
        Customer Service Assisted

        Payment Charge
	 	$
	AUTHORIZED SIGNATURE	 	/s/ Al Spector 	 	Administrative Fee	 	$ /invoice
	TITLE	 	Manager	Date	5/26/11	 	 	 	$
	NAME (PRINT OR TYPE)	 	 	 	 	 	 
	COMPANY	 	 	 	 	 	 
	AUTHORIZED SIGNATURE	 	/s/ Paul Piotrowski	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

 

	05/31/2011 15:12 FAX	002/002

 

	WM

Waste Management

	 	SERVICE AGREEMENT

NON-HAZARDOUS WASTES 	 

 

Commercial Service Agreement

Terms And Conditions

 

	
        1. SERVICES RENDERED; WASTE MATERIALS. Customer. grants
        to Company the exclusive right, and Company shell furnish equipment and services, to collect and dispose of and/or recycle all
        of Customer’s Waste Materials. Customer represents and warrants that the materials to be collected under this Agreement shall
        be only “Waste Materials” as defined herein. For purposes of this Agreement, “Waste Materials” means all
        non-hazardous solid waste and Recyclable Materials generated by Customer or at Customer’s Service Address. Waste Materials
        includes Special Waste, such as industrial process wastes, asbestos-containing material, petroleum contaminated soils treated/de-characterized
        wastes, and demolition debris, but Customer shall complete a Waste Profile for such Special Waste which has been approved by Company
        in writing. Recyclable Materials shall include any type of material that can be recycled or recovered whether separated or not
        separated from other Waste Materials prior to collection. Waste Materials specifically excludes, and Customer agrees not to deposit
        or permit the deposit for collection of, any waste tires, radioactive, volatile, corrosive, flammable, explosive, biomedical, infectious,
        biohazardous, regulated medical or hazardous waste, toxic substance or material, as defined by, characterized or listed under applicable
        federal, state, or local laws or regulations, or Special Waste not approved in writing by Company (collectively, “Excluded
        Materials”). Title to and liability for Excluded Material shall remain with Customer at all times. Title to Waste Materials
        provided by Customer to Company is transferred to Company upon Company’s receipt or collection unless otherwise provided
        in this Agreement or applicable law.

         

        2. TERM. The term (“Term”) of this Agreement
        is sixty (60) months from the Effective Date set forth (“Initial Term”), which shall automatically renew thereafter
        for additional terms of twelve (12) months each (“Renewal Term”) unless either party gives to the other party written
        notice (See Section 10(e)) of termination at least ninety (90) days, but no more than one hundred eighty (180) days, prior to the
        termination of the then-existing term.

         

        3. SERVICES GUARANTY; CUSTOMER TERMINATION. If the
        Company fails to perform the services described within five business days of its receipt of a written demand from Customer (See
        Section 10(e)), Customer may terminate this Agreement with the payment of all monies due through the termination date. If Company
        increases the Charges payable by Customer hereunder for reasons other than as set forth in Section 4 below, Customer shall have
        the right to terminate this Agreement by written notice to the Company no later than thirty (30) days after Company notifies Customer
        of such increase in Charges in writing. If Customer so notifies Company of its termination of this Agreement, such termination
        shall be of no force and effect if Company withdraws or removes such increases within fifteen (15) days after Customer provides
        timely notification of termination. Absent such termination, the increased Charges shall be binding and enforceable against Customer
        under this Agreement for the remaining Term.

         

        4. CHARGES; PAYMENTS; ADJUSTMENTS. Upon receipt of
        an Invoice, Customer shall pay for the services and/or equipment (including repair and maintenance) furnished by Company in accordance
        with the Charges on the first page, as it may be adjusted over the term of this Agreement as noted herein (the “Charges”).
        Company reserves the right to increase the Charges payable by Customer during the Term: (a) for any changes or modifications to,
        or differences between, the actual equipment and services provided by Company to Customer and the agreed upon Equipment/Service
        specifications on the first page, (b) any change in the composition of the Waste Materials or in the average weight per yard of
        Customer’s Waste Materials exceeds the amount specified on the first page; (c) for any increase in or other modification
        to its fuel or environmental cost recovery charges; (d) to cover any increases in disposal and/or third party transportation costs;
        (e) to cover increased costs due to uncontrollable circumstances, including, without limitation, changes in local, state or federal
        laws or regulations, imposition of taxes, fees or surcharges or acts of God such as floods, fires, hurricanes and natural disasters;
        and (f) no more often than annually from the Effective Date (of if specified on the first page, Customer’s Last API Date)
        for increases in the Consumer Price index plus four percent of the then current Charges. Any increase in Charges enumerated in
        clauses (a) through (e) above may include an amount for Company’s operating or gross profit margin. Company also reserves
        the right to charge Customer additional fees if the following additional services are provided to Customer, Administrative Fee,
        Enclosure Charge, Services on High Demand Days, Pull/Push Out Services, Container Relocation Fee, or Seasonal Restart Fee. In the
        event Company adjusts the Charges as provided in this Section 4, Customer and Company agree that this Agreement as so adjusted
        will continue in full force and effect for the remaining Term.

         

        Any Customer Invoice balance not paid within thirty
        (30) days of the date of Invoice is subject to a late fee, any Customer check returned for insufficient funds is subject to a NSF
        fee, both to the maximum extent allowed by applicable law. In the event that payment is not made when due, Company retains the
        right to suspend service until the past due balance is paid in full. In the even that service is suspended in excess of fifteen
        (15) days, Company may terminate this Agreement for such default and recover the equipment.

         

        5. CHANGES. Changes in the frequency of
        collection service, schedule, number, capacity and/or type of equipment, may be agreed to orally, in writing, by payment of the
        Invoice or by the actions and practices of the parties. If Customer changes its Service Address during the Term, this Agreement
        shall remain valid and enforceable with respect to services rendered at Customer’s new service location if such location
        is within Company’s service area.
	 	
        6. EQUIPMENT, ACCESS. All equipment furnished by
        Company shall remain the property of Company; however, Customer shall have care, custody and control of the equipment and for its
        contents while at Customer’s location. Customer shall not overload, more or alter the equipment and shall use the equipment
        only for its intended purpose. At the termination of this Agreement, Customer shall return the equipment to Company in the condition
        in which it was provided, normal wear and tear expected. Customer shall provide unobstructed access to the equipment on the scheduled
        collection day. Customer shall pay, if charged by Company, an additional fee for any service modifications caused by or resulting
        from Customer’s failure to provide access. Customer warrants that Customer’s property is sufficient to bear the weight
        of Company’s equipment and vehicles and that Company shall not be responsible for any damage to the Customer’s property
        resulting from the provision of services.

         

        7. LIQUIDATED DAMAGES. In the event Customer Terminates this
        Agreement prior to the expiration of the Term for any reason other than as set forth in Section 3, or in the event Company terminates
        this Agreement for Customer’s default, Customer shall pay the following liquidated damages in addition to the Company’s
        legal fees: (a) If the remaining Initial Term under this Agreement is six or more months, Customer shall pay its most recent monthly
        Charges multiplied by six; (b) if the remaining Initial Term under this Agreement is less than six months, Customer shall pay its
        most recent monthly Charges multiplied by the number of months remaining in the Term; (c) if the remaining Renewal Term under this
        Agreement is three or more months, Customer shall pay its most recent monthly Charges multiplied by three; or (d) If the remaining
        Renewal Term under this Agreement is less than three months, Customer shall pay its most recent monthly Charges multiplied by the
        number of months remaining in the Renewal Term. Customer acknowledges that the actual damage to Company in the even to Termination
        is difficult to fix or prove, and the foregoing liquidated damages amount is reasonable and commensurate with the anticipated loss
        to Company resulting from such termination and is an agreed upon fee and is not imposed as a penalty. Customer shall pay liquidated
        damages of $100 for every Customer waste tire that is found at the disposal facility.

         

        8. INDEMNITY. The Company agrees to indemnify, defend and save
        Customer harmless from and against any and all liability which Customer may be responsible for or pay out $$ a result of bodily
        injuries (including death), property damage, or any violation or alleged violation of law, to the extend caused by any negligent
        act, negligent omission or willful misconduct of the Company or its employees, which occurs (a) during the collection or transportation
        of Customer’s Waste Materials, or (b) as a result of the disposal of Customer’s Waste Materials in a facility owned
        by the Company or a subsidiary of Waste Management, Inc., provided that the Company’s Indemnification obligations will not
        apply to occurrences involved Excluded Materials.

         

        Customer agrees to indemnify, defend and save the Company harmless
        from and against any and all liability which the Company may be responsible for or pay out as a result of bodily injuries (including
        death), property damage, or any violation or alleged violation of law to the extent caused by Customer’s breach of this Agreement
        or by any negligent act, negligent omission or willful misconduct of the Customer or its employees, agents or contractors in the
        performance of this Agreement or Customer’s use, operation or possession of any equipment furnished by the Company.

         

        Neither party shall be liable to the other for consequential,
        incidental or punitive damages arising out of the performance of this Agreement.

         

        9. RIGHT OF FIRST REFUSAL. Customer grants to Company a right
        of first refusal to match any offer relating to services similar to those provided hereunder which Customer receives (or intends
        to make) upon termination of this Agreement for any reason and Customer shall give Company prompt written notice of any such offer
        and a reasonable opportunity to respond to it.

         

        10. MISCELLANEOUS. (a) Except for the obligation to
make payments hereunder, neither party shall be in default for its failure to perform or delay in performance caused by events
or significant threats of events beyond its reasonable control, whether or not foreseeable, including, but not limited to, strikes,
labor trouble, riots, imposition of laws or government orders, fires, acts of war or terrorism, acts of God, and the inability
to obtain equipment, and the affected party shall be excused from performance during the occurrence of such events. (b) This Agreement
shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and assigns. (c) This
Agreement represents the entire agreement between the parties and supersedes any and all other agreements, whether written or
oral, that may exist between the parties. (d) This Agreement shall be construed in accordance with the law of the state in which
the services are provided. (e) All written notification to Company required by this Agreement shall be by Certified Mail, Return
Receipt Requested. (f) Any blanks or unfilled or unmarked boxes or spaces on this first page shall be deemed to be inapplicable
and not affect the validity of the Agreement. (g) If any provision of this Agreement is declared invalid or unenforceable, then
such provision shall be severed from and shall not affect the remainder of this Agreement; however, the parties shall amend this
Agreement to give effect, to the maximum extent allowed, to the intent and meaning of the severed provision. (h) In the event
the Company successfully enforces its rights against Customer hereunder the Customer shall be required to pay the Company’s

 

    	 

    	 

    

 

	05/31/2011 15:08 FAX	001/002

 

	WM

Waste Management

	
        Company Name

        Street Address

        City, St ZIP

        Tel Number
	
        Commercial

        SERVICE AGREEMENT

        NON-HAZARDOUS WASTES 
	
        SIC Code             7011

        Type of Business LODGING

 

	WM AGREEMENT#    _________	REASON CODE        RBC RBC RBC
	CUSTOMER ACCT#   586-89041	EFFECTIVE DATE   05/24/11 LAST API DATE _____
	ACCT. NAME    L’AUBERGE DE SEDONA ASH BOX	BILL. NAME     L'AUBERGE DE SEDONA LLC
	SERV. ADDR     301 LAUBERGE LN	BILL. ADDR     270 N 89A Suite #2
	CITY, ST ZIP     SEDONA St AZ Zip 86336	CITY, ST zip    SEDONA St AZ Zip 86336
	COUNTY/Parish ____	COUNTY/Parish _________
	TEL #      602-510-4111         FAX     928-204-4323	TEL #       602-510-4111     FAX    928-204-4323
	CONTACT        KRIS SPECTOR	CONTACT         KRIS SPECTOR
	E-MAIL             KSPECTOR@LAUBERGE.COM	E-MAIL              KSPECTOR@LAUBERGE.COM

 

EQUIPMENT/SERVICE SPECIFICATIONS –

 

	NEW	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	TH	F	S	S	 	 
	 	 	1.0	2FQ	 	 	 	 	X	 	 	 	 	 	 	 	$25.00/mth.	 
	 	 	1.0	2GF	 	 	 	 	X	 	 	 	 	 	 	 	$ 6.00/mth.	 
	 	 	1.0	ECC	 	 	 	 	X	 	 	 	 	 	 	 	$ 1.55/mth.	 
	 	 	1.0	FCC	 	 	 	 	X	 	 	 	 	 	 	 	$ 1.55/mth.	 

	On call service PMF excempt.	Total  $34.10/mth.

	OLD	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	Th	F	S	S	 	 
	 	 	1.0	2FQ	 	 	 	 	 	 	 	 	 	 	 	 	$ 47.75/mth.	 
	 	 	1.0	2GF	 	 	 	 	 	 	 	 	 	 	 	 	$6.00/mth.	 
	 	 	1.0	PMF	 	 	 	 	 	 	 	 	 	 	 	 	$7.75/mth.	 
	 	 	1.0	 	 	 	 	 	 	 	 	 	 	 	 	 	$            /mth.	 

 

	To be completed, if applicable. Any blanks or unfilled or unmarked boxes or spaces shall be deemed to be inapplicable and not affect the validity of this Agreement.	*
    A fuel surcharge and environmental cost recovery charge, calculated as a percentage of the Charge(s), will be included on
    your invoice. Information about the Fuel/ Environmental Charge can be found on our website at www.wm.com under billing
    inquiry, state and Local taxes, if applicable, will also be added to the Charges	Total  $61.50/mth.
	Container pull/push out required?	No (No/Yes)	Net Change $      /mth.
	Container behind gate or enclosure?	No (No/Yes)	If applicable to your account the Recycle Material Offset fee (RMO/RML) may vary from month to month based on the recyclable material commodity market conditions.  The charge printed on this agreement represents the current fee and market conditions.	 
	Customer’s Waste Materials does not exceed an average weight of	lbs/yard	 
	Other applicable service terms (including Waste Material composition):	RBC agreement FCC and ECC locked at 10% excluding uncontrollable cost increases such as disposal, taxes and regulatory Customer to receive $100.00 new service cgn

	CUSTOMER DEPOSIT	 	 	 	 	SCHEDULE OF CHARGES * AS REQUIRED
	P.O. NUMBER	 	 	 	 	Container Usage Fee	 	$ 0
	JOB NUMBER	 	 	 	 	Locks	 	$        / bin
	RECEIPT REQUIRED?	No (Yes/No)	BILL TO ACCT #	 	 	 	 	$          / install
	TAXABLE	No (Yes/No)	DISPOSAL SITE	 	 	Overage Charge	 	$      / yard, min 2 yard charge
	 	 	 	 	 	Extra Pickup Charges *******	 	 

	THE UNDERSIGNED INDIVIDUAL SIGNING THIS AGREEMENT ON BEHALF OF CUSTOMER ACKNOWLEDGES THAT HE/SHE HAS READ AND UNDERSTANDS THE TERMS AND CONDITIONS OF THIS AGREEMENT, ON THE SECOND PAGE, AND THAT HE/SHE HAS THE AUTHORITY TO SIGN ON BEHALF OF THE CUISTOMER. 	 	 	Per Lift	 	$25.00
	 	Per Yard	 	$

	–TERMS: DUE UPON RECEIPT–	 	Delivery Charge	 	$ 25.00
	 	 	Container Exchange Charge	 	$150.00

	CUSTOMER	L’Auberge de Sedona LLC	 	Trip Charge (Unable to Service)	 	$25.00
	AUTHORIZED SIGNATURE	/s/ Al Spector 	 	Removal Fee	 	$25.00
	TITLE	Manager	Date	5/26/11	 	Customer Service Assisted Payment Charge	 	$
	NAME (PRINT OR TYPE)	 	 	Administrative Fee	 	$ /invoice
	COMPANY	 	 	 	 	$
	AUTHORIZED SIGNATURE	/s/ Paul Piotrowski	 	 	 	$

 

    	 

    	 

    

 

	05/31/2011 15:10 FAX	002/002

 

	WM

Waste Management

	 	SERVICE AGREEMENT

NON-HAZARDOUS WASTES 	 

 

Commercial Service Agreement

Terms And Conditions

 

	
        1. SERVICES RENDERED; WASTE MATERIALS. Customer. grants
        to Company the exclusive right, and Company shell furnish equipment and services, to collect and dispose of and/or recycle all
        of Customer’s Waste Materials. Customer represents and warrants that the materials to be collected under this Agreement shall
        be only “Waste Materials” as defined herein. For purposes of this Agreement, “Waste Materials” means all
        non-hazardous solid waste and Recyclable Materials generated by Customer or at Customer’s Service Address. Waste Materials
        includes Special Waste, such as industrial process wastes, asbestos-containing material, petroleum contaminated soils treated/de-characterized
        wastes, and demolition debris, but Customer shall complete a Waste Profile for such Special Waste which has been approved by Company
        in writing. Recyclable Materials shall include any type of material that can be recycled or recovered whether separated or not
        separated from other Waste Materials prior to collection. Waste Materials specifically excludes, and Customer agrees not to deposit
        or permit the deposit for collection of, any waste tires, radioactive, volatile, corrosive, flammable, explosive, biomedical, infectious,
        biohazardous, regulated medical or hazardous waste, toxic substance or material, as defined by, characterized or listed under applicable
        federal, state, or local laws or regulations, or Special Waste not approved in writing by Company (collectively, “Excluded
        Materials”). Title to and liability for Excluded Material shall remain with Customer at all times. Title to Waste Materials
        provided by Customer to Company is transferred to Company upon Company’s receipt or collection unless otherwise provided
        in this Agreement or applicable law.

         

        2. TERM. The term (“Term”) of this Agreement
        is sixty (60) months from the Effective Date set forth (“Initial Term”), which shall automatically renew thereafter
        for additional terms of twelve (12) months each (“Renewal Term”) unless either party gives to the other party written
        notice (See Section 10(e)) of termination at least ninety (90) days, but no more than one hundred eighty (180) days, prior to the
        termination of the then-existing term.

         

        3. SERVICES GUARANTY; CUSTOMER TERMINATION. If the
        Company fails to perform the services described within five business days of its receipt of a written demand from Customer (See
        Section 10(e)), Customer may terminate this Agreement with the payment of all monies due through the termination date. If Company
        increases the Charges payable by Customer hereunder for reasons other than as set forth in Section 4 below, Customer shall have
        the right to terminate this Agreement by written notice to the Company no later than thirty (30) days after Company notifies Customer
        of such increase in Charges in writing. If Customer so notifies Company of its termination of this Agreement, such termination
        shall be of no force and effect if Company withdraws or removes such increases within fifteen (15) days after Customer provides
        timely notification of termination. Absent such termination, the increased Charges shall be binding and enforceable against Customer
        under this Agreement for the remaining Term.

         

        4. CHARGES; PAYMENTS; ADJUSTMENTS. Upon receipt of
        an Invoice, Customer shall pay for the services and/or equipment (including repair and maintenance) furnished by Company in accordance
        with the Charges on the first page, as it may be adjusted over the term of this Agreement as noted herein (the “Charges”).
        Company reserves the right to increase the Charges payable by Customer during the Term: (a) for any changes or modifications to,
        or differences between, the actual equipment and services provided by Company to Customer and the agreed upon Equipment/Service
        specifications on the first page, (b) any change in the composition of the Waste Materials or in the average weight per yard of
        Customer’s Waste Materials exceeds the amount specified on the first page; (c) for any increase in or other modification
        to its fuel or environmental cost recovery charges; (d) to cover any increases in disposal and/or third party transportation costs;
        (e) to cover increased costs due to uncontrollable circumstances, including, without limitation, changes in local, state or federal
        laws or regulations, imposition of taxes, fees or surcharges or acts of God such as floods, fires, hurricanes and natural disasters;
        and (f) no more often than annually from the Effective Date (of if specified on the first page, Customer’s Last API Date)
        for increases in the Consumer Price index plus four percent of the then current Charges. Any increase in Charges enumerated in
        clauses (a) through (e) above may include an amount for Company’s operating or gross profit margin. Company also reserves
        the right to charge Customer additional fees if the following additional services are provided to Customer, Administrative Fee,
        Enclosure Charge, Services on High Demand Days, Pull/Push Out Services, Container Relocation Fee, or Seasonal Restart Fee. In the
        event Company adjusts the Charges as provided in this Section 4, Customer and Company agree that this Agreement as so adjusted
        will continue in full force and effect for the remaining Term.

         

        Any Customer Invoice balance not paid within thirty
        (30) days of the date of Invoice is subject to a late fee, any Customer check returned for insufficient funds is subject to a NSF
        fee, both to the maximum extent allowed by applicable law. In the event that payment is not made when due, Company retains the
        right to suspend service until the past due balance is paid in full. In the even that service is suspended in excess of fifteen
        (15) days, Company may terminate this Agreement for such default and recover the equipment.

         

        5. CHANGES. Changes in the frequency of
        collection service, schedule, number, capacity and/or type of equipment, may be agreed to orally, in writing, by payment of the
        Invoice or by the actions and practices of the parties. If Customer changes its Service Address during the Term, this Agreement
        shall remain valid and enforceable with respect to services rendered at Customer’s new service location if such location
        is within Company’s service area.
	 	
         

        6. EQUIPMENT, ACCESS. All equipment furnished by
        Company shall remain the property of Company; however, Customer shall have care, custody and control of the equipment and for its
        contents while at Customer’s location. Customer shall not overload, more or alter the equipment and shall use the equipment
        only for its intended purpose. At the termination of this Agreement, Customer shall return the equipment to Company in the condition
        in which it was provided, normal wear and tear expected. Customer shall provide unobstructed access to the equipment on the scheduled
        collection day. Customer shall pay, if charged by Company, an additional fee for any service modifications caused by or resulting
        from Customer’s failure to provide access. Customer warrants that Customer’s property is sufficient to bear the weight
        of Company’s equipment and vehicles and that Company shall not be responsible for any damage to the Customer’s property
        resulting from the provision of services.

         

        7. LIQUIDATED DAMAGES. In the event Customer Terminates this
        Agreement prior to the expiration of the Term for any reason other than as set forth in Section 3, or in the event Company terminates
        this Agreement for Customer’s default, Customer shall pay the following liquidated damages in addition to the Company’s
        legal fees: (a) If the remaining Initial Term under this Agreement is six or more months, Customer shall pay its most recent monthly
        Charges multiplied by six; (b) if the remaining Initial Term under this Agreement is less than six months, Customer shall pay its
        most recent monthly Charges multiplied by the number of months remaining in the Term; (c) if the remaining Renewal Term under this
        Agreement is three or more months, Customer shall pay its most recent monthly Charges multiplied by three; or (d) If the remaining
        Renewal Term under this Agreement is less than three months, Customer shall pay its most recent monthly Charges multiplied by the
        number of months remaining in the Renewal Term. Customer acknowledges that the actual damage to Company in the even to Termination
        is difficult to fix or prove, and the foregoing liquidated damages amount is reasonable and commensurate with the anticipated loss
        to Company resulting from such termination and is an agreed upon fee and is not imposed as a penalty. Customer shall pay liquidated
        damages of $100 for every Customer waste tire that is found at the disposal facility.

         

        8. INDEMNITY. The Company agrees to indemnify, defend and save
        Customer harmless from and against any and all liability which Customer may be responsible for or pay out $$ a result of bodily
        injuries (including death), property damage, or any violation or alleged violation of law, to the extend caused by any negligent
        act, negligent omission or willful misconduct of the Company or its employees, which occurs (a) during the collection or transportation
        of Customer’s Waste Materials, or (b) as a result of the disposal of Customer’s Waste Materials in a facility owned
        by the Company or a subsidiary of Waste Management, Inc., provided that the Company’s Indemnification obligations will not
        apply to occurrences involved Excluded Materials.

         

        Customer agrees to indemnify, defend and save the Company harmless
        from and against any and all liability which the Company may be responsible for or pay out as a result of bodily injuries (including
        death), property damage, or any violation or alleged violation of law to the extent caused by Customer’s breach of this Agreement
        or by any negligent act, negligent omission or willful misconduct of the Customer or its employees, agents or contractors in the
        performance of this Agreement or Customer’s use, operation or possession of any equipment furnished by the Company.

         

        Neither party shall be liable to the other for consequential,
        incidental or punitive damages arising out of the performance of this Agreement.

         

        9. RIGHT OF FIRST REFUSAL. Customer grants to Company a right
        of first refusal to match any offer relating to services similar to those provided hereunder which Customer receives (or intends
        to make) upon termination of this Agreement for any reason and Customer shall give Company prompt written notice of any such offer
        and a reasonable opportunity to respond to it.

         

        10. MISCELLANEOUS. (a) Except for the obligation to
make payments hereunder, neither party shall be in default for its failure to perform or delay in performance caused by events
or significant threats of events beyond its reasonable control, whether or not foreseeable, including, but not limited to, strikes,
labor trouble, riots, imposition of laws or government orders, fires, acts of war or terrorism, acts of God, and the inability
to obtain equipment, and the affected party shall be excused from performance during the occurrence of such events. (b) This Agreement
shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and assigns. (c) This
Agreement represents the entire agreement between the parties and supersedes any and all other agreements, whether written or
oral, that may exist between the parties. (d) This Agreement shall be construed in accordance with the law of the state in which
the services are provided. (e) All written notification to Company required by this Agreement shall be by Certified Mail, Return
Receipt Requested. (f) Any blanks or unfilled or unmarked boxes or spaces on this first page shall be deemed to be inapplicable
and not affect the validity of the Agreement. (g) If any provision of this Agreement is declared invalid or unenforceable, then
such provision shall be severed from and shall not affect the remainder of this Agreement; however, the parties shall amend this
Agreement to give effect, to the maximum extent allowed, to the intent and meaning of the severed provision. (h) In the event
the Company successfully enforces its rights against Customer hereunder the Customer shall be required to pay the Company’s

 

    	 

    	 

    

 

	WM

Waste Management

	
        Company Name

        Street Address

        City, St ZIP

        Tel Number
	
        Commercial

        SERVICE AGREEMENT

        NON-HAZARDOUS WASTES 
	
        SIC Code             7011

        Type of Business LODGING

 

	WM AGREEMENT# _________	REASON CODE NBG NBG NBG
	CUSTOMER ACCT# __________	EFFECTIVE DATE 8/25/11 LAST API DATE _____
	ACCT. NAME L’AUBERGE DE SEDONA	BILL. NAME L'AUBERGE DE SEDONA LLC
	SERV. ADDR 301 LAUBERGE LN	BILL. ADDR 270 N STATE ROUTE 89A
	CITY, ST ZIP SEDONA St AZ Zip 86336	CITY, ST zip SEDONA St AZ Zip 86336
	COUNTY/Parish	COUNTY/Parish _________
	TEL # 602-510-4111 FAX 928-204-4323	TEL # 602-510-4111 FAX 928-204-4323
	CONTACT KRIS SPECTOR	CONTACT KRIS SPECTOR
	E-MAIL KSPECTOR@LAUBERGE.COM	E-MAIL KSPECTOR@LAUBERGE.COM

 

EQUIPMENT/SERVICE SPECIFICATIONS –

 

	NEW	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	TH	F	S	S	 	 
	 	 	1.0	SOL	 	 	 	 	0	 	 	 	 	 	 	 	$109.32/mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$           /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$           /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$           /mth.	 

	Big Belly Solar Compactor with Recycle Klosk, Custom wrap, side advertising panels and air card	Total
     $109.32/mth.

	OLD	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	Th	F	S	S	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$             /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$             /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$             /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$             /mth.	 

	To be completed, if applicable. Any blanks or unfilled or unmarked boxes or spaces shall be deemed to be inapplicable and not affect the validity of this Agreement.	*
    A fuel surcharge and environmental cost recovery charge, calculated as a percentage of the Charge(s), will be included on
    your invoice. Information about the Fuel/ Environmental Charge can be found on our website at www.wm.com under billing
    inquiry, state and Local taxes, if applicable, will also be added to the Charges	Total
     $       /mth.
	Container pull/push out required?	No (No/Yes)	Net Change $      /mth.
	Container behind gate or enclosure?	No (No/Yes)	If applicable to your account the Recycle Material Offset fee (RMO/RML) may vary from month to month based on the recyclable material commodity market conditions.  The charge printed on this agreement represents the current fee and market conditions.	 
	Customer’s Waste Materials does not exceed an average weight of	lbs/yard	 
	Other applicable service terms (including Waste Material composition):	RBC agreement FCC and ECC locked at 10% excluding uncontrollable cost increases such as disposal, taxes and regulatory Customer to receive $100.00 new service cgn

	CUSTOMER DEPOSIT	 	 	 	 	SCHEDULE OF CHARGES * AS REQUIRED
	P.O. NUMBER	 	 	 	 	Container Usage Fee	 	$ 0
	JOB NUMBER	 	 	 	 	Locks	 	$        / bin
	RECEIPT REQUIRED?	No (Yes/No)	BILL TO ACCT #	 	 	 	 	$          / install
	TAXABLE	No (Yes/No)	DISPOSAL SITE	 	 	Overage Charge	 	$      / yard, min 2 yard charge
	 	 	 	 	 	Extra Pickup Charges *******	 	 

	THE UNDERSIGNED INDIVIDUAL SIGNING THIS AGREEMENT ON BEHALF OF CUSTOMER ACKNOWLEDGES THAT HE/SHE HAS READ AND UNDERSTANDS THE TERMS AND CONDITIONS OF THIS AGREEMENT, ON THE SECOND PAGE, AND THAT HE/SHE HAS THE AUTHORITY TO SIGN ON BEHALF OF THE CUISTOMER. 	 	 	Per Lift	 	$
	 	Per Yard	 	$

	—TERMS:
DUE UPON RECEIPT—	 	Delivery Charge	 	$ 50.00
	 	 	Container Exchange Charge	 	$150.00

	CUSTOMER	 	 	Trip Charge (Unable to Service)	 	$
	AUTHORIZED SIGNATURE	/s/
    Al Spector Manager 	 	Removal Fee	 	$25.00
	TITLE		Date	6/24/11	 	Customer
    Service Assisted Payment Charge	 	$
	NAME (PRINT OR TYPE)	 	 	Administrative Fee	 	$ /invoice
	COMPANY	 	 	 	 	$
	AUTHORIZED SIGNATURE	 	 	 	 	$

 

    	 

    	 

    

 

	WM

Waste Management

	 	SERVICE AGREEMENT

NON-HAZARDOUS WASTES 	 

 

Commercial Service Agreement

Terms And Conditions

 

	
        1. SERVICES RENDERED; WASTE MATERIALS. Customer. grants
        to Company the exclusive right, and Company shell furnish equipment and services, to collect and dispose of and/or recycle all
        of Customer’s Waste Materials. Customer represents and warrants that the materials to be collected under this Agreement shall
        be only “Waste Materials” as defined herein. For purposes of this Agreement, “Waste Materials” means all
        non-hazardous solid waste and Recyclable Materials generated by Customer or at Customer’s Service Address. Waste Materials
        includes Special Waste, such as industrial process wastes, asbestos-containing material, petroleum contaminated soils treated/de-characterized
        wastes, and demolition debris, but Customer shall complete a Waste Profile for such Special Waste which has been approved by Company
        in writing. Recyclable Materials shall include any type of material that can be recycled or recovered whether separated or not
        separated from other Waste Materials prior to collection. Waste Materials specifically excludes, and Customer agrees not to deposit
        or permit the deposit for collection of, any waste tires, radioactive, volatile, corrosive, flammable, explosive, biomedical, infectious,
        biohazardous, regulated medical or hazardous waste, toxic substance or material, as defined by, characterized or listed under applicable
        federal, state, or local laws or regulations, or Special Waste not approved in writing by Company (collectively, “Excluded
        Materials”). Title to and liability for Excluded Material shall remain with Customer at all times. Title to Waste Materials
        provided by Customer to Company is transferred to Company upon Company’s receipt or collection unless otherwise provided
        in this Agreement or applicable law.

         

        2. TERM. The term (“Term”) of this Agreement
        is sixty (60) months from the Effective Date set forth (“Initial Term”), which shall automatically renew thereafter
        for additional terms of twelve (12) months each (“Renewal Term”) unless either party gives to the other party written
        notice (See Section 10(e)) of termination at least ninety (90) days, but no more than one hundred eighty (180) days, prior to the
        termination of the then-existing term.

         

        3. SERVICES GUARANTY; CUSTOMER TERMINATION. If the
        Company fails to perform the services described within five business days of its receipt of a written demand from Customer (See
        Section 10(e)), Customer may terminate this Agreement with the payment of all monies due through the termination date. If Company
        increases the Charges payable by Customer hereunder for reasons other than as set forth in Section 4 below, Customer shall have
        the right to terminate this Agreement by written notice to the Company no later than thirty (30) days after Company notifies Customer
        of such increase in Charges in writing. If Customer so notifies Company of its termination of this Agreement, such termination
        shall be of no force and effect if Company withdraws or removes such increases within fifteen (15) days after Customer provides
        timely notification of termination. Absent such termination, the increased Charges shall be binding and enforceable against Customer
        under this Agreement for the remaining Term.

         

        4. CHARGES; PAYMENTS; ADJUSTMENTS. Upon receipt of
        an Invoice, Customer shall pay for the services and/or equipment (including repair and maintenance) furnished by Company in accordance
        with the Charges on the first page, as it may be adjusted over the term of this Agreement as noted herein (the “Charges”).
        Company reserves the right to increase the Charges payable by Customer during the Term: (a) for any changes or modifications to,
        or differences between, the actual equipment and services provided by Company to Customer and the agreed upon Equipment/Service
        specifications on the first page, (b) any change in the composition of the Waste Materials or in the average weight per yard of
        Customer’s Waste Materials exceeds the amount specified on the first page; (c) for any increase in or other modification
        to its fuel or environmental cost recovery charges; (d) to cover any increases in disposal and/or third party transportation costs;
        (e) to cover increased costs due to uncontrollable circumstances, including, without limitation, changes in local, state or federal
        laws or regulations, imposition of taxes, fees or surcharges or acts of God such as floods, fires, hurricanes and natural disasters;
        and (f) no more often than annually from the Effective Date (of if specified on the first page, Customer’s Last API Date)
        for increases in the Consumer Price index plus four percent of the then current Charges. Any increase in Charges enumerated in
        clauses (a) through (e) above may include an amount for Company’s operating or gross profit margin. Company also reserves
        the right to charge Customer additional fees if the following additional services are provided to Customer, Administrative Fee,
        Enclosure Charge, Services on High Demand Days, Pull/Push Out Services, Container Relocation Fee, or Seasonal Restart Fee. In the
        event Company adjusts the Charges as provided in this Section 4, Customer and Company agree that this Agreement as so adjusted
        will continue in full force and effect for the remaining Term.

         

        Any Customer Invoice balance not paid within thirty
        (30) days of the date of Invoice is subject to a late fee, any Customer check returned for insufficient funds is subject to a NSF
        fee, both to the maximum extent allowed by applicable law. In the event that payment is not made when due, Company retains the
        right to suspend service until the past due balance is paid in full. In the even that service is suspended in excess of fifteen
        (15) days, Company may terminate this Agreement for such default and recover the equipment.

         

        5. CHANGES. Changes in the frequency of
        collection service, schedule, number, capacity and/or type of equipment, may be agreed to orally, in writing, by payment of the
        Invoice or by the actions and practices of the parties. If Customer changes its Service Address during the Term, this Agreement
        shall remain valid and enforceable with respect to services rendered at Customer’s new service location if such location
        is within Company’s service area. 
	 	
        6. EQUIPMENT, ACCESS. All equipment furnished by
        Company shall remain the property of Company; however, Customer shall have care, custody and control of the equipment and for its
        contents while at Customer’s location. Customer shall not overload, more or alter the equipment and shall use the equipment
        only for its intended purpose. At the termination of this Agreement, Customer shall return the equipment to Company in the condition
        in which it was provided, normal wear and tear expected. Customer shall provide unobstructed access to the equipment on the scheduled
        collection day. Customer shall pay, if charged by Company, an additional fee for any service modifications caused by or resulting
        from Customer’s failure to provide access. Customer warrants that Customer’s property is sufficient to bear the weight
        of Company’s equipment and vehicles and that Company shall not be responsible for any damage to the Customer’s property
        resulting from the provision of services.

         

        7. LIQUIDATED DAMAGES. In the event Customer Terminates this
        Agreement prior to the expiration of the Term for any reason other than as set forth in Section 3, or in the event Company terminates
        this Agreement for Customer’s default, Customer shall pay the following liquidated damages in addition to the Company’s
        legal fees: (a) If the remaining Initial Term under this Agreement is six or more months, Customer shall pay its most recent monthly
        Charges multiplied by six; (b) if the remaining Initial Term under this Agreement is less than six months, Customer shall pay its
        most recent monthly Charges multiplied by the number of months remaining in the Term; (c) if the remaining Renewal Term under this
        Agreement is three or more months, Customer shall pay its most recent monthly Charges multiplied by three; or (d) If the remaining
        Renewal Term under this Agreement is less than three months, Customer shall pay its most recent monthly Charges multiplied by the
        number of months remaining in the Renewal Term. Customer acknowledges that the actual damage to Company in the even to Termination
        is difficult to fix or prove, and the foregoing liquidated damages amount is reasonable and commensurate with the anticipated loss
        to Company resulting from such termination and is an agreed upon fee and is not imposed as a penalty. Customer shall pay liquidated
        damages of $100 for every Customer waste tire that is found at the disposal facility.

         

        8. INDEMNITY. The Company agrees to indemnify, defend and save
        Customer harmless from and against any and all liability which Customer may be responsible for or pay out $$ a result of bodily
        injuries (including death), property damage, or any violation or alleged violation of law, to the extend caused by any negligent
        act, negligent omission or willful misconduct of the Company or its employees, which occurs (a) during the collection or transportation
        of Customer’s Waste Materials, or (b) as a result of the disposal of Customer’s Waste Materials in a facility owned
        by the Company or a subsidiary of Waste Management, Inc., provided that the Company’s Indemnification obligations will not
        apply to occurrences involved Excluded Materials.

         

        Customer agrees to indemnify, defend and save the Company harmless
        from and against any and all liability which the Company may be responsible for or pay out as a result of bodily injuries (including
        death), property damage, or any violation or alleged violation of law to the extent caused by Customer’s breach of this Agreement
        or by any negligent act, negligent omission or willful misconduct of the Customer or its employees, agents or contractors in the
        performance of this Agreement or Customer’s use, operation or possession of any equipment furnished by the Company.

         

        Neither party shall be liable to the other for consequential,
        incidental or punitive damages arising out of the performance of this Agreement.

         

        9. RIGHT OF FIRST REFUSAL. Customer grants to Company a right
        of first refusal to match any offer relating to services similar to those provided hereunder which Customer receives (or intends
        to make) upon termination of this Agreement for any reason and Customer shall give Company prompt written notice of any such offer
        and a reasonable opportunity to respond to it.

         

        10. MISCELLANEOUS. (a) Except for the obligation
        to make payments hereunder, neither party shall be in default for its failure to perform or delay in performance caused by events
        or significant threats of events beyond its reasonable control, whether or not foreseeable, including, but not limited to, strikes,
        labor trouble, riots, imposition of laws or government orders, fires, acts of war or terrorism, acts of God, and the inability
        to obtain equipment, and the affected party shall be excused from performance during the occurrence of such events. (b) This Agreement
        shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and assigns. (c) This
        Agreement represents the entire agreement between the parties and supersedes any and all other agreements, whether written or oral,
        that may exist between the parties. (d) This Agreement shall be construed in accordance with the law of the state in which the
        services are provided. (e) All written notification to Company required by this Agreement shall be by Certified Mail, Return Receipt
        Requested. (f) Any blanks or unfilled or unmarked boxes or spaces on this first page shall be deemed to be inapplicable and not
        affect the validity of the Agreement. (g) If any provision of this Agreement is declared invalid or unenforceable, then such provision
        shall be severed from and shall not affect the remainder of this Agreement; however, the parties shall amend this Agreement to
        give effect, to the maximum extent allowed, to the intent and meaning of the severed provision. (h) In the event the Company successfully
        enforces its rights against Customer hereunder the Customer shall be required to pay the Company’s

 

    	 

    	 

    

 

	WM

Waste Management

	EQUIPMENT RENTAL AGREEMENT	 

 

This Equipment Rental Agreement between
Waste Management of Arizona Inc. and L'Auberge De Sedona LLC with a facility located at 301 Lauberge Lane Sedona, Az. 86336 is
dated as of 06/24/2011

 

		1.	TERM.
The term of this Agreement shall commence on the date of installation of the Equipment, as set forth on Exhibit A, and shall
continue for a period of sixty (60) months. Thereafter, the term shall automatically be extended for successive one-month periods,
unless and until either party provides the other party with written notice of non-renewal at least thirty days' prior to the then
existing term.

 

		2.	RENTAL.
Customer hereby agrees to pay Company a total of $109.32 per month plus all applicable taxes and fees for rental of the equipment
identified in Exhibit A (collectively referred to as the ’Equipment’). Payments are due by Customer within 10 days
of (the date of invoice furnished by Company, and Customer shall pay a service charge on all past due amounts accruing from (the
date of the invoice at a rate of 18% per annum, or if less, the maximum rate allowed by law. Prior to the commencement of (he
term of (his Agreement and as a condition to the effectiveness of this Agreement, Customer will pay Company a deposit on the Equipment
in the sum of $0.0, which deposit shall be returned to Customer upon expiration of the Term, provided Customer has complied with
the provisions of this Agreement.

 

		3.	DELIVERY
AND INSTALLATION. Company will deliver and install the Equipment at Customer's facility listed above (or such other facilities
as may be set forth in Exhibit A). Customer agrees to pay Company a delivery and installation charge as set forth in Exhibit A.
Customer agrees to provide a suitable location to safely accommodate the Equipment.

 

		4.	COLLECTION
SERVICE. Unless otherwise prohibited by law or by existing contractual agreement, Customer agrees that it shall use Company's
solid waste and recyclables collection, processing, and disposal services, to the extent available, to service the Equipment during
the term of this Agreement.

 

		5.	MAINTENANCE
AND EXCHANGES. Customer is responsible for all maintenance, repairs and replacement costs associated with the equipment Upon
Customer request, Company will provide maintenance of the Equipment related to its normal use for its Intended purposes. .

 

		6.	TITLE
TO EQUIPMENT. The Equipment will at all times remain the property of Company. The Equipment shall at all times be and remain
personal property, regardless of whether it be affixed to realty.

 

		7.	REMOVAL,
INSPECTION, AND RETURN OF EQUIPMENT. The Equipment shall not be removed from or relocated within the Customer’s premises
without prior written approval of Company. Relocation of (the Equipment within the premises or to an alternative location may
result in additional changes. Company may inspect the Equipment at any time during Customer's normal business hours. Upon any
breach of this Agreement by Customer, the Customer shall allow Company access to its premises to remove the Equipment from its
location. Company shall not be required to restore the Equipment location area following such removal, but shall use reasonable
care not to cause excessive damage in removing the Equipment. A change of business location by Customer shall not void Customer’s
obligations under this Agreement

 

		8.	DISCLAIMER
OF WARRANTIES. ALL EQUIPMENT IS PROVIDED AS-IS WITHOUT WARRANTY OR REPRESENTATION EITHER EXPRESS OR IMPLIED AS TO (A) MERCHANTABILITY
OR FITNESS FOR ANY PARTICULAR PURPOSE, (B) THE RIGHT TO THE QUIET ENJOYMENT OF THE EQUIPMENT, (C) THE DESIGN, CONDITION, QUALITY
OF MATERIAL OR WORKMANSHIP IN THE EQUIPMENT, OR (D) ANY OTHER MATTER WHATSOEVER, IT BEING AGREED THAT ALL SUCH RISKS, AS BETWEEN
COMPANY AND CUSTOMER, ARE TO BE BORNE BY CUSTOMER. Company shall not be liable to Customer for any loss, damage or expense of
any kind or nature, including any lost profits, damage to property or consequential, special or incidental damages. With respect
to any warranties that may be available from the manufacturer of the Equipment,

 

© Waste Management, Inc. 2007

 

    	1

    	 

    

 

Customer agrees that it shall look exclusively to the manufacturer for such warranty protection, and Company will use good faith efforts to pass along any manufacturer’s warranty to Customer that may exist for proper use of the Equipment.

 

		9.	INDEMNITY.
Customer will indemnify, defend, and hold harmless Company, its agents and employees from and against all losses, damages,
injuries, claims, demands, and expenses, including legal expenses of whatsoever nature, arising out of the use or operation of
the Equipment by Customer, its agents, employees, invitees or subcontractors, or any negligence or willful misconduct of Customer,
its agents, employees, invitees or subcontractors.

 

		10.	EQUIPMENT;
ACCESS. The Equipment furnished hereunder by Company shall remain the property of Company; however, Customer shall have the
care, custody and control of the Equipment while at Customer's location. Customer shall not overload (by weight or by volume),
move or alter the Equipment and shall use the Equipment only for its intended purpose. Customer shall protect the Equipment against
damage, theft, destruction, graffiti, misuse, or negligent operation. At the termination of this Agreement, Customer shall release
the Equipment to Company in the condition in which it was provided, normal wear and tear excepted. Customer shall provide Company
with unobstructed access to the Equipment on the scheduled collection day. If the Equipment is inaccessible so that the regularly
scheduled pick-up cannot be made, Company will promptly notify Customer and afford Customer a reasonable opportunity to provide
the required access; however, Company reserves the right to charge an additional fee for any modifications in collection service
caused by or resulting from Customer’s failure to provide access.

 

		11.	INSURANCE.
Customer shall maintain during the term of this Agreement, with insurance companies reasonably acceptable to Company, the
following insurance coverage:

 

Worker's Compensation/Employer's
Liability Minimum Limits:

 

		·	Coverage
A- Statutory

		·	Coverage
B- $500,000

 

Comprehensive General Liability
Insurance (Including contractual liability insurance evidencing coverage for the above Section 8. 'Indemnity') Minimum Limits:

 

i.

 

		·	Bodily
Injury-

		·	$1,000,000
each occurrence

		·	$1,000,000
Aggregate

 

		·	Property
Damage-

		·	$1,000,000
each occurrence

		·	$1,000,000
Aggregate

 

Company and its parents, subsidiaries
and corporate affiliates shall be named as Additional insureds on above policies. Such coverage shall extend only to the extent
of Customer’s obligation to indemnify Contractor as provided in Section 8 above. All policies of insurance will be endorsed
to afford Company with thirty (30) days advance written notice of cancellation, non-removal, or material change in coverage. Prior
to the commencement of the term of this Agreement and as a condition thereto, Customer will provide Company with Certificates of
insurance evidencing the required insurance coverage, if requested by Company.

 

		12.	DEFAULT,
REPOSSESSION, LIQUIDATED DAMAGES. Customer shall be in default ('Default') under this Agreement in the event of: (a) failure
to pay when due any of the charges payable hereunder; (b) breach of any other terms, covenants, or conditions contained in this
Agreement and failure to cure such breach within five (5) days following receipt of written notice of such breach; (c) the filing
by Customer or any of its creditors for relief under any bankruptcy or similar laws; (d) the making of any assignment for the
benefit of Customer's creditors, or (e) the appointment of a receiver or trustee to lake possession of any of Customer's assets.
If a Default occurs, Company may terminate this Agreement upon giving written notice to Customer. In that event, the Equipment
shall immediately be surrendered to Company and Company shall be authorized to enter upon any premises of Customer, without notice,
to take possession of the Equipment, and recover all of its expenses related thereto, including but not limited to any de-installation
costs, transportation costs, attorneys’ fees, court costs and other such expenses. In the event this Agreement is terminated
prior to the expiration of the Term, Customer shall pay to Company the sum of twelve (12)

 

© Waste Management, Inc. 2007

 

    	2

    	 

    

 

months
of monthly rental payments as liquidated damages for such early termination. Customer understands that Company will incur significant
expenses modifying the Equipment for Customer's use, and will be significantly damaged by termination of this Agreement prior
to the full length of the Term, and that the liquidated damages amount agreed to herein is reasonable compensation commensurate
with the anticipated loss to Company and that such amount is an agreed upon fee and not a penalty. The remedies set forth herein
shall not be exclusive or preclude the parties from seeking any other remedy available under this Agreement or by law.
In the event of an action to enforce this Agreement, the prevailing party shall be entitled to recover its entitled to recover
its reasonable attorneys’ fees, collection fees and other costs.

 

		13.	ASSIGNMENT,
BINDING EFFECT. Neither party shall assign this Agreement without the prior written consent of the other party, except that
Company may assign this Agreement to any corporation or entity affiliated with Company without Customer's consent. This Agreement
shall be binding on and shall inure to the benefit of both Customer and Company and their respective heirs, successors and assigns,
in accordance with the terms and conditions set out herein.

 

		14.	NOTICE.
Any written notice required to be given hereunder, including notice of termination, shall be deemed effective if delivered
by personal delivery or overnight courier or sent by certified mall, postage prepaid, return receipt requested, to the parties
at the addresses set forth in the signature page set forth below.

 

		15.	ENTIRE
AGREEMENT, AMENDMENT. This Agreement represents the entire understanding and agreement between the parties hereto and supersedes
any and all other agreements whether written or oral, that may exist between the parties. No course of performance, usage of trade,
understandings, purchase orders or agreements purporting to amend, supplement or explain this Agreement shall be effective unless
in writing and signed by authorized representatives of both parties.

 

		16.	GOVERNING
LAW, SEVERABILITY. The validity, interpretation and performance of this Agreement shall be construed In accordance with the
law of the state in which the Equipment is located. If any provision of this Agreement is declared invalid or unenforceable, then
such provision shall be deemed severable from and shall not affect the remainder of this Agreement.

 

		17.	COUNTERPARTS.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but which when taken together
shall constitute one integrated instrument.

 

	Waste Management of  Arizona Inc	 	L’Auberge De Sedona
	 	 	 	 	 
	By:	Paul Piotrowski	 	By:	Al Spector
	 	 	 	 	 
	Name:	/s/ Paul Piotrowski	 	Name:	/s/ Al Spector Manager
	Date:	06/24/2011	 	Date:	6/24/11

 

	Notice Address:	1580 E. EIwood	 	Notice Address:	270 N. 89 A
	 	Phoenix, AZ. 85040	 	 	Sedona, Az. 86336

 

© Waste Management, Inc. 2007

 

    	3

    	 

    

 

EXHIBIT A

 

Description of Equipment Provided

(1)2-Unit Kiosk: Single Stream Recycling Unit + WM Compactor

(1)WM Wrap (of customers design) - Two unit Kiosk

(1)Clean Wireless Notification

(1 set)WM Ad Panels (Trash Backer Installed)

 

Installation Locations and Installation Data

Units to be installed through out customer campus at customer’s
designation.

 

Other Information

Installation fee of $50.00 will be billed on first Invoice.

 

© Waste Management, Inc. 2007

 

    	4

    	 

    

 

	
        WM

Waste Management

        
	EQUIPMENT RENTAL AGREEMENT	 

 

This Equipment Rental Agreement between Waste Management of
Arizona Inc. and L’Auberge De Sedona LLC with a facility located at 301 Lauberge Lane Sedona, Az. 86336 is dated as of 06/24/2011

 

		1.	TERM.
The term of this Agreement shall commence on the date of installation of the Equipment, as set forth on Exhibit A, and shall
continue for a period of sixty (60) months. Thereafter, the term shall automatically be extended for successive one-month periods,
unless and until either party provides the other party with written notice of non-renewal at least thirty days' prior to the then
existing term.

 

		2.	RENTAL.
Customer hereby agrees to pay Company a total of $109.32 per month plus all applicable taxes and fees for rental of the equipment
identified in Exhibit A (collectively referred to as the “Equipment”). Payments are due by Customer within 10 days
of the date of invoice furnished by Company, and Customer shall pay a service charge on all past due amounts accruing from the
data of the invoice at a rate of 18% per annum, or if less, the maximum rate allowed by law. Prior to the commencement of the
term of this Agreement and as a condition to the effectiveness of this Agreement, Customer will pay Company a deposit on the Equipment
in the sum of $0.0, which deposit shall be returned to Customer upon expiration of the Term, provided Customer has complied with
the provisions of this Agreement.

 

		3.	DELIVERY
AND INSTALLATION. Company will deliver and install the Equipment at Customer’s facility listed above (or such other
facilities as may be set forth in Exhibit A). Customer agrees to pay Company a delivery and installation charge as set forth in
Exhibit A. Customer agrees to provide a suitable location to safely accommodate the Equipment.

 

			COLLECTION
SERVICE. Unless otherwise prohibited by law or by existing contractual agreement, Customer agrees that it shall use Company's
solid waste and recyclables collection, processing, and disposal services, to the extent available, to service the Equipment during
the term of this Agreement.

 

		5.	MAINTENANCE
AND EXCHANGES. Customer is responsible for all maintenance, repairs and replacement costs associated with the equipment. Upon
Customer request, Company will provide maintenance of the Equipment related to its normal use for its intended purposes.

 

		6.	TITLE
TO EQUIPMENT. The Equipment will at all times remain the property of Company. The Equipment shall at all times be and remain
personal property, regardless of whether it be affixed to realty.

 

		7.	REMOVAL,
INSPECTION, AND RETURN OF EQUIPMENT. The Equipment shall not be removed from or relocated within the Customer’s premises
without prior written approval of Company. Relocation of the Equipment within the premises or to an alternative location may result
in additional charges. Company may inspect the Equipment at any time during Customer’s normal business hours. Upon any breach
of this Agreement by Customer, the Customer shall allow Company access to its premises to remove the Equipment from its location.
Company shall not be required to restore the Equipment location area following such removal, but shall use reasonable care not
to cause excessive damage in removing the Equipment. A change of business location by Customer shall not void Customer’s
obligations under this Agreement

 

		8.	DISCLAIMER
OF WARRANTIES. ALL EQUIPMENT IS PROVIDED AS-IS WITHOUT WARRANTY OR REPRESENTATION EITHER EXPRESS OR IMPLIED AS TO (A) MERCHANTABILITY
OR FITNESS FOR ANY PARTICULAR PURPOSE, (B) THE RIGHT TO THE QUIET ENJOYMENT OF THE EQUIPMENT, (C) THE DESIGN, CONDITION, QUALITY
OF MATERIAL OR WORKMANSHIP IN THE EQUIPMENT, OR (D) ANY OTHER MATTER WHATSOEVER, IT BEING AGREED THAT ALL SUCH RISKS, AS BETWEEN
COMPANY AND CUSTOMER, ARE TO BE BORNE BY CUSTOMER. Company shall not be liable to Customer for any loss, damage or expense of
any kind or nature, including any lost profits, damage to property or consequential, special or incidental damages. With respect
to any warranties that may be available from the manufacturer of the Equipment,

 

© Waste Management, Inc. 2007

 

    	1

    	 

    

 

Customer
agrees that it shall look exclusively to the manufacturer for such warranty protection, and Company will use good faith efforts
to pass along any manufacturer’s warranty to Customer that may exist for proper use of the Equipment. 

 

		9.	INDEMNITY.
Customer will indemnify, defend, and hold harmless Company, its agents and employees from and against all losses, damages,
injuries, claims, demands, and expenses, including legal expenses of whatsoever nature, arising out of the use or operation of
the Equipment by Customer, its agents, employees, invitees or subcontractors, or any negligence or willful misconduct of Customer,
its agents, employees, invitees or subcontractors.

 

		10.	EQUIPMENT;
ACCESS. The Equipment furnished hereunder by Company shall remain the property of Company; however, Customer shall have the
care, custody and control of the Equipment while at Customer’s location. Customer shall not overload (by weight or by volume),
move or alter the Equipment and shall use the Equipment only for its intended purpose. Customer shall protect the Equipment against
damage, theft, destruction, graffiti, misuse, or negligent operation. At the termination of this Agreement, Customer shall release
the Equipment to Company in the condition in which it was provided, normal wear and tear excepted. Customer shall provide Company
with unobstructed access to the Equipment on the scheduled collection day. If the Equipment is inaccessible so that the regularly
scheduled pick-up cannot be made, Company will promptly notify Customer and afford Customer a reasonable opportunity to provide
the required access; however, Company reserves the right to charge an additional fee for any modifications in collection service
caused by or resulting from Customer’s failure to provide access.

 

		11.	INSURANCE.
Customer shall maintain during the term of this Agreement, with insurance companies reasonably acceptable to Company, the
following insurance coverage:

 

Worker’s
Compensation/Employer’s Liability Minimum Limits:

 

		·	Coverage
A- Statutory

		·	Coverage
B- $500,000

 

Comprehensive
General Liability Insurance (including contractual liability Insurance evidencing coverage for the above Section 8 - “Indemnity”)
Minimum Limits:

 

i.

 

		·	Bodily
Injury-

		·	$1,000,000
each occurrence

		·	$1,000,000
Aggregate

 

		·	Property
Damage-

		·	$1,000,000
each occurrence

		·	$1,000,000
Aggregate

 

Company
and its parents, subsidiaries and corporate affiliates shall be named as Additional Insureds on above policies. Such coverage
shall extend only to the extent of Customer's obligation to indemnify Contractor as provided in Section 8 above. All policies
of insurance will be endorsed to afford Company with thirty (30) days advance written notice of cancellation, non-removal, or
material change in coverage. Prior to the commencement of the term of this Agreement and as a condition thereto, Customer will
provide Company with Certificates of Insurance evidencing the required insurance coverage, if requested by Company.

 

		12.	DEFAULT,
REPOSSESSION, LIQUIDATED DAMAGES. Customer shall be in default (“Default”) under this Agreement in the event of:
(a) failure to pay when due any of the charges payable hereunder; (b) breach of any other terms, covenants, or conditions contained
in this Agreement and failure to cure such breach within five (5) days following receipt of written notice of such breach; (c)
the filing by Customer or any of its creditors for relief under any bankruptcy or similar laws; (d) the making of any assignment
for the benefit of Customer’s creditors, or (e) the appointment of a receiver or trustee to take possession of any of Customer’s
assets. If a Default occurs, Company may terminate this Agreement upon giving written notice to Customer. In that event, the Equipment
shall immediately be surrendered to Company and Company shall be authorized to enter upon any premises of Customer, without notice,
to take possession of the Equipment, and recover all of its expenses related thereto, including but not limited to any de-installation
costs, transportation costs, attorneys' fees, court costs and other such expenses. In the event this Agreement is terminated prior
to the expiration of the Term, Customer shall pay to Company the sum of twelve (12)

 

© Waste Management, Inc. 2007

 

    	2

    	 

    

 

	months of monthly rental payments as liquidated damages for such early termination. Customer understands that Company will incur significant expenses modifying the Equipment for Customer's use, and will be significantly damaged by termination of this Agreement prior to the full length of the Term, and that the liquidated damages amount agreed to herein is reasonable compensation commensurate with the anticipated loss to Company and that such amount is an agreed upon fee and not a penalty. The remedies set forth herein shall not be exclusive or preclude the parties from seeking any other remedy available under this Agreement or by law. in the event of an action to enforce this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys' fees, collection fees and other costs.

 

		13.	ASSIGNMENT,
BINDING EFFECT. Neither party shall assign this Agreement without the prior written consent of the other party, except that
Company may assign this Agreement to any corporation or entity affiliated with Company without Customer's consent. This Agreement
shall be binding on and shall inure to the benefit of both Customer and Company and their respective heirs, successors and assigns,
in accordance with the terms and conditions set out herein.

 

		14.	NOTICE.
Any written notice required to be given hereunder, including notice of termination, shall be deemed effective if delivered
by personal delivery or overnight courier or sent by certified mail, postage prepaid, return receipt requested, to the parties
at the addresses set forth in the signature page set forth below.

 

		15.	ENTIRE
AGREEMENT, AMENDMENT. This Agreement represents the entire understanding and agreement between the parties hereto and supersedes
any and all other agreements whether written or oral, that may exist between the parties. No course of performance, usage of trade,
understandings, purchase orders or agreements purporting to amend, supplement or explain this Agreement shall be effective unless
in writing and signed by authorized representatives of both parties.

 

		16.	GOVERNING
LAW, SEVERABILITY. The validity, interpretation and performance of this Agreement shall be construed in accordance with the
law of the state in which the Equipment is located. If any provision of this Agreement is declared invalid or unenforceable, then
such provision shall be deemed severable from and shall not affect the remainder of this Agreement.

 

		17.	COUNTERPARTS.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but which when taken together
shall constitute one integrated instrument.

 

	Waste Management of Arizona Inc	 	L’Auberge De Sedona
	 	 	 	 	 
	By:	Paul Piotrowski	 	By:	Al Spector
	 	 	 	 	 
	Name:	/s/ Paul Piotrowski	 	Name:  	/s/ Al Spector
	Date:	06/24/2011	 	Date:	 6/24/11

 

	Notice Address:	1580 E. EIwood	 	Notice Address:	270 N. 89 A
	 	Phoenix, AZ. 85040	 	 	Sedona, Az. 86336

 

© Waste Management, Inc. 2007

 

    	3

    	 

    

 

EXHIBIT A

 

Description of Equipment Provided

(1)2-Unit Kiosk: Single Stream Recycling Unit + WM Compactor

(1)WM Wrap (of customers design) - Two unit Kiosk

(1)Clean Wireless Notification

(1 set)WM Ad Panels (Trash Backer Installed)

 

Installation Locations and Installation Date

Units to be installed through out customer campus at customer’s
designation.

 

Other Information

Installation fee of $50.00 will be billed on first invoice.

 

© Waste Management, Inc. 2007 

 

    	4

    	 

    

 

	Botanic Effects

	
        fax 866 •431 • 7264

        Glendale • Phoenix • Scottsdale
        • 602 • 625 • 5675

        Prescott • Prescott Valley •
        Sedona • 928 • 541 • 0211

	Interior Foliage Specialist	www.Botaniceffects.com

 

Attached is the Ctotank Effects Plant Aaintenance Agreement
beginning 6-1 -2011. Should you have any questions please call us at your convenience.

 

We value you as a customer and fellow plant lover. We look forward
to keeping your facilities green.

 

Botanic Effects

Interior Foliage Specialists

 

Botanic Effects LLC agrees to provide the following services
for Interior plants located at L’AUBERGE de SEDONA located in Sedona, AZ. Including the main offices, Creek Side Suite, Spa,
lobby area, Sycamore Suite and the Restaurant area.

 

		I.	Water,
fertilize, clean, trim and provide insect/disease control on a weekly basis for plants that we have agreed to maintain.

 

		II.	Free
replacement of plants purchased from Botanic Effects that fail to thrive, providing plants are kept in the original environment
in which they were installed.(See addendum A.)

 

		III.	Blooming
plants are available for an additional fee and are not covered as a part of our free replacement policy.

 

		IV.	Monthly
charges will cover labor, materials and supplies. Updated Monthly Charges: $367.00

 

		V.	Total
Monthly Charges: $367.00

 

		VI.	This
agreement is effective 6-1-2011 thru 5-31-2012 and may be cancelled by either party at any time. Partial month service will be
billed as one month.

 

Botanic Effects will not be responsible for plants that are
frequently moved or placed under stressful conditions caused by extreme temperature fluctuations, low light situations, watering
by anyone other than our trained technician or physical abuse by others.

 

	Bob Knoff	 	 	 
	Botanic Effects, LLC	 	/s/ Robert A Knoff    6-1-11	 
	 	 	 	 
	Customer Signature and date	 	L’Auberge de Sedona llc	 
	 	 	By /s/ Al Spector Manager 6/15/11	 

 

    	 

    	 

    

 

	Botanic Effects

	
        fax 866 •431 • 7264

        Glendale Phoenix - Scottsdale • 602
        • 625 • 5675

        Prescott Prescott Valley • Sedona
        • 928 • 541 • 0211

	Interior Foliage Specialist	www.Botaniceffects.com

 

ADENDUM A

 

L'AUBERGE de SEDONA

 

6 - 1-2011

 

Botanic Effects agrees to guarantee all
plants in the L'auberge Main Offices, Creekside, Spa, Lobby area, Sycamore suite and Restaurant after a 90 day assessment period,
beginning June 1, 2011 during which we will monitor plants that were not purchased or installed by Botanic Effects and have not
been previously maintained by Botanic Effects. Plants that decline during this time will not be part of the free replacement guarantee
and will become the responsibility of L'Auberge.

 

	Botanic Effects, LLC	 	 
	 	 	 
	Bob Knoff	 	 

 

	Customer signature and date	[ILLEGIBLE] 6/15/11	 

 

	BOTANIC EFFECTS, LLC
	 
	 
	Bob Knoff

 

    	 

    	 

    

 

L’Auberge de Sedona LLC Contract
List

 

Xerox Copier Leases not received as of May 27, 2013

 

    	 

    	 

    

 

Elavon, Inc. (“Elavon”)

ProtoBase eXpress® Service

Agreement Terms and Conditions

 

	L’Auberge de Sedona, LLC	 	301 L’Auberge lane
	Legal/Corporate Name (“Merchant”)	 	d.b.a. Physical Street Address
	 	 	 
	L’Auberge de Sedona	 	Sedona AZ 86336
	d.b.a. Name (if different than above)	 	d.b.a. Physical City, State, Zip
	 	 	 
	26-2535898	 	 
	Federal Tax ID#	 	 

 

Elavon, Inc., 10700 76th Court
Largo FL, 33777

 

DEFINITIONS:

Connectivity. “Connectivity” means the Elavon
controlled non-public telecommunications connectivity and network services for transmitting data between the Origination Point
and the Destination Point(s).

Destination Point. A third party location for a designated
credit card bank, clearinghouse or processor which receives data from Connectivity and transmits data to Connectivity.

Merchant Activation File. “Merchant Activation
File” means the electronic file enabling Merchant to process financial transactions using the Software.

Merchant Location. “Merchant Location” means
the location from which Merchant uses Software to process financial transactions using Merchant’s “always on”
Internet provider.

Merchant Services. “Merchant Services” is
the process of gathering, assimilating and testing the essential information to create a Merchant Activation File including, but
not limited to Site Activation, Merchant Activation File Redistribution and Merchant Activation File Delivery. Merchant Services
are subject to additional fees.

Origination Point. “Origination Point” means
a central location provided by Merchant or Merchant’s VAR which transmits data to the Connectivity and receives data from
the Connectivity.

Scheduled Service Hours. "Scheduled Service Hours"
mean 24 hours per day, 7 days per week, 365 days per year, major holidays included. Software. “Software" means the Elavon
software provided to Merchant pursuant to this Agreement and, if applicable, Elavon software previously provided to Merchant.

Software Support. “Software Support" means
Elavon personnel support and services made available to Merchant including reasonable telephone communication for supporting the
functionality of the Software in accordance with the published Documentation and the published technical specifications of the
Destination Point(s) for which Merchant has licensed Software.

Support Services. “Support Services” mean
one or more of the following services: Software Maintenance Updates, Software Version Releases, Remote Activation, Remote Installation
and Remote Upgrade. Support Services are subject to additional fees.

Value Added Reseller (“VAR”). “VAR”
shall mean a company that is licensed or authorized by Elavon to resell its Software and/or Services.

 

1.     Services. Elavon shall provide
Merchant with Connectivity, Software and Software Support (herein referred to as “ProtoBase express Service” or “Services”).
In addition, Elavon shall provide Merchant with Support Services and Merchant Services when requested by Merchant.

2.     Connectivity.
Elavon shall maintain the Connectivity. Merchant shall be responsible for ensuring its own telecommunications connectivity
for transmitting financial data between the Origination Point and the Connectivity is properly maintained.

3.     License
Grant. Elavon hereby grants to Merchant a non-exclusive license to use the Software solely in connection with the Services,
Support, Services and Merchant Services described herein. The Software license granted hereunder is coterminous with the Services.
No Software source code will be provided or offered to Merchant under this Agreement. Except as provided herein, Merchant may
not assign, sublicense, transfer, pledge, lease, rent, or share its rights under this Agreement. All other license rights in and
to the Software, including the rights to use, copy or modify, are prohibited.

4.     Fees.
Merchant agrees to pay Elavon or, when authorized, a Elavon authorized Value Added Reseller (“VAR”), fees, in
U.S. Dollars, for Services, Support Services and Merchant Services according to the terms of this Agreement. Fees for Services
shall be billed to Merchant in advance and pursuant to (he Payment Delivery Service Billing Authorization form. Merchant further
agrees to pay fees on any subsequent Payment Delivery Service Billing Authorization Form as required due to additional Services
or Merchant Services as requested by Merchant.

5.     Payment.
Merchant shall pay fees in accordance with the Payment Delivery Service Billing Authorization form. If Merchant fails to pay
fees, then, in addition to all other rights and remedies at law or otherwise, Elavon or, when applicable, VAR shall have right
to charge Merchant, and Merchant shall have the obligation to pay, late payment charges equal to 1.5% per month or the highest
interest rate permitted by applicable law, whichever is lower, on the unpaid amount for the period starting with date payment
was due and ending when the full payment is made. In addition, Elavon will be entitled to recover from Merchant all costs incurred
to obtain full payment, including attorneys’ fees.

6.     Change of Services. Merchant
may request a change in the Services it is being provided by requesting such change in writing with notice of at least thirty
(30) days. Prior to implementing the requested change in Services, Elavon or, when applicable, VAR will advise Merchant as to
changes in the fees, if any, to be billed Merchant due to the changed level of Services, and Merchant shall provide written approval
of such fee changes.

7.     Services Limitations:

a.          Merchant shall
be responsible to ensure their Point of Sale (POS)/Property Management System (PMS) in use with the Services remain certified and
compatible with the most recent version of Software in order to maintain compliance under applicable industry rules and regulations
and the standards set by bankcard associations. Failure of the POS/PMS to be compatible and function in accordance with the

 

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Software as regulated and/or required shall excuse Elavon from
all liability and all of its obligations under this Agreement or any other Services that Elavon may be providing to Merchant.

b.          Elavon will provide
Software Support only for the most recent version of Software and the preceding version for no more than twelve (12) months after
the most recent version of Software becomes available to Merchant or to Merchants VAR. If Merchant does not update its system within
that time, Elavon will have no further obligation to provide Software Support for the preceding version and the Services shall
be terminated.

8.     Confidential
Information. Each party hereto shall use the same care and discretion, but in no event less than reasonable care and discretion,
to prevent disclosure, publication, or dissemination of the other party’s Confidential Information (defined below) as it
employs with similar information of its own; and shall not use, reproduce, distribute, disclose, or otherwise disseminate the
Confidential Information except in connection with the performance of its obligations under this Agreement. As used herein the
term “Confidential Information” means any and all data and information relating to the business of the disclosing
party of which the receiving party becomes aware as a consequence of, or through, this Agreement and which has been reduced to
tangible form and marked clearly and conspicuously with a legend identifying its confidential or proprietary nature; provided,
however, that Confidential Information does not include any data or information which is already known to the receiving party,
or which (i) has become generally known to the public through no wrongful act of the receiving party; (ii) has been rightfully
received by the receiving party from a third party without restriction on disclosure and without, to the knowledge of the receiving
party, a breach of an obligation of confidentiality running directly or indirectly to the other party hereto; (iii) has been disclosed
pursuant to a requirement of a governmental agency or of law without similar restrictions or other protection against public disclosure,
or is required to be disclosed by operation of law; (iv) is independently developed by the receiving party without use, directly
or indirectly, of the Confidential Information received from the other party hereto; or (v) is furnished to a third party by the
disclosing party hereunder without restrictions on the third party’s right to disclose the information.

9.     Warranty And Disclaimer. Elavon
warrants its services will be performed in a professional, workmanlike and timely manner in accordance with applicable professional
standards and shall reperform any work not in compliance with this warranty brought to its attention within a reasonable time
after that work is performed.

THE PRECEDING STATEMENT IS ELAVON’S
ONLY WARRANTY CONCERNING THE SERVICES, AND IS MADE EXPRESSLY IN LIEU OF ALL OTHER WARRANTIES. EXCEPT AS SPECIFICALLY SET FORTH
IN THIS SECTION 9, ELAVON DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING,
USAGE OR TRADE OR NONINFRINGEMENT WITH RESPECT TO THE SERVICES, SUPPORT SERVICES, MERCHANT SERVICES OR SOFTWARE PROVIDED HEREUNDER.

10.   Indemnification. Elavon shall
indemnify and hold harmless Merchant, its officers, directors, employees and agents, from and against any claim, that Merchant’s
use of the Services or Software infringes an existing U.S. patent, copyright or trade secret. Elavon will defend such claim at
its expense and will pay any costs or damages that may be finally awarded against Merchant. Elavon will not indemnify Merchant,
however, if the claim of infringement is caused by (1) Merchant’s misuse or modification (unless approved by Elavon) of
such Services or Software; (2) Merchant’s failure to use corrections or enhancements made available by Elavon; or (3) Merchant’s
use of such Services and/or Software in combination with any process and/or product. If any such Servicc or Software is, or in
Elavon’s opinion is likely to be, held to constitute an infringing process or product, Elavon shall at its expense and option
either (a) procure the right for Merchant to continue using it, (b) replace it with a non-infringing equivalent, (c) modify it
to make it a non-infringing equivalent. The foregoing remedies constitute Merchant’s sole and exclusive remedies and Elavon’s
entire liability with respect to infringement.

Merchant shall indemnify
and hold harmless Elavon and its employees or agents from and against any claims, demands, loss, damage, or expense relating to
damage to any of Elavon’s tangible personal property or personal injury to Elavon and its employees or agents while on Merchant’s
premises, except to the extent any such claim is determined to have resulted from the negligence or misconduct of Elavon

To receive the foregoing
indemnities, the party seeking indemnification must notify the other in writing of a claim or suit promptly and provide reasonable
cooperation (at the indemnifying party’s expense). The Indemnified party will retain authority to approve or disapprove settlement
approval, not to be unreasonably withheld.

11.   Disclaimer and Limitation
of Liability. Elavon disclaims any responsibility for the accuracy of any data or other information delivered to Merchant which
is produced with or from data provided by Merchant or a Destination Point. Elavon does not assure uninterrupted or error-free Services.
In addition, Elavon shall not be liable for any disruptions to the Services caused by Merchant’s, Merchant’s Location,
or a Destination Point’s actions, inactions, equipment malfunctions, telecommunications or internet failures or power losses.
Elavon’s maximum liability (whether in contract, tort, negligence, strict liability or by statute or otherwise) to, and the
sole remedy of, Merchant or any third party concerning performance or non-performance or otherwise related to this Agreement (excluding
Section 10) shall be a refund to Merchant for fees paid to Elavon for the portion of the Services giving rise to such claim. Elavon’s
liability to Merchant for actual damages for any cause whatsoever, regardless of the form of the action, will be strictly limited
to a maximum of the fees paid to Elavon under this Agreement for the prior three (3) months.

12.   No Consequential, Incidental or
Special Damages. IN NO EVENT WILL ELAVON BE LIABLE TO MERCHANT FOR ANY INDIRECT, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OR LOST PROFITS
ARISING OUT OF THE SERVICES, SUPPORT SERVICES, MERCHANT SERVICES OR THE USE OF SOFTWARE PROVIDED UNDER THIS AGREEMENT, EVEN IF
ELAVON HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME STATES DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR
INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THAT ABOVE LIMITATION OR EXCLUSION MAY NOT APPLY.

13.   Force Majeure. No party
shall be responsible for, or be considered to be in breach hereunder because of, failure or delay in delivery of any service hereunder,
nor shall any Party be responsible for failure or delay in receiving such servicc, if caused by an act of God or public enemy,
war, government acts or regulations, fire, flood, embargo, quarantine, epidemic, labor stoppages beyond its reasonable control,
accident, unusually severe weather, malicious acts of third parties (including, without limitation, the introduction of computer
viruses), interruption of telecommunications service, or other cause similar or dissimilar to the foregoing beyond its reasonable
control. If a force majeure interrupts Elavon’s Services, Merchant shall continue to pay Elavon’s fees and Elavon shall
make all reasonable efforts to restore Services and pay the additional cost to do so. If Elavon is unable to substantially restore
Services within one week after the force majeure event, then Merchant may, upon notice to Elavon, abate payment to the extent Services
are not performed and obtain similar services from a third party at Merchant’s expense.

14.   Term and Termination. The Initial Term of this Agreement
is one (1) year and shall automatically be renewed and shall continue to be renewed for successive one-year periods ("Renewal
Term”) after the Initial Term, unless amended by mutual written agreement of Merchant and

 

	Confidential	Page 2 of 3	DR Initial
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Elavon or terminated pursuant to termination
provisions. Except as otherwise provided herein, Merchant may terminate this Agreement without cause by giving Elavon ninety (90)
days prior written notice and paying Elavon the remaining fees due Elavon for the remainder of the then current term (Initial Term
or Renewal Term) within thirty (30) days of such written notice.

Notwithstanding anything
herein contained to the contrary, if Elavon fails to observe, keep or perform any provision of this Agreement if such failure continues
unremedied for ten (10) days after Elavon has received written notice from Merchant of such failure, then this Agreement may be
terminated, at the option of Merchant, without further liability on the part of Merchant.

In the event of termination
or expiration of this Agreement, all Merchant’s property in Elavon's possession shall be forwarded to Merchant, at Elavon’s
expense and Elavon's property and all Elavon's work in Merchant’s possession shall be forwarded to Elavon, at Merchant’s
expense. Upon termination or expiration of this Agreement, Merchant shall pay Elavon for all fees due up to the effective date
of termination or expiration.

15.   Security/Compliance. Elavon
is in compliance with all access control and data security requirements promulgated by Elavon or the Payment Card Industry Security
Standards Council, in each case as may be amended or supplemented from time to time, (collectively the “Security Requirements”),
as may be applicable to Elavon’s performance of the Services under this Agreement, and Elavon will remain in compliance with
the Security Requirements during the Initial Term of this Agreement and during any Renewal Tenn(s).

16.   Monetary Default. Notwithstanding
anything contained in this Agreement to the contrary, in the event that Merchant shall be in monetary default of this Agreement
for a period of ten (10) days, Elavon shall be excused from the performance of all its obligations hereunder. Additionally, Elavon
may terminate this Agreement at anytime following such monetary default by providing written notice to Merchant.

17.   Entire Agreement. This Agreement
constitutes the entire agreement between the parties. Tills Agreement supersedes all prior or contemporaneous oral, implied or
written agreements and shall take precedence over any inconsistent provisions contained in any Purchase Order issued by the Merchant
related thereto. This Agreement shall not be varied by any oral agreement or representation or by other than an instrument in writing
of subsequent date hereto, executed by both parties by their duly authorized representatives.

18.   Taxes. Merchant shall pay all
taxes imposed by any governmental authority incurred in connection with the Services provided under this Agreement. If Merchant
is a tax-exempt entity, Merchant will provide Elavon with an appropriate certificate of tax exemption.

19.   Notices. Any
notice or communication required or permitted under this Agreement must be sent to the party at its address specified on the
first page of this Agreement, or to a substitute address provided in writing, and shall be deemed delivered on the earlier of
(a) hand delivered or (b) overnight delivery by a nationally recognized overnight carrier, or (c) confirmed facsimile
delivery.

20.   Arbitration. Except for actions
initiated pursuant to Section 9 herein, any controversy or claim arising under or related to this Agreement shall be settled by
arbitration under the Commercial Arbitration Rules of the American Arbitration Association. The location of any such mediation
and/or arbitration shall be the County of Fulton, Georgia. The arbitrator shall be selected by the parties from the national panel
of arbitrators of the American Arbitration Association with expertise in computer law or telecommunications. Any court having jurisdiction
over the matter may enter a judgment upon the award of the arbitrator. Service of a petition to confirm the arbitration award may
be made by United States Mail, postage prepaid, or by any regularly conducted commercial express mail service, to the attorney
for the party or, if not so represented, to the party at the address set forth herein, or to the party’s last-known business
address.

21.   Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the state of Georgia. Venue and jurisdiction for all litigation
shall be in the State of Georgia, in the County of Fulton.

22.   Assignment; Inurement. Merchant
shall not have the right to transfer or assign its respective rights and obligations under this Agreement to any olher individual
or entity without the prior written consent of Elavon or its permitted assigns, which consent shall not be unreasonably withheld.
Subject to the foregoing, the Agreement, and the obligations and benefits herein contained, shall inure to the benefit of, and
be binding upon, the successors and assigns of the parties hereto.

23.   Severability. The parties agree
that each provision of this Agreement shall be construed independently of any other provision of this Agreement. The invalidity
or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof. This Agreement
shall be construed in all respects as if such invalid or unenforceable provisions were omitted.

 

	*Signature: 	/s/ Diane Randel	 

 

	Printed Name: 	Diane Randel	 

 

	Title: 	Asst. Controller	 

 

	Date: 	9/23/11	 

 

	Phone Number:	928-204-4338	 

*Must be an authorized signatory for Merchant to enter into
the terms and conditions set forth herein.

 

	TO BE COMPLETED BY ELAVON ORDERS DEPARTMENT
	 
	Customer
    #:_______
	Site
    #: _________
	Order
it: __________________ Order Date:__________	  VAR: ___________

 

	Confidential	Page 3 of 3	DR Initial
	Elavon, Inc. I0-2009(rev.l)	 	 

 

    	 

    	 

    

 

	Elavon,
    Inc.

    Payment Delivery Service Billing Authorization

	Date:	x New Location	 ̈ Additional
    Location	 ̈ Ownership
    Change	 ̈ Merchant
    Change Request

	x ProtoBase
    eXpress

    Service Agreement	 ̈ Network Gateway Service Agreement	 ̈ Managed
    Payment

Service Agreement	Service
    Agreement Attached
	Merchant
    Payment Application

	Merchant

     Information  	DBA Name: L’Auberge
        Sedona

        (same as d.b.a.
        Name on applicable Service Agreement
	DBA
    Phone #: (928) 282-1661
	Contact
    Name:  Del Goehring	DBA
    Fax #:(928) 282-4531
	DBA
    Address 1 (no PO Box): 301 L’Auberge Lane	Customer
    Service Phone #: (928) 282-1661
	DBA
    Address 2:	Email
    Address: delg@lauberge.com
	City:  Sedona	State:  AZ	Zip
    Code:  86336	 	 

 

	Corporate

        Information   	Legal/Corporate
    Name: L’Auberge Sedona, LLC

    (same as Legal/Corporate Name on applicable Service Agreement)	Legal/Corporate
    Phone #:

    (928) 282-1661	Ext.
	Legal/Corporate
    Contact Name: Del Goehring	Legal/Corporate
    Fax #:  (928) 282-4531
	Legal/Corporate Address: 301 L’Auberge Lane
	City:
    Sedona	State:
    AZ	Zip
    Code:  86336

 

	Service

    Payment

    Options	x
    Monthly ACH (Complete Monthly ACH Bank Account Information below)	 ̈ Annual
    Invoice (Complete Annual Invoice Information below)
	 ̈ Service
    Fees paid by Value Added Reseller (“VAR”). This option applies only to merchants that have a separate agreement
    with their VAR that allows for the VAR to pay Elavon on the merchant’s behalf.

 

	Monthly US

ACH
Bank

Account	Bank
    Name: Alliance Bank	ABA/Routing
    #: 122105980	DDA
    Account #: 8010129404
	Branch
    Location (City, State, Zip):

    Sedona, AZ 86351

    Contact Telephone number for questions regarding the Account:	ATTACH
    COPY OF VOIDED CHECK OR LETTER FROM BANK TO VERIFY ACCOUNT INFORMATION
	AUTHORIZATION
                                                                                          FOR AUTOMATIC WITHDRAWAL OF MONTHLY
                                                                                          PAYMENTS

        The
        undersigned Authorized Signatory* on the above account hereby authorizes Elavon, Inc. to automatically withdraw the undersigned’s
        monthly payment and any amounts, in U.S. Dollars, including any and all taxes or other charges, owed in accordance with
        the applicable Service Agreement (ProtoBase eXpress, Network Gateway, Managed Payment), by initiating debit entries to
        the undersigned’s account at the financial institution (“Bank”) indicated hereon or such other fianncial
        institution used by the undersigned from time to time. A payment (whether paid by debit or other means) that is not honored
        by Bank for any reason may be subject to a returned item service fee imposed by Elavon, Inc. This authorization shall
        remain in effect until Elavon, Inc. has received written notice from the undersigned of its termination.

 

	Monthly
                                                                                                                                 Canadian

                                                                                                                                 ACH
                                                                                                                                 Bank
                                                                                                                                 Account
	Bank
    Name:	Institution
    # (3 digits):

    Transit/Branch # (5 digits):	Account
    #:
	Branch
        Location (City, State, Zip):

         

        Contact
        Telephone Number for questions regarding the Account:
	ATTACH
    COPY OF VOIDED CHECK OR LETTER FROM BANK TO VERIFY ACCOUNT INFORMATION
	AUTHORIZATION
        FOR AUTOMATIC WITHDRAWAL OF MONTHLY PAYMENTS

        The
        undersigned Authorized Signatory* on the above account hereby authorizes Elavon, Inc. to automatically withdraw the undersigned’s
        monthly payment and any amounts, in U.S. Dollars, including any and all taxes or other charges, owed in accordance with
        the applicable Service Agreement (ProtoBase eXpress, Network Gateway, Managed Payment), by initiating debit entries to
        the undersigned’s account at the financial institution (“Bank”) indicated hereon or such other financial
        institution used by the undersigned from time to time. A payment (whether paid by debit or other means) that is not honored
        by Bank for any reason may be subject to a returned item service fee imposed by Elavon, Inc. This authorization shall
        remain in effect until Elavon, Inc. has received written notice from the undersigned of its termination.

 

	Confidential	Page 1 of 2	Elavon, Inc. 06-2008(rev.1)

 

    	 

    	 

    

 

	Annual

    Invoice

           Information       	Billing
    Company Name:	Billing
    Phone #:	 	Ext.
	Billing
    Contact Name:	Billing
    Fax #:	 	 
	Billing
    Address:	 	 	 
	City	State:	Zip
    Code:
	Payment on Invoiced amounts shall be within the allotted number of days as presented on and from the date of Invoice
    in

    U.S. Dollars, subject to the approval of credit.  The amount of credit or terms of payment may be changed or credit
    may be

    withdrawn upon written notice.

  

Merchant is responsible
for providing updated information upon explanation or change to the above information.  Not doing so may cause the Merchant
to be in Monetary Default of their Service Agreement (ProtoBase eXpress SM, Network Gateway, Managed Payment) Terms
and Conditions.

 

	VAR
    Information 1
	VAR

    Information	VAR
    Name:	VAR
    Phone #:          	              
	VAR
    Contact Name:	VAR
    Fax #:
	Billing
    Address 1 (no PO Box):	 
	Billing
    Address 2:	 
	City:           	State:            	Zip
    Code:             	 
	 	 	 

 

	Fees
    FOR

    ELAVON

    OFFICE

     USE ONLY 	TO
    BE COMPLETED BY ELAVON EMPLOYEES ONLY
	TO
    BE COMPLETED BY ELAVON ACCOUNT REPRESENTATIVE
	 	 
	Amount	Description
	$500.00	One
    time setup fee
	$500.00	Same
    Day Expedite
	$50.00
    Monthly ACH or $600.00 annual Invoice	ProtoBase
    eXpress Service billing
	 	 
	 	 
	Comments:
    please choose service payment option on page 1 of document
	Account
    Rep Name: Martha DeLano	Account
    Rep Ext. 4528
	TO
    BE COMPLETE BY ELAVON ORDERS DEPARTMENT
	Customer
    #:             
	Site
    #:            
	Order
    #:         	VAR:  Micros

 

	         Signature         	AGREEMENT
                                                                                                                                            ACCEPTANCE

        The
        undersigned acknowledges that such party’s signature below serves as an additional signature page to the applicable
        Service Agreement referenced herein and indicates the undersigned’s acceptance of, and agreement to, all of the
        terms and conditions hereof and of such agreement. All fees associated the applicable Service are in U.S. Dollars and
        shall be paid in U.S. Dollars. The undersigned further acknowledges that the applicable Services Agreement, together with
        the undersigned’s signature below, constitutes the entire agreement between parties.

         

        ***ALL
        BELOW FIELDS ARE REQUIRED***

         

        Authorized
        Signature*: /s/ Diane Randel

         

        Print
        Name: Diane Randel        

         

        Title:
        Asst. Controller          

         

        Date:
        9/23/11                     Federal
        Tax ID #: 26-2535898    

 

	Confidential	Page 2 of 2	Elavon, Inc. 06-2008(rev.l)

 

    	 

    	 

    

 

 

	 	10973
	L’Auberge de Sedona LLC.	 
	301 L’AUBERGE LN.	ALLIANCE BANK OF ARIZONA
	SEDONA, AZ 86336	91-598-1221
	 	 
	TO THE	$
	ORDER OF	 
	 	 
	 	DOLLARS
	 	 
	MEMO	VOID
	 	Authorized Signature
	“’010973” ‘:122105980’: 8010129404”’
	 
	L’AUBERGE DE SEDONA	10973
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	L’AUBERGE DE SEDONA	10973
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	RODUCT SSLT104   USE WITH 91663 ENVELOPE	PRINTED IN U.S.A

  

 

    	 

    	 

    

 

 

 

 

Rates & Availability

 

All fields with an asterisk (*) are required.

 

Property Location Information

	(*) Name of property:	L’Auberge de Sedona
	Property’s web address:	www.lauberge.com
	(*) Property address:	301 L’Auberge Lane	 	 
	(*) City:	Sedona	(*) Zip/Postal Code:	86336
	(*) County:	USA	State/Province:	AZ
	(*) Property Phone:	928-282-1661	(*) Property Fax:	928-282-1064

 

Please consider that the allotments are the sole source of availability
for your property for all points of sale encompassed in this channel, which combines Expedia and hotels.com; their respective global
points of sale (expedia, co.uk, ca, de, it, fr, etc.); WWTE private label partners; IAN affiliate sites, tens of thousands of additional
affiliate sites, and all the call centers which support them. Property shall set the Rates for Rooms to be at least as favorable
as the rates, rules, terms, and conditions Property offers to or sets for rooms made available for booking through any Property
Channel or Third-Party Channel (whether online or otherwise).

 

Property Information

	(*) Local time zone:	Mountain Standard Time (US & Canada), BMT-07.00
	(*) Number of guest rooms:	89	(*) Number of floors:	1-2	 
	(*) Check in time:	3:00 pm	(*) Check out time:	11:00 am	 

	(*) The property is a	Non-Smoking	Facility Closest major commercial airport code:	PHX

 

Contact Details

 

	Reservations	Revenue Manager
	Name:	Cassie Barber	(*) Name	Cassie Barber
	Title:	Group Rooms Coordinator	(*) Title	Group Rooms Coordinator
	Phone:	928-204-4334	(*) Phone:	928-204-4334
	Email:	cassieb@lauberge.com	(*) Email	cassieb@lauberge.com

	*Fax for all reservations to be delivered:	(*) Fax:	928-282-1064

	email please	 

 

	Sales Department	Accounting
	Name:	Greg Velasquez	(*) Name	Sherri Badger
	Title:	Director of Marketing	(*) Title	A/R Coordinator
	Phone:	928-204-4355	(*) Phone:	928-204-4307
	Email:	gregv@lauberge.com	(*) Email	sbadger@lauberge.com
	Fax:	928-282-1064	(*) Fax:	928-282-1064

 

	 	Signature:	/s/ Greg Velasquez

 

© Expedia Inc. Confidential and proprietary.
All rights reserved.

Last updated August 2008. Page 1 of 9. US_English.
“American Rates and Availability (08182008)”

 

    	 

    	 

    

 

Booking Requirements Details

 

	(*) Minimum age for check-in	18	 
	    (*) Specify minimum age in categories for: 	 
	(*) Adult Age:	18	 
	(*) Child Age:	1 	 
	(*) Infant Age:	0 (Zero)	 

 

	(*) The currency for all rates and charges stated

in this Agreement is:	United
    States dollars, USD
	(*) City Tax % or Amount:	—Select One from the List—	 
	(*) Local Tax % or Amount:	—Select One from the List—	 
	(*) State/Province Tax % or Amount:	% Per Night 	13.737
	(*) Occupancy Tax % or Amount:	—Select One from the List—	 
	(*) Total Tax % or Amount included in the rates:	—Select One from the List—	 

 

	Additional charges

(Energy, Resort, etc.):	Service Fee of $25.00

	 	Taxable 	 	Non-Taxable 	ü	Per Night 	ü	Per Person	 

 

Cut-off Policy: The Property shall apply a default cut-off
time period of 8:00 PM (of the Property’s local time zone, subject to change by Expedia) on the Traveler’s date of
arrival unless otherwise specified here as (_____) days before arrival (enter number of days if applicable).

 

	Additional Information:	
         

         

         

 

Standard Cancellation Policy: The Property shall apply
a default cancellation time period of 11:59 PM (23:59) (of the Property’s local time zone) on the Traveler’s day of
arrival unless otherwise specified here as (7         ) days before arrival (enter number of day if applicable).

 

Standard Cancellation Window and Penalty:

	Select penalty from the list:	1 night
	Additional Information:	One night room and tax will be charged for cancellations within cancellation policy of 7 days before arrival date.

 

	 	Signature:	/s/ Greg Velasquez

 

Rates and Availability entry on the next pages

 

© Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 2 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

	Rates and Availability *Please fill out one page for one room type (name).
	Property Name:	L’Auberge de Sedona
	(*) Room Type (name)	Standard
    room with king bed
	 (*) Bedding	1	King	 

	(*) Maximum Total Occupancy:	2	(*) Rates provided for this property are based on	 
	 (*) Maximum adults:	2	Single supplement fee (applicable to per person pricing only)
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy)
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*) Meal included in the rate (Breakfast, Lunch, Dinner, etc):	Room Only:  Breakfast no included

 

** “Published Rate” is the rate Property charges
guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays Property
for the room reservation. ***”Package” is the rate that a Company pays Property for room reservations included as part
of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 

 

Regular Dates and Rates:

 

	Dates

    (MM-DD.YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7

 Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM-DD-YYYY)	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone

Net Rate

(Room Only)	Package (Net

    Amount or %

    of Discount

off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night 2 nights,

    50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Room
    rates and availability built thru Extranet

 

*****“Group Bookings”: A Group is defined as 9
or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the exception of
Section 1(Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5c (Reservation and Cut-Off), 5d (Cancellation and No-Show), 5.f.
(Payment), and 5.g (Invoices), shall govern Group bookings. Rates, cancellation, and payment terms and conditions will be
specifically negotiated in a separate writing signed by the Parties for each Group booking. In the event no such separate
writing is executed, the rate, cancellation and payment terms of this Agreement shall govern such Group booking.

 

	 	Signature:	/s/ Greg Velasquez

 

©Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 3 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

	Rates and Availability *Please fill out one page for one room type (name).
	Property Name:	L’Auberge de Sedona
	(*) Room Type (name)	 
	 (*) Bedding	  	 	 

	(*) Maximum Total Occupancy:	 	(*) Rates provided for this property are based on	 
	 (*) Maximum adults:	 	Single supplement fee (applicable to per person pricing only)
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy)
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*)
    Meal included in the rate (Breakfast, Lunch, Dinner, etc):	 

 

** “Published Rate” is the rate Property charges
guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays Property
for the room reservation. ***”Package” is the rate that a Company pays Property for room reservations included as part
of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 
	 	 	 
	Regular Dates and Rates:	 

 

	Dates

    (MM-DD.YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7

 Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM•DD-YYYY)  	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone Net

    Rate (Room

    Only)	Package (Net

    Amount or %

    of Discount off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night 2 nights,

50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Room
    rates and availability built thru Extranet

 

*****“Group Bookings”: A Group is
defined as 9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the
exception of Section 1(Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5c (Reservation and Cut-Off), 5d (Cancellation and
No-Show), 5.f. (Payment), and 5.g (Invoices), shall govern Group bookings. Rates, cancellation, and payment terms and
conditions will be specifically negotiated in a separate writing signed by the Parties for each Group booking. In the event
no such separate writing is executed, the rate, cancellation and payment terms of this Agreement shall govern such Group
booking.

 

	 	Signature:	/s/ Greg Velasquez

 

© Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 4 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

	Rates and Availability *Please fill out one page for one room type (name).
	Property Name:	L’Auberge de Sedona
	(*) Room Type (name)	 
	 (*) Bedding	 	 	 

	(*) Maximum Total Occupancy:	 	(*) Rates provided for this property are based on	 
	 (*) Maximum adults:	 	Single supplement fee (applicable to per person pricing only)
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy) 
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*) Meal included in the rate (Breakfast, Lunch, Dinner, etc):	 

 

** “Published Rate” is the rate Property charges
guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays Property
for the room reservation. ***”Package” is the rate that a Company pays Property for room reservations included as part
of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 
	 	 	 
	Regular Dates and Rates:	 	 

 

	Dates

    (MM-DD.YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7

 Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM•DD-YYYY)  	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone Net

    Rate (Room

    Only)	Package (Net

    Amount or %

    of Discount off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night 2 nights,

50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Room
    rates and availability built thru Extranet

 

*****“Group Bookings”: A Group is defined
as 9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the exception of Section
1(Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5c (Reservation and Cut-Off), 5d (Cancellation and No-Show), 5.f. (Payment),
and 5.g (Invoices), shall govern Group bookings. Rates, cancellation, and payment terms and conditions will be specifically negotiated
in a separate writing signed by the Parties for each Group booking. In the event no such separate writing is executed, the rate,
cancellation and payment terms of this Agreement shall govern such Group booking.

 

	 	Signature:	/s/ Greg Velasquez

 

© Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 5 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

 

	Rates and Availability *Please fill out one page for one room type (name).
	Property Name:	L’Auberge de Sedona
	(*) Room Type (name)	 
	 (*) Bedding	 	 	 

	(*) Maximum Total Occupancy:	 	(*) Rates provided for this property are based on	 
	 (*) Maximum adults:	 	Single supplement fee (applicable to per person pricing only)
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy) 
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*)
    Meal included in the rate (Breakfast, Lunch, Dinner, etc):	 

 

** “Published Rate” is the rate Property charges
guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays Property
for the room reservation. ***”Package” is the rate that a Company pays Property for room reservations included as part
of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 
	 	 	 
	Regular Dates and Rates:	 	 

 

	Dates

    (MM-DD.YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7

 Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM•DD-YYYY)  	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone Net

    Rate (Room

    Only)	Package (Net

    Amount or %

    of Discount off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night 2 nights,

50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Room
    rates and availability built thru Extranet

 

*****“Group Bookings”: A Group is defined
as 9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the exception of Section
1(Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5c (Reservation and Cut-Off), 5d (Cancellation and No-Show), 5.f. (Payment),
and 5.g (Invoices), shall govern Group bookings. Rates, cancellation, and payment terms and conditions will be specifically negotiated
in a separate writing signed by the Parties for each Group booking. In the event no such separate writing is executed, the rate,
cancellation and payment terms of this Agreement shall govern such Group booking.

 

	 	Signature:	/s/ Greg Velasquez

 

© Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 6 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

 

	Rates and Availability *Please fill out one page for one room type (name).
	Property Name:	L’Auberge de Sedona
	(*) Room Type (name)	 
	 (*) Bedding	 	 	 

	(*) Maximum Total Occupancy:	 	(*) Rates provided for this property are based on	 
	 (*) Maximum adults:	 	Single supplement fee (applicable to per person pricing only)
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy) 
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*) Meal included in the rate (Breakfast, Lunch, Dinner, etc):	 

 

** “Published Rate” is the rate Property charges
guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays Property
for the room reservation. ***”Package” is the rate that a Company pays Property for room reservations included as part
of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 
	 	 	 
	Regular Dates and Rates:	 	 

 

	Dates

    (MM-DD.YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7

 Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM•DD-YYYY)  	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone Net

    Rate (Room

    Only)	Package (Net

    Amount or %

    of Discount off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night 2 nights,

50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Room
    rates and availability built thru Extranet

 

*****“Group Bookings”: A Group is defined
as 9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the exception of Section
1(Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5c (Reservation and Cut-Off), 5d (Cancellation and No-Show), 5.f. (Payment),
and 5.g (Invoices), shall govern Group bookings. Rates, cancellation, and payment terms and conditions will be specifically negotiated
in a separate writing signed by the Parties for each Group booking. In the event no such separate writing is executed, the rate,
cancellation and payment terms of this Agreement shall govern such Group booking.

 

	 	Signature:	/s/ Greg Velasquez

 

© Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 7 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

 

	Rates and Availability *Please fill out one page for one room type (name).
	Property Name:	L’Auberge de Sedona
	(*) Room Type (name)	 
	(*) Bedding	 	 	 

	(*) Maximum Total Occupancy:	 	(*) Rates provided for this property are based on	 
	(*) Maximum
adults:	 	Single supplement fee (applicable to per person pricing only)
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy) 
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*) Meal included in the rate (Breakfast, Lunch, Dinner, etc):	 

 

** “Published Rate” is the rate Property charges
guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays Property
for the room reservation. ***”Package” is the rate that a Company pays Property for room reservations included as part
of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 
	 	 	 
	Regular Dates and Rates:	 	 

 

	Dates

    (MM-DD.YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7

 Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM•DD-YYYY)  	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone Net

    Rate (Room

    Only)	Package (Net

    Amount or %

    of Discount off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night 2 nights,

50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Room
    rates and availability built thru Extranet

 

*****“Group Bookings”: A Group is defined
as 9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the exception of Section
1(Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5c (Reservation and Cut-Off), 5d (Cancellation and No-Show), 5.f. (Payment),
and 5.g (Invoices), shall govern Group bookings. Rates, cancellation, and payment terms and conditions will be specifically negotiated
in a separate writing signed by the Parties for each Group booking. In the event no such separate writing is executed, the rate,
cancellation and payment terms of this Agreement shall govern such Group booking.

 

	 	Signature:	/s/ Greg Velasquez

 

© Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 8 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

 

	Rates and Availability *Please fill out one page for one room type (name).
	Property Name:	L’Auberge de Sedona
	(*) Room Type (name)	 
	 (*) Bedding	 	 	 

	(*) Maximum Total Occupancy:	 	(*) Rates provided for this property are based on	 
	 (*) Maximum adults:	 	Single supplement fee (applicable to per person pricing only)
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy) 
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*) Meal included in the rate (Breakfast, Lunch, Dinner, etc):	 

 

** “Published Rate” is the rate Property charges
guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays Property
for the room reservation. ***”Package” is the rate that a Company pays Property for room reservations included as part
of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 
	 	 	 
	Regular Dates and Rates:	 	 

 

	Dates

    (MM-DD.YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7

 Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM•DD-YYYY)  	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone Net

    Rate (Room

    Only)	Package (Net

    Amount or %

    of Discount off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night 2 nights,

50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Room
    rates and availability built thru Extranet

 

*****“Group Bookings”: A Group is defined
as 9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the exception of Section
1(Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5c (Reservation and Cut-Off), 5d (Cancellation and No-Show), 5.f. (Payment),
and 5.g (Invoices), shall govern Group bookings. Rates, cancellation, and payment terms and conditions will be specifically negotiated
in a separate writing signed by the Parties for each Group booking. In the event no such separate writing is executed, the rate,
cancellation and payment terms of this Agreement shall govern such Group booking.

 

	 	Signature:	/s/ Greg Velasquez

 

© Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 9 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

J - oh except

See p. 2

AL 8/8/12

j

 

SERVICE AGREEMENT

 

This Service Agreement (the "Agreement"),
is entered into effective as of the 1st day of November 2012 (the "Effective Date"), by and between L’Auberge
de Sedona LLC (herein called "Client"), and J Public Relations (herein called "Agency"), to confirm
the understanding of the parties pertaining to the contractual relationship set forth herein.

 

NOW, THEREFORE, for valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

AGREEMENT

 

1.           Agency Services.
Throughout the Term of the Agreement, Agency agrees to formulate and recommend specific public relations and marketing plans and,
upon approval by Client, carry out those plans and assignments (the “Services”).

 

2.           Compensation.

 

		(a)	Fee. Agency will receive a monthly retainer fee of seven thousand dollars ($7,000) for the
months from November 1, 2012 - October 31, 2013. The first payment shall be due on the Effective Date and all subsequent payments
shall be due and payable on the 1 st day of the month (“Fee”).

 

		(b)	Reimbursement of Expenses. The Client shall reimburse Agency for all reasonable direct out-of-pocket
expenses, disbursements, and any production expenses including purchases from third parties including, without limitation, illustrations,
photography, retouching, and typography which are ordinary or necessary to the accomplishment of the Services and approved by the
Client in advance. All expenses exceeding $100 must be pre-approved in writing by The Client prior to expenditures being made.
Other out of pocket expenses include design fees by third party vendors, printing, mailing, catering expenses, model fees, rentals
for special events etc. The Client shall reimburse Agency for any travel by members of Agency on behalf of Client including airfare,
single room accommodations for each member of Agency, and per diem of sixty dollars ($60) per day.

 

    	 

    	 

    

 

		3.	Late Payments. Time is of the essence with respect
to all payments to be made hereunder by Client to Agency. A late fee totaling seven percent (7%) of the monthly payment will be
assessed for payments made later than 5 business days past the due date.

 

4.    Term
and Termination

 

4.1           The
term of this Agreement shall be for one year or (1) year (“Initial Term”). Notwithstanding, either party may elect
to terminate this Agreement at any time, by provision of written notification to the other party (the “Termination Notice").
The Termination Notice shall be effective ninety (90) days after receipt. The parties expressly acknowledge that ninety (90) days
prior written notice is required to cover personnel time involved in work assignments, in preparing all materials and records for
transfer to Client and assuring fair treatment for Agency personnel involved in the account. At the ed if the Intital Term,
the Agreement will continue for additional terms, each with the same duration as the Intitial Term unless (“Renewal Term”),
unless either party provides the other party written notice of its intent to terminate the Agreement ninety (90) days prior to
the end of the Intitial Term or Renewal Term. do NOI like any automatic renewals

 

4.2         Following
completion of all payments due to Agency hereunder, Client agrees to assume any and all liability for contracts with third parties
made on Client's behalf by Agency and shall indemnify and, defend Agency for any liability thereunder in accordance with Section
7 below.

 

		5.	Intellectual Property

 

5.1         Ownership

 

		(a)	All advertising, trade names, plans, ideas, and drawings (the "Content") prepared by
the Agency and purchased by the Client shall individually be the property of the Client. The compilation of the Content shall be
the property of the Client on receipt of payment in full for services rendered. This excludes any and all media lists, media contact
information, and media databases which remain the proprietary property of the Agency.

 

		(b)	Copyrights or trademarks to all Content prepared by the Agency for the benefit of Client shall
be vested in Client, except where previous copyrights or trademarks may exist in purchased or licensed material.

 

		(c)	Notwithstanding subparagraphs (a) and (b) above, Agency shall retain the right to use any segment
of the Content for its own portfolio, on its Internet web site, and in presentations to third parties and prospective clients.

 

5.2         Custody
of Property. Film and other materials supplied to third party subcontractors will not be recovered unless specifically requested
by Client. The Agency shall not be responsible for loss by such parties. Generally film houses and printers, but not the media,
will store material for five years. The Agency does not hold film material.

 

		6.	Control.

 

		(a)	The Client has the right to use all property purchased from the Agency upon completion of all payment
obligations owing hereunder.

 

		(b)	The Client may assume all Agency's contracts with third parties entered into by the Agency on the
Client's behalf.

 

    	2

    	 

    

 

		7.	Indemnification.

 

7.1         Agency
agrees to exercise its best judgment in the preparation and placing of ali advertising and publicity for Clients with a view to
avoiding any claims, proceedings or suits beings made or instituted against Agency or Client. It is mutually agreed, however, that
Client will indemnify and defend Agency against any loss Agency may incur as the result of any claim, suit, or proceedings made
or brought against Agency based on any advertising or publicity which Agency prepared for Client based on information provided
by Client, and which Client approved prior to publication or broadcast. Client will indemnify and defend Agency against any loss
Agency may incur as a result of any such claim, suit or proceeding made or brought against Agency based upon (i) information Client
provides Agency and which Client approves in writing before its publication (or broadcast) unless due to Agency's negligence; and
(ii) any advertising element which is furnished by Client to Agency and which allegedly violates the personal or property rights
of any other party. If any action or proceeding is brought against Agency by reason of any such claims, Client, upon notice from
Agency shall defend such action or proceeding at Client's sole cost by counsel reasonably satisfactory to Agency. The foregoing
indemnity shall be a payment obligation and not merely a reimbursement obligation, it being understood that Client and Agency have
a "contrary intention" with respect to the provisions of paragraph 2 of Section 2778 of the California Civil Code

 

7.2         Agency
will indemnify and defend Client against any loss Client may sustain as a result of any claim, suit or proceeding made or brought
against Client caused by Agency's gross negligence. If any action or proceeding is brought against Client by reason of any such
claims, Agency, upon notice from Client, shall defend such action or proceeding at Agency's sole cost by counsel reasonably satisfactory
to Client. The foregoing indemnity shall be a payment obligation and not merely a reimbursement obligation, it being understood
that Client and Agency have a "contrary intention" with respect to the provisions of paragraph 2 of Section 2778 of the
California Civil Code.

 

8.           DISCLAIMER
/ NO WARRANTY: EXCEPT AS EXPRESSLY SET FORTH ABOVE, AGENCY MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE SERVICES
PROVIDED HEREUNDER AND EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, IMPLIED WARRANTIES
OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, OR THOSE ARISING OUT OF COURSE OF CONDUCT OR TRADE CUSTOM OR USAGE.

 

9.           Failure or
Delay: Agency will not be liable for any failure or delay in performance due in whole or in part to any cause beyond Agency's
reasonable control. Agency's entire liability, if any, for any cause whatsoever shall not exceed the amount of their concept and
management fee actually paid by Client to Agency under this Agreement. Agency will in no event be liable for (i) any incidental,
indirect, special or consequential damages, (ii) lost business, or (lost profits) or (iii) cost of procurement of substitute goods,
technology or services.

 

10.         Expenses.
The prevailing party as to any disputes relating to this Agreement shall be entitled to recover from the unsuccessful party to
this Agreement all costs, expenses and actual attorneys' fees relating to the enforcement or interpretation of, or any litigation
or arbitration relating to, this Agreement. Any judgment or order entered in such action shall contain a specific provision providing
for the recovery of attorneys' fees and costs incurred in enforcing such judgment. For puiposes of this paragraph, attorneys' fees
shall include, without limitation, fees incurred in the following: (1) post judgment motions and appeals; (2) contempt proceedings;
(3) garnishment, levee, and debtor and third party examinations; (4) discovery; and (5) bankruptcy litigation.

 

    	3

    	 

    

 

11.         Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of San Diego County and the State of California.

 

12.         Further Assurances.
Each party to this Agreement shall execute all instruments and documents and take all actions as may be reasonably required to
effectuate this Agreement.

 

13.         Venue and
Jurisdiction. For purposes of venue and jurisdiction, this Agreement shall be deemed made and to be performed in the City of
San Diego, State of California.

 

14.         Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute
one document. The facsimile signatures of the parties shall be deemed to constitute original signatures, and facsimile copies hereof
shall be deemed to constitute duplicate original counterparts.

 

15.         Interpretation.
Whenever the context so requires in this Agreement, all words used in the singular shall be construed to have been used in the
plural (and vice versa), each gender shall be construed to include any other genders, and the word "person" shall be
construed to include a natural person, a corporation, a firm, a partnership, a joint venture, a trust, an estate, or any other
entity.

 

16.         Effectiveness.
This Agreement shall become effective when it has been executed by all of the parties to this Agreement.

 

17.         Relationship
Between the Parties. This Agreement is an agreement of Principal/ Agent only, and is not to be deemed, nor is it the intent
of the parties to be construed as a joint venture, partnership, or employment relationship.

 

18.         Partial Invalidity.
The provisions of this Agreement shall be valid and enforceable to the fullest extent permitted by law. If any provision of this
Agreement or the application of such provision to any person or circumstance shall, to any extent, be invalid or unenforceable,
the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which
it is held invalid or unenforceable, shall not be affected by such invalidity or unenforceability, unless such provision or the
application of such provision is essential to the Agreement.

 

19.         Successors-in-Interest
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the successors-in-interest and assigns
of each party to this Agreement. Nothing in this paragraph shall create any rights enforceable by any person not a party to this
Agreement, except for the rights of the successors-in-interest and assigns of each party to this Agreement, unless such rights
are expressly granted in this Agreement to other specifically identified persons.

 

20.         Prior Understandings.
This Agreement contains.the entire Agreement between the parties to this Agreement with respect to the subject matter herein and
supersedes all prior understandings, agreements, representations and warranties, if any, whether oral or written, express or implied,
with respect to said subject matter.

 

21.         Waiver.
Any waiver of a default under this Agreement must be in writing and shall not be a waiver of any other default concerning the same
or any other provision of this Agreement. No delay or omission in the exercise of any rights or remedies shall impair its right
or remedy or be construed as a waiver. A consent to or approval of any act shall not be deemed to waive or render unnecessary consent
to or approval of any other or subsequent act.

 

    	4

    	 

    

 

22.         Drafting
Ambiguities. Each party to this Agreement and its counsel have reviewed and revised this Agreement. The rule of construction
that any ambiguities are to be resolved against the drafting parties shall not be employed in the interpretation of this Agreement
or of any amendments or exhibits to this Agreement.

 

23.         IN WITNESS WHEREOF,
the parties have executed this Agreement as of the effective date first set forth above.

 

	 	L’AUBERGE DE SEDONA LLC	 	 	 
	 	 	 	 	 
	By:	 	 	Date	 
	 	Al Spector	 	 	 
	 	 	 	 	 
	Its	Owner/Partner	 	 	 
	 	 	 	 	 
	 	J PUBLIC RELATIONS	 	 	 
	 	 	 	 	 
	By:	 	 	Date	 
	 	Jamie Lynn Sigler	 	 	 
	 	 	 	 	 
	Its	Partner	 	 	 

 

CLIENT, PLEASE COMPLETE THE FOLLOWING:

 

Please direct all invoices and billing inquiries
to the following:

 

	Address of Client (to appear on invoices):
	 	 
	301 L’Auberge Lane	 
	Sedona, AZ 86336	 
	 	 
	Contact & Email Address (of person who will be handling invoice payments):
	Name:	Email:
	 	 
	Gregory Roper	GregoryR@lauberge.com
	 	 

 

    	5

    	 

    

 

	Millennium

                           by Harms Software Inc.
	Customer Number: _____________________

 

MILLENNIUM SPAFOLIO EDITION

SUBSCRIPTION AGREEMENT DETAILS &
PAYMENT SCHEDULE

 

Millennium SpaFoIlo Edition (i2.Month Initial
Term) - Millennium SpaFoIlo Edition, Property Management Interface, Class Scheduling Module, Membership/Recurring Billing Module,
Membership & Customer Self Check-In Module, Group Scheduling Module, Ylled Management, What IF, Auto Confirmation Interface,
4 Remote Training Courses, Integrated Credit Card Processing Modulo, VIP Support & Maintenance

 

	v	You have selected the following Subscription Agreement:	x	MillenniumTM SpaFoIlo Edition
	v	Total Agreement Investment due at enrollment:	x	$289.00
	v	Monlhly/neeurrlngInvestment (11 Payments):	x	$289.00

 

The monthly/recurring Investment amount
will be withdrawn on or after the same day of each month. This agreement Is auto-renewable. Following the Initial term of
12 months, the agreement will automatically continue on a month-to-month basis at $289.00 per month until the Subscription
Agreement is cancelled or terminated as provided by the terms and conditions In this agreement.

 

By signing below, I authorize Harms Software
to charge the account I have specified. I understand that Harms Software Inc. may continue to charge my account or suspend this
agreement In accordance with the terms and conditions of this agreement. You agree to subscribe to the Millennium" 4
SpaFoIlo Edition Subscription Agreement described herein. You agree to pay Harms Software Inc. for the Millennium' 1
* SpaFoIlo Edition Subscription Agreement according to the payment schedule above. Your signature below Indicates your agreement
to be bound by the terms, conditions, rules and regulations of this agreement. All of the terms and conditions are a part of this
agreement. All persons signing this agreement are equally responsible for paying it in full.

 

	CREDIT CARD INFORMATION	 	 	AUTOMATED CLEARING HOUSE (ACH)

(Monthly Billing/Processing Only)
	 	 	 	 	 
	x MC      ̈ Visa      ̈ American Express     ̈ Discover	 	 	 ̈ Checking Account	 ̈ Savings Account
	 	 	 	 	 

	Credit Card Account Number: 	 	 	 	Routing Number: 	 
	 	 	 	 	 	 

	Name as it appear Credit Card: 	Al Spector	 	 	Bank Account Number: 	 
	 	SEDONA CENTER LLC	 	 	 	 
	 	 	 	 	 	 

	Exp Date:   	09/11	Zip Code:	85251	 	 	*Credit Card information Section Required (Initial Payment Only)

 

TERMS & CONDITIONS

 

We will make our best effort to
process all of your payments properly. However, we shall Incur no liability if we are unable to completely process any of
your payments because of the existence of any one or more of the following circumstances:

 

		·	If your payment account does not contain sufficient funds to complete the transaction or the transaction
would exceed the credit limit of your credit card, of your payment account or credit card does not otherwise permit the transaction
to be executed

		·	You have not provided us with the correct account Information to process your payment accurately

		·	Circumstances beyond our control, such as but not limited to fire, flood, acts of war, terrorism
or other Interference from an outside force, that prevent the proper execution of the transaction and we have taken reasonable
precautions to avoid these circumstances

 

We reserve the right to collect at any
time any previous outstanding Millennium SpaFoIlo Edition Subscription Agreement balances. Harms Software will initiate a state
of suspension on your account In the event of delinquency on payments due. You will be notified Immediately if your account enters
a state of suspension via an alert triggered within Millennium SpaFoIlo Edition, This notification will continue for 30 days as
a reminder to make your account current. If your account is not reinstated within 30 days of Initial suspension, all access privileges
and rights to Millennium SpaFoIlo Edition wilt be terminated, in the event that your account becomes terminated, the Integrity
of the data within Millennium SpaFoIlo Edition will be preserved until your account Is reinstated. For purposes of identification
and billing, you agree to provide us with current, accurate, complete and updated Information Including your name, address, telephone
number and applicable payment data. We reserve the right to modify the services, price, or terms and conditions of this agreement
after the Initial subscription agreement term. All modifications and adjustments shall be deemed effective Immediately upon making
such changes. We will send you a notice of change within thirty days prior to the effective dole of such change. We may assign
or transfer this agreement or any of our rights under this agreement without notice to you, except as otherwise required by law.
Your rights and obligations under this agreement cannot be assigned by you to anyone else without our prior written consent.

 

CANCELLATION POLICY

 

You may cancel the Millennium'" SpaFoIlo
Edition Subscription Agreement after the Initial term (12 Months) upon 30 day advance written notice to Harms Software Inc. You
are responsible for any and all agreement fees Incurred until you cancel the Millennium"* SpaFoIlo Edition Subscription Agreement
In accordance with the terms of this agreement.

 

NOTICE TO CUSTOMER

 

Clients may apply all software payments
tendered of this agreement during the Initial tern) ($1,920.00) towards the purchase of Millennium"* SpaFolio Edition within
30 days upon the start of the renewal term. Thereafter, clients may purchase Millennium'" SpaFoIlo Edition at full retail
value.

 

	BUYER SIGNATURE	 	BUYER PRINT	 	DATE
	 	 	 	 	 
	X	/s/ Del E. Goehring	 	X	Del E. Goehring	 	X	9/30/10
	 	Director of Finance	 	 	 	 	 	 

 

 

    	 

    	 

    

 

		
        Harms Software Inc.

         

        85 Fulton Street, Building 9A

        Boonton, NJ 07005 

 

Proposal for:

The Spa At L'Auberge De Sedona

 

Date: 9/29/2010

Proposal Number: 19472

Sales Representative: MDH

Account Number:

 

	ITEM	 	DESCRIPTION	 	QTY	 	COST	 	TOTAL PRICE
	MS08-FOLIOSUB	 	Millennium SpaFolio Advanced Management Software including What if Analytical Software ***Subscription Option of $229.00/Month***  *** Includes 4x1 Hour Remote Training Sessions, Integrated Credit Card Processing, VIP Support & Maintenance, 1 Online Training Webinar/Month***	 	1	 	289.00	 	289.00T
	MS08-PMS	 	Millennium Property Management System Interface	 	1	 	0.00	 	0.00T
	MS08-MEMB	 	Millennium’s Membership Module/Interface (Recurring Billing & Account Status Automation)	 	1	 	0.00	 	0.00T
	MS08-CL	 	Millennium Class Scheduling/Booking Module	 	1	 	0.00	 	0.00T
	MS08-CI	 	Memberhsip & Customer Self Check-In Module	 	1	 	0.00	 	0.00T
	MS08-GB	 	Millennium’s Group Bookin/Scheduling Module	 	1	 	0.00	 	0.00T
	MS08-YM	 	Millennium’s Yield/Revenue Management Module	 	1	 	0.00	 	0.00T
	MS08-TELEN	 	Televox Auto Confirmation Interface to Millennium	 	1	 	0.00	 	0.00T
	CCPI-N	 	Millennium’s Integrated Credit Card Processing Module (Supports Unlimited Users)	 	1	 	0.00	 	0.00T
	TB-FOLIO-N	 	VIP Support & Maintenance Contract	 	1	 	0.00	 	0.00T
	ML-FOLIO	 	Millennium SpaFolio Additional Workstation License	 	2	 	300.00	 	600.00T
	Conv-IRIS	 	Dual Salon Iris Data Conversion – (1) Initial Conversion in Preparation for Millennium Training and (2) Final Conversion to “Go Live”	 	1	 	1,000.00	 	1,000.00
	Disc/Conversion	 	Discount/Data Conversions	 	 	 	-50.00	%	-500.00
	Ship/Handling	 	Approximate Shipping and Handling Fee (Charges May Change Upon Delivery)	 	 	 	20.00	 	20.00
	 	 	Out-of-State sale,
    except from sales tax	 	 	 	0.00	%	0.00
	 	 	TOTAL
    Proposal Amount	 	 	 	 		$	1,409.00

 

	 	SIGNATURE	/s/ Del E. Goehring	Date 	9/30/10
	 	 	Director of Finance	 

 

	 	Harms Software Return Policy
	 	 
	 	If you are not fully satisfied with Millennium, you may return it within 60 days of purchase for a full refund. Harms Software will honor the full refund for the original purchase of the Millennium License only. It does not apply to Payment Plans, Subscription Based Agreements, Services, Trainings, Add-Ons, Workstation Licenses or Upgrades.
	 	 
	 	Computer Hardware, Point-of-Sale Equipment & Peripherals are warranted through their respected manufacturers and are non-refundable. 

 

 

    	 

    	 

    

 

TRANSFIRST 

Rate Review Agreement

 

	Merchant Number:	39300979937405, 39300979493615, 39300979493823, 39300979499935
	Merchant Name:	L’Auberge Spa, LLC, Orchards Inn of Sedona, L’Auberge de Sedona, L’Auberge Restaurant
	Contact Name:	Doug Buchanan
	Phone #:	602-482-5991
	Fax #:	 
	 	 
	Notes:	New Rate Offer
	 	 
	 	 

 

	Date of Request:   	 	Date Proposed:	1/23/2013
	 	 	 	 
	Performed by:   	Ginny Focken	Date Accepted:	 

 

	Current Rates & Fees	 	Proposed Rates and Fees:
	V/MC/DI Discount Rate:	1.95%	 	V/MC/DI Discount Rate:	0.10%
	Per Item Fee:	$0.15	 	Per Item Fee:	$0.00
	Monthly Service Fee:	$10.00	 	Monthly Service Fee	$10.00
	Translink Monthly Fee:	$8.00	 	Translink Monthly Fee;	$8.00
	$100,000 Breach Coverage	$8.95	 	$100,000 Breach Coverage:	$8.95
	Network Access Fee:	$0.08	 	Network Access Fee:	$0.00
	PCI Quarterly Compliance Fee:	28.80	 	PCI Quarterly Compliance Fee:	$28.80
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

* Coverage is optional. Pricing is interchange Pass Through
Plus Assessments

 

Rates are subject to change based on Visa/MasterCard/Discover
Interchange increase(s). In consideration of TransFirst’s agreement to lower Merchant’s rates as described above, Merchant
agrees that: (A) the Initial Term of Merchant’s Merchant Processing Agreement will continue until the second anniversary
of the date Merchant executes this form and will automatically renew for successive one (1) year periods (each a “Renewal
Term”), unless a party to the Merchant Processing Agreement provides the other parties with notice of its intent not to renew
this Agreement at least ninety(90) days prior the expiration of the then current term.

 

Any modifications or alterations, handwritten or otherwise,
to this document deems proposed rate quote null and void.

 

	Printed Name of Authorized	 
	Signer: Al Spector	Signature: 	/s/ Al Spector
	 	Date: 	1/29/13

 

    	 

    	 

    

 

 

	Bruce Campbell

 

	From:	Doug Buchanan (debuchanan@yahoo.comj
	Sent:	Tuesday, January 29, 2013 11:29 AM
	To:	Al Spector
	Cc:	Bruce Campbell
	Subject:	New Transfirst rate agreements
	Attachments:	Transfirst rate agreements.pdf

 

Al,

 

Copies of the new Transfirst Merchant Processing
rate agreements are attached.

 

Doug

 

    	1

    	 

    

 

Submit by Email          Print Form

Open Table

 

OPENTABLE CLIENT AGREEMENT COVER SHEET

(All Information Required)

 

	Restaurant Name:	 	L’Auberge
    Restaurant on Oak Creek
	 	 	 
	Restaurant Address:	 	301
    L’Auberge Ln Sedona AZ 86336
	 	 	 
	 	 	 
	 	 	 
	Phone:	 	(928)
    282-1667
	 	 	 
	Fax:	 	(928)
    282-1064
	 	 	 
	Email:	 	infor@lauberge.com
	 	 	 
	Website:	 	lauberge.com
	 	 	 
	Tax ID Number:	 	33-067-0353
	 	 	 
	General Manager:	 	Joe
    Mottershead
	 	 	 
	Billing Address:	 	301
    L’Auberge Ln Sedona AZ 86336
	 	 	 
	Billing Phone:	 	(928)
    204-4308
	 	 	 
	Billing Fax:	 	(928)
    282-1064
	 	 	 
	Billing Contact:	 	Diane
    Randel

 

	
        Account Notes (to be completed by OpenTable Account
        Exec):

         

         

         

         

OT040207

    	 

    	 

    

 

OpenTable

 

OpenTable
Client Agreement

 

This OPENTABLE CLIENT AGREEMENT (the "Agreement')
is made and entered into on 8/27/07, 200_ (the "Effective Date"), by and between OpenTable, Inc. a Delaware corporation,
with its principal place of business at 799 Market Street, Suite 400, San Francisco, California, 94103 ("OpenTable"),
and Tarsadia Hotels d/b/a L’Auberge de Sedona, an AZ company or corporation, with Tax Id Number 33-067-0353,
located at 301 L’Auberge Lane (“Client”).

 

Client
is the owner and/or proprietor of one or more Restaurants as identified in the Product and Services Order Form attached hereto
as Exhibit C,

 

OpenTable
owns and operates a proprietary online restaurant reservation network where restaurants are promoted and where customers may make
reservations,

 

OpenTable
wishes to provide Client with access to the OpenTable Network and proprietary reservation and table management software, and Client
wishes OpenTable to do so, under the terms and conditions in this Agreement. Therefore, OpenTable and Client agree as follows:

 

		1.	OpenTable's Obligations.

 

		1.1.	OpenTable System and Software License. Subject to the terms and conditions of this Agreement,
OpenTable will provide Client with the OpenTable System. The hardware provided with the OpenTable System is leased to Client, and
Client shall be fully responsible for any loss or damage that occurs to the OpenTable hardware while in Client's possession, OpenTable
hereby grants Client a nonexclusive, nontransferable, revocable license to use the OpenTable System, including the OpenTable Software,
during the Term, and solely in connection with the Restaurant(s)’s access to and promotion on the OpenTable Network or the
use of the OpenTable System In connection with customer reservations. Without limiting the foregoing, Client agrees not to copy,
modify or make derivatives of, disassemble, decompile or otherwise attempt to discover any portion of the source code, object code
or trade secrets of the OpenTable Software, and agrees not to remove, obscure or alter any notice of any copyright, trademark,
patent or other proprietary right related to the OpenTable Software and/or OpenTable System. For purposes of this Agreement, (a)
"OpenTable System” is defined as the proprietary OpenTable Software and hardware system(s) set forth on the Product
and Services Order Form(s) attached hereto as Exhibit C (one such form for each applicable Restaurant); (b) ”OpenTable
Software" is defined as OpenTable's proprietary Software that gives Client reservation and table management capabilities as
well as access to the OpenTable Network with respect to each Restaurant subject to this Agreement; and (c) "OpenTable Network”
is defined as the OpenTable proprietary online restaurant reservation network, or any successor network, consisting of World Wide
Web sites or pages on the Internet or pages, sites or areas on privately accessible networks, including, without limitation, third
party partner sites, which allows prospective restaurant diners to make restaurant reservations online, including reservations
at the Restaurant(s).

 

		1.2.	Installation, Training and Support. OpenTable will provide installation, training and support
services in accordance with its standard internal policies and as further described in the OpenTable Service Agreement, attached
hereto as Exhibit B.

 

		1.3.	Promotion and Online Reservations. OpenTable will place listings for Client's Restaurants)
on the OpenTable Network and will allow users of the OpenTable Network ("Users") to make online reservations at the Restaurant(s).

 

		2.	Clients Obligations.

 

		2.1.	OpenTable Service Agreement.
                                                                  Client acknowledges that Client has read the OpenTable Service
                                                                  Agreement attached hereto as Exhibit B in its entirety
                                                                  and hereby agrees to all of its provisions.

 

		2.2.	Exclusivity. Client agrees to accept online reservations processed through the OpenTable
Network end honor those reservations in accordance with the terms in the OpenTable Service Agreement, attached hereto as Exhibit
B. OpenTable will be Client's exclusive reservation service on the Internet for Clients Restaurant(s) during the Term of this
Agreement. The foregoing does not preclude Client from providing links to the OpenTable Network from Client's Web site.

 

		2.3.	Client Materials. Client hereby grants, and OpenTable accepts, a license to use, copy, and/or
publicly display, during the Term, any and all trademarks, trade names, business names, logos, descriptions, menus and/or photographs
or Clients Restaurant(s) (collectively, the "Client Materials') as may be provided to OpenTable by Client from time to time,
solely for purposes of promoting Clients Restaurant(s) on the OpenTable Network. For uses other than the OpenTabie Network, OpenTable
will obtain prior written approval from Client

 

		2.4.	Payment. Client agrees to pay OpenTable in accordance with the Product and Services Order
Form(s) attached hereto as Exhibit C (one such form for each applicable Restaurant), One-time "Setup and Activation
fee(s)" are due upon the Effective Date of this Agreement, and monthly billing by OpenTable shall commence upon date of installation
of the OpenTable System at each applicable Restaurant. OpenTable shall bill Client on a monthly basis in advance of each month's
service. Client agrees to make payment by either ACH or credit card, pursuant to the Payment Option Appendix attached hereto as
Exhibit A. If Client opts to pay by any other method, Client agrees to pay an additional twenty dollars ($20.00) per month
payment processing fee. Notwithstanding the foregoing, all payments hereunder shall be made In United States dollars. Client
also understands and agrees that Client may be responsible for the Additional Charges delineated on the Product and Services Order
Form(s) attached hereto, if applicable.

 

	OpenTable	 	 	Client	(illegible intitials)	Page 1	 	OT040207

 

    	 

    	 

    

 

OpenTable

 

			In addition Client understands and agrees that OpenTable may, from time to time, and
in its sole discretion, modify the prices listed on the Products and Services Order Form(s). OpenTable will use reasonable efforts
to provide sixty (60) days written notice prior to any such modification. Invoice payment terms are net thirty (30) days.

 

		2.4.1.	Any amounts not paid when due under this Agreement will bear interest at the rate of one and a
half percent (1.5%) per month or the highest rate permitted by law, whichever is less, computed and compounded daily from the date
due until the date paid. Late payments may result in an immediate suspension of services.

 

		2.42.	Client acknowledges and agrees that all applicable taxes associated with the OpenTable System and
the use thereof, and any other products and services sold, rented or provided by OpenTable hereunder, with the exception of income
taxes, will be the sole responsibility of Client and billed in addition to any other fees due OpenTable.

 

		2.4.3.	Client shall pay an administrative fee of twenty-five dollars ($25.00) for any returned check or
for any rejected credit card charge or for any rejected automatic bank account debit. OpenTable reserves the right to switch to
invoice billing following, any rejected credit card charge or any rejected ACH debit, and Client understands and agrees that Client
will incur an additional twenty dollars ($20.00) per month payment processing fee if Client is switched to invoice billing.

 

		2.4.4.	OpenTable may, in its sole discretion, also complete an Internet reservation reconciliation every
quarter and issue credits and debits as necessary to resolve any discrepancies between these reconciliations and initial reservation
information reported through the OpenTable Network.

 

		2.4.5.	OpenTable occasionally performs credit checks to establish credit worthiness. Client agrees to
provide OpenTable with the information needed to conduct this credit check, including without limitation; Federal Tax I.D., DUNS
No., bank references, trade references and property references.

 

		3.	Ownership.

 

		3.1.	OpenTable System and OpenTable Network. OpenTable is, and will remain, the owner of the
OpenTable System and OpenTable and all patents, copyrights, trademarks, service marks, trade secrets and other proprietary intellectual
property, whether registered, unregistered, known or unknown, associated with the OpenTable System and the OpenTable Network, and
except as expressly provided in this Agreement, no right, title or interest therein or thereto will be transferred to Client hereunder.
Client will take such actions as OpenTable may reasonably request to demonstrate OpenTable's ownership of the OpenTable System
and OpenTable Network.

 

		3.2.	Database. Client shall own all individual customer, reservation and restaurant schematic
data pertaining to Client's Restaurant(s) collected by Client through the OpenTable System. Client understands that OpenTable collects
the foregoing information through the OpenTable Network into a database (“Database”). Client hereby grants, and OpenTable
accepts, a license to access and copy Client's information from the Database during the Term solely for the purpose of creating
back-up copies to assist with data restoration in the event of data loss. OpenTable will not use the Database to solicit or contact
a customer of Client's Restaurant(s), nor will OpenTable authorize any third party to do so. Client acknowledges that OpenTable
owns all information collected through the OpenTable Network, including, without limitation, all information relating to OpenTable
registered Users, and shall have the right, in OpenTable's sole discretion, to contact such Users with information and/or solicitations,
In the event of an assignment of interest (pursuant to Section 8.1), Client may assign the Database to Assignee, upon prior written
approval by OpenTable. If an assignment, or termination or expiration of this Agreement by Client has occurred and Client wishes
access the Database, Client must then initiate a written request for the Database within thirty (30) days of assignment, or termination,
AND Client must pay all outstanding invoices in full within such time period, prior to receiving such Database. If an assignment,
or termination or expiration of this Agreement has occurred, and Client does not request such Database within such time frame,
or Client fails to pay all outstanding debts owed within such time frame, all of Client's rights in and to the Database shall be
forfeited, and OpenTable may, in its sole discretion, either transfer the Database to Assignee, contingent upon Assignee paying
all remaining outstanding fees of Client, OR OpenTable may delete all copies of the Database.

 

		4.	Term: Termination.

 

		4.1.	Term. The term of this Agreement will commence on the Effective Date and, unless terminated
earlier In accordance with Section 4.2 below, will end twelve (12) months after the date the OpenTable System is installed at each
of Client's Restaurant(s) subject to this Agreement (the "Initial Term"). Upon expiration of the initial Term, this Agreement
will renew monthly automatically until either party notifies the other party in writing at least (30) days prior to the end of
the then-current term of its intent to terminate the Agreement (each renewal period, a “Renewal Term"). The Initial
Term and any subsequent Renewal Terms shall be collectively referred to as the “Term".

 

		4.2.	Termination.

 

		4.2.1.	Without Cause.
                                                                         If Client wishes to terminate this Agreement without
                                                                         cause prior to the end of the Initial Term, Client may
                                                                         do so, provided Client provides thirty (30) days prior
                                                                         written notice to OpenTable, and Client pays, within
                                                                         such thirty (30) day period, and with respect to each
                                                                         Restaurant, all remaining monthly fees applicable to
                                                                         the first twelve (12) month period during which such
                                                                         Restaurant was to be subject to this Agreement (had it
                                                                         not been so terminated), as well as any early termination
                                                                         fees that OpenTable may incur from a third-party provider
                                                                         of Internet connectivity for Client.

 

	OpenTable	 	 	Client	(illegible intitials)	Page 2	 	OT040207

 

    	 

    	 

    

 

OpenTable

 

		4.2.2.	For Cause. Either party may terminate this Agreement immediately by giving the other party written
notice of termination in the event that the other party: (a) becomes insolvent (b) files a petition in bankruptcy; (c) makes an
assignment for the benefit of its creditors; or (d) breaches any of its obligations under this Agreement in any material respect,
which breach is not cured within thirty (30) days after the breaching party receives notice of such breach from the non-breaching
Party. Without limiting the foregoing, in the event that Client has failed to pay any amount due hereunder within thirty (30) days
following the due date for such payment, OpenTable may immediately terminate this Agreement, or, in its discretion, suspend service
to Client until such payment has been received.

 

		4.3.	Cancellation prior to Installation. If Client wishes to cancel or reschedule installation
of the OpenTable System, Client must notify OpenTable forty-eight (48) hours before the agreed upon installation date, or will
be subject to a non-refundable three hundred dollar ($300) cancellation fee.

 

		4.4.	Effect of Termination. Client understands and agrees that, except to the extent Client terminates
this Agreement for cause pursuant to Section 4.2.2, Client is responsible for the first twelve (12) months of monthly fees applicable
to each Restaurant, as well as any early termination fees that OpenTable may incur from a third-party provider of Internet connectivity
for Client, even if the Agreement is terminated prior to the expiration thereof. Upon the expiration or termination of the Agreement
for any reason (a) the license(s) granted by OpenTable to Client hereunder will immediately terminate; (b) Client will return the
OpenTable System(s), including all hardware and all OpenTable Software, and purge all copies of all OpenTable Software from any
hardware at the Restaurant site(s). In the event that Client does not return the OpenTable System(s) within thirty (30) days of
expiration or termination of this Agreement, Client will be subject to a fee for all non-returned OpenTable Systems in the amount
of one thousand, five hundred dollars ($1,500) per OpenTable System. Client will be charged an additional twenty-nine dollars ($29)
if the OpenTable System came supplied with a USB key; (c) the rights and obligations of the Parties under Sections 2.4, 3, 4.4,
5.1, 5.3, 5, 7, 8 and 9 will survive such expiration or termination; and (d) any amounts still due OpenTable shall remain due and
continue to bear interest in accordance with Section 2.4,1. In addition, in the event Client wants to obtain access to the Database
upon termination or expiration of the Agreement, the procedures set forth in Section 3.2 shall apply.

 

		5.	Limited Warranty.

 

		5.1.	Additional Services. CLIENT UNDERSTANDS AND AGREES THAT OPENTABLE IS NOT IN THE BUSINESS
OF PROVIDING CONNECTIVITY AND WIRING SERVICES, AND TO THAT THE EXTENT IT PROVIDES ASSISTANCE WITH CONNECTIVITY OR WIRING AS DESCRIBED
IN EXHIBIT B, SUCH SERVICES ARE PROVIDED "AS IS,' WITHOUT WARRANTY OF ANY KIND, AND OPENTABLE SHALL NOT BE HELD LIABLE FOR
ANY FAILURE OF SUCH SERVICES. TO THE EXTENT OPENTABLE USES THIRD PARTY CONNECTIVITY AND WIRING VENDORS TO PROVIDE SUCH SERVICES
TO CLIENT, CLIENT SHALL LOOK SOLELY TO ANY WARRANTIES AND REMEDIES (IF ANY) PROVIDED OR OFFERED BY SUCH VENDORS FOR SUCH SERVICES.

 

		52.	Limited Warranty. OPENTABLE WARRANTS THAT, FOR A PERIOD OF NINETY (90) DAYS FROM THE DATE
OF INSTALLATION AT THE RESTAURANT SITE(S), AND SUBJECT TO CLIENT'S PROPER USE OF THE OPENTABLE SYSTEM AS SPECIFIED BY OPENTABLE
IN THIS AGREEMENT, THE EXHIBITS HERETO OR OTHERWISE, THE OPENTABLE SYSTEM WILL FUNCTION IN MATERIAL CONFORMITY WITH SPECIFICATIONS
DESCRIBED IN THIS AGREEMENT AND THE EXHIBITS HERETO.

 

		5.3.	Warranty Disclaimer. EXCEPT FOR THE FOREGOING WARRANTY IN SECTION 5.2, OPENTABLE MAKES NO
REPRESENTATION OR WARRANTY VI/1TH RESPECT TO THE OPENTABLE SYSTEM OR THE OPENTABLE NETWORK, AND OPENTABLE EXPRESSLY DISCLAIMS ANY
AND ALL WARRANTIES, WHETHER EXPRESS, INIPLIED OR STATUTORY, WITH RESPECT TO THE OPENTABLE SYSTEM, THE OPENTABLE NETWORK AND ALL
SERVICES, INCLUDING WITHOUT LIMITATION SERVICES REGARDING INSTALLATION, CONNECTIVITY AND WIRING, PROVIDED HEREUNDER BY OPENTABLE
OR ANY THIRD PARTY VENDOR SELECTED BY OPENTABLE, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY, INFRINGEMENT
OR FITNESS FOR A PARTICULAR PURPOSE, OR ANY IMPUED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE.
OPENTABLE DOES NOT WARRANT THAT THE OPENTABLE SOFTWARE OR OPENTABLE SYSTEM WILL BE UNINTERRUPTED OR ERROR-FREE.

 

		6.	Limitation of Liability.

 

			OPENTABLE WILL NOT BE LIABLE TO CLIENT FOR ANY INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OR
FOR ANY LOSS OF PROFIT, REVENUE, DATA, BUSINESS OR USE ARISING OUT OF THIS AGREEMENT. IN NO EVENT WILL OPENNTABLE'S CUMULATIVE
LIABILITY UNDER THIS AGREEMENT EXCEED THE TOTAL AMOUNT OF COMPENSATION PAID BY CLIENT TO OPENTABLE UNDER THIS AGREEMENT. CLIENT
UNDERSTANDS AND AGREES THAT THE FOREGOING LIMITATIONS ARE AN ESSENTIAL ELEMENT OF THE AGREEMENT BETWEEN THE PARTIES AND THAT IN
THE ABSENCE OF SUCH LIMITATIONS THE TERMS AND CONDITIONS SET FORTH IN This AGREEMENT WOULD BE SUBSTANTIALLY DIFFERENT.

 

	OpenTable	 	 	Client	(illegible intitials)	Page 3	 	OT040207

 

    	 

    	 

    

 

OpenTable

 

		7.	Confidentiality

 

			Any confidential or proprietary information of either party, whether of a technical, business or
other nature, including, but not limited to trade secrets, know-how, technology and information relating to customers, business
plans, promotional and marketing activities, finances and other business affairs, including but not limited to the terms of this
Agreement and the OpenTable System (collectively, ("Confidential Information') disclosed to the recipient party by the disclosing
party will be treated by the recipient party as confidential and proprietary. Unless specifically authorized by the disclosing
party, the recipient party will: (a) not disclose such Confidential Information to any third party; and (b) otherwise protect such
Confidential information from unauthorized use and disclosure to the same extent that it protects its own Confidential information
of a similar nature. This Section 7 will not apply to any information that (i) was already known to the recipient party, other
than under an obligation of confidentiality, at the time of disclosure by the disclosing party; (ii) was generally available to
the public or otherwise part of the public domain at the time of its disclosure to the recipient party; (iii) became generally
available to the public or otherwise part of the public domain after its disclosure and other than through any act or omission
of the recipient party in breach of this Agreement; (iv) was disclosed to the recipient party, other than under an obligation of
confidentiality, by a third party who had no obligation to the other party not to disclose such Information to others; or (v) was
developed independently by the recipient party without any use of Confidential information.

 

		8.	Indemnification.

 

		8.1.	By OpenTable. OpenTable agrees to indemnify, defend and hold harmless Client, and its officers,
directors, employees, representatives and agents, from and against any and all actions, causes of actions, claims, demands, liabilities,
losses, judgments, damages or expenses (collectively, "Claim' or "Claims") which Client may at any time incur, sustain
or become subject to by reason of any Claim brought by a third party and arising out of any OpenTable System's infringement or
misappropriation of any United States, third party patent, copyright, trademark or other proprietary rights. OpenTable will pay
all costs, damages, and expenses incurred by Client, including, but not limited to, reasonable attorneys' fees and costs awarded
against or otherwise incurred by Client in connection with or arising from any such Claim, provided that Client promptly notifies
OpenTable in writing of any such Claim, and promptly tenders to OpenTable control of the defense and any settlement of such Claim.
Client shall provide reasonable cooperation and assistance to OpenTable in the defense or settlement of any such Claim.

 

		8.2.	By Client. Client agrees to indemnify, defend and hold harmless OpenTable, and its officers,
directors, employees, representatives and agents, from and against any and all Claims which OpenTable may at any time incur, sustain
or become subject to by reason of any Claim brought by a third party and (a) arising out of the Client's breach of any provision,
warranty or representation in this Agreement; (b) arising out of the Client's willful acts or omissions, negligence, or other similar
wrongdoing; or (c) arising from Client's failure to comply with any law or regulation, unless caused by OpenTable. Client will
pay all costs, damages, and expenses incurred by OpenTable, including, but not limited to, reasonable attorneys' fees and costs
awarded against or otherwise incurred by OpenTable in connection with or arising from any such Claim, provided that OpenTable promptly
notifies Client in writing of any such Claim, and promptly tenders to Client control of the defense and any settlement of such
Claim. OpenTable shall provide reasonable cooperation and assistance to Client In the defense or settlement of any such Claim.

 

		9.	General.

 

		9.1.	Assignment/Change of Ownership. Neither this Agreement nor the licenses granted hereunder
are assignable or transferable by Client without the written prior 'consent of OpenTable; and any attempt to do so shall be null
and void from the beginning. In the event that Client wishes to assign this Agreement to another party, Client must notify OpenTable
within fourteen (14) days prior to such assignment or sale. In the event OpenTable consents to the assignment of this Agreement
to a third party ("Assignee"), Client and the Assignee must fill out OpenTable's Change of Ownership Form prior to such
assignment occurring, pursuant to which Assignee agrees to assume all obligations of Client hereunder, including, but not limited
to any payment obligations. No assignment will relieve Client of its payment obligations incurred prior to the effective date of
the Change of Ownership Form. Assignee's rights under this Agreement are contingent on Client's payment of its remaining outstanding
balance established under this Agreement. Subject to the foregoing, this Agreement will be fully binding upon, inure to the benefit
of and be enforceable by the parties and their respective successors and assigns.

 

		9.2.	Notices. Any notice or other communication given by one party to the other party under this
Agreement will be deemed properly made if given in writing and delivered to the undersigned in person, by certified mall, by FedExTM
or similar recognized overnight carrier, or by email if later confirmed by one of the preceding means.

 

		9.3.	No Waiver; Severabillty. The failure of either party to insist upon or to enforce strict
performance of any provision of this Agreement, or to exercise any right or remedy under this Agreement, will not be interpreted
or construed as a waiver or relinquishment to any extent of such party's right to assert or rely upon any such provision, right
or remedy in that or any other instance. If any provision of this Agreement shall be judged by any court of competent jurisdiction
to be unenforceable or invalid, that provision shall be limited or eliminated to the minimum extent necessary so that this Agreement
shall otherwise remain in full force and effect end enforceable.

 

		9.4.	Governing Law. This Agreement will be construed in accordance with the laws of the State
of California, USA without reference to its choice of law provisions. The Federal and State courts located in the County of San
Francisco, California will be the exclusive venue for any disputes under this Agreement, and the parties hereby consent to the
personal jurisdiction of those courts for such purposes. The prevailing party in any dispute under this Agreement will be entitled
to its costs and reasonable attorneys' fees.

 

	OpenTable	 	 	Client	(illegible intitials)	Page 4	 	OT040207

 

    	 

    	 

    

 

OpenTable

 

		9.5.	Force Majeure. OpenTable will not be liable to Client in any way whatsoever for any failure
or delay in performance of any of its obligations under this Agreement (except for the payment of any amounts owed hereunder),
arising out of any event or circumstance beyond the reasonable control of Opentable (including, without limitation, war, rebellion,
civil commotion, strikes, lack-outs or industrial disputes; fire, explosion, earthquake, acts of God, flood, drought or bad weather;
or the requisitioning or other act or order by any government department, council or other constituted body).

 

		9.6.	Relationship. Nothing contained in this Agreement will be construed as creating any agency,
partnership, or other form of joint enterprise between the parties. The relationship between the parties will at all times be that
of Independent contractor. Neither party will have authority to contract for or bind the other in any manner whatsoever. This Agreement
confers no rights upon either party except those expressly granted herein or to make any representation or commitment on behalf
of the other.

 

		9.7.	Headings; Construction. The headings to the clauses, sub-clause and parts of this Agreement
are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of
this Agreement. Any ambiguity in this Agreement shall be interpreted equitably without regard to which party drafted the Agreement
or any provision thereof.

 

		9.8.	Entire Agreement. This Agreement, together with all Exhibits referenced herein (which are
incorporated by this reference) sets forth the entire agreement, and supersedes any and all prior agreements, between the parties
with respect to the subject matter hereof. No amendment to this Agreement will be valid unless set forth in a written instrument
signed by both parties. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and both
such counterparts shall constitute but one instrument. Facsimile signatures shall also be binding.

 

IN WITNESS WHEREOF,
OpenTable and Client, intending to be bound by the terms of this Agreement, have caused this Agreement to be executed by their
duly authorized representatives.

 

	OpenTable, Inc. 	 	Client
	 	 	 
	Date:	 	 	Date:	8/27/07
	 	 	 	 	 
	By:	 	 	By:	L’Auberge de Sedona
	 	 	 	 	 
	Name:	 	 	Name:	Joseph Mottershead
	 	 	 	 	 
	Title:	 	 	Title:	General Manager
	 	 	 	 	 
	Email:	 	 	Email:	joem@lauberge.com

 

		 	Page 5	OT040207

 

    	 

    	 

    

 

OpenTable

 

EXHIBIT B: OPENTABLE SERVICE AGREEMENT

 

SET-UP AND ACTIVATION

After the Agreement is executed, Client will receive a
call from Client’s assigned Project Coordinator. The Project Coordinator will walk Client through the set-up and
activation.

 

Services included with the Setup end Activation fee:

		·	Assistance with Client’s completion of a site survey-a document
or online form that enables the optimal configuration of the OpenTable System. The site survey and associated confirmation discussion
(by telephone or email) must be completed prior to the date of installation, OpenTable reserves the right to cancel installation
if the site survey is not returned to OpenTable at least one week prior to the scheduled installation date.

		·	Planning and coordination of the hardware, OpenTable installation
specialists, Client staff, Internet service providers, etc.

		·	Database design based on Client provided information,

		·	Hardware/Software installation at designated Restaurant(s).

		·	Cable management accessories if necessary.

		·	Up to three (3) hours of employee and manager training. Training shall
be conducted on the day of installation. Should Client refuse training or fail to have staff available for training on the day
of installation, OpenTable is not obligated to provide follow up training to Client.

		·	Minor internal Internet connectivity wiring (wireless internet connection
is not supported).

		·	Installation of an approved printer connected directly to OpenTable
hardware (via direct cable or local subnet); printer cables to be supplied by Client.

		·	One-time initial import of data from another application, provided
such data is in the format specified by OpenTable.

 

Services NOT included with the Setup and Activation
fee and solely the responsibility of the Restaurant:

		·	Installation and configuration of a router not recommended by OpenTable
for Client-provided Internet connectivity.

		·	Major network and Internet connectivity wiring for complicated wire
runs (e.g. crawl spaces, construction work, multiple floors, etc.).

		·	Networking of OpenTable System(s) with other Restaurant computers.

		·	Installation costs incurred from third party Internet connectivity
providers.

		·	Electrical work (e.g. extending electrical power to the host stand).

		·	A router installed between the OpenTable System and the internet if
the OpenTable System must be configured with a public-facing IP address.

 

Services NOT included with the Setup and Activation
fee, and billed separately:

		·	Installation of non-local network printer, printer drivers, printer
software or printer accessories; “non-local” means not connected directly to or not on the same “subnet”
as the OpenTable System.

		·	Modifications to desk, host stand or other mounting area for OpenTable
hardware.

		·	Major internal internet connectivity wiring done by OpenTable or subcontracted
by OpenTable.

		·	Activation of internet connectivity.

		·	Additional employee and manager training beyond three (3) hours.

		·	Installation and configuration of a router purchased from OpenTable
for internet connectivity.

		·	Additional data manipulation required in preparation for a data import
not in the format specified by OpenTable.

 

Supplemental work done on Client’s Restaurant premises
by OpenTable technicians will be invoiced at a rate specified on the OpenTable Product & Services Order Form. Third-party costs
are passed on to Client.

 

Pursuant to Section 4.3 of the Agreement, if Client wishes
to cancel or reschedule the installation, Client must notify OpenTable forty-eight (48) hours prior to date of installation or
be subject to a three hundred dollar ($300) cancellation fee.

 

WIRING

 

As noted above, OpenTable may provide some assistance for minor
Wiring to supported, wired Internet connectivity networks in order to speed the set-up and activation of the OpenTable System(s).
OpenTable staff may assist management at the Restaurant(s) in retaining a third party wiring professional, but OpenTable shall
not assume responsibility for wiring work on Restaurant premises. Such wiring work requires a broader understanding of other affected
systems in the Restaurant as well as general building infrastructure concerns. Any internal or external wiring work at the Restaurants)
must be the responsibility of the Client.

 

	OpenTable ______	Client MK	Page 7	OT040207

 

    	 

    	 

    

 

OpenTable

 

INTERNET CONNECTIVITY

 

Client understands and agrees that continuous
connectivity between the OpenTable System(s) and the Internet (“Connectivity”) is necessary for accepting online reservations
via the OpenTable Network, enabling OpenTable to provide efficient technical support, and performing data backups to OpenTable
servers. Client is responsible for obtaining Connectivity from a third party Internet service provider and complying with all the
terms of the agreement between the Client and the Internet service provider.

 

When sourcing its own Connectivity, Client agrees to fully comply
with OpenTable’s then-current Connectivity Specifications and Requirements Policy in order to ensure a proper connection
to the OpenTable Network and for efficient technical support. Client also agrees to allow OpenTable to contact this provider directly,
acting on the Client’s behalf in providing technical direction. This may involve providing video permission to the Internet
service provider indicating that OpenTable is authorized to act on the Client’s behalf. This is usually necessary to speed
the set-up and activation process and assure technical compliance with the OpenTable System(s). By contacting Client’s Internet
service provider, OpenTable is not implicating its responsibility for establishing and maintaining connectivity on behalf of Client.
Client is solely responsible for the relationship with the third-party provider and maintaining Connectivity. If OpenTable is required
to assist in either the installation or troubleshooting of Client-provided Internet Connectivity, Client will incur an additional
fee for this work at an hourly rate specified in the OpenTable Product & Services Order Form.

 

As stated in Section 2 of this Agreement, Client agrees to be
connected to the Internet and accept online reservations. If Client fails to implement Connectivity and/or accept online reservations;
Client will be subject to the following charges:

		·	Offline Surcharge. Client understands and agrees that if Client
refuses to accept online reservations through the OpenTable Network when Connectivity is available, Client agrees to pay the offline
surcharge listed on the OpenTable Product & Services Order Form, Client agrees to pay this additional monthly fee if Connectivity
has not been implemented within sixty (60) days after the OpenTable System(s) have been installed at the Restaurant.

		·	Support Surcharge. Client understands and agrees that if Client
refuses Connectivity, Client agrees to pay a surcharge (listed on the OpenTable Product & Services Order Form) commensurate
with the increased costs that OpenTable incurs in supporting a customer that is not reachable with remote software. If the parties
determine that Connectivity is to be Client-provided, Client agrees to pay this additional surcharge if Connectivity has not been
implemented within sixty (60) days after OpenTable System has been installed at the Restaurant.

 

SUPPORT RESPONSE TIME GUIDELINES

 

When Client contacts technical support (1-800-OPENTABLE), OpenTable
will attempt to resolve the issue as quickly as possible. There are instances, however, where resolutions must be scheduled, and
these requests are handled on a priority basis. The following guidelines will help determine the priority for each request received
by technical support. The technical support representative will determine the priority level of the problem based on the information
Client provides. Please note that the following guidelines are estimates and are not guarantees on behalf of OpenTable.

 

	Request Description	Description	Response Time
	
        ·     Major
        hardware failure

        ·     Database,
        File Server Issues
	Hardware failure and/or Connectivity issues where users are unable to access OpenTable System	
        Same day response for issues

        that can be resolved remotely by the technical support representative
        having access to the OpenTable System*.

	
        ·     Minor
        hardware failure

        ·     Connectivity
        problems
	Hardware or connectivity issues not critical to Restaurant operations	Next day response for issues that can be resolved remotely by technical support.*
	·     Configuration changes (additional charges may apply)	Change requests for floor plan or slot changes after initial set-up	Two business days 
	·     Non-critical issues or procedural clarifications	Training and procedural questions regarding OpenTable System	Three business days

 

*When replacement equipment is needed, delivery is dependent
upon applicable shipment cut-off times and availability of parts.

 

PROCESSING ONLINE RESERVATIONS

 

Client understands and agrees that treating diners who book
reservations online less favorably than those diners making reservations by phone or walking in will have a detrimental effect on OpenTable’s and the Restaurant’s business. Thus, Client agrees to adhere
to the following guidelines:

		·	Ensure that all Client users of the OpenTable System(s) are adequately
trained and use the OpenTable System(s) appropriately. This Includes, without limitation, making reservations, seating parties,
making configuration changes, honoring all online

 

	OpenTable ______	Client MK	Page 8	OT040207

 

    	 

    	 

    

 

OpenTable

 

			reservations, and using the cancel and no-show features carefully. When a party fails to show up for their reservation, designate
the reservation as a “no show” in the system as this is the only way Client will be credited for the “no show”.
Never “no-show” a party when the diners did arrive and dine at the Restaurant in any instance where a Client disputes
a confirmed reservation. Client must submit any all claims to OpenTable prior to the end of the month following receipt of the
invoice which references the disputed reservation. OpenTable reserves the right to audit Client in the event that there is a dispute
arising out of a reservation.

		·	Make all tables at each Restaurant not set aside for walk-ins or preferred
customers accessible and unblocked on the OpenTable System(s) so as to be available to Users of the OpenTable Network.

		·	Keep the OpenTable System updated to accurately reflect all temporary
closures (e.g. holidays or remodeling) or periods when its Restaurant(s) is/are not accepting reservations for certain time slots
made available to Users on the OpenTable Network.

 

OTHER CLIENT RESPONSIBILITIES

 

OpenTable depends on Client cooperation to enable us to provide
the best possible service. To that end, Client specifically agrees to:

		·	Keep OpenTable-installed equipment turned on at all times except when
requested otherwise by an OpenTable representative. Be available for staff training on the OpenTable System(s). Client agrees to
bring as much of its Restaurant staff together as it can to make training more efficient, and to train new Restaurant staff as
they are hired.

		·	Utilize all provided manuals, guidelines, tips, techniques, and other
documented resolutions as initial attempts to resolve problems. Helpful information may be found on www.otrestaurant.com.

		·	Take reasonable steps to protect the OpenTable System from theft,
damage, deterioration or loss. If the OpenTable System is damaged, stolen or lost, Client agrees to continue to pay the monthly
rental fees due under this Agreement provided that OpenTable replaces the damaged or lost system in accordance with this Service
Agreement. OpenTable recommends that Client obtain adequate property damage and public liability insurance covering the OpenTable
System(s) and its use during the Term of this Agreement. If damage or loss occurs, Client is responsible for the invoiced costs
of repair, up to the full replacement value for each applicable OpenTable System.

		·	Accept OpenTable Dining Reward Cheques from dining customers. This
is an important aspect of the OpenTable Network that further builds diner loyalty, and Client support is needed to keep it effective.

		·	Review all faxes, emails, and mailed materials sent from OpenTable
regarding management of Client’s account. Client agrees to accept and receive these ongoing communications from OpenTable,
including, without limitation, making sure to monitor its fax machine and email account so as not to miss any.

		·	Maintain Restaurant Connectivity and cooperate with OpenTable and
Internet service provider staff in efforts to restore Connectivity.

 

TECHNICAL RESTRICTIONS

 

Client acknowledges and agrees to the following when
using the OpenTable System(s):

		·	Refrain from installing any software on OpenTable System(s) without
approval by OpenTable,

		·	OpenTable Software can only accommodate a limited number of active
database connections, and that excessive database connections by Client will result in software performance issues (e.g., slowness).

		·	Refrain from using OpenTable equipment to access internet sites other
than those hosted by OpenTable such as www.otrestaurant.com and www.OpenTable.com.

		·	OpenTable will have sole discretion in determining the most appropriate
hardware configuration for a Client Installation.

		·	OpenTable Software must not be installed on a Client computer that
is also running other transaction processing software. This includes point of sale and accounting software.

		·	OpenTable Software must only be installed on hardware and operating
systems that OpenTable supports.

		·	OpenTable Software will only be installed in conjunction with supported,
wired, Internet connectivity types. Wireless Internet connectivity is not supported.

		·	The OpenTable system is not supported when using Terminal Services
or Citrix network.

 

	OpenTable ______	Client MK	Page 9	OT040207

 

    	 

    	 

    

 

CERTIFICATE AGREEMENT

 

This Agreement is made by and between L’Auberge
Restaurant (“Merchant”) and Diamond Resorts International Marketing, Inc. (“Diamond”) on this 13th day
of September, 2011.

 

		1.	Merchant agrees to accept gift certificates in the denominations of Twenty-Five Dollars ($25.00) issued by Diamond in exchange
for merchandise and/or services. Gift certificates will be clearly marked and embossed with the Diamond logo.

 

		2.	If a customer purchases merchandise and or services in excess of the value of the certificate, the customer shall be responsible
for any such difference. In addition, no cash will be refunded on any certificates used to purchase merchandise and/or services
for less than the face value of the certificate. This is clearly indicated on the certificate and shall be reiterated by the Diamond
representative to the customer at the time the certificate is issued.

 

		3.	Certificates shall be valid only if the certificate is numbered and includes the guest’s name, where and when certificate
was issued and who the certificate was issued by. These certificates are non-transferable. (Identification may be requested by
Merchant).

 

		4.	Certificates will expire thirty (30) days from the date of issue. No extensions shall be granted by Diamond or Merchant.

 

		5.	Merchants shall submit all redeemed certificates for payment directly to Diamond no later than the seventh (7th)
of the month following the month the certificate was redeemed.

 

		6.	Merchants must include with each request for payment: an accounting of the request including the number of certificates presented
for payment and the dollar amount of the invoice being presented to ensure proper payment.

 

Send invoices and certificates to:

 

	 	Diamond Resorts International Marketing, Inc.
	 	Attn: Gloria Frasca
	 	401 A Jordan Rd.
	 	Sedona, AZ 86336

 

    	 

    	 

    

 

		7.	This Agreement may not be altered unless done so by Diamond and in writing.

 

		8.	Either party may terminate this Agreement upon thirty (30) days’ written notice to the other party. Any certificates
honored by Merchant must be invoiced to Diamond within sixty (60) days of date of the termination notification, Payment of all
certificates presented to Diamond will be made within thirty (30) days of invoice date.

 

		9.	Merchant agrees to accept Diamond’s Certificates in accordance with the terms and conditions stated above.

 

		10.	Merchant agrees to invoice Diamond at a discounted rate of twenty per cent (20%) for the Certificates.

 

	Diamond Resorts International Marketing, Inc.
	 	 	 
	By:	 	 
	 	 	 
	Its:	 	 	 
	 	 	 
	Date:	 	 	 	 
	 	 	 	 	 
	L’Auberge Restaurant	 
	 	 	 
	By:	/s/ Al Spector	 
	 	 	 
	Its:	Manager	 	 
	 	 	 
	Date:	9/26/11	 	 	 

 

    	 

    	 

    

 

Exhibit A

 

September 21, 2011

 

To: Donna Holcomb

Diamond Resorts

RE: Diamond Certificate Program

From: L’Auberge Marketing

 

Dear Donna,

 

We assigning up five of our entities for Diamonds’ certificate
program. They include: Taos, Open Range, Canyon Breeze, Tasting Arizona and L’Auberge restaurant.

 

We’d like to offer certificates in the amounts of $25.00,
$50.00, $75.00 and $100.00.

 

We agree to the 20% commission kept by you.

 

	Thank you,	 
	 	 
	/s/ Al Spector	 
	Al Spector	 
	Owner,	 
	L’Auberge, Open Range, Tasting Arizona, Canyon Breeze, Taos.

 

    	 

    	 

    

 

AMENDMENT NO. 1 to NAVIS Narrowcast /
NAVIS RezForce Services Agreement

 

THIS AMENDMENT NO.
1 to NAVIS Narrowcast / NAVIS RezForce Services Agreement (this “Amendment”) is entered into effective as of May 10,
2012 by and between L’Auberge Orchards LLC (“Client”), and Buehner-Fry, Inc., a Nevada corporation doing business
as “NAVIS” (“NAVIS”).

 

RECITALS

 

WHEREAS, Client and
NAVIS entered into that certain NAVIS Narrowcast / NAVIS RezForce Services Agreement dated May 10, 2012 (the “Services Agreement”);

 

WHEREAS, the parties
desire to amend the Services Agreement as set forth in full herein;

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the mutual covenants, representations, warranties and agreements contained herein, and intending to be legally bound, the parties
agree as follows:

 

1.            
Amendments to Services Agreement.

 

(a)          
The parties acknowledge and agree that Section 2 of the Services Agreement shall be amended and restated as follows:

 

2.2          NAVIS
Narrowcast Services Costs. If Client enters into NAVIS Narrowcast / NAVIS RezForce Services Agreement by Friday, May 18, 2012
and implements NAVIS Services during the week of June 25, 2012, the costs of the Narrowcast Services provided under this Agreement
by NAVIS to Client shall be as follows:

 

	Month	     	Cost	 
	 	 	 	 	 
	June, 2012	 	 	No Cost	 
	 	 	 	 	 
	July, 2012	 	$	2,250	 
	 	 	 	 	 
	August, 2012	 	$	2,250	 
	 	 	 	 	 
	Thereafter	 	$	4,500	 

 

2.           Counterparts.
This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
will constitute one and the same instrument.

 

3.           No
other Amendments. Except as set forth herein, the terms of the original Services Agreement are unchanged and remain in full
force and effect.

 

    	1

    	 

    

 

IN WITNESS WHEREOF, the undersigned have
entered into this Amendment effective as of the

date first set forth above.

 

	NAVIS:	 	Client:
	BUEHNER-FRY, INC.,

a Nevada corporation DBA “NAVIS”	 	L’Auberge Orchards LLC
	 	 	 	 	 
	By:	 	 	By:	/s/ Jesse Alexander
	 	 	 	 	 
	Name:	Michelle Marquis	 	Name:	Jesse Alexander
	 	 	 	 	 
	Title:	Vice President - Sales	 	Title:	General Manager
	 	 	 	 	 
	Date:	 	 	Date:	5/18/12
	 	 	 	 	 
	Address:	389 SW Scalehouse Ct, Ste 100	 	Address:	301 L’Auberge Lane
	 	Bend, OR 97702	 	 	Sedona, AZ 86336

 

    	2

    	 

    

 

SERVICES AGREEMENT

 

NAVIS Narrowcast/NAVIS RezForce

 

Resort

 

THIS SERVICES AGREEMENT
(this “Agreement”) dated effective as of May 10, 2012 is entered into by and between L’Auberge Orchards LLC (“Client”),
and Buehner-Fry, Inc., a Nevada corporation doing business as “NAVIS” (“NAVIS”).

 

RECITALS

 

A.           NAVIS
provides after-hours and overflow reservation booking services for resort lodging property owners (“RezForce”) and
web-based technologies and processes to help resort lodging property owners be more successful by tracking agents, callers and
business (as the services provided by NAVIS exist from time to time, “Narrowcast”).

 

B.           Client
either owns or manages resort lodging properties.

 

C.           Client
desires to hire NAVIS to provide the RezForce and Narrowcast services.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants and agreements contained herein, the sufficiency and receipt of
which are acknowledged, the parties hereby agree as follows:

 

SECTION 1         SERVICES

 

NAVIS shall provide the RezForce and Narrowcast
services (collectively, the “Services”) to Client as follows:

 

1.1 RezForce.

 

a.           NAVIS
shall receive reservation calls for Client (i) after Client’s normal hours of operation and (ii) during Client’s normal
hours of operation as needed for overflow calls. The parties acknowledge and agree that the intent of NAVIS in taking these calls
will be to book reservations from those inquiries. NAVIS will collect data on any calls that are not converted to bookings and
provide such data to Client in the form of leads.

 

Client’s current
hours of operation are:

 

	Weekdays:	7am - 9 pm
	 	 
	Saturday:	7am - 9 pm
	 	 
	Sunday:	7am - 9 pm

 

To allow NAVIS to staff
accordingly in consideration of projected call volume, NAVIS cannot receive Client reservation calls outside of the agreed upon
times unless Client provides NAVIS with 48-hour prior written notice.

 

b.           NAVIS
shall house all of Client’s leads via NAVIS’s web-based lead management system.

 

1 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

c.           If
possible, all Travel Agent and Owner calls will be automatically routed to Client. Any non-lead type calls routed to NAVIS will
be transferred back to a Direct Inward Dial (DID) specified by Client.

 

d.           All
reservations will be made in Client’s online booking mechanism or through a NAVIS log in to Client’s property management
system.

 

1.2 Narrowcast.

 

a.           Recordings.
NAVIS shall save all of Client’s Narrowcast system “booked” recordings for 90 days. All other recordings will
be held for 30 days. At Client’s request, NAVIS shall save Client’s recordings for a longer period for an additional
fee as set forth under Section 2.1 (b) below.

 

b.           Marketing
Campaign Tracking and Identification. NAVIS will enable Client to track and monitor marketing campaigns and success ratios through
the use of dedicated Toll-Free numbers and sales associate interaction with callers.

 

c.           Call
Categorization for Quality Control. All inbound calls are capable of categorization for the purposes of assessing quality and further
sales training needs.

 

d.           Call
Reporting. NAVIS will provide Client with detailed analysis and reporting of call quantity, origination, campaign-specific responses,
quality assurance and achievement of identified metrics and sales goals.

 

e.           Call
Routing. NAVIS will, upon the request of Client, route incoming calls to designated agents based on caller needs and Client’s
staffing skill levels.

 

f.            Caller
Identification and Demographics. Where available, NAVIS shall provide real-time data to Client regarding each caller’s geographic
and personal demographics, including such caller’s prior history with Client and socioeconomic data based on call point-of-origin.

 

g.           Toll-Free
Numbers. NAVIS will obtain and provide Client with an unlimited number of toll-free telephone numbers (“Toll-Free Numbers”)
to be used exclusively by Client throughout the term of this Agreement. All such numbers shall have unlimited minutes of use for
so long as the Toll-Free Numbers are used exclusively for Client’s reservation business. During the term of this Agreement,
and upon termination thereof, all Toll-Free Numbers and any data collected by NAVIS on behalf of Client shall belong to Client.
Client is prohibited from automatically directing local calls to a Toll-Free Number during the term of this Agreement.

 

h.           Outbound
Calling. NAVIS will provide Client with the ability to make outbound reservation calls and NAVIS will carry unlimited long distance
traffic associated with such calls. Only calls made within the North American dialing plan are included or enabled in the Services.

 

i.            Q-Vue.
NAVIS will provide Client with “Q-Vue” – a real-time dashboard of reservation sales center data.

 

1.3         Client
Advocate. NAVIS will assign Client a dedicated client advocate (“Coach”) to insure maximum use and understanding
of the Narrowcast Services. The Coach will be available as reasonably requested throughout the term of this Agreement. Any coaching
requests outside the scope of the NAVIS’ Best-Practice Guide may be available at an additional fee.

 

2 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

1.4         Education.
Prior to full installation of Narrowcast, NAVIS will provide training of the Narrowcast Services on-site at Client’s principle
place of business at such times as reasonably requested by Client. The training will consist of both management and staff training.

 

SECTION 2       COSTS

 

The costs of the Services
provided under this Agreement by NAVIS to Client are as follows:

 

2.1         NAVIS
RezForce Services Costs. The costs of the RezForce Services provided under this Agreement by NAVIS to Client are as follows:

 

a.           A
success fee of 13% of Client’s total base reservation rate amount that appears on Client’s website (provided, however,
that if the base reservation website rate includes ancillary revenue or fees as part of the total rate, then the success fee under
this paragraph will be calculated on that amount). All reservations will have a minimum booking fee of Twenty-Five Dollars ($25.00).

 

b.           Any
calls resulting in a “Non-booked” type call will be charged a flat fee of $9.50 per call. “Non-booked”
type calls consist of Hot Lead, Not-booked, Policy Issue and No Availability. Given acceptable guest cooperation, a “Non-booked”
type call will consist of name, email address, phone number, dates of stay, property information and any notes the guest allows
NAVIS to collect. Calls transferred that are identified as a “Non-bookable” call will be charged a flat fee of $1.50.
“Non-bookable” type transfer calls consist of, without limitation, Owner inquiries, existing reservation(s), group,
vendor calls, after-hour emergency, and other non-revenue type after-hours calls.

 

c.           NAVIS
will provide Client with a credit for cancelled reservations as follows: Client must report cancelled reservations to NAVIS no
later than 30 days after Client’s guest’s scheduled arrival date for Client to receive a credit. All cancellations
must be processed through the NAVIS RezForce Tracking System at RezForce@TheNavisWav.com for proper processing. Credits
will appear in the following monthly billing cycle. All cancellations must have verification from PM System included with cancellation
notice. No adjustments will be processed due to client approved guest credits, accommodation complaints, or maintenance concerns
with the unit(s). In the event of cancellation, Client will receive a credit in the amount of the success fee; however, Client
will be charged a lead fee as a Not Booked type lead for such cancelled reservation. Travel insurance reimbursed reservations do
not qualify as “cancelled” reservations. If Travel Insurance was purchased by guest, Client will be billed in the amount
of the success fees as it relates to that booking value.

 

d.           If
Client’s reservation system will not allow NAVIS to book a reservation as normal, and all the information is captured for
a reservation, including availability, the reservation will be considered a “booked reservation” even though the reservation
has not actually been entered into Client’s reservation system. NAVIS will charge the success fee to Client pursuant to the
terms of this Agreement.

 

e.           It
is the policy of NAVIS that a reservation is not a confirmed reservation until the agent or vacation planner has secured a credit
card from the guest. The parties acknowledge that there will be times when Client’s staff has spoken to a guest but does
not book the reservation. The guest then calls back after-hours and speaks with a NAVIS vacation planner to book their reservation.
In this scenario, NAVIS will charge the success fee to Client pursuant to the terms of this Agreement. No credits will be issued.
This scenario is reciprocal and both parties will be mutually supportive when a situation such as this occurs.

 

f.            For
Clients with an interface between NAVIS and Client’s Property Management System (PMS), the PMS allows the NAVIS System to
recognize callers based upon their telephone number and reference them to a guest record within your PMS. All callers to

 

3 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

NAVIS RezForce from a telephone number recognized as either
an existing reservation or an owner will be directed straight to the destination number of the campaign in which they called into,
and will not reach a NAVIS RezForce Vacation Planner. Client will not be charged any lead or transfer fees for these call types.

 

g.           There
is a $2,000 reactivation fee if Client elects to terminate the Services and then reactivate them at any time in the future.

 

2.2         NAVIS
Narrowcast Services Costs. The costs of the Narrowcast Services provided under this Agreement by NAVIS to Client are as follows:

 

a.           A
monthly fee of $4,500. The parties acknowledge that the number of units in Client’s rental inventory is 157.

 

b.           If
Client requests NAVIS to save Client call recordings for an additional 30- day period, Client will be charged an additional $0.50
per unit per month.

 

2.3         Education
and Setup Costs. In addition to the monthly costs set forth above, Client shall pay NAVIS a one-time setup fee of $5,000, an
“Education Fee” of $6,500, and provide NAVIS with lodging (including any direct or indirect costs, including room charge,
tax, fees and parking) for NAVIS’ “Client Advocates” for conducting the foregoing.

 

The foregoing fees and expenses will be
billed by NAVIS to Client under Section 3.1 below the first month following execution of this Agreement and paid by Client to NAVIS
by Electronic Fund Transfer as provided under Section 3.3 below.

 

2.4         Taxes.
Client will be responsible for any applicable federal, state or local taxes arising out of any reservations booked by NAVIS under
this Agreement.

 

SECTION 3   
     BILLING

 

3.1         Billing.
NAVIS will bill Client for the Services on the first (1 st ) business day of the month for (a) the Narrowcast Services
to be rendered by NAVIS to Client under this Agreement for such period; and (b) the RezForce Services rendered in the preceding
month.

 

3.2         First
Month NAVIS Narrowcast Billing. NAVIS will bill costs on a prorated share. This prorated share will begin the 1st day after
we have been on-site for installation.

 

3.3         Payment
by Electronic Fund Transfer. The parties acknowledge and agree that all fees payable by Client to NAVIS for the Services shall
be paid by Electronic Fund Transfer. Client agrees to execute and deliver to NAVIS any necessary documents to complete the foregoing
as needed from time-to-time. In accordance with the monthly bill under Section 3.1 above, NAVIS will charge each month’s
bill to Client no later than the 4,h business day after the date that the invoice was delivered by NAVIS to Client under
Section 3.1 above. Insufficient funds shall put your account into delinquent status. NAVIS reserves the right to terminate services
at that time for nonpayment. Any disputed charges must be presented by Client to NAVIS in writing and the parties agree to cooperate
in good faith to promptly resolve any disputed invoice within five (5) days of NAVIS’ receipt of Client’s written dispute
notice. Credits, if any, will be made by NAVIS to Client on future bills. A monthly late fee of 1.5 percent per month will be assessed
on unpaid balances over 15 days past due.

 

SECTION 4    
    TECHNICAL RESPONSIBILITIES OF CLIENT

 

4.1         
Client shall provide or be responsible for the following as a condition precedent to the obligations of NAVIS to perform the Services
contemplated under this Agreement:

 

4 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

4.2         
NAVIS shall install a “IVR Rez filter”, which provides for an automated answering system for purposes of allowing NAVIS
to provide the RezForce Services contemplated under this Agreement. Client shall indicate to NAVIS where non-reservation calls
should be routed to.

 

4.3         
Client shall complete and return to NAVIS the “NAVIS RezForce Terms” document within 14 days of the date such document
is provided to Client by NAVIS. (The NAVIS RezForce Terms document allows NAVIS to access information about Client’s properties,
policies and procedures. The NAVIS RezForce Terms document will override information on Client’s website and should be updated
on a regular basis.) Client acknowledges and agrees that NAVIS will not be responsible for any mis-quotes due to out of date terms
information.

 

4.4         
Client shall provide the following for all computers using RezForce information through the NAVIS website:

a.     A
reliable, high speed internet connection to access NAVIS RezForce

b.     Internet
Explorer 7.0 or higher (NAVIS RezForce is not supported by Mozilla Firefox, Safari or other browsers)

c.     Pop-up
blockers configured to allow pop-ups for www.buehner-fry.com. www.TheNavisWay.com. and www.navistechnologies.info
for viewing leads

d.     The
following domains need to be added to each user’s email “white list” in order to receive emails from the NAVIS
system: Buehner-fry.com, navistechnologies.com, navismarketing.com and maill.buenher-fry.com

 

4.5         
Client shall provide online booking capabilities as follows:

a.     True
on-line booking capabilities with secure confirmation number provided

b.     Minimum
stay rules are built into each search

c.     Website
presents pictures and clear unit descriptions

d.     Ability
to offer promotions, specials and discounts

e.     Availability
is provided in real-time

 

4.6         
For all computers using NAVIS Narrowcast:

f.     A
unique, direct and dedicated phone number for each computer workstation using NAVIS Narrowcast.

g.    A
reliable, high speed internet connection allowing two way communications between the NAVIS servers and NAVIS Narrowcast on TCP
Ports 1501 and 1502. (If using a proxy server, the proxy server must be configured to allow this.)

h.    HTTP
access on PORT 80

i.     Internet
Explorer 7.0, or higher (NAVIS Narrowcast is not supported in Mozilla Firefox, Safari or other browsers)

j.    
 Microsoft Windows Operating System XP, Vista (excluding Vista Home Premium on a Compaq machine), or higher (NAVIS
Narrowcast is not supported in other operating systems including Mac, Linux, etc. In addition, NAVIS Narrowcast is not
supported in a Terminal Server or Citrix environment.)

k.   
 External Speakers (This allows audible notification of an inbound call or instant message from NAVIS Narrowcast.)

l.  
   Read and Write access for all agents to C:Program Files\NCDashboard under any local or roaming profile
using NAVIS Narrowcast. Additionally, all stations must have the ability to update registry entries for NCIPCIient. (This
allows necessary updates to take place on NAVIS Narrowcast.)

m.    Pop-up
blockers configured to allow pop-ups for www.buehner-fry.com, www.TheNavisWay.com. and www.navistechnologies.info

 

5 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce
/Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

n.     The
following domains need to be added to each user’s email white list: Buehner-fry.com, navistechnologies.com, navismarketing.com
& maill.buehner-fry.com

 

4.7         
For all computers using NAVIS Q-Vue:

o.  
Microsoft Windows Operating System XP, Vista, or higher

p.  
Minimum of 400 MHz processor (1 GHz recommended)

q.  Internet
access

r.  Dot.Net
version 2.0 and 3.5

 

4.8         
For the computer with the NAVIS - Client PMS Interface installed:

s.  PMS
systems including: Maestro, Victorex, RDP, Springer Miller & Epitome, etc. where gather software will be installed on clients
server

t.  
Microsoft Windows Operating System XP, Vista, or higher

u.  Minimum
of 400 MHz processor (1 GHz recommended)

v.  Internet
access

w.  Dot.Net
version 2.0 or higher

x.  Have
a drive mapped to the source data

y.  Be
accessible remotely to NAVIS support

4.9         
Client must complete and return to NAVIS a Responsibility Organization Change Request form giving NAVIS authority to carry existing
toll-free number traffic in order for NAVIS to transfer Clients existing toll-free numbers.

 

SECTION 5       RELATIONSHIP

 

5.1         Independent
Contractor. NAVIS will be an independent contractor of Client. NAVIS will not be an employee of Client. NAVIS will be free
from direction and control over the means and manner of providing the Services, subject only to the right of Client to specify
the desired results. NAVIS will have the authority to hire other persons to provide or to assist in providing the Services and
will have the authority to fire those persons.

 

5.2         Standards.
Subject to the terms of this Agreement, NAVIS will use commercially reasonable efforts to provide the Services to Client during
NAVIS’s ordinary business hours.

 

SECTION 6       LIMITED
WARRANTY

 

6.1         Limited
Warranty. NAVIS warrants that it will use commercially reasonable efforts to perform the Services in a professional manner
in accordance with the Standards set forth in Section 5.2. NAVIS’s sole obligation, and Client’s exclusive remedy for
any breach by NAVIS of the foregoing warranty, will be that NAVIS shall use commercially reasonable efforts to cure the breach
in a timely manner. If, in NAVIS’s sole judgment, curing the breach is not commercially feasible, NAVIS shall credit Client
for service fees during the affected period of time, in proportion to the extent that the Services were impaired.

 

6.2         Disclaimer.
Except as set forth in section 6.1, NAVIS makes no other warranties or conditions, express
or implied, by operation of law or otherwise, including, without limitation, any implied warranties of title, non-infringement,
merchantability, or fitness for a particular purpose, or any implied warranties arising out of this agreement. NAVIS does not warrant
that the services will be provided error-free, uninterrupted, secure, or virus-free.

 

SECTION 7       INTELLECTUAL
PROPERTY RIGHTS

 

7.1         Definition.
“Intellectual Property Rights” means any and all intellectual property or proprietary rights, including without limitation
patent, copyright, trademark, service mark, trade.

 

6 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce
/Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

secret, moral, and contract rights in any country or jurisdiction
in the world and all registrations, initial applications, renewals, extensions, continuations, divisions, or reissues of them now
or hereafter in force

 

7.2         Ownership.
NAVIS and its suppliers retain all right, title, and interest in and to all software, materials, and NAVIS proprietary information
and technology used by NAVIS, or provided to Client, in connection with the NAVIS web site and the Services and any and all improvements,
updates, and modifications to them, and including all Intellectual Property Rights to them. Provider and its suppliers reserve
any rights or licenses not expressly granted to Client under this Agreement.

 

SECTION 8       NONDISCLOSURE
PROVISIONS

 

8.1         Confidential
Information. As used in this Agreement, “Confidential Information” means any and all information regarding the
party’s business, including but not limited to business models, customer and supplier lists, marketing plans, financial and
technical information, trade secrets, know-how, ideas, designs, drawings, specifications, techniques, programs, systems, processes,
computer software and NAVIS’ Best-Practice Guide. Each party agrees that it shall not make use of, disseminate, or in any
way disclose the other party’s Confidential Information to any person, firm, or business except as authorized by this Agreement
and to the extent necessary for performance of this Agreement. Each party agrees that it will disclose Confidential Information
only to those of its employees who need to know the information. Each party further agrees that it shall treat all Confidential
Information of the other party with the same degree of care that it accords its own Confidential Information, but in no event with
less than a reasonable degree of care. However, a receiving party bears no responsibility for safeguarding the disclosing party’s
Confidential Information that is (a) publicly available, (b) already in the receiving party’s possession and not subject
to an obligation of confidentiality, (c) obtained by the receiving party from third parties without restrictions on disclosure,
or (d) independently developed by the receiving party without reference to the Confidential Information of the disclosing party.
Notwithstanding the foregoing, a party receiving Confidential Information shall not be in violation of Section 8 regarding a disclosure
that was in response to a valid order by a court or other governmental body if the receiving party provides the other party with
prior written notice of the disclosure to permit the other party to seek confidential treatment of the information.

 

8.2         Confidentiality
of Agreement. Neither party shall disclose the existence of, or any terms of, this Agreement to any person other than its lawyers,
accountants, and other professional advisers except (a) as required by law or (b) pursuant to a mutually agreeable press release.

 

SECTION 9       LIMITATION
OF LIABILITY

 

NAVIS
shall not be liable to Client under any cause of action, whether in contract, tort, or otherwise, for any direct, indirect, special,
incidental, consequential, or punitive damages arising out of this Agreement, including, but not limited to, interrupted communications,
lost data, or lost profits, even if NAVIS or Client has been advised of the possibility of such damages, and notwithstanding the
failure of the essential purpose of any limited remedy in this Agreement.

 

SECTION 10     TERM
AND TERMINATION

 

10.1       Term.
Unless earlier terminated as provide below, this Agreement shall remain in effect for an initial period of 12 months (the “Initial
Term”). The Initial Term shall be automatically renewed for successive periods of 12 months (each, a “Renewal Term”),
unless either party indicates in writing its intention not to renew this Agreement at least 30 days before the end of the then-current
term. NAVIS reserves the right to increase fees paid by Client under this

 

7 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

Agreement at the time of renewal; provided,
however, that NAVIS provides written notice of such fee increase to Client at least 45 days before the end of the then-current
term.

 

10.2       Termination.
This Agreement may be terminated by either NAVIS or Client at any time on 30 days’ prior written notice delivered to the
other party.

 

10.3       Effect
of Termination. On termination of this Agreement for any reason, (a) any amounts owed to NAVIS under this Agreement before
the termination will be immediately due and payable, (b) all rights and obligations of the parties under this Agreement shall immediately
terminate, and (c) each party shall return to the other all property and Confidential Information of the other party in its possession
or control. The termination of this Agreement, regardless of how it occurs, will not relieve Client of any obligations that have
accrued before the termination.

 

SECTION 11    GENERAL

 

11.1       Assignment.
Client may not assign its rights or delegate its duties under this Agreement without the prior written consent of NAVIS, which
NAVIS may withhold in its sole discretion, and any purported attempt to do so without that consent is null and void.

 

11.2       Binding
Effect. Except as otherwise provided in Section 11.1 above, this Agreement will be binding on the parties and their respective
heirs, personal representatives, successors, and permitted assigns, and will inure to their benefit.

 

11.3       Amendment.
This Agreement may be amended only by a written document signed by the party against whom enforcement is sought.

 

11.4       Notices.
All notices, requests, consents, and other communications required or permitted under this Agreement shall be in writing and shall
be sent by registered or certified mail, postage prepaid, or transmitted via facsimile if confirmed by such in mailing, to NAVIS
and Client at their respective addresses set forth on this Agreement. Either party may change its address by written notice to
the other.

 

11.5       Waiver.
No waiver will be binding on a party unless it is in writing and signed by the party making the waiver. A party’s waiver
of a breach of a provision of this Agreement will not be a waiver of any other provision or a waiver of a subsequent breach of
the same provision.

 

11.6       Severability.
If a provision of this Agreement is determined to be unenforceable in any respect, the enforceability of the provision in any other
respect and of the remaining provisions of this Agreement will not be impaired.

 

11.7       Further
Assurances. The parties shall sign other documents and take other actions reasonably necessary to further effect and evidence
this Agreement.

 

11.8       Third-Party
Beneficiaries. The parties do not intend to confer any right or remedy on any third party.

 

11.9       Survival.
All provisions of this Agreement that would reasonably be expected to survive the termination of this Agreement will do so.

 

11.10     Attachments.
Any exhibits, schedules, and other attachments referenced in this Agreement are part of this Agreement.

 

11.11     Remedies.
Except as limited under Section 9 above, the parties shall have all remedies available to them at law or in equity. All available
remedies are cumulative and may be exercised singularly or concurrently.

 

8 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

11.12     Governing
Law. This Agreement is governed by the laws of the State of Oregon, without giving effect to any conflict-of-law principle
that would result in the laws of any other jurisdiction governing this Agreement.

 

11.13     Arbitration.
Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in
Deschutes County, Oregon and administered by the Arbitration Service of Portland, Inc., or by any other arbitrator mutually agreed
upon between the parties to the dispute. The determination of the arbitrator(s) shall be final and binding on the parties, and
judgment on the award may be entered in any court having jurisdiction thereof. The arbitrator(s) shall award to the prevailing
party, if any, as determined by the arbitrator(s), all of the prevailing party’s costs and fees incurred in connection with
the arbitration. For this purpose, “costs and fees” mean all reasonable pre-award expenses of the arbitration, including
the arbitrators’ fees, administrative fees, travel expenses, out-ofpocket expenses such as copying and telephone, court costs,
witness fees and attorneys’ fees.

 

11.14     Attorney’s
Fees. If any arbitration or litigation is instituted to interpret, enforce, or rescind this Agreement, including but not limited
to any proceeding brought under the United States Bankruptcy Code, the prevailing party on a claim shall be entitled to recover
with respect to the claim, in addition to any other relief awarded, the prevailing party’s reasonable attorney’s fees
and other fees, costs, and expenses of every kind, including but not limited to the costs and disbursements specified in ORCP 68
A(2), incurred in connection with the arbitration, the litigation, any appeal or petition for review, the collection of any award,
or the enforcement of any order, as determined by the arbitrator or court.

 

11.15     Entire
Agreement. This Agreement contains the entire understanding of the parties regarding the subject matter of this Agreement and
supersedes all prior and contemporaneous negotiations and agreements, whether written or oral, between the parties with respect
to the subject matter of this Agreement.

 

11.16     Signatures.
This Agreement may be signed in counterparts. A fax transmission of a signature page will be considered an original signature page.
At the request of a party, the other party shall confirm a fax-transmitted signature page by delivering an original signature page
to the requesting party.

 

11.17     Force
Majeure. Any delay in the performance of any duties or obligations of either party (except the payment of money owed) shall
not be considered a breach of this Agreement if the delay is caused by a labor dispute, shortage of materials, fire, earthquake,
flood, or any other event beyond the control of the party if the party uses reasonable efforts, under the circumstances, to notify
the other party of the circumstances causing the delay and to resume performance as soon as possible.

 

11.18     Indemnification.
Client agrees to defend and indemnify NAVIS and all of NAVIS’s employees, shareholders, directors, members, managers, partners,
officers and agents from and against all claims, obligations, liabilities, costs, expenses, proceedings, damages and judgments
of every kind, whether known or unknown, including but not limited to reasonable attorneys’ fees, relating to or arising
out of NAVIS’s performance of the Services under this Agreement.

 

11.19     Time
of Essence. Time is of the essence with respect to all dates and time periods set forth in this Agreement.

 

9 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned have entered into this Agreement effective as of the date first set forth above.

 

	NAVIS:	 	Client:
	BUEHNER-FRY, INC.,

a Nevada corporation DBA “NAVIS”	 	L’Auberge Orchards LLC
	 	 	 	 	 
	By:	 	 	By:	/s/ Jesse Alexander
	 	 	 	 	 
	Name:	Michelle Marquis	 	Name:	Jesse Alexander
	 	 	 	 	 
	Title:	Vice President - Sales	 	Title:	General Manager
	 	 	 	 	 
	Date:	 	 	Date:	5/18/12
	 	 	 	 	 
	Address:  	389 SW Scalehouse Ct, Ste 100	 	Address: 	301 L’Auberge Lane
	 	Bend, OR 97702	 	 	Sedona, AZ 86336

 

10 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

SERVICES AGREEMENT

 

NAVIS Narrowcast/NAVIS RezForce

 

Resort

 

THIS SERVICES AGREEMENT
(this “Agreement”) dated effective as of May 10, 2012 is entered into by and between L’Auberge Orchards LLC (“Client”),
and Buehner-Fry, Inc., a Nevada corporation doing business as “NAVIS” (“NAVIS”).

 

RECITALS

 

A.      NAVIS
provides after-hours and overflow reservation booking services for resort lodging property owners (“RezForce”) and
web-based technologies and processes to help resort lodging property owners be more successful by tracking agents, callers and
business (as the services provided by NAVIS exist from time to time, “Narrowcast”).

 

B.      Client
either owns or manages resort lodging properties.

 

C.      Client
desires to hire NAVIS to provide the RezForce and Narrowcast services.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants and agreements contained herein, the sufficiency and receipt of
which are acknowledged, the parties hereby agree as follows:

 

SECTION 1       SERVICES

 

NAVIS shall provide the RezForce and Narrowcast
services (collectively, the “Services”) to Client as follows:

 

1.1 RezForce.

 

a.           NAVIS
shall receive reservation calls for Client (i) after Client’s normal hours of operation and (ii) during Client’s normal
hours of operation as needed for overflow calls. The parties acknowledge and agree that the intent of NAVIS in taking these calls
will be to book reservations from those inquiries. NAVIS will collect data on any calls that are not converted to bookings and
provide such data to Client in the form of leads.

 

Client’s current
hours of operation are:

 

	Weekdays:	7am - 9pm
	 	 
	Saturday:	7am - 9pm
	 	 
	Sunday:	7am - 9pm

 

To allow NAVIS to staff
accordingly in consideration of projected call volume, NAVIS cannot receive Client reservation calls outside of the agreed upon
times unless Client provides NAVIS with 48-hour prior written notice.

 

b.           NAVIS
shall house all of Client’s leads via NAVIS’s web-based lead management system.

 

1 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

c.           If
possible, all Travel Agent and Owner calls will be automatically routed to Client.  Any non-lead type calls routed to
NAVIS will be transferred back to a Direct Inward Dial (DID) specified by Client.

 

d.           All
reservations will be made in Client’s online booking mechanism or through a NAVIS log in to Client’s property management
system.

 

1.2 Narrowcast.

 

a.           Recordings.
NAVIS shall save all of Client’s Narrowcast system “booked” recordings for 90 days. All other recordings will
be held for 30 days. At Client’s request, NAVIS shall save Client’s recordings for a longer period for an additional
fee as set forth under Section 2.1 (b) below.

 

b.           Marketing
Campaign Tracking and Identification. NAVIS will enable Client to track and monitor marketing campaigns and success ratios through
the use of dedicated Toll-Free numbers and sales associate interaction with callers.

 

c.           Call
Categorization for Quality Control. All inbound calls are capable of categorization for the purposes of assessing quality and further
sales training needs.

 

d.           Call
Reporting. NAVIS will provide Client with detailed analysis and reporting of call quantity, origination, campaign-specific responses,
quality assurance and achievement of identified metrics and sales goals.

 

e.           Call
Routing. NAVIS will, upon the request of Client, route incoming calls to designated agents based on caller needs and Client’s
staffing skill levels.

 

f.            Caller
Identification and Demographics. Where available, NAVIS shall provide real-time data to Client regarding each caller’s geographic
and personal demographics, including such caller’s prior history with Client and socioeconomic data based on call point-of-origin.

 

g.           Toll-Free
Numbers. NAVIS will obtain and provide Client with an unlimited number of toll-free telephone numbers (“Toll-Free Numbers”)
to be used exclusively by Client throughout the term of this Agreement. All such numbers shall have unlimited minutes of use for
so long as the Toll-Free Numbers are used exclusively for Client’s reservation business. During the term of this Agreement,
and upon termination thereof, all Toll-Free Numbers and any data collected by NAVIS on behalf of Client shall belong to Client.
Client is prohibited from automatically directing local calls to a Toll-Free Number during the term of this Agreement.

 

h.           Outbound
Calling. NAVIS will provide Client with the ability to make outbound reservation calls and NAVIS will carry unlimited long distance
traffic associated with such calls. Only calls made within the North American dialing plan are included or enabled in the Services.

 

i.            Q-Vue.
NAVIS will provide Client with “Q-Vue” - a real-time dashboard of reservation sales center data.

 

1.3         Client
Advocate. NAVIS will assign Client a dedicated client advocate (“Coach”) to insure maximum use and understanding
of the Narrowcast Services. The Coach will be available as reasonably requested throughout the term of this Agreement. Any coaching
requests outside the scope of the NAVIS’ Best-Practice Guide may be available at an additional fee.

 

2 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

1.4         Education.
Prior to full installation of Narrowcast, NAVIS will provide training of the Narrowcast Services on-site at Client’s principle
place of business at such times as reasonably requested by Client. The training will consist of both management and staff training.

 

SECTION 2       COSTS

 

The costs of the Services
provided under this Agreement by NAVIS to Client are as follows:

 

2.1         NAVIS
RezForce Services Costs. The costs of the RezForce Services provided under this Agreement by NAVIS to Client are as follows:

 

a.           A
success fee of 13% of Client’s total base reservation rate amount that appears on Client’s website (provided, however,
that if the base reservation website rate includes ancillary revenue or fees as part of the total rate, then the success fee under
this paragraph will be calculated on that amount). All reservations will have a minimum booking fee of Twenty-Five Dollars ($25.00).

 

b.           Any
calls resulting in a “Non-booked” type call will be charged a flat fee of $9.50 per call. “Non-booked”
type calls consist of Hot Lead, Not-booked, Policy Issue and No Availability. Given acceptable guest cooperation, a “Non-booked”
type call will consist of name, email address, phone number, dates of stay, property information and any notes the guest allows
NAVIS to collect. Calls transferred that are identified as a “Non-bookable” call will be charged a flat fee of $1.50.
“Non-bookable” type transfer calls consist of, without limitation, Owner inquiries, existing reservation(s), group,
vendor calls, after-hour emergency, and other non-revenue type after-hours calls.

 

c.           NAVIS
will provide Client with a credit for cancelled reservations as follows: Client must report cancelled reservations to NAVIS no
later than 30 days after Client’s guest’s scheduled arrival date for Client to receive a credit. All cancellations
must be processed through the NAVIS RezForce Tracking System at RezForce@TheNavisWay.com for proper processing. Credits
will appear in the following monthly billing cycle. All cancellations must have verification from PM System included with cancellation
notice. No adjustments will be processed due to client approved guest credits, accommodation complaints, or maintenance concerns
with the unit(s). In the event of cancellation, Client will receive a credit in the amount of the success fee; however, Client
will be charged a lead fee as a Not Booked type lead for such cancelled reservation. Travel insurance reimbursed reservations do
not qualify as “cancelled” reservations. If Travel Insurance was purchased by guest, Client will be billed in the amount
of the success fees as it relates to that booking value.

 

d.           If
Client’s reservation system will not allow NAVIS to book a reservation as normal, and all the information is captured for
a reservation, including availability, the reservation will be considered a “booked reservation” even though the reservation
has not actually been entered into Client’s reservation system. NAVIS will charge the success fee to Client pursuant to the
terms of this Agreement.

 

e.           It
is the policy of NAVIS that a reservation is not a confirmed reservation until the agent or vacation planner has secured a credit
card from the guest. The parties acknowledge that there will be times when Client’s staff has spoken to a guest but does
not book the reservation. The guest then calls back after-hours and speaks with a NAVIS vacation planner to book their reservation.
In this scenario, NAVIS will charge the success fee to Client pursuant to the terms of this Agreement. No credits will be issued.
This scenario is reciprocal and both parties will be mutually supportive when a situation such as this occurs.

 

f.            For
Clients with an interface between NAVIS and Client’s Property Management System (PMS), the PMS allows the NAVIS System to
recognize callers based upon their telephone number and reference them to a guest record within your PMS. All callers to

 

3 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

NAVIS RezForce from a telephone number
recognized as either an existing reservation or an owner will be directed straight to the destination number of the campaign in
which they called into, and will not reach a NAVIS RezForce Vacation Planner. Client will not be charged any lead or transfer fees
for these call types.

 

g.           There
is a $2,000 reactivation fee if Client elects to terminate the Services and then reactivate them at any time in the future.

 

2.2         NAVIS
Narrowcast Services Costs. The costs of the Narrowcast Services provided under this Agreement by NAVIS to Client are as follows:

 

a.           A
monthly fee of $4,500. The parties acknowledge that the number of units in Client’s rental inventory is 157.

 

b.           If
Client requests NAVIS to save Client call recordings for an additional 30- day period, Client will be charged an additional $0.50
per unit per month.

 

2.3         Education
and Setup Costs. In addition to the monthly costs set forth above, Client shall pay NAVIS a one-time setup fee of $5,000, an
“Education Fee” of $6,500, and provide NAVIS with lodging (including any direct or indirect costs, including room charge,
tax, fees and parking) for NAVIS’ “Client Advocates” for conducting the foregoing.

 

The foregoing fees and expenses will be
billed by NAVIS to Client under Section 3.1 below the first month following execution of this Agreement and paid by Client to NAVIS
by Electronic Fund Transfer as provided under Section 3.3 below.

 

2.4         Taxes.
Client will be responsible for any applicable federal, state or local taxes arising out of any reservations booked by NAVIS under
this Agreement.

 

SECTION 3       BILLING

 

3.1         Billing.
NAVIS will bill Client for the Services on the first (1 st ) business day of the month for (a) the Narrowcast Services
to be rendered by NAVIS to Client under this Agreement for such period; and (b) the RezForce Services rendered in the preceding
month.

 

3.2         First
Month NAVIS Narrowcast Billing. NAVIS will bill costs on a prorated share. This prorated share will begin the 1st day after
we have been on-site for installation.

 

3.3         Payment
by Electronic Fund Transfer. The parties acknowledge and agree that all fees payable by Client to NAVIS for the Services shall
be paid by Electronic Fund Transfer. Client agrees to execute and deliver to NAVIS any necessary documents to complete the foregoing
as needed from time-to-time. In accordance with the monthly bill under Section 3.1 above, NAVIS will charge each month’s
bill to Client no later than the 4 lh business day after the date that the invoice was delivered by NAVIS to Client
under Section 3.1 above. Insufficient funds shall put your account into delinquent status. NAVIS reserves the right to terminate
services at that time for nonpayment. Any disputed charges must be presented by Client to NAVIS in writing and the parties agree
to cooperate in good faith to promptly resolve any disputed invoice within five (5) days of NAVIS’ receipt of Client’s
written dispute notice. Credits, if any, will be made by NAVIS to Client on future bills. A monthly late fee of 1.5 percent per
month will be assessed on unpaid balances over 15 days past due.

 

SECTION 4       TECHNICAL
RESPONSIBILITIES OF CLIENT

 

4.1         
Client shall provide or be responsible for the following as a condition precedent to the obligations of NAVIS to perform the Services
contemplated under this Agreement:

 

4 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

4.2         
NAVIS shall install a “IVR Rez filter”, which provides for an automated answering system for purposes of allowing NAVIS
to provide the RezForce Services contemplated under this Agreement. Client shall indicate to NAVIS where non-reservation calls
should be routed to.

 

4.3         
Client shall complete and return to NAVIS the “NAVIS RezForce Terms” document within 14 days of the date such document
is provided to Client by NAVIS. (The NAVIS RezForce Terms document allows NAVIS to access information about Client’s properties,
policies and procedures. The NAVIS RezForce Terms document will override information on Client’s website and should be updated
on a regular basis.) Client acknowledges and agrees that NAVIS will not be responsible for any mis-quotes due to out of date terms
information.

 

4.4         
Client shall provide the following for all computers using RezForce information through the NAVIS website:

a.  A
reliable, high speed internet connection to access NAVIS RezForce

b.  Internet
Explorer 7.0 or higher (NAVIS RezForce is not supported by Mozilla Firefox, Safari or other browsers)

c.  Pop-up
blockers configured to allow pop-ups for www.buehner-fry.com. www.TheNavisWay.com. and www.navistechnologies.info
for viewing leads

d.  The
following domains need to be added to each user’s email “white list” in order to receive emails from the NAVIS
system: Buehner-fry.com, navistechnologies.com, navismarketing.com and maill.buenher-fry.com

 

4.5         
Client shall provide online booking capabilities as follows:

a.  True
on-line booking capabilities with secure confirmation number provided

b.  Minimum
stay rules are built into each search

c.  Website
presents pictures and clear unit descriptions

d.  Ability
to offer promotions, specials and discounts

e.  Availability
is provided in real-time

 

4.6         
For all computers using NAVIS Narrowcast:

f.  A
unique, direct and dedicated phone number for each computer workstation using NAVIS Narrowcast.

g.  A
reliable, high speed internet connection allowing two way communications between the NAVIS servers and NAVIS Narrowcast on TCP
Ports 1501 and 1502. (If using a proxy server, the proxy server must be configured to allow this.)

h.  HTTP
access on PORT 80

i.  Internet
Explorer 7.0, or higher (NAVIS Narrowcast is not supported in Mozilla Firefox, Safari or other browsers)

j.  Microsoft
Windows Operating System XP, Vista (excluding Vista Home Premium on a Compaq machine), or higher (NAVIS Narrowcast is not supported
in other operating systems including Mac, Linux, etc. In addition, NAVIS Narrowcast is not supported in a Terminal Server or Citrix
environment.)

k.  External
Speakers (This allows audible notification of an inbound call or instant message from NAVIS Narrowcast.)

l.  Read
and Write access for all agents to CProgram Files\NCDashboard under any local or roaming profile using NAVIS Narrowcast. Additionally,
all stations must have the ability to update registry entries for NCIPCIient. (This allows necessary updates to take place on NAVIS
Narrowcast.)

m.  Pop-up
blockers configured to allow pop-ups for www.buehner-fry.com. www.TheNavisWay.com, and www.navistechnologies.info

 

5 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

n.  The
following domains need to be added to each user’s email white list: Buehner-fiy.com, navisfechnologies.com, navismarketing.com
& maill.buehner-fry.com

 

4.7         
For all computers using NAVIS Q-Vue:

o.  Microsoft
Windows Operating System XP, Vista, or higher

p.  Minimum
of 400 MHz processor (1 GHz recommended)

q.  Internet
access

r.  Dot.Net
version 2.0 and 3.5

 

4.8         
For the computer with the NAVIS - Client PMS Interface installed:

s.  PMS
systems including: Maestro, Victorex, RDP, Springer Miller & Epitome, etc. where gather software will be installed on clients
server

t.  Microsoft
Windows Operating System XP, Vista, or higher

u.  Minimum
of 400 MHz processor (1 GHz recommended)

v.  Internet
access

w.  Dot.Net
version 2.0 or higher

x.  Have
a drive mapped to the source data

y.  Be
accessible remotely to NAVIS support

 

4.9         
Client must complete and return to NAVIS a Responsibility Organization Change Request form giving NAVIS authority to carry existing
toll-free number traffic in order for NAVIS to transfer Clients existing toll-free numbers.

 

SECTION 5       RELATIONSHIP

 

5.1         Independent
Contractor.     NAVIS will be an independent contractor of Client. NAVIS will not be an employee of Client.  NAVIS
will be free from direction and control over the means and manner of providing the Services, subject only to the right of Client
to specify the desired results. NAVIS will have the authority to hire other persons to provide or to assist in providing the Services
and will have the authority to fire those persons.

 

5.2         Standards.
Subject to the terms of this Agreement, NAVIS will use commercially reasonable efforts to provide the Services to Client during
NAVIS’s ordinary business hours.

 

SECTION 6       LIMITED
WARRANTY

 

6.1         Limited
Warranty. NAVIS warrants that it will use commercially reasonable efforts to perform the Services in a professional manner
in accordance with the Standards set forth in Section 5.2. NAVIS’s sole obligation, and Client’s exclusive remedy for
any breach by NAVIS of the foregoing warranty, will be that NAVIS shall use commercially reasonable efforts to cure the breach
in a timely manner. If, in NAVIS’s sole judgment, curing the breach is not commercially feasible, NAVIS shall credit Client
for sen/ice fees during the affected period of time, in proportion to the extent that the Services were impaired.

 

6.2         Disclaimer.
Except as set forth in section 6.1, NAVIS makes no other warranties or conditions, express
or implied, by operation of law or otherwise, including, without limitation, any implied warranties of title, non-infringement,
merchantability, or fitness for a particular purpose, or any implied warranties arising out of this agreement. NAVIS does not warrant
that the services will be provided error-free, uninterrupted, secure, or virus-free.

 

SECTION 7       INTELLECTUAL
PROPERTY RIGHTS

 

7.1         Definition.
“Intellectual Property Rights” means any and all intellectual property or proprietary rights, including without limitation
patent, copyright, trademark, service mark, trade

 

6 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

secret, moral, and contract rights in any country or jurisdiction
in the world and all registrations, initial applications, renewals, extensions, continuations, divisions, or reissues of them now
or hereafter in force.

 

7.2         Ownership.
NAVIS and its suppliers retain all right, title, and interest in and to all software, materials, and NAVIS proprietary information
and technology used by NAVIS, or provided to Client, in connection with the NAVIS web site and the Services and any and all improvements,
updates, and modifications to them, and including all Intellectual Property Rights to them. Provider and its suppliers reserve
any rights or licenses not expressly granted to Client under this Agreement.

 

SECTION 8       NONDISCLOSURE
PROVISIONS

 

8.1         Confidential
Information. As used in this Agreement, “Confidential Information” means any and all information regarding the
party’s business, including but not limited to business models, customer and supplier lists, marketing plans, financial and
technical information, trade secrets, know-how, ideas, designs, drawings, specifications, techniques, programs, systems, processes,
computer software and NAVIS’ Best-Practice Guide. Each party agrees that it shall not make use of, disseminate, or in any
way disclose the other party’s Confidential Information to any person, firm, or business except as authorized by this Agreement
and to the extent necessary for performance of this Agreement. Each party agrees that it will disclose Confidential Information
only to those of its employees who need to know the information. Each party further agrees that it shall treat all Confidential
Information of the other party with the same degree of care that it accords its own Confidential Information, but in no event with
less than a reasonable degree of care. However, a receiving party bears no responsibility for safeguarding the disclosing party’s
Confidential Information that is (a) publicly available, (b) already in the receiving party’s possession and not subject
to an obligation of confidentiality, (c) obtained by the receiving party from third parties without restrictions on disclosure,
or (d) independently developed by the receiving party without reference to the Confidential Information of the disclosing party.
Notwithstanding the foregoing, a party receiving Confidential Information shall not be in violation of Section 8 regarding a disclosure
that was in response to a valid order by a court or other governmental body if the receiving party provides the other party with
prior written notice of the disclosure to permit the other party to seek confidential treatment of the information.

 

8.2         Confidentiality
of Agreement. Neither party shall disclose the existence of, or any terms of, this Agreement to any person other than its lawyers,
accountants, and other professional advisers except (a) as required by law or (b) pursuant to a mutually agreeable press release.

 

SECTION 9       LIMITATION
OF LIABILITY

 

NAVIS
shall not be liable to Client under any cause of action, whether in contract, tort, or otherwise, for any direct, indirect, special,
incidental, consequential, or punitive damages arising out of this Agreement, including, but not limited to, interrupted communications,
lost data, or lost profits, even if NAVIS or Client has been advised of the possibility of such damages, and notwithstanding the
failure of the essential purpose of any limited remedy in this Agreement.

 

SECTION 10     TERM
AND TERMINATION

 

10.1       Term. Unless
earlier terminated as provide below, this Agreement shall remain in effect for an initial period of 12 months (the “Initial
Term”). The Initial Term shall be automatically renewed for successive periods of 12 months (each, a “Renewal Term”),
unless either party indicates in writing its intention not to renew this Agreement at least 30 days before the end of the then-current
term. NAVIS reserves the right to increase fees paid by Client under this

 

7 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

Agreement at the time of renewal; provided,
however, that NAVIS provides written notice of such fee increase to Client at least 45 days before the end of the then-current
term.

 

10.2       Termination.
This Agreement may be terminated by either NAVIS or Client at any time on 30 days’ prior written notice delivered to the
other party.

 

10.3       Effect
of Termination. On termination of this Agreement for any reason, (a) any amounts owed to NAVIS under this Agreement before
the termination will be immediately due and payable, (b) all rights and obligations of the parties under this Agreement shall immediately
terminate, and (c) each party shall return to the other all property and Confidential Information of the other party in its possession
or control. The termination of this Agreement, regardless of how it occurs, will not relieve Client of any obligations that have
accrued before the termination.

 

SECTION 11     GENERAL

 

11.1       Assignment.
Client may not assign its rights or delegate its duties under this Agreement without the prior written consent of NAVIS, which
NAVIS may withhold in its sole discretion, and any purported attempt to do so without that consent is null and void.

 

11.2       Binding
Effect. Except as otherwise provided in Section 11.1 above, this Agreement will be binding on the parties and their respective
heirs, personal representatives, successors, and permitted assigns, and will inure to their benefit.

 

11.3       Amendment.
This Agreement may be amended only by a written document signed by the party against whom enforcement is sought.

 

11.4       Notices.
All notices, requests, consents, and other communications required or permitted under this Agreement shall be in writing and shall
be sent by registered or certified mail, postage prepaid, or transmitted via facsimile if confirmed by such in mailing, to NAVIS
and Client at their respective addresses set forth on this Agreement. Either party may change its address by written notice to
the other.

 

11.5       Waiver.
No waiver will be binding on a party unless it is in writing and signed by the party making the waiver. A party’s waiver
of a breach of a provision of this Agreement will not be a waiver of any other provision or a waiver of a subsequent breach of
the same provision.

 

11.6       Severability.
If a provision of this Agreement is determined to be unenforceable in any respect, the enforceability of the provision in any other
respect and of the remaining provisions of this Agreement will not be impaired.

 

11.7       Further
Assurances. The parties shall sign other documents and take other actions reasonably necessary to further effect and evidence
this Agreement.

 

11.8       Third-Party
Beneficiaries. The parties do not intend to confer any right or remedy on any third party.

 

11.9       Survival.
All provisions of this Agreement that would reasonably be expected to survive the termination of this Agreement will do so.

 

11.10    Attachments.
Any exhibits, schedules, and other attachments referenced in this Agreement are part of this Agreement.

 

11.11    Remedies.
Except as limited under Section 9 above, the parties shall have all remedies available to them at law or in equity. All available
remedies are cumulative and may be exercised singularly or concurrently.

 

8 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

11.12    Governing
Law. This Agreement is governed by the laws of the State of Oregon, without giving effect to any conflict-of-law principle
that would result in the laws of any other jurisdiction governing this Agreement.

 

11.13    Arbitration.
Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in
Deschutes County, Oregon and administered by the Arbitration Service of Portland, Inc., or by any other arbitrator mutually agreed
upon between the parties to the dispute. The determination of the arbitrator(s) shall be final and binding on the parties, and
judgment on the award may be entered in any court having jurisdiction thereof. The arbitrator(s) shall award to the prevailing
party, if any, as determined by the arbitrator(s), all of the prevailing party’s costs and fees incurred in connection with
the arbitration. For this purpose, “costs and fees” mean all reasonable pre-award expenses of the arbitration, including
the arbitrators’ fees, administrative fees, travel expenses, out-ofpocket expenses such as copying and telephone, court costs,
witness fees and attorneys’ fees.

 

11.14    Attorney’s
Fees. If any arbitration or litigation is instituted to interpret, enforce, or rescind this Agreement, including but not limited
to any proceeding brought under the United States Bankruptcy Code, the prevailing party on a claim shall be entitled to recover
with respect to the claim, in addition to any other relief awarded, the prevailing party’s reasonable attorney’s fees
and other fees, costs, and expenses of every kind, including but not limited to the costs and disbursements specified in ORCP 68
A(2), incurred in connection with the arbitration, the litigation, any appeal or petition for review, the collection of any award,
or the enforcement of any order, as determined by the arbitrator or court.

 

11.15    Entire
Agreement. This Agreement contains the entire understanding of the parties regarding the subject matter of this Agreement and
supersedes all prior and contemporaneous negotiations and agreements, whether written or oral, between the parties with respect
to the subject matter of this Agreement.

 

11.16    Signatures.
This Agreement may be signed in counterparts. A fax transmission of a signature page will be considered an original signature page.
At the request of a party, the other party shall confirm a fax-transmitted signature page by delivering an original signature page
to the requesting party.

 

11.17    Force
Majeure. Any delay in the performance of any duties or obligations of either party (except the payment of money owed) shall
not be considered a breach of this Agreement if the delay is caused by a labor dispute, shortage of materials, fire, earthquake,
flood, or any other event beyond the control of the party if the party uses reasonable efforts, under the circumstances, to notify
the other party of the circumstances causing the delay and to resume performance as soon as possible.

 

11.18    Indemnification.
Client agrees to defend and indemnify NAVIS and all of NAVIS’s employees, shareholders, directors, members, managers, partners,
officers and agents from and against all claims, obligations, liabilities, costs, expenses, proceedings, damages and judgments
of every kind, whether known or unknown, including but not limited to reasonable attorneys’ fees, relating to or arising
out of NAVIS’s performance of the Services under this Agreement.

 

11.19    Time
of Essence. Time is of the essence with respect to all dates and time periods set forth in this Agreement.

 

9 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the undersigned have entered into this Agreement effective as of the date first set forth above.

 

	NAVIS:	 	Client:
	BUEHNER-FRY, INC.,

a Nevada corporation DBA “NAVIS”	 	L’Auberge Orchards LLC
	 	 	 	 	 
	By:	 	 	By:	/s/ Jesse Alexander
	 	 	 	 	 
	Name:	Michelle Marquis	 	Name:	Jesse Alexander
	 	 	 	 	 
	Title:	Vice President - Sales	 	Title:	General Manager
	 	 	 	 	 
	Date:	 	 	Date:	5/18/12
	 	 	 	 	 
	Address: 	389 SW Scalehouse Ct, Ste 100	 	Address:  	301 L’Auberge Lane
	 	Bend, OR 97702	 	 	Sedona, AZ 86336

 

10 – SERVICES AGREEMENT (NAVIS Narrowcast/RezForce /Resort.Rev.5/201l.v2)

 

    	 

    	 

    

 

AMENDMENT NO. 1 to NAVIS Narrowcast /
NAVIS RezForce Services Agreement

 

THIS AMENDMENT NO.
1 to NAVIS Narrowcast / NAVIS RezForce Services Agreement (this “Amendment”) is entered into effective as of May 10,
2012 by and between L’Auberge Orchards LLC (“Client”), and Buehner-Fry, Inc., a Nevada corporation doing business
as “NAVIS” (“NAVIS”).

 

RECITALS

 

WHEREAS, Client and
NAVIS entered into that certain NAVIS Narrowcast / NAVIS RezForce Services Agreement dated May 10, 2012 (the “Services Agreement”);

 

WHEREAS, the parties
desire to amend the Services Agreement as set forth in full herein;

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the mutual covenants, representations, warranties and agreements contained herein, and intending to be legally bound, the parties
agree as follows:

 

1.           
Amendments to Services Agreement.

 

(a)          
The parties acknowledge and agree that Section 2 of the Services Agreement shall be amended and restated as follows:

 

2.2         NAVIS
Narrowcast Services Costs. If Client enters into NAVIS Narrowcast / NAVIS RezForce Services Agreement by Friday, May 18, 2012
and implements NAVIS Services during the week of June 25, 2012, the costs of the Narrowcast Services provided under this Agreement
by NAVIS to Client shall be as follows:

 

	Month	     	Cost	 
	 	 	 	 
	June, 2012	 	 	No Cost	 
	 	 	 	 	 
	July, 2012	 	$	2,250	 
	 	 	 	 	 
	August, 2012	 	$	2,250	 
	 	 	 	 	 
	Thereafter	 	$	4,500	 

 

2.           Counterparts.
This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but ali of which together
will constitute one and the same instrument.

 

3.           No
other Amendments. Except as set forth herein, the terms of the original Sen/ices Agreement are unchanged and remain in full
force and effect.

 

    	1

    	 

    

 

IN WITNESS WHEREOF, the undersigned have
entered into this Amendment effective as of the date first set forth above.

 

	NAVIS:	 	Client:
	
        BUEHNER-FRY, INC.,

        a Nevada corporation DBA “NAVIS”
	 	L’Auberge Orchards LLC
	 	 	 	 	 
	By:	 	 	By:	/s/ Jesse Alexander
	 	 	 	 	 
	Name:	Michelle Marquis	 	Name:	Jesse Alexander
	 	 	 	 	 
	Title:	Vice President - Sales	 	Title:	General Manager
	 	 	 	 	 
	Date:	 	 	Date:	5/18/12
	 	 	 	 	 
	Address:  	389 SW Scalehouse Ct, Ste 100	 	Address:  	301 L’Auberge Lane
	 	Bend, OR 97702	 	 	Sedona, AZ 86336

 

    	2

    	 

    

 

WE ARE

COPPERSTATE.

RESTAURANT TECHNOLOGIES

 

Micros Service Agreement

 

	Annual Renewal for	Sedona Properties

310 N. Highway 89A

Sedona, AZ 86336	for Internal Use Only

Code  Q04

Contract #  S37

 

	Period Covered	2012/2013 April 1 through March 31
	 	 
	Type of Agreement	Software Membership Only
	 	 
	System Covered	Micros 3700
	 	 
	Coverages	Software Membership includes
	 	Call Center - Two minutes or less phone response 24/7
	 	Software and version upgrades (excluding on-site labor)

 

	To accept this Agreement, please circle a payment option amount and sign below

	Payment Options	 	 
	Quarterly	$1,870	 
	 	 	Printed Name
	Annual	$7,180	 
	 	 	Signature

 

Exclusions –

 

	 	1.	On-Site labor and sizeable configuration changes
	 	2.	Labor to Install the software upgrades or updates is billable, but at discounted rates
	 	3.	Early cancellation penalty applicable to quarterly payment option

 

    	 

    	 

    

 

APS 

SUREPAY APPLICATION AND AGREEMENT

Non-Residential

 

	NAME
        (as shown on APS Account):

        L’AUBERGE
        ORCHARDS LLC

	APS
        ACCOUNT NUMBER:

        221
        036288

	SERVICE
        ADDRESS:

        254
        N STATE ROUTE 89A

	CITY:

        Sedona
	STATE:

        AZ
	ZIP
        CODE:

        86336

	x
    CHECK HERE IF ADDITIONAL ACCOUNTS ON SECOND PAGE
	MAILING
        ADDRESS (street):

        301
        Lauberge Ln

	CITY:

        Sedona
	STATE:

        AZ
	ZIP
        CODE:

        86336

	TELEPHONE:

        928-204-4376

         
	FAX:

        928-282-4531

         

 

THIS SECTION
TO BE FILLED OUT BY CUSTOMER

 

	NAME
    AND ADDRESS OF FINANCIAL INSTITUTION
	NAME:

        Alliance
        Bank of Arizona

	STREET:

        6486
        State Route 179, Suite 110

	CITY:

        Sedona
	STATE:

        AZ
	ZIP
                                                                                          CODE:

        86351

	PLEASE
    FILL IN ACCOUNT INFORMATION FOR EITHER YOUR CHECKING OR SAVINGS ACCOUNT.  IF YOU CHOOSE TO HAVE FUNDS WITHDRAWN
    FROM A CHECKING ACCOUNT, PLEASE ATTACH A VOIDED CHECK.  IF YOU CHOOSE TO HAVE FUNDS WITHDRAWN FROM A SAVINGS ACCOUNT,
    PLEASE ATTACH A STATEMENT SHOWING YOUR SAVINGS ACCOUNT NUMBER AND BANK ROUTING NUMBER.
	x
                                                                                                                        CHECKING
                                                                                                                        ACCOUNT
                                                                                                                        (Please
                                                                                                                        attach
                                                                                                                        a voided
                                                                                                                        check)

        BANKING
        TRANSIT NUMBER:
	

    ACCOUNT NUMBER:  SEE ATTACHED
	 ̈
                                                                                                            SAVINGS
                                                                                                            ACCOUNT (Please attach
                                                                                                            a statement)

        BANKING
        TRANSIT NUMBER:
	

    ACCOUNT NUMBER:  

 

SUREPAY AUTHORIZATION AGREEMENT

 

I hereby authorize APS and the financial
institution on this application to charge the account I have specified for payment of my monthly APS bill for a minimum of two
(2) years (and until otherwise instructed). In doing so, I understand and have agreed to pay a reduced deposit. I understand that
a fee will be charged to my account should a payment request be dishonored or returned for insufficient funds. Following the first
returned or dishonored payment request, a full deposit will be required. Should there be a second returned or dishonored payment
request, the account will be removed from Surepay and all future payments on this account will need to be paid in cash. I may discontinue
my participation in the plan at any time by notifying APS, however if the account has been active for less than two (2) years,
the balance of the full deposit will be required. I understand that both the financial institution and APS reserve the right to
terminate this payment plan and/or my participation in the plan.

 

	Signature X 	/s/ Del E. Goehring	 	Date:	 6/28/11
	 	 	 	 
	Name (Printed or Type)	Del E. Goehring	 	Title	 Director of Finance

 

882-01S (6-09)                 See second page for additional
accounts, if any, included in this Agreement

 

    	 

    	 

    

 

APS 

SUREPAY APPLICATION AND AGREEMENT

Non-Residential – continued

 

	SERVICE
                                                    ADDRESS:

        301 LAUBERGE LN

	CITY:

        Sedona
	STATE:

        AZ
	ZIP
                                                                                          CODE:

        86336
	APS
                                                                                          ACCOUNT NO.:

        221036288
	BANK
                                                                                          ACCT. NO.:

        8010129404

 

	SERVICE
                                                    ADDRESS:

        170 SCHNEBLY RD APT
        3

	CITY:

        Sedona
	STATE:

        AZ
	ZIP
                                                                                          CODE:

        86336
	APS
                                                                                          ACCOUNT NO.:

        023866288
	BANK
                                                                                          ACCT. NO.:

        8010129404

 

	SERVICE
                                                    ADDRESS:

        170 SCHNEBLY RD APT
3        

	CITY:

        Sedona
	STATE:

        AZ
	ZIP
                                                                                          CODE:

        86336
	APS
                                                                                          ACCOUNT NO.:

        079966280
	BANK
                                                                                          ACCT. NO.:

        8010129404

 

	SERVICE
                                                    ADDRESS:

        254 N STATE ROUTE 89A

	CITY:

        Sedona
	STATE:

        AZ
	ZIP
                                                                                          CODE:

        86336
	APS
                                                                                          ACCOUNT NO.:

        699976289
	BANK
                                                                                          ACCT. NO.:

        8010129370

 

	SERVICE
                                                    ADDRESS:

        320 N STATE ROUTE 89A
        STE 4

	CITY:

        Sedona
	STATE:

        AZ
	ZIP
                                                                                          CODE:

        86336
	APS
                                                                                          ACCOUNT NO.:

        813607286
	BANK
                                                                                          ACCT. NO.:

        8010129404

 

	SERVICE
                                                    ADDRESS:

        170 SCHNEBLY RD APT
        1

	CITY:

        Sedona
	STATE:

        AZ
	ZIP
                                                                                          CODE:

        86336
	APS
                                                                                          ACCOUNT NO.:

        913866288
	BANK
                                                                                          ACCT. NO.:

        8010129404

 

	SERVICE
                                                    ADDRESS:

        254 N. STATE ROUTE 89A
        - DAWN TO DUSK

	CITY:

        Sedone 
	STATE:

        AZ
	ZIP
                                                                                          CODE:

        86336
	APS
                                                                                          ACCOUNT NO.:

        221032688

         
	BANK ACCT. NO.:

8010129370

 

	SERVICE
                                                    ADDRESS:

        254 N. STATE ROUTE 89A
        - RESTAURANT

	CITY:

        Sedone 
	STATE:

        AZ

         
	ZIP
                                                                                          CODE:

        86336 
	APS
                                                                                          ACCOUNT NO.:

        221032688
	BANK ACCT. NO.:

        8010129370 

 

	SERVICE
                                                    ADDRESS:

         

	CITY:

         
	STATE:

         
	ZIP
                                                                                          CODE:

         
	APS
                                                                                          ACCOUNT NO.:

         
	BANK
                                                                                          ACCT. NO.:

         

 

	 	Authorized to charge the bank accounts indicated	 
	862-01S (6-09)

	By: /s/ Del E. Goehring, Director
    of Finance	 
	 	6/28/11 Del E. Goehring	 

 

    	 

    	 

    

 

 

Exhibit 1(a)-ii

 

L'Auberge de Sedona, LLC Accounts Payable

 

    	 

    	 

    

 

	8:07 PM	L'Auberge de Sedona, LLC.	 Relates to Ex 1(a)-ii
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	AAA Allied Group, Inc	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	Zisko	 	05/12/2013	 	 	109.80	 	 	 	-	 	 	 	-	 	 	 	109.80	 	 	 	-	 
	Total AAA Allied Group, Inc	 	 	 	 	 	 	 	 	 	 	109.80	 	 	 	0.00	 	 	 	0.00	 	 	 	109.80	 	 	 	0.00	 
	AAA of Southern California San Marcos	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	Felt	 	05/12/2013	 	 	142.50	 	 	 	-	 	 	 	-	 	 	 	142.50	 	 	 	-	 
	Total AAA of Southern California San Marcos	 	 	 	 	 	 	 	 	 	 	142.50	 	 	 	0.00	 	 	 	0.00	 	 	 	142.50	 	 	 	0.00	 
	Albert Uster Imports	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	IVC026049	 	05/01/2013	 	 	87.80	 	 	 	-	 	 	 	-	 	 	 	87.80	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	IVC024112	 	05/01/2013	 	 	82.76	 	 	 	-	 	 	 	-	 	 	 	82.76	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	IVC024135	 	05/01/2013	 	 	207.13	 	 	 	-	 	 	 	-	 	 	 	207.13	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	IVC026046	 	05/01/2013	 	 	46.66	 	 	 	-	 	 	 	-	 	 	 	46.66	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	IVC025916	 	05/01/2013	 	 	74.76	 	 	 	-	 	 	 	-	 	 	 	74.76	 	 	 	-	 
	 	 	Bill	 	04/17/2013	 	IVC032475	 	05/17/2013	 	 	74.76	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	74.76	 
	Total Albert Uster Imports	 	 	 	 	 	 	 	 	 	 	573.87	 	 	 	0.00	 	 	 	0.00	 	 	 	499.11	 	 	 	74.76	 
	All American East	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/23/2013	 	8840142	 	05/23/2013	 	 	3,776.23	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	3,776.23	 
	Total All American East	 	 	 	 	 	 	 	 	 	 	3,776.23	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,776.23	 
	Allegra Print & Imaging of Cottonwood	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Credit	 	02/28/2013	 	dup pay	 	05/01/2013	 	 	-524.16	 	 	 	-	 	 	 	-	 	 	 	(524.16	)	 	 	-	 
	Total Allegra Print & Imaging of Cottonwood	 	 	 	 	 	 	 	 	 	 	-524.16	 	 	 	0.00	 	 	 	0.00	 	 	 	-524.16	 	 	 	0.00	 
	American Express Co Mexico	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Jonsson	 	05/22/2013	 	 	198.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	198.00	 
	Total American Express Co Mexico	 	 	 	 	 	 	 	 	 	 	198.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	198.00	 
	American Express Int'l. Inc	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Hirao	 	05/22/2013	 	 	64.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	64.00	 
	Total American Express Int'l. Inc	 	 	 	 	 	 	 	 	 	 	64.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	64.00	 
	American Express Travel Related	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	03531500	 	05/12/2013	 	 	893.80	 	 	 	-	 	 	 	-	 	 	 	893.80	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Pulice	 	05/22/2013	 	 	103.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	103.00	 
	Total American Express Travel Related	 	 	 	 	 	 	 	 	 	 	996.80	 	 	 	0.00	 	 	 	0.00	 	 	 	893.80	 	 	 	103.00	 
	American Express Travel Related Svc-ND	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Bruyn/Denatale/Livin	 	05/22/2013	 	 	76.50	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	76.50	 
	Total American Express Travel Related Svc-ND	 	 	 	 	 	 	 	 	 	 	76.50	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	76.50	 
	AMP Consultants	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/19/2013	 	1st Quarter 2013	 	05/19/2013	 	 	436.57	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	436.57	 
	Total AMP Consultants	 	 	 	 	 	 	 	 	 	 	436.57	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	436.57	 

 

    	Page 1 of 17

    	 

    

 

	8:07 PM	L'Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	Arizona's Finest Wedding Sites	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	2718	 	05/15/2013	 	 	1,996.00	 	 	 	-	 	 	 	-	 	 	 	1,996.00	 	 	 	-	 
	Total Arizona's Finest Wedding Sites	 	 	 	 	 	 	 	 	 	 	1,996.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,996.00	 	 	 	0.00	 
	Arizona Department of Transportation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	Record #03286136	 	05/01/2013	 	 	38.46	 	 	 	-	 	 	 	-	 	 	 	38.46	 	 	 	-	 
	Total Arizona Department of Transportation	 	 	 	 	 	 	 	 	 	 	38.46	 	 	 	0.00	 	 	 	0.00	 	 	 	38.46	 	 	 	0.00	 
	Arizona Dept of Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	March 2013	 	04/20/2013	 	 	98,766.97	 	 	 	-	 	 	 	98,766.97	 	 	 	-	 	 	 	-	 
	Total Arizona Dept of Revenue	 	 	 	 	 	 	 	 	 	 	98,766.97	 	 	 	0.00	 	 	 	98,766.97	 	 	 	0.00	 	 	 	0.00	 
	Arizona Highways	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	11196	 	05/05/2013	 	 	324.35	 	 	 	-	 	 	 	-	 	 	 	324.35	 	 	 	-	 
	Total Arizona Highways	 	 	 	 	 	 	 	 	 	 	324.35	 	 	 	0.00	 	 	 	0.00	 	 	 	324.35	 	 	 	0.00	 
	Arizona Republic Newspapers	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/04/2013	 	18985160	 	05/04/2013	 	 	91.75	 	 	 	-	 	 	 	-	 	 	 	91.75	 	 	 	-	 
	 	 	Bill	 	04/11/2013	 	18988990	 	05/11/2013	 	 	91.75	 	 	 	-	 	 	 	-	 	 	 	91.75	 	 	 	-	 
	Total Arizona Republic Newspapers	 	 	 	 	 	 	 	 	 	 	183.50	 	 	 	0.00	 	 	 	0.00	 	 	 	183.50	 	 	 	0.00	 
	Arizona Vines & Wines	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/04/2013	 	672	 	05/04/2013	 	 	1,000.00	 	 	 	-	 	 	 	-	 	 	 	1,000.00	 	 	 	-	 
	Total Arizona Vines & Wines	 	 	 	 	 	 	 	 	 	 	1,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,000.00	 	 	 	0.00	 
	Astor  Chocolate Corp.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	467265	 	05/01/2013	 	 	485.22	 	 	 	-	 	 	 	-	 	 	 	485.22	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	472762	 	05/08/2013	 	 	523.62	 	 	 	-	 	 	 	-	 	 	 	523.62	 	 	 	-	 
	Total Astor  Chocolate Corp.	 	 	 	 	 	 	 	 	 	 	1,008.84	 	 	 	0.00	 	 	 	0.00	 	 	 	1,008.84	 	 	 	0.00	 
	Bon Voyage Travel Service	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Jaeger	 	05/22/2013	 	 	158.70	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	158.70	 
	Total Bon Voyage Travel Service	 	 	 	 	 	 	 	 	 	 	158.70	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	158.70	 
	Brownell Travel Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	Greashaber	 	05/12/2013	 	 	170.70	 	 	 	-	 	 	 	-	 	 	 	170.70	 	 	 	-	 
	Total Brownell Travel Inc.	 	 	 	 	 	 	 	 	 	 	170.70	 	 	 	0.00	 	 	 	0.00	 	 	 	170.70	 	 	 	0.00	 
	Business Card Services	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/19/2013	 	04192013	 	05/19/2013	 	 	2,098.04	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	2,098.04	 
	Total Business Card Services	 	 	 	 	 	 	 	 	 	 	2,098.04	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,098.04	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Canyon Portal II LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	6098	 	05/01/2013	 	 	2,142.40	 	 	 	-	 	 	 	-	 	 	 	2,142.40	 	 	 	-	 

 

    	Page 2 of 17

    	 

    

 

	8:07 PM	L'Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	 	 	Bill	 	04/10/2013	 	6097	 	05/01/2013	 	 	3,310.01	 	 	 	-	 	 	 	-	 	 	 	3,310.01	 	 	 	-	 
	Total Canyon Portal II LLC	 	 	 	 	 	 	 	 	 	 	5,452.41	 	 	 	0.00	 	 	 	0.00	 	 	 	5,452.41	 	 	 	0.00	 
	Carlson Wagonlit Travel, Inc  - AZ	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	Payne	 	05/12/2013	 	 	151.30	 	 	 	-	 	 	 	-	 	 	 	151.30	 	 	 	-	 
	Total Carlson Wagonlit Travel, Inc  - AZ	 	 	 	 	 	 	 	 	 	 	151.30	 	 	 	0.00	 	 	 	0.00	 	 	 	151.30	 	 	 	0.00	 
	CCRA International, Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Cernigoj	 	05/22/2013	 	 	132.70	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	132.70	 
	Total CCRA International, Inc.	 	 	 	 	 	 	 	 	 	 	132.70	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	132.70	 
	Cintas Corporation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	9780457	 	05/03/2013	 	 	530.06	 	 	 	-	 	 	 	-	 	 	 	530.06	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	9778121	 	05/03/2013	 	 	592.23	 	 	 	-	 	 	 	-	 	 	 	592.23	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	9797276	 	05/09/2013	 	 	509.26	 	 	 	-	 	 	 	-	 	 	 	509.26	 	 	 	-	 
	 	 	Bill	 	04/11/2013	 	9809661	 	05/11/2013	 	 	305.32	 	 	 	-	 	 	 	-	 	 	 	305.32	 	 	 	-	 
	 	 	Bill	 	04/11/2013	 	9809105	 	05/11/2013	 	 	84.67	 	 	 	-	 	 	 	-	 	 	 	84.67	 	 	 	-	 
	 	 	Bill	 	04/16/2013	 	9821866	 	05/16/2013	 	 	50.39	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	50.39	 
	 	 	Bill	 	04/16/2013	 	9822927	 	05/16/2013	 	 	118.29	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	118.29	 
	Total Cintas Corporation	 	 	 	 	 	 	 	 	 	 	2,190.22	 	 	 	0.00	 	 	 	0.00	 	 	 	2,021.54	 	 	 	168.68	 
	Clarisonic	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	90160038	 	05/01/2013	 	 	277.00	 	 	 	-	 	 	 	-	 	 	 	277.00	 	 	 	-	 
	Total Clarisonic	 	 	 	 	 	 	 	 	 	 	277.00	 	 	 	0.00	 	 	 	0.00	 	 	 	277.00	 	 	 	0.00	 
	Classic Party Rentals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	0000395025	 	05/01/2013	 	 	419.41	 	 	 	-	 	 	 	-	 	 	 	419.41	 	 	 	-	 
	Total Classic Party Rentals	 	 	 	 	 	 	 	 	 	 	419.41	 	 	 	0.00	 	 	 	0.00	 	 	 	419.41	 	 	 	0.00	 
	Club World Japan	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	96622750	 	05/12/2013	 	 	116.00	 	 	 	-	 	 	 	-	 	 	 	116.00	 	 	 	-	 
	Total Club World Japan	 	 	 	 	 	 	 	 	 	 	116.00	 	 	 	0.00	 	 	 	0.00	 	 	 	116.00	 	 	 	0.00	 
	Colletts Travel Ltd.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Raymond	 	05/22/2013	 	 	81.80	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	81.80	 
	Total Colletts Travel Ltd.	 	 	 	 	 	 	 	 	 	 	81.80	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	81.80	 
	Colonial Life	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	3963915-0401621	 	05/01/2013	 	 	2,420.10	 	 	 	-	 	 	 	-	 	 	 	2,420.10	 	 	 	-	 
	Total Colonial Life	 	 	 	 	 	 	 	 	 	 	2,420.10	 	 	 	0.00	 	 	 	0.00	 	 	 	2,420.10	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Design Travel Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Harp	 	05/22/2013	 	 	198.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	198.00	 
	Total Design Travel Inc.	 	 	 	 	 	 	 	 	 	 	198.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	198.00	 

 

    	Page 3 of 17

    	 

    

 

	8:07 PM	L'Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	EcoServ Pest Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	9302420	 	05/09/2013	 	 	654.00	 	 	 	-	 	 	 	-	 	 	 	654.00	 	 	 	-	 
	Total EcoServ Pest Management	 	 	 	 	 	 	 	 	 	 	654.00	 	 	 	0.00	 	 	 	0.00	 	 	 	654.00	 	 	 	0.00	 
	Elegant Publishing, Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	Grace Ormond Wedding	 	05/02/2013	 	 	2,250.00	 	 	 	-	 	 	 	-	 	 	 	2,250.00	 	 	 	-	 
	Total Elegant Publishing, Inc.	 	 	 	 	 	 	 	 	 	 	2,250.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,250.00	 	 	 	0.00	 
	emerginC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	15386	 	05/05/2013	 	 	564.00	 	 	 	-	 	 	 	-	 	 	 	564.00	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	15387	 	05/05/2013	 	 	483.65	 	 	 	-	 	 	 	-	 	 	 	483.65	 	 	 	-	 
	Total emerginC	 	 	 	 	 	 	 	 	 	 	1,047.65	 	 	 	0.00	 	 	 	0.00	 	 	 	1,047.65	 	 	 	0.00	 
	First Credit Bank	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/30/2013	 	May Payment	 	05/11/2013	 	 	188,714.79	 	 	 	-	 	 	 	-	 	 	 	188,714.79	 	 	 	-	 
	Total First Credit Bank	 	 	 	 	 	 	 	 	 	 	188,714.79	 	 	 	0.00	 	 	 	0.00	 	 	 	188,714.79	 	 	 	0.00	 
	Five Star Alliance LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Obrien	 	05/22/2013	 	 	107.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	107.00	 
	Total Five Star Alliance LLC	 	 	 	 	 	 	 	 	 	 	107.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	107.00	 
	Flick, Stephanie	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	Ship Cake	 	05/15/2013	 	 	11.77	 	 	 	-	 	 	 	-	 	 	 	11.77	 	 	 	-	 
	Total Flick, Stephanie	 	 	 	 	 	 	 	 	 	 	11.77	 	 	 	0.00	 	 	 	0.00	 	 	 	11.77	 	 	 	0.00	 
	Foods in Season, Inc	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	143272	 	05/01/2013	 	 	433.50	 	 	 	-	 	 	 	-	 	 	 	433.50	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	143750	 	05/05/2013	 	 	469.50	 	 	 	-	 	 	 	-	 	 	 	469.50	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	143932	 	05/08/2013	 	 	281.80	 	 	 	-	 	 	 	-	 	 	 	281.80	 	 	 	-	 
	 	 	Bill	 	04/11/2013	 	144399	 	05/11/2013	 	 	457.50	 	 	 	-	 	 	 	-	 	 	 	457.50	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	144658	 	05/15/2013	 	 	469.20	 	 	 	-	 	 	 	-	 	 	 	469.20	 	 	 	-	 
	Total Foods in Season, Inc	 	 	 	 	 	 	 	 	 	 	2,111.50	 	 	 	0.00	 	 	 	0.00	 	 	 	2,111.50	 	 	 	0.00	 
	Ford Credit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	03/04/2013	 	46737065	 	05/13/2013	 	 	623.03	 	 	 	-	 	 	 	-	 	 	 	623.03	 	 	 	-	 
	 	 	Bill	 	03/13/2013	 	45490476	 	05/29/2013	 	 	441.26	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	441.26	 
	Total Ford Credit	 	 	 	 	 	 	 	 	 	 	1,064.29	 	 	 	0.00	 	 	 	0.00	 	 	 	623.03	 	 	 	441.26	 
	Fresh Point	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	276387	 	05/02/2013	 	 	31.18	 	 	 	-	 	 	 	-	 	 	 	31.18	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	276386	 	05/02/2013	 	 	1,102.89	 	 	 	-	 	 	 	-	 	 	 	1,102.89	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	277242	 	05/05/2013	 	 	1,295.88	 	 	 	-	 	 	 	-	 	 	 	1,295.88	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	278410	 	05/09/2013	 	 	476.43	 	 	 	-	 	 	 	-	 	 	 	476.43	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	279232	 	05/12/2013	 	 	806.26	 	 	 	-	 	 	 	-	 	 	 	806.26	 	 	 	-	 

 

    	Page 4 of 17

    	 

    

 

	8:07 PM	L'Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	 	 	Bill	 	04/16/2013	 	280167	 	05/16/2013	 	 	221.10	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	221.10	 
	 	 	Bill	 	04/16/2013	 	280166	 	05/16/2013	 	 	1,037.53	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1,037.53	 
	 	 	Bill	 	04/19/2013	 	281178	 	05/19/2013	 	 	845.30	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	845.30	 
	Total Fresh Point	 	 	 	 	 	 	 	 	 	 	5,816.57	 	 	 	0.00	 	 	 	0.00	 	 	 	3,712.64	 	 	 	2,103.93	 
	Gilchrist & Soames	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	3115812	 	05/05/2013	 	 	4,453.42	 	 	 	-	 	 	 	-	 	 	 	4,453.42	 	 	 	-	 
	Total Gilchrist & Soames	 	 	 	 	 	 	 	 	 	 	4,453.42	 	 	 	0.00	 	 	 	0.00	 	 	 	4,453.42	 	 	 	0.00	 
	Golden Eagle Distributors, Inc	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	10951827	 	05/10/2013	 	 	254.40	 	 	 	-	 	 	 	-	 	 	 	254.40	 	 	 	-	 
	Total Golden Eagle Distributors, Inc	 	 	 	 	 	 	 	 	 	 	254.40	 	 	 	0.00	 	 	 	0.00	 	 	 	254.40	 	 	 	0.00	 
	Goli's Avenues of Travel	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Hammes	 	05/22/2013	 	 	25.50	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	25.50	 
	Total Goli's Avenues of Travel	 	 	 	 	 	 	 	 	 	 	25.50	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	25.50	 
	Grainger	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	9105525266	 	05/01/2013	 	 	143.49	 	 	 	-	 	 	 	-	 	 	 	143.49	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	9099485303	 	05/01/2013	 	 	128.52	 	 	 	-	 	 	 	-	 	 	 	128.52	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	9100237388	 	05/01/2013	 	 	88.87	 	 	 	-	 	 	 	-	 	 	 	88.87	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	9099485311	 	05/01/2013	 	 	95.04	 	 	 	-	 	 	 	-	 	 	 	95.04	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	9107342827	 	05/03/2013	 	 	33.33	 	 	 	-	 	 	 	-	 	 	 	33.33	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	9107342819	 	05/03/2013	 	 	238.30	 	 	 	-	 	 	 	-	 	 	 	238.30	 	 	 	-	 
	Total Grainger	 	 	 	 	 	 	 	 	 	 	727.55	 	 	 	0.00	 	 	 	0.00	 	 	 	727.55	 	 	 	0.00	 
	Greenleaf Wholesale Florist, Inc	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Credit	 	04/01/2013	 	1010771172	 	05/01/2013	 	 	-1,325.24	 	 	 	-	 	 	 	-	 	 	 	(1,325.24	)	 	 	-	 
	 	 	Bill	 	04/04/2013	 	10307281	 	05/04/2013	 	 	339.43	 	 	 	-	 	 	 	-	 	 	 	339.43	 	 	 	-	 
	 	 	Bill	 	04/11/2013	 	10307462	 	05/11/2013	 	 	480.42	 	 	 	-	 	 	 	-	 	 	 	480.42	 	 	 	-	 
	 	 	Bill	 	04/18/2013	 	10307655	 	05/18/2013	 	 	376.06	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	376.06	 
	Total Greenleaf Wholesale Florist, Inc	 	 	 	 	 	 	 	 	 	 	-129.33	 	 	 	0.00	 	 	 	0.00	 	 	 	-505.39	 	 	 	376.06	 
	Guest Supply	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	4579284	 	05/05/2013	 	 	552.55	 	 	 	-	 	 	 	-	 	 	 	552.55	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	4581249	 	05/05/2013	 	 	62.41	 	 	 	-	 	 	 	-	 	 	 	62.41	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	4579365	 	05/05/2013	 	 	1,218.12	 	 	 	-	 	 	 	-	 	 	 	1,218.12	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	4579428	 	05/05/2013	 	 	32.50	 	 	 	-	 	 	 	-	 	 	 	32.50	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	4580172	 	05/05/2013	 	 	196.17	 	 	 	-	 	 	 	-	 	 	 	196.17	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	4591020	 	05/10/2013	 	 	192.29	 	 	 	-	 	 	 	-	 	 	 	192.29	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	4597617	 	05/12/2013	 	 	747.56	 	 	 	-	 	 	 	-	 	 	 	747.56	 	 	 	-	 
	 	 	Bill	 	04/16/2013	 	4605031	 	05/16/2013	 	 	666.95	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	666.95	 
	 	 	Bill	 	04/16/2013	 	4603112	 	05/16/2013	 	 	282.70	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	282.70	 
	Total Guest Supply	 	 	 	 	 	 	 	 	 	 	3,951.25	 	 	 	0.00	 	 	 	0.00	 	 	 	3,001.60	 	 	 	949.65	 

 

    	Page 5 of 17

    	 

    

 

	8:07 PM	L'Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	Harbor Linen	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/04/2013	 	3914524	 	05/04/2013	 	 	681.53	 	 	 	-	 	 	 	-	 	 	 	681.53	 	 	 	-	 
	Total Harbor Linen	 	 	 	 	 	 	 	 	 	 	681.53	 	 	 	0.00	 	 	 	0.00	 	 	 	681.53	 	 	 	0.00	 
	HD Supply	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	9121398732	 	05/01/2013	 	 	106.31	 	 	 	-	 	 	 	-	 	 	 	106.31	 	 	 	-	 
	Total HD Supply	 	 	 	 	 	 	 	 	 	 	106.31	 	 	 	0.00	 	 	 	0.00	 	 	 	106.31	 	 	 	0.00	 
	Holam International Travel	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	Klachky	 	05/12/2013	 	 	59.00	 	 	 	-	 	 	 	-	 	 	 	59.00	 	 	 	-	 
	Total Holam International Travel	 	 	 	 	 	 	 	 	 	 	59.00	 	 	 	0.00	 	 	 	0.00	 	 	 	59.00	 	 	 	0.00	 
	IMH FCB Pymnt	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	03/31/2013	 	March Payment	 	05/01/2013	 	 	188,714.79	 	 	 	-	 	 	 	-	 	 	 	188,714.79	 	 	 	-	 
	 	 	Bill	 	03/31/2013	 	April Payment	 	05/01/2013	 	 	188,714.79	 	 	 	-	 	 	 	-	 	 	 	188,714.79	 	 	 	-	 
	 	 	Bill	 	03/31/2013	 	Init. Principal Down	 	05/01/2013	 	 	47,189.75	 	 	 	-	 	 	 	-	 	 	 	47,189.75	 	 	 	-	 
	Total IMH FCB Pymnt	 	 	 	 	 	 	 	 	 	 	424,619.33	 	 	 	0.00	 	 	 	0.00	 	 	 	424,619.33	 	 	 	0.00	 
	International Restaurant Supply	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	81984085	 	05/12/2013	 	 	156.62	 	 	 	-	 	 	 	-	 	 	 	156.62	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	81984072	 	05/12/2013	 	 	239.68	 	 	 	-	 	 	 	-	 	 	 	239.68	 	 	 	-	 
	Total International Restaurant Supply	 	 	 	 	 	 	 	 	 	 	396.30	 	 	 	0.00	 	 	 	0.00	 	 	 	396.30	 	 	 	0.00	 
	IPFS Corporation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	03/13/2013	 	CAL-186881	 	05/05/2013	 	 	1,370.32	 	 	 	-	 	 	 	-	 	 	 	1,370.32	 	 	 	-	 
	Total IPFS Corporation	 	 	 	 	 	 	 	 	 	 	1,370.32	 	 	 	0.00	 	 	 	0.00	 	 	 	1,370.32	 	 	 	0.00	 
	Iron Mountain	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	GTY8896	 	05/01/2013	 	 	243.53	 	 	 	-	 	 	 	-	 	 	 	243.53	 	 	 	-	 
	Total Iron Mountain	 	 	 	 	 	 	 	 	 	 	243.53	 	 	 	0.00	 	 	 	0.00	 	 	 	243.53	 	 	 	0.00	 
	J Public Relations	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	3004	 	05/01/2013	 	 	8,259.60	 	 	 	-	 	 	 	-	 	 	 	8,259.60	 	 	 	-	 
	Total J Public Relations	 	 	 	 	 	 	 	 	 	 	8,259.60	 	 	 	0.00	 	 	 	0.00	 	 	 	8,259.60	 	 	 	0.00	 
	Jet-Fresh, Inc	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/04/2013	 	692571	 	05/04/2013	 	 	447.59	 	 	 	-	 	 	 	-	 	 	 	447.59	 	 	 	-	 
	 	 	Bill	 	04/11/2013	 	692641	 	05/11/2013	 	 	801.92	 	 	 	-	 	 	 	-	 	 	 	801.92	 	 	 	-	 
	Total Jet-Fresh, Inc	 	 	 	 	 	 	 	 	 	 	1,249.51	 	 	 	0.00	 	 	 	0.00	 	 	 	1,249.51	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Kaeser & Blair Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	30403397	 	05/10/2013	 	 	612.99	 	 	 	-	 	 	 	-	 	 	 	612.99	 	 	 	-	 
	Total Kaeser & Blair Inc.	 	 	 	 	 	 	 	 	 	 	612.99	 	 	 	0.00	 	 	 	0.00	 	 	 	612.99	 	 	 	0.00	 

 

    	Page 6 of 17

    	 

    

 

	8:07 PM	L'Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	Kerstin Florian	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	0155294-IN	 	05/01/2013	 	 	724.57	 	 	 	-	 	 	 	-	 	 	 	724.57	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	0155291-iN	 	05/01/2013	 	 	703.93	 	 	 	-	 	 	 	-	 	 	 	703.93	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	0155523-IN	 	05/05/2013	 	 	487.45	 	 	 	-	 	 	 	-	 	 	 	487.45	 	 	 	-	 
	 	 	Bill	 	04/17/2013	 	0155803-IN	 	05/17/2013	 	 	84.60	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	84.60	 
	Total Kerstin Florian	 	 	 	 	 	 	 	 	 	 	2,000.55	 	 	 	0.00	 	 	 	0.00	 	 	 	1,915.95	 	 	 	84.60	 
	Kiwi Collection Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	000896-0413-Adm	 	05/01/2013	 	 	299.00	 	 	 	-	 	 	 	-	 	 	 	299.00	 	 	 	-	 
	Total Kiwi Collection Inc.	 	 	 	 	 	 	 	 	 	 	299.00	 	 	 	0.00	 	 	 	0.00	 	 	 	299.00	 	 	 	0.00	 
	Land Rover Financial Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	05/22/2013	 	0010322270	 	05/24/2013	 	 	909.20	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	909.20	 
	Total Land Rover Financial Group	 	 	 	 	 	 	 	 	 	 	909.20	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	909.20	 
	Liberty Pipeline Services, LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	2679	 	05/01/2013	 	 	1,015.00	 	 	 	-	 	 	 	-	 	 	 	1,015.00	 	 	 	-	 
	Total Liberty Pipeline Services, LLC	 	 	 	 	 	 	 	 	 	 	1,015.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,015.00	 	 	 	0.00	 
	Litwin Travel	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Horwitz	 	05/22/2013	 	 	48.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	48.00	 
	Total Litwin Travel	 	 	 	 	 	 	 	 	 	 	48.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	48.00	 
	Loyalty Travel Agency	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	Mebust, Aaron & Kimb	 	05/12/2013	 	 	107.00	 	 	 	-	 	 	 	-	 	 	 	107.00	 	 	 	-	 
	Total Loyalty Travel Agency	 	 	 	 	 	 	 	 	 	 	107.00	 	 	 	0.00	 	 	 	0.00	 	 	 	107.00	 	 	 	0.00	 
	Luxe Travel Management Inc	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Taylor	 	05/22/2013	 	 	59.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	59.00	 
	Total Luxe Travel Management Inc	 	 	 	 	 	 	 	 	 	 	59.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	59.00	 
	Luxury Travel Advisors Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/11/2013	 	Bax	 	05/11/2013	 	 	104.60	 	 	 	-	 	 	 	-	 	 	 	104.60	 	 	 	-	 
	Total Luxury Travel Advisors Inc.	 	 	 	 	 	 	 	 	 	 	104.60	 	 	 	0.00	 	 	 	0.00	 	 	 	104.60	 	 	 	0.00	 
	Macquarie Equipment Finance, LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	03/26/2013	 	LSL130501153	 	05/01/2013	 	 	2,354.07	 	 	 	-	 	 	 	-	 	 	 	2,354.07	 	 	 	-	 
	Total Macquarie Equipment Finance, LLC	 	 	 	 	 	 	 	 	 	 	2,354.07	 	 	 	0.00	 	 	 	0.00	 	 	 	2,354.07	 	 	 	0.00	 
	Mardi Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Doerr	 	05/22/2013	 	 	66.42	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	66.42	 
	Total Mardi Inc.	 	 	 	 	 	 	 	 	 	 	66.42	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	66.42	 
	Merit Technology Partners	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 

 

    	Page 7 of 17

    	 

    

 

	8:07 PM	L'Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	 	 	Bill	 	04/02/2013	 	2013-0144	 	05/02/2013	 	 	1,500.00	 	 	 	-	 	 	 	-	 	 	 	1,500.00	 	 	 	-	 
	Total Merit Technology Partners	 	 	 	 	 	 	 	 	 	 	1,500.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,500.00	 	 	 	0.00	 
	Michael Brown	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	379	 	05/05/2013	 	 	75.00	 	 	 	-	 	 	 	-	 	 	 	75.00	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	380	 	05/12/2013	 	 	75.00	 	 	 	-	 	 	 	-	 	 	 	75.00	 	 	 	-	 
	 	 	Bill	 	04/19/2013	 	381	 	05/19/2013	 	 	75.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	75.00	 
	Total Michael Brown	 	 	 	 	 	 	 	 	 	 	225.00	 	 	 	0.00	 	 	 	0.00	 	 	 	150.00	 	 	 	75.00	 
	Mike Koopsen	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	04102013	 	05/10/2013	 	 	100.00	 	 	 	-	 	 	 	-	 	 	 	100.00	 	 	 	-	 
	Total Mike Koopsen	 	 	 	 	 	 	 	 	 	 	100.00	 	 	 	0.00	 	 	 	0.00	 	 	 	100.00	 	 	 	0.00	 
	Morgan Chaney Packaging	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/04/2013	 	206588	 	05/04/2013	 	 	50.51	 	 	 	-	 	 	 	-	 	 	 	50.51	 	 	 	-	 
	Total Morgan Chaney Packaging	 	 	 	 	 	 	 	 	 	 	50.51	 	 	 	0.00	 	 	 	0.00	 	 	 	50.51	 	 	 	0.00	 
	Mount Hope Wholesale	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	419765	 	05/01/2013	 	 	136.00	 	 	 	-	 	 	 	-	 	 	 	136.00	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	418258	 	05/01/2013	 	 	90.00	 	 	 	-	 	 	 	-	 	 	 	90.00	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	419937	 	05/02/2013	 	 	52.25	 	 	 	-	 	 	 	-	 	 	 	52.25	 	 	 	-	 
	 	 	Bill	 	04/04/2013	 	420139	 	05/04/2013	 	 	155.00	 	 	 	-	 	 	 	-	 	 	 	155.00	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	420487	 	05/09/2013	 	 	149.25	 	 	 	-	 	 	 	-	 	 	 	149.25	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	420640	 	05/10/2013	 	 	52.25	 	 	 	-	 	 	 	-	 	 	 	52.25	 	 	 	-	 
	 	 	Bill	 	04/18/2013	 	421329	 	05/18/2013	 	 	52.25	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	52.25	 
	 	 	Bill	 	04/18/2013	 	421368	 	05/18/2013	 	 	175.03	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	175.03	 
	Total Mount Hope Wholesale	 	 	 	 	 	 	 	 	 	 	862.03	 	 	 	0.00	 	 	 	0.00	 	 	 	634.75	 	 	 	227.28	 
	Mwt Management Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Campagna	 	05/22/2013	 	 	127.80	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	127.80	 
	Total Mwt Management Inc.	 	 	 	 	 	 	 	 	 	 	127.80	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	127.80	 
	NAVIS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	NWC-2478	 	05/01/2013	 	 	2,250.00	 	 	 	-	 	 	 	-	 	 	 	2,250.00	 	 	 	-	 
	Total NAVIS	 	 	 	 	 	 	 	 	 	 	2,250.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,250.00	 	 	 	0.00	 
	Office Depot	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	653215380001	 	05/09/2013	 	 	132.67	 	 	 	-	 	 	 	-	 	 	 	132.67	 	 	 	-	 
	 	 	Bill	 	04/14/2013	 	649905385001	 	05/14/2013	 	 	121.15	 	 	 	-	 	 	 	-	 	 	 	121.15	 	 	 	-	 
	Total Office Depot	 	 	 	 	 	 	 	 	 	 	253.82	 	 	 	0.00	 	 	 	0.00	 	 	 	253.82	 	 	 	0.00	 
	Open Table	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	1498391	 	05/01/2013	 	 	481.13	 	 	 	-	 	 	 	-	 	 	 	481.13	 	 	 	-	 
	Total Open Table	 	 	 	 	 	 	 	 	 	 	481.13	 	 	 	0.00	 	 	 	0.00	 	 	 	481.13	 	 	 	0.00	 

 

    	Page 8 of 17

    	 

    

 

	8:07 PM	L'Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	Pacific Seafood	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Credit	 	04/09/2013	 	13946	 	05/09/2013	 	 	-128.99	 	 	 	-	 	 	 	-	 	 	 	(128.99	)	 	 	-	 
	 	 	Bill	 	04/02/2013	 	285673	 	05/02/2013	 	 	497.40	 	 	 	-	 	 	 	-	 	 	 	497.40	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	286117	 	05/05/2013	 	 	158.31	 	 	 	-	 	 	 	-	 	 	 	158.31	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	286116	 	05/05/2013	 	 	509.99	 	 	 	-	 	 	 	-	 	 	 	509.99	 	 	 	-	 
	 	 	Bill	 	04/06/2013	 	286485	 	05/06/2013	 	 	747.45	 	 	 	-	 	 	 	-	 	 	 	747.45	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	286664	 	05/09/2013	 	 	1,101.17	 	 	 	-	 	 	 	-	 	 	 	1,101.17	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	287210	 	05/12/2013	 	 	1,361.62	 	 	 	-	 	 	 	-	 	 	 	1,361.62	 	 	 	-	 
	 	 	Bill	 	04/16/2013	 	287745	 	05/16/2013	 	 	544.61	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	544.61	 
	 	 	Bill	 	04/20/2013	 	288491	 	05/20/2013	 	 	702.87	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	702.87	 
	Total Pacific Seafood	 	 	 	 	 	 	 	 	 	 	5,494.43	 	 	 	0.00	 	 	 	0.00	 	 	 	4,246.95	 	 	 	1,247.48	 
	Pepsi Cola Bottling Company	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	188712	 	05/10/2013	 	 	643.37	 	 	 	-	 	 	 	-	 	 	 	643.37	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	188697	 	05/10/2013	 	 	48.20	 	 	 	-	 	 	 	-	 	 	 	48.20	 	 	 	-	 
	 	 	Bill	 	04/17/2013	 	190003	 	05/17/2013	 	 	64.80	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	64.80	 
	Total Pepsi Cola Bottling Company	 	 	 	 	 	 	 	 	 	 	756.37	 	 	 	0.00	 	 	 	0.00	 	 	 	691.57	 	 	 	64.80	 
	Personnel Safety Enterprises	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	1071310006	 	05/10/2013	 	 	37.76	 	 	 	-	 	 	 	-	 	 	 	37.76	 	 	 	-	 
	 	 	Bill	 	04/18/2013	 	1071310802	 	05/18/2013	 	 	144.55	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	144.55	 
	Total Personnel Safety Enterprises	 	 	 	 	 	 	 	 	 	 	182.31	 	 	 	0.00	 	 	 	0.00	 	 	 	37.76	 	 	 	144.55	 
	Petra Risk Solutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	05/01/2013	 	Inst #6	 	05/08/2013	 	 	14,811.00	 	 	 	-	 	 	 	-	 	 	 	14,811.00	 	 	 	-	 
	Total Petra Risk Solutions	 	 	 	 	 	 	 	 	 	 	14,811.00	 	 	 	0.00	 	 	 	0.00	 	 	 	14,811.00	 	 	 	0.00	 
	Petty Cash Custodian	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/24/2013	 	04242013	 	05/24/2013	 	 	875.63	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	875.63	 
	 	 	Bill	 	04/15/2013	 	PC 04152013	 	05/15/2013	 	 	207.50	 	 	 	-	 	 	 	-	 	 	 	207.50	 	 	 	-	 
	Total Petty Cash Custodian	 	 	 	 	 	 	 	 	 	 	1,083.13	 	 	 	0.00	 	 	 	0.00	 	 	 	207.50	 	 	 	875.63	 
	Phoenix Knife House	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	1-17	 	05/12/2013	 	 	212.13	 	 	 	-	 	 	 	-	 	 	 	212.13	 	 	 	-	 
	Total Phoenix Knife House	 	 	 	 	 	 	 	 	 	 	212.13	 	 	 	0.00	 	 	 	0.00	 	 	 	212.13	 	 	 	0.00	 
	Pink Jeep Tours	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	808832	 	05/10/2013	 	 	807.90	 	 	 	-	 	 	 	-	 	 	 	807.90	 	 	 	-	 
	Total Pink Jeep Tours	 	 	 	 	 	 	 	 	 	 	807.90	 	 	 	0.00	 	 	 	0.00	 	 	 	807.90	 	 	 	0.00	 
	Platinum Travel Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	05/01/2013	 	Downs	 	06/01/2013	 	 	88.90	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	88.90	 
	Total Platinum Travel Inc.	 	 	 	 	 	 	 	 	 	 	88.90	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	88.90	 

 

    	Page 9 of 17

    	 

    

 

	8:07 PM	L'Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	 	 	Bill	 	05/01/2013	 	Montjoy	 	06/01/2013	 	 	227.60	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	227.60	 
	Total Pride Vacation	 	 	 	 	 	 	 	 	 	 	227.60	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	227.60	 
	Print Raven, The	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	13458	 	05/12/2013	 	 	137.27	 	 	 	-	 	 	 	-	 	 	 	137.27	 	 	 	-	 
	Total Print Raven, The	 	 	 	 	 	 	 	 	 	 	137.27	 	 	 	0.00	 	 	 	0.00	 	 	 	137.27	 	 	 	0.00	 
	ProTravel International-Ca	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Rosen	 	05/22/2013	 	 	109.70	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	109.70	 
	Total ProTravel International-Ca	 	 	 	 	 	 	 	 	 	 	109.70	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	109.70	 
	Protravel International-NyNY	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Rothlin	 	05/22/2013	 	 	48.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	48.00	 
	Total Protravel International-NyNY	 	 	 	 	 	 	 	 	 	 	48.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	48.00	 
	Protravel International Inc.-AZ	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	Carter	 	05/12/2013	 	 	60.00	 	 	 	-	 	 	 	-	 	 	 	60.00	 	 	 	-	 
	Total Protravel International Inc.-AZ	 	 	 	 	 	 	 	 	 	 	60.00	 	 	 	0.00	 	 	 	0.00	 	 	 	60.00	 	 	 	0.00	 
	R.W. Smith & Co.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	1501133-00	 	05/12/2013	 	 	1,386.93	 	 	 	-	 	 	 	-	 	 	 	1,386.93	 	 	 	-	 
	Total R.W. Smith & Co.	 	 	 	 	 	 	 	 	 	 	1,386.93	 	 	 	0.00	 	 	 	0.00	 	 	 	1,386.93	 	 	 	0.00	 
	Red Rock Lock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/18/2013	 	111752	 	05/18/2013	 	 	44.29	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	44.29	 
	Total Red Rock Lock	 	 	 	 	 	 	 	 	 	 	44.29	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	44.29	 
	Regency Lighting	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	2690843	 	05/02/2013	 	 	552.18	 	 	 	-	 	 	 	-	 	 	 	552.18	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	2695526	 	05/08/2013	 	 	26.24	 	 	 	-	 	 	 	-	 	 	 	26.24	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	2698327	 	05/10/2013	 	 	325.40	 	 	 	-	 	 	 	-	 	 	 	325.40	 	 	 	-	 
	Total Regency Lighting	 	 	 	 	 	 	 	 	 	 	903.82	 	 	 	0.00	 	 	 	0.00	 	 	 	903.82	 	 	 	0.00	 
	Rocky Mountain Chocolate Factory	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	545	 	05/12/2013	 	 	237.50	 	 	 	-	 	 	 	-	 	 	 	237.50	 	 	 	-	 
	 	 	Bill	 	04/18/2013	 	546	 	05/18/2013	 	 	237.50	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	237.50	 
	 	 	Bill	 	04/24/2013	 	547	 	05/24/2013	 	 	237.50	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	237.50	 
	Total Rocky Mountain Chocolate Factory	 	 	 	 	 	 	 	 	 	 	712.50	 	 	 	0.00	 	 	 	0.00	 	 	 	237.50	 	 	 	475.00	 
	ROKZOO Screen Printers	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	638	 	05/02/2013	 	 	156.00	 	 	 	-	 	 	 	-	 	 	 	156.00	 	 	 	-	 
	Total ROKZOO Screen Printers	 	 	 	 	 	 	 	 	 	 	156.00	 	 	 	0.00	 	 	 	0.00	 	 	 	156.00	 	 	 	0.00	 

 

    	Page 10 of 17

    	 

    

 

	8:07 PM	L'Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	Sabre Hospitality Solutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	0093024899	 	05/01/2013	 	 	1,645.39	 	 	 	-	 	 	 	-	 	 	 	1,645.39	 	 	 	-	 
	Total Sabre Hospitality Solutions	 	 	 	 	 	 	 	 	 	 	1,645.39	 	 	 	0.00	 	 	 	0.00	 	 	 	1,645.39	 	 	 	0.00	 
	Santa Barbara Travel Bureau Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	Bevan	 	05/12/2013	 	 	106.00	 	 	 	-	 	 	 	-	 	 	 	106.00	 	 	 	-	 
	Total Santa Barbara Travel Bureau Inc.	 	 	 	 	 	 	 	 	 	 	106.00	 	 	 	0.00	 	 	 	0.00	 	 	 	106.00	 	 	 	0.00	 
	Sedona Chamber of Commerce	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/17/2013	 	1027595	 	05/17/2013	 	 	15.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	15.00	 
	Total Sedona Chamber of Commerce	 	 	 	 	 	 	 	 	 	 	15.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	15.00	 
	Sedona Engraving & Awards	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	8898	 	05/09/2013	 	 	87.18	 	 	 	-	 	 	 	-	 	 	 	87.18	 	 	 	-	 
	 	 	Bill	 	04/16/2013	 	8954	 	05/16/2013	 	 	28.69	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	28.69	 
	Total Sedona Engraving & Awards	 	 	 	 	 	 	 	 	 	 	115.87	 	 	 	0.00	 	 	 	0.00	 	 	 	87.18	 	 	 	28.69	 
	Sedona Healing & Hypnotherapy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/11/2013	 	121	 	05/11/2013	 	 	75.00	 	 	 	-	 	 	 	-	 	 	 	75.00	 	 	 	-	 
	 	 	Bill	 	04/18/2013	 	122	 	05/18/2013	 	 	75.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	75.00	 
	Total Sedona Healing & Hypnotherapy	 	 	 	 	 	 	 	 	 	 	150.00	 	 	 	0.00	 	 	 	0.00	 	 	 	75.00	 	 	 	75.00	 
	Sedona Produce, Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	816883	 	05/02/2013	 	 	125.14	 	 	 	-	 	 	 	-	 	 	 	125.14	 	 	 	-	 
	 	 	Bill	 	04/04/2013	 	816956	 	05/04/2013	 	 	170.66	 	 	 	-	 	 	 	-	 	 	 	170.66	 	 	 	-	 
	 	 	Bill	 	04/04/2013	 	816951	 	05/04/2013	 	 	28.52	 	 	 	-	 	 	 	-	 	 	 	28.52	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	816997	 	05/05/2013	 	 	91.50	 	 	 	-	 	 	 	-	 	 	 	91.50	 	 	 	-	 
	 	 	Bill	 	04/06/2013	 	817017	 	05/06/2013	 	 	163.01	 	 	 	-	 	 	 	-	 	 	 	163.01	 	 	 	-	 
	 	 	Bill	 	04/06/2013	 	817028	 	05/06/2013	 	 	94.96	 	 	 	-	 	 	 	-	 	 	 	94.96	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	817061	 	05/08/2013	 	 	198.52	 	 	 	-	 	 	 	-	 	 	 	198.52	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	817168	 	05/12/2013	 	 	13.89	 	 	 	-	 	 	 	-	 	 	 	13.89	 	 	 	-	 
	 	 	Bill	 	04/13/2013	 	817217	 	05/13/2013	 	 	64.56	 	 	 	-	 	 	 	-	 	 	 	64.56	 	 	 	-	 
	 	 	Bill	 	04/13/2013	 	817213	 	05/13/2013	 	 	154.81	 	 	 	-	 	 	 	-	 	 	 	154.81	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	817224	 	05/15/2013	 	 	18.02	 	 	 	-	 	 	 	-	 	 	 	18.02	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	817245	 	05/15/2013	 	 	153.22	 	 	 	-	 	 	 	-	 	 	 	153.22	 	 	 	-	 
	 	 	Bill	 	04/18/2013	 	817327	 	05/18/2013	 	 	166.84	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	166.84	 
	 	 	Bill	 	04/20/2013	 	817389	 	05/20/2013	 	 	224.75	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	224.75	 
	Total Sedona Produce, Inc.	 	 	 	 	 	 	 	 	 	 	1,668.40	 	 	 	0.00	 	 	 	0.00	 	 	 	1,276.81	 	 	 	391.59	 
	Shoes for Crews, Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	8026936	 	05/02/2013	 	 	70.92	 	 	 	-	 	 	 	-	 	 	 	70.92	 	 	 	-	 
	 	 	Bill	 	04/07/2013	 	8055214	 	05/07/2013	 	 	160.84	 	 	 	-	 	 	 	-	 	 	 	160.84	 	 	 	-	 
	 	 	Bill	 	04/13/2013	 	8088771	 	05/13/2013	 	 	96.92	 	 	 	-	 	 	 	-	 	 	 	96.92	 	 	 	-	 
	Total Shoes for Crews, Inc.	 	 	 	 	 	 	 	 	 	 	328.68	 	 	 	0.00	 	 	 	0.00	 	 	 	328.68	 	 	 	0.00	 

 

    	Page 11 of 17

    	 

    

 

	8:07 PM	L'Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	Sinagua Plaza	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/30/2013	 	2625	 	05/01/2013	 	 	2,206.67	 	 	 	-	 	 	 	-	 	 	 	2,206.67	 	 	 	-	 
	 	 	Bill	 	04/30/2013	 	2626	 	05/01/2013	 	 	2,206.67	 	 	 	-	 	 	 	-	 	 	 	2,206.67	 	 	 	-	 
	Total Sinagua Plaza	 	 	 	 	 	 	 	 	 	 	4,413.34	 	 	 	0.00	 	 	 	0.00	 	 	 	4,413.34	 	 	 	0.00	 
	Southwest Glassware	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	893353	 	05/10/2013	 	 	787.07	 	 	 	-	 	 	 	-	 	 	 	787.07	 	 	 	-	 
	Total Southwest Glassware	 	 	 	 	 	 	 	 	 	 	787.07	 	 	 	0.00	 	 	 	0.00	 	 	 	787.07	 	 	 	0.00	 
	Sparklett's	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	10837417 040113	 	05/01/2013	 	 	513.63	 	 	 	-	 	 	 	-	 	 	 	513.63	 	 	 	-	 
	Total Sparklett's	 	 	 	 	 	 	 	 	 	 	513.63	 	 	 	0.00	 	 	 	0.00	 	 	 	513.63	 	 	 	0.00	 
	Specialty Textile Services	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	44096	 	05/01/2013	 	 	75.75	 	 	 	-	 	 	 	-	 	 	 	75.75	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	44094	 	05/01/2013	 	 	483.93	 	 	 	-	 	 	 	-	 	 	 	483.93	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	44095	 	05/01/2013	 	 	626.87	 	 	 	-	 	 	 	-	 	 	 	626.87	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	44097	 	05/01/2013	 	 	215.57	 	 	 	-	 	 	 	-	 	 	 	215.57	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	44296	 	05/02/2013	 	 	740.66	 	 	 	-	 	 	 	-	 	 	 	740.66	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	44298	 	05/02/2013	 	 	183.50	 	 	 	-	 	 	 	-	 	 	 	183.50	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	44642	 	05/03/2013	 	 	627.76	 	 	 	-	 	 	 	-	 	 	 	627.76	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	44643	 	05/03/2013	 	 	832.51	 	 	 	-	 	 	 	-	 	 	 	832.51	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	44646	 	05/03/2013	 	 	92.13	 	 	 	-	 	 	 	-	 	 	 	92.13	 	 	 	-	 
	 	 	Bill	 	04/04/2013	 	44865	 	05/04/2013	 	 	771.26	 	 	 	-	 	 	 	-	 	 	 	771.26	 	 	 	-	 
	 	 	Bill	 	04/04/2013	 	44867	 	05/04/2013	 	 	44.23	 	 	 	-	 	 	 	-	 	 	 	44.23	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	45100	 	05/05/2013	 	 	25.25	 	 	 	-	 	 	 	-	 	 	 	25.25	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	45098	 	05/05/2013	 	 	794.34	 	 	 	-	 	 	 	-	 	 	 	794.34	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	45099	 	05/05/2013	 	 	949.81	 	 	 	-	 	 	 	-	 	 	 	949.81	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	45101	 	05/05/2013	 	 	71.47	 	 	 	-	 	 	 	-	 	 	 	71.47	 	 	 	-	 
	 	 	Bill	 	04/06/2013	 	45338	 	05/06/2013	 	 	1,286.28	 	 	 	-	 	 	 	-	 	 	 	1,286.28	 	 	 	-	 
	 	 	Bill	 	04/06/2013	 	45340	 	05/06/2013	 	 	140.19	 	 	 	-	 	 	 	-	 	 	 	140.19	 	 	 	-	 
	 	 	Bill	 	04/07/2013	 	45588	 	05/07/2013	 	 	824.87	 	 	 	-	 	 	 	-	 	 	 	824.87	 	 	 	-	 
	 	 	Bill	 	04/07/2013	 	45589	 	05/07/2013	 	 	378.79	 	 	 	-	 	 	 	-	 	 	 	378.79	 	 	 	-	 
	 	 	Bill	 	04/07/2013	 	45590	 	05/07/2013	 	 	186.50	 	 	 	-	 	 	 	-	 	 	 	186.50	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	45787	 	05/08/2013	 	 	617.96	 	 	 	-	 	 	 	-	 	 	 	617.96	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	45788	 	05/08/2013	 	 	35.13	 	 	 	-	 	 	 	-	 	 	 	35.13	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	45786	 	05/08/2013	 	 	535.06	 	 	 	-	 	 	 	-	 	 	 	535.06	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	45789	 	05/08/2013	 	 	160.96	 	 	 	-	 	 	 	-	 	 	 	160.96	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	46054	 	05/09/2013	 	 	875.51	 	 	 	-	 	 	 	-	 	 	 	875.51	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	46056	 	05/09/2013	 	 	145.48	 	 	 	-	 	 	 	-	 	 	 	145.48	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	46364	 	05/10/2013	 	 	578.89	 	 	 	-	 	 	 	-	 	 	 	578.89	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	46367	 	05/10/2013	 	 	103.29	 	 	 	-	 	 	 	-	 	 	 	103.29	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	46365	 	05/10/2013	 	 	718.22	 	 	 	-	 	 	 	-	 	 	 	718.22	 	 	 	-	 
	 	 	Bill	 	04/11/2013	 	46554	 	05/11/2013	 	 	29.27	 	 	 	-	 	 	 	-	 	 	 	29.27	 	 	 	-	 

 

    	Page 12 of 17

    	 

    

 

	8:07 PM	L’Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	 	 	Bill	 	04/11/2013	 	46553	 	05/11/2013	 	 	734.05	 	 	 	-	 	 	 	-	 	 	 	734.05	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	46627	 	05/12/2013	 	 	135.15	 	 	 	-	 	 	 	-	 	 	 	135.15	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	46625	 	05/12/2013	 	 	892.06	 	 	 	-	 	 	 	-	 	 	 	892.06	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	46626	 	05/12/2013	 	 	910.22	 	 	 	-	 	 	 	-	 	 	 	910.22	 	 	 	-	 
	 	 	Bill	 	04/13/2013	 	47047	 	05/13/2013	 	 	625.87	 	 	 	-	 	 	 	-	 	 	 	625.87	 	 	 	-	 
	 	 	Bill	 	04/14/2013	 	47230	 	05/14/2013	 	 	776.22	 	 	 	-	 	 	 	-	 	 	 	776.22	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	47493	 	05/15/2013	 	 	919.36	 	 	 	-	 	 	 	-	 	 	 	919.36	 	 	 	-	 
	 	 	Bill	 	04/16/2013	 	47778	 	05/16/2013	 	 	64.04	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	64.04	 
	 	 	Bill	 	04/16/2013	 	47777	 	05/16/2013	 	 	772.92	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	772.92	 
	 	 	Bill	 	04/17/2013	 	48081	 	05/17/2013	 	 	736.57	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	736.57	 
	 	 	Bill	 	04/17/2013	 	48080	 	05/17/2013	 	 	520.73	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	520.73	 
	 	 	Bill	 	04/17/2013	 	48083	 	05/17/2013	 	 	116.72	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	116.72	 
	 	 	Bill	 	04/18/2013	 	48329	 	05/18/2013	 	 	745.84	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	745.84	 
	 	 	Bill	 	04/19/2013	 	48581	 	05/19/2013	 	 	587.55	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	587.55	 
	 	 	Bill	 	04/19/2013	 	48582	 	05/19/2013	 	 	609.16	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	609.16	 
	 	 	Bill	 	04/20/2013	 	48791	 	05/20/2013	 	 	463.37	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	463.37	 
	 	 	Bill	 	04/21/2013	 	49039	 	05/21/2013	 	 	187.67	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	187.67	 
	Total Specialty Textile Services	 	 	 	 	 	 	 	 	 	 	22,948.94	 	 	 	0.00	 	 	 	0.00	 	 	 	18,144.37	 	 	 	4,804.57	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SRC an Aetna Co.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill Pmt -Check	 	04/20/2012	 	13093	 	05/01/2013	 	 	-613.48	 	 	 	-	 	 	 	-	 	 	 	(613.48	)	 	 	-	 
	Total SRC an Aetna Co.	 	 	 	 	 	 	 	 	 	 	-613.48	 	 	 	0.00	 	 	 	0.00	 	 	 	-613.48	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sterling Food Service	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	301110	 	05/02/2013	 	 	1,266.54	 	 	 	-	 	 	 	-	 	 	 	1,266.54	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	301317	 	05/05/2013	 	 	104.68	 	 	 	-	 	 	 	-	 	 	 	104.68	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	301543	 	05/09/2013	 	 	800.80	 	 	 	-	 	 	 	-	 	 	 	800.80	 	 	 	-	 
	 	 	Bill	 	04/19/2013	 	302305	 	05/19/2013	 	 	1,007.67	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1,007.67	 
	Total Sterling Food Service	 	 	 	 	 	 	 	 	 	 	3,179.69	 	 	 	0.00	 	 	 	0.00	 	 	 	2,172.02	 	 	 	1,007.67	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Stern Produce Company	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	317475	 	05/01/2013	 	 	238.25	 	 	 	-	 	 	 	-	 	 	 	238.25	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	318073	 	05/02/2013	 	 	533.03	 	 	 	-	 	 	 	-	 	 	 	533.03	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	318567	 	05/03/2013	 	 	333.18	 	 	 	-	 	 	 	-	 	 	 	333.18	 	 	 	-	 
	 	 	Bill	 	04/04/2013	 	319102	 	05/04/2013	 	 	563.46	 	 	 	-	 	 	 	-	 	 	 	563.46	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	319585	 	05/05/2013	 	 	939.83	 	 	 	-	 	 	 	-	 	 	 	939.83	 	 	 	-	 
	 	 	Bill	 	04/06/2013	 	320129	 	05/06/2013	 	 	1,315.23	 	 	 	-	 	 	 	-	 	 	 	1,315.23	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	320587	 	05/08/2013	 	 	875.53	 	 	 	-	 	 	 	-	 	 	 	875.53	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	321223	 	05/09/2013	 	 	454.43	 	 	 	-	 	 	 	-	 	 	 	454.43	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	321729	 	05/10/2013	 	 	247.85	 	 	 	-	 	 	 	-	 	 	 	247.85	 	 	 	-	 
	 	 	Bill	 	04/11/2013	 	322247	 	05/11/2013	 	 	614.68	 	 	 	-	 	 	 	-	 	 	 	614.68	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	322730	 	05/12/2013	 	 	1,269.11	 	 	 	-	 	 	 	-	 	 	 	1,269.11	 	 	 	-	 
	 	 	Bill	 	04/13/2013	 	323257	 	05/13/2013	 	 	973.49	 	 	 	-	 	 	 	-	 	 	 	973.49	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	323664	 	05/15/2013	 	 	431.75	 	 	 	-	 	 	 	-	 	 	 	431.75	 	 	 	-	 
	 	 	Bill	 	04/16/2013	 	324298	 	05/16/2013	 	 	534.19	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	534.19	 

 

    	Page 13 of 17

    	 

    

 

	8:07 PM	L’Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	 	 	Bill	 	04/17/2013	 	324901	 	05/17/2013	 	 	464.88	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	464.88	 
	 	 	Bill	 	04/18/2013	 	325352	 	05/18/2013	 	 	493.33	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	493.33	 
	 	 	Bill	 	04/19/2013	 	325836	 	05/19/2013	 	 	621.54	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	621.54	 
	 	 	Bill	 	04/20/2013	 	326379	 	05/20/2013	 	 	757.52	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	757.52	 
	Total Stern Produce Company	 	 	 	 	 	 	 	 	 	 	11,661.28	 	 	 	0.00	 	 	 	0.00	 	 	 	8,789.82	 	 	 	2,871.46	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SuddenLink	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	100001 3550 71525130	 	05/01/2013	 	 	1,850.00	 	 	 	-	 	 	 	-	 	 	 	1,850.00	 	 	 	-	 
	Total SuddenLink	 	 	 	 	 	 	 	 	 	 	1,850.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,850.00	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sun Devil Fire Equipment	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	265865	 	05/01/2013	 	 	450.00	 	 	 	-	 	 	 	-	 	 	 	450.00	 	 	 	-	 
	Total Sun Devil Fire Equipment	 	 	 	 	 	 	 	 	 	 	450.00	 	 	 	0.00	 	 	 	0.00	 	 	 	450.00	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sysco Food Service of Arizona	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010406	 	05/01/2013	 	 	488.70	 	 	 	-	 	 	 	-	 	 	 	488.70	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010407	 	05/01/2013	 	 	145.48	 	 	 	-	 	 	 	-	 	 	 	145.48	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010405	 	05/01/2013	 	 	1,444.24	 	 	 	-	 	 	 	-	 	 	 	1,444.24	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010402	 	05/01/2013	 	 	206.47	 	 	 	-	 	 	 	-	 	 	 	206.47	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010404	 	05/01/2013	 	 	863.24	 	 	 	-	 	 	 	-	 	 	 	863.24	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010408	 	05/01/2013	 	 	1,159.49	 	 	 	-	 	 	 	-	 	 	 	1,159.49	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010403	 	05/01/2013	 	 	271.21	 	 	 	-	 	 	 	-	 	 	 	271.21	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	304020506	 	05/02/2013	 	 	24.95	 	 	 	-	 	 	 	-	 	 	 	24.95	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	304020472	 	05/02/2013	 	 	71.25	 	 	 	-	 	 	 	-	 	 	 	71.25	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030284	 	05/03/2013	 	 	90.85	 	 	 	-	 	 	 	-	 	 	 	90.85	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030283	 	05/03/2013	 	 	765.23	 	 	 	-	 	 	 	-	 	 	 	765.23	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030282	 	05/03/2013	 	 	817.27	 	 	 	-	 	 	 	-	 	 	 	817.27	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030281	 	05/03/2013	 	 	955.85	 	 	 	-	 	 	 	-	 	 	 	955.85	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030285	 	05/03/2013	 	 	41.06	 	 	 	-	 	 	 	-	 	 	 	41.06	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030457	 	05/03/2013	 	 	72.58	 	 	 	-	 	 	 	-	 	 	 	72.58	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052241	 	05/05/2013	 	 	697.72	 	 	 	-	 	 	 	-	 	 	 	697.72	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052242	 	05/05/2013	 	 	833.94	 	 	 	-	 	 	 	-	 	 	 	833.94	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052247	 	05/05/2013	 	 	2,308.95	 	 	 	-	 	 	 	-	 	 	 	2,308.95	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052243	 	05/05/2013	 	 	1,950.03	 	 	 	-	 	 	 	-	 	 	 	1,950.03	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052245	 	05/05/2013	 	 	317.18	 	 	 	-	 	 	 	-	 	 	 	317.18	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052246	 	05/05/2013	 	 	291.83	 	 	 	-	 	 	 	-	 	 	 	291.83	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052240	 	05/05/2013	 	 	4,890.83	 	 	 	-	 	 	 	-	 	 	 	4,890.83	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052248	 	05/05/2013	 	 	2,527.95	 	 	 	-	 	 	 	-	 	 	 	2,527.95	 	 	 	-	 
	 	 	Bill	 	04/06/2013	 	304060019	 	05/06/2013	 	 	142.70	 	 	 	-	 	 	 	-	 	 	 	142.70	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080402	 	05/08/2013	 	 	90.00	 	 	 	-	 	 	 	-	 	 	 	90.00	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080396	 	05/08/2013	 	 	1,877.28	 	 	 	-	 	 	 	-	 	 	 	1,877.28	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080404	 	05/08/2013	 	 	536.00	 	 	 	-	 	 	 	-	 	 	 	536.00	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080397	 	05/08/2013	 	 	613.94	 	 	 	-	 	 	 	-	 	 	 	613.94	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080403	 	05/08/2013	 	 	574.30	 	 	 	-	 	 	 	-	 	 	 	574.30	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080401	 	05/08/2013	 	 	415.02	 	 	 	-	 	 	 	-	 	 	 	415.02	 	 	 	-	 

 

    	Page 14 of 17

    	 

    

 

	8:07 PM	L’Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	 	 	Bill	 	04/08/2013	 	304080400	 	05/08/2013	 	 	802.32	 	 	 	-	 	 	 	-	 	 	 	802.32	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080399	 	05/08/2013	 	 	362.72	 	 	 	-	 	 	 	-	 	 	 	362.72	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080398	 	05/08/2013	 	 	268.68	 	 	 	-	 	 	 	-	 	 	 	268.68	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	304090218	 	05/09/2013	 	 	36.36	 	 	 	-	 	 	 	-	 	 	 	36.36	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100363	 	05/10/2013	 	 	79.06	 	 	 	-	 	 	 	-	 	 	 	79.06	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100362	 	05/10/2013	 	 	414.99	 	 	 	-	 	 	 	-	 	 	 	414.99	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100359	 	05/10/2013	 	 	641.07	 	 	 	-	 	 	 	-	 	 	 	641.07	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100358	 	05/10/2013	 	 	307.30	 	 	 	-	 	 	 	-	 	 	 	307.30	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100360	 	05/10/2013	 	 	1,815.68	 	 	 	-	 	 	 	-	 	 	 	1,815.68	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100361	 	05/10/2013	 	 	507.68	 	 	 	-	 	 	 	-	 	 	 	507.68	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100357	 	05/10/2013	 	 	1,052.94	 	 	 	-	 	 	 	-	 	 	 	1,052.94	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100364	 	05/10/2013	 	 	342.63	 	 	 	-	 	 	 	-	 	 	 	342.63	 	 	 	-	 
	 	 	Bill	 	04/11/2013	 	304110121	 	05/11/2013	 	 	41.85	 	 	 	-	 	 	 	-	 	 	 	41.85	 	 	 	-	 
	 	 	Bill	 	04/11/2013	 	304110122	 	05/11/2013	 	 	69.10	 	 	 	-	 	 	 	-	 	 	 	69.10	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121993	 	05/12/2013	 	 	183.42	 	 	 	-	 	 	 	-	 	 	 	183.42	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121992	 	05/12/2013	 	 	1,712.58	 	 	 	-	 	 	 	-	 	 	 	1,712.58	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121991	 	05/12/2013	 	 	272.27	 	 	 	-	 	 	 	-	 	 	 	272.27	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121990	 	05/12/2013	 	 	565.06	 	 	 	-	 	 	 	-	 	 	 	565.06	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121989	 	05/12/2013	 	 	472.98	 	 	 	-	 	 	 	-	 	 	 	472.98	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121987	 	05/12/2013	 	 	415.78	 	 	 	-	 	 	 	-	 	 	 	415.78	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121986	 	05/12/2013	 	 	170.75	 	 	 	-	 	 	 	-	 	 	 	170.75	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121988	 	05/12/2013	 	 	983.40	 	 	 	-	 	 	 	-	 	 	 	983.40	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121994	 	05/12/2013	 	 	536.00	 	 	 	-	 	 	 	-	 	 	 	536.00	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150376	 	05/15/2013	 	 	536.00	 	 	 	-	 	 	 	-	 	 	 	536.00	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150371	 	05/15/2013	 	 	91.86	 	 	 	-	 	 	 	-	 	 	 	91.86	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150373	 	05/15/2013	 	 	393.74	 	 	 	-	 	 	 	-	 	 	 	393.74	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150375	 	05/15/2013	 	 	1,499.99	 	 	 	-	 	 	 	-	 	 	 	1,499.99	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150372	 	05/15/2013	 	 	812.50	 	 	 	-	 	 	 	-	 	 	 	812.50	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150374	 	05/15/2013	 	 	321.43	 	 	 	-	 	 	 	-	 	 	 	321.43	 	 	 	-	 
	 	 	Bill	 	04/16/2013	 	304160643	 	05/16/2013	 	 	8.83	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	8.83	 
	 	 	Bill	 	04/16/2013	 	304160650	 	05/16/2013	 	 	69.30	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	69.30	 
	 	 	Bill	 	04/17/2013	 	304140237	 	05/17/2013	 	 	235.84	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	235.84	 
	 	 	Bill	 	04/17/2013	 	304170234	 	05/17/2013	 	 	382.37	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	382.37	 
	 	 	Bill	 	04/17/2013	 	304170235	 	05/17/2013	 	 	53.92	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	53.92	 
	 	 	Bill	 	04/17/2013	 	304170236	 	05/17/2013	 	 	2,689.29	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	2,689.29	 
	 	 	Bill	 	04/19/2013	 	304192094	 	05/19/2013	 	 	112.05	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	112.05	 
	 	 	Bill	 	04/19/2013	 	304192095	 	05/19/2013	 	 	1,872.09	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1,872.09	 
	 	 	Bill	 	04/19/2013	 	304192093	 	05/19/2013	 	 	1,487.43	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1,487.43	 
	 	 	Bill	 	04/19/2013	 	304192092	 	05/19/2013	 	 	406.09	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	406.09	 
	 	 	Bill	 	04/19/2013	 	304192091	 	05/19/2013	 	 	1,037.19	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1,037.19	 
	 	 	Bill	 	04/19/2013	 	304192090	 	05/19/2013	 	 	200.36	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	200.36	 
	 	 	Bill	 	04/19/2013	 	304192089	 	05/19/2013	 	 	1,863.38	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	1,863.38	 
	 	 	Bill	 	04/19/2013	 	304192087	 	05/19/2013	 	 	228.89	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	228.89	 
	Total Sysco Food Service of Arizona	 	 	 	 	 	 	 	 	 	 	51,842.71	 	 	 	0.00	 	 	 	0.00	 	 	 	41,195.68	 	 	 	10,647.03	 

 

    	Page 15 of 17

    	 

    

 

	8:07 PM	L’Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Tara Spa Therapy, Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	68187	 	05/08/2013	 	 	327.78	 	 	 	-	 	 	 	-	 	 	 	327.78	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	68186	 	05/08/2013	 	 	322.50	 	 	 	-	 	 	 	-	 	 	 	322.50	 	 	 	-	 
	Total Tara Spa Therapy, Inc.	 	 	 	 	 	 	 	 	 	 	650.28	 	 	 	0.00	 	 	 	0.00	 	 	 	650.28	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Trails Traveled Photography	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	04022013	 	05/02/2013	 	 	125.00	 	 	 	-	 	 	 	-	 	 	 	125.00	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	04092013	 	05/09/2013	 	 	125.00	 	 	 	-	 	 	 	-	 	 	 	125.00	 	 	 	-	 
	 	 	Bill	 	04/16/2013	 	04162013	 	05/16/2013	 	 	125.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	125.00	 
	 	 	Bill	 	04/23/2013	 	04232013	 	05/23/2013	 	 	125.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	125.00	 
	Total Trails Traveled Photography	 	 	 	 	 	 	 	 	 	 	500.00	 	 	 	0.00	 	 	 	0.00	 	 	 	250.00	 	 	 	250.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Travelocity L.P.-S.A. TX	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	Frizzell	 	05/12/2013	 	 	51.00	 	 	 	-	 	 	 	-	 	 	 	51.00	 	 	 	-	 
	Total Travelocity L.P.-S.A. TX	 	 	 	 	 	 	 	 	 	 	51.00	 	 	 	0.00	 	 	 	0.00	 	 	 	51.00	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Tzell Travel LLC -NY	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	Riglos	 	05/12/2013	 	 	113.80	 	 	 	-	 	 	 	-	 	 	 	113.80	 	 	 	-	 
	Total Tzell Travel LLC -NY	 	 	 	 	 	 	 	 	 	 	113.80	 	 	 	0.00	 	 	 	0.00	 	 	 	113.80	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Unisource Energy Services	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	5163557809	 	05/08/2013	 	 	4,622.36	 	 	 	-	 	 	 	-	 	 	 	4,622.36	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	5595649177	 	05/08/2013	 	 	26.13	 	 	 	-	 	 	 	-	 	 	 	26.13	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	0997657591	 	05/09/2013	 	 	80.69	 	 	 	-	 	 	 	-	 	 	 	80.69	 	 	 	-	 
	Total Unisource Energy Services	 	 	 	 	 	 	 	 	 	 	4,729.18	 	 	 	0.00	 	 	 	0.00	 	 	 	4,729.18	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Universal Companies, Inc	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	2158067	 	05/01/2013	 	 	17.20	 	 	 	-	 	 	 	-	 	 	 	17.20	 	 	 	-	 
	Total Universal Companies, Inc	 	 	 	 	 	 	 	 	 	 	17.20	 	 	 	0.00	 	 	 	0.00	 	 	 	17.20	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	USA Today	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	0011686444	 	05/01/2013	 	 	193.56	 	 	 	-	 	 	 	-	 	 	 	193.56	 	 	 	-	 
	Total USA Today	 	 	 	 	 	 	 	 	 	 	193.56	 	 	 	0.00	 	 	 	0.00	 	 	 	193.56	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Verve Events & Tents	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/13/2013	 	23380	 	05/13/2013	 	 	210.29	 	 	 	-	 	 	 	-	 	 	 	210.29	 	 	 	-	 
	 	 	Bill	 	04/24/2013	 	23610	 	05/24/2013	 	 	193.45	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	193.45	 
	Total Verve Events & Tents	 	 	 	 	 	 	 	 	 	 	403.74	 	 	 	0.00	 	 	 	0.00	 	 	 	210.29	 	 	 	193.45	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Wasserstrom	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	9403835340	 	05/02/2013	 	 	311.41	 	 	 	-	 	 	 	-	 	 	 	311.41	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	9403860863	 	05/08/2013	 	 	179.69	 	 	 	-	 	 	 	-	 	 	 	179.69	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	9403869595	 	05/10/2013	 	 	254.12	 	 	 	-	 	 	 	-	 	 	 	254.12	 	 	 	-	 
	Total Wasserstrom	 	 	 	 	 	 	 	 	 	 	745.22	 	 	 	0.00	 	 	 	0.00	 	 	 	745.22	 	 	 	0.00	 

 

    	Page 16 of 17

    	 

    

 

	8:07 PM	L’Auberge de Sedona, LLC.	 
	04/24/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	March	 	 	April	 	 	May 1-15	 	 	May 16 on	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Waste Mgmt of Arizona	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	1965077-1586-6	 	05/01/2013	 	 	720.85	 	 	 	-	 	 	 	-	 	 	 	720.85	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	1965085-1586-9	 	05/01/2013	 	 	129.25	 	 	 	-	 	 	 	-	 	 	 	129.25	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	1965078-1586-4	 	05/01/2013	 	 	46.52	 	 	 	-	 	 	 	-	 	 	 	46.52	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	1965082-1586-6	 	05/01/2013	 	 	302.49	 	 	 	-	 	 	 	-	 	 	 	302.49	 	 	 	-	 
	Total Waste Mgmt of Arizona	 	 	 	 	 	 	 	 	 	 	1,199.11	 	 	 	0.00	 	 	 	0.00	 	 	 	1,199.11	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Wes Lee Barber	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	4313	 	05/03/2013	 	 	100.00	 	 	 	-	 	 	 	-	 	 	 	100.00	 	 	 	-	 
	Total Wes Lee Barber	 	 	 	 	 	 	 	 	 	 	100.00	 	 	 	0.00	 	 	 	0.00	 	 	 	100.00	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Western Paper Distributors	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/09/2013	 	1536125	 	05/09/2013	 	 	1,556.17	 	 	 	-	 	 	 	-	 	 	 	1,556.17	 	 	 	-	 
	Total Western Paper Distributors	 	 	 	 	 	 	 	 	 	 	1,556.17	 	 	 	0.00	 	 	 	0.00	 	 	 	1,556.17	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Whiskers Barkery	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/06/2013	 	40613	 	05/06/2013	 	 	105.19	 	 	 	-	 	 	 	-	 	 	 	105.19	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	41013	 	05/10/2013	 	 	105.19	 	 	 	-	 	 	 	-	 	 	 	105.19	 	 	 	-	 
	Total Whiskers Barkery	 	 	 	 	 	 	 	 	 	 	210.38	 	 	 	0.00	 	 	 	0.00	 	 	 	210.38	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Wildflower Bread Company LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/01/2013	 	202248	 	05/01/2013	 	 	205.97	 	 	 	-	 	 	 	-	 	 	 	205.97	 	 	 	-	 
	 	 	Bill	 	04/03/2013	 	202429	 	05/03/2013	 	 	136.04	 	 	 	-	 	 	 	-	 	 	 	136.04	 	 	 	-	 
	 	 	Bill	 	04/05/2013	 	202642	 	05/05/2013	 	 	224.78	 	 	 	-	 	 	 	-	 	 	 	224.78	 	 	 	-	 
	 	 	Bill	 	04/06/2013	 	202778	 	05/06/2013	 	 	81.50	 	 	 	-	 	 	 	-	 	 	 	81.50	 	 	 	-	 
	 	 	Bill	 	04/08/2013	 	202996	 	05/08/2013	 	 	205.97	 	 	 	-	 	 	 	-	 	 	 	205.97	 	 	 	-	 
	 	 	Bill	 	04/10/2013	 	203203	 	05/10/2013	 	 	136.04	 	 	 	-	 	 	 	-	 	 	 	136.04	 	 	 	-	 
	 	 	Bill	 	04/12/2013	 	203452	 	05/12/2013	 	 	224.78	 	 	 	-	 	 	 	-	 	 	 	224.78	 	 	 	-	 
	 	 	Bill	 	04/13/2013	 	203590	 	05/13/2013	 	 	81.50	 	 	 	-	 	 	 	-	 	 	 	81.50	 	 	 	-	 
	 	 	Bill	 	04/15/2013	 	203806	 	05/15/2013	 	 	205.97	 	 	 	-	 	 	 	-	 	 	 	205.97	 	 	 	-	 
	 	 	Bill	 	04/17/2013	 	204023	 	05/17/2013	 	 	136.04	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	136.04	 
	 	 	Bill	 	04/19/2013	 	204182	 	05/19/2013	 	 	232.78	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	232.78	 
	 	 	Bill	 	04/20/2013	 	204391	 	05/20/2013	 	 	81.50	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	81.50	 
	Total Wildflower Bread Company LLC	 	 	 	 	 	 	 	 	 	 	1,952.87	 	 	 	0.00	 	 	 	0.00	 	 	 	1,502.55	 	 	 	450.32	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Young, Dennis	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	 	Bill	 	04/02/2013	 	4405-27	 	05/02/2013	 	 	150.00	 	 	 	-	 	 	 	-	 	 	 	150.00	 	 	 	 	 
	 	 	Bill	 	04/04/2013	 	4405-28	 	05/04/2013	 	 	150.00	 	 	 	-	 	 	 	-	 	 	 	150.00	 	 	 	 	 
	 	 	Bill	 	04/05/2013	 	4405-29	 	05/05/2013	 	 	150.00	 	 	 	-	 	 	 	-	 	 	 	150.00	 	 	 	 	 
	 	 	Bill	 	04/09/2013	 	4405-31	 	05/09/2013	 	 	150.00	 	 	 	-	 	 	 	-	 	 	 	150.00	 	 	 	 	 
	Total Young, Dennis	 	 	 	 	 	 	 	 	 	 	600.00	 	 	 	0.00	 	 	 	0.00	 	 	 	600.00	 	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	 	 	 	 	 	 	 	 	 	925,813.83	 	 	 	0.00	 	 	 	98,766.97	 	 	 	789,818.45	 	 	 	37,228.41	 

 

    	Page 17 of 17

    	 

    

 

Exhibit l (a)-ii

 

L’Auberge de Sedona, LLC Accounts Receivable

 

    	 

    	 

    

 

	6:25 PM	L’AUBERGE DE SEDONA, LLC.	 
	          /13	A/R Aging Summary	 
	 	As of March 31, 2013	 

 

	 	 	Current	 	 	1 - 30	 	 	31 - 60	 	 	61 - 90	 	 	> 90	 	 	TOTAL	 
	Canyon Breeze	 	 	1,061.37	 	 	 	1,140.74	 	 	 	904.92	 	 	 	0.00	 	 	 	-1,272.33	 	 	 	1,834.70	 
	Canyon Portal	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,475.40	 	 	 	1,475.40	 
	Open Range	 	 	1,028.13	 	 	 	1,059.26	 	 	 	656.60	 	 	 	0.00	 	 	 	1,453.56	 	 	 	4,197.55	 
	Orchards	 	 	1,581.89	 	 	 	1,912.69	 	 	 	11.50	 	 	 	0.00	 	 	 	-1,332.23	 	 	 	2,173.85	 
	Rocky Mountain	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	598.27	 	 	 	598.27	 
	Sinagua Plaza II	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	-156.75	 	 	 	-156.75	 
	Taos	 	 	0.00	 	 	 	0.00	 	 	 	174.00	 	 	 	0.00	 	 	 	0.00	 	 	 	174.00	 
	Tasting Arizona	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	-1,210.13	 	 	 	-1,210.13	 
	TOTAL	 	 	3,671.39	 	 	 	4,112.69	 	 	 	1,747.02	 	 	 	0.00	 	 	 	-444.21	 	 	 	9,086.89	 

 

    	Page 1

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        4:57 AM

	 	Guest Ledger Detail	 	 

  

	Room No.	 	Name*	 	Arr. Date	 	Dep. Date	 	Persons	 	Room Charges	 	Other Charges	 	Credit	 	Balance	 	Rate	 	Payment

    Method	 	Folio

    Status	 
	1	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	1	 	50.00	 	103.07	 	0.00	 	153.07	 	284.13	 	MC	 	 	 
	3	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-01-13	 	2	 	1,840.50	 	823.77	 	2,322.38	 	341.89	 	571.50	 	VA	 	 	 
	4	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-02-13	 	5	 	1,178.00	 	677.62	 	2,256.18	 	-400.56	 	569.00	 	AX	 	 	 
	5	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-03-13	 	2	 	629.00	 	403.62	 	3,007.42	 	-1,974.80	 	629.00	 	AX	 	 	 
	6	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-04-13	 	2	 	0.00	 	859.42	 	0.00	 	859.42	 	512.10	 	VA	 	 	 
	7	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-28-13	 	04-01-13	 	2	 	2,680.00	 	3,226.28	 	4,800.73	 	1,105.55	 	635.00	 	VA	 	 	 
	8	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	2	 	0.00	 	704.32	 	1,240.15	 	-535.83	 	489.00	 	MC	 	 	 
	9	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	2	 	369.00	 	102.59	 	0.00	 	471.59	 	369.00	 	VA	 	 	 
	10	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-02-13	 	4	 	1,307.00	 	479.44	 	0.00	 	1,786.44	 	409.00	 	AX	 	 	 
	11	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	4	 	0.00	 	441.90	 	893.68	 	-451.78	 	349.00	 	VA	 	 	 
	14	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	2	 	1,268.00	 	956.89	 	0.00	 	2,224.89	 	599.00	 	AX	 	 	 
	15	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-02-13	 	2	 	0.00	 	2,457.23	 	2,635.09	 	-177.86	 	644.00	 	MC	 	 	 
	16	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-01-13	 	2	 	1,840.50	 	2,738.78	 	2,322.38	 	2,256.90	 	571.50	 	AX	 	 	 
	17	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-05-13	 	2	 	1,178.00	 	800.41	 	4,363.88	 	-2,385.47	 	569.00	 	MC	 	 	 
	19	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-03-13	 	2	 	420.75	 	107.38	 	2,400.00	 	-1,871.87	 	420.75	 	AX	 	 	 
	20	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-03-13	 	2	 	420.75	 	107.38	 	2,000.00	 	-1,471.87	 	420.75	 	AX	 	 	 
	21	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-01-13	 	2	 	2,045.00	 	1,141.24	 	887.35	 	2,298.89	 	635.00	 	VA	 	 	 
	23	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	4	 	841.50	 	632.36	 	0.00	 	1,473.86	 	420.75	 	VA	 	 	 
	24	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-02-13	 	4	 	1,060.00	 	525.41	 	1,969.11	 	-383.70	 	495.00	 	VA	 	 	 
	26	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	2	 	858.00	 	597.75	 	575.58	 	880.17	 	409.00	 	DS	 	 	 
	27	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	4	 	0.00	 	552.00	 	0.00	 	552.00	 	332.10	 	AX	 	 	 
	28	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-01-13	 	5	 	2,207.00	 	1,983.48	 	3,000.00	 	1,190.48	 	709.00	 	AX	 	 	 
	29	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-03-13	 	5	 	0.00	 	2,219.03	 	3,929.89	 	-1,710.86	 	784.00	 	AX	 	 	 
	33	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	1	 	0.00	 	207.50	 	0.00	 	207.50	 	0.00	 	AX	 	 	 
	55	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-01-13	 	2	 	0.00	 	1,385.80	 	0.00	 	1,385.80	 	227.15	 	MC	 	 	 
	58	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-03-13	 	3	 	339.00	 	349.60	 	1,303.41	 	-614.81	 	339.00	 	AX	 	 	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 1 of 5	naguestleddetail

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        4:57 AM

	 	Guest Ledger Detail	 	 

 

	Room No.	 	Name*	 	Arr. Date	 	Dep. Date	 	Persons	 	Room Charges	 	Other Charges	 	Credit	 	Balance	 	Rate	 	Payment

    Method	 	Folio

    Status	 
	62	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	4	 	1,124.00	 	540.60	 	714.11	 	950.49	 	559.00	 	AX	 	 	 
	63	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-27-13	 	04-02-13	 	2	 	1,732.50	 	1,969.99	 	3,099.19	 	603.30	 	332.10	 	VA	 	 	 
	64	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-03-13	 	2	 	409.00	 	112.08	 	1,563.25	 	-1,042.17	 	409.00	 	VA	 	 	 
	65	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	2	 	0.00	 	325.58	 	0.00	 	325.58	 	255.00	 	MC	 	 	 
	66	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-02-13	 	2	 	1,154.23	 	891.03	 	0.00	 	2,045.26	 	284.13	 	AX	 	 	 
	67	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-28-13	 	04-01-13	 	2	 	1,796.00	 	1,025.29	 	545.83	 	2,275.46	 	429.00	 	AX	 	 	 
	68	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-03-13	 	2	 	313.65	 	89.46	 	1,209.33	 	-806.22	 	313.65	 	MC	 	 	 
	81	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	2	 	445.50	 	105.75	 	1,102.50	 	-551.25	 	445.50	 	VA	 	 	 
	82	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	2	 	445.50	 	105.75	 	1,102.50	 	-551.25	 	445.50	 	VA	 	 	 
	84	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-02-13	 	4	 	1,565.00	 	1,023.27	 	0.00	 	2,588.27	 	495.00	 	VA	 	 	 
	85	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-02-13	 	4	 	1,565.00	 	529.18	 	2,608.98	 	-514.80	 	495.00	 	VA	 	 	 
	86	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	2	 	0.00	 	2,398.50	 	966.54	 	1,431.96	 	699.00	 	MC	 	 	 
	87	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-02-13	 	2	 	1,565.00	 	1,193.19	 	2,608.98	 	149.21	 	495.00	 	AX	 	 	 
	88	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-02-13	 	2	 	1,565.00	 	703.64	 	676.99	 	1,591.65	 	495.00	 	VA	 	 	 
	90	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-28-13	 	04-01-13	 	2	 	2,356.00	 	1,393.94	 	2,975.24	 	774.70	 	569.00	 	AX	 	 	 
	91	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-02-13	 	3	 	1,072.00	 	537.94	 	2,000.04	 	-390.10	 	508.00	 	AX	 	 	 
	92	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	1	 	512.10	 	136.56	 	1,297.31	 	-648.65	 	512.10	 	AX	 	 	 
	93	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-03-13	 	4	 	1,206.00	 	720.66	 	2,966.58	 	-1,039.92	 	571.50	 	AX	 	 	 
	94	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	2	 	569.00	 	748.83	 	1,438.13	 	-120.30	 	569.00	 	AX	 	 	 
	95	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-03-13	 	2	 	569.00	 	634.86	 	719.06	 	484.80	 	569.00	 	VA	 	 	 
	96	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-06-13	 	4	 	0.00	 	2,066.30	 	5,782.05	 	-3,715.75	 	644.00	 	VA	 	 	 
	96	 	XXXXXXXXXXXXXXXXXXXXXXX	 	01-25-13	 	01-27-13	 	2	 	963.00	 	1,333.12	 	2,156.54	 	139.58	 	481.50	 	MC	 	Closed	 
	97	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-06-13	 	5	 	0.00	 	3,418.62	 	6,643.42	 	-3,224.80	 	644.00	 	AX	 	 	 
	435	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	2	 	196.35	 	66.97	 	0.00	 	263.32	 	196.35	 	AX	 	 	 
	437	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	2	 	295.00	 	142.25	 	0.00	 	437.25	 	295.00	 	MC	 	 	 
	438	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	1	 	216.75	 	101.34	 	271.52	 	46.57	 	216.75	 	VA	 	 	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 2 of 5	naguestleddetail

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        4:57 AM

	 	Guest Ledger Detail	 	 

 

	Room No.	 	Name*	 	Arr. Date	 	Dep. Date	 	Persons	 	Room Charges	 	Other Charges	 	Credit	 	Balance	 	Rate	 	Payment

    Method	 	Folio

    Status	 
	441	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	2	 	454.30	 	825.49	 	0.00	 	1,279.79	 	227.15	 	VA	 	 	 
	442	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	1	 	295.00	 	212.42	 	760.04	 	-252.62	 	295.00	 	MC	 	 	 
	545	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	2	 	255.00	 	387.27	 	330.53	 	311.74	 	255.00	 	AX	 	 	 
	548	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	2	 	265.50	 	78.02	 	630.04	 	-286.52	 	265.50	 	VA	 	 	 
	549	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	2	 	790.00	 	341.71	 	540.88	 	590.83	 	365.00	 	AX	 	 	 
	550	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-02-13	 	2	 	529.84	 	329.78	 	0.00	 	859.62	 	264.92	 	AX	 	 	 
	551	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	1	 	196.35	 	290.10	 	0.00	 	486.45	 	196.35	 	AX	 	 	 
	553	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-01-13	 	2	 	985.00	 	956.00	 	1,263.81	 	677.19	 	295.00	 	VA	 	 	 
	9001	 	XXXXXXXXXXXXXXXXXXXXXXX	 	02-24-13	 	04-30-13	 	0	 	0.00	 	961.94	 	0.00	 	961.94	 	0.00	 	AX	 	 	 
	9004	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-20-13	 	04-30-13	 	0	 	819.00	 	3,641.79	 	3,917.45	 	543.34	 	0.00	 	MC	 	 	 
	9010	 	XXXXXXXXXXXXXXXXXXXXXXX	 	07-22-12	 	07-22-13	 	0	 	8,314.00	 	3,637.25	 	14,500.00	 	-2,548.75	 	0.00	 	DB	 	 	 
	9023	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-19-13	 	04-30-13	 	0	 	450.00	 	9,687.83	 	6,604.96	 	3,532.87	 	0.00	 	DB	 	 	 
	9026	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-22-13	 	04-30-13	 	0	 	6,800.00	 	1,764.28	 	8,294.12	 	270.16	 	0.00	 	DB	 	 	 
	9047	 	XXXXXXXXXXXXXXXXXXXXXXX	 	07-03-12	 	07-02-13	 	0	 	0.00	 	0.00	 	4,500.00	 	-4,500.00	 	0.00	 	CA	 	 	 
	9062	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-14-13	 	04-30-13	 	0	 	0.00	 	2,892.83	 	0.00	 	2,892.83	 	0.00	 	DB	 	 	 
	9067	 	XXXXXXXXXXXXXXXXXXXXXXX	 	02-08-13	 	02-08-14	 	1	 	0.00	 	1,080.17	 	2,673.68	 	-1,593.51	 	0.00	 	DB	 	 	 
	9068	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-27-13	 	04-30-13	 	0	 	0.00	 	1,651.26	 	1,013.13	 	638.13	 	0.00	 	CA	 	 	 
	9070	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-31-13	 	03-31-14	 	0	 	3,580.00	 	20,021.95	 	37,558.68	 	-13,956.73	 	0.00	 	DB	 	 	 
	9071	 	XXXXXXXXXXXXXXXXXXXXXXX	 	08-05-12	 	07-31-13	 	0	 	0.00	 	4,808.79	 	2,061.29	 	2,747.50	 	0.00	 	DB	 	 	 
	9073	 	XXXXXXXXXXXXXXXXXXXXXXX	 	11-26-12	 	11-26-13	 	0	 	0.00	 	0.00	 	889.29	 	-889.29	 	0.00	 	DB	 	 	 
	9075	 	XXXXXXXXXXXXXXXXXXXXXXX	 	02-18-13	 	06-30-13	 	1	 	0.00	 	75.29	 	1,000.00	 	-924.71	 	0.00	 	CA	 	 	 
	9076	 	XXXXXXXXXXXXXXXXXXXXXXX	 	02-18-13	 	02-18-14	 	3	 	0.00	 	2,124.00	 	2,600.00	 	-476.00	 	0.00	 	DB	 	 	 
	9077	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-23-13	 	04-30-13	 	2	 	0.00	 	1,057.07	 	2,000.00	 	-942.93	 	0.00	 	DB	 	 	 
	9078	 	XXXXXXXXXXXXXXXXXXXXXXX	 	09-30-12	 	09-30-13	 	0	 	0.00	 	1,504.96	 	3,000.00	 	-1,495.04	 	0.00	 	DB	 	 	 
	9079	 	XXXXXXXXXXXXXXXXXXXXXXX	 	11-29-12	 	11-28-13	 	0	 	0.00	 	0.00	 	500.00	 	-500.00	 	0.00	 	CA	 	 	 
	9080	 	XXXXXXXXXXXXXXXXXXXXXXX	 	11-30-12	 	11-30-13	 	0	 	0.00	 	5,000.00	 	750.00	 	4,250.00	 	0.00	 	DB	 	 	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 3 of 5	naguestleddetail

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        4:57 AM

	 	Guest Ledger Detail	 	 

 

	Room No.	 	Name*	 	Arr. Date	 	Dep. Date	 	Persons	 	Room Charges	 	Other Charges	 	Credit	 	Balance	 	Rate	 	Payment

    Method	 	Folio Status	 
	9081	 	XXXXXXXXXXXXXXXXXXXXXXX	 	11-30-12	 	11-30-13	 	0	 	2,136.00	 	5,153.17	 	7,580.00	 	-290.83	 	0.00	 	DB	 	 	 
	9082	 	XXXXXXXXXXXXXXXXXXXXXXX	 	08-10-12	 	05-31-13	 	0	 	0.00	 	0.00	 	27,453.32	 	-27,453.32	 	0.00	 	AX	 	 	 
	9083	 	XXXXXXXXXXXXXXXXXXXXXXX	 	02-01-13	 	05-02-13	 	1	 	0.00	 	478.78	 	2,000.00	 	-1,521.22	 	0.00	 	DB	 	 	 
	9084	 	XXXXXXXXXXXXXXXXXXXXXXX	 	02-17-13	 	04-30-13	 	0	 	550.00	 	4,277.70	 	4,056.19	 	771.51	 	0.00	 	DB	 	 	 
	9085	 	XXXXXXXXXXXXXXXXXXXXXXX	 	09-29-12	 	09-29-13	 	0	 	5,248.00	 	3,629.29	 	9,400.00	 	-522.71	 	0.00	 	DB	 	 	 
	9087	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-24-13	 	06-30-13	 	1	 	469.00	 	265.91	 	1,000.00	 	-265.09	 	0.00	 	DB	 	 	 
	9088	 	XXXXXXXXXXXXXXXXXXXXXXX	 	03-22-13	 	09-22-13	 	2	 	0.00	 	2,471.81	 	3,000.00	 	-528.19	 	0.00	 	CA	 	 	 
	9090	 	XXXXXXXXXXXXXXXXXXXXXXX	 	01-09-13	 	08-09-13	 	0	 	0.00	 	4,411.94	 	3,370.96	 	1,040.98	 	0.00	 	DB	 	 	 
	9095	 	XXXXXXXXXXXXXXXXXXXXXXX	 	08-08-12	 	08-08-13	 	0	 	1,848.00	 	1,845.92	 	4,800.00	 	-1,106.08	 	0.00	 	CA	 	 	 
	9500	 	XXXXXXXXXXXXXXXXXXXXXXX	 	02-01-13	 	02-01-14	 	0	 	0.00	 	0.00	 	0.96	 	-0.96	 	0.00	 	DB	 	 	 
	9501	 	XXXXXXXXXXXXXXXXXXXXXXX	 	12-03-12	 	12-01-13	 	0	 	854.00	 	2,011.14	 	4,500.00	 	-1,634.86	 	0.00	 	CA	 	 	 
	 	 	 	 	 	 	 	 	Guest Total	 	77,006.57	 	134,774.83	 	244,904.65	 	-33,123.25	 	 	 	 	 	 	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 4 of 5	naguestleddetail

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        4:57 AM

	 	Guest Ledger Detail	 	 

 

Passer By

 

	Name	 	Charges	 	Credits	 	Balance	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Passer By Total	 	 	 	 	 	 	 

 

    	 	Page 5 of 5	naguestleddetail

    	 

    

 

Exhibit l (a)-ii

 

L’Auberge de Sedona, LLC Accounts Deposits

 

    	 

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	968704	 	06-19-12	 	07-09-12	 	9064	 	CHECKED IN	 	CHECKED OUT	 	07-09-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	986229	 	06-24-12	 	06-26-12	 	 	 	DPR	 	CANCELLED	 	06-04-12	 	 	-0.12	 
	XXXXXXXXXXXXXXX	 	949710	 	06-28-12	 	07-01-12	 	29	 	DPR	 	CANCELLED	 	06-23-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	987479	 	07-03-12	 	07-05-12	 	 	 	DPR	 	CANCELLED	 	04-30-12	 	 	0.30	 
	XXXXXXXXXXXXXXX	 	968477	 	07-16-12	 	07-22-12	 	5	 	CHECKED IN	 	CHECKED OUT	 	07-22-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	1046226	 	07-17-12	 	07-18-12	 	30	 	DPR	 	CANCELLED	 	07-08-12	 	 	0.80	 
	XXXXXXXXXXXXXXX	 	1004491	 	07-20-12	 	07-21-12	 	17	 	DPR	 	NO SHOW	 	04-23-12	 	 	-533.43	 
	XXXXXXXXXXXXXXX	 	966204	 	07-20-12	 	08-03-12	 	9006	 	CHECKED IN	 	CHECKED OUT	 	08-03-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	988223	 	07-23-12	 	08-02-12	 	9001	 	CHECKED IN	 	CHECKED OUT	 	08-02-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	1052710	 	07-25-12	 	07-28-12	 	 	 	DPR	 	CANCELLED	 	07-17-12	 	 	0.70	 
	XXXXXXXXXXXXXXX	 	944208	 	07-27-12	 	07-28-12	 	 	 	DPR	 	CANCELLED	 	07-01-12	 	 	0.24	 
	XXXXXXXXXXXXXXX	 	978464	 	07-30-12	 	08-02-12	 	9007	 	CHECKED IN	 	CHECKED OUT	 	08-01-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	952229	 	08-01-12	 	08-02-12	 	88	 	CHECKED IN	 	CHECKED OUT	 	08-02-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	925970	 	08-02-12	 	08-30-12	 	9014	 	CHECKED IN	 	CHECKED OUT	 	08-30-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	1053756	 	08-05-12	 	08-08-12	 	8	 	DPR	 	CANCELLED	 	07-19-12	 	 	-296.83	 
	XXXXXXXXXXXXXXX	 	240964	 	08-06-12	 	08-07-12	 	 	 	GCO	 	NO SHOW	 	05-08-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	818965	 	08-10-12	 	05-31-13	 	9082	 	CHECKED IN	 	CHECKED IN	 	03-31-13	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	955470	 	08-17-12	 	08-29-12	 	9006	 	CHECKED IN	 	CHECKED OUT	 	08-29-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	949005	 	08-24-12	 	08-28-12	 	9004	 	CHECKED IN	 	CHECKED OUT	 	08-28-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	871967	 	09-04-12	 	09-05-12	 	550	 	DPR	 	NO SHOW	 	05-09-12	 	 	-255.00	 
	XXXXXXXXXXXXXXX	 	1067468	 	09-05-12	 	09-06-12	 	5	 	DPR	 	CANCELLED	 	08-13-12	 	 	-580.33	 
	XXXXXXXXXXXXXXX	 	1067469	 	09-05-12	 	09-06-12	 	2	 	DPR	 	CANCELLED	 	08-13-12	 	 	-580.33	 
	XXXXXXXXXXXXXXX	 	903997	 	09-08-12	 	09-11-12	 	 	 	DPR	 	CANCELLED	 	08-06-12	 	 	0.24	 
	XXXXXXXXXXXXXXX	 	911712	 	09-08-12	 	10-11-12	 	9007	 	CHECKED IN	 	CHECKED OUT	 	10-11-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	1049473	 	09-09-12	 	09-10-12	 	83	 	DPR	 	CANCELLED	 	09-04-12	 	 	-383.66	 
	XXXXXXXXXXXXXXX	 	956725	 	09-15-12	 	10-11-12	 	9014	 	CHECKED IN	 	CHECKED OUT	 	10-11-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	963968	 	09-18-12	 	09-24-12	 	83	 	DPR	 	CANCELLED	 	09-17-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	954998	 	09-21-12	 	09-28-12	 	9006	 	CHECKED IN	 	CHECKED OUT	 	09-28-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	957733	 	09-21-12	 	09-23-12	 	550	 	CHECKED IN	 	CHECKED OUT	 	09-23-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	938964	 	09-27-12	 	10-05-12	 	9023	 	CHECKED IN	 	CHECKED OUT	 	10-05-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	897961	 	09-28-12	 	09-29-12	 	6	 	DPR	 	CANCELLED	 	09-05-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	986250	 	10-02-12	 	10-07-12	 	88	 	CHECKED IN	 	CHECKED OUT	 	10-07-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	912733	 	10-05-12	 	10-18-12	 	9090	 	CHECKED IN	 	CHECKED OUT	 	10-18-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	R988225	 	10-05-12	 	10-25-12	 	9002	 	CHECKED IN	 	CHECKED OUT	 	10-25-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	R949217	 	10-10-12	 	10-16-12	 	9013	 	CHECKED IN	 	CHECKED OUT	 	10-16-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	R818958	 	10-13-12	 	10-25-12	 	9067	 	CHECKED IN	 	CHECKED OUT	 	10-25-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	R891246	 	10-26-12	 	11-08-12	 	9065	 	CHECKED IN	 	CHECKED OUT	 	11-08-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	920979	 	10-30-12	 	11-01-12	 	435	 	CHECKED IN	 	CHECKED OUT	 	11-01-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	973954	 	10-31-12	 	11-08-12	 	9064	 	CHECKED IN	 	CHECKED OUT	 	11-08-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	1123960	 	12-08-12	 	12-09-12	 	 	 	DPR	 	CANCELLED	 	11-19-12	 	 	3.00	 
	XXXXXXXXXXXXXXX	 	1128713	 	03-14-13	 	03-18-13	 	554	 	CHECKED IN	 	CHECKED OUT	 	03-18-13	 	 	330.53	 
	XXXXXXXXXXXXXXX	 	1184519	 	04-01-13	 	04-06-13	 	12	 	DPR	 	RESERVED	 	03-12-13	 	 	-2,632.03	 
	XXXXXXXXXXXXXXX	 	1158739	 	04-01-13	 	04-07-13	 	26	 	DPR	 	RESERVED	 	03-12-13	 	 	-3,373.98	 
	XXXXXXXXXXXXXXX	 	1181458	 	04-01-13	 	04-04-13	 	546	 	DPR	 	RESERVED	 	03-12-13	 	 	-1,065.83	 
	XXXXXXXXXXXXXXX	 	1186980	 	04-01-13	 	04-03-13	 	30	 	DPR	 	RESERVED	 	03-15-13	 	 	-521.08	 
	XXXXXXXXXXXXXXX	 	1191478	 	04-01-13	 	04-03-13	 	27	 	DPR	 	RESERVED	 	03-22-13	 	 	-943.18	 
	XXXXXXXXXXXXXXX	 	1193010	 	04-01-13	 	04-02-13	 	547	 	DPR	 	RESERVED	 	03-25-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1189235	 	04-01-13	 	04-03-13	 	544	 	DPR	 	RESERVED	 	03-20-13	 	 	-1,057.02	 
	XXXXXXXXXXXXXXX	 	1178722	 	04-01-13	 	04-04-13	 	545	 	DPR	 	RESERVED	 	03-12-13	 	 	-1,437.04	 
	XXXXXXXXXXXXXXX	 	1193979	 	04-01-13	 	04-04-13	 	18	 	DPR	 	RESERVED	 	03-27-13	 	 	-1,808.25	 
	XXXXXXXXXXXXXXX	 	1192454	 	04-01-13	 	04-03-13	 	57	 	DPR	 	RESERVED	 	03-24-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1193973	 	04-01-13	 	04-02-13	 	60	 	DPR	 	RESERVED	 	03-27-13	 	 	-706.69	 
	XXXXXXXXXXXXXXX	 	1170720	 	04-01-13	 	04-04-13	 	90	 	DPR	 	RESERVED	 	03-12-13	 	 	-2,157.19	 
	XXXXXXXXXXXXXXX	 	1155224	 	04-01-13	 	04-03-13	 	444	 	DPR	 	RESERVED	 	03-12-13	 	 	-1,057.02	 
	XXXXXXXXXXXXXXX	 	1186956	 	04-01-13	 	04-03-13	 	2	 	DPR	 	RESERVED	 	03-15-13	 	 	-1,994.94	 
	XXXXXXXXXXXXXXX	 	1187210	 	04-01-13	 	04-04-13	 	86	 	DPR	 	RESERVED	 	03-22-13	 	 	-1,622.64	 
	XXXXXXXXXXXXXXX	 	1195221	 	04-01-13	 	04-04-13	 	55	 	DPR	 	RESERVED	 	03-28-13	 	 	-409.72	 
	XXXXXXXXXXXXXXX	 	1183231	 	04-01-13	 	04-05-13	 	80	 	DPR	 	RESERVED	 	03-12-13	 	 	-2,509.99	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 2 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	859962	 	11-22-11	 	11-26-11	 	10	 	DPQ	 	NO SHOW	 	08-02-11	 	 	-324.00	 
	XXXXXXXXXXXXXXX	 	174225	 	12-20-11	 	12-21-11	 	 	 	GCO	 	NO SHOW	 	11-20-07	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	174232	 	12-20-11	 	12-21-11	 	 	 	GCO	 	NO SHOW	 	11-20-07	 	 	-40.00	 
	XXXXXXXXXXXXXXX	 	959469	 	03-29-12	 	03-31-12	 	97	 	CHECKED IN	 	CHECKED OUT	 	03-31-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	978207	 	03-31-12	 	04-01-12	 	27	 	CHECKED IN	 	CHECKED OUT	 	04-01-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	930293	 	03-31-12	 	04-03-12	 	549	 	CHECKED IN	 	CHECKED OUT	 	04-03-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	952255	 	04-01-12	 	04-03-12	 	2	 	CHECKED IN	 	CHECKED OUT	 	04-03-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	967976	 	04-02-12	 	04-04-12	 	546	 	CHECKED IN	 	CHECKED OUT	 	04-04-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	953754	 	04-04-12	 	04-07-12	 	96	 	CHECKED IN	 	CHECKED OUT	 	04-07-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	947472	 	04-04-12	 	04-06-12	 	29	 	CHECKED IN	 	CHECKED OUT	 	04-06-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	982214	 	04-05-12	 	04-08-12	 	86	 	CHECKED IN	 	CHECKED OUT	 	04-08-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	981215	 	04-06-12	 	04-09-12	 	81	 	CHECKED IN	 	CHECKED OUT	 	04-09-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	963978	 	04-06-12	 	04-08-12	 	94	 	CHECKED IN	 	CHECKED OUT	 	04-08-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	970222	 	04-06-12	 	04-07-12	 	9002	 	CHECKED IN	 	CHECKED OUT	 	04-07-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	984205	 	04-08-12	 	04-09-12	 	95	 	DPR	 	CANCELLED	 	04-04-12	 	 	0.24	 
	XXXXXXXXXXXXXXX	 	958712	 	04-08-12	 	06-23-12	 	9002	 	CHECKED IN	 	CHECKED OUT	 	06-23-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	959728	 	04-09-12	 	04-13-12	 	81	 	CHECKED IN	 	CHECKED OUT	 	04-13-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	981216	 	04-09-12	 	04-10-12	 	90	 	DPR	 	CANCELLED	 	04-09-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	984209	 	04-09-12	 	04-12-12	 	550	 	DPR	 	CANCELLED	 	04-09-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	952212	 	04-10-12	 	04-14-12	 	67	 	CHECKED IN	 	CHECKED OUT	 	04-14-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	974218	 	04-11-12	 	04-15-12	 	80	 	CHECKED IN	 	CHECKED OUT	 	04-15-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	969718	 	04-11-12	 	04-14-12	 	2	 	CHECKED IN	 	CHECKED OUT	 	04-14-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	949224	 	04-13-12	 	05-18-12	 	9075	 	CHECKED IN	 	CHECKED OUT	 	05-18-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	970482	 	04-15-12	 	04-17-12	 	3	 	CHECKED IN	 	CHECKED OUT	 	04-17-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	959962	 	04-18-12	 	04-22-12	 	83	 	DPR	 	CANCELLED	 	04-16-12	 	 	0.24	 
	XXXXXXXXXXXXXXX	 	976215	 	04-20-12	 	04-22-12	 	87	 	CHECKED IN	 	CHECKED OUT	 	04-22-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	979716	 	04-22-12	 	04-25-12	 	81	 	CHECKED IN	 	CHECKED OUT	 	04-25-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	977982	 	04-25-12	 	04-29-12	 	25	 	CHECKED IN	 	CHECKED OUT	 	04-29-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	975724	 	04-26-12	 	04-29-12	 	 	 	DPR	 	CANCELLED	 	04-01-12	 	 	-0.24	 
	XXXXXXXXXXXXXXX	 	846739	 	04-26-12	 	05-12-12	 	9009	 	CHECKED IN	 	CHECKED OUT	 	05-12-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	972954	 	04-28-12	 	06-23-12	 	9004	 	CHECKED IN	 	CHECKED OUT	 	06-23-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	971490	 	05-02-12	 	05-04-12	 	437	 	DPR	 	CANCELLED	 	04-24-12	 	 	-315.52	 
	XXXXXXXXXXXXXXX	 	959472	 	05-02-12	 	05-03-12	 	 	 	DPR	 	CANCELLED	 	04-02-12	 	 	-0.12	 
	XXXXXXXXXXXXXXX	 	935708	 	05-04-12	 	05-15-12	 	9008	 	CHECKED IN	 	CHECKED OUT	 	05-15-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	959455	 	05-08-12	 	05-09-12	 	28	 	CHECKED IN	 	CHECKED OUT	 	05-09-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	1010718	 	05-09-12	 	05-13-12	 	24	 	DPR	 	CANCELLED	 	05-07-12	 	 	-389.77	 
	XXXXXXXXXXXXXXX	 	956722	 	05-09-12	 	05-14-12	 	6	 	CHECKED IN	 	CHECKED OUT	 	05-14-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	951767	 	05-10-12	 	05-12-12	 	 	 	DPR	 	CANCELLED	 	05-03-12	 	 	0.24	 
	XXXXXXXXXXXXXXX	 	989205	 	05-10-12	 	05-13-12	 	 	 	DPR	 	CANCELLED	 	04-17-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	986475	 	05-13-12	 	06-23-12	 	9009	 	CHECKED IN	 	CHECKED OUT	 	06-23-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	977969	 	05-16-12	 	05-20-12	 	4	 	CHECKED IN	 	CHECKED OUT	 	05-20-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	954470	 	05-17-12	 	05-18-12	 	 	 	DPR	 	CANCELLED	 	05-07-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	981307	 	05-18-12	 	05-20-12	 	32	 	CHECKED IN	 	CHECKED OUT	 	05-20-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	858207	 	05-21-12	 	06-17-12	 	9013	 	CHECKED IN	 	CHECKED OUT	 	06-17-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	920223	 	05-24-12	 	05-29-12	 	 	 	DPR	 	CANCELLED	 	05-04-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	941492	 	05-25-12	 	05-27-12	 	547	 	CHECKED IN	 	CHECKED OUT	 	05-27-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	800955	 	05-25-12	 	06-02-12	 	64	 	CHECKED IN	 	CHECKED OUT	 	06-02-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	980224	 	05-28-12	 	05-30-12	 	 	 	DPR	 	CANCELLED	 	03-10-12	 	 	-612.50	 
	XXXXXXXXXXXXXXX	 	950705	 	05-28-12	 	05-31-12	 	87	 	CHECKED IN	 	CHECKED OUT	 	05-31-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	960955	 	05-29-12	 	06-01-12	 	 	 	DPR	 	CANCELLED	 	05-01-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	954456	 	05-30-12	 	06-02-12	 	67	 	CHECKED IN	 	CHECKED OUT	 	06-02-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	978709	 	06-04-12	 	06-08-12	 	9015	 	CHECKED IN	 	CHECKED OUT	 	06-08-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	914966	 	06-06-12	 	06-10-12	 	 	 	DPR	 	CANCELLED	 	05-14-12	 	 	0.24	 
	XXXXXXXXXXXXXXX	 	1030499	 	06-14-12	 	06-14-12	 	 	 	GCO	 	NO SHOW	 	06-04-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	963734	 	06-14-12	 	06-15-12	 	32	 	DPR	 	CANCELLED	 	06-04-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	944727	 	06-14-12	 	06-16-12	 	553	 	CHECKED IN	 	CHECKED OUT	 	06-16-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	971457	 	06-14-12	 	06-15-12	 	 	 	DPR	 	CANCELLED	 	05-16-12	 	 	0.12	 
	XXXXXXXXXXXXXXX	 	981717	 	06-17-12	 	06-20-12	 	 	 	DPR	 	CANCELLED	 	05-03-12	 	 	0.12	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 1 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1161966	 	04-01-13	 	04-05-13	 	16	 	DPR	 	RESERVED	 	01-21-13	 	 	-2,876.24	 
	XXXXXXXXXXXXXXX	 	1193012	 	04-01-13	 	04-02-13	 	21	 	DPR	 	RESERVED	 	03-25-13	 	 	-445.93	 
	XXXXXXXXXXXXXXX	 	1188204	 	04-01-13	 	04-04-13	 	22	 	DPR	 	RESERVED	 	03-17-13	 	 	-694.32	 
	XXXXXXXXXXXXXXX	 	1196734	 	04-01-13	 	04-02-13	 	71	 	DPR	 	RESERVED	 	03-31-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1195755	 	04-01-13	 	04-02-13	 	67	 	DPR	 	RESERVED	 	03-30-13	 	 	-800.73	 
	XXXXXXXXXXXXXXX	 	1192205	 	04-01-13	 	04-03-13	 	1	 	DPR	 	RESERVED	 	03-24-13	 	 	-943.18	 
	XXXXXXXXXXXXXXX	 	1142960	 	04-01-13	 	04-03-13	 	3	 	DPR	 	RESERVED	 	03-12-13	 	 	-1,438.13	 
	XXXXXXXXXXXXXXX	 	1170709	 	04-01-13	 	04-05-13	 	98	 	DPR	 	RESERVED	 	03-22-13	 	 	-3,247.47	 
	XXXXXXXXXXXXXXX	 	1193463	 	04-01-13	 	04-02-13	 	553	 	DPR	 	RESERVED	 	03-26-13	 	 	-307.28	 
	XXXXXXXXXXXXXXX	 	1196455	 	04-01-13	 	04-04-13	 	14	 	DPR	 	RESERVED	 	03-30-13	 	 	-1,140.07	 
	XXXXXXXXXXXXXXX	 	1178963	 	04-02-13	 	04-05-13	 	10	 	DPR	 	RESERVED	 	03-01-13	 	 	-1,478.25	 
	XXXXXXXXXXXXXXX	 	1178966	 	04-02-13	 	04-05-13	 	11	 	DPR	 	RESERVED	 	02-28-13	 	 	-1,507.50	 
	XXXXXXXXXXXXXXX	 	1193024	 	04-02-13	 	04-03-13	 	28	 	DPR	 	RESERVED	 	03-26-13	 	 	-892.30	 
	XXXXXXXXXXXXXXX	 	1175004	 	04-02-13	 	04-05-13	 	62	 	DPR	 	RESERVED	 	03-13-13	 	 	-1,882.49	 
	XXXXXXXXXXXXXXX	 	1179711	 	04-02-13	 	04-05-13	 	547	 	DPR	 	RESERVED	 	03-13-13	 	 	-893.91	 
	XXXXXXXXXXXXXXX	 	1169015	 	04-02-13	 	04-04-13	 	94	 	DPR	 	RESERVED	 	03-13-13	 	 	-1,438.13	 
	XXXXXXXXXXXXXXX	 	1174964	 	04-02-13	 	04-05-13	 	92	 	DPR	 	RESERVED	 	02-20-13	 	 	-694.32	 
	XXXXXXXXXXXXXXX	 	1195967	 	04-02-13	 	04-03-13	 	549	 	DPR	 	RESERVED	 	03-31-13	 	 	-466.64	 
	XXXXXXXXXXXXXXX	 	1183213	 	04-02-13	 	04-03-13	 	441	 	DPR	 	RESERVED	 	03-08-13	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1178205	 	04-02-13	 	04-05-13	 	550	 	DPR	 	RESERVED	 	03-13-13	 	 	-938.91	 
	XXXXXXXXXXXXXXX	 	1192956	 	04-02-13	 	04-04-13	 	70	 	DPR	 	RESERVED	 	03-25-13	 	 	-985.50	 
	XXXXXXXXXXXXXXX	 	1195956	 	04-02-13	 	04-05-13	 	60	 	DPR	 	RESERVED	 	03-30-13	 	 	-2,466.53	 
	XXXXXXXXXXXXXXX	 	1195965	 	04-02-13	 	04-04-13	 	15	 	DPR	 	RESERVED	 	03-30-13	 	 	-1,601.46	 
	XXXXXXXXXXXXXXX	 	1182481	 	04-02-13	 	04-05-13	 	440	 	DPR	 	RESERVED	 	03-13-13	 	 	-893.91	 
	XXXXXXXXXXXXXXX	 	1187954	 	04-02-13	 	04-06-13	 	439	 	DPR	 	RESERVED	 	03-18-13	 	 	-1,581.95	 
	XXXXXXXXXXXXXXX	 	1181204	 	04-02-13	 	04-05-13	 	553	 	DPR	 	RESERVED	 	03-13-13	 	 	-938.91	 
	XXXXXXXXXXXXXXX	 	1195456	 	04-02-13	 	04-03-13	 	66	 	DPR	 	RESERVED	 	03-29-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1195455	 	04-02-13	 	04-03-13	 	8	 	DPR	 	RESERVED	 	03-29-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1154704	 	04-02-13	 	04-06-13	 	554	 	DPR	 	RESERVED	 	03-13-13	 	 	-1,581.97	 
	XXXXXXXXXXXXXXX	 	1159975	 	04-02-13	 	04-03-13	 	442	 	DPR	 	RESERVED	 	01-18-13	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1180227	 	04-02-13	 	04-03-13	 	9	 	DPR	 	RESERVED	 	03-02-13	 	 	-545.83	 
	XXXXXXXXXXXXXXX	 	1187206	 	04-02-13	 	04-04-13	 	21	 	DPR	 	RESERVED	 	03-16-13	 	 	-800.73	 
	XXXXXXXXXXXXXXX	 	1184993	 	04-02-13	 	04-04-13	 	551	 	DPR	 	RESERVED	 	03-12-13	 	 	-466.64	 
	XXXXXXXXXXXXXXX	 	1187204	 	04-02-13	 	04-05-13	 	7	 	DPR	 	RESERVED	 	03-16-13	 	 	-2,157.19	 
	XXXXXXXXXXXXXXX	 	1168734	 	04-02-13	 	04-05-13	 	4	 	DPR	 	RESERVED	 	02-06-13	 	 	-694.32	 
	XXXXXXXXXXXXXXX	 	1169959	 	04-02-13	 	04-06-13	 	84	 	DPR	 	RESERVED	 	03-13-13	 	 	-2,559.49	 
	XXXXXXXXXXXXXXX	 	1169957	 	04-02-13	 	04-06-13	 	83	 	DPR	 	RESERVED	 	03-13-13	 	 	-2,499.49	 
	XXXXXXXXXXXXXXX	 	1169958	 	04-02-13	 	04-06-13	 	85	 	DPR	 	RESERVED	 	03-13-13	 	 	-2,499.49	 
	XXXXXXXXXXXXXXX	 	1141978	 	04-02-13	 	04-06-13	 	32	 	DPR	 	RESERVED	 	12-14-12	 	 	-2,529.79	 
	XXXXXXXXXXXXXXX	 	1068205	 	04-02-13	 	04-08-13	 	9092	 	GRP DEF	 	RESERVED	 	03-27-13	 	 	-34,094.00	 
	XXXXXXXXXXXXXXX	 	1178227	 	04-02-13	 	04-05-13	 	552	 	DPR	 	RESERVED	 	03-13-13	 	 	-938.91	 
	XXXXXXXXXXXXXXX	 	1185454	 	04-02-13	 	04-04-13	 	67	 	DPR	 	RESERVED	 	03-13-13	 	 	-1,264.90	 
	XXXXXXXXXXXXXXX	 	1190226	 	04-02-13	 	04-03-13	 	88	 	DPR	 	RESERVED	 	03-20-13	 	 	-534.70	 
	XXXXXXXXXXXXXXX	 	1125461	 	04-02-13	 	04-04-13	 	24	 	DPR	 	RESERVED	 	03-13-13	 	 	-1,042.17	 
	XXXXXXXXXXXXXXX	 	1156962	 	04-02-13	 	04-04-13	 	91	 	DPR	 	RESERVED	 	03-13-13	 	 	-1,388.63	 
	XXXXXXXXXXXXXXX	 	1189204	 	04-03-13	 	04-05-13	 	438	 	DPR	 	RESERVED	 	03-19-13	 	 	-995.15	 
	XXXXXXXXXXXXXXX	 	1194459	 	04-03-13	 	04-06-13	 	27	 	DPR	 	RESERVED	 	03-28-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1191473	 	04-03-13	 	04-05-13	 	19	 	DPR	 	RESERVED	 	03-22-13	 	 	-1,438.12	 
	XXXXXXXXXXXXXXX	 	1120705	 	04-03-13	 	04-06-13	 	437	 	DPR	 	RESERVED	 	03-14-13	 	 	-1,340.53	 
	XXXXXXXXXXXXXXX	 	1193954	 	04-03-13	 	04-05-13	 	3	 	DPR	 	RESERVED	 	03-27-13	 	 	-1,551.96	 
	XXXXXXXXXXXXXXX	 	1195748	 	04-03-13	 	04-04-13	 	81	 	DPR	 	RESERVED	 	03-30-13	 	 	-706.69	 
	XXXXXXXXXXXXXXX	 	1195954	 	04-03-13	 	04-04-13	 	59	 	DPR	 	RESERVED	 	03-30-13	 	 	-639.87	 
	XXXXXXXXXXXXXXX	 	1142988	 	04-03-13	 	04-05-13	 	544	 	DPR	 	RESERVED	 	12-13-12	 	 	-1,000.10	 
	XXXXXXXXXXXXXXX	 	1150712	 	04-03-13	 	04-07-13	 	88	 	DPR	 	RESERVED	 	03-14-13	 	 	-2,608.98	 
	XXXXXXXXXXXXXXX	 	1178718	 	04-03-13	 	04-07-13	 	435	 	DPR	 	RESERVED	 	03-14-13	 	 	-1,643.83	 
	XXXXXXXXXXXXXXX	 	1148717	 	04-03-13	 	04-07-13	 	442	 	DPR	 	RESERVED	 	03-14-13	 	 	-1,643.83	 
	XXXXXXXXXXXXXXX	 	1148204	 	04-03-13	 	04-08-13	 	93	 	DPR	 	RESERVED	 	12-25-12	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1178229	 	04-03-13	 	04-05-13	 	82	 	DPR	 	RESERVED	 	03-14-13	 	 	-1,225.00	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 3 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1025204	 	04-03-13	 	04-07-13	 	29	 	DPR	 	RESERVED	 	05-24-12	 	 	-852.55	 
	XXXXXXXXXXXXXXX	 	1168735	 	04-03-13	 	04-04-13	 	95	 	DPR	 	RESERVED	 	02-06-13	 	 	-694.32	 
	XXXXXXXXXXXXXXX	 	1192986	 	04-03-13	 	04-06-13	 	23	 	DPR	 	RESERVED	 	03-25-13	 	 	-2,206.69	 
	XXXXXXXXXXXXXXX	 	1173716	 	04-03-13	 	04-05-13	 	549	 	DPR	 	RESERVED	 	03-14-13	 	 	-819.44	 
	XXXXXXXXXXXXXXX	 	1181995	 	04-03-13	 	04-06-13	 	71	 	DPR	 	RESERVED	 	03-07-13	 	 	-1,522.79	 
	XXXXXXXXXXXXXXX	 	1177501	 	04-03-13	 	04-05-13	 	20	 	DPR	 	RESERVED	 	03-14-13	 	 	-1,438.13	 
	XXXXXXXXXXXXXXX	 	1195710	 	04-03-13	 	04-05-13	 	30	 	DPR	 	RESERVED	 	03-29-13	 	 	-1,132.50	 
	XXXXXXXXXXXXXXX	 	1195268	 	04-03-13	 	04-05-13	 	87	 	DPR	 	RESERVED	 	03-29-13	 	 	-1,413.38	 
	XXXXXXXXXXXXXXX	 	1181714	 	04-04-13	 	04-08-13	 	81	 	DPR	 	RESERVED	 	03-05-13	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1159503	 	04-04-13	 	04-06-13	 	95	 	DPR	 	RESERVED	 	01-17-13	 	 	-1,673.23	 
	XXXXXXXXXXXXXXX	 	1194218	 	04-04-13	 	04-08-13	 	8	 	DPR	 	RESERVED	 	03-27-13	 	 	-2,282.32	 
	XXXXXXXXXXXXXXX	 	1125458	 	04-04-13	 	04-06-13	 	94	 	DPR	 	RESERVED	 	11-07-12	 	 	-706.69	 
	XXXXXXXXXXXXXXX	 	1186704	 	04-04-13	 	04-07-13	 	443	 	DPR	 	RESERVED	 	03-16-13	 	 	-1,263.81	 
	XXXXXXXXXXXXXXX	 	1171980	 	04-04-13	 	04-09-13	 	68	 	DPR	 	RESERVED	 	03-15-13	 	 	-2,753.15	 
	XXXXXXXXXXXXXXX	 	1186708	 	04-04-13	 	04-07-13	 	444	 	DPR	 	RESERVED	 	03-16-13	 	 	-1,263.81	 
	XXXXXXXXXXXXXXX	 	1181724	 	04-04-13	 	04-07-13	 	90	 	DPR	 	RESERVED	 	03-06-13	 	 	-2,035.06	 
	XXXXXXXXXXXXXXX	 	1183454	 	04-04-13	 	04-05-13	 	56	 	DPR	 	RESERVED	 	03-09-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1186986	 	04-04-13	 	04-06-13	 	546	 	DPR	 	RESERVED	 	03-15-13	 	 	-772.43	 
	XXXXXXXXXXXXXXX	 	1166496	 	04-04-13	 	04-06-13	 	9	 	DPR	 	RESERVED	 	03-14-13	 	 	-1,686.99	 
	XXXXXXXXXXXXXXX	 	1177212	 	04-04-13	 	04-06-13	 	86	 	DPR	 	RESERVED	 	03-15-13	 	 	-1,274.49	 
	XXXXXXXXXXXXXXX	 	1176716	 	04-04-13	 	04-07-13	 	91	 	DPR	 	RESERVED	 	03-15-13	 	 	-2,256.18	 
	XXXXXXXXXXXXXXX	 	1173979	 	04-04-13	 	04-08-13	 	551	 	DPR	 	RESERVED	 	02-19-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1191454	 	04-05-13	 	04-07-13	 	544	 	DPR	 	RESERVED	 	03-22-13	 	 	-992.68	 
	XXXXXXXXXXXXXXX	 	1169485	 	04-05-13	 	04-09-13	 	547	 	DPR	 	RESERVED	 	02-10-13	 	 	-590.38	 
	XXXXXXXXXXXXXXX	 	1195263	 	04-05-13	 	04-07-13	 	440	 	DPR	 	RESERVED	 	03-29-13	 	 	-883.79	 
	XXXXXXXXXXXXXXX	 	1192464	 	04-05-13	 	04-06-13	 	549	 	DPR	 	RESERVED	 	03-24-13	 	 	-496.34	 
	XXXXXXXXXXXXXXX	 	1177497	 	04-05-13	 	04-08-13	 	550	 	DPR	 	RESERVED	 	02-26-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1170710	 	04-05-13	 	04-11-13	 	2	 	DPR	 	RESERVED	 	02-16-13	 	 	-842.80	 
	XXXXXXXXXXXXXXX	 	1170713	 	04-05-13	 	04-11-13	 	15	 	DPR	 	RESERVED	 	02-16-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1184962	 	04-05-13	 	04-09-13	 	87	 	DPR	 	RESERVED	 	03-12-13	 	 	-2,354.08	 
	XXXXXXXXXXXXXXX	 	1181977	 	04-05-13	 	04-07-13	 	552	 	DPR	 	RESERVED	 	03-08-13	 	 	-346.46	 
	XXXXXXXXXXXXXXX	 	1169483	 	04-05-13	 	04-08-13	 	4	 	DPR	 	RESERVED	 	02-10-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1195737	 	04-05-13	 	04-08-13	 	92	 	DPR	 	RESERVED	 	03-29-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1195260	 	04-05-13	 	04-06-13	 	60	 	DPR	 	RESERVED	 	03-28-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1195261	 	04-05-13	 	04-06-13	 	62	 	DPR	 	RESERVED	 	03-28-13	 	 	-661.99	 
	XXXXXXXXXXXXXXX	 	1194456	 	04-05-13	 	04-07-13	 	67	 	DPR	 	RESERVED	 	03-28-13	 	 	-1,141.16	 
	XXXXXXXXXXXXXXX	 	1189209	 	04-05-13	 	04-06-13	 	98	 	DPR	 	RESERVED	 	03-19-13	 	 	-693.20	 
	XXXXXXXXXXXXXXX	 	1193510	 	04-05-13	 	04-07-13	 	14	 	DPR	 	RESERVED	 	03-27-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1177722	 	04-06-13	 	04-08-13	 	5	 	DPR	 	RESERVED	 	02-26-13	 	 	-842.80	 
	XXXXXXXXXXXXXXX	 	1185493	 	04-06-13	 	04-08-13	 	66	 	DPR	 	RESERVED	 	03-13-13	 	 	-1,030.04	 
	XXXXXXXXXXXXXXX	 	1188213	 	04-06-13	 	04-07-13	 	17	 	DPR	 	RESERVED	 	03-17-13	 	 	-693.20	 
	XXXXXXXXXXXXXXX	 	1194205	 	04-06-13	 	04-08-13	 	12	 	DPR	 	RESERVED	 	03-28-13	 	 	-1,141.16	 
	XXXXXXXXXXXXXXX	 	1159954	 	04-06-13	 	04-08-13	 	441	 	DPR	 	RESERVED	 	01-20-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1182482	 	04-06-13	 	04-07-13	 	96	 	DPR	 	RESERVED	 	03-07-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1193977	 	04-06-13	 	04-07-13	 	85	 	DPR	 	RESERVED	 	03-27-13	 	 	-652.25	 
	XXXXXXXXXXXXXXX	 	1155985	 	04-06-13	 	04-09-13	 	83	 	DPR	 	RESERVED	 	01-10-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1184964	 	04-06-13	 	04-08-13	 	20	 	DPR	 	RESERVED	 	03-17-13	 	 	-693.20	 
	XXXXXXXXXXXXXXX	 	1175722	 	04-06-13	 	04-07-13	 	3	 	DPR	 	RESERVED	 	02-21-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1175723	 	04-06-13	 	04-07-13	 	11	 	DPR	 	RESERVED	 	02-21-13	 	 	-595.33	 
	XXXXXXXXXXXXXXX	 	1193512	 	04-07-13	 	04-09-13	 	97	 	DPR	 	RESERVED	 	03-27-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1189962	 	04-07-13	 	04-09-13	 	548	 	DPR	 	RESERVED	 	03-20-13	 	 	-614.56	 
	XXXXXXXXXXXXXXX	 	1195739	 	04-07-13	 	04-09-13	 	552	 	DPR	 	RESERVED	 	03-30-13	 	 	-566.40	 
	XXXXXXXXXXXXXXX	 	1179974	 	04-07-13	 	04-11-13	 	17	 	DPR	 	RESERVED	 	03-17-13	 	 	-2,264.99	 
	XXXXXXXXXXXXXXX	 	1181457	 	04-07-13	 	04-09-13	 	443	 	DPR	 	RESERVED	 	03-05-13	 	 	-307.28	 
	XXXXXXXXXXXXXXX	 	1190211	 	04-07-13	 	04-10-13	 	85	 	DPR	 	RESERVED	 	03-21-13	 	 	-1,696.89	 
	XXXXXXXXXXXXXXX	 	1183216	 	04-07-13	 	04-09-13	 	549	 	DPR	 	RESERVED	 	03-08-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1156972	 	04-07-13	 	04-10-13	 	86	 	DPR	 	RESERVED	 	01-12-13	 	 	-1,882.49	 
	XXXXXXXXXXXXXXX	 	1156954	 	04-07-13	 	04-08-13	 	70	 	DPR	 	RESERVED	 	01-12-13	 	 	-545.83	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 4 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1183957	 	04-07-13	 	04-09-13	 	9	 	DPR	 	RESERVED	 	03-10-13	 	 	-1,116.41	 
	XXXXXXXXXXXXXXX	 	1183712	 	04-07-13	 	04-09-13	 	436	 	DPR	 	RESERVED	 	03-09-13	 	 	-315.53	 
	XXXXXXXXXXXXXXX	 	1191468	 	04-07-13	 	04-08-13	 	64	 	DPR	 	RESERVED	 	03-22-13	 	 	-471.59	 
	XXXXXXXXXXXXXXX	 	1183243	 	04-07-13	 	04-09-13	 	6	 	DPR	 	RESERVED	 	03-09-13	 	 	-1,132.50	 
	XXXXXXXXXXXXXXX	 	1188221	 	04-08-13	 	04-12-13	 	30	 	DPR	 	RESERVED	 	03-18-13	 	 	-1,703.72	 
	XXXXXXXXXXXXXXX	 	1183711	 	04-08-13	 	04-09-13	 	440	 	DPR	 	RESERVED	 	03-09-13	 	 	-315.53	 
	XXXXXXXXXXXXXXX	 	1180959	 	04-08-13	 	04-10-13	 	70	 	DPR	 	RESERVED	 	03-04-13	 	 	-943.18	 
	XXXXXXXXXXXXXXX	 	1168718	 	04-08-13	 	04-12-13	 	551	 	DPR	 	RESERVED	 	02-06-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1184214	 	04-08-13	 	04-09-13	 	435	 	DPR	 	RESERVED	 	03-10-13	 	 	-315.53	 
	XXXXXXXXXXXXXXX	 	1184465	 	04-08-13	 	04-12-13	 	88	 	DPR	 	RESERVED	 	03-22-13	 	 	-2,262.52	 
	XXXXXXXXXXXXXXX	 	1182504	 	04-08-13	 	04-09-13	 	9013	 	DPR	 	RESERVED	 	03-07-13	 	 	-4,717.47	 
	XXXXXXXXXXXXXXX	 	1188223	 	04-08-13	 	04-10-13	 	5	 	DPR	 	RESERVED	 	03-18-13	 	 	-1,297.32	 
	XXXXXXXXXXXXXXX	 	1170502	 	04-08-13	 	04-09-13	 	553	 	DPR	 	RESERVED	 	02-21-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1190720	 	04-08-13	 	04-11-13	 	438	 	DPR	 	RESERVED	 	03-21-13	 	 	-991.59	 
	XXXXXXXXXXXXXXX	 	1182005	 	04-08-13	 	04-12-13	 	60	 	DPR	 	RESERVED	 	03-07-13	 	 	-2,042.28	 
	XXXXXXXXXXXXXXX	 	1176207	 	04-08-13	 	04-12-13	 	9074	 	DPR	 	RESERVED	 	03-28-13	 	 	-16,697.99	 
	XXXXXXXXXXXXXXX	 	1184515	 	04-08-13	 	04-12-13	 	26	 	DPR	 	RESERVED	 	03-12-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1180216	 	04-08-13	 	04-11-13	 	3	 	DPR	 	RESERVED	 	03-02-13	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1192467	 	04-08-13	 	04-10-13	 	550	 	DPR	 	RESERVED	 	03-25-13	 	 	-661.06	 
	XXXXXXXXXXXXXXX	 	1196733	 	04-08-13	 	04-10-13	 	96	 	DPR	 	RESERVED	 	03-31-13	 	 	-535.62	 
	XXXXXXXXXXXXXXX	 	1183715	 	04-08-13	 	04-09-13	 	441	 	DPR	 	RESERVED	 	03-09-13	 	 	-315.53	 
	XXXXXXXXXXXXXXX	 	1031484	 	04-09-13	 	04-13-13	 	6	 	DPR	 	RESERVED	 	06-07-12	 	 	-655.93	 
	XXXXXXXXXXXXXXX	 	1171457	 	04-09-13	 	04-13-13	 	71	 	DPR	 	RESERVED	 	03-20-13	 	 	-2,232.82	 
	XXXXXXXXXXXXXXX	 	1192206	 	04-09-13	 	04-12-13	 	549	 	DPR	 	RESERVED	 	03-24-13	 	 	-1,511.28	 
	XXXXXXXXXXXXXXX	 	1171459	 	04-09-13	 	04-11-13	 	87	 	DPR	 	RESERVED	 	03-20-13	 	 	-1,551.97	 
	XXXXXXXXXXXXXXX	 	1055954	 	04-09-13	 	04-12-13	 	436	 	DPR	 	RESERVED	 	07-28-12	 	 	-365.02	 
	XXXXXXXXXXXXXXX	 	1189212	 	04-09-13	 	04-14-13	 	98	 	DPR	 	RESERVED	 	03-19-13	 	 	-2,920.33	 
	XXXXXXXXXXXXXXX	 	1172469	 	04-09-13	 	04-11-13	 	32	 	DPR	 	RESERVED	 	03-20-13	 	 	-1,091.66	 
	XXXXXXXXXXXXXXX	 	1196729	 	04-09-13	 	04-13-13	 	444	 	DPR	 	RESERVED	 	03-31-13	 	 	-305.78	 
	XXXXXXXXXXXXXXX	 	1081959	 	04-09-13	 	04-11-13	 	16	 	DPR	 	RESERVED	 	09-07-12	 	 	-1,297.32	 
	XXXXXXXXXXXXXXX	 	1168211	 	04-09-13	 	04-11-13	 	27	 	DPR	 	RESERVED	 	02-05-13	 	 	-545.83	 
	XXXXXXXXXXXXXXX	 	1193518	 	04-09-13	 	04-12-13	 	545	 	DPR	 	RESERVED	 	03-26-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1185460	 	04-09-13	 	04-11-13	 	4	 	DPR	 	RESERVED	 	03-13-13	 	 	-1,132.50	 
	XXXXXXXXXXXXXXX	 	1196205	 	04-10-13	 	04-13-13	 	86	 	DPR	 	RESERVED	 	03-31-13	 	 	-1,491.19	 
	XXXXXXXXXXXXXXX	 	1187207	 	04-10-13	 	04-13-13	 	554	 	DPR	 	RESERVED	 	03-21-13	 	 	-1,053.46	 
	XXXXXXXXXXXXXXX	 	1166276	 	04-10-13	 	04-13-13	 	96	 	DPR	 	RESERVED	 	02-26-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1196454	 	04-10-13	 	04-13-13	 	82	 	DPR	 	RESERVED	 	03-30-13	 	 	-1,491.16	 
	XXXXXXXXXXXXXXX	 	1176213	 	04-10-13	 	04-11-13	 	58	 	DPR	 	RESERVED	 	02-22-13	 	 	-1,856.06	 
	XXXXXXXXXXXXXXX	 	1195454	 	04-10-13	 	04-13-13	 	550	 	DPR	 	RESERVED	 	03-29-13	 	 	-902.19	 
	XXXXXXXXXXXXXXX	 	1186488	 	04-10-13	 	04-15-13	 	95	 	DPR	 	RESERVED	 	03-15-13	 	 	-2,920.33	 
	XXXXXXXXXXXXXXX	 	1188480	 	04-10-13	 	04-12-13	 	68	 	DPR	 	RESERVED	 	03-18-13	 	 	-851.86	 
	XXXXXXXXXXXXXXX	 	1114709	 	04-10-13	 	04-14-13	 	9	 	DPR	 	RESERVED	 	10-22-12	 	 	-2,060.08	 
	XXXXXXXXXXXXXXX	 	1136280	 	04-10-13	 	04-13-13	 	19	 	DPR	 	RESERVED	 	03-20-13	 	 	-2,206.69	 
	XXXXXXXXXXXXXXX	 	1165209	 	04-10-13	 	04-13-13	 	546	 	DPR	 	RESERVED	 	02-01-13	 	 	-315.03	 
	XXXXXXXXXXXXXXX	 	1165210	 	04-10-13	 	04-13-13	 	548	 	DPR	 	RESERVED	 	02-01-13	 	 	-315.03	 
	XXXXXXXXXXXXXXX	 	1190736	 	04-11-13	 	04-12-13	 	66	 	DPR	 	RESERVED	 	03-21-13	 	 	-644.82	 
	XXXXXXXXXXXXXXX	 	1186206	 	04-11-13	 	04-14-13	 	27	 	DPR	 	RESERVED	 	03-14-13	 	 	-1,366.89	 
	XXXXXXXXXXXXXXX	 	1184516	 	04-11-13	 	04-13-13	 	87	 	DPR	 	RESERVED	 	03-12-13	 	 	-1,177.04	 
	XXXXXXXXXXXXXXX	 	1170957	 	04-11-13	 	04-14-13	 	438	 	DPR	 	RESERVED	 	02-13-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1174013	 	04-11-13	 	04-14-13	 	67	 	DPR	 	RESERVED	 	02-18-13	 	 	-1,959.21	 
	XXXXXXXXXXXXXXX	 	1166261	 	04-11-13	 	04-13-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-434.47	 
	XXXXXXXXXXXXXXX	 	1190724	 	04-11-13	 	04-15-13	 	94	 	DPR	 	RESERVED	 	03-21-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1190711	 	04-11-13	 	04-15-13	 	83	 	DPR	 	RESERVED	 	03-21-13	 	 	-2,042.27	 
	XXXXXXXXXXXXXXX	 	1194230	 	04-11-13	 	04-14-13	 	544	 	DPR	 	RESERVED	 	03-28-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1184467	 	04-11-13	 	04-14-13	 	97	 	DPR	 	RESERVED	 	03-11-13	 	 	-2,775.88	 
	XXXXXXXXXXXXXXX	 	1185204	 	04-11-13	 	04-15-13	 	63	 	DPR	 	RESERVED	 	03-12-13	 	 	-1,792.81	 
	XXXXXXXXXXXXXXX	 	1185455	 	04-11-13	 	04-12-13	 	32	 	DPR	 	RESERVED	 	03-13-13	 	 	-450.68	 
	XXXXXXXXXXXXXXX	 	1190455	 	04-11-13	 	04-13-13	 	547	 	DPR	 	RESERVED	 	03-21-13	 	 	-330.53	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 5 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1159483	 	04-11-13	 	04-14-13	 	28	 	DPR	 	RESERVED	 	01-20-13	 	 	-892.30	 
	XXXXXXXXXXXXXXX	 	1184483	 	04-11-13	 	04-14-13	 	15	 	DPR	 	RESERVED	 	03-26-13	 	 	-1,787.84	 
	XXXXXXXXXXXXXXX	 	1171961	 	04-11-13	 	04-13-13	 	85	 	DPR	 	RESERVED	 	02-14-13	 	 	-602.75	 
	XXXXXXXXXXXXXXX	 	1168480	 	04-11-13	 	04-14-13	 	31	 	DPR	 	RESERVED	 	02-05-13	 	 	-545.83	 
	XXXXXXXXXXXXXXX	 	1185704	 	04-12-13	 	04-15-13	 	84	 	DPR	 	RESERVED	 	03-13-13	 	 	-533.46	 
	XXXXXXXXXXXXXXX	 	1177743	 	04-12-13	 	04-14-13	 	20	 	DPR	 	RESERVED	 	02-27-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1169486	 	04-12-13	 	04-14-13	 	18	 	DPR	 	RESERVED	 	02-10-13	 	 	-1,190.66	 
	XXXXXXXXXXXXXXX	 	1189213	 	04-12-13	 	04-14-13	 	545	 	DPR	 	RESERVED	 	03-19-13	 	 	-367.65	 
	XXXXXXXXXXXXXXX	 	996714	 	04-12-13	 	04-14-13	 	 	 	DPR	 	RESERVED	 	02-14-13	 	 	-15,923.26	 
	XXXXXXXXXXXXXXX	 	1060212	 	04-12-13	 	04-14-13	 	9069	 	GRP DEF	 	RESERVED	 	02-14-13	 	 	-16,893.38	 
	XXXXXXXXXXXXXXX	 	1177709	 	04-12-13	 	04-14-13	 	440	 	DPR	 	RESERVED	 	02-26-13	 	 	-432.15	 
	XXXXXXXXXXXXXXX	 	1177710	 	04-12-13	 	04-14-13	 	435	 	DPR	 	RESERVED	 	02-26-13	 	 	-402.15	 
	XXXXXXXXXXXXXXX	 	1177711	 	04-12-13	 	04-14-13	 	436	 	DPR	 	RESERVED	 	02-26-13	 	 	-402.15	 
	XXXXXXXXXXXXXXX	 	1177708	 	04-12-13	 	04-14-13	 	441	 	DPR	 	RESERVED	 	02-26-13	 	 	-432.15	 
	XXXXXXXXXXXXXXX	 	1188474	 	04-12-13	 	04-14-13	 	88	 	DPR	 	RESERVED	 	03-18-13	 	 	-555.11	 
	XXXXXXXXXXXXXXX	 	1185209	 	04-12-13	 	04-14-13	 	17	 	DPR	 	RESERVED	 	03-13-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1169270	 	04-12-13	 	04-14-13	 	29	 	DPR	 	RESERVED	 	02-08-13	 	 	-941.79	 
	XXXXXXXXXXXXXXX	 	1169269	 	04-12-13	 	04-14-13	 	62	 	DPR	 	RESERVED	 	02-08-13	 	 	-662.00	 
	XXXXXXXXXXXXXXX	 	1169268	 	04-12-13	 	04-14-13	 	2	 	DPR	 	RESERVED	 	02-08-13	 	 	-842.80	 
	XXXXXXXXXXXXXXX	 	1138982	 	04-12-13	 	04-14-13	 	8	 	DPR	 	RESERVED	 	12-05-12	 	 	-1,042.17	 
	XXXXXXXXXXXXXXX	 	1189458	 	04-12-13	 	04-14-13	 	16	 	DPR	 	RESERVED	 	03-20-13	 	 	-850.22	 
	XXXXXXXXXXXXXXX	 	1169244	 	04-13-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-595.33	 
	XXXXXXXXXXXXXXX	 	1191963	 	04-13-13	 	04-14-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1163204	 	04-13-13	 	04-15-13	 	 	 	DPR	 	RESERVED	 	01-23-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1194956	 	04-13-13	 	04-15-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1159003	 	04-13-13	 	04-14-13	 	 	 	DPR	 	RESERVED	 	01-17-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1191484	 	04-13-13	 	04-14-13	 	7	 	DPR	 	RESERVED	 	03-22-13	 	 	-610.79	 
	XXXXXXXXXXXXXXX	 	1189208	 	04-14-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-340.28	 
	XXXXXXXXXXXXXXX	 	1158998	 	04-14-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	01-16-13	 	 	-3,920.69	 
	XXXXXXXXXXXXXXX	 	1195752	 	04-14-13	 	04-15-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-283.20	 
	XXXXXXXXXXXXXXX	 	1187457	 	04-14-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-1,539.60	 
	XXXXXXXXXXXXXXX	 	1186969	 	04-14-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-851.86	 
	XXXXXXXXXXXXXXX	 	1159966	 	04-14-13	 	04-15-13	 	 	 	DPR	 	RESERVED	 	01-18-13	 	 	-620.07	 
	XXXXXXXXXXXXXXX	 	1196707	 	04-14-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1176228	 	04-14-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	02-22-13	 	 	-704.06	 
	XXXXXXXXXXXXXXX	 	1158242	 	04-14-13	 	04-15-13	 	 	 	DPR	 	RESERVED	 	01-19-13	 	 	-553.26	 
	XXXXXXXXXXXXXXX	 	1195242	 	04-14-13	 	04-15-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-535.62	 
	XXXXXXXXXXXXXXX	 	1181969	 	04-14-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-2,314.85	 
	XXXXXXXXXXXXXXX	 	1194216	 	04-14-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-403.10	 
	XXXXXXXXXXXXXXX	 	1191954	 	04-14-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	03-23-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1146956	 	04-14-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1186204	 	04-14-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-2,265.00	 
	XXXXXXXXXXXXXXX	 	1192959	 	04-14-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1158219	 	04-15-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	01-14-13	 	 	-492.75	 
	XXXXXXXXXXXXXXX	 	1176721	 	04-15-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	02-23-13	 	 	-560.83	 
	XXXXXXXXXXXXXXX	 	1186972	 	04-15-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-425.93	 
	XXXXXXXXXXXXXXX	 	1158714	 	04-15-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	01-15-13	 	 	-892.30	 
	XXXXXXXXXXXXXXX	 	1168724	 	04-15-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	02-06-13	 	 	-1,438.13	 
	XXXXXXXXXXXXXXX	 	1191467	 	04-15-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	03-23-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1183206	 	04-15-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-602.75	 
	XXXXXXXXXXXXXXX	 	1185208	 	04-15-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-1,531.71	 
	XXXXXXXXXXXXXXX	 	1193022	 	04-15-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1156206	 	04-15-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	01-10-13	 	 	-545.83	 
	XXXXXXXXXXXXXXX	 	1178234	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-471.59	 
	XXXXXXXXXXXXXXX	 	1169231	 	04-16-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-5,228.48	 
	XXXXXXXXXXXXXXX	 	1178705	 	04-16-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-2,213.02	 
	XXXXXXXXXXXXXXX	 	1190457	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-851.86	 
	XXXXXXXXXXXXXXX	 	1177734	 	04-16-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-1,313.30	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 6 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1163955	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	01-23-13	 	 	-1,784.59	 
	XXXXXXXXXXXXXXX	 	1100455	 	04-16-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	10-05-12	 	 	-1,167.84	 
	XXXXXXXXXXXXXXX	 	1183708	 	04-16-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-2,639.76	 
	XXXXXXXXXXXXXXX	 	1177478	 	04-16-13	 	04-18-13	 	33	 	DPR	 	RESERVED	 	02-25-13	 	 	-648.66	 
	XXXXXXXXXXXXXXX	 	1170471	 	04-17-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-892.30	 
	XXXXXXXXXXXXXXX	 	1195250	 	04-17-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-1,028.42	 
	XXXXXXXXXXXXXXX	 	1184220	 	04-17-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-1,743.29	 
	XXXXXXXXXXXXXXX	 	1191959	 	04-17-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-425.93	 
	XXXXXXXXXXXXXXX	 	1190739	 	04-17-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-1,132.50	 
	XXXXXXXXXXXXXXX	 	1171706	 	04-17-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	02-14-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1119978	 	04-17-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-760.05	 
	XXXXXXXXXXXXXXX	 	1195742	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-689.49	 
	XXXXXXXXXXXXXXX	 	1190713	 	04-18-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1196213	 	04-18-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-2,016.30	 
	XXXXXXXXXXXXXXX	 	1150458	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	12-29-12	 	 	-477.75	 
	XXXXXXXXXXXXXXX	 	1164251	 	04-18-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	01-25-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1133954	 	04-18-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	11-24-12	 	 	-3,109.18	 
	XXXXXXXXXXXXXXX	 	1182509	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1181982	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-1,567.33	 
	XXXXXXXXXXXXXXX	 	1168499	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	02-05-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1138984	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	12-05-12	 	 	-434.47	 
	XXXXXXXXXXXXXXX	 	1181218	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-1,513.76	 
	XXXXXXXXXXXXXXX	 	1181719	 	04-18-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-2,060.08	 
	XXXXXXXXXXXXXXX	 	1163456	 	04-18-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	01-23-13	 	 	-1,289.64	 
	XXXXXXXXXXXXXXX	 	1167716	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	02-02-13	 	 	-941.79	 
	XXXXXXXXXXXXXXX	 	1182502	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1180212	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1150457	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	12-29-12	 	 	-477.75	 
	XXXXXXXXXXXXXXX	 	1189704	 	04-18-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	03-20-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1158216	 	04-18-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	01-14-13	 	 	-627.49	 
	XXXXXXXXXXXXXXX	 	1194227	 	04-18-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1187455	 	04-19-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-1,366.88	 
	XXXXXXXXXXXXXXX	 	1179204	 	04-19-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-2,235.52	 
	XXXXXXXXXXXXXXX	 	1189228	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-846.51	 
	XXXXXXXXXXXXXXX	 	1192996	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1190954	 	04-19-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-22-13	 	 	-1,366.89	 
	XXXXXXXXXXXXXXX	 	1193968	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-1,221.59	 
	XXXXXXXXXXXXXXX	 	1155218	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	01-06-13	 	 	-1,403.48	 
	XXXXXXXXXXXXXXX	 	1156958	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	01-12-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1190228	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1184218	 	04-19-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-693.20	 
	XXXXXXXXXXXXXXX	 	1194207	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-562.04	 
	XXXXXXXXXXXXXXX	 	1166253	 	04-19-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	01-29-13	 	 	-610.79	 
	XXXXXXXXXXXXXXX	 	1158960	 	04-19-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	01-17-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1191479	 	04-19-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-22-13	 	 	-470.48	 
	XXXXXXXXXXXXXXX	 	1192998	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-941.79	 
	XXXXXXXXXXXXXXX	 	1185480	 	04-19-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-2,354.08	 
	XXXXXXXXXXXXXXX	 	1196204	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-743.81	 
	XXXXXXXXXXXXXXX	 	1194214	 	04-19-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-652.25	 
	XXXXXXXXXXXXXXX	 	1170518	 	04-19-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1182485	 	04-20-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-1,065.68	 
	XXXXXXXXXXXXXXX	 	1186207	 	04-20-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1170221	 	04-20-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1097254	 	04-20-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	10-02-12	 	 	-540.88	 
	XXXXXXXXXXXXXXX	 	1168979	 	04-20-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-1,403.48	 
	XXXXXXXXXXXXXXX	 	1194210	 	04-20-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-595.33	 
	XXXXXXXXXXXXXXX	 	1169955	 	04-20-13	 	04-21-13	 	3	 	DPR	 	RESERVED	 	02-10-13	 	 	-610.80	 
	XXXXXXXXXXXXXXX	 	1184485	 	04-20-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-521.08	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 7 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1182476	 	04-21-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-877.30	 
	XXXXXXXXXXXXXXX	 	1190719	 	04-21-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1180460	 	04-21-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1188220	 	04-21-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-2,594.63	 
	XXXXXXXXXXXXXXX	 	1168500	 	04-21-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	02-06-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1195249	 	04-21-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-403.11	 
	XXXXXXXXXXXXXXX	 	1191970	 	04-21-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1175007	 	04-21-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-694.32	 
	XXXXXXXXXXXXXXX	 	1162210	 	04-22-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	01-23-13	 	 	-804.57	 
	XXXXXXXXXXXXXXX	 	1174729	 	04-22-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-545.83	 
	XXXXXXXXXXXXXXX	 	1194219	 	04-22-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-573.04	 
	XXXXXXXXXXXXXXX	 	1170734	 	04-22-13	 	04-24-13	 	83	 	DPR	 	RESERVED	 	02-12-13	 	 	-918.43	 
	XXXXXXXXXXXXXXX	 	1178224	 	04-22-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1142470	 	04-22-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	12-12-12	 	 	-867.54	 
	XXXXXXXXXXXXXXX	 	1030508	 	04-22-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	06-04-12	 	 	-1,900.98	 
	XXXXXXXXXXXXXXX	 	1126464	 	04-22-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	11-08-12	 	 	-694.32	 
	XXXXXXXXXXXXXXX	 	1172457	 	04-22-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	02-15-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1129455	 	04-22-13	 	04-26-13	 	9000	 	DPR	 	RESERVED	 	12-21-12	 	 	-6,045.00	 
	XXXXXXXXXXXXXXX	 	1170503	 	04-23-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-2,105.22	 
	XXXXXXXXXXXXXXX	 	1170504	 	04-23-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-2,105.22	 
	XXXXXXXXXXXXXXX	 	1188477	 	04-23-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-1,277.79	 
	XXXXXXXXXXXXXXX	 	1188488	 	04-23-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-2,309.54	 
	XXXXXXXXXXXXXXX	 	1189226	 	04-23-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1195236	 	04-23-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1167957	 	04-23-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1189224	 	04-23-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1145716	 	04-23-13	 	04-25-13	 	70	 	DPR	 	RESERVED	 	12-18-12	 	 	-602.16	 
	XXXXXXXXXXXXXXX	 	1187209	 	04-23-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1166499	 	04-23-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-800.73	 
	XXXXXXXXXXXXXXX	 	1172471	 	04-23-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	02-15-13	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1187458	 	04-23-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1136711	 	04-23-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1156231	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-1,289.64	 
	XXXXXXXXXXXXXXX	 	1168255	 	04-24-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	02-05-13	 	 	-545.83	 
	XXXXXXXXXXXXXXX	 	1191958	 	04-24-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1166513	 	04-24-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1174988	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-775.98	 
	XXXXXXXXXXXXXXX	 	1135290	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	12-03-12	 	 	-371.21	 
	XXXXXXXXXXXXXXX	 	1135291	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	12-03-12	 	 	-371.21	 
	XXXXXXXXXXXXXXX	 	1167478	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	02-01-13	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1184963	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-800.73	 
	XXXXXXXXXXXXXXX	 	1195217	 	04-24-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1195216	 	04-24-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1166278	 	04-24-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-434.74	 
	XXXXXXXXXXXXXXX	 	1167727	 	04-25-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	02-02-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1184223	 	04-25-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-722.16	 
	XXXXXXXXXXXXXXX	 	1192960	 	04-25-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-1,787.83	 
	XXXXXXXXXXXXXXX	 	1190718	 	04-25-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-2,218.74	 
	XXXXXXXXXXXXXXX	 	1196216	 	04-25-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1196215	 	04-25-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	120495	 	04-25-13	 	04-26-13	 	 	 	GCO	 	RESERVED	 	03-28-12	 	 	-0.24	 
	XXXXXXXXXXXXXXX	 	1193976	 	04-25-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-1,787.83	 
	XXXXXXXXXXXXXXX	 	1101749	 	04-25-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	10-08-12	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1135226	 	04-25-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	11-27-12	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1195964	 	04-25-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-1,293.47	 
	XXXXXXXXXXXXXXX	 	1195704	 	04-25-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-1,293.47	 
	XXXXXXXXXXXXXXX	 	1188215	 	04-26-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-3,044.54	 
	XXXXXXXXXXXXXXX	 	1186987	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-7,725.00	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 8 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1181463	 	04-26-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1192466	 	04-26-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-4,457.15	 
	XXXXXXXXXXXXXXX	 	1016987	 	04-26-13	 	04-28-13	 	 	 	GRP DEF	 	RESERVED	 	02-20-13	 	 	-14,326.79	 
	XXXXXXXXXXXXXXX	 	1168466	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-4,697.17	 
	XXXXXXXXXXXXXXX	 	1176723	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	02-23-13	 	 	-714.11	 
	XXXXXXXXXXXXXXX	 	1177226	 	04-26-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-24-13	 	 	-508.71	 
	XXXXXXXXXXXXXXX	 	1152459	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	01-03-13	 	 	-496.34	 
	XXXXXXXXXXXXXXX	 	1184507	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-788.41	 
	XXXXXXXXXXXXXXX	 	1188217	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-1,288.40	 
	XXXXXXXXXXXXXXX	 	1180455	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1140218	 	04-26-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-14-13	 	 	-8,910.13	 
	XXXXXXXXXXXXXXX	 	1193974	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-938.50	 
	XXXXXXXXXXXXXXX	 	1152460	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	01-03-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1166259	 	04-26-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	01-29-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1168726	 	04-26-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-06-13	 	 	-743.81	 
	XXXXXXXXXXXXXXX	 	1185709	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-1,337.90	 
	XXXXXXXXXXXXXXX	 	1178962	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-20-13	 	 	-1,774.70	 
	XXXXXXXXXXXXXXX	 	1196457	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-887.35	 
	XXXXXXXXXXXXXXX	 	1179957	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-1,242.62	 
	XXXXXXXXXXXXXXX	 	1182501	 	04-27-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-2,244.43	 
	XXXXXXXXXXXXXXX	 	1166994	 	04-27-13	 	05-02-13	 	 	 	DPR	 	RESERVED	 	01-31-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1168214	 	04-27-13	 	04-30-13	 	6	 	DPR	 	RESERVED	 	02-04-13	 	 	-2,440.09	 
	XXXXXXXXXXXXXXX	 	1064225	 	04-27-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	08-06-12	 	 	-2,862.05	 
	XXXXXXXXXXXXXXX	 	1169276	 	04-27-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	02-09-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1185458	 	04-27-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-872.35	 
	XXXXXXXXXXXXXXX	 	1164465	 	04-27-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	01-25-13	 	 	-590.37	 
	XXXXXXXXXXXXXXX	 	1168476	 	04-27-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	02-06-13	 	 	-595.33	 
	XXXXXXXXXXXXXXX	 	1168983	 	04-27-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	02-07-13	 	 	-365.02	 
	XXXXXXXXXXXXXXX	 	1166257	 	04-27-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	01-29-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1169274	 	04-27-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1155473	 	04-27-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	01-08-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1162954	 	04-28-13	 	05-02-13	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1168989	 	04-28-13	 	05-02-13	 	 	 	DPR	 	RESERVED	 	02-09-13	 	 	-404.77	 
	XXXXXXXXXXXXXXX	 	353461	 	04-28-13	 	04-29-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	1181209	 	04-28-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1180474	 	04-28-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-492.75	 
	XXXXXXXXXXXXXXX	 	994984	 	04-28-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	04-06-12	 	 	-340.28	 
	XXXXXXXXXXXXXXX	 	1192461	 	04-28-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-1,698.75	 
	XXXXXXXXXXXXXXX	 	1192997	 	04-28-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1184216	 	04-28-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-3,936.49	 
	XXXXXXXXXXXXXXX	 	1088719	 	04-28-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	01-17-13	 	 	-2,269.70	 
	XXXXXXXXXXXXXXX	 	1187212	 	04-28-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-780.93	 
	XXXXXXXXXXXXXXX	 	1180457	 	04-28-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1178219	 	04-28-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-521.08	 
	XXXXXXXXXXXXXXX	 	1179972	 	04-28-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1161218	 	04-29-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	01-21-13	 	 	-466.64	 
	XXXXXXXXXXXXXXX	 	1151704	 	04-29-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	01-01-13	 	 	-1,216.20	 
	XXXXXXXXXXXXXXX	 	1167967	 	04-29-13	 	05-02-13	 	 	 	DPR	 	RESERVED	 	02-04-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1195750	 	04-29-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1193011	 	04-29-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-2,265.00	 
	XXXXXXXXXXXXXXX	 	1183245	 	04-29-13	 	05-02-13	 	 	 	DPR	 	RESERVED	 	03-09-13	 	 	-805.68	 
	XXXXXXXXXXXXXXX	 	1170209	 	04-30-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-7,926.74	 
	XXXXXXXXXXXXXXX	 	1189234	 	04-30-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1183716	 	04-30-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-892.30	 
	XXXXXXXXXXXXXXX	 	1181208	 	04-30-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-565.63	 
	XXXXXXXXXXXXXXX	 	1141205	 	05-01-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	12-09-12	 	 	-612.50	 
	XXXXXXXXXXXXXXX	 	1180233	 	05-01-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-985.50	 
	XXXXXXXXXXXXXXX	 	1166265	 	05-01-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-719.06	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 9 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1194212	 	05-01-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-448.08	 
	XXXXXXXXXXXXXXX	 	1135228	 	05-01-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	11-27-12	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1178719	 	05-01-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1189223	 	05-01-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1156473	 	05-02-13	 	05-04-13	 	 	 	GRP DEF	 	RESERVED	 	01-24-13	 	 	-1,500.00	 
	XXXXXXXXXXXXXXX	 	986022	 	05-02-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-15,393.78	 
	XXXXXXXXXXXXXXX	 	1160705	 	05-02-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	01-21-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1128206	 	05-02-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-637.52	 
	XXXXXXXXXXXXXXX	 	1127454	 	05-02-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	11-10-12	 	 	-1,787.83	 
	XXXXXXXXXXXXXXX	 	1178720	 	05-02-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1172725	 	05-02-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-570.58	 
	XXXXXXXXXXXXXXX	 	1180458	 	05-02-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-648.66	 
	XXXXXXXXXXXXXXX	 	1154979	 	05-03-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	01-06-13	 	 	-1,483.93	 
	XXXXXXXXXXXXXXX	 	1154963	 	05-03-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-529.59	 
	XXXXXXXXXXXXXXX	 	1181717	 	05-03-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-516.13	 
	XXXXXXXXXXXXXXX	 	216720	 	05-03-13	 	05-04-13	 	 	 	DPQ	 	RESERVED	 	05-15-12	 	 	-450.00	 
	XXXXXXXXXXXXXXX	 	1190231	 	05-03-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	03-22-13	 	 	-1,787.83	 
	XXXXXXXXXXXXXXX	 	1166494	 	05-04-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1192468	 	05-04-13	 	05-07-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-417.15	 
	XXXXXXXXXXXXXXX	 	1190218	 	05-04-13	 	05-07-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1180211	 	05-04-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-714.11	 
	XXXXXXXXXXXXXXX	 	1190714	 	05-04-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1138460	 	05-04-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	12-03-12	 	 	-644.20	 
	XXXXXXXXXXXXXXX	 	1173707	 	05-04-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-1,040.78	 
	XXXXXXXXXXXXXXX	 	1169262	 	05-04-13	 	05-07-13	 	2	 	DPR	 	RESERVED	 	02-09-13	 	 	-938.20	 
	XXXXXXXXXXXXXXX	 	1186476	 	05-04-13	 	05-07-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1184458	 	05-04-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-644.20	 
	XXXXXXXXXXXXXXX	 	1181712	 	05-04-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-629.20	 
	XXXXXXXXXXXXXXX	 	1180477	 	05-05-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-425.93	 
	XXXXXXXXXXXXXXX	 	1177968	 	05-05-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1171707	 	05-05-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	02-14-13	 	 	-365.02	 
	XXXXXXXXXXXXXXX	 	1177495	 	05-05-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	02-25-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1167472	 	05-05-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	02-01-13	 	 	-365.02	 
	XXXXXXXXXXXXXXX	 	217240	 	05-05-13	 	05-06-13	 	 	 	DPQ	 	RESERVED	 	05-15-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1181465	 	05-05-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-305.78	 
	XXXXXXXXXXXXXXX	 	1177494	 	05-05-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	02-25-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1182477	 	05-05-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-1,140.07	 
	XXXXXXXXXXXXXXX	 	1156468	 	05-05-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	01-11-13	 	 	-2,955.29	 
	XXXXXXXXXXXXXXX	 	1195238	 	05-06-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-806.20	 
	XXXXXXXXXXXXXXX	 	1186961	 	05-06-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1182004	 	05-06-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-1,531.71	 
	XXXXXXXXXXXXXXX	 	1177954	 	05-07-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-325.03	 
	XXXXXXXXXXXXXXX	 	1174958	 	05-07-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-315.53	 
	XXXXXXXXXXXXXXX	 	1171708	 	05-07-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	02-14-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1174959	 	05-07-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-315.53	 
	XXXXXXXXXXXXXXX	 	1177459	 	05-07-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	02-25-13	 	 	-325.53	 
	XXXXXXXXXXXXXXX	 	1177481	 	05-07-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	02-25-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1177479	 	05-07-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	02-25-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1175724	 	05-07-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1194955	 	05-07-13	 	05-09-13	 	439	 	DPR	 	RESERVED	 	03-28-13	 	 	-292.28	 
	XXXXXXXXXXXXXXX	 	1173999	 	05-07-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1185477	 	05-07-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1174016	 	05-07-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-1,091.66	 
	XXXXXXXXXXXXXXX	 	1158456	 	05-07-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	01-15-13	 	 	-3,106.94	 
	XXXXXXXXXXXXXXX	 	1145520	 	05-07-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-678.00	 
	XXXXXXXXXXXXXXX	 	1174000	 	05-07-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1173996	 	05-07-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1175712	 	05-07-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-325.03	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 10 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

No.	 	Res.

Type	 	Status	 	Last Paid

On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1175715	 	05-07-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-325.03	 
	XXXXXXXXXXXXXXX	 	1162706	 	05-07-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-1,987.51	 
	XXXXXXXXXXXXXXX	 	1150727	 	05-07-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	12-30-12	 	 	-694.32	 
	XXXXXXXXXXXXXXX	 	1193021	 	05-08-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1048230	 	05-08-13	 	05-11-13	 	 	 	DPR	 	RESERVED	 	07-11-12	 	 	-1,923.25	 
	XXXXXXXXXXXXXXX	 	218461	 	05-08-13	 	05-09-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1172714	 	05-08-13	 	05-11-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1186211	 	05-08-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-602.75	 
	XXXXXXXXXXXXXXX	 	1173998	 	05-08-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-648.66	 
	XXXXXXXXXXXXXXX	 	1188471	 	05-08-13	 	05-11-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-555.11	 
	XXXXXXXXXXXXXXX	 	1188470	 	05-08-13	 	05-11-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-1,983.34	 
	XXXXXXXXXXXXXXX	 	1157209	 	05-09-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	01-13-13	 	 	-1,263.81	 
	XXXXXXXXXXXXXXX	 	1169229	 	05-09-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-478.91	 
	XXXXXXXXXXXXXXX	 	1165464	 	05-09-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	01-27-13	 	 	-320.48	 
	XXXXXXXXXXXXXXX	 	1135006	 	05-09-13	 	05-14-13	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-2,930.85	 
	XXXXXXXXXXXXXXX	 	1129010	 	05-09-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	11-20-12	 	 	-492.75	 
	XXXXXXXXXXXXXXX	 	1177204	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	02-24-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1166960	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	01-31-13	 	 	-800.11	 
	XXXXXXXXXXXXXXX	 	1194222	 	05-10-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-1,533.25	 
	XXXXXXXXXXXXXXX	 	1119708	 	05-10-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	10-29-12	 	 	-2,322.37	 
	XXXXXXXXXXXXXXX	 	1194457	 	05-10-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-521.08	 
	XXXXXXXXXXXXXXX	 	1182480	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1172458	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	02-15-13	 	 	-789.37	 
	XXXXXXXXXXXXXXX	 	1181958	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-966.54	 
	XXXXXXXXXXXXXXX	 	1178715	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1178714	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1049732	 	05-10-13	 	05-13-13	 	 	 	GRP DEF	 	RESERVED	 	03-19-13	 	 	-21,203.88	 
	XXXXXXXXXXXXXXX	 	1191968	 	05-11-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-1,177.04	 
	XXXXXXXXXXXXXXX	 	1193959	 	05-11-13	 	05-14-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-521.08	 
	XXXXXXXXXXXXXXX	 	1158454	 	05-11-13	 	05-15-13	 	 	 	DPR	 	RESERVED	 	01-15-13	 	 	-1,812.11	 
	XXXXXXXXXXXXXXX	 	219214	 	05-11-13	 	05-12-13	 	 	 	DPQ	 	RESERVED	 	05-15-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1193958	 	05-11-13	 	05-14-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1175012	 	05-11-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1011735	 	05-11-13	 	05-14-13	 	 	 	DPR	 	RESERVED	 	05-10-12	 	 	-468.96	 
	XXXXXXXXXXXXXXX	 	1075479	 	05-11-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	01-29-13	 	 	-2,874.62	 
	XXXXXXXXXXXXXXX	 	1150459	 	05-11-13	 	05-15-13	 	 	 	DPR	 	RESERVED	 	12-29-12	 	 	-1,181.35	 
	XXXXXXXXXXXXXXX	 	1178228	 	05-12-13	 	05-17-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-644.82	 
	XXXXXXXXXXXXXXX	 	1169484	 	05-12-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-892.30	 
	XXXXXXXXXXXXXXX	 	1109485	 	05-12-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	10-18-12	 	 	-434.47	 
	XXXXXXXXXXXXXXX	 	1180224	 	05-12-13	 	05-15-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-991.59	 
	XXXXXXXXXXXXXXX	 	1175959	 	05-12-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	02-22-13	 	 	-396.11	 
	XXXXXXXXXXXXXXX	 	1109491	 	05-12-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	10-17-12	 	 	-434.47	 
	XXXXXXXXXXXXXXX	 	1159508	 	05-13-13	 	05-15-13	 	 	 	DPR	 	RESERVED	 	01-20-13	 	 	-545.83	 
	XXXXXXXXXXXXXXX	 	1160722	 	05-13-13	 	05-16-13	 	 	 	DPR	 	RESERVED	 	01-20-13	 	 	-545.83	 
	XXXXXXXXXXXXXXX	 	1146713	 	05-13-13	 	05-16-13	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1176711	 	05-13-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-23-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	219969	 	05-14-13	 	05-15-13	 	 	 	DPQ	 	RESERVED	 	05-15-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1182001	 	05-14-13	 	05-17-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-1,461.79	 
	XXXXXXXXXXXXXXX	 	1191470	 	05-15-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-23-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1159955	 	05-15-13	 	05-18-13	 	 	 	DPR	 	RESERVED	 	01-18-13	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1190740	 	05-16-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	03-22-13	 	 	-2,354.08	 
	XXXXXXXXXXXXXXX	 	1193498	 	05-16-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-346.90	 
	XXXXXXXXXXXXXXX	 	1191491	 	05-16-13	 	05-18-13	 	 	 	DPR	 	RESERVED	 	03-22-13	 	 	-805.68	 
	XXXXXXXXXXXXXXX	 	1195961	 	05-16-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-1,691.03	 
	XXXXXXXXXXXXXXX	 	1170459	 	05-16-13	 	05-20-13	 	 	 	GRP DEF	 	RESERVED	 	02-20-13	 	 	-4,058.00	 
	XXXXXXXXXXXXXXX	 	1193978	 	05-16-13	 	05-18-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-1,177.04	 
	XXXXXXXXXXXXXXX	 	1168491	 	05-16-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	02-05-13	 	 	-917.04	 
	XXXXXXXXXXXXXXX	 	1193019	 	05-16-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-587.75	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 11 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1135832	 	05-16-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	11-27-12	 	 	-545.83	 
	XXXXXXXXXXXXXXX	 	1193507	 	05-17-13	 	05-18-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-941.79	 
	XXXXXXXXXXXXXXX	 	1174012	 	05-17-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-1,278.45	 
	XXXXXXXXXXXXXXX	 	1193495	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-346.90	 
	XXXXXXXXXXXXXXX	 	1193496	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-346.90	 
	XXXXXXXXXXXXXXX	 	1193497	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-346.90	 
	XXXXXXXXXXXXXXX	 	1193499	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-346.90	 
	XXXXXXXXXXXXXXX	 	1193500	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-346.90	 
	XXXXXXXXXXXXXXX	 	1185205	 	05-17-13	 	05-19-13	 	548	 	DPR	 	RESERVED	 	03-12-13	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1193457	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-1,386.40	 
	XXXXXXXXXXXXXXX	 	1119460	 	05-17-13	 	05-21-13	 	 	 	DPR	 	RESERVED	 	10-29-12	 	 	-2,354.08	 
	XXXXXXXXXXXXXXX	 	1185481	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-590.38	 
	XXXXXXXXXXXXXXX	 	1138468	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-22,654.84	 
	XXXXXXXXXXXXXXX	 	1191971	 	05-17-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	03-23-13	 	 	-570.58	 
	XXXXXXXXXXXXXXX	 	1176205	 	05-17-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	02-22-13	 	 	-516.13	 
	XXXXXXXXXXXXXXX	 	1178717	 	05-18-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-714.11	 
	XXXXXXXXXXXXXXX	 	1178716	 	05-18-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-540.88	 
	XXXXXXXXXXXXXXX	 	1156461	 	05-18-13	 	05-21-13	 	 	 	DPR	 	RESERVED	 	01-11-13	 	 	-1,398.68	 
	XXXXXXXXXXXXXXX	 	1159484	 	05-18-13	 	05-21-13	 	 	 	DPR	 	RESERVED	 	01-17-13	 	 	-441.99	 
	XXXXXXXXXXXXXXX	 	1181997	 	05-18-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-508.71	 
	XXXXXXXXXXXXXXX	 	1091969	 	05-18-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	09-24-12	 	 	-610.79	 
	XXXXXXXXXXXXXXX	 	1168472	 	05-18-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	02-06-13	 	 	-821.92	 
	XXXXXXXXXXXXXXX	 	1143457	 	05-18-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-7,045.60	 
	XXXXXXXXXXXXXXX	 	1170964	 	05-18-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-13-13	 	 	-1,049.57	 
	XXXXXXXXXXXXXXX	 	1025458	 	05-18-13	 	05-22-13	 	93	 	DPR	 	RESERVED	 	05-24-12	 	 	-560.00	 
	XXXXXXXXXXXXXXX	 	1196706	 	05-19-13	 	05-21-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-515.04	 
	XXXXXXXXXXXXXXX	 	1195254	 	05-19-13	 	05-21-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-515.04	 
	XXXXXXXXXXXXXXX	 	1192457	 	05-19-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-578.00	 
	XXXXXXXXXXXXXXX	 	1192204	 	05-19-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-595.33	 
	XXXXXXXXXXXXXXX	 	1161704	 	05-19-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1188455	 	05-19-13	 	05-21-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-471.59	 
	XXXXXXXXXXXXXXX	 	1184954	 	05-20-13	 	05-22-13	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-805.68	 
	XXXXXXXXXXXXXXX	 	1196732	 	05-20-13	 	05-22-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-515.04	 
	XXXXXXXXXXXXXXX	 	1170224	 	05-20-13	 	05-25-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-3,651.00	 
	XXXXXXXXXXXXXXX	 	1177217	 	05-20-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	02-24-13	 	 	-540.88	 
	XXXXXXXXXXXXXXX	 	1196212	 	05-20-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-1,024.77	 
	XXXXXXXXXXXXXXX	 	1195730	 	05-20-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-924.31	 
	XXXXXXXXXXXXXXX	 	221707	 	05-21-13	 	05-22-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-125.00	 
	XXXXXXXXXXXXXXX	 	1189233	 	05-21-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-268.66	 
	XXXXXXXXXXXXXXX	 	1194208	 	05-21-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1169265	 	05-21-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-2,160.90	 
	XXXXXXXXXXXXXXX	 	1175752	 	05-21-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1162207	 	05-22-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-565.63	 
	XXXXXXXXXXXXXXX	 	1158959	 	05-22-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	01-16-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1191480	 	05-22-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	03-23-13	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1154970	 	05-22-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	01-05-13	 	 	-425.93	 
	XXXXXXXXXXXXXXX	 	1182454	 	05-22-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1155217	 	05-22-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	01-07-13	 	 	-425.93	 
	XXXXXXXXXXXXXXX	 	1045000	 	05-22-13	 	05-25-13	 	 	 	DPR	 	RESERVED	 	07-02-12	 	 	-790.68	 
	XXXXXXXXXXXXXXX	 	1129709	 	05-22-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	11-16-12	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1182503	 	05-22-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1176265	 	05-22-13	 	05-25-13	 	 	 	DPR	 	RESERVED	 	02-24-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1158958	 	05-22-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	01-16-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1194705	 	05-22-13	 	05-25-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-1,576.13	 
	XXXXXXXXXXXXXXX	 	1190741	 	05-23-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-257.52	 
	XXXXXXXXXXXXXXX	 	1159973	 	05-23-13	 	05-28-13	 	 	 	DPR	 	RESERVED	 	01-18-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1009218	 	05-23-13	 	05-25-13	 	 	 	DPR	 	RESERVED	 	05-04-12	 	 	-790.68	 
	XXXXXXXXXXXXXXX	 	1167004	 	05-23-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-1,346.86	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 12 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1172475	 	05-23-13	 	05-28-13	 	 	 	DPR	 	RESERVED	 	02-15-13	 	 	-431.84	 
	XXXXXXXXXXXXXXX	 	1173711	 	05-23-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-660.50	 
	XXXXXXXXXXXXXXX	 	964966	 	05-23-13	 	05-25-13	 	 	 	DPR	 	RESERVED	 	05-15-12	 	 	-3,856.07	 
	XXXXXXXXXXXXXXX	 	1181217	 	05-23-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-1,513.76	 
	XXXXXXXXXXXXXXX	 	1184468	 	05-24-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1192471	 	05-24-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1193458	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1166206	 	05-24-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	01-29-13	 	 	-1,745.14	 
	XXXXXXXXXXXXXXX	 	1184975	 	05-24-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1184974	 	05-24-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1178726	 	05-24-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-645.79	 
	XXXXXXXXXXXXXXX	 	1195960	 	05-24-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1183230	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-941.79	 
	XXXXXXXXXXXXXXX	 	1138979	 	05-24-13	 	05-28-13	 	7	 	DPR	 	RESERVED	 	12-05-12	 	 	-887.35	 
	XXXXXXXXXXXXXXX	 	1115206	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-29,161.61	 
	XXXXXXXXXXXXXXX	 	1120745	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	10-30-12	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1120748	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	10-30-12	 	 	-516.13	 
	XXXXXXXXXXXXXXX	 	1151960	 	05-24-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	01-02-13	 	 	-1,664.47	 
	XXXXXXXXXXXXXXX	 	1120747	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	10-30-12	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1178710	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1184512	 	05-24-13	 	05-25-13	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1172720	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-508.71	 
	XXXXXXXXXXXXXXX	 	1120746	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	10-30-12	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1098467	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	10-03-12	 	 	-417.15	 
	XXXXXXXXXXXXXXX	 	1164243	 	05-24-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	01-24-13	 	 	-555.11	 
	XXXXXXXXXXXXXXX	 	1156465	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	01-11-13	 	 	-887.35	 
	XXXXXXXXXXXXXXX	 	1093707	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	09-27-12	 	 	-1,341.86	 
	XXXXXXXXXXXXXXX	 	1192961	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-590.38	 
	XXXXXXXXXXXXXXX	 	1195708	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-565.63	 
	XXXXXXXXXXXXXXX	 	1163718	 	05-25-13	 	05-29-13	 	 	 	DPR	 	RESERVED	 	01-24-13	 	 	-862.60	 
	XXXXXXXXXXXXXXX	 	1178230	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-821.91	 
	XXXXXXXXXXXXXXX	 	1191704	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-23-13	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1135259	 	05-25-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1120744	 	05-25-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	10-30-12	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1194229	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-1,177.04	 
	XXXXXXXXXXXXXXX	 	1194228	 	05-26-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-305.78	 
	XXXXXXXXXXXXXXX	 	1095954	 	05-26-13	 	05-31-13	 	 	 	DPR	 	RESERVED	 	09-29-12	 	 	-2,463.75	 
	XXXXXXXXXXXXXXX	 	1095955	 	05-26-13	 	05-31-13	 	 	 	DPR	 	RESERVED	 	09-29-12	 	 	-2,463.75	 
	XXXXXXXXXXXXXXX	 	1077464	 	05-26-13	 	05-30-13	 	 	 	DPR	 	RESERVED	 	08-29-12	 	 	-877.30	 
	XXXXXXXXXXXXXXX	 	1057223	 	05-26-13	 	05-28-13	 	 	 	DPR	 	RESERVED	 	07-26-12	 	 	-691.69	 
	XXXXXXXXXXXXXXX	 	1192963	 	05-26-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-425.93	 
	XXXXXXXXXXXXXXX	 	1115253	 	05-26-13	 	05-28-13	 	 	 	DPR	 	RESERVED	 	10-22-12	 	 	-921.00	 
	XXXXXXXXXXXXXXX	 	1193013	 	05-26-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1164246	 	05-26-13	 	05-28-13	 	 	 	DPR	 	RESERVED	 	01-25-13	 	 	-434.47	 
	XXXXXXXXXXXXXXX	 	1155979	 	05-27-13	 	05-28-13	 	 	 	DPR	 	RESERVED	 	01-10-13	 	 	-308.70	 
	XXXXXXXXXXXXXXX	 	1181985	 	05-27-13	 	05-29-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-1,074.58	 
	XXXXXXXXXXXXXXX	 	1155980	 	05-27-13	 	05-28-13	 	 	 	DPR	 	RESERVED	 	01-10-13	 	 	-389.77	 
	XXXXXXXXXXXXXXX	 	1188208	 	05-28-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-335.48	 
	XXXXXXXXXXXXXXX	 	1177741	 	05-28-13	 	05-29-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-295.91	 
	XXXXXXXXXXXXXXX	 	1186975	 	05-28-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-295.91	 
	XXXXXXXXXXXXXXX	 	1186955	 	05-28-13	 	05-29-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-404.77	 
	XXXXXXXXXXXXXXX	 	1190710	 	05-28-13	 	05-31-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-293.41	 
	XXXXXXXXXXXXXXX	 	1190222	 	05-28-13	 	05-30-13	 	 	 	DPR	 	RESERVED	 	03-20-13	 	 	-1,363.88	 
	XXXXXXXXXXXXXXX	 	1177742	 	05-28-13	 	05-29-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-295.91	 
	XXXXXXXXXXXXXXX	 	1176236	 	05-28-13	 	05-30-13	 	 	 	DPR	 	RESERVED	 	02-22-13	 	 	-6,062.18	 
	XXXXXXXXXXXXXXX	 	1179955	 	05-29-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-2,193.72	 
	XXXXXXXXXXXXXXX	 	1186706	 	05-29-13	 	05-31-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-295.91	 
	XXXXXXXXXXXXXXX	 	1131957	 	05-29-13	 	05-31-13	 	 	 	DPR	 	RESERVED	 	12-03-12	 	 	-681.94	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 13 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1181456	 	05-29-13	 	05-31-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-295.91	 
	XXXXXXXXXXXXXXX	 	1135725	 	05-29-13	 	05-30-13	 	 	 	DPR	 	RESERVED	 	11-28-12	 	 	-508.71	 
	XXXXXXXXXXXXXXX	 	1191472	 	05-29-13	 	05-31-13	 	 	 	DPR	 	RESERVED	 	03-22-13	 	 	-1,173.58	 
	XXXXXXXXXXXXXXX	 	1158704	 	05-29-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	01-17-13	 	 	-508.71	 
	XXXXXXXXXXXXXXX	 	1174455	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-273.16	 
	XXXXXXXXXXXXXXX	 	1176264	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	02-22-13	 	 	-483.96	 
	XXXXXXXXXXXXXXX	 	1072484	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	08-21-12	 	 	-367.65	 
	XXXXXXXXXXXXXXX	 	1127709	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	11-12-12	 	 	-293.41	 
	XXXXXXXXXXXXXXX	 	1126733	 	05-30-13	 	06-04-13	 	 	 	DPR	 	RESERVED	 	11-10-12	 	 	-637.52	 
	XXXXXXXXXXXXXXX	 	1166538	 	05-30-13	 	06-01-13	 	 	 	DPR	 	RESERVED	 	01-31-13	 	 	-295.91	 
	XXXXXXXXXXXXXXX	 	1159993	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	01-18-13	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1193455	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-595.33	 
	XXXXXXXXXXXXXXX	 	1184488	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-508.71	 
	XXXXXXXXXXXXXXX	 	1177485	 	05-30-13	 	06-04-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-493.71	 
	XXXXXXXXXXXXXXX	 	1164212	 	05-30-13	 	06-01-13	 	 	 	DPR	 	RESERVED	 	01-24-13	 	 	-258.16	 
	XXXXXXXXXXXXXXX	 	1164211	 	05-30-13	 	06-01-13	 	 	 	DPR	 	RESERVED	 	01-24-13	 	 	-258.16	 
	XXXXXXXXXXXXXXX	 	1188205	 	05-31-13	 	06-01-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1172709	 	05-31-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-726.49	 
	XXXXXXXXXXXXXXX	 	1175000	 	05-31-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1191960	 	05-31-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	03-23-13	 	 	-1,795.88	 
	XXXXXXXXXXXXXXX	 	1144461	 	05-31-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	12-15-12	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1062731	 	05-31-13	 	06-09-13	 	 	 	DPR	 	RESERVED	 	08-03-12	 	 	-704.06	 
	XXXXXXXXXXXXXXX	 	1162465	 	05-31-13	 	06-01-13	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-392.40	 
	XXXXXXXXXXXXXXX	 	1191495	 	05-31-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	03-22-13	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1169477	 	05-31-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	02-09-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1075469	 	05-31-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-26,967.30	 
	XXXXXXXXXXXXXXX	 	187736	 	06-01-13	 	06-02-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	1162470	 	06-01-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-951.68	 
	XXXXXXXXXXXXXXX	 	1163210	 	06-01-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-521.08	 
	XXXXXXXXXXXXXXX	 	1126718	 	06-01-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	11-10-12	 	 	-521.08	 
	XXXXXXXXXXXXXXX	 	1190221	 	06-01-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-676.99	 
	XXXXXXXXXXXXXXX	 	1027472	 	06-01-13	 	06-04-13	 	15	 	DPR	 	RESERVED	 	05-27-12	 	 	-648.81	 
	XXXXXXXXXXXXXXX	 	1027473	 	06-01-13	 	06-04-13	 	16	 	DPR	 	RESERVED	 	05-27-12	 	 	-648.81	 
	XXXXXXXXXXXXXXX	 	1178235	 	06-01-13	 	06-06-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-2,875.79	 
	XXXXXXXXXXXXXXX	 	1193025	 	06-02-13	 	06-05-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-1,097.37	 
	XXXXXXXXXXXXXXX	 	1153717	 	06-02-13	 	06-04-13	 	 	 	DPR	 	RESERVED	 	01-03-13	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1186466	 	06-02-13	 	06-04-13	 	 	 	GRP DEF	 	RESERVED	 	03-22-13	 	 	-1,500.00	 
	XXXXXXXXXXXXXXX	 	1156458	 	06-03-13	 	06-04-13	 	 	 	DPR	 	RESERVED	 	01-12-13	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1166503	 	06-03-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-1,703.72	 
	XXXXXXXXXXXXXXX	 	1134454	 	06-03-13	 	06-04-13	 	 	 	DPR	 	RESERVED	 	11-24-12	 	 	-272.02	 
	XXXXXXXXXXXXXXX	 	1156240	 	06-03-13	 	06-05-13	 	 	 	DPR	 	RESERVED	 	01-11-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1186958	 	06-03-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-805.68	 
	XXXXXXXXXXXXXXX	 	1148205	 	06-03-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-719.96	 
	XXXXXXXXXXXXXXX	 	1162204	 	06-04-13	 	06-06-13	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-566.24	 
	XXXXXXXXXXXXXXX	 	1145724	 	06-04-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	12-19-12	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1145723	 	06-04-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	12-19-12	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1155991	 	06-04-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	01-10-13	 	 	-1,531.71	 
	XXXXXXXXXXXXXXX	 	1184227	 	06-05-13	 	06-06-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-425.93	 
	XXXXXXXXXXXXXXX	 	1192995	 	06-05-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-681.94	 
	XXXXXXXXXXXXXXX	 	225456	 	06-05-13	 	06-06-13	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-600.00	 
	XXXXXXXXXXXXXXX	 	1116709	 	06-05-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	10-24-12	 	 	-2,216.58	 
	XXXXXXXXXXXXXXX	 	1190706	 	06-05-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-404.77	 
	XXXXXXXXXXXXXXX	 	1186492	 	06-06-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-753.86	 
	XXXXXXXXXXXXXXX	 	1168462	 	06-06-13	 	06-09-13	 	 	 	DPR	 	RESERVED	 	02-05-13	 	 	-1,366.89	 
	XXXXXXXXXXXXXXX	 	1147704	 	06-06-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	12-24-12	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1195955	 	06-06-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-258.16	 
	XXXXXXXXXXXXXXX	 	1194964	 	06-06-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-273.16	 
	XXXXXXXXXXXXXXX	 	1194954	 	06-07-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-273.16	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 14 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1179710	 	06-08-13	 	06-12-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-850.22	 
	XXXXXXXXXXXXXXX	 	1159004	 	06-09-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	01-17-13	 	 	-3,107.96	 
	XXXXXXXXXXXXXXX	 	1195957	 	06-10-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-3,700.59	 
	XXXXXXXXXXXXXXX	 	1174007	 	06-10-13	 	06-12-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-851.86	 
	XXXXXXXXXXXXXXX	 	1085963	 	06-10-13	 	06-12-13	 	 	 	DPR	 	RESERVED	 	09-13-12	 	 	-733.50	 
	XXXXXXXXXXXXXXX	 	1155713	 	06-10-13	 	06-13-13	 	 	 	DPR	 	RESERVED	 	01-08-13	 	 	-510.57	 
	XXXXXXXXXXXXXXX	 	1195958	 	06-10-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-2,500.09	 
	XXXXXXXXXXXXXXX	 	1195959	 	06-10-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-2,500.09	 
	XXXXXXXXXXXXXXX	 	1138991	 	06-11-13	 	06-13-13	 	 	 	DPR	 	RESERVED	 	12-06-12	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1172955	 	06-11-13	 	06-13-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-851.86	 
	XXXXXXXXXXXXXXX	 	1172954	 	06-11-13	 	06-13-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-851.86	 
	XXXXXXXXXXXXXXX	 	1186486	 	06-12-13	 	06-14-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-1,074.58	 
	XXXXXXXXXXXXXXX	 	1181454	 	06-12-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1195749	 	06-12-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-1,634.15	 
	XXXXXXXXXXXXXXX	 	1091223	 	06-13-13	 	06-16-13	 	 	 	DPR	 	RESERVED	 	09-23-12	 	 	-1,787.83	 
	XXXXXXXXXXXXXXX	 	1122704	 	06-13-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	01-17-13	 	 	-22,150.57	 
	XXXXXXXXXXXXXXX	 	1180205	 	06-13-13	 	06-16-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1180482	 	06-13-13	 	06-16-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-1,981.48	 
	XXXXXXXXXXXXXXX	 	1161214	 	06-13-13	 	06-16-13	 	 	 	DPR	 	RESERVED	 	01-20-13	 	 	-1,787.84	 
	XXXXXXXXXXXXXXX	 	1155229	 	06-13-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	01-06-13	 	 	-2,354.08	 
	XXXXXXXXXXXXXXX	 	1183232	 	06-14-13	 	06-16-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-1,485.40	 
	XXXXXXXXXXXXXXX	 	1183233	 	06-14-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-1,787.83	 
	XXXXXXXXXXXXXXX	 	133454	 	06-14-13	 	06-16-13	 	9063	 	GCO	 	RESERVED	 	03-28-12	 	 	-0.24	 
	XXXXXXXXXXXXXXX	 	227700	 	06-14-13	 	06-15-13	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1158967	 	06-14-13	 	06-18-13	 	2	 	DPR	 	RESERVED	 	01-16-13	 	 	-886.11	 
	XXXXXXXXXXXXXXX	 	1193461	 	06-14-13	 	06-16-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1124481	 	06-14-13	 	06-16-13	 	 	 	DPR	 	RESERVED	 	11-08-12	 	 	-5,496.85	 
	XXXXXXXXXXXXXXX	 	1185707	 	06-14-13	 	06-16-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-940.96	 
	XXXXXXXXXXXXXXX	 	1170218	 	06-15-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-1,341.86	 
	XXXXXXXXXXXXXXX	 	1186979	 	06-16-13	 	06-19-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-483.96	 
	XXXXXXXXXXXXXXX	 	1159454	 	06-16-13	 	06-18-13	 	 	 	DPR	 	RESERVED	 	02-01-13	 	 	-10,499.16	 
	XXXXXXXXXXXXXXX	 	1171704	 	06-16-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	02-14-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1174740	 	06-17-13	 	06-21-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-1,520.08	 
	XXXXXXXXXXXXXXX	 	1185456	 	06-17-13	 	06-19-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-1,074.58	 
	XXXXXXXXXXXXXXX	 	1185457	 	06-17-13	 	06-19-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-1,044.58	 
	XXXXXXXXXXXXXXX	 	1141454	 	06-18-13	 	06-20-13	 	 	 	DPR	 	RESERVED	 	12-11-12	 	 	-1,132.50	 
	XXXXXXXXXXXXXXX	 	1187704	 	06-18-13	 	06-20-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-273.16	 
	XXXXXXXXXXXXXXX	 	1162473	 	06-19-13	 	06-21-13	 	 	 	DPR	 	RESERVED	 	01-21-13	 	 	-726.61	 
	XXXXXXXXXXXXXXX	 	1180217	 	06-19-13	 	06-23-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-305.78	 
	XXXXXXXXXXXXXXX	 	1180954	 	06-20-13	 	06-22-13	 	 	 	GRP DEF	 	RESERVED	 	03-22-13	 	 	-1,500.00	 
	XXXXXXXXXXXXXXX	 	1185486	 	06-21-13	 	06-23-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-933.53	 
	XXXXXXXXXXXXXXX	 	1146270	 	06-21-13	 	06-23-13	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-595.33	 
	XXXXXXXXXXXXXXX	 	R1035208	 	06-21-13	 	06-23-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-10,473.18	 
	XXXXXXXXXXXXXXX	 	1142969	 	06-22-13	 	06-23-13	 	 	 	DPR	 	RESERVED	 	12-16-12	 	 	-610.80	 
	XXXXXXXXXXXXXXX	 	1188955	 	06-22-13	 	06-24-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-1,177.04	 
	XXXXXXXXXXXXXXX	 	1195220	 	06-22-13	 	06-23-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-445.17	 
	XXXXXXXXXXXXXXX	 	1174710	 	06-23-13	 	06-27-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-2,282.80	 
	XXXXXXXXXXXXXXX	 	1174986	 	06-23-13	 	06-27-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-2,089.16	 
	XXXXXXXXXXXXXXX	 	1171462	 	06-23-13	 	06-25-13	 	 	 	DPR	 	RESERVED	 	02-13-13	 	 	-851.86	 
	XXXXXXXXXXXXXXX	 	1170519	 	06-24-13	 	06-26-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-1,297.31	 
	XXXXXXXXXXXXXXX	 	1166473	 	06-25-13	 	06-27-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-851.86	 
	XXXXXXXXXXXXXXX	 	1167005	 	06-25-13	 	06-28-13	 	 	 	DPR	 	RESERVED	 	02-01-13	 	 	-805.68	 
	XXXXXXXXXXXXXXX	 	1190219	 	06-25-13	 	06-28-13	 	439	 	DPR	 	RESERVED	 	03-20-13	 	 	-273.16	 
	XXXXXXXXXXXXXXX	 	1182478	 	06-25-13	 	06-28-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-404.77	 
	XXXXXXXXXXXXXXX	 	1177225	 	06-26-13	 	06-29-13	 	 	 	DPR	 	RESERVED	 	02-24-13	 	 	-1,708.40	 
	XXXXXXXXXXXXXXX	 	1101708	 	06-26-13	 	06-28-13	 	 	 	DPR	 	RESERVED	 	10-08-12	 	 	-471.59	 
	XXXXXXXXXXXXXXX	 	1156466	 	06-26-13	 	06-28-13	 	 	 	DPR	 	RESERVED	 	01-12-13	 	 	-1,601.46	 
	XXXXXXXXXXXXXXX	 	1170954	 	06-26-13	 	06-30-13	 	 	 	DPR	 	RESERVED	 	02-14-13	 	 	-2,131.36	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 15 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1042466	 	06-27-13	 	06-28-13	 	 	 	GCO	 	RESERVED	 	06-27-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1177731	 	06-28-13	 	06-30-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-1,221.58	 
	XXXXXXXXXXXXXXX	 	1154460	 	06-28-13	 	06-30-13	 	 	 	DPR	 	RESERVED	 	01-04-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1128717	 	06-29-13	 	07-02-13	 	 	 	DPR	 	RESERVED	 	12-03-12	 	 	-1,322.34	 
	XXXXXXXXXXXXXXX	 	1138497	 	06-29-13	 	07-02-13	 	 	 	DPR	 	RESERVED	 	12-03-12	 	 	-1,322.34	 
	XXXXXXXXXXXXXXX	 	1159000	 	06-30-13	 	07-02-13	 	 	 	DPR	 	RESERVED	 	01-16-13	 	 	-255.00	 
	XXXXXXXXXXXXXXX	 	1145204	 	06-30-13	 	07-01-13	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1178713	 	06-30-13	 	07-04-13	 	 	 	GCC	 	RESERVED	 	02-28-13	 	 	-537.29	 
	XXXXXXXXXXXXXXX	 	1094717	 	07-01-13	 	07-05-13	 	 	 	DPR	 	RESERVED	 	09-28-12	 	 	-1,703.72	 
	XXXXXXXXXXXXXXX	 	1038454	 	07-01-13	 	07-02-13	 	9083	 	GCO	 	RESERVED	 	08-27-12	 	 	-33.60	 
	XXXXXXXXXXXXXXX	 	1192704	 	07-02-13	 	07-04-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-731.58	 
	XXXXXXXXXXXXXXX	 	1147209	 	07-02-13	 	07-03-13	 	 	 	DPR	 	RESERVED	 	12-22-12	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1155228	 	07-03-13	 	07-05-13	 	 	 	DPR	 	RESERVED	 	01-07-13	 	 	-851.86	 
	XXXXXXXXXXXXXXX	 	1185482	 	07-03-13	 	07-04-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-570.70	 
	XXXXXXXXXXXXXXX	 	1141213	 	07-03-13	 	07-06-13	 	 	 	DPR	 	RESERVED	 	12-10-12	 	 	-471.59	 
	XXXXXXXXXXXXXXX	 	1177213	 	07-03-13	 	07-05-13	 	 	 	DPR	 	RESERVED	 	02-24-13	 	 	-851.86	 
	XXXXXXXXXXXXXXX	 	1181471	 	07-04-13	 	07-07-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-1,787.84	 
	XXXXXXXXXXXXXXX	 	1101725	 	07-05-13	 	07-07-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-2,708.73	 
	XXXXXXXXXXXXXXX	 	1188482	 	07-06-13	 	07-09-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-505.48	 
	XXXXXXXXXXXXXXX	 	1121709	 	07-08-13	 	07-11-13	 	 	 	DPR	 	RESERVED	 	11-01-12	 	 	-731.44	 
	XXXXXXXXXXXXXXX	 	1121711	 	07-08-13	 	07-11-13	 	 	 	DPR	 	RESERVED	 	11-01-12	 	 	-503.76	 
	XXXXXXXXXXXXXXX	 	1121710	 	07-08-13	 	07-11-13	 	 	 	DPR	 	RESERVED	 	11-01-12	 	 	-731.44	 
	XXXXXXXXXXXXXXX	 	1168974	 	07-09-13	 	07-12-13	 	 	 	DPR	 	RESERVED	 	02-07-13	 	 	-1,378.02	 
	XXXXXXXXXXXXXXX	 	1168224	 	07-09-13	 	07-12-13	 	 	 	DPR	 	RESERVED	 	02-04-13	 	 	-778.02	 
	XXXXXXXXXXXXXXX	 	1195205	 	07-10-13	 	07-11-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-280.91	 
	XXXXXXXXXXXXXXX	 	1166956	 	07-10-13	 	07-11-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-537.29	 
	XXXXXXXXXXXXXXX	 	1146745	 	07-10-13	 	07-12-13	 	 	 	GRP DEF	 	RESERVED	 	12-27-12	 	 	-4,000.00	 
	XXXXXXXXXXXXXXX	 	1146234	 	07-10-13	 	07-14-13	 	 	 	DPR	 	RESERVED	 	01-03-13	 	 	-2,193.72	 
	XXXXXXXXXXXXXXX	 	1194226	 	07-10-13	 	07-11-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-287.84	 
	XXXXXXXXXXXXXXX	 	1075487	 	07-11-13	 	07-12-13	 	 	 	DPR	 	RESERVED	 	08-27-12	 	 	-293.41	 
	XXXXXXXXXXXXXXX	 	1146233	 	07-11-13	 	07-14-13	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-1,382.56	 
	XXXXXXXXXXXXXXX	 	1129495	 	07-11-13	 	07-12-13	 	 	 	DPR	 	RESERVED	 	11-16-12	 	 	-537.29	 
	XXXXXXXXXXXXXXX	 	1146231	 	07-11-13	 	07-14-13	 	 	 	DPR	 	RESERVED	 	01-04-13	 	 	-1,141.93	 
	XXXXXXXXXXXXXXX	 	1146232	 	07-11-13	 	07-14-13	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-1,422.56	 
	XXXXXXXXXXXXXXX	 	1146230	 	07-11-13	 	07-14-13	 	 	 	DPR	 	RESERVED	 	12-19-12	 	 	-1,141.93	 
	XXXXXXXXXXXXXXX	 	234718	 	07-12-13	 	07-13-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1191471	 	07-13-13	 	07-14-13	 	 	 	DPR	 	RESERVED	 	03-22-13	 	 	-763.36	 
	XXXXXXXXXXXXXXX	 	1180468	 	07-14-13	 	07-16-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-683.18	 
	XXXXXXXXXXXXXXX	 	1165965	 	07-14-13	 	07-16-13	 	 	 	DPR	 	RESERVED	 	01-28-13	 	 	-508.71	 
	XXXXXXXXXXXXXXX	 	1195204	 	07-15-13	 	07-16-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-280.91	 
	XXXXXXXXXXXXXXX	 	1166491	 	07-16-13	 	07-20-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-404.77	 
	XXXXXXXXXXXXXXX	 	1166488	 	07-16-13	 	07-20-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1166489	 	07-16-13	 	07-20-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-293.41	 
	XXXXXXXXXXXXXXX	 	1166492	 	07-16-13	 	07-20-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-293.41	 
	XXXXXXXXXXXXXXX	 	1166490	 	07-16-13	 	07-20-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-404.77	 
	XXXXXXXXXXXXXXX	 	1167705	 	07-17-13	 	07-19-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-918.68	 
	XXXXXXXXXXXXXXX	 	1181474	 	07-19-13	 	07-21-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-1,221.58	 
	XXXXXXXXXXXXXXX	 	1169247	 	07-20-13	 	07-21-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-555.11	 
	XXXXXXXXXXXXXXX	 	1163714	 	07-20-13	 	07-22-13	 	97	 	DPR	 	RESERVED	 	01-23-13	 	 	-701.74	 
	XXXXXXXXXXXXXXX	 	1155993	 	07-23-13	 	07-28-13	 	 	 	DPR	 	RESERVED	 	01-10-13	 	 	-1,873.51	 
	XXXXXXXXXXXXXXX	 	1186491	 	07-23-13	 	07-25-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-295.91	 
	XXXXXXXXXXXXXXX	 	1143967	 	07-23-13	 	07-27-13	 	 	 	DPR	 	RESERVED	 	12-16-12	 	 	-1,643.83	 
	XXXXXXXXXXXXXXX	 	1097995	 	07-24-13	 	07-27-13	 	 	 	DPR	 	RESERVED	 	10-02-12	 	 	-487.83	 
	XXXXXXXXXXXXXXX	 	1097996	 	07-24-13	 	07-27-13	 	 	 	DPR	 	RESERVED	 	10-02-12	 	 	-487.83	 
	XXXXXXXXXXXXXXX	 	1168740	 	07-25-13	 	07-28-13	 	 	 	DPR	 	RESERVED	 	02-06-13	 	 	-1,730.66	 
	XXXXXXXXXXXXXXX	 	1188956	 	07-28-13	 	07-31-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-681.94	 
	XXXXXXXXXXXXXXX	 	1184228	 	07-28-13	 	08-01-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-1,463.16	 
	XXXXXXXXXXXXXXX	 	1166284	 	07-29-13	 	08-02-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-1,837.36	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 16 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1154959	 	07-30-13	 	08-01-13	 	 	 	DPR	 	RESERVED	 	01-14-13	 	 	-756.18	 
	XXXXXXXXXXXXXXX	 	1183710	 	07-31-13	 	08-01-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-768.56	 
	XXXXXXXXXXXXXXX	 	1166498	 	08-02-13	 	08-03-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-610.79	 
	XXXXXXXXXXXXXXX	 	1155736	 	08-03-13	 	08-05-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-943.17	 
	XXXXXXXXXXXXXXX	 	1130716	 	08-04-13	 	08-08-13	 	 	 	DPR	 	RESERVED	 	11-27-12	 	 	-307.28	 
	XXXXXXXXXXXXXXX	 	1130715	 	08-04-13	 	08-08-13	 	 	 	DPR	 	RESERVED	 	11-18-12	 	 	-305.78	 
	XXXXXXXXXXXXXXX	 	1152967	 	08-04-13	 	08-06-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-4,000.00	 
	XXXXXXXXXXXXXXX	 	1192465	 	08-05-13	 	08-06-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-471.59	 
	XXXXXXXXXXXXXXX	 	1147456	 	08-08-13	 	08-09-13	 	 	 	DPR	 	RESERVED	 	12-24-12	 	 	-425.93	 
	XXXXXXXXXXXXXXX	 	1147457	 	08-08-13	 	08-09-13	 	 	 	DPR	 	RESERVED	 	12-24-12	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1183204	 	08-09-13	 	08-12-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-2,010.32	 
	XXXXXXXXXXXXXXX	 	1107454	 	08-09-13	 	08-11-13	 	 	 	DPR	 	RESERVED	 	10-15-12	 	 	-1,320.58	 
	XXXXXXXXXXXXXXX	 	1155455	 	08-11-13	 	08-13-13	 	 	 	DPR	 	RESERVED	 	01-07-13	 	 	-805.68	 
	XXXXXXXXXXXXXXX	 	1186205	 	08-16-13	 	08-19-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-496.34	 
	XXXXXXXXXXXXXXX	 	1167960	 	08-16-13	 	08-18-13	 	 	 	DPR	 	RESERVED	 	02-04-13	 	 	-1,221.58	 
	XXXXXXXXXXXXXXX	 	1184969	 	08-16-13	 	08-21-13	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-2,920.33	 
	XXXXXXXXXXXXXXX	 	1083970	 	08-16-13	 	08-18-13	 	 	 	DPR	 	RESERVED	 	01-17-13	 	 	-7,031.94	 
	XXXXXXXXXXXXXXX	 	1083965	 	08-16-13	 	08-18-13	 	 	 	DPR	 	RESERVED	 	01-17-13	 	 	-13,235.63	 
	XXXXXXXXXXXXXXX	 	1193209	 	08-17-13	 	08-18-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-521.08	 
	XXXXXXXXXXXXXXX	 	1193206	 	08-17-13	 	08-18-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-521.08	 
	XXXXXXXXXXXXXXX	 	1193205	 	08-17-13	 	08-18-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-521.08	 
	XXXXXXXXXXXXXXX	 	1193207	 	08-17-13	 	08-18-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-521.08	 
	XXXXXXXXXXXXXXX	 	1193208	 	08-17-13	 	08-18-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-521.08	 
	XXXXXXXXXXXXXXX	 	1193016	 	08-19-13	 	08-23-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1165465	 	08-20-13	 	08-23-13	 	 	 	DPR	 	RESERVED	 	01-27-13	 	 	-652.25	 
	XXXXXXXXXXXXXXX	 	151717	 	08-22-13	 	08-22-13	 	 	 	GCO	 	RESERVED	 	05-09-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1165968	 	08-22-13	 	08-23-13	 	 	 	DPR	 	RESERVED	 	01-28-13	 	 	-292.28	 
	XXXXXXXXXXXXXXX	 	1101476	 	08-24-13	 	08-26-13	 	 	 	DPR	 	RESERVED	 	10-08-12	 	 	-615.12	 
	XXXXXXXXXXXXXXX	 	1114204	 	08-24-13	 	08-27-13	 	 	 	DPR	 	RESERVED	 	10-21-12	 	 	-831.51	 
	XXXXXXXXXXXXXXX	 	1192705	 	08-24-13	 	08-25-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-536.08	 
	XXXXXXXXXXXXXXX	 	1172712	 	08-29-13	 	08-30-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-566.25	 
	XXXXXXXXXXXXXXX	 	1196723	 	09-03-13	 	09-04-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-307.28	 
	XXXXXXXXXXXXXXX	 	1196724	 	09-03-13	 	09-04-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-292.28	 
	XXXXXXXXXXXXXXX	 	1177740	 	09-08-13	 	09-13-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1166966	 	09-09-13	 	09-13-13	 	 	 	DPR	 	RESERVED	 	01-31-13	 	 	-9,534.80	 
	XXXXXXXXXXXXXXX	 	1136240	 	09-10-13	 	09-13-13	 	 	 	DPR	 	RESERVED	 	11-28-12	 	 	-355.28	 
	XXXXXXXXXXXXXXX	 	1167465	 	09-11-13	 	09-15-13	 	 	 	DPR	 	RESERVED	 	02-01-13	 	 	-627.49	 
	XXXXXXXXXXXXXXX	 	1174712	 	09-12-13	 	09-16-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-431.84	 
	XXXXXXXXXXXXXXX	 	1174711	 	09-12-13	 	09-16-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-446.84	 
	XXXXXXXXXXXXXXX	 	1168204	 	09-12-13	 	09-14-13	 	 	 	DPR	 	RESERVED	 	02-04-13	 	 	-565.63	 
	XXXXXXXXXXXXXXX	 	1150460	 	09-13-13	 	09-15-13	 	 	 	DPR	 	RESERVED	 	12-29-12	 	 	-703.13	 
	XXXXXXXXXXXXXXX	 	1158977	 	09-13-13	 	09-15-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-11,590.58	 
	XXXXXXXXXXXXXXX	 	1186461	 	09-13-13	 	09-15-13	 	 	 	GRP DEF	 	RESERVED	 	03-22-13	 	 	-6,986.29	 
	XXXXXXXXXXXXXXX	 	1187211	 	09-14-13	 	09-15-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-862.60	 
	XXXXXXXXXXXXXXX	 	1155964	 	09-15-13	 	09-16-13	 	 	 	DPR	 	RESERVED	 	01-09-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1168474	 	09-16-13	 	09-21-13	 	 	 	DPR	 	RESERVED	 	02-05-13	 	 	-566.24	 
	XXXXXXXXXXXXXXX	 	1174722	 	09-16-13	 	09-21-13	 	6	 	DPR	 	RESERVED	 	02-19-13	 	 	-602.75	 
	XXXXXXXXXXXXXXX	 	1173959	 	09-17-13	 	09-20-13	 	 	 	GRP DEF	 	RESERVED	 	03-22-13	 	 	-4,933.97	 
	XXXXXXXXXXXXXXX	 	1145518	 	09-19-13	 	09-24-13	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-793.31	 
	XXXXXXXXXXXXXXX	 	1183954	 	09-19-13	 	09-22-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-545.83	 
	XXXXXXXXXXXXXXX	 	1170506	 	09-19-13	 	09-22-13	 	 	 	DPR	 	RESERVED	 	02-12-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1156963	 	09-19-13	 	09-24-13	 	 	 	DPR	 	RESERVED	 	01-12-13	 	 	-1,164.52	 
	XXXXXXXXXXXXXXX	 	1166229	 	09-20-13	 	09-22-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-10,807.59	 
	XXXXXXXXXXXXXXX	 	1166468	 	09-22-13	 	09-25-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1186997	 	09-25-13	 	09-26-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1155210	 	09-25-13	 	09-28-13	 	 	 	DPR	 	RESERVED	 	01-06-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1178233	 	09-26-13	 	09-29-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-917.04	 
	XXXXXXXXXXXXXXX	 	1174717	 	09-26-13	 	09-27-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-793.31	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 17 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1156481	 	09-27-13	 	09-29-13	 	 	 	DPR	 	RESERVED	 	01-29-13	 	 	-3,079.93	 
	XXXXXXXXXXXXXXX	 	1169222	 	09-28-13	 	09-30-13	 	 	 	GRP DEF	 	RESERVED	 	03-22-13	 	 	-8,264.04	 
	XXXXXXXXXXXXXXX	 	1192967	 	09-28-13	 	09-30-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-1,210.45	 
	XXXXXXXXXXXXXXX	 	1142454	 	10-01-13	 	10-04-13	 	 	 	DPR	 	RESERVED	 	12-12-12	 	 	-648.65	 
	XXXXXXXXXXXXXXX	 	257706	 	10-01-13	 	10-02-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1175204	 	10-01-13	 	10-03-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1142455	 	10-01-13	 	10-04-13	 	 	 	DPR	 	RESERVED	 	12-12-12	 	 	-633.65	 
	XXXXXXXXXXXXXXX	 	1172719	 	10-01-13	 	10-04-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-545.83	 
	XXXXXXXXXXXXXXX	 	1142456	 	10-01-13	 	10-04-13	 	 	 	DPR	 	RESERVED	 	12-16-12	 	 	-648.66	 
	XXXXXXXXXXXXXXX	 	1142457	 	10-01-13	 	10-04-13	 	 	 	DPR	 	RESERVED	 	12-16-12	 	 	-648.66	 
	XXXXXXXXXXXXXXX	 	1075712	 	10-02-13	 	10-06-13	 	 	 	DPR	 	RESERVED	 	08-28-12	 	 	-2,579.18	 
	XXXXXXXXXXXXXXX	 	1075711	 	10-02-13	 	10-06-13	 	 	 	DPR	 	RESERVED	 	08-28-12	 	 	-2,579.18	 
	XXXXXXXXXXXXXXX	 	1075710	 	10-02-13	 	10-06-13	 	 	 	DPR	 	RESERVED	 	08-28-12	 	 	-2,579.18	 
	XXXXXXXXXXXXXXX	 	1164207	 	10-02-13	 	10-04-13	 	 	 	DPR	 	RESERVED	 	01-24-13	 	 	-5,000.00	 
	XXXXXXXXXXXXXXX	 	1177209	 	10-03-13	 	10-05-13	 	 	 	DPR	 	RESERVED	 	02-24-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1187705	 	10-03-13	 	10-04-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1155456	 	10-04-13	 	10-06-13	 	 	 	DPR	 	RESERVED	 	01-23-13	 	 	-7,840.43	 
	XXXXXXXXXXXXXXX	 	1136958	 	10-04-13	 	10-06-13	 	 	 	DPR	 	RESERVED	 	12-19-12	 	 	-6,797.53	 
	XXXXXXXXXXXXXXX	 	1143968	 	10-04-13	 	10-06-13	 	 	 	DPR	 	RESERVED	 	12-14-12	 	 	-924.86	 
	XXXXXXXXXXXXXXX	 	1163243	 	10-07-13	 	10-12-13	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	262454	 	10-09-13	 	10-10-13	 	9001	 	GCO	 	RESERVED	 	05-15-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1147464	 	10-09-13	 	10-12-13	 	 	 	DPR	 	RESERVED	 	12-23-12	 	 	-521.08	 
	XXXXXXXXXXXXXXX	 	1173461	 	10-10-13	 	10-12-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1105973	 	10-10-13	 	10-15-13	 	 	 	DPR	 	RESERVED	 	10-15-12	 	 	-805.68	 
	XXXXXXXXXXXXXXX	 	1170501	 	10-10-13	 	10-15-13	 	 	 	DPR	 	RESERVED	 	02-12-13	 	 	-793.31	 
	XXXXXXXXXXXXXXX	 	1173709	 	10-11-13	 	10-14-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-793.31	 
	XXXXXXXXXXXXXXX	 	1120715	 	10-11-13	 	10-13-13	 	 	 	GRP DEF	 	RESERVED	 	03-26-13	 	 	-18,000.00	 
	XXXXXXXXXXXXXXX	 	1184481	 	10-11-13	 	10-13-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1180235	 	10-12-13	 	10-14-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-887.35	 
	XXXXXXXXXXXXXXX	 	1140713	 	10-14-13	 	10-18-13	 	 	 	DPR	 	RESERVED	 	12-08-12	 	 	-545.83	 
	XXXXXXXXXXXXXXX	 	1193494	 	10-14-13	 	10-18-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-694.32	 
	XXXXXXXXXXXXXXX	 	1134221	 	10-15-13	 	10-20-13	 	 	 	DPR	 	RESERVED	 	01-14-13	 	 	-634.09	 
	XXXXXXXXXXXXXXX	 	1164249	 	10-15-13	 	10-18-13	 	 	 	DPR	 	RESERVED	 	01-25-13	 	 	-380.02	 
	XXXXXXXXXXXXXXX	 	1168454	 	10-16-13	 	10-22-13	 	 	 	DPR	 	RESERVED	 	02-05-13	 	 	-545.53	 
	XXXXXXXXXXXXXXX	 	1191964	 	10-16-13	 	10-19-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1178958	 	10-17-13	 	10-20-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-892.30	 
	XXXXXXXXXXXXXXX	 	1100210	 	10-18-13	 	10-20-13	 	 	 	DPR	 	RESERVED	 	10-24-12	 	 	-4,022.14	 
	XXXXXXXXXXXXXXX	 	1175748	 	10-19-13	 	10-23-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-1,060.57	 
	XXXXXXXXXXXXXXX	 	1155465	 	10-21-13	 	10-23-13	 	 	 	DPR	 	RESERVED	 	01-07-13	 	 	-648.65	 
	XXXXXXXXXXXXXXX	 	1141206	 	10-21-13	 	10-24-13	 	 	 	DPR	 	RESERVED	 	12-10-12	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	271717	 	10-23-13	 	10-24-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	1184499	 	10-23-13	 	10-31-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-345.28	 
	XXXXXXXXXXXXXXX	 	1184500	 	10-23-13	 	10-31-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-345.28	 
	XXXXXXXXXXXXXXX	 	1184498	 	10-23-13	 	10-31-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-345.28	 
	XXXXXXXXXXXXXXX	 	1178454	 	10-25-13	 	10-27-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-540.88	 
	XXXXXXXXXXXXXXX	 	1090964	 	10-25-13	 	10-27-13	 	 	 	GRP DEF	 	RESERVED	 	11-02-12	 	 	-4,378.95	 
	XXXXXXXXXXXXXXX	 	1141481	 	10-27-13	 	10-30-13	 	 	 	DPR	 	RESERVED	 	12-11-12	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	1166235	 	10-27-13	 	10-28-13	 	 	 	GRP DEF	 	RESERVED	 	03-22-13	 	 	-4,736.41	 
	XXXXXXXXXXXXXXX	 	1174957	 	10-28-13	 	10-31-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-330.53	 
	XXXXXXXXXXXXXXX	 	1158230	 	10-29-13	 	10-31-13	 	 	 	DPR	 	RESERVED	 	01-15-13	 	 	-719.06	 
	XXXXXXXXXXXXXXX	 	1180473	 	10-30-13	 	11-01-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-943.18	 
	XXXXXXXXXXXXXXX	 	1130991	 	11-01-13	 	11-03-13	 	 	 	DPR	 	RESERVED	 	12-19-12	 	 	-2,451.16	 
	XXXXXXXXXXXXXXX	 	1158971	 	11-01-13	 	11-03-13	 	 	 	DPR	 	RESERVED	 	01-23-13	 	 	-6,761.10	 
	XXXXXXXXXXXXXXX	 	1192463	 	11-02-13	 	11-04-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-441.89	 
	XXXXXXXXXXXXXXX	 	1159987	 	11-03-13	 	11-06-13	 	 	 	DPR	 	RESERVED	 	02-01-13	 	 	-5,767.48	 
	XXXXXXXXXXXXXXX	 	278468	 	11-04-13	 	11-04-13	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1130955	 	11-07-13	 	11-10-13	 	 	 	DPR	 	RESERVED	 	12-19-12	 	 	-7,542.96	 
	XXXXXXXXXXXXXXX	 	1177228	 	11-09-13	 	11-13-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-676.99	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 18 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1166241	 	11-15-13	 	11-17-13	 	 	 	DPR	 	RESERVED	 	03-09-13	 	 	-5,136.60	 
	XXXXXXXXXXXXXXX	 	1134993	 	11-21-13	 	11-23-13	 	 	 	DPR	 	RESERVED	 	11-25-12	 	 	-1,601.95	 
	XXXXXXXXXXXXXXX	 	1134734	 	11-24-13	 	11-25-13	 	 	 	GCO	 	RESERVED	 	11-24-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	290206	 	11-26-13	 	11-27-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1157955	 	11-26-13	 	11-29-13	 	 	 	DPR	 	RESERVED	 	01-20-13	 	 	-595.33	 
	XXXXXXXXXXXXXXX	 	1157954	 	11-26-13	 	11-29-13	 	 	 	DPR	 	RESERVED	 	01-20-13	 	 	-595.33	 
	XXXXXXXXXXXXXXX	 	1146709	 	11-28-13	 	12-01-13	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-372.60	 
	XXXXXXXXXXXXXXX	 	292458	 	11-29-13	 	11-30-13	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-350.00	 
	XXXXXXXXXXXXXXX	 	294704	 	12-04-13	 	12-05-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	295458	 	12-07-13	 	12-08-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	295960	 	12-08-13	 	12-09-13	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-110.00	 
	XXXXXXXXXXXXXXX	 	178715	 	12-09-13	 	12-10-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-121.14	 
	XXXXXXXXXXXXXXX	 	296210	 	12-09-13	 	12-10-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-550.00	 
	XXXXXXXXXXXXXXX	 	178700	 	12-10-13	 	12-11-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	179230	 	12-10-13	 	12-11-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	80957	 	12-11-13	 	12-12-13	 	 	 	GCO	 	RESERVED	 	03-28-12	 	 	-0.36	 
	XXXXXXXXXXXXXXX	 	80963	 	12-11-13	 	12-12-13	 	 	 	GCO	 	RESERVED	 	03-28-12	 	 	-0.36	 
	XXXXXXXXXXXXXXX	 	179736	 	12-12-13	 	12-13-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-60.00	 
	XXXXXXXXXXXXXXX	 	297705	 	12-12-13	 	12-13-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	179963	 	12-13-13	 	12-14-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	179965	 	12-13-13	 	12-14-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-2,000.00	 
	XXXXXXXXXXXXXXX	 	180206	 	12-14-13	 	12-15-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-750.00	 
	XXXXXXXXXXXXXXX	 	180204	 	12-14-13	 	12-15-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	298961	 	12-14-13	 	12-15-13	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-305.00	 
	XXXXXXXXXXXXXXX	 	299209	 	12-15-13	 	12-16-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-60.00	 
	XXXXXXXXXXXXXXX	 	299713	 	12-16-13	 	12-17-13	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	299746	 	12-16-13	 	12-17-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	300455	 	12-17-13	 	12-18-13	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	301704	 	12-19-13	 	12-20-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	301708	 	12-19-13	 	12-20-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	301711	 	12-19-13	 	12-20-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	181699	 	12-20-13	 	12-21-13	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-850.00	 
	XXXXXXXXXXXXXXX	 	302956	 	12-22-13	 	12-23-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	302963	 	12-22-13	 	12-23-13	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	303210	 	12-23-13	 	12-24-13	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	303468	 	12-24-13	 	12-25-13	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-240.00	 
	XXXXXXXXXXXXXXX	 	1172467	 	12-30-13	 	01-01-14	 	 	 	GCO	 	RESERVED	 	02-15-13	 	 	-648.66	 
	XXXXXXXXXXXXXXX	 	313704	 	01-10-14	 	01-11-14	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-120.00	 
	XXXXXXXXXXXXXXX	 	1196717	 	01-15-14	 	01-18-14	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-365.79	 
	XXXXXXXXXXXXXXX	 	318477	 	01-20-14	 	01-21-14	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-96.00	 
	XXXXXXXXXXXXXXX	 	156245	 	02-03-14	 	02-04-14	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1194707	 	02-14-14	 	02-16-14	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-610.79	 
	XXXXXXXXXXXXXXX	 	435963	 	02-15-14	 	02-15-14	 	9069	 	GCO	 	RESERVED	 	06-19-12	 	 	-402.67	 
	XXXXXXXXXXXXXXX	 	435964	 	02-15-14	 	02-15-14	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-402.67	 
	XXXXXXXXXXXXXXX	 	435968	 	02-15-14	 	02-15-14	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-402.67	 
	XXXXXXXXXXXXXXX	 	435969	 	02-15-14	 	02-15-14	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-402.67	 
	XXXXXXXXXXXXXXX	 	334212	 	03-12-14	 	03-13-14	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	338460	 	03-24-14	 	03-25-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	338469	 	03-24-14	 	03-25-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	207222	 	03-27-14	 	03-28-14	 	 	 	DPQ	 	RESERVED	 	05-15-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	207482	 	03-28-14	 	03-29-14	 	 	 	DPQ	 	RESERVED	 	05-15-12	 	 	-465.00	 
	XXXXXXXXXXXXXXX	 	207485	 	03-28-14	 	03-29-14	 	 	 	DPQ	 	RESERVED	 	05-15-12	 	 	-464.76	 
	XXXXXXXXXXXXXXX	 	203968	 	03-30-14	 	03-31-14	 	 	 	DPQ	 	RESERVED	 	05-15-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	201740	 	03-31-14	 	04-01-14	 	 	 	DPQ	 	RESERVED	 	05-15-12	 	 	-750.00	 
	XXXXXXXXXXXXXXX	 	201741	 	03-31-14	 	04-01-14	 	 	 	DPQ	 	RESERVED	 	05-15-12	 	 	-750.00	 
	XXXXXXXXXXXXXXX	 	331708	 	03-31-14	 	04-01-14	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-1,200.00	 
	XXXXXXXXXXXXXXX	 	1060224	 	04-01-14	 	04-04-14	 	 	 	GRP DEF	 	RESERVED	 	08-24-12	 	 	-18,000.00	 
	XXXXXXXXXXXXXXX	 	1171224	 	04-03-14	 	04-05-14	 	9000	 	GRP DEF	 	RESERVED	 	03-22-13	 	 	-1,135.52	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 19 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	343960	 	04-04-14	 	04-05-14	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	350210	 	04-17-14	 	04-18-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-120.00	 
	XXXXXXXXXXXXXXX	 	1191474	 	04-27-14	 	04-28-14	 	 	 	GRP DEF	 	RESERVED	 	03-22-13	 	 	-3,609.53	 
	XXXXXXXXXXXXXXX	 	1174990	 	05-02-14	 	05-05-14	 	 	 	GRP DEF	 	RESERVED	 	03-22-13	 	 	-8,527.23	 
	XXXXXXXXXXXXXXX	 	1057209	 	05-26-14	 	05-27-14	 	9000	 	DPR	 	RESERVED	 	12-03-12	 	 	-6,984.44	 
	XXXXXXXXXXXXXXX	 	367957	 	06-03-14	 	06-04-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	370970	 	06-12-14	 	06-13-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	373212	 	06-18-14	 	06-19-14	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1186455	 	06-20-14	 	06-22-14	 	 	 	DPR	 	RESERVED	 	03-23-13	 	 	-6,982.53	 
	XXXXXXXXXXXXXXX	 	374723	 	06-22-14	 	06-23-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	375473	 	06-23-14	 	06-24-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-700.00	 
	XXXXXXXXXXXXXXX	 	387458	 	07-24-14	 	07-25-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	388962	 	07-30-14	 	07-31-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	392456	 	08-05-14	 	08-06-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	398457	 	08-22-14	 	08-23-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	555739	 	08-31-14	 	09-01-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	406220	 	09-14-14	 	09-15-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	159250	 	09-21-14	 	09-22-14	 	 	 	GCO	 	RESERVED	 	05-09-12	 	 	-679.00	 
	XXXXXXXXXXXXXXX	 	415214	 	10-07-14	 	10-08-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-600.00	 
	XXXXXXXXXXXXXXX	 	415217	 	10-07-14	 	10-08-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-600.00	 
	XXXXXXXXXXXXXXX	 	417979	 	10-15-14	 	10-16-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	418466	 	10-17-14	 	10-18-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-210.00	 
	XXXXXXXXXXXXXXX	 	419285	 	10-19-14	 	10-20-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	272954	 	10-25-14	 	10-26-14	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	1184957	 	11-03-14	 	11-08-14	 	33	 	DPR	 	RESERVED	 	03-24-13	 	 	-627.50	 
	XXXXXXXXXXXXXXX	 	424970	 	11-06-14	 	11-07-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	171205	 	11-08-14	 	11-09-14	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	171206	 	11-08-14	 	11-09-14	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-225.00	 
	XXXXXXXXXXXXXXX	 	427227	 	11-12-14	 	11-13-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	427471	 	11-13-14	 	11-14-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-120.00	 
	XXXXXXXXXXXXXXX	 	429462	 	11-20-14	 	11-21-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1134738	 	11-24-14	 	11-25-14	 	 	 	DPR	 	RESERVED	 	11-24-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136267	 	11-28-14	 	11-29-14	 	 	 	DPR	 	RESERVED	 	11-28-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136266	 	11-28-14	 	11-29-14	 	 	 	GCO	 	RESERVED	 	11-28-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136242	 	11-28-14	 	11-29-14	 	 	 	GCO	 	RESERVED	 	11-28-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136244	 	11-28-14	 	11-29-14	 	 	 	GCO	 	RESERVED	 	11-28-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136248	 	11-28-14	 	11-29-14	 	 	 	GCO	 	RESERVED	 	11-28-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1136264	 	11-28-14	 	11-29-14	 	 	 	DPR	 	RESERVED	 	11-28-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136261	 	11-28-14	 	11-29-14	 	 	 	DPR	 	RESERVED	 	11-28-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136259	 	11-28-14	 	11-29-14	 	 	 	GCO	 	RESERVED	 	11-28-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136258	 	11-28-14	 	11-29-14	 	 	 	DPR	 	RESERVED	 	11-28-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	434217	 	12-04-14	 	12-05-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	434716	 	12-05-14	 	12-06-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	437715	 	12-14-14	 	12-15-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-365.00	 
	XXXXXXXXXXXXXXX	 	438463	 	12-17-14	 	12-18-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	438714	 	12-18-14	 	12-18-14	 	9001	 	GCO	 	RESERVED	 	06-19-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	439223	 	12-19-14	 	12-20-14	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1147210	 	12-22-14	 	12-23-14	 	 	 	DPR	 	RESERVED	 	12-22-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147219	 	12-22-14	 	12-23-14	 	 	 	DPR	 	RESERVED	 	12-22-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1147222	 	12-22-14	 	12-23-14	 	 	 	DPR	 	RESERVED	 	12-22-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	654251	 	01-10-15	 	01-11-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	449213	 	01-17-15	 	01-18-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	662457	 	01-20-15	 	01-21-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-104.00	 
	XXXXXXXXXXXXXXX	 	667707	 	01-26-15	 	01-27-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	692975	 	02-22-15	 	02-23-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	473219	 	03-19-15	 	03-20-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	477705	 	03-29-15	 	03-30-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	477455	 	03-29-15	 	03-30-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-250.00	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 20 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	478721	 	03-31-15	 	04-01-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	485455	 	04-13-15	 	04-14-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	489216	 	04-20-15	 	04-21-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	493722	 	05-01-15	 	05-02-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-130.00	 
	XXXXXXXXXXXXXXX	 	498470	 	05-10-15	 	05-11-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	124474	 	05-10-15	 	05-11-15	 	 	 	GCO	 	RESERVED	 	03-28-12	 	 	-0.24	 
	XXXXXXXXXXXXXXX	 	180973	 	05-12-15	 	05-13-15	 	9013	 	GCO	 	RESERVED	 	04-25-12	 	 	-415.00	 
	XXXXXXXXXXXXXXX	 	1015720	 	05-12-15	 	05-13-15	 	 	 	DPR	 	RESERVED	 	05-12-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	506217	 	05-26-15	 	05-27-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	509211	 	06-01-15	 	06-02-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1037456	 	06-17-15	 	06-18-15	 	9600	 	GCO	 	RESERVED	 	06-17-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	133215	 	06-22-15	 	06-23-15	 	9063	 	GCO	 	RESERVED	 	03-28-12	 	 	-0.24	 
	XXXXXXXXXXXXXXX	 	136219	 	06-23-15	 	06-24-15	 	 	 	GCO	 	RESERVED	 	03-28-12	 	 	-0.24	 
	XXXXXXXXXXXXXXX	 	152213	 	08-25-15	 	08-26-15	 	 	 	GCO	 	RESERVED	 	05-09-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	555993	 	09-01-15	 	09-02-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-143.50	 
	XXXXXXXXXXXXXXX	 	155478	 	09-07-15	 	09-08-15	 	9009	 	GCO	 	RESERVED	 	05-09-12	 	 	-2,627.45	 
	XXXXXXXXXXXXXXX	 	567218	 	09-12-15	 	09-13-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-350.00	 
	XXXXXXXXXXXXXXX	 	154463	 	09-20-15	 	09-21-15	 	9009	 	GCO	 	RESERVED	 	05-09-12	 	 	-30.00	 
	XXXXXXXXXXXXXXX	 	577208	 	09-21-15	 	09-22-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	588972	 	10-08-15	 	10-09-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-350.00	 
	XXXXXXXXXXXXXXX	 	589954	 	10-09-15	 	10-10-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	164207	 	10-11-15	 	10-12-15	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	164208	 	10-11-15	 	10-12-15	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	599464	 	10-23-15	 	10-24-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-143.00	 
	XXXXXXXXXXXXXXX	 	167973	 	10-26-15	 	10-27-15	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-600.00	 
	XXXXXXXXXXXXXXX	 	608969	 	11-05-15	 	11-06-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	611731	 	11-08-15	 	11-09-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-102.00	 
	XXXXXXXXXXXXXXX	 	623208	 	11-21-15	 	11-22-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-350.00	 
	XXXXXXXXXXXXXXX	 	627710	 	11-28-15	 	11-29-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	177989	 	12-05-15	 	12-06-15	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	633469	 	12-06-15	 	12-07-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	633969	 	12-07-15	 	12-08-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	634208	 	12-08-15	 	12-09-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	634983	 	12-09-15	 	12-10-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	635212	 	12-10-15	 	12-11-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	635460	 	12-10-15	 	12-11-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	179453	 	12-11-15	 	12-12-15	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	635959	 	12-11-15	 	12-12-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	636466	 	12-12-15	 	12-13-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	636471	 	12-12-15	 	12-13-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	180967	 	12-17-15	 	12-18-15	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	639472	 	12-19-15	 	12-20-15	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	640464	 	12-21-15	 	12-22-15	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1147208	 	12-22-15	 	12-23-15	 	9600	 	GCO	 	RESERVED	 	12-22-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	182212	 	12-22-15	 	12-23-15	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	642215	 	12-25-15	 	12-26-15	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	654224	 	01-10-16	 	01-11-16	 	 	 	DPQ	 	RESERVED	 	03-28-12	 	 	-500.24	 
	XXXXXXXXXXXXXXX	 	669959	 	01-29-16	 	01-30-16	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	721212	 	03-18-16	 	03-19-16	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	733998	 	03-28-16	 	03-29-16	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-460.00	 
	XXXXXXXXXXXXXXX	 	737208	 	03-30-16	 	03-31-16	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-551.95	 
	XXXXXXXXXXXXXXX	 	745726	 	04-07-16	 	04-08-16	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	761954	 	04-18-16	 	04-19-16	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	773251	 	04-27-16	 	04-28-16	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	775972	 	04-29-16	 	04-30-16	 	 	 	DPQ	 	RESERVED	 	06-19-12	 	 	-1,200.00	 
	XXXXXXXXXXXXXXX	 	783468	 	05-05-16	 	05-06-16	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-62.00	 
	XXXXXXXXXXXXXXX	 	790009	 	05-11-16	 	05-12-16	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	828456	 	06-09-16	 	06-10-16	 	 	 	GCO	 	RESERVED	 	06-19-12	 	 	-50.00	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 21 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	846966	 	07-06-16	 	07-07-16	 	 	 	DPQ	 	RESERVED	 	03-28-12	 	 	-1,000.24	 
	XXXXXXXXXXXXXXX	 	859983	 	08-01-16	 	08-01-16	 	 	 	DPQ	 	RESERVED	 	03-28-12	 	 	-100.24	 
	XXXXXXXXXXXXXXX	 	861486	 	08-05-16	 	08-06-16	 	 	 	DPQ	 	RESERVED	 	03-28-12	 	 	-150.24	 
	XXXXXXXXXXXXXXX	 	867209	 	08-15-16	 	08-16-16	 	 	 	DPQ	 	RESERVED	 	03-28-12	 	 	-50.24	 
	XXXXXXXXXXXXXXX	 	886955	 	09-12-16	 	09-13-16	 	 	 	DPQ	 	RESERVED	 	03-28-12	 	 	-250.24	 
	XXXXXXXXXXXXXXX	 	891221	 	09-19-16	 	09-20-16	 	 	 	DPQ	 	RESERVED	 	03-28-12	 	 	-130.24	 
	XXXXXXXXXXXXXXX	 	897470	 	09-27-16	 	09-28-16	 	 	 	GCO	 	RESERVED	 	03-28-12	 	 	-300.24	 
	XXXXXXXXXXXXXXX	 	900464	 	10-02-16	 	10-03-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-100.24	 
	XXXXXXXXXXXXXXX	 	904493	 	10-11-16	 	10-12-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-130.24	 
	XXXXXXXXXXXXXXX	 	906475	 	10-14-16	 	10-15-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-110.24	 
	XXXXXXXXXXXXXXX	 	907990	 	10-17-16	 	10-18-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-500.24	 
	XXXXXXXXXXXXXXX	 	916715	 	11-02-16	 	11-03-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-400.24	 
	XXXXXXXXXXXXXXX	 	924723	 	11-12-16	 	11-13-16	 	 	 	GCO	 	RESERVED	 	03-28-12	 	 	-300.24	 
	XXXXXXXXXXXXXXX	 	925999	 	11-15-16	 	11-16-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-250.24	 
	XXXXXXXXXXXXXXX	 	931474	 	11-26-16	 	11-27-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-125.24	 
	XXXXXXXXXXXXXXX	 	931475	 	11-26-16	 	11-27-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-125.24	 
	XXXXXXXXXXXXXXX	 	931955	 	11-27-16	 	11-28-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-200.24	 
	XXXXXXXXXXXXXXX	 	176213	 	11-28-16	 	11-29-16	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	933993	 	12-02-16	 	12-03-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-40.24	 
	XXXXXXXXXXXXXXX	 	934482	 	12-03-16	 	12-04-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-50.24	 
	XXXXXXXXXXXXXXX	 	938223	 	12-12-16	 	12-13-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-200.24	 
	XXXXXXXXXXXXXXX	 	938242	 	12-12-16	 	12-18-16	 	 	 	GCO	 	RESERVED	 	03-28-12	 	 	-100.24	 
	XXXXXXXXXXXXXXX	 	938471	 	12-13-16	 	12-14-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-150.24	 
	XXXXXXXXXXXXXXX	 	938729	 	12-14-16	 	12-15-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-150.24	 
	XXXXXXXXXXXXXXX	 	939715	 	12-16-16	 	12-17-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-500.24	 
	XXXXXXXXXXXXXXX	 	939721	 	12-16-16	 	12-17-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-300.24	 
	XXXXXXXXXXXXXXX	 	940481	 	12-17-16	 	12-18-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-550.24	 
	XXXXXXXXXXXXXXX	 	940714	 	12-18-16	 	12-19-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-500.24	 
	XXXXXXXXXXXXXXX	 	940998	 	12-19-16	 	12-20-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-500.24	 
	XXXXXXXXXXXXXXX	 	941471	 	12-20-16	 	12-21-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-50.24	 
	XXXXXXXXXXXXXXX	 	941479	 	12-20-16	 	12-21-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-500.24	 
	XXXXXXXXXXXXXXX	 	941483	 	12-20-16	 	12-21-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-600.24	 
	XXXXXXXXXXXXXXX	 	942726	 	12-23-16	 	12-24-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-250.24	 
	XXXXXXXXXXXXXXX	 	942730	 	12-23-16	 	12-24-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-150.24	 
	XXXXXXXXXXXXXXX	 	942964	 	12-24-16	 	12-25-16	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-65.24	 
	XXXXXXXXXXXXXXX	 	954217	 	01-18-17	 	01-19-17	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-1,600.24	 
	XXXXXXXXXXXXXXX	 	955020	 	01-19-17	 	01-20-17	 	 	 	GCO	 	RESERVED	 	03-28-12	 	 	-0.24	 
	XXXXXXXXXXXXXXX	 	956736	 	01-23-17	 	01-24-17	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-1,000.24	 
	XXXXXXXXXXXXXXX	 	959740	 	01-30-17	 	01-31-17	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-400.24	 
	XXXXXXXXXXXXXXX	 	962466	 	02-04-17	 	02-05-17	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-200.24	 
	XXXXXXXXXXXXXXX	 	963983	 	02-07-17	 	02-08-17	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-500.24	 
	XXXXXXXXXXXXXXX	 	964497	 	02-08-17	 	02-09-17	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-150.24	 
	XXXXXXXXXXXXXXX	 	984724	 	03-17-17	 	03-18-17	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-170.24	 
	XXXXXXXXXXXXXXX	 	993213	 	04-04-17	 	04-05-17	 	 	 	DPR	 	RESERVED	 	04-04-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1002712	 	04-19-17	 	04-20-17	 	 	 	DPR	 	RESERVED	 	04-30-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1008208	 	05-01-17	 	05-02-17	 	 	 	DPR	 	RESERVED	 	05-01-12	 	 	-136.37	 
	XXXXXXXXXXXXXXX	 	1009706	 	05-04-17	 	05-05-17	 	 	 	DPR	 	RESERVED	 	05-04-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1016460	 	05-13-17	 	05-14-17	 	 	 	DPR	 	RESERVED	 	05-13-12	 	 	-130.00	 
	XXXXXXXXXXXXXXX	 	1029483	 	06-02-17	 	06-03-17	 	 	 	DPR	 	RESERVED	 	06-02-12	 	 	-120.00	 
	XXXXXXXXXXXXXXX	 	1030712	 	06-05-17	 	06-06-17	 	 	 	DPR	 	RESERVED	 	06-05-12	 	 	-151.00	 
	XXXXXXXXXXXXXXX	 	1033503	 	06-11-17	 	06-12-17	 	 	 	DPR	 	RESERVED	 	06-11-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1035457	 	06-13-17	 	06-14-17	 	 	 	DPR	 	RESERVED	 	06-13-12	 	 	-350.00	 
	XXXXXXXXXXXXXXX	 	1016455	 	06-19-17	 	06-20-17	 	9600	 	GCO	 	RESERVED	 	05-13-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1040219	 	06-23-17	 	06-24-17	 	 	 	DPR	 	RESERVED	 	06-23-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1046747	 	07-05-17	 	07-06-17	 	 	 	DPR	 	RESERVED	 	07-05-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1048221	 	07-08-17	 	07-09-17	 	 	 	DPR	 	RESERVED	 	07-08-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1051707	 	07-15-17	 	07-16-17	 	 	 	DPR	 	RESERVED	 	07-15-12	 	 	-60.60	 
	XXXXXXXXXXXXXXX	 	1052476	 	07-17-17	 	07-18-17	 	 	 	DPR	 	RESERVED	 	07-17-12	 	 	-250.00	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 22 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1052502	 	07-17-17	 	07-18-17	 	 	 	DPR	 	RESERVED	 	07-17-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	1054212	 	07-20-17	 	07-21-17	 	 	 	DPR	 	RESERVED	 	07-20-12	 	 	-140.00	 
	XXXXXXXXXXXXXXX	 	1056489	 	07-25-17	 	07-26-17	 	 	 	DPR	 	RESERVED	 	07-25-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	1056491	 	07-25-17	 	07-26-17	 	 	 	DPR	 	RESERVED	 	07-25-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	1057704	 	07-26-17	 	07-27-17	 	 	 	DPR	 	RESERVED	 	07-26-12	 	 	-2,000.00	 
	XXXXXXXXXXXXXXX	 	1057707	 	07-26-17	 	07-27-17	 	 	 	DPR	 	RESERVED	 	07-26-12	 	 	-350.00	 
	XXXXXXXXXXXXXXX	 	1062735	 	08-03-17	 	08-04-17	 	 	 	DPR	 	RESERVED	 	08-03-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	1065516	 	08-08-17	 	08-09-17	 	 	 	DPR	 	RESERVED	 	08-08-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	1069746	 	08-16-17	 	08-17-17	 	 	 	DPR	 	RESERVED	 	08-16-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1072460	 	08-21-17	 	08-22-17	 	 	 	DPR	 	RESERVED	 	08-21-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1074455	 	08-25-17	 	08-26-17	 	 	 	DPR	 	RESERVED	 	08-25-12	 	 	-450.00	 
	XXXXXXXXXXXXXXX	 	1080982	 	09-05-17	 	09-06-17	 	 	 	DPR	 	RESERVED	 	09-05-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1080983	 	09-05-17	 	09-06-17	 	 	 	DPR	 	RESERVED	 	09-05-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1089961	 	09-19-17	 	09-20-17	 	 	 	DPR	 	RESERVED	 	09-19-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	1091972	 	09-24-17	 	09-25-17	 	 	 	DPR	 	RESERVED	 	09-24-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1098205	 	10-02-17	 	10-03-17	 	 	 	GCO	 	RESERVED	 	10-02-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	1099956	 	10-04-17	 	10-05-17	 	 	 	DPR	 	RESERVED	 	10-04-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1101758	 	10-08-17	 	10-09-17	 	 	 	DPR	 	RESERVED	 	10-08-12	 	 	-800.00	 
	XXXXXXXXXXXXXXX	 	1106966	 	10-13-17	 	10-14-17	 	 	 	DPR	 	RESERVED	 	10-13-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1106967	 	10-13-17	 	10-14-17	 	 	 	DPR	 	RESERVED	 	10-13-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	1108716	 	10-15-17	 	10-16-17	 	 	 	DPR	 	RESERVED	 	10-15-12	 	 	-60.00	 
	XXXXXXXXXXXXXXX	 	1109495	 	10-17-17	 	10-18-17	 	 	 	DPR	 	RESERVED	 	10-17-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1109710	 	10-17-17	 	10-18-17	 	 	 	DPR	 	RESERVED	 	10-17-12	 	 	-600.00	 
	XXXXXXXXXXXXXXX	 	1111972	 	10-18-17	 	10-19-17	 	 	 	DPR	 	RESERVED	 	10-18-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1117217	 	10-24-17	 	10-25-17	 	 	 	DPR	 	RESERVED	 	10-24-12	 	 	-130.00	 
	XXXXXXXXXXXXXXX	 	1118458	 	10-26-17	 	10-27-17	 	 	 	DPR	 	RESERVED	 	10-26-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1119996	 	10-29-17	 	10-30-17	 	 	 	DPR	 	RESERVED	 	10-29-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	1123208	 	11-03-17	 	11-04-17	 	 	 	DPR	 	RESERVED	 	11-03-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1123214	 	11-03-17	 	11-04-17	 	 	 	DPR	 	RESERVED	 	11-03-12	 	 	-750.00	 
	XXXXXXXXXXXXXXX	 	1128508	 	11-12-17	 	11-13-17	 	 	 	GCO	 	RESERVED	 	11-12-12	 	 	-91.00	 
	XXXXXXXXXXXXXXX	 	1128724	 	11-13-17	 	11-14-17	 	 	 	DPR	 	RESERVED	 	11-13-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1128968	 	11-14-17	 	11-15-17	 	 	 	DPR	 	RESERVED	 	11-14-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1130465	 	11-17-17	 	11-18-17	 	 	 	DPR	 	RESERVED	 	11-17-12	 	 	-125.00	 
	XXXXXXXXXXXXXXX	 	1132967	 	11-21-17	 	11-22-17	 	 	 	DPR	 	RESERVED	 	11-21-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1134257	 	11-23-17	 	11-24-17	 	 	 	DPR	 	RESERVED	 	11-23-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1134263	 	11-23-17	 	11-24-17	 	 	 	GCO	 	RESERVED	 	11-23-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1134264	 	11-23-17	 	11-24-17	 	 	 	GCO	 	RESERVED	 	11-23-12	 	 	-1,300.00	 
	XXXXXXXXXXXXXXX	 	1134712	 	11-24-17	 	11-25-17	 	 	 	GCO	 	RESERVED	 	11-24-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1134721	 	11-24-17	 	11-25-17	 	 	 	GCO	 	RESERVED	 	11-24-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1134722	 	11-24-17	 	11-25-17	 	 	 	GCO	 	RESERVED	 	11-24-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1134723	 	11-24-17	 	11-25-17	 	 	 	GCO	 	RESERVED	 	11-24-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1134725	 	11-24-17	 	11-25-17	 	 	 	GCO	 	RESERVED	 	11-24-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1134727	 	11-24-17	 	11-25-17	 	 	 	GCO	 	RESERVED	 	11-24-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1134748	 	11-24-17	 	11-25-17	 	 	 	DPR	 	RESERVED	 	11-24-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1134750	 	11-24-17	 	11-25-17	 	 	 	GCO	 	RESERVED	 	11-24-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1134754	 	11-24-17	 	11-25-17	 	 	 	GCO	 	RESERVED	 	11-24-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1134758	 	11-24-17	 	11-25-17	 	 	 	GCO	 	RESERVED	 	11-24-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1134762	 	11-24-17	 	11-25-17	 	 	 	GCO	 	RESERVED	 	11-24-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1134761	 	11-24-17	 	11-25-17	 	 	 	GCO	 	RESERVED	 	11-24-12	 	 	-2,600.00	 
	XXXXXXXXXXXXXXX	 	1134756	 	11-24-17	 	11-25-17	 	 	 	DPR	 	RESERVED	 	11-24-12	 	 	-350.00	 
	XXXXXXXXXXXXXXX	 	1134954	 	11-25-17	 	11-26-17	 	 	 	DPR	 	RESERVED	 	11-25-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1134955	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1134960	 	11-25-17	 	11-26-17	 	 	 	DPR	 	RESERVED	 	11-25-12	 	 	-1,050.00	 
	XXXXXXXXXXXXXXX	 	1134967	 	11-25-17	 	11-26-17	 	 	 	DPR	 	RESERVED	 	11-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1134969	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1134991	 	11-25-17	 	11-26-17	 	 	 	DPR	 	RESERVED	 	11-25-12	 	 	-1,300.00	 
	XXXXXXXXXXXXXXX	 	1134989	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1134972	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-650.00	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 23 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1134999	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-1,050.00	 
	XXXXXXXXXXXXXXX	 	1135015	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135012	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135002	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135000	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135018	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-1,300.00	 
	XXXXXXXXXXXXXXX	 	1135001	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135008	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135003	 	11-25-17	 	11-26-17	 	 	 	DPR	 	RESERVED	 	11-25-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	1135004	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135040	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135030	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135028	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135020	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135021	 	11-25-17	 	11-26-17	 	 	 	GCO	 	RESERVED	 	11-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135248	 	11-26-17	 	11-27-17	 	 	 	GCO	 	RESERVED	 	11-26-12	 	 	-1,050.00	 
	XXXXXXXXXXXXXXX	 	1135246	 	11-26-17	 	11-27-17	 	 	 	GCO	 	RESERVED	 	11-26-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135245	 	11-26-17	 	11-27-17	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135227	 	11-26-17	 	11-27-17	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-1,950.00	 
	XXXXXXXXXXXXXXX	 	1135222	 	11-26-17	 	11-27-17	 	 	 	GCO	 	RESERVED	 	11-28-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135219	 	11-26-17	 	11-27-17	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-350.00	 
	XXXXXXXXXXXXXXX	 	1135205	 	11-26-17	 	11-27-17	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135204	 	11-26-17	 	11-27-17	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135244	 	11-26-17	 	11-27-17	 	 	 	GCO	 	RESERVED	 	11-26-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135251	 	11-26-17	 	11-27-17	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135254	 	11-26-17	 	11-27-17	 	 	 	GCO	 	RESERVED	 	11-29-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135261	 	11-26-17	 	11-27-17	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135279	 	11-26-17	 	11-27-17	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135280	 	11-26-17	 	11-27-17	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135275	 	11-26-17	 	11-27-17	 	 	 	GCO	 	RESERVED	 	11-26-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135265	 	11-26-17	 	11-27-17	 	 	 	GCO	 	RESERVED	 	11-26-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	1135278	 	11-26-17	 	11-27-17	 	 	 	GCO	 	RESERVED	 	11-26-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135308	 	11-26-17	 	11-27-17	 	 	 	GCO	 	RESERVED	 	11-26-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135309	 	11-26-17	 	11-27-17	 	 	 	GCO	 	RESERVED	 	11-26-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135310	 	11-26-17	 	11-27-17	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135317	 	11-26-17	 	11-27-17	 	 	 	GCO	 	RESERVED	 	11-26-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135318	 	11-26-17	 	11-27-17	 	 	 	GCO	 	RESERVED	 	11-26-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135764	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-1,300.00	 
	XXXXXXXXXXXXXXX	 	1135765	 	11-27-17	 	11-28-17	 	 	 	DPR	 	RESERVED	 	11-27-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	1135732	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135740	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-1,300.00	 
	XXXXXXXXXXXXXXX	 	1135743	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135747	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135749	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135750	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135752	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135754	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135759	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135761	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135775	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135784	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135785	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135786	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	1135792	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-1,300.00	 
	XXXXXXXXXXXXXXX	 	1135793	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135796	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-1,050.00	 
	XXXXXXXXXXXXXXX	 	1135823	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135824	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 24 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1135826	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135828	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135830	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135835	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135836	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135838	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135839	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135840	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135869	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135872	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135873	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135874	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135875	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135893	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135894	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-1,950.00	 
	XXXXXXXXXXXXXXX	 	1135896	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135897	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135779	 	11-27-17	 	11-28-17	 	 	 	DPR	 	RESERVED	 	11-27-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1135898	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135899	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135848	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135854	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135857	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135860	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135891	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135889	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135886	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135885	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135883	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135878	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	1135880	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135882	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135877	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135863	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135723	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	1135721	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135722	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135717	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135734	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1135716	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135733	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1135744	 	11-27-17	 	11-28-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-175.00	 
	XXXXXXXXXXXXXXX	 	1135870	 	11-28-17	 	11-29-17	 	 	 	GCO	 	RESERVED	 	11-27-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1136224	 	11-28-17	 	11-29-17	 	 	 	GCO	 	RESERVED	 	11-28-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1136228	 	11-28-17	 	11-29-17	 	 	 	GCO	 	RESERVED	 	11-28-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136229	 	11-28-17	 	11-29-17	 	 	 	GCO	 	RESERVED	 	11-28-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136233	 	11-28-17	 	11-29-17	 	 	 	DPR	 	RESERVED	 	11-29-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136236	 	11-28-17	 	11-29-17	 	 	 	GCO	 	RESERVED	 	11-28-12	 	 	-1,300.00	 
	XXXXXXXXXXXXXXX	 	1136237	 	11-28-17	 	11-29-17	 	 	 	DPR	 	RESERVED	 	11-28-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1136271	 	11-28-17	 	11-29-17	 	 	 	DPR	 	RESERVED	 	11-28-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136283	 	11-28-17	 	11-29-17	 	 	 	DPR	 	RESERVED	 	11-28-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	1136282	 	11-28-17	 	11-29-17	 	 	 	DPR	 	RESERVED	 	11-28-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1136720	 	11-29-17	 	11-30-17	 	 	 	GCO	 	RESERVED	 	11-29-12	 	 	-1,475.00	 
	XXXXXXXXXXXXXXX	 	1136966	 	11-30-17	 	12-01-17	 	 	 	DPR	 	RESERVED	 	11-30-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1136984	 	11-30-17	 	12-01-17	 	 	 	DPR	 	RESERVED	 	11-30-12	 	 	-900.00	 
	XXXXXXXXXXXXXXX	 	1137458	 	12-01-17	 	12-02-17	 	 	 	DPR	 	RESERVED	 	12-01-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	1138467	 	12-03-17	 	12-04-17	 	 	 	DPR	 	RESERVED	 	12-03-12	 	 	-60.00	 
	XXXXXXXXXXXXXXX	 	1138708	 	12-04-17	 	12-05-17	 	 	 	DPR	 	RESERVED	 	12-04-12	 	 	-600.00	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 25 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1138709	 	12-04-17	 	12-05-17	 	 	 	DPR	 	RESERVED	 	12-04-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1138742	 	12-04-17	 	12-05-17	 	 	 	GCO	 	RESERVED	 	12-04-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1139218	 	12-06-17	 	12-07-17	 	 	 	DPR	 	RESERVED	 	12-06-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1139478	 	12-06-17	 	12-07-17	 	 	 	DPR	 	RESERVED	 	12-06-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1139955	 	12-07-17	 	12-08-17	 	 	 	DPR	 	RESERVED	 	12-07-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1140204	 	12-07-17	 	12-08-17	 	 	 	DPR	 	RESERVED	 	12-07-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	1140229	 	12-07-17	 	12-08-17	 	 	 	DPR	 	RESERVED	 	12-07-12	 	 	-1,000.00	 
	XXXXXXXXXXXXXXX	 	1141216	 	12-09-17	 	12-10-17	 	 	 	DPR	 	RESERVED	 	12-09-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	1141473	 	12-10-17	 	12-11-17	 	 	 	DPR	 	RESERVED	 	12-10-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1141482	 	12-10-17	 	12-11-17	 	 	 	DPR	 	RESERVED	 	12-10-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1141982	 	12-11-17	 	12-12-17	 	 	 	DPR	 	RESERVED	 	12-11-12	 	 	-20.00	 
	XXXXXXXXXXXXXXX	 	1142459	 	12-12-17	 	12-13-17	 	 	 	DPR	 	RESERVED	 	12-12-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1142462	 	12-12-17	 	12-13-17	 	 	 	DPR	 	RESERVED	 	12-12-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1142463	 	12-12-17	 	12-13-17	 	 	 	DPR	 	RESERVED	 	12-12-12	 	 	-125.00	 
	XXXXXXXXXXXXXXX	 	1142467	 	12-12-17	 	12-13-17	 	 	 	DPR	 	RESERVED	 	12-12-12	 	 	-125.00	 
	XXXXXXXXXXXXXXX	 	1142468	 	12-12-17	 	12-13-17	 	 	 	DPR	 	RESERVED	 	12-12-12	 	 	-125.00	 
	XXXXXXXXXXXXXXX	 	1142469	 	12-12-17	 	12-13-17	 	 	 	DPR	 	RESERVED	 	12-12-12	 	 	-125.00	 
	XXXXXXXXXXXXXXX	 	1142479	 	12-12-17	 	12-13-17	 	 	 	DPR	 	RESERVED	 	12-12-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1142480	 	12-12-17	 	12-13-17	 	 	 	DPR	 	RESERVED	 	12-12-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1142486	 	12-12-17	 	12-13-17	 	 	 	DPR	 	RESERVED	 	12-12-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1143975	 	12-14-17	 	12-15-17	 	 	 	GCO	 	RESERVED	 	12-14-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1144463	 	12-15-17	 	12-16-17	 	 	 	GCO	 	RESERVED	 	12-15-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1144465	 	12-15-17	 	12-16-17	 	 	 	GCO	 	RESERVED	 	12-15-12	 	 	-125.00	 
	XXXXXXXXXXXXXXX	 	1144466	 	12-15-17	 	12-16-17	 	 	 	GCO	 	RESERVED	 	12-15-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1144467	 	12-15-17	 	12-16-17	 	 	 	GCO	 	RESERVED	 	12-15-12	 	 	-600.00	 
	XXXXXXXXXXXXXXX	 	1144954	 	12-16-17	 	12-17-17	 	 	 	DPR	 	RESERVED	 	12-16-12	 	 	-143.48	 
	XXXXXXXXXXXXXXX	 	1144958	 	12-16-17	 	12-17-17	 	 	 	DPR	 	RESERVED	 	12-16-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	1144959	 	12-16-17	 	12-17-17	 	 	 	DPR	 	RESERVED	 	12-16-12	 	 	-75.00	 
	XXXXXXXXXXXXXXX	 	1145519	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1145454	 	12-17-17	 	12-18-17	 	 	 	GCO	 	RESERVED	 	12-17-12	 	 	-375.00	 
	XXXXXXXXXXXXXXX	 	1145468	 	12-17-17	 	12-18-17	 	 	 	GCO	 	RESERVED	 	12-17-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145470	 	12-17-17	 	12-18-17	 	 	 	GCO	 	RESERVED	 	12-17-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145472	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145477	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145478	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1145482	 	12-17-17	 	12-18-17	 	 	 	GCO	 	RESERVED	 	12-17-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145483	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1145506	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1145509	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-1,300.00	 
	XXXXXXXXXXXXXXX	 	1145512	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145521	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145522	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1145523	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1145526	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145527	 	12-17-17	 	12-18-17	 	 	 	GCO	 	RESERVED	 	12-17-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145530	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145525	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1145528	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1145533	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145535	 	12-17-17	 	12-18-17	 	 	 	GCO	 	RESERVED	 	12-17-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145536	 	12-17-17	 	12-18-17	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1145710	 	12-18-17	 	12-19-17	 	 	 	DPR	 	RESERVED	 	12-18-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1145711	 	12-18-17	 	12-19-17	 	 	 	DPR	 	RESERVED	 	12-18-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	1145715	 	12-18-17	 	12-19-17	 	 	 	GCO	 	RESERVED	 	12-18-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145725	 	12-18-17	 	12-19-17	 	 	 	DPR	 	RESERVED	 	12-18-12	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	1145726	 	12-18-17	 	12-19-17	 	 	 	DPR	 	RESERVED	 	12-18-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1145727	 	12-18-17	 	12-19-17	 	 	 	DPR	 	RESERVED	 	12-18-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145728	 	12-18-17	 	12-19-17	 	 	 	DPR	 	RESERVED	 	12-18-12	 	 	-500.00	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 26 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1145729	 	12-18-17	 	12-19-17	 	 	 	GCO	 	RESERVED	 	12-18-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1145733	 	12-18-17	 	12-19-17	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-1,300.00	 
	XXXXXXXXXXXXXXX	 	1145744	 	12-18-17	 	12-19-17	 	 	 	GCO	 	RESERVED	 	12-18-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146212	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1146224	 	12-19-17	 	12-20-17	 	 	 	DPR	 	RESERVED	 	12-19-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1146235	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-950.00	 
	XXXXXXXXXXXXXXX	 	1146237	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146244	 	12-19-17	 	12-20-17	 	 	 	DPR	 	RESERVED	 	12-19-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146245	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146246	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146247	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146248	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146253	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-1,600.00	 
	XXXXXXXXXXXXXXX	 	1146254	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146256	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146258	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146260	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1146261	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1146263	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1146264	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146268	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146269	 	12-19-17	 	12-20-17	 	 	 	GCO	 	RESERVED	 	12-19-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146715	 	12-20-17	 	12-21-17	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-30.00	 
	XXXXXXXXXXXXXXX	 	1146717	 	12-20-17	 	12-21-17	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1146725	 	12-20-17	 	12-21-17	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1146732	 	12-20-17	 	12-21-17	 	 	 	GCO	 	RESERVED	 	12-20-12	 	 	-1,950.00	 
	XXXXXXXXXXXXXXX	 	1146733	 	12-20-17	 	12-21-17	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146736	 	12-20-17	 	12-21-17	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146737	 	12-20-17	 	12-21-17	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1146738	 	12-20-17	 	12-21-17	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1146742	 	12-20-17	 	12-21-17	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1146744	 	12-20-17	 	12-21-17	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1146754	 	12-20-17	 	12-21-17	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146755	 	12-20-17	 	12-21-17	 	 	 	GCO	 	RESERVED	 	12-20-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146757	 	12-20-17	 	12-21-17	 	 	 	GCO	 	RESERVED	 	12-20-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146761	 	12-20-17	 	12-21-17	 	 	 	GCO	 	RESERVED	 	12-20-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146762	 	12-20-17	 	12-21-17	 	 	 	GCO	 	RESERVED	 	12-20-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1146958	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1146961	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1146966	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1146967	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1147007	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1147015	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1147016	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1147005	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1147020	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147021	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1147024	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147025	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147026	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147027	 	12-21-17	 	12-22-17	 	 	 	DPR	 	RESERVED	 	12-21-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1147227	 	12-22-17	 	12-23-17	 	 	 	DPR	 	RESERVED	 	12-22-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1147226	 	12-22-17	 	12-23-17	 	 	 	DPR	 	RESERVED	 	12-22-12	 	 	-1,950.00	 
	XXXXXXXXXXXXXXX	 	1147225	 	12-22-17	 	12-23-17	 	 	 	DPR	 	RESERVED	 	12-22-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147230	 	12-22-17	 	12-23-17	 	 	 	DPR	 	RESERVED	 	12-22-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147469	 	12-23-17	 	12-24-17	 	 	 	DPR	 	RESERVED	 	12-23-12	 	 	-3,900.00	 
	XXXXXXXXXXXXXXX	 	1147476	 	12-23-17	 	12-24-17	 	 	 	DPR	 	RESERVED	 	12-23-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147478	 	12-23-17	 	12-24-17	 	 	 	DPR	 	RESERVED	 	12-23-12	 	 	-650.00	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 27 of 28	deposit_ledger

    	 

    

 

	L'Auberge de Sedona 

Inn   Spa   Resort	L’Auberge de Sedona	CONFIDENTIAL	
        03-31-13

         

        5:00 AM

	 	Deposit Ledger	 	 

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room
 No.	 	Res.
 Type	 	Status	 	Last Paid
 On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	1147471	 	12-23-17	 	12-24-17	 	 	 	GCO	 	RESERVED	 	12-23-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147472	 	12-23-17	 	12-24-17	 	 	 	DPR	 	RESERVED	 	12-23-12	 	 	-1,300.00	 
	XXXXXXXXXXXXXXX	 	1147483	 	12-23-17	 	12-24-17	 	 	 	DPR	 	RESERVED	 	12-23-12	 	 	-1,150.00	 
	XXXXXXXXXXXXXXX	 	1147487	 	12-23-17	 	12-24-17	 	 	 	DPR	 	RESERVED	 	12-23-12	 	 	-1,300.00	 
	XXXXXXXXXXXXXXX	 	1147489	 	12-23-17	 	12-24-17	 	 	 	DPR	 	RESERVED	 	12-23-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1147954	 	12-24-17	 	12-25-17	 	 	 	DPR	 	RESERVED	 	12-24-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147956	 	12-24-17	 	12-25-17	 	 	 	DPR	 	RESERVED	 	12-24-12	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1147961	 	12-24-17	 	12-25-17	 	 	 	DPR	 	RESERVED	 	12-24-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147962	 	12-24-17	 	12-25-17	 	 	 	DPR	 	RESERVED	 	12-24-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147972	 	12-24-17	 	12-25-17	 	 	 	DPR	 	RESERVED	 	12-24-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147973	 	12-24-17	 	12-25-17	 	 	 	DPR	 	RESERVED	 	12-24-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1147977	 	12-24-17	 	12-25-17	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1163228	 	12-24-17	 	12-25-17	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1147985	 	12-24-17	 	12-25-17	 	 	 	DPR	 	RESERVED	 	12-24-12	 	 	-120.00	 
	XXXXXXXXXXXXXXX	 	1148467	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-1,950.00	 
	XXXXXXXXXXXXXXX	 	1148455	 	12-25-17	 	12-26-17	 	 	 	GCO	 	RESERVED	 	12-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1148456	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-27-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1148457	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-1,300.00	 
	XXXXXXXXXXXXXXX	 	1148458	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1148460	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1148462	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1148463	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	1148470	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1148472	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-950.00	 
	XXXXXXXXXXXXXXX	 	1148473	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1148475	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1148478	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-300.00	 
	XXXXXXXXXXXXXXX	 	1148479	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1148480	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-26-12	 	 	-650.00	 
	XXXXXXXXXXXXXXX	 	1148481	 	12-25-17	 	12-26-17	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1148726	 	12-26-17	 	12-27-17	 	 	 	DPR	 	RESERVED	 	12-26-12	 	 	-350.00	 
	XXXXXXXXXXXXXXX	 	1150711	 	12-30-17	 	12-31-17	 	 	 	GCO	 	RESERVED	 	12-30-12	 	 	-1,500.00	 
	XXXXXXXXXXXXXXX	 	1152961	 	01-02-18	 	01-03-18	 	 	 	GCO	 	RESERVED	 	01-02-13	 	 	-50.00	 
	XXXXXXXXXXXXXXX	 	1155211	 	01-06-18	 	01-07-18	 	 	 	DPR	 	RESERVED	 	01-06-13	 	 	-600.00	 
	XXXXXXXXXXXXXXX	 	1155721	 	01-08-18	 	01-09-18	 	 	 	GCO	 	RESERVED	 	01-08-13	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1156496	 	01-11-18	 	01-12-18	 	 	 	DPR	 	RESERVED	 	01-11-13	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1158234	 	01-14-18	 	01-15-18	 	 	 	GCO	 	RESERVED	 	01-14-13	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	1160713	 	01-19-18	 	01-20-18	 	 	 	DPR	 	RESERVED	 	01-19-13	 	 	-210.07	 
	XXXXXXXXXXXXXXX	 	1160715	 	01-19-18	 	01-20-18	 	 	 	DPR	 	RESERVED	 	01-19-13	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	958755	 	01-27-18	 	01-28-18	 	 	 	DPR	 	RESERVED	 	03-28-12	 	 	-100.24	 
	XXXXXXXXXXXXXXX	 	192981	 	01-31-18	 	02-01-18	 	 	 	GCO	 	RESERVED	 	05-15-12	 	 	-250.00	 
	XXXXXXXXXXXXXXX	 	1168485	 	02-05-18	 	02-06-18	 	 	 	DPR	 	RESERVED	 	02-05-13	 	 	-80.00	 
	XXXXXXXXXXXXXXX	 	1169211	 	02-08-18	 	02-09-18	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-260.00	 
	XXXXXXXXXXXXXXX	 	1169266	 	02-08-18	 	02-09-18	 	 	 	GCO	 	RESERVED	 	02-08-13	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	1170724	 	02-12-18	 	02-13-18	 	 	 	GCO	 	RESERVED	 	02-12-13	 	 	-600.00	 
	XXXXXXXXXXXXXXX	 	1172724	 	02-16-18	 	02-17-18	 	 	 	GCO	 	RESERVED	 	02-16-13	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1177468	 	02-25-18	 	02-26-18	 	 	 	DPR	 	RESERVED	 	02-25-13	 	 	-500.00	 
	XXXXXXXXXXXXXXX	 	1177706	 	02-26-18	 	02-27-18	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-2,000.00	 
	XXXXXXXXXXXXXXX	 	1184513	 	03-11-18	 	03-12-18	 	 	 	GCO	 	RESERVED	 	03-11-13	 	 	-750.00	 
	XXXXXXXXXXXXXXX	 	1184981	 	03-12-18	 	03-13-18	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-60.00	 
	XXXXXXXXXXXXXXX	 	1186705	 	03-15-18	 	03-16-18	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	1186962	 	03-15-18	 	03-16-18	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-1,400.00	 
	XXXXXXXXXXXXXXX	 	1186966	 	03-15-18	 	03-16-18	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-749.11	 
	XXXXXXXXXXXXXXX	 	1190721	 	03-21-18	 	03-22-18	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-1,000.00	 
	XXXXXXXXXXXXXXX	 	1190735	 	03-21-18	 	03-22-18	 	 	 	GCO	 	RESERVED	 	03-21-13	 	 	-100.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Grand Total	 	 	-1597213.18	 

 

* The information denoted by “X’s” on this
page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 	Page 28 of 28	deposit_ledger

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(a)-iii

 

Orchards Inn & Restaurant LLC

Contract List

4/25/2013

 

	Company	 	Type
	 	 	 	 	 
	1	 	Ecolab	 	Pest elimination services agreement
	2	 	Botanic Effects	 	Plant maintenance
	3	 	Diamond Resorts	 	Room Rate Agreement
	4	 	Macquarie Equipment Finance	 	Equipment financing
	5	 	Specialty Textile Services	 	Service agreement - linen services
	6	 	Suddenlink	 	Bulk services and access agreement
	7	 	Sedona Pines	 	Agreement
	8	 	Waste Management	 	Service agreement waste pickup
	9	 	Waste Management	 	Equipment rental agreement
	10	 	Elavon (For Orchards)	 	ProtoBase express Service
	11	 	Diamond Resorts (also covers non-transfering entities)	 	Certificate Agreement
	12	 	Expedia	 	Booking agreement (Requested agr.)
	13	 	Shift 4 (Orchards inn & Rest - See LA)	 	Corporate Affiliate Agreement
	14	 	Transfirst - Orchards Inn of Sedona	 	Rate Review Agreement (See LA joint agr.)
	15	 	APS - See Ex. 1(a)-ii.	 	 
	16	 	Navis - See Ex. 1(a)-ii	 	 
	17	 	Copperstate - See Ex. 1(a)-ii	 	 
	18	 	 	 	 
	19	 	 	 	 
	20	 	 	 	 

 

Taos Restaurant Contract List Follows in this Exhibit 1(a)-iii

 

    	 

    	 

    

 

	
         ECOLAB

         

        Date 11/1/12

         
	
        Guardian
        Plus Services Agreement

         

        Ecolab Account #
	
        PO Box 8007

        Grand Forks, ND 68200-8007

        1-800-326-1671

	Billing Address 	Service Address
	
         

        Name

         

         
	
         

        Name
	
         

        Taos Cantina

	
        Address

         

         
	Address	264 N State Route 89A
	
        City

         

         
	City	Sedona
	
        State

         
	Zip Code	State	AZ	Zip Code	86336
	Services
    Contracted 
	
         

        Ecolab Service Reporting (included with Each
        Service)

         

        ü
        Sanitation & Structural inspection 

        ü
        Service Report

         

        Ecolab GUARDIAN PLUS TM Scope of Service
        (Attached to this document)

         

	Service	Frequency	Monthly Invoice Amt
	
         

         

        GUARDIAN PLUS
	
         

         

        Monthly
	
         

         

        $135.00

	
         

         

        Large Fly Program (2 Stealth Fly Lights &
        2 Stealth Fly Stations)
	
         

         

        Worked May-Oct

        (cost spread over 12 months)
	
         

         

         

        $30.00

	
         

         
	 	 
	
         

        One Month Free Service – See Coupon
	
         

         
	
         

         

	
         

         
	 	 
	
         

        First Monthly Cleanout
	
         

        $300.00
	
         

        Total Monthly Invoice Amount

        (Does not include First Month Cleanout)
	
         

        $165.00

	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	
        /s/ Sean P. Klett
	Orchards Inn llc by /s/
    Al Spector, Mgr	 
	 	Signature of Ecolab Representative	Signature of Customer Representative	 
	
         

         
	
         

        Sean P. Klett
	Al Spector	 
	 	Printed Name of Ecolab Representative	Printed Name of Customer Representative	 
	
         

         
	
         

        Manager Corporate Account Finance
	Manager	 
	 	Title of Ecolab Representative	Title of Customer Representative	 

 

    	 

    	 

    

 

All equipment used or delivered by Ecolab
which relates to the services (including, but not limited to, bait stations) performed under the Agreement is at all times the
sole and exclusive property of Ecolab. Customer will have no right of ownership in Ecolab’s equipment. Customer will not
remove Ecolab’s equipment without the prior written consent of Ecolab and Customer must return Ecolab’s equipment promptly
following the expiration or termination of this Agreement for any reason. Customer is responsible for any loss, damage, theft or
destruction of Ecolab’s equipment.

 

Ecolab agrees to provide the periodic services
above in a good and workmanlike manner and in accordance with Ecolab’s then-current standard written procedures. Materials
and methods of application used in the performance of such services will conform to applicable federal and state laws and regulations.

 

Ecolab will inform Customer of any sanitation
and structural deficiencies which are known to Ecolab which may contribute to pest infestation. Customer must correct those deficiencies.

 

Customer agrees to pay the amounts stated
for the specified services. Prices are subject to increase after the first 12 months of this Agreement at any time upon thirty
(30) days prior written notice to Customer. Customer is responsible for all sales, use, personal property, and similar taxes related
to the Agreement and to all services provided under the Agreement. Payment terms are net 30 days. Ecolab will not accept payment
by credit card or similar payment methods unless otherwise agreed by Ecolab in writing.

 

Should legal action be required in order
for Ecolab to enforce payment under this Agreement, Customer agrees to pay and reimburse Ecolab for all reasonable court costs,
expenses, attorneys’ fees, and other reasonable costs that may be incurred in such proceedings. If Ecolab fails to provide
the services in accordance with the terms of this Agreement, Customer must give written notice to Ecolab to remedy that deficiency
by specifying the aspect of the service found to be deficient. If the deficiency has not been corrected within 30 days of Customer’s
written notice, Customer will have the right to cancel this Agreement. This Agreement has an initial term of one year and will
automatically renew on a month to month basis thereafter until terminated by either party upon 30 days prior written notice. Ecolab
will contact the Customer in person 60 days before the renewal to make sure the Customer is satisfied.

 

If Ecolab does not provide the contracted
service on the agreed date, Customer will receive that service visit free of charge. If Ecolab has made an appointment with Customer
for service and Customer refuses to allow service or has not followed preparation instructions resulting in a return visit, Customer
will be billed an extra trip charge of one-half the total fee for one regular service visit. Customer will be invoiced for each
regular service and other specified services.

 

This Agreement reflects the entire understanding
of the parties and supersedes all previous and contemporaneous Agreements or understandings between the parties, both written and
verbal, concerning the subject matter of this Agreement. The terms of any purchase order (other than the stated quantity ordered),
release, acknowledgement or other document or communication between the parties will not apply.

 

LIMITATION OF LIABILITY. EXCEPT
FOR THE EXPRESS WARRANTIES OR GUARANTEES CONTAINED IN THIS DOCUMENT ALL OTHER WARRANTIES OR GUARANTEES EXPRESS OR IMPLIED, WRITTEN
OR VERBAL, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, ARE DISCLAIMED. ECOLAB ALSO DISCLAIMS
LIABILITY TO CUSTOMER AND ALL OTHERS FOR ALL CONSEQUENTIAL, INCIDENTAL, AND/OR SPECIAL DAMAGES IN ANY WAY RELATED TO ECOLAB’S
SERVICES OR PRODUCTS. CUSTOMER ACKNOWLEDGES AND AGREES THAT ECOLAB IS NOT RESPONSIBLE FOR ANY DAMAGE RELATED TO ANY PEST (WHETHER
THE PEST IS SPECIFICALLY REFERENCED IN THIS DOCUMENT OR NOT) FOR ANY REASON WHENEVER CAUSED. THIS PROVISION WILL SURVIVE ANY TERMINATION
OR EXPIRATION OF ANY AGREEMENT OR RELATIONSHIP BETWEEN ECOLAB AND CUSTOMER.

 

INDEMNIFICATION. With regard to
third party claims, Ecolab will defend, indemnify and hold Customer harmless from and against any liability including reasonable
attorneys’ fees and court costs relating to bodily injury, death or property damage, but only to the proportionate extent
that such injury, death or property damage is caused directly by (i) Ecolab’s breach of the warranties given in this Agreement
or (ii) Ecolab’s (or its employees or agents) negligent or intentionally wrongful acts or omissions. Customer must give Ecolab
prompt written notice of any claim for which Customer intends to seek recovery from Ecolab under this Agreement. Ecolab accepts
tender for indemnity hereunder. Customer may not settle, defend or litigate any claim for which Customer seeks or will seek indemnification
from Ecolab without the prior written consent of Ecolab, and Ecolab will not be liable for any settlement or claim established
against, or cost or expense incurred by Customer without that prior written consent

 

INSURANCE. Ecolab will carry and
maintain Worker’s Compensation Insurance coverage as required by state law, auto liability insurance with at least $1,000,000
bodily injury and property damage combined single limit, and comprehensive general liability insurance with at least $1,000,000
bodily and property damage combined single limit including products liability coverage. Upon request, Ecolab will name Customer
as an additional insured on a blanket pass under its general liability policy but only to the extent of any indemnification obligations
of Ecolab as set forth in this Agreement. No coverage will be provided for claims resulting from the negligent or wrongful acts
of Customer, its agents, assigns or employees. If Ecolab’s insurer defends against damages that were caused by Customer’s
fault, then Customer must reimburse Ecolab or its insurer for that portion of the damages paid, and the proportionate reasonable
costs incurred associated with those damages. Ecolab will provide Customer with a Memorandum of Insurance evidencing Ecolab’s
insurance coverage as required, if any, in this Agreement.

 

NOTWITHSTANDING ANYTHING IN THIS AGREEMENT
TO THE CONTRARY, IF CUSTOMER AND ECOLAB ARE PARTIES TO A PRODUCT AND SERVICES SUPPLY AGREEMENT, A SERVICES AGREEMENT THAT IS IN
EFFECT AS OF THE DATE OF THIS AGREEMENT AND IF THERE ARE ANY INCONSISTENCIES BETWEEN ANY OF THE TERMS OF THAT SERVICE AGREEMENT
AND THE TERMS OF THIS AGREEMENT, THE TERMS OF THE SERVICES AGREEMENT WILL CONTROL.

 

For Customers located in Georgia the following
statement applies:

 

The Georgia Structural Pest Control Act
requires all pest control companies to maintain insurance coverage. Information about this coverage is available from this pest
control company.

 

GUARDIAN PLUS PROGRAM GUARANTEES

 

The following ________ and provisions are
the only guarantees and warranties that apply to the GuardianPlus Program provided by Ecolab’s Pest Elimination Division.
(the specific service which Ecolab will provide may not include all items listed in this section).

 

ALL PESTS (GENERAL PROVISIONS

 

Pests Subject to Agreement. While
this section of the document applies to the Guardian Plus Program performed by Ecolab’s Pest Elimination Division,
this section of the document does not, by itself, create an Ecolab obligation to treat for each of the pests discussed in this
section. Ecolab is only responsible for treating those specific pests which the parties have agreed to in writing. If Ecolab treats
for a pest not specifically listed in this section, Customer’s only remedy for a new or continued problem relating to that
pest will be a free treatment.

 

CUSTOMER COMMITMENT.

 

Customer is entitled to the guarantees
set forth in this section only if payment of Customer’s account is current and Customer has complied with all of the following:

 

		·	Provide Ecolab access to all areas of the facility at the appropriate time of day, including locked
areas; and

		·	Allowed adequate time for service to be performed, when food preparation or cleaning is not in
progress; and

		·	Maintain monthly maintenance services; and

		·	Promptly correct sanitation/structural deficiencies noted by Ecolab service professionals; and

		·	Prepare the premises for professional servicing per the instructions issued by Ecolab to Customer,
and

		·	Washed all surfaces which have direct food contact before resuming operations; and

		·	Not moved, destroyed or altered any bait stations; and

		·	Complied with the other obligations otherwise set forth in this document.

 

FACTORS BEYOND ECOLAB’S REASONABLE
CONTROL: With regard to all pests treated by Ecolab, Ecolab does not guarantee Customer will never see another pest on Customer’s
premises. Pests may gain entry with deliveries, guests, structural defects or a variety of other means which Ecolab cannot reasonably
control.

 

PROPERTY ACCESS AGREEMENT. Customer
agrees to provide Ecolab access to the premises, including locked areas required to be serviced. Customer may provide keys to
the facility or to such areas requiring access by Ecolab to perform required services. Upon request from Customer or termination
of this agreement, Ecolab shall promptly return any keys to Customer. In the event of missing or damaged Customer property caused
by Ecolab, Ecolab will pay the cost of replacement or repair of such items.

 

Ecolab GuardianPlus Program Guarantees
(Cockroaches, Rodents, Mice, Small Flies (Red-Eyed or Dark-Eyed Fruit Flies), and Ants (excluding Fire, Pharaoh, and Carpenter) 

General Guarantee. Ecolab guarantees
that while Customer is using Ecolab’s consulting services to control cockroaches, rats, mice, small flies (Red-Eyed or Dark
-Eyed Fruit Flies) and ants (including Fire, Pharaoh, and Carpenter ants or any wood destroying insects), those pests will not
become established on the treated premises. If after Ecolab treats a Customer’s facility for a targeted pest, that facility
continues to have an infestation of that targeted pest, then Customer will have no obligation to pay for those services until
such time as the infestation is eliminated to the Customer’s reasonable satisfaction and then Customer’s normal billing
will resume. An infestation is a reproducing population of a targeted pest for which Ecolab provides services.

 

Guest Guarantor. If Customer has
a dissatisfied guest due to the guest seeing a live cockroach, mouse or rat on premises being treated for those pests by Ecolab,
Ecolab will reimburse Customer for that guests’ restaurant bill (excluding alcohol) for that meal by Issuing Customer’s
credit memo, but only if Ecolab is notified within 48 hours of any such signing and gives the name and address of the guest. Ecolab
will not have any obligation to issue credit memo in excess of the monthly service fees paid to Ecolab by Customer for those pests.

 

    	 

    	 

    

 

Ecolab Large Fly Program Guarantee.
For Customers seeking to use Ecolab’s Large Fly Program, Ecolab will implement that program in a manner consistent with
Ecolab’s then current written scope of service for Customer. If Ecolab fails to follow that written scope of service and
as a result of that failure an infestation of house flies continue, then Customer will not be charged the monthly service fee
for the particular premises where the problem continues.

 

    	 

    	 

    

 

	
        Pending ID #

         ECOLAB
	
        Contract
        #

        Pest
Elimination Services Agreement

        
	
        PO Box 6007

        Grand Forks, ND 58206-6007

        1-800-325-1671

 

	Date:        10/18/12	 	 	Ecolab Account #	 	 
	 	Billing Address	 	 	Service Address	 
	Name	 	 	Name	Orchards Inn	 
	Street	 	 	Street	254 North Highway 89A	 
	City	 	 	City	Sedona	 
	State	Zip	 	State	AZ    Zip     86336	 
	Phone #	 	 	Phone #	928-282-2405	 
	Contact Name	 	 	Type of Facility	     FSR	 
	Title	 	 	Contact Name	 	 
	 	 	 	Title	 	 
	Email	 	 	Email	 	 

	Service/Program	Frequency of Service	Service Fee

	x	Elimination    or     ̈   Extermination
    Only (Comments are required in Special Instructions)

 

	x	Ecolab Cockroach Program & Ecolab Rodent Program	x Monthly	 ̈ Other
	 ̈	Ecolab Cockroach Program	 ̈ Monthly	 ̈ Other
	 ̈	Ecolab Rodent Program	 ̈ Monthly	 ̈ Other
	Ecolab Service Reporting (Included with Each Service)	 	 
	ü	Sanitation & Structural Inspection	 	 
	ü	Service Report	 	 

	 	First
    Month (including Clean Out)     $376.00	$187.40 Per Month

	 ̈	FS Comprehensive Program     (cockroaches, rodents, ants and small flies)	______ Per Month

	ü	Perimeter Protection Ant Application 	(Only applies with FS Comprehensive Program)

Check Month(s) of Service

Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈

	ü	Ecolab Small Fly Proactive Services/Applications                 (Only applies with FS Comprehensive Program)

Check Month(s) of Service

	 ̈   	Full Service	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈
	 ̈	Touch-up	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈
	 	See Sanitation Partnership: If there are significant sanitation issues, additional for-fee small fly treatments may be required, which will be reviewed with management.

 

	£	Ecolab Large Fly
    Program	£
Monthly	£
                                                        See Special 

        Instructions
	______ Per
    Month

	 	 Check Month(s) of Service	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May £ Jun £ Jul £ Aug £ Sep £ Oct £ Nov  ̈ Dec  ̈

 

	 	Equipment	Number of Units
	 	Maxima	____
	 	Decora	____
	 	Air Defense	____
	 	Exterior Fly Bait Station	____

 

	 ̈
          Ecolab Air Quality Program     ̈
    Monthly 	______ Per Month
	Number of units _________

 

	 ̈       Ecolab Ant Program	   ̈ Monthly	 ̈ Other	______ Per Month

Check Month(s) of Service

	Targeted Baiting	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈
	Ground Force Stations #	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈
	Granular Application	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈
	Power Spray	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈

 

	 ̈       Ecolab Bird Program	   ̈ Monthly	 ̈ Other	____ Per Month

Check Month(s)
of Service

	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈

 

130R4/10 © 2010
Ecolab Inc.

 

    	 

    	 

    

 

	 ̈     Ecolab Small Fly Program	   ̈ Monthly	 ̈ Other	____ Per Month

Check Month(s) of Service

	 	Jan  ̈ Feb  ̈ Mar  ̈ Apr  ̈ May  ̈ Jun  ̈ Jul  ̈ Aug  ̈ Sep  ̈ Oct  ̈ Nov  ̈ Dec  ̈

 

	 ̈     Other	____ Per Month

 

	Scope of Service/Special Instructions
	***** Ecolab Hotel Protect Premium Plus Program – Common, commercial areas, immediate exterior,
F&B areas and 12 guest rooms will be inspected and treated monthly. Rodent Program Included. (One month of service free, see
coupon.)

 

	Room Rotation
	 ̈     5% Upon Request
	x    16% Room Rotation (1/6 rotation)
	 ̈     10% Room Rotation (Limited Hospitality only)

 

	First Month’s Fee:	$376.00	Start Date	11/1/2012	Total Maintenance Fee

	$187.40

(Incl. all services and clean-out)

 

All equipment used or delivered by Ecolab which relates
to pest elimination/control services *including, but not limited to, balt stations) is at all times the sole and exclusive property
of Ecolab. Customer will have no right of ownership of such property. Customer will not remove the equipment without the prior
written consent of Ecolab and must return that equipment promptly following the expiration or termination of this Agreement for
any reason. Customer is responsible for any loss, damage, theft or destruction of that equipment.

 

Ecolab agrees to provide the periodic services above
in a good and workmanlike manner and in accordance with Ecolab’s then-current standard written procedures. Materials and
methods of application used in the performance of such services will conform to applicable federal and state laws and regulations.

 

Ecolab will inform Customer of any sanitation a structural
deficiencies which are known to Ecolab which may contribute to pest infestation. Customer must correct those deficiencies.

 

Customer agrees to pay the amounts stated for the
specific services. If Ecolab does not provide the contracted services on the agreed date, Customer will receive that service visit
free of charge. If Ecolab has made an appointment with Customer for service and Customer refuses to allow service or has not followed
preparation instructions so as to require a return visit, Customer will be billed an extra trip charge of one-half the total fee
for one regular service visit. Customer will be invoiced for each regular service and other specified services. Payment is due
within 30 days of service.

 

Should legal action be required in order for Ecolab
to enforce payment under this Agreement, Customer agrees to pay and reimburse Ecolab for all reasonable court costs, expenses,
attorneys’ fees and other reasonable costs that may be incurred in such proceedings. If Ecolab fails to provide the services
in accordance with the terms of this Agreement, Customer must give written notice to Ecolab to remedy that deficiency by specifying
the aspects of the service found to be deficient. If the deficiency has not been corrected within thirty (30) days of such notice,
Customer will have the right to cancel this Agreement. This Agreement has an initial term of one year and will automatically renew
on a month to month basis thereafter, until termination by either part on 30 days’ notice. Ecolab will contact the customer
in person 60 days before the renewal to make sure the customer is satisfied.

 

This Agreement reflects the entire understanding of the parties and supersedes all previous and contemporaneous
Agreements or understandings between the parties, both written and verbal, concerning the subject matter of this Agreement.

 

	By:	/s/ Sean P. Klett	 	By:	/s/ Orchards Inn llc by Al Spector Manager
	 	Ecolab Representative Signature	 	 	Customer Representatve Signature
	 	 	 	 	 
	 	Sean P. Klett, Manager Coporate Accounts Finance	 	 	Al Spector
	 	Please Print Name and Employee Number	 	 	Please Print Name

 

The Terms
and Conditions on the following pages of this Agreement are made a part of this Agreement by this reference.

 

Distribute copy to National Support Center,
Customer (ALL PAGES), Sales, and District Manager

 

130R4/10 © 2010
Ecolab Inc.

 

    	 

    	 

    

 

ALL PESTS (GENERAL PROVISIONS).

Pests Subject to Agreement. While this document applies
to all services performed by Ecolab’s Pest Elimination Division, this document does not, by itself, create an Ecolab obligation
to treat for each of the pests selected on the front of this document. Ecolab is only responsible for treating those specific pests
which the parties have agreed to in writing on the front of this document. If Ecolab treats for a pest not specifically listed
in this document, Customer’s only remedy for a new or continued problem relating to that pest will be a free retreatment.

 

Customer Commitment.

Customer is entitled to the guarantees set forth above only
if payment of Customer’s account is current and Customer has complied with all of the following:

		·	Provided Ecolab access to all areas of the facility at the appropriate time of day, including locked areas; and

		·	Allowed adequate time for service to be performed, when food preparation or cleaning is not in progress; and

		·	Maintained monthly maintenance services; and

		·	Promptly corrected sanitation/structural deficiencies noted by Ecolab services professionals; and

		·	Prepared the premises for professional servicing per the instructions issued by Ecolab to Customer; and

		·	Washed all surfaces which have direct food contact before resuming operations; and

		·	Not moved, destroyed or altered any bait stations; and

		·	Complied with the other obligations otherwise set forth in this document.

 

Factors Beyond Ecolab’s Reasonable Control. With
regard to all pests treated by Ecolab, Ecolab does not guarantee Customer will never see another pest on Customer’s premises.
Pests may gain entry with deliveries, guests, structural defects or a variety of other means which Ecolab cannot reasonably control.

 

Property Access Agreement. Customer agrees to provide
Ecolab access to the Premises, including locked areas required to be serviced. Customer may provide keys to the facility or to
such areas requiring access by Ecolab to perform required services. Upon request from Customer or termination of this Agreement,
Ecolab shall promptly return any keys to Customer. In the event of missing or damaged Customer property caused by Ecolab, Ecolab
will pay the cost of replacement or repair of such items.

 

Ecolab Hotel Protect TM Cockroach and Ecolab Rodent
Program Guarantees. (Cockroaches, Rats and Mice)

·  General
Guarantee: Ecolab guarantees that while Customer is using Ecolab’s continuing services to control rats, mice and cockroaches,
those pests will not become established on the treated premises, If, after Ecolab treats a Customer’s facility for a targeted
pest, that facility continues to have an infestation of that targeted pest, then Customer will have no obligation to pay for those
services until such time as the reproducing population of a targeted pest for which Ecolab provides services.

·  Guest
Guarantees: If Customer has a dissatisfied guest due to the guest seeing a live cockroach, mouse or rat on premises being
treated for those pests by Ecolab, Ecolab will reimburse Customer for that guest’s restaurant bill (excluding alcohol) for
that meal [(or for that guest’s hotel room charge for that day but only if Customer has previously elected to purchase a
qualifying room program consisting of a one-sixth room treatment rotation)] by issuing Customer a credit memo, but only if Ecolab
is notified within 48 hours of any such sighting and given the name and address of the guest. Ecolab will not have any obligation
to issue credit memos in excess of the monthly service fees paid to Ecolab by Customer for those pests.

 

Ecolab Premium Plus Guest Room Program Guarantee. For
Customer’s electing to use Ecolab’s Premium Plus Guest Room Program, Ecolab will implement a proactive guest room
visual only inspection for bed bugs in key harborage locations and targeted production applications to help reduce the likelihood
of pest activity. Customer acknowledges that bed bugs can be brought into an area at any time and no treatments can prevent bed
bugs from being brought into a facility.

 

Ecolab Bed Bug Assurance TM Program
Guarantee. For Customers that sign up at least 95% of their managed properties with Ecolab’s Pest Elimination
Division, Ecolab will provide its then-current bed bug inspection and treatment service for up to ten (10) ‘infested
rooms” each calendar year. An “infested room” is where Ecolab finds one or more live bed bugs (or evidence
of live bed bugs) in a room during the preliminary inspection. Additional charges will be incurred for all inspections
conducted that do not result in treatment and standard treatment rates will apply after the 10 th infested room is
treated. A prorated early termination fee will apply, if the program is cancelled prior to the anniversary of the first
year.

 

Ecolab Large Fly Program Guarantee. For customers electing
to use Ecolab’s Large Fly Program, Ecolab will implement that program in a manner consistent with Ecolab’s then-current
written scope of service for Customer. If Ecolab fails to follow that written scope of service and as a result of that failure
an infestation of house flies continues, Customer will not be charged the monthly service fee for the particular premises where
the problem continues. Interior breeding flies (fruit, phorid and drain) are excluded from this program. There is no guarantee
for any use of a Large Fly Program in any livestock housing facilities (such s daily, cattle or poultry barns).

 

Ecolab Ant Program Terms. Ecolab ant Program controls
the following perimeter crawling insect pests: ants, sowbugs, pillbugs, millipedes, centipedes, earwigs and silverfish. Unless
noted under Special instructions on the first page of this document, this Agreement does not cover pharaoh ants, fire ants, carpenter
ants, or any other wood destroying organisms.

 

Ecolab Ant Program Guarantee. For Customers electing
to use Ecolab’s Ant Program, Ecolab will implement that program in a manner consistent with Ecolab’s then-current
written scope of service for Customer, using bait stations, liquid treatments and/or granular treatments. If Ecolab fails to follow
that written scope of service and as a result of that failure an infestation of ants continues, Customer will not be charged the
monthly service fee for the particular premises where the problem continues.

 

Ecolab Small Fly Program Guarantee. (Fruit Flies). For
Customers electing to use Ecolab’s Small Fly Program to control Fruit Flies (Red Eyed or Dark Eyed Fruit Flies), Ecolab
will treat the appropriate areas of the premises on a one-time (as requested) basis to help reduce an existing adult Fruit Fly
population and render indoor breeding sites less usable for egg lying and larval development. Ecolab guarantees

 

130R4/10 © 2010 Ecolab Inc.

 

    	 

    	 

    

 

Customer’s reasonable satisfaction for 90 days after a Small Fly service has been provided or Ecolab
will provide a second service at the affected premises at no additional charge during that 90-day period.

 

Ecolab Bird Program Service Installation
Warranty. Ecolab warrants that all exclusion products installed by Ecolab will be free of installation defects for one year
following installation or Ecolab will repair the installation at no charge. Acts of God, vandalism, accidental damage, modification
by Customer or third parties or any other act or event beyond Ecolab’s reasonable control which causes damage to the exclusion
products voids all warrantees, actual or implied. ECOLAB MAKES NO WARRANTY WITH REGARD TO ANY OF THE EXCLUSION PRODUCTS THEMSELVES
AND THOSE ARE SOLD “AS IS” AND WITHOUT ANY ECOLAB WARRANTY. Any warranty claim for a defective exclusion product
must be made against the manufacturer of the particular exclusion product. Customer warrants and agrees that Customer is solely
responsible for all appropriate warning signs, as Customer may deem appropriate, to notify third parties of the existence of such
control barriers and devices on Customer’ premises.

 

LIMITATION OF WARRANTY. EXCEPT
FOR THE EXPRESS WARRANTIES CONTAINED IN THIS DOCUMENT ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, WRITTEN OR VERBAL, INCLUDING ANY
WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, ARE DISCLAIMED. ECOLAB ALSO DISCLAIMS LIABILITY TO CUSTOMER AND
ALL OTHERS FOR ALL CONSEQUENTIAL, INCIDENTAL, AND/OR SPECIAL DAMAGES IN ANY WAY RELATED TO ECOLAB’S SERVICES OR PRODUCTS.
CUSTOMER ACKNOWLEDGES AND AGREES THAT ECOLAB IS NOT RESPONSIBLE FOR ANY DAMAGE RELATED TO ANY PEST (WHETHER THE PEST IS SPECIFICALLY
REFERENCED IN THIS DOCUMENT OR NOT) FOR ANY REASON WHENEVER CAUSED. THIS PROVISION WILL SURVIVE ANY TERMINATION OR EXPIRATION OF
ANY AGREEMENT OR RELATIONSHIP BETWEEN ECOLAB AND CUSTOMER.

 

INDEMNIFICATION. With regard
to third party claims, Ecolab will defend, indemnify and hold Customer harmless from and against any liability including reasonable
attorneys’ fees and court costs, relating to bodily injury, death or property damage is caused directly by Ecolab’s
(or Ecolab’s employees’ or agents’) negligent or intentionally wrongful acts or omissions. Customer must give
Ecolab prompt written notice of any claim for which Customer seeks or will seek indemnification from Ecolab without the prior written
consent of Ecolab, and Ecolab will not be liable for any settlement or claim established against, or cost or expense incurred by,
Customer without that prior written consent.

 

INSURANCE. Ecolab will carry
and maintain Worker’s Compensation Insurance coverage as required by state law, auto liability insurance with at least $1,000,000
bodily injury and property damage combined single limit, and comprehensive general liability insurance with at least $1,000,000
bodily and property damage combined single limit including products liability coverage. Upon requests, Ecolab will name Customer
as an additional insured on a blanket basis under its general liability policy but only to the extent of any indemnification obligations
of Ecolab as set forth in this Agreement. No coverage will be provided for claims resulting from the negligent or wrongful acts
of Customer, its agents, assigns or employees. If Ecolab’s insurer defends against damages that were caused by Customer’s
fault, then Customer must reimburse Ecolab or its insurer for that portion of the damages paid, and the proportionate reasonable
costs incurred associated with those damages. Ecolab will provide Customer with a Memorandum of insurance evidencing Ecolab’s
insurance coverage as required, if any, in this Agreement.

 

NOTWITHSTANDING ANYTHING IN THIS AGREEMENT
TO THE CONTRARY, IF CUSTOMER AND ECOLAB ARE PARTIES TO A PRODUCT AND SERVICES SUPPLY AGREEMENT (A “SERVICES AGREEMENT”)
THAT IS IN EFFECT AS OF THE DATE OF THIS AGREEMENT AND IF THERE ARE ANY INCONSISTENCIES BETWEEN ANY OF THE TERMS OF THAT SERVICES
AGREEMENT AND THE TERMS OF THAT SERVICES AGREEMENT AND THE TERMS OF THIS AGREEMENT, THE TERMS OF THE SERVICES AGREEMENT WILL CONTROL.

 

For Customers located in Georgia the following
statement applies: 

“The Georgia Structural Pest Control
Act” requires all pest control companies to maintain insurance coverage. Information about this coverage is available from
this pest control company.

  

	130R4/10 © 2010 Ecolab Inc

 

    	 

    	 

    

  

	Botanic Effects	 	fax 866-431-7264

Glendale • Phoenix • Scottsdale • 602-625-5675

Prescott • Prescott Valley • Sedona • 928-541 -0211
	Interior Foliage Specialist

	 	www.Botaniceffects.com

 

Attached is the Botanic effects Plant Maintenance Agreement
Beginning 6-1-2011, Should you have any questions please call us at your convenience.

 

We value you as a customer and fellow plant lover. We look forward
to keeping your home/office green.

 

Botanic Effects

Interior Foliage Specialists

 

Botanic Effects LLC agrees to provide the following services
for Interior plants located at Orchard Inn Lobby and Taos Restaurant in Sedona, AZ.

 

		I.	Water,
fertilize, clean, trim and provide insect/disease control on a weekly basis for plants that we have agreed to maintain.

 

		II.	Free
replacement of plants purchased from Botanic Effects that fail to thrive, providing plants are kept in the original environment
in which they were installed (See addendum A.)

 

		III.	Blooming
plants are available for an additional fee and are not covered as a part of our free replacement policy.

 

		IV.	Monthly
charges will cover labor, materials and supplies. Updated Monthly Charges $127.00 (plus bromeliad replacement every 8-12 weeks
as needed. 8 bromeliads @19.95 each.)

 

		V.	Total
Monthly Charges $127.00

 

		VI.	This
agreement effective 6-1-2011 thru 5-31-2011 and may be cancelled by either party at any time. Partial month service will be billed
as one month.

 

Botanic Effects will not be responsible for plants that are
frequently moved or placed under stressful conditions caused by extreme temperature fluctuations, low tight situations, watering
by anyone other than our trained technician or physical abuse by others.

 

	Bob Knoff	 	 	 	 
	Botanic Effects, LLC	 	/s/ Robert A Knoff 6-1-11	 	 

 

	Customer signature and date	 	Orchards Inn llc	 	 
	 	 	by Al Spector 6/15/11	 	 
	 	 	Manager	 	 

 

    	 

    	 

    

  

	Botanic Effects	 	fax 866-431-7264

Glendale • Phoenix • Scottsdale • 602-625-5675

Prescott • Prescott Valley • Sedona • 928-541 -0211
	Interior Foliage Specialist

	 	www.Botaniceffects.com

  

ADENDUM A

 

Orchard Inn Lobby and Taos Restaurant

 

6-1-2011

 

Botanic Effects agrees to guarantee all
plants in the Orchard Inn Lobby and Taos Restaurant after a 90 day assessment period, beginning June 1, 2011 during which we will
monitor plants that were not purchased or installed by Botanic Effects and have not been previously maintained by Botanic Effects.
Plants that decline during this time will not be part of the free replacement guarantee and will become the responsibility of Orchard
Inn and Taos Restaurant

 

	Botanic Effects. LLC	 	 	 	 
	 	 	 	 	 
	Bob Knoff	 	 	 	 

 

	Customer signature and date	 	/s/ Jesse Alexander	 	 

 

    	 

    	 

    

 

ROOM RATE AGREEMENT

 

This Agreement (“Agreement”)
is made this 16th day of November, 2012 by and among Diamond Resorts International Marketing, Inc., an Arizona
corporation (“Diamond Resorts”), and Orchards Inn & Restaurant, LLC, an Arizona limited liability company (“Orchards”).

 

RECITALS

 

WHEREAS, Diamond Resorts is a timeshare
company that provides overnight stays to its customer in conjunction with its timeshare tour business in Arizona,

 

WHEREAS, Orchards owns and operates the
Orchards Inn, a 70 room hotel in uptown Sedona.

 

WHEREAS, Diamond Resorts desires to put
its customers at Orchards for overnight slays under the terms and conditions set forth in this Agreement.

 

It is agreed as follows:

 

1.          Orchards
Inn Room Nights. Diamond Resorts shall use Orchards Inn as a room provider for overnight stays resulting from Its timeshare tours
(“Room Nights”) whenever rooms at the Orchards Inn are available for this purpose, Diamond Resorts shall pay room rates
to Orchards of One Hundred Ten Dollars ($110) per room plus ail applicable state and city sales and bed taxes for Room Nights on
any Sunday, Monday, Tuesday, Wednesday and Thursday (“Weekdays”) and shall pay room rates to Orchards of One Hundred
Thirty Five Dollars ($135) per room plus all applicable state and city sales and bed taxes for the nights of Friday and Saturday
(“Weekends”). However, Weekends shall also include a Sunday if it is the day before any national or state holiday.
Bach Room Night includes two (2) complimentary breakfast buffets at Orchards Restaurant valid only on the morning following the
Room Night.

 

2.          Availability
of Room Nights. Diamond Resorts acknowledges that Orchards will continue to rent hotel rooms to the public and the use of the hotel
rooms will be on a first come, first served basis. Orchards acknowledges that in the event there are no rooms available at Orchards
Inn, Diamond Resorts will place its overnight stays elsewhere.

 

3.          Payment
for Room Nights. Orchards shall Invoice Diamond Resorts each Tuesday before 12:00 noon, via email, requesting a Read Receipt for
the Message. Diamond Resorts shall choose “yes” to send back to Orchards such Read Receipt, The invoice will be for
all Room Nights for the preceding seven nights (Tuesday, Wednesday, Thursday, Friday, Saturday, Sunday, Monday), In the case of
any Room Night discrepancies, Diamond Resorts and Orchards shall use their best efforts to communicate with one another and correct
any discrepancies. Diamond Resorts shall pay to Orchards the full amount of each invoice within 14 days of receipt.

 

4.          Term.
Unless otherwise stated in the Agreement, the term of the Agreement shall be one (1) year from the date set forth above. Notwithstanding
any provision of this Agreement to the contrary, either party may, at any time, terminate this Agreement prior to expiration for
any reason

 

    	1

    	 

    

 

or no reason without penalty upon 30 days’ prior written
notice. At the end of the term, this Agreement shall not automatically renew under any circumstances. Any renewal shall require
the separate written agreement of each of the parties hereto, and shall, at most, be on a month-to-month basis.

 

5.          Modifications
and Waivers, No change, modification, or waiver of any provision of this Agreement shall bo valid or binding unless it is in writing
dated after the date hereof and signed by the parties intended to be bound, No waiver of any breach, term, or condition of this
Agreement by either party shall constitute a subsequent waiver of the same or any other breach, term, or condition or a continuing
waiver after demand for strict compliance.

 

6.          Notices.
All notices required or permitted to be given hereunder shall be in writing and may be given in person or by United States Mali,
delivery service or electronic transmission, Any notice directed to a party to this Agreement shall become effective upon the earliest
of the following: (i) actual receipt by that party; (ii) delivery to the designated address of that party, addressed to that party;
or (iii) if given by certified or registered mail, twenty-four (24) hours after deposit with the United States Postal Service,
postage prepaid, addressed as shown below or to such other address as such patty may from time to time designate in writing.

 

	Diamond Resorts:	 	Diamond Resorts International Marketing, Inc.
	 	 	Attn: General Counsel
	 	 	10600 West Charleston Blvd
	 	 	Los Vegas, Nevada 89135
	 	 	 
	CC:	 	Diamond Resorts International Marketing, Inc.
	 	 	401 Jordan Rd,
	 	 	Sedona, AZ 86336
	 	 	 
	Orchards:	 	Orchards Inn and Restaurant LLC
	 	 	an Arizona limited liability company
	 	 	6900 B, Camelback Road, Suite 915
	 	 	Scottsdale, AZ 85251

 

7.          Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective heirs, personal
representatives, successors and assigns.

 

8.          Severability.
To the fullest extent possible each provision of this agreement shall be interpreted in such fashion as to be effective and valid
under applicable law. If any provision of this Agreement is declared void or unenforceable with respect to particular circumstances,
such provision shall remain in full force and effect in all other circumstances. If any provision of this Agreement is declared
void or unenforceable, such provision shall be deemed severed from this Agreement, which shall otherwise remain in full force and
effect.

 

9.          Governing
Law and Jurisdiction. Except where preempted by the laws of the United States or the rules or regulations of any agency or Instrumentality
thereof, this Agreement is to be

 

    	2

    	 

    

 

interpreted, consirued and governed by the laws of the State
of Arizona. The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the Superior Court of the State
of Arizona for the County of Coconino in connection with any legal action or proceeding arising out of or relating to this Lease
and the parties waive any objection relating to the basis for personal or in rem jurisdiction or to venue which it may now or hereafter
have in any such suit, action or proceeding.

 

10.         Entire
Agreement. This instrument together with the Lease constitutes the sole and only agreement between the Parties and correctly sets
forth the obligations of the Parties to one another as of its date. Any agreements or representations by the Parties not expressly
set forth in this instrument or in the Lease are void and unenforceable. All prior agreements and understanding of the parties
with respect to such subject matter are hereby superseded. No representations, promises, agreements, or understandings contained
in this Agreement or In the Lease regarding the subject matter hereof shall be of any force or effect unless in writing, executed
by the party to be bound, and dated on or subsequent to the date hereof. Captions and headings are for convenience only and shall
not alter any provision or be used in the interpretation.

 

11.         Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
in interest.

 

12.         Indemnification.
The Parties hereto hereby indemnify one another (and all of their managers, members and affiliates) and defend and hold harmless
from and against all claims, damages, losses, costs, and expenses (including reasonable attorneys’ fees, court costs and
other expenses incident to any proceeding, Investigation or any claim, including, without limitation, in any suit by any Party
against another) attributable directly or indirectly to the breach of any Party hereto of any obligation hereunder or the inaccuracy
of any representation or warranty made by the Parties herein or in any instrument delivered pursuant hereto or in connection with
the transactions contemplated hereby.

 

13.         Legal
Fees. In the event any of the Parties bring an action under this Agreement whether for the recovery of any sum due hereunder, or
for any other relief against one another, declaratory or otherwise, arising out of a breach of any term of this Agreement the prevailing
party shall be entitled to receive from the other party reasonable attorneys’ fees and reasonable costs and expenses, which
shall be deemed to have accrued due to the commencement of such action, such sums to be determined by the court sitting without
a jury.

 

14.         Time
is of the Essence. Time is of the essence of this Agreement and each and every provision hereof. Any extension of time granted
for the performance of any duty under this Agreement shall not be considered an extension of time for the performance of any other
duly under this Agreement.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	3

    	 

    

 

	DIAMOND RESORTS	 	ORCHARDS
	 	 	 
	Diamond Resorts International Marketing, Inc.	 	ORCHARDS INN & RESTAURANT LLC,
	An Arizona corporation	 	an Arizona limited liability company
	 	 	 	 	 
	By:	/s/ C. Alan Bentley	 	By:	/s/ Al Spector
	 	 	 	 	Al Spector
	Its:	EVP	 	Its:	Manager

 

    	4

    	 

    

  

	
        MELA V (US Lease Nonn)

        (REV 9/26/08)
	Macquarie

  

Lease No. 001

Dated February 7, 2011

 

	Lessee:                   Orchards Inn & Restaurant LLC	Lessor:         Macquarie Equipment Finance LLC
	Street Address:     254 North Highway 89A	Street Address:    2285 Franklin Road, Suite 100
	City/State/Zip:      Sedona, AZ 86336	City/State/Zip:      Bloomfield Hills, MI 48302
	
             EquipmentType/
                                                          Serial

        Qty.           Mfr.
                  Model/Feature              Description
                        Number
	
        Lessor’s                 Rental

          Basis                   Payment

	
         

        1                 LG                                 SD
        HEAD END SYSTEM

         
	 
	Base Term:    48 months.	TOTAL:	
               $931.94*

        $29,913.05          
        $372.78**

	
        Due Date: Rental Payments are due in advance
        on the first day of each Rental Period.

         

        Rental Period: Each calendar month
during the Term.

         

        Equipment Location: 254 North Highway 89A

              Sedona,
        AZ 86336

         

         
	
           * $931.94 Monthly from March through October

         ** $372.78 Monthly from November through February

         

        Base Term Commencement Date : The first day
        of the first whole Rental Period occurring on or after the last Acceptance Date for any item of Equipment.

         

        Outside Acceptance Date : March 1, 2011

         

	
        Special Terms :

         

        1.      Provided no Event of Default has occurred and is
        continuing, Lessee will purchase the Equipment from Lessor at the expiration of the Initial Lease Term by payment to Lessor of
        one dollar ($1.00). Upon such payment, Lessor shall transfer title to the Equipment to Lessee free and clear of all items, security
        Interests, and encumbrances by and through Lessor and such transfer shall be AS-IS, WHERE-IS.

         

        2.      The Lessee shall not be required to provide certified
        or audited financial statements as required in Sections 8 and 14 below.

         

	 	 	 	 

	
        1. Lease. Lessor leases
        to Lessee the equipment (‘Equipment’) described in this Lease. Lessor also finances for Lessee the costs of those software,
        services, consumables, and other nonhardware items described in this Lease and included in the Lessor’s Basis (‘Soft
        Cost Items’). If any Special Terms arc specified above and inconsistent with the remaining provisions of this Lease, the
        Special Terms shall control.

        2. Purchase and Delivery of
        Equipment. Lessee is responsible for delivery and installation of the Equipment at the Equipment Location. Lessor will purchase
        the Equipment from, and pay for Soft Cost Items to, the seller thereof (‘Seller’), and lease the Equipment Lessee,
        only if not Event of Default, or event that with notice or the lapse of time or both would constitute an Event of Default, is continuing;
        and on or before the Outside Acceptance Date or, if no Outside Acceptance Date is specified in this, one month from the date of
        this Lease, Lessor receives the Acceptance Certificate executed by Lessee and this Lease executed by the parties, and such other
        documents or assurances as Lessor may reasonably request.

        3. Acceptance. On the
        day Lessee accepts the Equipment and is prepared for Lessor to pay for the Soft Cost Items (‘Acceptance Date’), or
        promptly thereafter, Lessee will execute a certificate of acceptance acceptable to Lessor (‘Acceptance Certificate’).
        By executing the Acceptance Certificate, in addition to its provision, Lessee represents and warrants that: Lessee has selected
        the Equipment, Soft Cost Items, and Seller; Lessee has been informed by Lessor or otherwise knows of Seller’s Identity; and
        Lessee has irrevocably accepted the Equipment and authorized Lessor to pay for the Soft Cost Items.

        4. Term. The initial term
        of the lease of an item of Equipment and financing of a Soft Cost Item (‘Initial Term’) begins on the item’s
        Acceptance Date and continues through the Base Term Commencement Date and then for the Base Term. Any renewal term (‘Renewal
        Term’) begins at the end of, as applicable, the Initial Term or any preceding Renewal Term (the Initial Term and all Renewal
        Terms currently in effect,
	
        previously in effect, or which
        are to come into effect as provided in this Lease or by other written agreement of the parties, collectively, ‘Term’).

        5. Rental Payments. Regardless
        of whether Lessee receives invoices or notices that any Rental Payments are due, Lessee will pay the Rental Payment, plus all applicable,
        Taxes, for the Term, at such address as Lessor may specify in writing ( including in any invoice), on the Due Dates. Lessor will
        invoice Lessee for Rental Payments, but the sole remedy for any failure to invoice shall be that no late interest shall accrue
        under Section 25 on any Rental Payment until payment has been demanded in writing (including in any invoice) for at least 30 days.
        This Lease is a net lease and is noncancelable during its Term (except as expressly provided in this Lease). During the Term, Lessee’s
        obligation to pay Rental Payments and other amounts under this Lease shall be, except to the limited extent provided for in Section
        23, absolute and unconditional and not subject to abatement, reduction, offset, recoupment, compensation, crossclaim, counterclaim,
        or any other defense whatsoever, arising under this Lease or otherwise, or against Lessor, Assignee, Seller, the Equipment’s
        manufacturer (‘Manufacturer’), or any other person. However, the foregoing does not limit Lessee’s enforcement
        of rights against Lessor in a separate action at law.

        6. Lessee’s End of Term
        Options. At the end of the Term, Lessee has the right, but not the obligation, to exercise one of these option, but only if
        Lessee gives irrevocable notice to Lessor unequivocally electing one of these options (‘Exercise Notice’) and the Exercise
        Notice is received by Lessor at least 90 days before the end of the Term:

        (a) Purchase
        Option. If no Event of Default is continuing at the time Lessor receives the Exercise Notice or at the end of the Term, Lessee
        may purchase all of the Equipment in which case: Lessee will, on the last day of the Term, pay Lessor the Fair Market Value of
        the Equipment determined as of the date of the Exercise Notice, and all applicable Taxes; Lessee will make all other payments required
        during the remainder of the Term; and, at the end of the Term, this Lease will

 

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MELA V (US Lease Nonn)

(REV 9/26/08)

 

	
        terminate and Lessee will be
        entitled to Lessor’s interest in the Equipment. 

        (b) Renewal
        Option. If no Event of Default is continuing at the time Lessor receives the Exercise Notice or at the end of the Term and
        Lessor determines that no material adverse change in Lessee’s business or financial condition has occurred since the Acceptance
        Date, Lessee may renew the Term for Renewal Term of 6 months or more as specified in the Exercise Notice in which case: the Rental
        Payment will be the Fair Market Value of all of the Equipment for the Renewal Term; the parties will enter into a Lease supplement
        confirming the applicable Rental Payment and Renewal Term; and all other provisions of this Lease will continue to apply (but the
        failure of the parties to enter into such a supplement will not condition or affect Lessee’s obligations during the Renewal
        Term).

        (c) Return
        Option. Lessee may return all of the Equipment, in which case Lessee will return the Equipment to Lessor in accordance with
        Section 16 within l0 days of the last day of the Term.

        If one of the foregoing options is not
        exercised, the Term will automatically extend for successive 3-month Renewal Terms in which case Lessee will continue to pay Lessor
        rent at the rate total periodic Rental Payment previously in effect for all items of Equipment and Soft Cost Items (or, if the
        Rental Payments for the Base Term of Renewal Term previously in effect were not constant for all whole Rental Periods, at the rate
        of the sum of such Rental Payments divided by the number of Rental Periods) (the ‘Previously Effective Rental Rate); and
        all other provisions of this Lease will continue to apply. Lessee’s purchase, renewal. And return options and the automatic
        renewal provisions provided for in this section apply at the end of the Initial Term and all optional or automatic Renewal Terms.
        If Lessee fails to comply with the terms of any of the foregoing options elected by it, Lessor may in its absolute discretion elect
        to terminate the Exercise Notice in which case the automatic renewal provision set forth above will apply as if no Exercise Notice
        were given, or Lessor may proceed as otherwise permitted by this Lease., including exercising the remedies provided for in this
        Lease or at law. The foregoing applies following the noncompliance with any of the foregoing options notwithstanding the execution
        or entry into of any Lease supplement, bill of sale, purchase agreement, confirmation, or other documentation memorializing and/or
        confirming the exercise of the option or the terms of the exercise.

        7. Taxes. Lessee will pay Lessor
        (or pay directly to the applicable taxing authority if instructed in writing by Lessor) all taxes, fees, an) and assessments that
        may be imposed by any governmental entity or taxing authority on the Rental Payments or the Equipment or Soft Cost Item, or their
        purchase (by Lessee or Lessor), ownership, delivery, return, possession, operation, sale (by Lessor or Lessee), or rental, whether
        imposed on Lessor or Lessee or any of their affiliates or the Equipment, any Soft Cost Items, this Lease, or any related instrument
        (‘Taxes’). Taxes include all license and registration fees, and all sales, use personal property, business transfer,
        value added, goods and services, and other taxes, and governmental and transaction charges, together with any penalties, fines
        and interest thereon (except to the extent resulting from Lessor’s negligence or willful misconduct), that may be imposed
        during the Term or Possession Period (as defined In Section 10) or after the Term or Possession Period and relating to events or
        conditions occurring or existing during the Term or Possession Period. Lessee will not be liable for; Taxes imposed on or measured
        by Lessor’s net income or tax preference items; overall business taxes that are in lieu of net income taxes; or Lessor’s
        corporate franchise or net worth taxes. If Lessee is required by law or administrative practice to make any report or return with,
        respect to Taxes, Lessee will promptly give Lessor notice and cooperate with Lessor to ensure that such action is properly made
        arid Lessor’s interests accurately reflected. Lessor has no obligation to contest or preserve any right to contest Taxes.
        However, Lessee may contest Taxes in its own name and at its own expense so long as, in Lessor’s opinion, the contest will
        not result in encumbrance on any Equipment or otherwise jeopardize Lessor’s rights or interests in any Equipment.

        8. Covenants. Lessee will during
        the Term (a) maintain the Equipment in good working order and condition, in accordance with the Manufacturer’s recommended
        engineering and maintenance standards; (b) use the Equipment only in connection with its business operations and for purposes for
        which it was designed and in compliance with all applicable Manufacturer operating standards and all insurance requirements; (c)
        keep the Equipment at the Equipment Location; (d) affix
	 	
        to the Equipment any labels Lessor may
        supply stating the Equipment is owned by Lessor; (e) make no alterations of additions to the Equipment except additions that; do
        not impair the value or performance of the Equipment, are readily removable without damage to the Equipment, and do not result
        in an encumbrance on the Equipment; (f) comply with all laws and regulations applicable to or affecting this Lease, the Equipment
        or Lessee, including maintain all required insurance and obtaining all governmental permissions necessary for it to so comply or
        that may be required of Lessor in so complying; (g) furnish Lessor with its certified or audited financial statements (at any time
        that its current financial statements are not readily available on the Internet through a free governmental website), and Lessee
        represents and warrants that all such financial statements or other financial information will be prepared in accordance with generally
        accepted accounting principles and accurately present Lessee’s financial position as of the dates given; (h) furnish Lessor
        with resolution, certifications of the names, titles, signatures, and authority of those persons executing Lease documents on behalf
        of Lessee, and such other information and documents as Lessor may reasonably request; (i) not permit the Equipment to become an
        accession, a fixture, or real or immoveable property; (j) permit Lessor to inspect the Equipment and Lessee’s applicable
        maintenance agreements and records at any reasonable time (subject to Lessee’s usual, reasonable security procedures); (k)
        promptly notify Lessor of: any change in Lessee’s name, any change in the location of Lessee’s chief executive or registered
        office, any transfer by Lessee, authorized or not,.of any interest in or benefit from the Equipment, and any change, authorized
        or not, in the location of any Equipment, and (l) ensure that neither Lessee nor its successors or assigns is a tax-exempt entity
        (as described in the Internal Revenue Code) at any time during the Term or the five years preceding the Term.

        9. Title to Equipment. The Equipment
        will remain the personal property of Lessor even if physically attached to real property. Lessee will keep the Equipment free of
        encumbrances (other than his Lease or encumbrances created by Lessor or Assignee). Before the Acceptance Date, if requested by
        Lessor, and from time to time within 30 days of any request by Lessor, Lessee will provide a written waiver of any claim to the
        Equipment by any person having an interest in the real property where the Equipment is located. Lessee has no right or interest
        in the Equipment except that set forth in this Lease.

        10. Risk of Loss. From delivery
        of the Equipment by Seller or Lessor to a carrier for shipment to Lessee until the Equipment is returned to and received by Lessor
        (‘Possession Period’), Lessee bears the entire risk of whole or partial loss, theft, destruction or damage to the Equipment
        from any cause whatsoever, or requisition of the Equipment by any governmental entity, or expropriation or the taking of the Equipment
        by eminent domain or otherwise (collectively, ‘Loss’). Lessee will give Lessor notice within 10 days of any Loss (‘Loss
        Notice’). Except as provided in this section, no Loss will condition, reduce, or relieve Lessee’s Lease obligations,
        including its obligation to pay Rental Payments in full. If any Equipment is damaged but can be economically repaired, Lessee will
        immediately place the Equipment in good working order and condition. Upon the occurrence of any other kind of Loss, or if Lessee
        does not place the Equipment in good working order and condition within 30 days of any economically repairable damage, Lessee will
        upon Lessor’s demand pay Lessor the Lessor’s Return (as defined in Section 19), calculated by Lessor as of the date
        of Loss; upon Lessor’s receipt of the Lessor’s Return, plus all other amounts that are or become due under this Lease,
        this Lease will terminate and Lessee will b. entitled to Lessor’s interest in the Equipment.

        11. Insurance. Lessee will at its
        expense during the Possession Period maintain: (a) insurance against the loss, theft, or damage to the Equipment for its full replacement
        value, naming Lessor as sole loss payee; and (b) public liability and third party property damage insurance in the amount of $1,000,000
        or such other amount as may be requested by Lessor, per occurrence, naming Lessor as an additional insured. Such insurance shall
        be reasonably satisfactory to Lessor, shall contain the Insurer’s agreement to give Lessor 30 days’ written notice
        before any cancellation or material change; shall be payable to Lessor regardless of any act, omission or breach by Lessee; and
        shall provide for commercially reasonable deductibles satisfactory to Lessor. Lessee will provide Lessor with certificates of such
        insurance effective for the entire Term. Any insurance proceeds of such insurance received by Lessor or Assignee in respect of
        events with respect to which Lessee has concurrent Lease obligations (including obligations under Sections 10 or 15) will be applied

 

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MELA V (US Lease Nonn)

(REV 9/26/08)

 

	
        by Lessor to those obligations. Lessee
        has no right to the benefit of any insurance maintained by Lessor.

        12. Assignment of Warranties. Lessee
        is entitled under the Uniform Commercial Code—Leases (Article 2A) to the promises end warranties provided to Lesser, by Seller
        or any third party in connection with the Equipment. Lessor assigns to Lessee during the Term, so long as no Event of Default is
        continuing, any assignable representations, warranties, and promises made by Seller or Manufacturer or any other third party in
        connection with the Equipment, but any claims arising therefrom may only be pursued by Lessee in its own name. Lessor will reasonably
        cooperate with Lessee, at Lessee’s request and expense, in pursuing any such claims and obtaining for Lessee the benefit
        of all such rights. Lessee may communicate with Seller or any third party and receive an accurate complete statement of those promises
        and warranties, including any disclaimers and limitations thereon or on any remedies.

        13. Disclaimer and Limitations.
        As to Lessor, Lessee leases the Equipment and finances the Soft Cost Items As-Is, Where-Is, and on a nonrecourse basis. Whenever
        Lessee is entitled to Lessor’s interest in any Equipment, Lessor will assign such Equipment As-Is, Where-Is, except that
        Lessor will warrant the absence of any encumbrances by, through, or under Lessor and, on request, provide Lessee with Lessor’s
        standard bill of sale to the forgoing effect. Lessor disclaims any other representation or warranty, including with respect to
        the design, compliance with specifications, durability, quality, operation, or condition (whether discoverable or not) of the Equipment
        or Soft Costs Items, title, the merchantability of the Equipment or Soft Cost Items, the fitness of the Equipment or Soft Cost
        Items for particular purposes, status of this Lease for tax accounting classification purposes, or issues regarding the design
        or operation of the Equipment of infringement of industrial or intellectual property rights of any persons or any patent, trademark,
        or copyright infringement or the like. Lessor will not be considered to have made any statement, representation, warranty, or promise
        made by Seller, and neither Seller nor Lessor shall be considered to be an agent of the other. Lessor will have no liability to
        Lessee, or its customers, or any other persons, for damages arising out of this Lease or concerning any Equipment or Soft Cost
        Items, including direct, indirect, special, or consequential damages, or damages based on strict or absolute tort liability, and
        also as to any programs or data residing on any Equipment at any time, including upon return to or repossession by Lessor. However,
        Lessor shall remain liable to Lessee, in a separate action at law, for direct damages resulting from Lessor’s negligence,
        willful misconduct, or breach of Lease. This Lease is intended to be a finance lease as defined in the Uniform Commercial Code—Leases
        (Article 2A) and to be governed solely by its terms. This Lease, the parties’ performance of this Lease, and their other
        actions relating to this Lease are to be considered so as to give the fullest possible effect to such intent. To the extent permitted
        by law, Lessee and Lessor agree that this Lease shall be treated as a finance lease. This section does not affect Lessee’s
        rights against persons other than Lessor, including Seller and Manufacturer.

        14. Lessee Warranties. Lessee represents
        and warrants when it executes this Lease and when it executes the Acceptance Certificate, that: (a) Lessee is duly organized and
        in good standing under applicable law in the jurisdiction of its organization and domicile and in which Equipment may be located
        with full power and authority to enter into this Lease; (b) this Lease is enforceable against Lessee in accordance with its terms,
        subject to laws of general application affecting creditors’ rights generally, and does not breach or create a default under
        any instrument or agreement binding on Lessee; (c) no proceedings exist before any court or administrative agency that would have
        a material adverse effect on Lessee, this Lease, or the Equipment, nor has Lessee been threatened with any such proceedings; (d)
        the financial statements and other financial information made available by Lessee have been prepared in accordance with generally
        accepted accounting principles and accurately present Lessee’s financial position as of the dates given; and (e) Lessee’s
        chief executive and registered office is located at its address specified in this Lease.

        15. Indemnity. Lessee will indemnify
        Lessor against and hold Lessor harmless from all liabilities, damages, Taxes, losses (including losses of tax benefits), penalties,
        expenses (including legal fees and disbursements and costs), claims, actions, and suits, whether based on a theory of strict liability
        or statutory regulatory liability of Lessor or otherwise (collectively, ‘Claims’), directly or indirectly relating
        to the operation, selection, manufacture, purchase (by Lessee or Lessor), ownership (for
	 	
        strict liability in tort or for statutory
        or regulatory liability), leasing, possession, maintenance, delivery, return, at sale (by Lessor to Lessee) of the Equipment, or
        selection, licensing, provision, return or relinquishment, obtaining, use, creation, or ownership of Soft Cost Items, including
        Claims relating to (a) the condition of any Equipment arising or existing during the Possession Period, including undiscoverable
        defects; (b) infringement by Lessee or the Equipment or Soft Cost Items of any patent, trademark, copyright, or industrial or other
        intellectual property rights of any person; and (c) Lessee’s contest of Taxes or Lessor’s contest of Taxes at Lessee’s
        behest. However, Lessee will not be liable: (a) following the time Lessor is required to purchase the Equipment and pay for the
        Soft Cost Items, for the net price of the Equipment or Soft Cost Items included within the Lessor’s Basis; or (b) to a person
        (including Lessor or Assignee) pursuant to the foregoing for any Claims to the extent resulting from that person’s negligence
        or willful misconduct or breach of Lease.

        16. Surrender of Equipment. Whenever
        Lessee is required or permitted to return Equipment, Lessee will (or, at Lessor’s request, Lessee will have the Manufacturer
        or another party acceptable to Lessor), at Lessee’s expense, deinstall, inspect, and properly pack (the Equipment, and return
        the Equipment to Lessor by such common carrier as Lessor may specify, to a destination within the continental United States of
        America specified by Lessor, accompanied by the relocation inventory or similar form completed by the deinstaller. However, if
        the return destination is more than 1,000 miles from the original or final Equipment Location (whichever is closer to the return
        destination), Lessee’s freight expense in returning the Equipment shall be limited to the amount that would be incurred if
        the return destination were within such a distance. Lessor is not required to accept any return of Equipment more than one month
        before the end of the Term. Any return of Equipment accepted by Lessor releases Lessee of its leasehold rights and possessory interest
        in the Equipment, but will not otherwise constitute a termination of the Term or this Lease or Lessee’s related obligations.
        When received by Lessor, the Equipment shall be: in good working order; reasonably clean and cosmetically good; free of password
        protection; and in the same condition as when shipped lo Lessee, reasonable wear and tear excepted. Lessee will be liable to Lessor
        for all expenses Lessor incurs or would incur in placing the Equipment in the condition required by this Lease (whether or not
        Lessor actually does place the Equipment in such condition), up to the Fair Market Value of the Equipment. Any additions to the
        Equipment not removed before return shall become Lessor’s exclusive property (lien free) or, al Lessor’s option and
        Lessee’s expense, removed and returned to Lessee or sold, destroyed, or otherwise disposed of, all without any liability
        on the part of Lessor or any other person to Lessee or any other person, and the Equipment restored to its original condition.

        17. Default. It is an ‘Event
        of Default’ under this Lease if (a) Lessee’s failure to pay any Rental Payment or other amount under this Lease when
        due continues for 10 days after notice; (b) Lessee’s failure to observe any provision of this Lease continues for 30 days
        after notice; (c) a representation or warranty or statement made by Lessee in this Lease or in any other instrument provided by
        Lessee is incorrect in any material respect when made; (d) unless expressly permitted by Section 8(c), Lessee relocates the Equipment
        or, unless expressly permitted by Section 21, Lessee purports to assign or sublet any interest in the Equipment or this Lease or
        undergo a Change In Control (as defined in such section); (e) the Equipment is levied against, seized, or attached; (f) the appointment,
        election, nomination, or other institution of any administrator, examiner, administrative receiver, compulsory manager, trustee,
        or liquidator of Lessee (or any similar person contemplated by the laws of the United States of America or other applicable laws),
        or Lessee makes or seeks an assignment for the benefit of creditors or any arrangement or composition with its; creditors, or becomes
        insolvent, or commits any act of bankruptcy, or is the subject of a petition or proceeding under any bankruptcy, reorganization,
        arrangement of debts insolvency, or receivership law, or Lessee seeks to effectuate a bulk sale of its inventory, equipment, or
        assets, or any action is taken with a view to Lessee’s termination or the termination of its business, and, if any of the
        foregoing events is not voluntary, it continues for 60 days; (g) any guarantor of this Lease dies or is the subject of an event
        of the types listed in clause (f) or breeches or defaults under the guaranty; or (h) a default or event of default occurs under
        any other lease entered into between Lessor and Lessee.

        18. Remedies. 1f an Event of Default
        is continuing, or if at any time during the continuance of an Event of Default under this Lease or any

 

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MELA V (US Lease Nonn)

(REV 9/26/08)

 

	
        other lease entered into between Lessor
        and Lessee Lessor has with or without notice to Lessee declared the occurrence of the Event of Default, Lessor may in its absolute
        discretion exercise any one or more of these remedies: (a) terminate this Lease (b) take possession of, or render unusable, any
        Equipment wherever located, without notice or process of law (but without breaching the peace and subject to an applicable law),
        and without liability for damages occasioned by such action (except for direct damages to the extent caused by Lessor’s negligence
        or willful misconduct), and no such action will constitute a termination of this Lease, all as thought Lessee had failed to surrender
        the Equipment when required to do so; (c) require Lessee to return the Equipment to a location designated by Lessor in accordance
        with Section 16 and there surrender control of the Equipment lo Lessor pursuant to Section 16 as though the Term had expired (and
        such actions will not constitute a termination of this Lease); (d) declare all or, in one or more declarations, any portion of
        the Lessor’s Return (as defined in Section 19), calculated by Lessor as of the date of the declaration, due and payable,
        and; (I) upon Lessor’s full receipt of the entire Lessor’s Return, plus all other amounts that are or become due under
        this Lease, this Lease will terminate and Lessee will be entitled to Lessor’s interest in the Equipment, and (III) upon a
        declaration of the entire Lessor’s Return or Remaining Rental Payments (as defined in Section 19) being due and payable,
        any later Rental Payments coming due Under this Lease before the then effective expiration date of the Term shall cease; (c) proceed
        by court action to enforce performance by Lessee of this Lease and/or to recover all damages and expenses suffered by Lessor as
        a consequence of any Event of Default; or (f) exorcise any other right or remedy available at law or in equity. Lessee will also
        reimburse Lessor for all expenses (including legal fees and disbursements and costs and fees of collection agencies) incurred by
        Lessor in enforcing this lease. Lessor’s sole obligation to mitigate its damages is that if it repossesses any Equipment
        pursuant to this section Lessor will lease, sell, or otherwise dispose of the Equipment in a commercially reasonable manner, with
        or without notice, and at public or private sale, and apply the net proceeds (after deducting all expenses of disposition), if
        any, to the amounts owed to Lessor; but Lessee will remain liable to Lessor for any deficiency that remains after any such disposition.
        With respect to any notice of sale required by law, 10 days’ notice is reasonable notice. The remedies provided in this Lease
        are in addition to all other rights or remedies now or hereafter existing under this Lease, or at 1aw or in equity, and may be
        enforced concurrently therewith, and from time to time.

        19. Lessor’s Return. Lessor
        may become entitled to the Lessor’s Return, Which shall be Lessor’s anticipated benefit of its bargain rind profit
        from This Lease transaction (to which it will specifically be entitled). The Lessor’s Return, as stipulated to herein, includes
        amounts attributed by the parties to (and a loss to Lessor upon a Loss or Event of Default is dependent in part upon) unpaid Rental
        Payments to become due, the original cost of the Equipment and Soft Cost Items to Lessor, the unrealized anticipated value of the
        Equipment to Lessor, the future observance by Lessee of its nonrental Lease obligations for the benefit of Lessor, and Lessor’s
        minimum anticipated proceeds from the future retail Sale or lease of the Equipment to Lessee or another customer. The parties agree
        that the Lessor’s Return will, as liquidated damages and not as a penalty, be the following (together with related Taxes):

        (a) 105%
        of the Lessor’s Basis minus 70% of the Rental Payments (excluding Taxes) having come due since the Base Term Commencement
        Date, or

        (b) if
        greater, the Present Value (as defined in Section 27) of: the Rental Payments scheduled to become due through the last day of the
        then effective Term (Remaining Rental Payments’); plus Lessor’s estimate of the Fair Market Value of the Equipment
        on the last day of the Term, or

        (c) if
        (and only if) this Lease gives Lessee the option to purchase all of the Equipment at the end of the Term for a price which is (or
        is limited to) a stated amount, including an amount stated as a percentage of the Lessor’s Basis, the Present Value of the
        Remaining Rental Payments; plus such stated amount.

        20. Assignment By Lessor. Lessor
        may unqualifiedly assign this Lease or any Equipment, in whole or in part, including granting or assigning any encumbrance or other
        interest in this Lease or any Equipment, without notice to or consent of Lessee, to any person (‘Assignee). No assignment
        will relieve Lessor of its Lease obligations. Lessee and Lessor acknowledge that any suck assignment will not materially change
	 	
        Lessee’s or Lessor’s obligation under this Lease.
        If Lessor notifies Lessee of an assignment, Lessee will: (a) unless otherwise directed, absolutely and unconditionally pay all
        amounts due under this Lease to Assignee without abatement, reduction, offset, recoupment, compensation, crossclaim, counterclaim,
        or any other defense whatsoever; (b) not permit this Lease to be amended or any of its terms waived without the written consent
        of Assignee; (c) not require Assignee to perform any obligations of Lessor other than the warranty of quiet enjoyment provided
        for in Section 23 and any other obligations expressly assumed by the Assignee in Writing; and (d) execute such acknowledgements
        of assignment as may be reasonably requested by Lessor. Assignee will be entitled to all of Lessor’s rights, power, and privileges
        under this Lease to the extent of the assignment, including the right to make further assignments. Assignee will not be liable
        for Lessor’s negligence or willful misconduct or breach of Lease, nor will any action or inaction by Lessor affect the obligations
        of Lessee to Assignee under this Lease. Lessor may provide copies of this Lease or related documents or information concerning
        Lessee and its obligations thereunder to any Assignee, prospective Assignee, affiliate, or other person. 

        21. Assignment By Lessee; Change in Control. Without
        the prior written consent of the Lessor (not to be unreasonably withheld) Lessee cannot: assign any interest in this Lease or assign
        or sublet any interest in Equipment (including in connection with a sale of all or some of Lessee’s assets); or undergo an
        acquisition, change in control, merger, reorganization, consolidation, amalgamation or other event whereby the holders of more
        than 1⁄2 of the equity end voting power of Lessee immediately before the event are not the holders of 1⁄2 or more of
        the equity and voting power of Lessee or its successor immediately after the event (‘Change In Control’). No assignment
        or sublease by Lessee will discharge or diminish Lessee’s obligations, and Lessee will continue to be primarily, absolutely,
        unconditionally, and independently liable for the full and prompt observance of all of its obligations under this Lease following
        any such assignment or sublease or Change In Control. 

        22. Counterparts: Financing/Statements. This Lease may
        be executed in one or more counterparts. If there is only one such counterpart, it will be the ‘Original,’ otherwise,
        one such counterpart will be marked as and be the ‘Original’ and any other counterparts will be marked as and be Duplicates.’
        No security interest in this Lease, if it constitutes chattel paper, as defined in the Uniform Commercial Code—Secured Transactions
        (Article 9) or analogous legislation in effect in any relevant jurisdiction, may be created except through the transfer or possession
        of the Original. Unless Lessee has the right to acquire Lessor’s interest in the Equipment at the end of the Term for nominal
        or no consideration, the parties intend this Lease to be a true lease end not one intended merely for security. Lessee Authorizes
        Lessor and its agents to file financing statements to give public notice of Lessor’s interest in the Equipment and any proceeds
        thereof or any other items Lessor anticipates may be leased by Lessor to Lessee under this Lease or any other lease (whether nor
        not such other lease has been executed), but Lessor will terminate or amend any financing statement covering items not leased,
        at Lessee’s request and Lessor’s expense.

        23. Quiet Enjoyment. So long as no Event of Default is
        continuing, Lessor will not interfere with Lessee’s quiet enjoyment of the Equipment. If a failure by Lessor to materially
        observe the foregoing warranty of quiet enjoyment continues for l0 days after notice, Lessee may in its absolute discretion exercise
        any one or more of the following remedies (which shall be its exclusive remedies for such failure): (a) by notice terminate this
        Lease (including its obligation to pay Rental Payments) as it relates to such Equipment; or (b) proceed in a separate action at
        law to recover all direct damages suffered by Lessee resulting from such failure.

        24. Fair Market Value. ‘Fair Market Value’
        is the price or rent, as applicable, that would be obtained at arm’s length between informed and willing parties, neither
        under compulsion to contract, for the sale or lease of Equipment assuming the Equipment is: in installed, continued, and uninterrupted
        use by the buyer or lessee; in the condition required by this Lease; and being sold with the software necessary for its use. Fair
        Market Value will be determined by Lessor, but if Lessee objects in writing to Lessor’s determination within 10 days after
        Lessor communicates its determination to Lessee’s representative in writing or by email, then Fair Market Value will at Lessee’s
        expense be determined by an independent appraiser selected by Lessor and reasonably satisfactory to Lessee.

        25. Late Performances Interest Limitations. Amounts due
        under this Lease (including Rental Payments and Lessor’s Return and other payments

 

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MELA V (US Lease Nonn)

(REV 9/26/08)

 

	
        demanded or declared to be due or otherwise due or reimbursable)
        that are not paid within 10 days of their due date or demand will bear interest, payable upon demand, at the rate of 12% per annum,
        or such lesser rate as may be the maximum legal rate, from their due dates. Whenever any Equipment is required to be returned to
        Lessor but is not returned to Lessor by the date required, in addition to all of Lessor’s other rights and remedies hereunder,
        Lessee shall pay to Lessor rent for the period after the end of the Term through the date of Lessor’s receipt of the Equipment
        at the Previously Effective Rental Rate (as defined in Section 6). If any payments required to be made under this Lease would otherwise
        be considered the collection of interest in excess of the maximum amount permitted by applicable law: Lessee will not be obligated
        to pay the excess; any excess which may have been collected will be credited to Lessee’s other obligations to Lessor or refunded;
        and this Lease will be considered to have been amended so as to eliminate Lessee’s obligation to pay such excess.

        26. Prorations. Rental Payments for Rental Periods not
        consisting of a whole calendar month or a whole calendar quarter or another whole calendar period, as applicable, will be prorated
        on the basis of a 360-day year comprised of four 90-day quarters and twelve 30-day months.

        27. Present Value. ‘Present Value’ is the
        present value of the amount in question discounted to the date present value is to be determined at the Present Value Rate on the
        last day of the complete week most recently reported on the date of determination or on the Base Term Commencement Date, whichever
        is less, compounded with the same periodicity as the Rental Period. The ‘Present Value Rate’ is three-fifths of the
        annualized daily prime rate of interest, as described in Federal Reserve Statistical Release H.15 — Selected Interest Rates
        (available, for example, at http:// wwv.federalreserve.gov/Releases/H15/data.htm), or any successor publication of the US Federal
        Reserve System, but if there is no such publication, the lowest prime rate published in The Wall Street Journal.

        28. Further Assurances. Lessee will promptly execute
        such documents And take such further action as Lessor may from time to time reasonably request in order to carry out the intent
        of this Lease or protect or perfect the rights, interests, and remedies of Lessor reasonably intended to be created thereunder.

        29. Notices. Notices under this Lease shall be in writing
        and conclusively deemed to have been received by the receiving party; on the 5th business day after being sent by first class mail,
        postage prepaid, unless there is an interruption in postal services, or on the business day when sent by confirming fax; or if
        sent by overnight or express domestic or international courier, on the next business day or other business day warranted by the
        courier for delivery; or when given in person; and in all such cases notice shall be directed to a party at its address set forth
        in this Lease, or at such other address as a party may notify the other from time to time as its address for notice. Notices not
        sent in accordance with the foregoing will only be effective if and when the writing is actually received by the receiving party
        at its address for notice.

        30. I nterpretation. Term of inclusion mean inclusion
        without limitation. Time is of the essence. The provisions of this Lease will survive its termination, and any return or sale of
        Equipment, and remain in full force and effect with respect to events or conditions occurring or
	 	
        existing during (or fairly attributable to) the Term or Possession
        Period. Any waiver or failure of a party to require strict observance of this Lease will not constitute a waiver of any other breach
        of the same or any other provision of the same Lease or any other lease. This Lease will not be binding upon a party until executed
        by the party. This Lease cannot be amended except in an instrument executed by both parties. This Lease binds and benefits the
        parties’ successors and permitted assigns. The parties hereby acknowledge that they have required this contract, and other
        agreements and notices required or permitted to be entered into or given pursuant hereto, to be drawn up in the English language
        only. If any such document or communication is prepared in or contains both the English language and another language, only the
        English language provisions shall have import and the versions in any other language shall not be binding upon the parties thereto
        and shall have no effect whatsoever on the Interpretation or construction of the English language version. The page Numbering of
        this Lease may be exclusive of exhibits, if any.

        31. Soft Cost Items. The Equipment may contain software
        in which the Parties have no ownership or other proprietary rights. Where required by a software owner or manufacturer or the Seller
        of other Soft Cost Items, Lessee will enter into n license or other agreement for the use of the software and the provision of
        the Soft Cost Items. Any such agreement will be separate and distinct from this Lease, and Lessor will have no rights or obligations
        thereunder unless otherwise agreed by it in writing. Any rent attributable to Lessor’s financing of Soft Cost Items will
        be paid under this Lease as rent subject to the provisions of Section 5 regardless of Lessee’s dissatisfaction with, or the
        failure or quality of the Soft Cost Items, Lessee acknowledges that all Soft Cost Items are provided directly to Lessee by Seller,
        and not by Lessor, regardless of: anything to the contrary in this Lease; the listing of a Soft Cost Item in this Lease or any
        purchase agreement, purchase assignment agreement, or other agreement entered into by Lessor (and any such agreement, to the extent
        entered into by Lessor and relating to Soft Cost Items, shall be solely for the benefit of the Lessee); any characterization by
        the parties of a Soft Cost Item as ‘Equipment’ in this Lease or any related document.

        32. Facsimiles. In any proceeding relating to this Lease,
        a party may produce a reliably made facsimile will be of an instrument rather than the original and such facsimile will be considered
        the original. Each party acknowledges that it has received and reviewed all of the pages of this Lease and that none of its provisions
        are missing or illegible.

        33. Invalidity. A provision of this Lease that is or
        becomes invalid will be ineffective only to the extent of the invalidity, without affecting the remainder of such provision or
        this Lease.

        34. Applicable Law. This Lease is governed by Michigan
        law without regard to conflicts of law principles. The parties consent and submit to the jurisdiction of the local, state, and
        federal courts located within Michigan. The parties wave any objection relating to improper venue or Forum non conveniens
        to the conduct of any proceeding in any such courts. The parties irrevocably waive all right to trial by jury in any proceeding
        between them relating to this Lease or the Equipment.

 

If this Lease was transmitted to Lessee for signature in electronic
format, Lessee represents and warrants to Lessor that the text originally transmitted has not been altered in any way. Lessor’s
acceptance of this Lease is based on its reliance on, and specifically conditioned by, the truth of this representation and warranty.
Lessee acknowledges receipt of a true copy of this Lease. This Lease constitutes the entire agreement of the parties relating to
leasing of the Equipment.

 

	
        Orchards Inn & Restaurant LLC

        (Lessee)
	
        Macquarie Equipment Finance, LLC

        (Lessor)

 

	By:	/s/ Al Spector	 	By:	/s/ Wendell Lochbiler
	Name/Title: 	Al Spector/Manager	 	Name/Title: 	Wendell Lochbiler Vice President- Contracts
	Date:	2/24/11	 	Date:	2-25-11

 

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        MELA V US

        (REV. 1/1/08)
	Macquarie

 

Acceptance Certificate

For Lease No. 001

 

	Lessee:                   Orchards Inn & Restaurant LLC	Lessor:                  Macquarie Equipment Finance LLC
	Street Address:     254 North Highway	Street Address:     2285 Franklin Road, Suite 100
	City/State/Zip:      Sedona, AZ 86336	City/State/Zip:      Bloomfield Hills, MI 48302
	
        This Acceptance
        Certificate is made by Lessee pursuant to the above-referenced Lease between Lessee and Lessor ('Lease'). Capitalized terms
        used in this Acceptance Certificate without definition are defined in the Lease.

Lessee certifies that: (a) the Equipment described or
referred to in this Acceptance Certificate ('Accepted Equipment') is located at the Equipment Location specified below and is
fully installed; (b) Lessee has inspected the Accepted Equipment; (c) on the Acceptance Date specified below Lessee accepted the
Accepted Equipment for all purposes of the Lease, any purchase documents with Seller, and all related documents; and (d) no Event
of Default or event that with notice or the lapse of time would constitute an Event of Default is continuing.

 

1. The Accepted Equipment is all of the Equipment
described in the Lease.

 

2. Seller:                         LG Electronics U.S.A., Inc

 

3. Address for Billing (if different from Lessee's
address stated above):

 

____________________________

____________________________

____________________________

 

4. Equipment Location:  254 North Highway 89A

  Sedona, AZ 86336

 

5. Acceptance Date: February 24, 2011 (Lessee must
fill in.)

 

Orchards Inn and Restaurant LLC (Lessee)

 

	By:	/s/ Al Spector	 
	Name/Title:	Manager  Al Spector	 
	Date:	2/24/11	 

  

	g:\wwll\Provo\Orchards Inn\001-lse  

 

    	 

    	 

    

 

	Speciality

 Textile Services	Customer	L’Auberge
    Orchards LLC (All Outlets)
	Address	254 N. Hwy. 89A
	City, State, Zip	Sedona, AZ  86336
	  Page 1 of 4	Phone	928-282-2405
	 	Fax	928-282-5710

 

This Service Agreement is entered into
by and between Specialty Textile Services, LLC ("STS"), an Arizona limited liability company and L’Auberge Orchards
LLC (All Outlets) ("Customer") on __________, 2010. Supplier agrees to furnish and Customer agrees to accept
exclusively from Supplier all the items herein, and any future increases or added items to Customers requirements during the term
of this agreement and during any renewal of this agreement in accordance with the conditions and terms set forth herein.

 

	ITEM DESCRIPTION	Unit

Price	Minimum

Charge	Replacement

Value
	Apron	.35 each	50% of Inv.	$ 5.50 each
	Bar Towel	.20 each	“	1.35 each
	Utility Towel	.19 each	“	1.35 each
	Glass Towel	.21 each	“	1.25 each
	Napkin	.085 each	“	2.30 each
	63 x 63 Tablecloth	.68 each	“	20.00 each
	72 x 72 Tablecloth	.77 each	“	27.00 each
	90 x 90 Tablecloth	1.50 each	“	42.50 each
	54 x 120 Tablecloth	1.25 each	“	33.50 each
	54 x 54 Tablecloth	.55 each	“	13.50 each

 

	C.O.D.   
 ̈       CHARGE  ü
	ECC/NAT GAS SURCHARGE    n/a 	Hskp. Inventory Maint. 20%
	GARMENT PREP CHARGE________ EA 	SYSTEMATIC INVENTORY REPL 	F& B Inventory Maint. 5 %

 

	
        1. All Items furnished to Customer shall
        remain the sole property of Supplier and are furnished for the exclusive use of Customer on a rental basis, and shall be laundered
        and cleaned only by Supplier. if any items furnished to Customer are lost, damaged, or destroyed while in Customer's possession
        for any reason other than normal wear, then Customer shall, on demand pay supplier current replacement costs for any such lost,
        damaged or destroyed.

         

        2. STS guarantees to deliver high quality
        textile rental products and services at all times. Any complaints about service, cleaning quality or finish quality, which has
        not been resolved in the normal course of business, must be transmitted via registered letter or overnight delivery to STS. If
        STS fails to resolve any material complaint to acceptable industry standards within thirty (30) days, the customer may terminate
        this agreement.

         

        3. The parties agree that Supplier's count
        of pick-up and delivery shall be proof of the amount of linen service provided, unless Customer gives written notice to Supplier
        of any objection within seven (7) days after delivery of linen.

         

        4. Supplier shall have reasonable access
        to Customer's place of business during normal business hours, as often as necessary, to check, deliver, or inventory any or all
        of the linen items furnished by Supplier.

         

        5. Supplier shall invoice Customer upon
        delivery of each linen supply. Said invoice is due and payable cash on delivery or, if Customer's credit is approved by Supplier,
        net thirty (30) days of invoice. Delinquent accounts may be converted to a cash on delivery basis and/or be subject to a service
        charge on past due amounts of one and one-half percent (1.5%) per month (18%) annually.

         

        6. In consideration of the substantial
        investment by STS in merchandise and equipment to provide service to CUSTOMER, this agreement shall continue for
        sixty (60) months from the first delivery date specified above. This service agreement shall be renewed automatically
        for the same period of time a one year period, provided it is not terminated by either party by written
        notice at least (60) days prior to the expiration of the initial term or any renewal term. In the event of increased costs,
        STS may increase its unit rental rates not to exceed 6% for any 12 month period.

         

        7. In addition to the Cost of Living increase
        aforementioned, such prices may be increased by the reasonable cost of Supplier's compliance with new environmental requirements
        imposed by any governmental agency.
	
        8. Because it would be otherwise difficult
        or impractical to fix the exact amount of damage to STS, in the event Customer cancels this agreement for any reason other than
        as described in paragraph 2, Customer will pay to STS 50% of the average weekly dollar volume for the unexpired term based on the
        thirteen-week period preceding cancellation.

         

        9. Supplier's obligations to provide services
        hereunder shall be excused without liability In the event Supplier is prevented from performing by reasons of strikes, lockouts,
        government acts, acts of God, and other such conditions reasonably beyond the control of the Supplier, including but not limited
        to explosions, fires, fuel and power shortages.

         

        10. This Agreement shall be binding upon
        and shall inure to the benefit of the parties hereto, their heirs, administrators, executors, successors, and assigns.

         

        11. Customer warrants that it is under
        no contract with any other party for linen supply service and that entry into this Agreement is not a breach of any existing contract
        to which Customer is a party.

         

        12. If any legal action is Instituted by
        this Agreement, the prevailing party shall be entitled to recover reasonable attorney's fees, court costs and all legal expenditures
        incurred as a result of said lawsuit from opposing party. Supplier is entitled to all attorneys' fees or attendant collection costs
        whether litigation is initiated or not.

         

        13. Supplier shall maintain regular deliveries
        and in addition shall make special deliveries should that be required to rectify a service failure on Supplier's part An additional
        service charge may be made by Supplier for any Special Deliveries resulting from the Customer's failure to timely advise Supplier
        of a change in its service requirements.

         

        14. Customer acknowledges that linen supply
        items rented under this Agreement are for general purposes and are not designated or recommended for use in areas of flammability.
        Customer agrees to hold harmless Supplier of and from any injury to person or property resulting from use of linen supply items
        furnished hereunder.

         

        15. If any provision hereof is determined
        to be invalid by a Court of competent jurisdiction, the remaining conditions hereof shall remain In full force and effect.

         

        16. This Agreement constitutes the entire
        Agreement of the parties, superseding any prior understanding. No waivers or statements made by any representative of Supplier
        will be valid unless contained in the Agreement. Any dispute in connection with this service agreement or any matter relating to
        this service agreement shall be resolved by binding and final arbitration under the Federal Arbitration Act.

  

	SUPPLIER: SPECIALTY TEXTILE SERVICES, LLC	 	CUSTOMER: 	   L’Auberge  Orchards
    LLC (All Outlets)
	BY	/s/(illegible signature)	 	BY	/s/ Al Spector
	 	 	 	 	(Authorized Representative)
	TITLE	Sales	 	TITLE	Manage of LLC
	DATE	10/6/10	 	DATE	10/6/10

 

	
        Specialty Textile Services LLC • 737 W. Buchanan Street
        Phoenix, AZ 85007

        (602) 252-9230 • Fax (602) 252-4507
	 	
        Specialty Textile Services LLC • 3804 Main Street #8 Chula
        Vista, 91911

        (619) 476-8750 • Fax (619) 476-8775

    	 

    	 

    

 

	Speciality

 Textile Services	 	 
	 	 
	L’Auberge Orchards LLC	Supplemental
	Page 2 of 4	 (All Outlets)	Item Sheet

 

This Supplemental Item Sheet provides for
additional items and services to The Service Agreement between Specialty Textile Services, LLC ("STS"), an Arizona limited
liability company and (“Customer”) signed on _________, 2010. All items and services listed herein are subject to the
same terms and conditions as the Service Agreement.

 

	ITEM DESCRIPTION	Unit

Price	Minimum

Charge	Replacement

Value
	Dust Mat	 	 	 
	3 x 4	3.50 each	50% of Inv.	$ 75.00 each
	4 x 6	5.50 each	“	95.00 each
	3 x 10	6.75 each	“	105.00 each
	 	 	 	 
	5 % Food & Beverage Inventory Maintenance	 	“	 
	 	 	 	 
	 	 	 	 
	Premium Terry Toweling	 	 	 
	-   Bath Towel 27" x 50"	.50 each	“	5.95 each
	-   Hand Towel 16" x 30"	.15 each	“	2.65 each
	-   Wash Cloth 13" x 13"	.08 each	“	.95 each
	-   Bath Mat 20" x 34"	.36 each	“	4.35 each
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	T-200 Plain	 	 	 
	-   King Sheet 108" x 120"	.80 each	“	19.75 each
	-   Queen Sheet 90" x 115"	.71 each	“	15.75 each
	-   Std. Pillow Case 21" x 30"	.12 each	“	1.90 each
	-   Std. Pillow Sham 21" x 30"+ 2"	.42 each	“	9.85 each
	-   King Duvet 104" x 95"	3.75 each	“	78.75 each
	-   Queen Duvet 92" x 92"	3.50 each	“	74.85 each
	 	 	 	 
	 	 	 	 
	20 % Housekeeping Inventory Maintenance	 	“	 
	 	 	 	 
	 	 	 	 

  

	SUPPLIER: SPECIALTY TEXTILE SERVICES, LLC	 	CUSTOMER: L’Auberge  Orchards LLC (All Outlets)
	BY	/s/(illegible signature)	 	BY	/s/ Al Spector
	 	 	 	 	(Authorized Representative)
	TITLE	Sales	 	TITLE	Manage of LLC
	DATE	10/6/10	 	DATE	10/6/10

 

	
        Specialty Textile Services LLC • 737 W. Buchanan Street
        Phoenix, AZ 85007

        (602) 252-9230 • Fax (602) 252-4507
	 	
        Specialty Textile Services LLC • 3804 Main Street #8 Chula
        Vista, 91911

        (619) 476-8750 • Fax (619) 476-8775

 

 

    	 

    	 

    

 

	Page 3 of 4

  

Addendum - Supplement to Rental Service
Agreement

 

L’Auberge Orchards LLC - Housekeeping
Department

 

Inventory Maintenance Charge

 

The parties agree the Customer will be assessed an inventory
maintenance charge equal to 20% of the total billable dollar amount of each invoice. The inventory maintenance charge offsets (up
to 25% loss of the working inventory) the replacement charges normally associated with lost products at the Customer’s location
for any (3) three consecutive calendar month periods.

 

Should the Customer exceed the loss of 25% (verified by audit)
of the working inventory for any (3) three consecutive calendar months, a one- time charge for the lost products will be assessed
to the Customer (by special invoice) at the Supplier’s current replacement charges.

 

	L’Auberge Orchards LLC	 	Al Spector Manager of llc
	Date	 	10/6/10
	 	 	 
	Specialty Textile Services	 	[ILLEGIBLE]
	Date	 	10/6/10

 

    	 

    	 

    

 

	Page 4 of 4

 

Addendum - Supplement to Rental Service
Agreement

 

L’Auberge Orchards LLC - F & B
Department

 

Inventory Maintenance Charge

 

The parties agree the Customer will be assessed an inventory
maintenance charge equal to 5% of the total billable dollar amount of each invoice. The inventory maintenance charge offsets (up
to 25% loss of the working inventory) the replacement charges normally associated with lost products at the Customer’s location
for any (3) three consecutive calendar month periods.

 

Should the Customer exceed the loss of 25% (verified by audit)
of the working inventory for any (3) three consecutive calendar months, a one- time charge for the lost products will be assessed
to the Customer (by special invoice) at the Supplier’s current replacement charges.

 

	L’Auberge Orchards LLC	 	Al Spector Manager of llc
	Date	 	10/6/10
	 	 	 
	Specialty Textile Services	 	[ILLEGIBLE]
	Date	 	10/6/10

 

    	 

    	 

    

 

Suddenlink

                       business

 

BULK SERVICES AND ACCESS AGREEMENT

 

THIS BULK SERVICES AGREEMENT (the “Agreement”)
is made this 5 th Day of January. 2012 by and between (Suddenlink). d/b/a Suddenlink Communications
and Orchards Inn of Sedona (“Owner”).

 

WHEREAS, Suddenlink, directly or through
its affiliates, is a full-service provider of Services, including, but is not limited to: 1) cable television service pursuant
to a franchise (the “Franchise”) from the appropriate governmental entity; 2) local and long distance telephone service
(where available), 3) high speed Internet service, and any additional services as they become available from or through Suddenlink
or its affiliates (collectively, the “Services”); and

 

WHEREAS, Owner holds title to, or is the
authorized managing agent for Owner of, the real property located at 254 Highway 89A, Sedona AZ 86336. which presently
includes improvements located thereon totaling 75 dwelling units/outlets commonly known as Orchards Inn of
Sedona, the “Premises”) and which is more particularly described in Exhibit A attached hereto and by
this reference incorporated herein; and

 

WHEREAS, Owner desires to purchase cable
television service (“Video Service”) from Suddenlink for individuals occupying or renting Owner’s dwelling units
(“Tenant(s)”), and permit Suddenlink to provide other services to Tenants; and

 

WHEREAS, Suddenlink is willing and desires
to provide Video Service and other Services to Tenants at the Premises upon the terms and conditions set forth hereafter; and

 

WHEREAS, the parties desire to establish
the ownership of certain facilities and equipment installed by Suddenlink or its predecessors within the Premises.

 

NOW, THEREFORE, in consideration of the
promises and covenants contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

 

1.      Purpose,
Term of Agreement and Rates. The purpose of this Agreement is to state the terms and conditions under which Owner will provide
access to the Premises to Suddenlink and Suddenlink will make Video Service available to units in the Premises on a bulk rate basis.

 

This Agreement shall commence on February
1, 2012, and terminate on March 30, 2014. At the end of the original term, or any successive term, this Agreement
will automatically renew for successive terms of one (1) month each unless either party gives written notice of its intent not
to renew to the other party at least ninety (90) days prior to the expiration of the previous term (the “Term”).

 

Owner shall pay to Suddenlink the fees
set forth in Exhibit B attached hereto for the Video Service (the “Service Fee”). The Service Fee is due and
payable in advance on the first day of each month. Failure to pay the Service Fee in full by the tenth (10th) day of the month
shall be a material default under this Agreement. In such event, Suddenlink shall have the right (in addition to all other available
remedies) to (i) immediately terminate the Video Service upon ten (10) days’ prior written notice, and Owner shall be liable
for immediate payment of all Service Fees for the balance of the Term, which shall be determined by multiplying the then-current
monthly Service Fee by the number of months remaining in the Term; or (ii) convert this Agreement to an individual Service Agreement
in which event Owner grants to Company the right and

 

    	 

    	 

    

 

license to access the Premises to solicit subscribers and provide
Video Service to Tenants on an individual basis for the remainder of the Term. Owner shall not charge the Tenants any incremental
fee for the Video Service.

 

Suddenlink shall provide the Video Service
in accordance with the Franchise, applicable law and the rules and regulations of the Federal Communications Commission (“FCC”).
Suddenlink retains the right to control, add to, delete and/or change the Video Service. Proper notice of any changes in rates
or Video Service shall be given to Owner. If Owner requests services provided by Suddenlink other than those specified in this
Agreement, Suddenlink shall furnish such additional services at its established rates then in effect or, in the absence of established
rates, at a reasonable charge as Suddenlink determines.

 

Owner agrees that Tenants shall have the
right to individually subscribe to any and all additional services that Suddenlink offers in the market. Suddenlink acknowledges
and agrees that Owner shall have no financial responsibility for any services that a tenant subscribes to directly with Suddenlink.

 

2.      Grant
of Easement and Access Rights. Owner grants to Suddenlink and its successors and assigns a perpetual, transferable, and non-exclusive
easement across the Premises to install, connect, disconnect, transfer, improve, maintain, service, repair, remove and/or replace
its equipment and the Distribution System (as hereinafter defined) as necessary to provide the Services and to do all other acts
necessary to ensure continued operation of Services at the Premises, and Owner shall sign the Grant of Easement and Memorandum
of Agreement attached hereto as Exhibit D. The terms of the easement shall be deemed to be covenants running with the land
constituting the Premises. The provisions of this Section 2 shall survive the expiration or earlier termination of this Agreement.

 

3.      Distribution
System and Inside Wiring.

 

A.     “Distribution
System” shall mean (1) all distribution plant and associated electronics, equipment and wiring installed or provided by Suddenlink
or its predecessors which is necessary to distribute Services throughout the Premises, but specifically excluding Inside Wiring
defined below, and (2) all customer reception equipment furnished by Suddenlink at the Premises. The installation of the Distribution
System and Inside Wiring by Suddenlink will meet all applicable FCC specifications and will be installed in a good, workmanlike
manner.

 

B.     Ownership
of the Distribution System shall at all times be and remain in Suddenlink and shall be used exclusively by Suddenlink operations.
Upon expiration or termination of this Agreement, Suddenlink shall continue to own and control the entire Distribution System,
whether or not a unit is occupied at the time of expiration or termination and whether or not the occupant of a unit is a Suddenlink
customer for other services. Upon termination of this Agreement and if Suddenlink is no longer providing Services to the Premises,
Suddenlink has the option to remove all or any portion of the Distribution System, provided that any damage to the Premises caused
by removal of the Distribution System will be repaired by Suddenlink to Owner’s reasonable satisfaction. Any part of the
Distribution System remaining on the Premises upon (60) sixty days after termination of agreement by term or default (i) shall
be deemed to be abandoned by Suddenlink.

 

C.     “Inside
Wiring” shall mean that wiring located within a Tenant’s unit and including wiring up to a point at or about 12 inches
outside of where the wire enters the Tenant’s unit, but shall not include wiring that is part of a “loop through”
system. Ownership of the Inside Wiring shall at all times be and remain in Owner. Owner shall be responsible for the repair and
maintenance of the Internal Wiring, in a good, workmanlike manner in accordance with all applicable codes, regulations, or laws.

 

4.      Maintenance
and Repairs. Suddenlink at its expense will maintain the Distribution System in a good, workmanlike manner in accordance with
all applicable codes, regulations, or laws.

 

5.      Promotional
Materials. Owner shall submit for Suddenlink’s review and approval prior to use all proposed advertising and promotional
materials for the Premises which describe features of Suddenlink’s

 

Bulk Services and Access Agreement v1.1

 

    	2

    	 

    

 

Services. If Owner wishes to produce materials with the Suddenlink
logo, Owner shall request the logo from Suddenlink.

 

6.      Video
Service Programming. Owner acknowledges that Suddeplink’s performance of this Agreement may be subject to the rules and
regulations of federal, state or local regulatory powers and that Suddenlink is not guaranteeing the provision or availability
of any particular program or channel. The Video Service initially available to the Premises will consist of Suddenlink’s
current channel lineup which may be modified from time to time solely at Suddenlink’s discretion. Suddenlink’s channel
lineup may not be changed or altered by Owner or others without Suddenlink’s prior written permission. It is specifically
understood that in providing Video Service, Suddenlink makes use of certain programming owned by others. Owner agrees that it will
make no claims nor undertake any legal action against any person or entity, including Suddenlink, if certain programming is interrupted,
discontinued or substituted; provided that Suddenlink will provide to Owner Its standard Video Service channel lineup at ail times.
The Video Service initially provided to the Premises will consist of the channel lineup set forth in Exhibit C. Channel Lineup,
and such channel lineup may be modified from time to time.

 

7.      Interference.
Owner will not use, or permit others to use, any equipment that causes interference or is otherwise incompatible with the Distribution
System, the reception equipment, or Suddenlink’s right to provide Services under this Agreement. Owner shall not move, disturb,
alter, change, or connect any other device to the Distribution System nor authorize or permit anyone to do so.

 

8.      Insurance.
Suddenlink shall maintain (a) comprehensive general liability insurance with a policy limit of at least $2,000,000 to protect Owner
against bodily injury or property damage resulting from the installation, operation or maintenance of the Distribution System on
the Premises and (b) Workers’ Compensation insurance in statutory amounts. Owner shall be an “additional insured”
under such genera! liability Insurance coverage, but only to the extent of Suddenlink’s obligations under this Agreement.
Upon written request by Owner, Suddenlink shall provide a certificate of insurance for the foregoing policies. All policies written
pursuant to this Section 8 shall be with insurers (i) licensed to do business in the state in which the Premises are located and
(ii) carrying an A.M. Best rating of at least A-VIII. All policies, including any renewals thereof, shall specify that such policy
cannot be canceled without at least thirty (30) days written notice to the other party.

 

9.      No
Agency. Suddenlink and Owner are independent business entities and neither have any authority to act for, or on behalf of,
or bind the other to, any contract, without the other’s written approval.

 

10.    Force
Majeure. Suddenlink shall have no liability to any person for failure to meet any of its obligations under this Agreement,
where such failure is the result, in whole or part, of any labor dispute, failure of usual sources of supply, war, riot, insurrection,
vandalism, commotion, fire, flood, earthquake, accident, storm, loss of the right to use rights of way or to make pole attachments,
act of God or government, or any other cause beyond Suddenlink’s reasonable control.

 

11.    Owner’s
Warranties. Owner warrants that (i) it holds all rights and has full authority to execute this Agreement and to grant the rights
herein granted; (ii) this Agreement constitutes a binding obligation of Owner; and (iii) there are no prior or existing agreements,
nor will there be any such agreements during the Term, with Tenants or third parties that would be breached or violated by the
execution of this Agreement or by Suddenlink providing Services to the Premises.

 

12.    Indemnification.

 

A.     Owner agrees
to indemnify, defend and hold Suddenlink harmless from and against all claims, suits, proceedings, liabilities, losses, costs,
damages and expenses (including reasonable attorneys’ fees) arising, in whole or in part, out of or in connection with (i)
the renting, leasing or purchasing of Owner’s residential dwelling space or units, (ii) injuries or damage to Suddenlink’s
employees, agents or the Distribution System resulting from the condition of the Premises or the acts or omissions of Owner, its
employees or agents, (iii) any claims by third parties that the execution of a service agreement with

 

Bulk Services and Access Agreement v1.1

 

    	3

    	 

    

 

Suddenlink or Suddenlink’s provision of Service to the
Premises would violate any rights of such third party, and (iv) Owner’s breach of this Agreement or any material provision
set forth herein.

 

B.     Suddenlink
agrees to indemnify, defend and hold Owner harmless from and against all claims, suits, proceedings, liabilities, losses, costs,
damages and expenses, including reasonable attorneys’ fees, arising out of or in connection with bodily injury or property
damage caused by (i) Suddeniink’s provision of Services or (ii) Suddeniink’s breach of this Agreement or any material
provision set forth herein.

 

The provisions contained within this Section
12 shall survive the expiration or termination of this Agreement.

 

13.     LIMITATION
OF LIABILITY. SUDDENLINK SHALL NOT BE LIABLE FOR DAMAGES FOR FAILURE TO FURNISH, OR INTERRUPTION OF, ANY SERVICES, NOR SHALL SUDDENLINK
BE RESPONSIBLE FOR FAILURE OR ERRORS IN SIGNAL TRANSMISSION, LOST DATA, FILES OR SOFTWARE DAMAGE REGARDLESS OF THE CAUSE. UNDER
NO CIRCUMSTANCES WILL SUDDENLINK BE LIABLE FOR ANY SPECIAL, INDIRECT, PUNITIVE OR CONSEQUENTIAL DAMAGES INCLUDING LOST REVENUE
OR PROFITS ARISING FROM THIS AGREEMENT. SUDDENLINK’S MAXIMUM LIABILITY TO CUSTOMER ARISING UNDER THIS AGREEMENT SHALL BE
THE LESSER OF $5,000.00 OR THE AMOUNT ACTUALLY PAID BY CUSTOMER FOR SERVICES HEREUNDER.

 

14.      Cooperation
- Memorandum of Agreement. Owner and Suddenlink agree to cooperate fully and promptly in carrying out this Agreement. Owner
agrees to execute any and all documents as may reasonably be requested by Suddenlink to evidence and effectuate the rights granted
to Suddenlink under this Agreement including, but not limited to, the execution of the Grant of Easement/Memorandum of Agreement
attached hereto as Exhibit D for the purpose of recordation.

 

15.      Additional
Facilities. If Owner adds units to or adjacent to the Premises, this Agreement shall extend to all such units added if the
parties mutually agree.

 

16.      Notices.
Any consent, election or notice required or permitted to be given under this Agreement shall be in writing and sent by certified
or registered mail or via overnight express courier addressed to the address included at the end of this Agreement, or to such
other address or addresses as shall, from time to time, be furnished in writing by the party to receive such notice to the other
party.

 

17.      Default.
Subject to the Force Majeure provisions in Section 10, if either party fails to perform or observe any of the material conditions
or agreements to be performed or observed by it hereunder (the “Defaulting Party”) and such failure is not cured within
thirty (30) days after receipt of written notice from the other party (the “Non-defaulting Party”), the Non-defaulting
Party, in addition to any other rights at law or equity it may have, shall have the right to immediately terminate this Agreement.

 

18.      Confidentiality.
Owner shall not disclose any of the terms of this Agreement to any third party without the prior written consent of Suddenlink.

 

19.      Miscellaneous.
This Agreement shall bind and benefit the parties and their respective successors and assigns, regardless of whether such successors
and assigns expressly agree to be bound by the Agreement. If Owner sells or transfers the Premises to a third party during the
initial Term, Owner shall provide a copy of this Agreement to the purchaser or transferee and said purchaser or transferee has
the right to assume the rights and obligations of this Agreement or negotiate a new agreement upon completion of sale or transfer
of property. Suddenlink may assign this Agreement and all of its rights hereunder without Owner’s consent to any entity which
controls, is controlled by or is under common control with Suddenlink or to any entity pursuant to a merger, sale or exchange of
stock, or sale or exchange of assets. This Agreement is the entire understanding between the parties and supersedes any prior agreements
or understandings whether oral or written. This Agreement may not be amended except by a written instrument executed by both parties.
Failure of either party to exercise any of its remedies as set forth in this Agreement or at law or in equity in the event of any
default by the other party shall not constitute a waiver of the right of the non-

 

Bulk Services and Access Agreement v1.1

 

    	4

    	 

    

 

defaulting party to exercise the same in the event of a subsequent
default by the defaulting party. The prevailing party in any action brought under this Agreement shall be entitled to recover from
the other party reasonable attorney’s fees, costs and necessary disbursements. This Agreement shall be governed by the laws
of the state in which the Premises are located except where the laws of the United States have precedence. This Agreement and the
obligations of the parties shall be subject to all applicable laws, regulations, court rulings, administrative orders, and Presidential
decrees, as they may be amended from time to time. 

 

	Suddenlink Communications	 	Orchards Inn of Sedona (Owner)	 
	 	 	Orchards llc	 
	 	 	 	 	 	 
	By:	 	 	By:	/s/ Al Spector	X
	 	 	 	 	 	 
	Name:	 	 	Name: 	Al Spector	X
	 	 	 	 	 	 
	Title:	 	 	Title:	Manager	X

 

Bulk Services and Access Agreement v1.1

 

    	5

    	 

    

 

Exhibit A

 

Legal Description of Properties

 

254 Highway 89A, Sedona AZ 86336

 

Bulk Services and Access Agreement v1.1 

 

    	6

    	 

    

 

Exhibit B

 

Fees for Video Service

 

The Monthly Service fee shall be $ 993.75 + tax/fees/surcharges
for the first 12 months for Basic, HBO, and 2 Music channels (payable in 12 equal monthly installments). Thereafter, the Service
fee for all services may increase annually throughout the remaining original and successive terms, said increase is to NOT
to exceed 10%. Suddenlink Communications shall provide Owner with thirty (30) days prior written notice of any such increase.

 

These rates are based upon a rate of $ 13.25 per
unit x 75 units per month, with any additional units opening up to be brought under at this same contract amount set forth in this
agreement.

 

Taxes, fees and surcharges, including broadcast surcharges,
are not included in these amounts and will be included on the monthly billing statement.

 

Bulk Services and Access Agreement v1.1
 

 

    	7

    	 

    

 

Exhibit C

 

Channel Lineup

 

Channel lineup provided. See attached.

 

_________ Basic, HBO, and 2 Music Channels.

 

Bulk Services and Access Agreement v1.1

 

    	8

    	 

    

 

Exhibit D

 

Form of Grant of Easement/Memorandum
of Agreement

 

	RECORDING REQUESTED BY AND	 
	WHEN RECORDED MAIL TO:	 
	Suddenlink Communications	 
	 	 
	 	 
	Attn: MDU Department	 

 

	space above for recorders use only

 

MEMORANDUM OF AGREEMENT

(Arizona)

 

PLEASE TAKE NOTICE that Orchards Inn of Sedona (“Owner”)
and “Suddenlink Communications” (“Suddenlink” ) have entered into a Bulk Service Agreement
(the “Agreement” ) ____________________, 2012. which, in accordance with its terms, entitles
Suddenlink to provide cable television and other services throughout the property described on Exhibit A attached hereto
and incorporated herein by this reference. Among other things, the Agreement provides Suddenlink with rights of ingress and egress
to the property necessary or useful to provide such service and maintain its equipment and other facilities and provides for ownership
of the facilities on the property used in providing such services. The Agreement binds any successors and assigns of the Owner
in accordance with its terms. A copy of relevant provisions of the Agreement will be provided to any properly interested person
upon written request.

 

Suddenlink requests that it receive notice of any pending trustee
or foreclosure sale or receivership, bankruptcy or other proceeding affecting the property, sent to the address above.

 

IN WITNESS WHEREOF, the parties have caused their hands and
seals to be hereunto affixed the day and year first above written.

 

	OWNER: (Orchards Inn of Sedona)  	 	SUDDENLINK:
	Orchards llc	 	 
	 	 	 	 	 
	By:	/s/ Al Spector	 	By:	 
	 	 	 	 	 
	Name:	Al Spector	 	Name:	 
	 	 	 	 	 
	Title:	Manager	 	Title:	 

 

Bulk Services and Access Agreement v1.1

 

    	9

    	 

    

 

OWNER ACKNOWLEDGMENT

Orchards Inn of Sedona

 

STATE OF __________________________

 

COUNTY OF______________

 

On 1/9/12  (date) before me, TINA MARIE LITTLEMAN
(Notary), personally appeared AL SPECTOR (name of signer), personally known to me (or proved to me on the basis of satisfactory
evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same
in his/her authorized capacity and that by his/her signature on the instrument the person, or the entity upon behalf of which the
person acted executed the instrument.

  

	 	/s/ Tina Marie Littleman
	[NOTARY SEAL]	Notary Public Name:	TINA MARIE LITTLEMAN
	 	My Commission Expires:	10/21/12

 

 

SUDDENLINK ACKNOWLEDGMENT

 

STATE OF ARIZONA

 

COUNTY OF _________________

 

On _______________ (date) before me, _________________________
(Notary), personally appeared ____________________ (name of signer), personally known to me (or proved to me on the basis of satisfactory
evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same
in his/her authorized capacity and that by his/her signature on the instrument the person, or the entity upon behalf of which the
person acted executed the instrument.

 

	[NOTARY SEAL]	Notary Public	 	 

 

	 	Name:	 	 

 

	 	My Commission Expires:	 	 

 

    	 

    	 

    

 

	Al Spector
	 	 
	From:	Al Spector
	Sent:	Wednesday, November 07, 2012 5:06 PM
	To:	'Greg Penrod'; Jonathan Earle; Charles Howard; Bruce Campbell; Gary Givens; Jesse Alexander; Gudrun Ernstberger; Lexy Vudrag; Angela Doyle; Jordan Rogers; Tanya Bring; Cassie Barber
	Subject:	Orchards/Pines

 

Effective with tonight we have made a change in the Pines contract.

 

1.   Pines guests will not receive the free breakfast
buffet.

 

2.   Pines will be charged $95 rather than $110
Sunday through Thursday and $120 rather than $135 Friday and Saturday. The $120 is also applicable to any holiday where Monday
is a holiday so Sunday wifi be treated like a Saturday.

 

3.   Pines will attempt to book 2 night stays
at Orchards. The above rates apply to both nights.

 

4.   Gudrun and Jonathan and Charles need to
get together and create as soon as possible a 25% Discount card which will be for a discount at Open Range, Canyon Breeze and Taos
and will be handed out by the Orchards front desk upon check-in of Pines guests and will only be good for the days/nights staying
at Orchards plus one day. For example, if a Pines guest checks in on a Tuesday for two nights the discount cards will be good through
Thursday night to capture business even after the Pines guest checks out. Be sure to put on the card the expiration dates. Make
the card special and designate for something like "Pines VIP guests staying at Orchards Inn." Also the discount card
is good for any number of meals so if 4 people (2 adults and 2 kids) are eating then all 4 are given the discount.

 

5.   Jonathan mentioned our restaurants are no
longer shown on the back of the map handout Pines gives out at the OPC booths. Gudrun please get this fixed.

 

Greg—if you are in agreement please send me a confirming
email.

 

	A1 Spector	 
	Cell:	602-819-8809	 
	Email:	al@alspector.net	 

 

    	1

    	 

    

 

AGREEMENT

 

This Agreement ("Agreement")
is made this 20th day of September, 2010 by and among Sedona Pines LLC, an Arizona limited liability company
("Sedona Pines"), Orchards Inn and Restaurant, LLC, an Arizona limited liability company ("Orchards") and Canyon
Portal II, LLC, an Arizona limited liability company ("CPII").

 

RECITALS

 

	 	1.	Sedona Pines has entered into a Lease with CPII for retail space 6 in the Trading Post Shops at the Canyon Portal shopping center ("Lease").

 

	 	2.	As an inducement to CPII to give Sedona Pines the Lease on retail space 6, Sedona Pines has committed to use Orchards Inn as its primary room provider for overnight stays in conjunction with its timeshare tour business in the Verde Valley in Arizona.

 

	 	3.	The Lease between Sedona Pines as Tenant and Canyon Portal as Landlord for retail space 6 is attached hereto as Exhibit B and incorporated herein by this reference.

 

It is agreed as follows: 

 

1.           
Orchards Inn Room Nights. Sedona Pines shall use Orchards Inn as its primary room provider for overnight stays resulting
from its timeshare tours ("Room Nights") every time rooms at the Orchards Inn are available for this purpose, Sedona
Pines shall pay room rates to Orchards of Ninety Dollars ($90) per room plus all applicable state and city sales and bed taxes
for Room Nights on any Sunday, Monday, Tuesday,' Wednesday and Thursday ("Weekdays") and shall pay room rates to Orchards
of One Hundred Ten Dollars ($110) per room plus all applicable state and city sales and bed taxes for the nights of Friday and
Saturday ("Weekends"). However, Weekends shall also include a Sunday if it is the day before any national or state holiday.
Each Room Night includes two (2) complimentary breakfast buffets at Orchards Restaurant valid only on the morning following the
Room Night. Orchards shall reserve Room Nights for Sedona Pines in accordance with the schedule attached hereto as Exhibit A and
incorporated herein by this reference.

 

2.           
Availability of Room Nights. Sedona Pines acknowledges that Orchards will continue to rent hotel rooms to the public and
the use of the hotel rooms will be on a first come, first served basis. Orchards acknowledges that in the event there are no rooms
available at Orchards Inn, Sedona Pines will place its overnight stays at either of Sedona Pines Resort, Highlands Resort at Verde
Ridge or Sedona Real, or any other available hotel, but only in the case when no rooms are available at Orchards Inn.

 

    	1

    	 

    

  

3.          
Minimum Usage. Sedona Pines commits to a minimum usage of One Thousand Five Hundred (1,500) Room Nights at Orchards Inn
on an annual basis, which term runs concurrent with the term of the Lease ("Minimum Usage"). Failure by Orchards to meet
this Minimum Usage is considered an Event of Default pursuant to Paragraph 21 of the Lease.

 

4.          
Payment for Room Nights. Orchards shall invoice Sedona Pines each Tuesday before 12:00 noon, via email, requesting a Read
Receipt for the Message. Sedona Pines shall choose "yes" to send back to Orchards such Read Receipt. The invoice will
be for all Room Nights for the preceeding seven nights (Tuesday, Wednesday, Thursday, Friday, Saturday, Sunday, Monday). In the
case of any Room Night discrepancies, Sedona Pines and Orchards shall use their best efforts to communicate with one another and
correct any discrepancies. Sedona Pines shall pay to Orchards the full amount of each invoice within 14 days of receipt. Failure
to pay such amount when due constitutes an Event of Default pursuant to Paragraph 21 of the Lease.

 

5.          
Brochures at OPM Locations. Sedona Pines shall display brochures at its off premises marketing ("OPM") locations
for the following restaurants: (i) Canyon Breeze Restaurant; (ii) Open Range Grille; and (iii) Orchards Restaurant. Further, employees
of Sedona Pines will hand out discount coupons for these restaurants at all of its OPM locations. The OPM locations that are the
subject of this paragraph are as follows:

 

	 	1.	Information booth located next to Starbucks at 1-17 at the Camp Verde Exit.

 

	 	2.	Gold King Mine

 

	 	3.	Village of Oak Creek Outlet Malls

 

	 	4.	Booth across from Tlaquepaque on SR 179

 

	 	5.	Dairy Queen booth in SR 89A in Oak Creek Canyon

 

	 	6.	Sedona Revealed

 

	 	7.	Sedona Film Museum, however no brochures can be placed in the information racks at this booth because of restrictions in the Museum’s master lease. The restaurants recited above will be recommended after 8:00 PM when the Hitching Post Restaurant closes.

 

	 	8.	Sam's Hill in Prescott, Courthouse Square

 

    	2

    	 

    

  

6.          
Term. The term of this Agreement shall run concurrent with the term of the Lease.

 

7.          
Modifications and Waivers. No change, modification, or waiver of any provision of this Agreement shall be valid or binding
unless it is in writing dated after the date hereof and signed by the parties intended to be bound. No waiver of any breach, term,
or condition of this Agreement by either party shall constitute a subsequent waiver of the same or any other breach; term, or condition
or a continuing waiver after demand for strict compliance.

 

8.           
Notices. All notices required or permitted to be given hereunder shall be in writing and may be given in person or by United
States Mail, delivery service or electronic transmission. Any notice directed to a party to this Agreement shall become effective
upon the earliest of the following: (i) actual receipt by that party; (ii) delivery to the designated address of that party, addressed
to that party; or (iii) if given by certified or registered mail, twenty-four (24) hours after deposit with the United States Postal
Service, postage prepaid, addressed as shown below or to such other address as such party may from time to time designate in writing.

 

	Sedona Pines:	Sedona Pines LLC
	 	an Arizona limited liability company
	 	6701 W. Highway 89A
	 	Sedona, AZ 86336
	 	 
	Orchards:	Orchards Inn and Restaurant LLC
	 	an Arizona limited liability company
	 	6900 E. Camelback Road, Suite 915
	 	Scottsdale, AZ 85251
	 	 
	Canyon Portal II LLC:	Canyon Portal II LLC
	 	an Arizona limited liability company
	 	6900 E. Camelback Road, Suite 915
	 	Scottsdale, AZ 85251

 

9.          
Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective
heirs, personal representatives, successors and assigns.

 

10.        
Severability. To the fullest extent possible each provision of this agreement shall be interpreted in such fashion as to
be effective and valid under applicable law. If any provision of this Agreement is declared void or unenforceable with respect
to

 

    	3

    	 

    

 

particular circumstances, such provision
shall remain in full force and effect in all other circumstances. If any provision of this Agreement is declared void or unenforceable,
such provision shall be deemed severed from this Agreement, which shall otherwise remain in full force and effect.

 

11.         
Governing Law and Jurisdiction. Except where preempted by the laws of the United States or the rules or regulations of any
agency or instrumentality thereof, this Agreement is to be interpreted, construed and governed by the laws of the State of Arizona,
The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the Superior Court of the State of Arizona
for the County of Coconino in connection with any legal action or proceeding arising out of or relating to this Lease and the parties
waive any objection relating to the basis for personal or in rem jurisdiction or to venue which it may now or hereafter have in
any such suit, action or proceeding.

 

12.         
Entire Agreement, This instrument together with the Lease constitutes the sole and only agreement between the Parties and
correctly sets forth the obligations of the Parties to one another as of its date. Any agreements or representations by the Parties
not expressly set forth in this instrument or in the Lease are void and unenforceable. All prior agreements and understanding of
the parties with respect to such subject matter are hereby superseded. No representations, promises, agreements, or understandings
contained in this Agreement or in the Lease regarding the subject matter hereof shall be of any force or effect unless in writing,
executed by the party to be bound, and dated on or subsequent to the date hereof, Captions and headings are for convenience only
and shall not alter any provision or be used in the interpretation.

 

13.        
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors in interest.

 

14.        
Indemnification. The Parties hereto hereby indemnify one another (and all of their managers, members and affiliates) and
defend and hold harmless from and against all claims, damages, losses, costs, and expenses (including reasonable attorneys' fees,
court costs and other expenses incident to any proceeding, investigation or any claim, including, without limitation, in any suit
by any Party against another) attributable directly or indirectly to the breach of any Party hereto of any obligation hereunder
or the inaccuracy of any representation or warranty made by the Parties herein or in any instrument delivered pursuant hereto or
in connection with the transactions contemplated hereby.

 

15.         
Legal Fees. In the event any of the Parties bring an action under this Agreement whether for the recovery of any sum due
hereunder, or for any other relief against one another, declaratory or otherwise, arising out of a breach of any term of this

 

    	4

    	 

    

 

Agreement the prevailing party shall be
entitled to receive from the other party reasonable attorneys' fees and reasonable costs and expenses, which shall be deemed to
have accrued due to the commencement of such action, such sums to be determined by the court sitting without a jury.

 

14.         
Time is of the Essence. Time is of the essence of this Agreement and each and every provision hereof. Any extension of time
granted for the performance of any duty under this Agreement shall not be considered an extension of time for the performance of
any other duty under this Agreement.

 

	SEDONA PINES	 	ORCHARDS
	 	 	 
	SEDONA PINES LLC, an Arizona	 	ORCHARDS IN N & RESTAURANT
	limited liability company	 	LLC, an Arizona limited liability company
	 	 	 
	 	 	By:	/s/ A1 Spector
	 	 	 	A1 Spector
	 	 	Its:	Manager
	By:	/s/ Edward D.Henrick, Jr.	 	 	 
	 	Edward D. Henrick, Jr.	 	 	 
	Its:	Managing Member	 	 	 

 

	CANYON PORTAL	 	 
	 	 	 
	CANYON PORTAL II, LLC, an Arizona	 	 
	limited liability company	 	 
	 	 	 	 
	By:	/s/ Al Spector	 	 
	 	Al Spector	 	 
	Its:	Manager	 	 

 

    	5

    	 

    

 

EXHIBIT “A”

 

    	 

    	 

    

 

ROOM NIGHT RELEASE SCHEDULE

 

Weekdays

 

1.          Orchards
will hold five (5) rooms for Sedona Pines until 12:00 Noon each weekday.

 

2.          
At 2:00 p.m., Orchards will reduce the number of rooms held for Sedona Pines to three (3) rooms.

 

3.          At
4:00 p.m., Orchards will reduce the number of rooms held for Sedona Pines to one (1) room.

 

4.          After
6:00 p.m., Orchards will not hold any rooms for Sedona Pines.

 

Sedona Pines may request Orchards to hold
additional rooms in excess of the number agreed upon above and will pay for such excess number of rooms held. For example, if Sedona
Pines asks Orchards to hold 5 rooms after 4 pm, then Sedona Pines will pay for 4 rooms held (the number in excess of the 1 room
agreed upon to be held) whether or not these 4 rooms are occupied that night by Sedona Pines.

 

Weekends

 

1.          Orchards
will hold ten (10) rooms for Sedona Pines until 12:00 Noon each weekday.

 

2.          At
2:00 p.m., Orchards will reduce the number of rooms held for Sedona Pines to six (6) rooms.

 

3.          At
4:00 p.m., Orchards will reduce the number of rooms held for Sedona Pines to three (3) room.

 

4.          After
6:00 p.m., Orchards will not hold any rooms for Sedona Pines.

 

Sedona Pines may request Orchards to hold
additional rooms in excess of the number agreed upon above and will pay for such excess number of rooms held. For example, if Sedona
Pines asks Orchards to hold 8 rooms after 4 pm, then Sedona Pines will pay for 5 rooms held (the number in excess of the 3 rooms
agreed upon to be held) whether or not these rooms are occupied that night by Sedona Pines.

 

Sedona Pines Initials    /s/ Edward D.Henrick,
Jr.    Date:  9/20/10

 

Orchards Initials     /s/ A1 Spector  
Date:  9/22/10

 

Exhibit “A”

 

    	 

    	 

    

 

	05/31/2011   15:04  FAX	001/002

 

	
        WM

Waste Management
	
        Company Name

        Street Address

        City, St ZIP

        Tel Number
	
        Commercial

        SERVICE AGREEMENT

        NON-HAZARDOUS WASTES 
	
        SIC Code                    7011

        Type of Business      LODGING

           

	WM
                           AGREEMENT# _________

        CUSTOMER ACCT# __________

        ACCT. NAME Orchards
        Inn

        SERV. ADDR 254
        N. 89A

        CITY, ST ZIP Sedona, AZ 86336

        COUNTY/Parish           

        TEL #     
        602-510-4111       FAX      928-204-4323

        CONTACT KRIS SPECTOR

        E-MAIL KSPECTOR@LAUBERGE.COM
	REASON
                           CODE NBG NBG NBG

        EFFECTIVE DATE
        06/01/11_ LAST API DATE _____

        BILL. NAME Orchards Inn and Restaurant LLC

        BILL. ADDR 270 N 89 A Suite #2

        CITY,
        ST Zip Sedona, AZ 86336

        COUNTY/Parish _________

        TEL # 602-510-4111
             FAX      928-204-4323

        CONTACT KRIS
        SPECTOR

        E-MAIL
        KSPECTOR@LAUBERGE.COM

	 	 

EQUIPMENT/SERVICE SPECIFICATIONS
– 

	NEW	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	TH	F	S	S	 	 
	 	 	1.0	6FC

	 	 	 	 	 	 	 	 	 	 	x	 	$200.00/mth.	 
	 	 	1.0	8FY	 	 	 	 	 	 	 	x 	 	 	 	 	$ 60.00/mth.	 
	 	 	1.0	FCC	 	 	 	 	 	 	 	 	 	 	 	 	$ 13.00/mth.	 
	 	 	1.0	ECC	 	 	 	 	 	 	 	 	 	 	 	 	$ 13.00/mth.	 

	Service
    customer owned 6FC once weekly on Saturday. Service SM, 8 FY on site once a week on Wed.	      Total
     $286.00/mth

	OLD	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	Th	F	S	S	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 

	To be completed, if applicable. Any blanks or unfilled or unmarked boxes or spaces shall be deemed to be inapplicable and not affect the validity of this Agreement.	* A fuel surcharge and environmental cost recovery charge, calculated as a percentage of the Charge(s), will be included on your invoice. Information about the Fuel/ Environmental Charge can be found on our website at www.wm.com under billing inquiry, state and Local taxes, if applicable, will also be added to the Charges	   Total  $            /mth
	Container pull/push out required?	No (No/Yes)
	Container behind gate or enclosure?	No (No/Yes)	If applicable to your account the Recycle Material Offset fee (RMO/RML) may vary from month to month based on the recyclable material commodity market conditions.  The charge printed on this agreement represents the current fee and market conditions.	
        Net Change $  /mth

         

	Customer’s Waste Materials does not exceed an average weight of	lbs/yard	 
	Other applicable service terms (including Waste Material composition):	NBG agreement FCC and ECC locked at 10% excluding uncontrollable cost increases such as disposal, taxes and regulatory.  Customer to receive $100.00 new service ogn

	CUSTOMER DEPOSIT	 	 	 	 	SCHEDULE OF CHARGES * AS REQUIRED
	P.O. NUMBER	 	 	 	 	Container Usage Fee	 	$ 0
	JOB NUMBER	 	 	 	 	Locks	 	
        $        / bin

        $         / install

	RECEIPT REQUIRED?	No (Yes/No)	BILL TO ACCT #	 	 	Overage Charge	 	$        / yard, min 2 yard charge
	TAXABLE	No (Yes/No)	DISPOSAL SITE	 	 	Extra Pickup Charges *******	 	 
	 	 	 	 	 	 	Per Lift	 	$
    25.00
	THE UNDERSIGNED INDIVIDUAL SIGNING THIS AGREEMENT ON BEHALF OF CUSTOMER ACKNOWLEDGES THAT HE/SHE HAS READ AND UNDERSTANDS	 	 	Per Yard	 	$
	THE TERMS AND CONDITIONS OF THIS AGREEMENT, ON THE SECOND	 	Delivery Charge	 	$
    25.00
	PAGE, AND THAT HE/SHE HAS THE AUTHORITY TO SIGN ON BEHALF OF THE CUISTOMER. 	 	Container Exchange Charge	 	$
    150.00
	—TERMS: DUE UPON RECEIPT —	 	Trip Charge (Unable to Service)	 	$
    25.00
	 	 	 	 	 	Removal Fee	 	$
    25.00
	CUSTOMER	 	Orchards Inn llc	 	
        Customer Service Assisted

        Payment Charge
	 	$
	AUTHORIZED SIGNATURE	 	/s/ Al Spector Manager	 	Administrative Fee	 	$                          /invoice
	TITLE	 	Manager	Date	5/26/11	 	 	 	$
	NAME (PRINT OR TYPE)	 	 	 	 	 	 
	COMPANY	 	 	 	 	 	 
	AUTHORIZED SIGNATURE	 	/s/ Paul Piotrowski	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

  

	05/31/2011   15:05  FAX	002/002

 

	
        WM

 Waste Management
	 	SERVICE AGREEMENT

NON-HAZARDOUS WASTES 	 

 

Commercial Service Agreement

Terms And Conditions

 

	
        1. SERVICES RENDERED; WASTE MATERIALS. Customer
grants to Company the exclusive right, and Company shell furnish equipment and services, to collect and dispose of and/or recycle
all of Customer’s Waste Materials. Customer represents and warrants that the materials to be collected under this Agreement
shall be only “Waste Materials” as defined herein. For purposes of this Agreement, “Waste Materials” means
all non-hazardous solid waste and Recyclable Materials generated by Customer or at Customer’s Service Address. Waste Materials
includes Special Waste, such as industrial process wastes, asbestos-containing material, petroleum contaminated soils treated/de-characterized
wastes, and demolition debris, but Customer shall complete a Waste Profile for such Special Waste which has been approved by Company
in writing. Recyclable Materials shall include any type of material that can be recycled or recovered whether separated or not
separated from other Waste Materials prior to collection. Waste Materials specifically excludes, and Customer agrees not to deposit
or permit the deposit for collection of, any waste tires, radioactive, volatile, corrosive, flammable, explosive, biomedical,
infectious, biohazardous, regulated medical or hazardous waste, toxic substance or material, as defined by, characterized or listed
under applicable federal, state, or local laws or regulations, or Special Waste not approved in writing by Company (collectively,
“Excluded Materials”). Title to and liability for Excluded Material shall remain with Customer at all times. Title
to Waste Materials provided by Customer to Company is transferred to Company upon Company’s receipt or collection unless
otherwise provided in this Agreement or applicable law.

         

        2. TERM. The term (“Term”) of this
        Agreement is sixty (60) months from the Effective Date set forth (“Initial Term”), which shall automatically renew
        thereafter for additional terms of twelve (12) months each (“Renewal Term”) unless either party gives to the other
        party written notice (See Section 10(e)) of termination at least ninety (90) days, but no more than one hundred eighty (180) days,
        prior to the termination of the then-existing term.

         

        3. SERVICES GUARANTY; CUSTOMER TERMINATION. If
        the Company fails to perform the services described within five business days of its receipt of a written demand from Customer
        (See Section 10(e)), Customer may terminate this Agreement with the payment of all monies due through the termination date. If
        Company increases the Charges payable by Customer hereunder for reasons other than as set forth in Section 4 below, Customer shall
        have the right to terminate this Agreement by written notice to the Company no later than thirty (30) days after Company notifies
        Customer of such increase in Charges in writing. If Customer so notifies Company of its termination of this Agreement, such termination
        shall be of no force and effect if Company withdraws or removes such increases within fifteen (15) days after Customer provides
        timely notification of termination. Absent such termination, the increased Charges shall be binding and enforceable against Customer
        under this Agreement for the remaining Term.

         

        4. CHARGES; PAYMENTS; ADJUSTMENTS. Upon receipt
        of an Invoice, Customer shall pay for the services and/or equipment (including repair and maintenance) furnished by Company in
        accordance with the Charges on the first page, as it may be adjusted over the term of this Agreement as noted herein (the “Charges”).
        Company reserves the right to increase the Charges payable by Customer during the Term: (a) for any changes or modifications to,
        or differences between, the actual equipment and services provided by Company to Customer and the agreed upon Equipment/Service
        specifications on the first page, (b) any change in the composition of the Waste Materials or in the average weight per yard of
        Customer’s Waste Materials exceeds the amount specified on the first page; (c) for any increase in or other modification
        to its fuel or environmental cost recovery charges; (d) to cover any increases in disposal and/or third party transportation costs;
        (e) to cover increased costs due to uncontrollable circumstances, including, without limitation, changes in local, state or federal
        laws or regulations, imposition of taxes, fees or surcharges or acts of God such as floods, fires, hurricanes and natural disasters;
        and (f) no more often than annually from the Effective Date (of if specified on the first page, Customer’s Last API Date)
        for increases in the Consumer Price index plus four percent of the then current Charges. Any increase in Charges enumerated in
        clauses (a) through (e) above may include an amount for Company’s operating or gross profit margin. Company also reserves
        the right to charge Customer additional fees if the following additional services are provided to Customer, Administrative Fee,
        Enclosure Charge, Services on High Demand Days, Pull/Push Out Services, Container Relocation Fee, or Seasonal Restart Fee. In the
        event Company adjusts the Charges as provided in this Section 4, Customer and Company agree that this Agreement as so adjusted
        will continue in full force and effect for the remaining Term.

         

        Any Customer Invoice balance not paid within thirty
        (30) days of the date of Invoice is subject to a late fee, any Customer check returned for insufficient funds is subject to a NSF
        fee, both to the maximum extent allowed by applicable law. In the event that payment is not made when due, Company retains the
        right to suspend service until the past due balance is paid in full. In the even that service is suspended in excess of fifteen
        (15) days, Company may terminate this Agreement for such default and recover the equipment.

         

        5. CHANGES. Changes in the frequency of collection service,
        schedule, number, capacity and/or type of equipment, may be agreed to orally, in writing, by payment of the Invoice or by the actions
        and practices of the parties. If Customer changes its Service Address during the Term, this Agreement shall remain valid and enforceable
        with respect to services rendered at Customer’s new service location if such location is within Company’s service area.
	
        6. EQUIPMENT, ACCESS. All equipment furnished
by Company shall remain the property of Company; however, Customer shall have care, custody and control of the equipment and for
its contents while at Customer’s location. Customer shall not overload, more or alter the equipment and shall use the equipment
only for its intended purpose. At the termination of this Agreement, Customer shall return the equipment to Company in the condition
in which it was provided, normal wear and tear expected. Customer shall provide unobstructed access to the equipment on the scheduled
collection day. Customer shall pay, if charged by Company, an additional fee for any service modifications caused by or resulting
from Customer’s failure to provide access. Customer warrants that Customer’s property is sufficient to bear the weight
of Company’s equipment and vehicles and that Company shall not be responsible for any damage to the Customer’s property
resulting from the provision of services. 

         

        7. LIQUIDATED DAMAGES. In the event Customer Terminates this
        Agreement prior to the expiration of the Term for any reason other than as set forth in Section 3, or in the event Company terminates
        this Agreement for Customer’s default, Customer shall pay the following liquidated damages in addition to the Company’s
        legal fees: (a) If the remaining Initial Term under this Agreement is six or more months, Customer shall pay its most recent monthly
        Charges multiplied by six; (b) if the remaining Initial Term under this Agreement is less than six months, Customer shall pay its
        most recent monthly Charges multiplied by the number of months remaining in the Term; (c) if the remaining Renewal Term under this
        Agreement is three or more months, Customer shall pay its most recent monthly Charges multiplied by three; or (d) If the remaining
        Renewal Term under this Agreement is less than three months, Customer shall pay its most recent monthly Charges multiplied by the
        number of months remaining in the Renewal Term. Customer acknowledges that the actual damage to Company in the even to Termination
        is difficult to fix or prove, and the foregoing liquidated damages amount is reasonable and commensurate with the anticipated loss
        to Company resulting from such termination and is an agreed upon fee and is not imposed as a penalty. Customer shall pay liquidated
        damages of $100 for every Customer waste tire that is found at the disposal facility.

         

        8. INDEMNITY. The Company agrees to indemnify, defend and
        save Customer harmless from and against any and all liability which Customer may be responsible for or pay out $$ a result of bodily
        injuries (including death), property damage, or any violation or alleged violation of law, to the extend caused by any negligent
        act, negligent omission or willful misconduct of the Company or its employees, which occurs (a) during the collection or transportation
        of Customer’s Waste Materials, or (b) as a result of the disposal of Customer’s Waste Materials in a facility owned
        by the Company or a subsidiary of Waste Management, Inc., provided that the Company’s Indemnification obligations will not
        apply to occurrences involved Excluded Materials.

         

        Customer agrees to indemnify, defend and save the Company
        harmless from and against any and all liability which the Company may be responsible for or pay out as a result of bodily injuries
        (including death), property damage, or any violation or alleged violation of law to the extent caused by Customer’s breach
        of this Agreement or by any negligent act, negligent omission or willful misconduct of the Customer or its employees, agents or
        contractors in the performance of this Agreement or Customer’s use, operation or possession of any equipment furnished by
        the Company.

         

        Neither party shall be liable to the other for consequential,
        incidental or punitive damages arising out of the performance of this Agreement.

          

        9. RIGHT OF FIRST REFUSAL. Customer grants to Company
a right of first refusal to match any offer relating to services similar to those provided hereunder which Customer receives (or
intends to make) upon termination of this Agreement for any reason and Customer shall give Company prompt written notice of any
such offer and a reasonable opportunity to respond to it. 

         

        10. MISCELLANEOUS. (a) Except for the obligation to make
        payments hereunder, neither party shall be in default for its failure to perform or delay in performance caused by events or significant
        threats of events beyond its reasonable control, whether or not foreseeable, including, but not limited to, strikes, labor trouble,
        riots, imposition of laws or government orders, fires, acts of war or terrorism, acts of God, and the inability to obtain equipment,
        and the affected party shall be excused from performance during the occurrence of such events. (b) This Agreement shall be binding
        on and shall inure to the benefit of the parties hereto and their respective successors and assigns. (c) This Agreement represents
        the entire agreement between the parties and supersedes any and all other agreements, whether written or oral, that may exist between
        the parties. (d) This Agreement shall be construed in accordance with the law of the state in which the services are provided.
        (e) All written notification to Company required by this Agreement shall be by Certified Mail, Return Receipt Requested. (f) Any
        blanks or unfilled or unmarked boxes or spaces on this first page shall be deemed to be inapplicable and not affect the validity
        of the Agreement. (g) If any provision of this Agreement is declared invalid or unenforceable, then such provision shall be severed
        from and shall not affect the remainder of this Agreement; however, the parties shall amend this Agreement to give effect, to the
        maximum extent allowed, to the intent and meaning of the severed provision. (h) In the event the Company successfully enforces
        its rights against Customer hereunder the Customer shall be required to pay the Company’s

         

 

    	 

    	 

    

  

	
        WM 

Waste Management
	
        Company Name

        Street Address

        City, St ZIP

        Tel Number
	
        Commercial

        SERVICE AGREEMENT

        NON-HAZARDOUS WASTES 
	
        SIC Code 7011

        Type of Business LODGING

 

	
        WM AGREEMENT# _________

        CUSTOMER ACCT# __________

        ACCT. NAME Orchards Inn

        SERV. ADDR 254 89A N

        CITY, ST ZIP Sedona, St AZ Zip 86336

        COUNTY/Parish

        TEL # 602-510-4111 FAX 928-204-4323

        CONTACT KRIS SPECTOR

        E-MAIL KSPECTOR@LAUBERGE.COM
	
        REASON CODE NBG NBG NBG

        EFFECTIVE DATE 08/25/11_ LAST API DATE _____

        BILL. NAME Orchards Inn and Restaurant LLC

        BILL. ADDR 270 N 89 A Suite #2

        CITY, ST Zip Sedona, St AZ
        Zip 86336

        COUNTY/Parish _________

        TEL # 602-510-4111 FAX 928-204-4323

        CONTACT KRIS SPECTOR

        E-MAIL KSPECTOR@LAUBERGE.COM

	 	 

EQUIPMENT/SERVICE SPECIFICATIONS – 

	NEW	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	TH	F	S	S	 	 
	 	 	1.0	SOL	 	 	 	 	0	 	 	 	 	 	 	 	$109.32/mth.	 
	 	 	1.0	SOL	 	 	 	 	 	 	 	 	 	 	 	 	$109.32/mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 

	Service customer owned 6FC once weekly on Saturday. Service SM, 8 FY on site once a week on Wed.	    Total
 $218.64/mth

	OLD	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	Th	F	S	S	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 

	To be completed, if applicable. Any blanks or unfilled or unmarked boxes or spaces shall be deemed to be inapplicable and not affect the validity of this Agreement.	* A fuel surcharge and environmental cost recovery charge, calculated as a percentage of the Charge(s), will be included on your invoice. Information about the Fuel/ Environmental Charge can be found on our website at www.wm.com under billing inquiry, state and Local taxes, if applicable, will also be added to the Charges	  
Total  $            /mth
	Container pull/push out required?	No (No/Yes)
	Container behind gate or enclosure?	No (No/Yes)	If applicable to your account the Recycle Material Offset fee (RMO/RML) may vary from month to month based on the recyclable material commodity market conditions.  The charge printed on this agreement represents the current fee and market conditions.	
        Net Change $         /mth

         

	Customer’s Waste Materials does not exceed an average weight of	lbs/yard	 
	Other applicable service terms (including Waste Material composition):	

This is NBG lease agreement no service required no F & E to be billed. $100.00 install charged on first billing.. Piotrowski #106

	CUSTOMER DEPOSIT	 	 	 	 	SCHEDULE OF CHARGES * AS REQUIRED
	P.O. NUMBER	 	 	 	 	Container Usage Fee	 	$ 0
	JOB NUMBER	 	 	 	 	Locks	 	
        $           / bin

        $           / install

	RECEIPT REQUIRED?	No (Yes/No)	BILL TO ACCT #	 	 	Overage Charge	 	$                  / yard, min 2 yard charge
	TAXABLE	No (Yes/No)	DISPOSAL SITE	 	 	Extra Pickup Charges *******	 	 
	 	 	 	 	 	 	Per Lift	 	$
	THE UNDERSIGNED INDIVIDUAL SIGNING THIS AGREEMENT ON BEHALF OF CUSTOMER ACKNOWLEDGES THAT HE/SHE HAS READ AND UNDERSTANDS	 	 	Per Yard	 	$
	THE TERMS AND CONDITIONS OF THIS AGREEMENT, ON THE SECOND	 	Delivery Charge	 	$ 100.00
	PAGE, AND THAT HE/SHE HAS THE AUTHORITY TO SIGN ON BEHALF OF THE CUISTOMER. 	 	Container Exchange Charge	 	$150.00
	—TERMS: DUE UPON RECEIPT —	 	Trip Charge (Unable to Service)	 	$
	 	 	 	 	 	Removal Fee	 	$50.00
	CUSTOMER	 	/s/ Al Spector Manager Manager	 	
        Customer Service Assisted

        Payment Charge
	 	$
	AUTHORIZED SIGNATURE	 		 	Administrative Fee	 	$       /invoice
	TITLE	 		Date	6/24/11	 	 	 	$
	NAME (PRINT OR TYPE)	 	 	 	 	 	 
	COMPANY	 	 	 	 	 	 
	AUTHORIZED SIGNATURE	 	/s/ Paul Piotrowski	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

	
        WM 

Waste Management
	 	SERVICE AGREEMENT

NON-HAZARDOUS WASTES 	 

 

Commercial Service Agreement

Terms And Conditions

 

	
        1. SERVICES RENDERED; WASTE MATERIALS. Customer
 grants to Company the exclusive right, and Company shell furnish equipment and services, to collect and dispose of and/or recycle
all of Customer’s Waste Materials. Customer represents and warrants that the materials to be collected under this Agreement
shall be only “Waste Materials” as defined herein. For purposes of this Agreement, “Waste Materials” means
all non-hazardous solid waste and Recyclable Materials generated by Customer or at Customer’s Service Address. Waste Materials
includes Special Waste, such as industrial process wastes, asbestos-containing material, petroleum contaminated soils treated/de-characterized
wastes, and demolition debris, but Customer shall complete a Waste Profile for such Special Waste which has been approved by Company
in writing. Recyclable Materials shall include any type of material that can be recycled or recovered whether separated or not
separated from other Waste Materials prior to collection. Waste Materials specifically excludes, and Customer agrees not to deposit
or permit the deposit for collection of, any waste tires, radioactive, volatile, corrosive, flammable, explosive, biomedical,
infectious, biohazardous, regulated medical or hazardous waste, toxic substance or material, as defined by, characterized or listed
under applicable federal, state, or local laws or regulations, or Special Waste not approved in writing by Company (collectively,
“Excluded Materials”). Title to and liability for Excluded Material shall remain with Customer at all times. Title
to Waste Materials provided by Customer to Company is transferred to Company upon Company’s receipt or collection unless
otherwise provided in this Agreement or applicable law.

         

        2. TERM. The term (“Term”) of this
        Agreement is sixty (60) months from the Effective Date set forth (“Initial Term”), which shall automatically renew
        thereafter for additional terms of twelve (12) months each (“Renewal Term”) unless either party gives to the other
        party written notice (See Section 10(e)) of termination at least ninety (90) days, but no more than one hundred eighty (180) days,
        prior to the termination of the then-existing term.

         

        3. SERVICES GUARANTY; CUSTOMER TERMINATION. If
        the Company fails to perform the services described within five business days of its receipt of a written demand from Customer
        (See Section 10(e)), Customer may terminate this Agreement with the payment of all monies due through the termination date. If
        Company increases the Charges payable by Customer hereunder for reasons other than as set forth in Section 4 below, Customer shall
        have the right to terminate this Agreement by written notice to the Company no later than thirty (30) days after Company notifies
        Customer of such increase in Charges in writing. If Customer so notifies Company of its termination of this Agreement, such termination
        shall be of no force and effect if Company withdraws or removes such increases within fifteen (15) days after Customer provides
        timely notification of termination. Absent such termination, the increased Charges shall be binding and enforceable against Customer
        under this Agreement for the remaining Term.

         

        4. CHARGES; PAYMENTS; ADJUSTMENTS. Upon receipt
        of an Invoice, Customer shall pay for the services and/or equipment (including repair and maintenance) furnished by Company in
        accordance with the Charges on the first page, as it may be adjusted over the term of this Agreement as noted herein (the “Charges”).
        Company reserves the right to increase the Charges payable by Customer during the Term: (a) for any changes or modifications to,
        or differences between, the actual equipment and services provided by Company to Customer and the agreed upon Equipment/Service
        specifications on the first page, (b) any change in the composition of the Waste Materials or in the average weight per yard of
        Customer’s Waste Materials exceeds the amount specified on the first page; (c) for any increase in or other modification
        to its fuel or environmental cost recovery charges; (d) to cover any increases in disposal and/or third party transportation costs;
        (e) to cover increased costs due to uncontrollable circumstances, including, without limitation, changes in local, state or federal
        laws or regulations, imposition of taxes, fees or surcharges or acts of God such as floods, fires, hurricanes and natural disasters;
        and (f) no more often than annually from the Effective Date (of if specified on the first page, Customer’s Last API Date)
        for increases in the Consumer Price index plus four percent of the then current Charges. Any increase in Charges enumerated in
        clauses (a) through (e) above may include an amount for Company’s operating or gross profit margin. Company also reserves
        the right to charge Customer additional fees if the following additional services are provided to Customer, Administrative Fee,
        Enclosure Charge, Services on High Demand Days, Pull/Push Out Services, Container Relocation Fee, or Seasonal Restart Fee. In the
        event Company adjusts the Charges as provided in this Section 4, Customer and Company agree that this Agreement as so adjusted
        will continue in full force and effect for the remaining Term.

         

        Any Customer Invoice balance not paid within thirty
        (30) days of the date of Invoice is subject to a late fee, any Customer check returned for insufficient funds is subject to a NSF
        fee, both to the maximum extent allowed by applicable law. In the event that payment is not made when due, Company retains the
        right to suspend service until the past due balance is paid in full. In the even that service is suspended in excess of fifteen
        (15) days, Company may terminate this Agreement for such default and recover the equipment.

         

        5. CHANGES. Changes in the frequency of collection service,
        schedule, number, capacity and/or type of equipment, may be agreed to orally, in writing, by payment of the Invoice or by the actions
        and practices of the parties. If Customer changes its Service Address during the Term, this Agreement shall remain valid and enforceable
        with respect to services rendered at Customer’s new service location if such location is within Company’s service area.
	
        6. EQUIPMENT, ACCESS. All equipment furnished
by Company shall remain the property of Company; however, Customer shall have care, custody and control of the equipment and for
its contents while at Customer’s location. Customer shall not overload, more or alter the equipment and shall use the equipment
only for its intended purpose. At the termination of this Agreement, Customer shall return the equipment to Company in the condition
in which it was provided, normal wear and tear expected. Customer shall provide unobstructed access to the equipment on the scheduled
collection day. Customer shall pay, if charged by Company, an additional fee for any service modifications caused by or resulting
from Customer’s failure to provide access. Customer warrants that Customer’s property is sufficient to bear the weight
of Company’s equipment and vehicles and that Company shall not be responsible for any damage to the Customer’s property
resulting from the provision of services. 

         

        7. LIQUIDATED DAMAGES. In the event Customer Terminates this
        Agreement prior to the expiration of the Term for any reason other than as set forth in Section 3, or in the event Company terminates
        this Agreement for Customer’s default, Customer shall pay the following liquidated damages in addition to the Company’s
        legal fees: (a) If the remaining Initial Term under this Agreement is six or more months, Customer shall pay its most recent monthly
        Charges multiplied by six; (b) if the remaining Initial Term under this Agreement is less than six months, Customer shall pay its
        most recent monthly Charges multiplied by the number of months remaining in the Term; (c) if the remaining Renewal Term under this
        Agreement is three or more months, Customer shall pay its most recent monthly Charges multiplied by three; or (d) If the remaining
        Renewal Term under this Agreement is less than three months, Customer shall pay its most recent monthly Charges multiplied by the
        number of months remaining in the Renewal Term. Customer acknowledges that the actual damage to Company in the even to Termination
        is difficult to fix or prove, and the foregoing liquidated damages amount is reasonable and commensurate with the anticipated loss
        to Company resulting from such termination and is an agreed upon fee and is not imposed as a penalty. Customer shall pay liquidated
        damages of $100 for every Customer waste tire that is found at the disposal facility.

         

        8. INDEMNITY. The Company agrees to indemnify, defend and
        save Customer harmless from and against any and all liability which Customer may be responsible for or pay out $$ a result of bodily
        injuries (including death), property damage, or any violation or alleged violation of law, to the extend caused by any negligent
        act, negligent omission or willful misconduct of the Company or its employees, which occurs (a) during the collection or transportation
        of Customer’s Waste Materials, or (b) as a result of the disposal of Customer’s Waste Materials in a facility owned
        by the Company or a subsidiary of Waste Management, Inc., provided that the Company’s Indemnification obligations will not
        apply to occurrences involved Excluded Materials.

         

        Customer agrees to indemnify, defend and save the Company
        harmless from and against any and all liability which the Company may be responsible for or pay out as a result of bodily injuries
        (including death), property damage, or any violation or alleged violation of law to the extent caused by Customer’s breach
        of this Agreement or by any negligent act, negligent omission or willful misconduct of the Customer or its employees, agents or
        contractors in the performance of this Agreement or Customer’s use, operation or possession of any equipment furnished by
        the Company.

         

        Neither party shall be liable to the other for consequential,
incidental or punitive damages arising out of the performance of this Agreement. 

         

        9. RIGHT OF FIRST REFUSAL. Customer grants to Company
a right of first refusal to match any offer relating to services similar to those provided hereunder which Customer receives (or
intends to make) upon termination of this Agreement for any reason and Customer shall give Company prompt written notice of any
such offer and a reasonable opportunity to respond to it. 

         

        10. MISCELLANEOUS. (a) Except for the obligation to make
        payments hereunder, neither party shall be in default for its failure to perform or delay in performance caused by events or significant
        threats of events beyond its reasonable control, whether or not foreseeable, including, but not limited to, strikes, labor trouble,
        riots, imposition of laws or government orders, fires, acts of war or terrorism, acts of God, and the inability to obtain equipment,
        and the affected party shall be excused from performance during the occurrence of such events. (b) This Agreement shall be binding
        on and shall inure to the benefit of the parties hereto and their respective successors and assigns. (c) This Agreement represents
        the entire agreement between the parties and supersedes any and all other agreements, whether written or oral, that may exist between
        the parties. (d) This Agreement shall be construed in accordance with the law of the state in which the services are provided.
        (e) All written notification to Company required by this Agreement shall be by Certified Mail, Return Receipt Requested. (f) Any
        blanks or unfilled or unmarked boxes or spaces on this first page shall be deemed to be inapplicable and not affect the validity
        of the Agreement. (g) If any provision of this Agreement is declared invalid or unenforceable, then such provision shall be severed
        from and shall not affect the remainder of this Agreement; however, the parties shall amend this Agreement to give effect, to the
        maximum extent allowed, to the intent and meaning of the severed provision. (h) In the event the Company successfully enforces
        its rights against Customer hereunder the Customer shall be required to pay the Company’s

         

 

    	 

    	 

    

  

	
        WM 

Waste Management
	EQUIPMENT RENTAL AGREEMENT	 

 

This Equipment Rental Agreement between
Waste Management of Arizona Inc. and Orchards Inn and Restaurant LLC with a facility located at 254 N 89 A Sedona, AZ. 86336 is
dated as of 06/24/2011

 

		1.	TERM. The term of this Agreement shall commence on the date of installation of the Equipment,
as set forth on Exhibit A, and shall continue for a period of sixty (60) months. Thereafter, the term shall automatically be extended
for successive one-month periods, unless and until either party provides the other party with written notice of non-renewal at
least thirty days' prior to the then existing term.

 

		2.	RENTAL. Customer hereby agrees to pay Company a total of $218.64 per month plus all applicable
taxes and fees for rental of the equipment identified in Exhibit A (collectively referred to as the 4Equipmenr). Payments are due
by Customer within 10 days of the date of invoice furnished by Company, and Customer shall pay a service charge on all past due
amounts accruing from the date of the invoice at a rate of 18% per annum, or if less, the maximum rate allowed by law. Prior to
the commencement of the term of this Agreement and as a condition to the effectiveness of this Agreement, Customer will pay Company
a deposit on the Equipment in the sum of $0.0, which deposit shall be returned to Customer upon expiration of the Term, provided
Customer has complied with the provisions of this Agreement.

 

		3.	DELIVERY AND INSTALLATION. Company will deliver and install the Equipment at Customer's
facility listed above (or such other facilities as may be set forth in Exhibit A). Customer agrees to pay Company a delivery and
installation charge as set forth in Exhibit A. Customer agrees to provide a suitable location to safely accommodate the Equipment.

 

		4.	COLLECTION SERVICE. Unless otherwise prohibited by law or by existing contractual agreement,
Customer agrees that it shall use Company's solid waste and recyclables collection, processing, and disposal services, to the extent
available, to service the Equipment during the term of this Agreement.

 

		5.	MAINTENANCE AND EXCHANGES. Customer is responsible for all maintenance, repairs and replacement
costs associated with the equipment. Upon Customer request, Company will provide maintenance of the Equipment related to its normal
use for its intended purposes..

 

		6.	TITLE TO EQUIPMENT. The Equipment will at all times remain the property of Company. The
Equipment shall at all times be and remain personal property, regardless of whether it be affixed to realty.

 

		7.	REMOVAL, INSPECTION, AND RETURN OF EQUIPMENT. The Equipment shall not be removed from or
relocated within the Customer's premises without prior written approval of Company. Relocation of the Equipment within the premises
or to an alternative location may result in additional charges. Company may inspect the Equipment at any time during Customer's
normal business hours. Upon any breach of this Agreement by Customer, the Customer shall allow Company access to its premises to
remove the Equipment from its location. Company shall not be required to restore the Equipment location area following such removal,
but shall use reasonable care not to cause excessive damage in removing the Equipment. A change of business location by Customer
shall not void Customer's obligations under this Agreement

 

		8.	DISCLAIMER OF WARRANTIES. ALL EQUIPMENT IS PROVIDED AS-IS WITHOUT WARRANTY OR REPRESENTATION EITHER
EXPRESS OR IMPLIED AS TO (A) MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, (B) THE RIGHT TO THE QUIET ENJOYMENT OF THE
EQUIPMENT, (C) THE DESIGN, CONDITION, QUALITY OF MATERIAL OR WORKMANSHIP IN THE EQUIPMENT, OR (D) ANY OTHER MATTER WHATSOEVER,
IT BEING AGREED THAT ALL SUCH RISKS, AS BETWEEN COMPANY AND CUSTOMER, ARE TO BE BORNE BY CUSTOMER. Company shall not be liable
to Customer for any loss, damage or expense of any kind or nature, including any lost profits, damage to property or consequential,
special or incidental damages. With respect to any warranties that may be available from the manufacturer of the Equipment,

 

© Waste Management, Inc. 2007

 

    	1

    	 

    

 

Customer agrees that it shall look exclusively to the manufracturer for such warranty protection, and Company will use good faith efforts to pass along any manufracturer’s warranty to Customer that may exist for proper use of the Equipment.

 

		9.	INDEMNITY. Customer will Indemnify, defend, and hold harmless Company, its agents and employees
from and against ail losses, damages, injuries, claims, demands, and expenses, including legal expenses of whatsoever nature, arising
out of the use or operation of the Equipment by Customer, its agents, employees, invitees or subcontractors, or any negligence
or willful misconduct of Customer, its agents, employees, invitees or subcontractors.

 

		10.	EQUIPMENT; ACCESS. The Equipment furnished hereunder by Company shall remain the property
of Company; however, Customer shall have the care, custody and control of the Equipment while at Customer's location. Customer
shall not overfeed (by weight or by volume), move or alter the Equipment and shall use the Equipment only for its intended purpose.
Customer shall protect the Equipment against damage, theft, destruction, graffiti, misuse, or negligent operation, At the termination
of this Agreement, Customer shall release the Equipment to Company in the condition In which it was provided, normal wear and tear
excepted. Customer shall provide Company with unobstructed access to the Equipment on the scheduled collection day. If the Equipment
is Inaccessible so that the regularly scheduled pick-up cannot be made, Company will promptly notify Customer and afford Customer
a reasonable opportunity to provide the required access; however, Company reserves the right to charge an additional fee for any
modifications In collection service caused by or resulting from Customer's failure to provide access.

 

		11.	INSURANCE. Customer shall maintain during the term of this Agreement, with insurance companies reasonably acceptable
to Company, the following Insurance coverage:

 

Worker's Compensation/Employers Liability
Minimum Limits:

  

	 	•	Coverage A- Statutory
	 	•	Coverage B- $500,000

 

Comprehensive General Liability
Insurance (including contractual liability Insurance evidencing coverage for the above Section 8 - Indemnity) Minimum Limits:

 

	 	•	Bodily injury-

	 	•	$1,000,000 each occurrence
	 	•	$1,000,000 Aggregate

 

	 	•	Properly Damage-

	 	•	$1,000,000 each occurrence
	 	•	$1,000,000 Aggregate

 

Company and its parents,
subsidiaries and corporate affiliates shall be named as Additional insureds on above policies. Such coverage shall extend only
to the extent of Customer's obligation to. indemnify Contractor as provided in Section 8 above. All policies of insurance will
be endorsed to afford Company with thirty (30) days advance written notice of cancellation, non-removal, or material change in
coverage. Prior to the commencement of the term of this Agreement and as a condition thereto, Customer will provide Company with
Certificates of insurance evidencing the required insurance coverage, if requested by Company.

 

		12.	DEFAULT, REPOSSESSION, LIQUIDATED DAMAGES. Customer shall be in default ("Default')
under this Agreement in the event of: (a) failure to pay when due any of the charges payable hereunder; (b) breach of any other
terms, covenants, or conditions contained In this Agreement and failure to cure such breach within five (6) days following receipt
of written notice of such breach; (c) the filing by Customer or any of its creditors for relief under any bankruptcy or similar
laws; (d) the making of any assignment for the benefit of Customer's creditors, or (e) the appointment of a receiver or trustee
to take possession of any of Customer's assets. If a Default occurs, Company may terminate this Agreement upon giving written notice
to Customer. In that event, the Equipment shall immediately be surrendered to Company and Company shall be authorized to enter
upon any premises of Customer, without notice, to take possession of the Equipment, and recover all of its expenses related thereto,
including but not limited to any de-installation costs, transportation costs, attorneys' fees, court costs and other such expenses.
In the event this Agreement is terminated prior to the expiration of the Term, Customer shall pay to Company the sum of twelve
(12)

 

© Waste Management, Inc. 2007

 

    	2

    	 

    

 

EXHIBIT A

 

Description of Equipment Provided

(2) 2-Unit Kiosk; Single Stream Recycling
Unit + WM Compactor

(2) WM Wrap (of customers design) –
Two unit Kiosk

(2) Clean Wireless Notification

(2) WM Ad Panels (Trash Backer Installed)

 

Installation Locations and Installation
Date

Unites to be installed through out customer
campus at customer’s designation.

 

Other Information

Installation fee of $50.00 will be billed
on first Invoice.

 

© Waste Management, Inc. 2007

 

    	4

    	 

    

 

months of monthly rental payments
as liquidated damages for such early termination. Customer understands that Company will incur significant expenses modifying the
Equipment for Customers use, and will be significantly damaged by termination of this Agreement prior to the full length of the
Term, and that the liquidated damages amount agreed to herein is reasonable compensation commensurate with the anticipated loss
to Company and that such amount is an agreed upon fee and not a penalty. The remedies set forth herein shall not be exclusive or
preclude the parties from seeking any other remedy available under this Agreement or by law. In the event of an action to enforce
this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys' fees, collection fees and other costs.

 

		13.	ASSIGNMENT, BINDING EFFECT. Neither party shall assign this Agreement without the prior
written consent of the other party, except that Company may assign this Agreement to any corporation or entity affiliated with
Company without Customer's consent. This Agreement shall be binding on end shall inure to the benefit of both Customer and Company
and their respective heirs, successors and assigns, in accordance with the terms and conditions set out herein.

 

		14.	NOTICE. Any written notice required to be given hereunder, including notice of termination,
shall be deemed effective if delivered by personal delivery or overnight courier or sent by certified mail, postage prepaid, return
receipt requested, to the parties at the addresses set forth In the signature page set forth below.

 

		15.	ENTIRE AGREEMENT, AMENDMENT. This Agreement represents the entire understanding and agreement
between the parties hereto and supersedes any and all other agreements whether written or oral, that may exist between the parties.
No course of performance, usage of trade, understandings, purchase orders or agreements purporting to amend, supplement or explain
this Agreement shall be effective unless in writing and signed by authorized representatives of both parties.

 

		16.	GOVERNING LAW, SEVERABILITY. The validity, interpretation and performance of this Agreement
shall be construed in accordance with the law of the state in which the Equipment is located, if any provision of this Agreement
is declared invalid or unenforceable, then such provision shall be deemed severable from and shall not affect the remainder of
this Agreement.

 

		17.	COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of which shall
be deemed an original, but which when taken together shall constitute one integrated instrument.

 

	Waste Management of Arizona Inc.	 	CUSTOMER
	 	 	 
	By:	Paul Piotrowski	 	By: Al Spector
	 	 	 	 
	Name:	/s/ Paul Piotrowski	 	Name:	/s/Al Spector Manager
	Date: 	06/24/11	 	Date: 	06/24/11

 

	Notice Address: 	1580 E. Elwood	 	Notice Address: 	270 N. 89A Suite #2
	 	Phoenix, AZ 85040	 	 	Sedona, AZ 86336

 

© Waste Management, Inc. 2007 

 

    	3

    	 

    

 

	WM 

Waste Management	EQUIPMENT RENTAL AGREEMENT	 

  

This Equipment Rental Agreement between
Waste Management of Arizona Inc. and Orchards Inn and Restaurant LLC with a facility located at 254 N 89 A Sedona, AZ. 86336 is
dated as of 06/24/2011

 

		1.	TERM. The term of this Agreement shall commence on the date of installation of the Equipment,
as set forth on Exhibit A, and shall continue for a period of sixty (60) months. Thereafter, the term shall automatically be extended
for successive one-month periods, unless and until either party provides the other party with written notice of non-renewal at
least thirty days' prior to the then existing term.

 

		2.	RENTAL. Customer hereby agrees to pay Company a total of $218.64 per month plus all applicable
taxes and fees for rental of the equipment identified in Exhibit A (collectively referred to as the 4Equipmenr). Payments are due
by Customer within 10 days of the date of invoice furnished by Company, and Customer shall pay a service charge on all past due
amounts accruing from the date of the invoice at a rate of 18% per annum, or if less, the maximum rate allowed by law. Prior to
the commencement of the term of this Agreement and as a condition to the effectiveness of this Agreement, Customer will pay Company
a deposit on the Equipment in the sum of $0.0, which deposit shall be returned to Customer upon expiration of the Term, provided
Customer has complied with the provisions of this Agreement.

 

		3.	DELIVERY AND INSTALLATION. Company will deliver and install the Equipment at Customer's
facility listed above (or such other facilities as may be set forth in Exhibit A). Customer agrees to pay Company a delivery and
installation charge as set forth in Exhibit A. Customer agrees to provide a suitable location to safely accommodate the Equipment.

 

		4.	COLLECTION SERVICE. Unless otherwise prohibited by law or by existing contractual agreement,
Customer agrees that it shall use Company's solid waste and recyclables collection, processing, and disposal services, to the extent
available, to service the Equipment during the term of this Agreement.

 

		5.	MAINTENANCE AND EXCHANGES. Customer is responsible for all maintenance, repairs and replacement
costs associated with the equipment. Upon Customer request, Company will provide maintenance of the Equipment related to its normal
use for its intended purposes..

 

		6.	TITLE TO EQUIPMENT. The Equipment will at all times remain the property of Company. The
Equipment shall at all times be and remain personal property, regardless of whether it be affixed to realty.

 

		7.	REMOVAL, INSPECTION, AND RETURN OF EQUIPMENT. The Equipment shall not be removed from or
relocated within the Customer's premises without prior written approval of Company. Relocation of the Equipment within the premises
or to an alternative location may result in additional charges. Company may inspect the Equipment at any time during Customer's
normal business hours. Upon any breach of this Agreement by Customer, the Customer shall allow Company access to its premises to
remove the Equipment from its location. Company shall not be required to restore the Equipment location area following such removal,
but shall use reasonable care not to cause excessive damage in removing the Equipment. A change of business location by Customer
shall not void Customer's obligations under this Agreement

 

		8.	DISCLAIMER OF WARRANTIES. ALL EQUIPMENT IS PROVIDED AS-IS WITHOUT WARRANTY OR REPRESENTATION
EITHER EXPRESS OR IMPLIED AS TO (A) MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, (B) THE RIGHT TO THE QUIET ENJOYMENT
OF THE EQUIPMENT, (C) THE DESIGN, CONDITION, QUALITY OF MATERIAL OR WORKMANSHIP IN THE EQUIPMENT, OR (D) ANY OTHER MATTER WHATSOEVER,
IT BEING AGREED THAT ALL SUCH RISKS, AS BETWEEN COMPANY AND CUSTOMER, ARE TO BE BORNE BY CUSTOMER. Company shall not be liable
to Customer for any loss, damage or expense of any kind or nature, including any lost profits, damage to property or consequential,
special or incidental damages. With respect to any warranties that may be available from the manufacturer of the Equipment,

 

© Waste Management, Inc. 2007

 

    	1

    	 

    

 

Customer agrees that it shall
look exclusively to the manufacturer for such warranty protection, and Company will use good faith efforts to pass along any manufacturer's
warranty to Customer that may exist for proper use of the Equipment.

 

		9.	INDEMNITY. Customer will Indemnify, defend, and hold harmless Company, its agents and employees
from and against ail losses, damages, injuries, claims, demands, and expenses, including legal expenses of whatsoever nature, arising
out of the use or operation of the Equipment by Customer, its agents, employees, invitees or subcontractors, or any negligence
or willful misconduct of Customer, its agents, employees, invitees or subcontractors.

 

		10.	EQUIPMENT; ACCESS. The Equipment furnished hereunder by Company shall remain the property
of Company; however, Customer shall have the care, custody and control of the Equipment while at Customer's location. Customer
shall not overfeed (by weight or by volume), move or alter the Equipment and shall use the Equipment only for its intended purpose.
Customer shall protect the Equipment against damage, theft, destruction, graffiti, misuse, or negligent operation. At the termination
of this Agreement, Customer shall release the Equipment to Company in the condition in which it was provided, normal wear and tear
excepted. Customer shall provide Company with unobstructed access to the Equipment on the scheduled collection day. If the Equipment
is Inaccessible so that the regularly scheduled pick-up cannot be made, Company will promptly notify Customer and afford Customer
a reasonable opportunity to provide the required access; however, Company reserves the right to charge an additional fee for any
modifications In collection service caused by or resulting from Customer's failure to provide access.

 

		11.	INSURANCE. Customer shall maintain during the term of this Agreement, with insurance companies
reasonably acceptable to Company, the following Insurance coverage:

 

Worker's Compensation/Employers
Liability Minimum Limits:

 

		•	Coverage
A- Statutory

		•	Coverage
B- $500,000

 

Comprehensive General Liability
Insurance (including contractual liability Insurance evidencing coverage for the above Section 8 - Indemnity) Minimum Limits:

 

		•	Bodily
injury-

		•	$1,000,000
each occurrence

		•	$1,000,000
Aggregate

  

		•	Properly
Damage-

		•	$1,000,000
each occurrence

		•	$1,000,000
Aggregate

           
 

Company and its parents, subsidiaries
and corporate affiliates shall be named as Additional insureds on above policies. Such coverage shall extend only to the extent
of Customer's obligation to. indemnify Contractor as provided in Section 8 above. All policies of insurance will be endorsed to
afford Company with thirty (30) days advance written notice of cancellation, non-removal, or material change in coverage. Prior
to the commencement of the term of this Agreement and as a condition thereto, Customer will provide Company with Certificates of
insurance evidencing the required insurance coverage, if requested by Company.

 

		12.	DEFAULT, REPOSSESSION, LIQUIDATED DAMAGES. Customer shall be in default ("Default')
under this Agreement in the event of: (a) failure to pay when due any of the charges payable hereunder; (b) breach of any other
terms, covenants, or conditions contained In this Agreement and failure to cure such breach within five (6) days following receipt
of written notice of such breach; (c) the filing by Customer or any of its creditors for relief under any bankruptcy or similar
laws; (d) the making of any assignment for the benefit of Customer's creditors, or (e) the appointment of a receiver or trustee
to take possession of any of Customer's assets. If a Default occurs, Company may terminate this Agreement upon giving written notice
to Customer. in that event, the Equipment shall immediately be surrendered to Company and Company shall be authorized to enter
upon any premises of Customer, without notice, to take possession of the Equipment, and recover all of its expenses related thereto,
including but not limited to any de-installation costs, transportation costs, attorneys' fees, court costs and other such expenses.
In the event this Agreement is terminated prior to the expiration of the Term, Customer shall pay to Company the sum of twelve
(12)

 

© Waste Management, Inc. 2007

 

    	2

    	 

    

 

months of monthly rental payments
as liquidated damages for such early termination. Customer understands that Company will incur significant expenses modifying
the Equipment for Customers use, and will be significantly damaged by termination of this Agreement prior to the full length of
the Term, and that the liquidated damages amount agreed to herein is reasonable compensation commensurate with the anticipated
loss to Company and that such amount is an agreed upon fee and not a penalty. The remedies set forth herein shall not be exclusive
or preclude the parties from seeking any other remedy available under this Agreement or by law. In the event of an action to enforce
this Agreement, the prevailing party shall be entitled to recover Its reasonable attorneys' fees, collection fees and other costs.

 

		13.	ASSIGNMENT, BINDING EFFECT. Neither party shall assign this Agreement without the prior
written consent of the other party, except that Company may assign this Agreement to any corporation or entity affiliated with
Company without Customer's consent. This Agreement shall be binding on end shall inure to the benefit of both Customer and Company
and their respective heirs, successors and assigns, in accordance with the terms and conditions set out herein.

 

		14.	NOTICE. Any written notice required to be given hereunder, including notice of termination,
shall be deemed effective if delivered by personal delivery or overnight courier or sent by certified mail, postage prepaid, return
receipt requested, to the parties at the addresses set forth In the signature page set forth below.

 

		15.	ENTIRE AGREEMENT, AMENDMENT. This Agreement represents the entire understanding and agreement
between the parties hereto and supersedes any and all other agreements whether written or oral, that may exist between the parties.
No course of performance, usage of trade, understandings, purchase orders or agreements purporting to amend, supplement or explain
this Agreement shall be effective unless in writing and signed by authorized representatives of both parties.

 

		16.	GOVERNING LAW, SEVERABILITY. The validity, interpretation and performance of this Agreement
shall be construed in accordance with the law of the state in which the Equipment is located, if any provision of this Agreement
Is declared invalid or unenforceable, then such provision shall be deemed severable from and shall not affect the remainder of
this Agreement.

 

		17.	COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of which shall
be deemed an original, but which when taken together shall constitute one integrated instrument.

 

	Waste Management of Arizona Inc.	 	CUSTOMER
	 	 	 
	By: 	Paul Piotrowski	 	By: Al Spector
	 	 	 	 	 
	Name: 	/s/ Paul Piotrowski	 	Name: 	/s/Al Spector Manager
	Date: 	06/24/11	 	Date: 	06/24/11

 

	Notice Address:	1580 E. Elwood	 	Notice Address:	270 N. 89A Suite #2
	 	Phoenix, AZ 85040	 	 	Sedona, AZ 86336

 

© Waste Management, Inc. 2007

 

    	3

    	 

    

 

	WM 

Waste Management  	Company
                                                                                    Name

        Street
        Address

        City,
        St ZIP

        Tel
        Number
	Commercial

        SERVICE
        AGREEMENT

        NON-HAZARDOUS WASTES 
	SIC
                                                   Code 7011

        Type
        of Business LODGING

 

	
        WM AGREEMENT# _________

        CUSTOMER ACCT# __________

        ACCT. NAME Orchards Inn

        SERV. ADDR 254 89A N

        CITY, ST ZIP SEDONA, St AZ Zip 86336

        COUNTY/Parish __________

        TEL # 602-510-4111 FAX 928-204-4323

        CONTACT KRIS SPECTOR

        E-MAIL KSPECTOR@LAUBERGE.COM
	
        REASON CODE NBG NBG NBG

        EFFECTIVE DATE ............
        LAST API DATE _____

        BILL. NAME Orchards Inn and Restaurant LLC

        BILL. ADDR 270 N 89 A Suite 2

        CITY, ST Zip SEDONA, St AZ Zip 86336

        COUNTY/Parish _________

        TEL # 602-510-4111 FAX 928-204-4323

        CONTACT KRIS SPECTOR

        E-MAIL KSPECTOR@LAUBERGE.COM

EQUIPMENT/SERVICE SPECIFICATIONS – 

	NEW	 	 	 	 	 	 	 	 	Schedule
    & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	TH	F	S	S	 	 
	 	 	1.0	SOL	 	 	 	 	0	 	 	 	 	 	 	 	$109.32/mth.	 
	 	 	1.0	SOL	 	 	 	 	0	 	 	 	 	 	 	 	$109.32/mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$           /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$            /mth.	 

	Service customer owned 6FC once weekly on Saturday. Service SM, 8 FY on site once a week on Wed.	      Total  $218.64/mth

  

	OLD	 	 	 	 	 	 	 	 	Schedule & Route No.	Charges(s)*	 
	Loc	Sys	Qty	Size	Lids	Whls	Lock	Freq	OC	M	T	W	Th	F	S	S	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$        /mth.	 

	To be completed, if applicable. Any blanks or unfilled or unmarked boxes or spaces shall be deemed to be inapplicable and not affect the validity of this Agreement.	*
A fuel surcharge and environmental cost recovery charge, calculated as a percentage of the Charge(s), will be included on your
invoice. Information about the Fuel/ Environmental Charge can be found on our website at www.wm.com under billing inquiry, state
and Local taxes, if applicable, will also be added to the Charges	  
Total  $            /mth
	Container pull/push out required?	No (No/Yes)
	Container behind gate or enclosure?	No (No/Yes)	If applicable to your account the Recycle Material Offset fee (RMO/RML) may vary from month to month based on the recyclable material commodity market conditions.  The charge printed on this agreement represents the current fee and market conditions.	
        Net Change $         /mth

         

	Customer’s Waste Materials does not exceed an average weight of	lbs/yard	 
	Other applicable service terms (including Waste Material composition):	This
    is NBG lease agreement no service required no F & E to be billed. $100.00 install charged on first
    billing.  Piotrowski #106

 

	CUSTOMER DEPOSIT	 	 	 	 	SCHEDULE OF CHARGES * AS REQUIRED
	P.O. NUMBER	 	 	 	 	Container Usage Fee	 	$ 0
	JOB NUMBER	 	 	 	 	Locks	 	
        $         / bin

        $         / install

	RECEIPT REQUIRED?	No (Yes/No)	BILL TO ACCT #	 	 	Overage Charge	 	$                  / yard, min 2 yard charge
	TAXABLE	No (Yes/No)	DISPOSAL SITE	 	 	Extra Pickup Charges *******	 	 
	 	 	 	 	 	 	Per Lift	 	$
	THE UNDERSIGNED INDIVIDUAL SIGNING THIS AGREEMENT ON BEHALF OF CUSTOMER ACKNOWLEDGES THAT HE/SHE HAS READ AND UNDERSTANDS	 	 	Per Yard	 	$
	THE TERMS AND CONDITIONS OF THIS AGREEMENT, ON THE SECOND	 	Delivery Charge	 	$ 100.00
	PAGE, AND THAT HE/SHE HAS THE AUTHORITY TO SIGN ON BEHALF OF THE CUISTOMER. 	 	Container Exchange Charge	 	$150.00
	—TERMS: DUE UPON RECEIPT —	 	Trip Charge (Unable to Service)	 	$
	 	 	 	 	 	Removal Fee	 	$50.00
	CUSTOMER	 	 	 	
        Customer Service Assisted

        Payment Charge
	 	$
	AUTHORIZED SIGNATURE	 	/s/ Al Spector Manager	 	Administrative Fee	 	$                          /invoice
	TITLE	 	 	Date	6/24/11	 	 	 	$
	NAME (PRINT OR TYPE)	 	 	 	 	 	 
	COMPANY	 	 	 	 	 	 
	AUTHORIZED SIGNATURE	 	/s/ Paul Piotrowski	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

    	 

    	 

    

 

	WM

 Waste Management	 	SERVICE
    AGREEMENT

    NON-HAZARDOUS WASTES 	 

Commercial Service Agreement

Terms And Conditions

 

	
        1. SERVICES RENDERED; WASTE MATERIALS. Customer
grants to Company the exclusive right, and Company shell furnish equipment and services, to collect and dispose of and/or recycle
all of Customer’s Waste Materials. Customer represents and warrants that the materials to be collected under this Agreement
shall be only “Waste Materials” as defined herein. For purposes of this Agreement, “Waste Materials” means
all non-hazardous solid waste and Recyclable Materials generated by Customer or at Customer’s Service Address. Waste Materials
includes Special Waste, such as industrial process wastes, asbestos-containing material, petroleum contaminated soils treated/de-characterized
wastes, and demolition debris, but Customer shall complete a Waste Profile for such Special Waste which has been approved by Company
in writing. Recyclable Materials shall include any type of material that can be recycled or recovered whether separated or not
separated from other Waste Materials prior to collection. Waste Materials specifically excludes, and Customer agrees not to deposit
or permit the deposit for collection of, any waste tires, radioactive, volatile, corrosive, flammable, explosive, biomedical,
infectious, biohazardous, regulated medical or hazardous waste, toxic substance or material, as defined by, characterized or listed
under applicable federal, state, or local laws or regulations, or Special Waste not approved in writing by Company (collectively,
“Excluded Materials”). Title to and liability for Excluded Material shall remain with Customer at all times. Title
to Waste Materials provided by Customer to Company is transferred to Company upon Company’s receipt or collection unless
otherwise provided in this Agreement or applicable law.

         

        2. TERM. The term (“Term”) of this Agreement
        is sixty (60) months from the Effective Date set forth (“Initial Term”), which shall automatically renew thereafter
        for additional terms of twelve (12) months each (“Renewal Term”) unless either party gives to the other party written
        notice (See Section 10(e)) of termination at least ninety (90) days, but no more than one hundred eighty (180) days, prior to the
        termination of the then-existing term.

         

        3. SERVICES GUARANTY; CUSTOMER TERMINATION. If the Company
        fails to perform the services described within five business days of its receipt of a written demand from Customer (See Section
        10(e)), Customer may terminate this Agreement with the payment of all monies due through the termination date. If Company increases
        the Charges payable by Customer hereunder for reasons other than as set forth in Section 4 below, Customer shall have the right
        to terminate this Agreement by written notice to the Company no later than thirty (30) days after Company notifies Customer of
        such increase in Charges in writing. If Customer so notifies Company of its termination of this Agreement, such termination shall
        be of no force and effect if Company withdraws or removes such increases within fifteen (15) days after Customer provides timely
        notification of termination. Absent such termination, the increased Charges shall be binding and enforceable against Customer under
        this Agreement for the remaining Term.

         

        4. CHARGES; PAYMENTS; ADJUSTMENTS. Upon receipt of an Invoice,
        Customer shall pay for the services and/or equipment (including repair and maintenance) furnished by Company in accordance with
        the Charges on the first page, as it may be adjusted over the term of this Agreement as noted herein (the “Charges”).
        Company reserves the right to increase the Charges payable by Customer during the Term: (a) for any changes or modifications to,
        or differences between, the actual equipment and services provided by Company to Customer and the agreed upon Equipment/Service
        specifications on the first page, (b) any change in the composition of the Waste Materials or in the average weight per yard of
        Customer’s Waste Materials exceeds the amount specified on the first page; (c) for any increase in or other modification
        to its fuel or environmental cost recovery charges; (d) to cover any increases in disposal and/or third party transportation costs;
        (e) to cover increased costs due to uncontrollable circumstances, including, without limitation, changes in local, state or federal
        laws or regulations, imposition of taxes, fees or surcharges or acts of God such as floods, fires, hurricanes and natural disasters;
        and (f) no more often than annually from the Effective Date (of if specified on the first page, Customer’s Last API Date)
        for increases in the Consumer Price index plus four percent of the then current Charges. Any increase in Charges enumerated in
        clauses (a) through (e) above may include an amount for Company’s operating or gross profit margin. Company also reserves
        the right to charge Customer additional fees if the following additional services are provided to Customer, Administrative Fee,
        Enclosure Charge, Services on High Demand Days, Pull/Push Out Services, Container Relocation Fee, or Seasonal Restart Fee. In the
        event Company adjusts the Charges as provided in this Section 4, Customer and Company agree that this Agreement as so adjusted
        will continue in full force and effect for the remaining Term.

         

        Any Customer Invoice balance not paid within thirty (30)
        days of the date of Invoice is subject to a late fee, any Customer check returned for insufficient funds is subject to a NSF fee,
        both to the maximum extent allowed by applicable law. In the event that payment is not made when due, Company retains the right
        to suspend service until the past due balance is paid in full. In the even that service is suspended in excess of fifteen (15)
        days, Company may terminate this Agreement for such default and recover the equipment.

         

        5. CHANGES. Changes in the frequency of collection service,
        schedule, number, capacity and/or type of equipment, may be agreed to orally, in writing, by payment of the Invoice or by the actions
        and practices of the parties. If Customer changes its Service Address during the Term, this Agreement shall remain valid and enforceable
        with respect to services rendered at Customer’s new service location if such location is within Company’s service area.
	
        6. EQUIPMENT, ACCESS. All equipment furnished by Company
        shall remain the property of Company; however, Customer shall have care, custody and control of the equipment and for its contents
        while at Customer’s location. Customer shall not overload, more or alter the equipment and shall use the equipment only for
        its intended purpose. At the termination of this Agreement, Customer shall return the equipment to Company in the condition in
        which it was provided, normal wear and tear expected. Customer shall provide unobstructed access to the equipment on the scheduled
        collection day. Customer shall pay, if charged by Company, an additional fee for any service modifications caused by or resulting
        from Customer’s failure to provide access. Customer warrants that Customer’s property is sufficient to bear the weight
        of Company’s equipment and vehicles and that Company shall not be responsible for any damage to the Customer’s property
        resulting from the provision of services.

          

        7. LIQUIDATED DAMAGES. In the event Customer Terminates this
        Agreement prior to the expiration of the Term for any reason other than as set forth in Section 3, or in the event Company terminates
        this Agreement for Customer’s default, Customer shall pay the following liquidated damages in addition to the Company’s
        legal fees: (a) If the remaining Initial Term under this Agreement is six or more months, Customer shall pay its most recent monthly
        Charges multiplied by six; (b) if the remaining Initial Term under this Agreement is less than six months, Customer shall pay its
        most recent monthly Charges multiplied by the number of months remaining in the Term; (c) if the remaining Renewal Term under this
        Agreement is three or more months, Customer shall pay its most recent monthly Charges multiplied by three; or (d) If the remaining
        Renewal Term under this Agreement is less than three months, Customer shall pay its most recent monthly Charges multiplied by the
        number of months remaining in the Renewal Term. Customer acknowledges that the actual damage to Company in the even to Termination
        is difficult to fix or prove, and the foregoing liquidated damages amount is reasonable and commensurate with the anticipated loss
        to Company resulting from such termination and is an agreed upon fee and is not imposed as a penalty. Customer shall pay liquidated
        damages of $100 for every Customer waste tire that is found at the disposal facility.

         

        8. INDEMNITY. The Company agrees to indemnify, defend and
        save Customer harmless from and against any and all liability which Customer may be responsible for or pay out $$ a result of bodily
        injuries (including death), property damage, or any violation or alleged violation of law, to the extend caused by any negligent
        act, negligent omission or willful misconduct of the Company or its employees, which occurs (a) during the collection or transportation
        of Customer’s Waste Materials, or (b) as a result of the disposal of Customer’s Waste Materials in a facility owned
        by the Company or a subsidiary of Waste Management, Inc., provided that the Company’s Indemnification obligations will not
        apply to occurrences involved Excluded Materials.

         

        Customer agrees to indemnify, defend and save the Company
        harmless from and against any and all liability which the Company may be responsible for or pay out as a result of bodily injuries
        (including death), property damage, or any violation or alleged violation of law to the extent caused by Customer’s breach
        of this Agreement or by any negligent act, negligent omission or willful misconduct of the Customer or its employees, agents or
        contractors in the performance of this Agreement or Customer’s use, operation or possession of any equipment furnished by
        the Company.

         

        Neither party shall be liable to the other for consequential,
        incidental or punitive damages arising out of the performance of this Agreement.

          

        9. RIGHT OF FIRST REFUSAL. Customer grants to Company a right
        of first refusal to match any offer relating to services similar to those provided hereunder which Customer receives (or intends
        to make) upon termination of this Agreement for any reason and Customer shall give Company prompt written notice of any such offer
        and a reasonable opportunity to respond to it.

        

         

        10. MISCELLANEOUS. (a) Except for the obligation
to make payments hereunder, neither party shall be in default for its failure to perform or delay in performance caused by events
or significant threats of events beyond its reasonable control, whether or not foreseeable, including, but not limited to, strikes,
labor trouble, riots, imposition of laws or government orders, fires, acts of war or terrorism, acts of God, and the inability
to obtain equipment, and the affected party shall be excused from performance during the occurrence of such events. (b) This Agreement
shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and assigns. (c) This
Agreement represents the entire agreement between the parties and supersedes any and all other agreements, whether written or
oral, that may exist between the parties. (d) This Agreement shall be construed in accordance with the law of the state in which
the services are provided. (e) All written notification to Company required by this Agreement shall be by Certified Mail, Return
Receipt Requested. (f) Any blanks or unfilled or unmarked boxes or spaces on this first page shall be deemed to be inapplicable
and not affect the validity of the Agreement. (g) If any provision of this Agreement is declared invalid or unenforceable, then
such provision shall be severed from and shall not affect the remainder of this Agreement; however, the parties shall amend this
Agreement to give effect, to the maximum extent allowed, to the intent and meaning of the severed provision. (h) In the event
the Company successfully enforces its rights against Customer hereunder the Customer shall be required to pay the Company’s 

  

    	 

    	 

    

 

Elavon, Inc (“Elavon”)

ProtoBase eXpress® Service

Agreement Terms and Conditions

 

	L’ Auberge Orchards LLC	 	254 N. SR HWY 89A
	Legal/Corporate name (“Merchant”)	 	d.b.a. Physical Street Address
	 	 	 
	Orchards	 	Sendona, AZ 86336
	d.b.a. Name (if different than above)	 	d.b.a. Physical City, State, Zip
	 	 	 
	26-2535930	 	 
	Federal Tax ID #	 	 

 

Elavon, Inc., 10700 76 th Court
Largo FL, 33777

 

DEFINITIONS:

 

Connectivity. “Connectivity” means the Elavon
controlled non-public telecommunications connectivity and network services for transmitting data between the Origination Point
and the Destination Point(s).

Destination Point. A third party location for a designated
credit card bank, clearinghouse or processor which receives data from Connectivity and transmits data to Connectivity.

Merchant Activation File. “Merchant Activation
File” means the electronic file enabling Merchant to process financial transactions using the Software.

Merchant Location. “Merchant Location” means
the location from which Merchant uses Software to process financial transactions using Merchant’s “always on”
Internet provider.

Merchant Services. “Merchant Services” is
the process of gathering, assimilating and testing the essential information to create a Merchant Activation Pile including, but
not limited to Site Activation, Merchant Activation File Redistribution and Merchant Activation File Delivery. Merchant Services
are subject to additional fees.

Origination Point. “Origination Point” means
a central location provided by Merchant or Merchant’s VAR which transmits data to the Connectivity and receives data from
the Connectivity.

Scheduled Service Hours. “Scheduled Service Hours”
mean 24 hours per day, 7 days per week, 365 days per year, major holidays included. Software. “Software” means the
Elavon software provided to Merchant pursuant to this Agreement and, if applicable, Elavon software previously provided to Merchant.

Software Support. “Software Support” means
Elavon personnel support and services made available to Merchant including reasonable telephone communication for supporting the
functionality of the Software in accordance with the published Documentation and the published technical specifications of the
Destination Point(s) for which Merchant has licensed Software.

Support Services. “Support Services” mean
one or more of the following services: Software Maintenance Updates, Software Version Releases, Remote Activation, Remote Installation
and Remote Upgrade. Support Services are subject to additional fees.

Value Added Reseller (“VAR”). “VAR”
shall mean a company that is licensed or authorized by Elavon to resell its Software and/or Services.

 

1.  Services. Elavon
shall provide Merchant with Connectivity, Software and Software Support (herein referred to as “ProtoBase eXpress Service”
or “Services”). In addition, Elavon shall provide Merchant with Support Services and Merchant Services when requested
by Merchant. 

2.  Connectivity. Elavon
shall maintain the Connectivity. Merchant shall be responsible for ensuring its own telecommunications connectivity for transmitting
financial data between the Origination Point and the Connectivity is properly maintained.

3.  License Grant. Elavon
hereby grants to Merchant a non-exclusive license to use the Software solely in connection with the Services, Support Services
and Merchant Services described herein. The Software license granted hereunder is coterminous with the Services. No Software source
code will be provided or offered to Merchant under this Agreement. Except as provided herein, Merchant may not assign, sublicense,
transfer, pledge, lease, rent, or share its rights under this Agreement. All other license rights in and to the Software, including
the rights to use, copy or modify, are prohibited.

4.  Fees. Merchant agrees
to pay Elavon or, when authorized, a Elavon authorized Value Added Reseller (“VAR”), fees, in U.S. Dollars, for Services,
Support Services and Merchant Services according to the terms of this Agreement. Fees for Services shall be billed to Merchant
in advance and pursuant to the Payment Delivery Service Billing Authorization form. Merchant further agrees to pay fees on any
subsequent Payment Delivery Service Billing Authorization Form as required due to additional Services or Merchant Services as
requested by Merchant.

5.  Payment. Merchant
shall pay fees in accordance with the Payment Delivery Service Billing Authorization form. If Merchant fails to pay fees, then,
in addition to all other rights and remedies at law or otherwise, Elavon or, when applicable, VAR shall have right to charge Merchant,
and Merchant shall have the obligation to pay, late payment charges equal to 1.5% per month or the highest interest rate permitted
by applicable law, whichever is lower, on the unpaid amount for the period starting with date payment was due and ending when
the full payment is made. In addition, Elavon will be entitled to recover from Merchant all costs incurred to obtain full payment,
including attorneys’ fees.

6.  Change of Services.
Merchant may request a change in the Services it is being provided by requesting such change in writing with notice of at least
thirty (30) days. Prior to implementing the requested change in Services, Elavon or, when applicable, VAR will advise Merchant
as to changes in the fees, if any, to be billed Merchant due to the changed level of Services, and Merchant shall provide written
approval of such fee changes.

7.  Services Limitations:

a.          Merchant
shall be responsible to ensure their Point of Sale (POS)/Property Management System (PMS) in use with the Services remain certified
and compatible with the most recent version of Software in order to maintain compliance under applicable industry rules and regulations
and the standards set by bankcard associations. Failure of the POS/PMS to be compatible and function in accordance with the

 

	Confidential	Page 1 of 3	DR Initial
	Elavon, Inc. 10-2009(rev.1)	 	 

 

    	 

    	 

    

 

Software as regulated and/or required shall excuse Elavon from
all liability and all of its obligations under this Agreement or any other Services that Elavon may be providing to Merchant. 

b.        Elavon
will provide Software Support only for the most recent version of Software and the preceding version for no more than twelve (12)
months after the most recent version of Software becomes available to Merchant or to Merchants VAR. If Merchant does not update
its system within that time, Elavon will have no further obligation to provide Software Support for the preceding version and the
Services shall be terminated.

8.  Confidential Information.
Each party hereto shall use the same care and discretion, but in no event less than reasonable care and discretion, to prevent
disclosure, publication, or dissemination of the other party’s Confidential Information (defined below) as it employs with
similar information of its own; and shall not use, reproduce, distribute, disclose, or otherwise disseminate the Confidential
Information except in connection with the performance of its obligations under this Agreement. As used herein the term “Confidential
Information” means any and all data and information relating to the business of the disclosing party of which the receiving
party becomes aware as a consequence of, or through, this Agreement and which has been reduced to tangible form and marked clearly
and conspicuously with' a legend identifying its confidential or proprietary nature; provided, however, that Confidential Information
does not include any data or information which is already known to the receiving party, or which (i) lias become generally known
to the public through no wrongful act of the receiving party; (ii) has been rightfully received by the receiving party from a
third party without restriction on disclosure and without, to the knowledge of the receiving party, a breach of an obligation
of confidentiality running directly or indirectly to the other party hereto; (iii) has been disclosed pursuant to a requirement
of a governmental agency or of law without similar restrictions or other protection against public disclosure, or is required
to be disclosed by operation of law; (iv) is independently developed by the receiving party without use, directly or indirectly,
of the Confidential Information received from the other party hereto; or (v) is furnished to a third party by the disclosing party
hereunder without restrictions on the third party’s right to disclose the information.

9.  Warranty And Disclaimer.
Elavon warrants its services will be performed in a professional, workmanlike and timely manner in accordance with applicable
professional standards and shall reperform any work not in compliance with this warranty brought to its attention within a reasonable
time after that work is performed.

THE PRECEDING STATEMENT IS ELAVON’S
ONLY WARRANTY CONCERNING THE SERVICES, AND IS MADE EXPRESSLY IN LIEU OF ALL OTHER WARRANTIES. EXCEPT AS SPECIFICALLY SET FORTH
IN THIS SECTION 9, ELAVON DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR ANY IMPLED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING,
USAGE OR TRADE OR NONINFRINGEMENT WITH RESPECT TO THE SERVICES, SUPPORT SERVICES, MERCHANT SERVICES OR SOFTWARE PROVIDED HEREUNDER.

10.  Indemnification.
Elavon shall indemnify and hold harmless Merchant, its officers, directors, employees and agents, from and against any claim,
that Merchant’s use of the Services or Software infringes an existing U.S. patent, copyright or trade secret. Elavon will
defend such claim at its expense and will pay any costs or damages that may be finally awarded against Merchant Elavon will not
indemnify Merchant, however, if the claim of infringement is caused by (1) Merchant’s misuse or modification (unless approved
by Elavon) of such Services or Software; (2) Merchant’s failure to use corrections or enhancements made available by Elavon;
or (3) Merchant’s use of such Services and/or Software in combination with any process and/or product. If any such Service
or Software is, or in Elavon’s opinion is likely to be, held to constitute an infringing process or product, Elavon shall
at its expense and option either (a) procure the right for Merchant to continue using it, (b) replace it with a non-infringing
equivalent, (c) modify it to make it a non-infringing equivalent. The foregoing remedies constitute Merchant’s sole and
exclusive remedies and Elavon’s entire liability with respect to infringement.

Merchant shall indemnify
and hold harmless Elavon and its employees or agents from and against any claims, demands, loss, damage, or expense relating to
damage to any of Elavon’s tangible personal properly or personal injury to Elavon and its employees or agents while on Merchant’s
premises, except to the extent any such claim is determined to have resulted from the negligence or misconduct of Elavon

To receive the foregoing indemnities, the
party seeking indemnification must notify the other in writing of a claim or suit promptly and provide reasonable cooperation (at
the indemnifying party's expense). The indemnified party will retain authority to approve or disapprove settlement approval, not
to be unreasonably withheld.

11.  Disclaimer and Limitation
of Liability. Elavon disclaims any responsibility for the accuracy of any data or other information delivered to Merchant
which is produced with or from data provided by Merchant or a Destination Point. Elavon does not assure uninterrupted or error-free
Services. In addition, Elavon shall not be liable for any disruptions to the Services caused by Merchant’s, Merchant’s
Location, or a Destination Point’s actions, inactions, equipment malfunctions, telecommunications or Internet failures or
power losses. Elavon’s maximum liability (whether in contract, tort, negligence, strict liability or by statute or otherwise)
to, and the sole remedy of, Merchant or any third party concerning performance or non-performance or otherwise related to this
Agreement (excluding Section 10) shall be a refund to Merchant for fees paid to Elavon for the portion of the Services giving
rise to such claim. Elavon’s liability to Merchant for actual damages for any cause whatsoever, regardless of the form of
the action, will be strictly limited to a maximum of the fees paid to Elavon under this Agreement for the prior three (3) months.

12.  No Consequential, Incidental
or Special Damages. IN NO EVENT WILL ELAVON BE LIABLE TO MERCHANT FOR ANY INDIRECT, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OR LOST
PROFITS ARISING OUT OF THE SERVICES, SUPPORT SERVICES, MERCHANT SERVICES OR THE USE OF SOFTWARE PROVIDED UNDER THIS AGREEMENT,
EVEN IF ELAVON HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME STATES DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY
FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THAT ABOVE LIMITATION OR EXCLUSION MAY NOT APPLY.

13.  Force Majeure. No
party shall be responsible for, or be considered to be in breach hereunder because of, failure or delay in delivery of any service
hereunder, nor shall any Party be responsible for failure or delay in receiving such service, if caused by an act of God or public
enemy, war, government acts or regulations, fire, flood, embargo, quarantine, epidemic, labor stoppages beyond its reasonable
control, accident, unusually severe weather, malicious acts of third parties (including, without limitation, the introduction
of computer viruses), interruption of telecommunications service, or other cause similar or dissimilar to the foregoing beyond
its reasonable control. If a force majeure interrupts Elavon’s Services, Merchant shall continue to pay Elavon’s fees
and Elavon shall make all reasonable efforts to restore Services and pay the additional cost to do so. If Elavon is unable to
substantially restore Services within one week after the force majeure event, then Merchant may, upon notice to Elavon, abate
payment to the extent Services are not performed and obtain similar services from a third party at Merchant’s expense.

14.   Term and Termination. The Initial
Term of this Agreement is one (1) year and shall automatically be renewed and shall continue to be Renewed for successive one-year
periods ("Renewal Term") after the Initial Term, unless amended by mutual written agreement of Merchant and

 

	Confidential	Page 2 of 3	DR Initial
	Elavon, Inc. 10-2009(rev.1)	 	 

 

    	 

    	 

    

 

Elavon or terminated pursuant to termination
provisions. Except as otherwise provided herein, Merchant may terminate this Agreement without cause by giving Elavon ninety (90)
days prior written notice and paying Elavon the remaining fees due Elavon for the remainder of the then current term (Initial Term
or Renewal Term) within thirty (30) days of such written notice.

Notwithstanding anything
herein contained to the contrary, if Elavon fails to observe, keep or perform any provision of this Agreement if such failure continues
unremedied for ten (10) days after Elavon has received written notice from Merchant of such failure, then this Agreement may be
terminated, at the option of Merchant, without further liability on the part of Merchant.

In the event of termination
or expiration of this Agreement, all Merchant's property in Elavon's possession shall be forwarded to Merchant, at Elavon’s
expense and Elavon's property and all Elavon's work in Merchant's possession shall be forwarded to Elavon, at Merchant’s
expense. Upon termination or expiration of this Agreement, Merchant shall pay Elavon for all fees due up to the effective date
of termination or expiration.

15.  Sccurity/Compliance.
Elavon is in compliance with all access control and data security requirements promulgated by Elavon or the Payment Card Industry
Security Standards Council, in each case as may be amended or supplemented from time to time, (collectively the “Security
Requirements”), as may be applicable to Elavon’s performance of the Services under this Agreement, and Elavon will
remain in compliance with the Security Requirements during the Initial Term of this Agreement and during any Renewal Term(s).

16.  Monetary Default.
Notwithstanding anything contained in this Agreement to the contrary, in the event that Merchant shall be in monetary default
of this Agreement for a period of ten (10) days, Elavon shall be excused from the performance of all its obligations hereunder.
Additionally, Elavon may terminate this Agreement at anytime following such monetary default by providing written notice to Merchant.

17.  Entire Agreement.
This Agreement constitutes the entire agreement between the parties. This Agreement supersedes all prior or contemporaneous oral,
implied or written agreements and shall take precedence over any inconsistent provisions contained in any Purchase Order issued
by the Merchant related thereto. This Agreement shall not be varied by any oral agreement or representation or by other than an
instrument in writing of subsequent date hereto, executed by both parties by their duly authorized representatives.

18.  Taxes. Merchant
shall pay all taxes imposed by any governmental authority incurred in connection with the Services provided under this Agreement.
If Merchant is a tax-exempt entity, Merchant will provide Elavon with an appropriate certificate of tax exemption.

19.  Notices. Any notice
or communication required or permitted under this Agreement must be sent to the parly at its address specified on the first page
of this Agreement, or to a substitute address provided in writing, and shall be deemed delivered on the earlier of (a) hand delivered
or (b) overnight delivery by a nationally recognized overnight carrier, or (c) confirmed facsimile delivery.

20.  Arbitration. Except
for actions initiated pursuant to Section 9 herein, any controversy or claim arising under or related to this Agreement shall
be settled by arbitration under the Commercial Arbitration Rules of the American Arbitration Association, The location of any
such mediation and/or arbitration shall be the County of Fulton, Georgia. The arbitrator shall be selected by the parties from
the national panel of arbitrators of the American Arbitration Association with expertise in computer law or telecommunications.
Any court having jurisdiction over the matter may enter a judgment upon the award of the arbitrator. Service of a petition to
confirm the arbitration award may be made by United States Mail, postage prepaid, or by any regularly conducted commercial express
mail service, to the attorney for the party or, if not so represented, to the party at the address set forth herein, or to the
party’s last-known business address.

21.  Governing Law. This
Agreement shall be governed by, and construed in accordance with, the laws of the state of Georgia. Venue and jurisdiction for
all litigation shall be in the State of Georgia, in the County of Fulton.

22.  Assignment; Inurement.
Merchant shall not have the right to transfer or assign its respective rights and obligations under this Agreement to any
other individual or entity without the prior written consent of Elavon or its permitted assigns, which consent shall not be unreasonably
withheld. Subject to the foregoing, the Agreement, and the obligations and benefits herein contained, shall inure to the benefit
of, and be binding upon, the successors and assigns of the parties hereto.

23.  Severability. The
parties agree that each provision of this Agreement shall be construed independently of any other provision of this Agreement.
The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof.
This Agreement shall be construed in all respects as if such invalid or unenforceable provisions were omitted.

 

	*Signature:	/s/ Diane Randel	 

 

	Printed Name:	Diane Randel	 

 

	Title: 	Asst. Controller	 

 

	Date:  	9/22/11	 

 

	Phone Number:	928-204-4338	 

*Must be an authorized signatory for Merchant to enter into
the terms and conditions set forth herein.

 

	TO BE COMPLETED BY ELAVON ORDERS DEPARTMENT
	
         

        Customer #: ____________

	Site #: ____________
	Order #: _______________________	Order Date: ____________	VAR: ____________

 

	Confidential	Page 3 of 3	DR Initial
	Elavon, Inc. 10-2009(rev.1)	 	 

 

    	 

    	 

    

 

	Elavon,
    Inc.

    Payment Delivery Service Billing Authorization

	Date:	x New Location	 ̈ Additional
    Location	 ̈ Ownership
    Change	 ̈ Merchant
    Change Request

	x ProtoBase
    eXpress

    Service Agreement	 ̈ Network Gateway Service Agreement	 ̈ Managed
    Payment

Service Agreement	Service
    Agreement Attached
	Merchant
    Payment Application

	Merchant

     Information  	DBA Name: Orchards
                                                                                                                      Inn

        (same as d.b.a.
        Name on applicable Service Agreement
	DBA
    Phone #: (928) 204-4376
	Contact
    Name:  Del Goehring	DBA
    Fax #:(928) 282-4531
	DBA
    Address 1 (no PO Box): 254 N SR Hwy 89A	Customer
    Service Phone #: (928) 282-1661
	DBA
    Address 2:	Email
    Address: delg@lauberge.com
	City:  Sedona	State:  AZ	Zip
    Code:  86336	 	 

 

	Corporate

        Information   	Legal/Corporate
    Name: L’Auberge Orchards LLC

    (same as Legal/Corporate Name on applicable Service Agreement)	Legal/Corporate
    Phone #:

    (928) 282-1661	Ext.
	Legal/Corporate
    Contact Name: Del Goehring	Legal/Corporate
    Fax #:  (928) 282-4531
	Legal/Corporate
    Address: 254 N SR 89A
	City:
    Sedona, AZ 86336	State:
    AZ	Zip 
    Code:  86336

 

	Service

    Payment

    Options	x
    Monthly ACH (Complete Monthly ACH Bank Account Information below)	 ̈ Annual
    Invoice (Complete Annual Invoice Information below)
	 ̈ Service
    Fees paid by Value Added Reseller (“VAR”). This option applies only to merchants that have a separate agreement
    with their VAR that allows for the VAR to pay Elavon on the merchant’s behalf.

 

	Monthly US

ACH
Bank

Account	Bank
    Name: Alliance Bank	ABA/Routing
    #: 122105980	DDA
    Account #: 8010129370
	Branch
    Location (City, State, Zip):

    Sedona, AZ 86351

    Contact Telephone number for questions regarding the Account:	ATTACH
    COPY OF VOIDED CHECK OR LETTER FROM BANK TO VERIFY ACCOUNT INFORMATION
	AUTHORIZATION
                                                                                          FOR AUTOMATIC WITHDRAWAL OF MONTHLY
                                                                                          PAYMENTS

        The
        undersigned Authorized Signatory* on the above account hereby authorizes Elavon, Inc. to automatically withdraw the undersigned’s
        monthly payment and any amounts, in U.S. Dollars, including any and all taxes or other charges, owed in accordance with
        the applicable Service Agreement (ProtoBase eXpress, Network Gateway, Managed Payment), by initiating debit entries to
        the undersigned’s account at the financial institution (“Bank”) indicated hereon or such other fianncial
        institution used by the undersigned from time to time. A payment (whether paid by debit or other means) that is not honored
        by Bank for any reason may be subject to a returned item service fee imposed by Elavon, Inc. This authorization shall
        remain in effect until Elavon, Inc. has received written notice from the undersigned of its termination.

 

	Monthly
                                                                                                                                 Canadian

                                                                                                                                 ACH
                                                                                                                                 Bank
                                                                                                                                 Account
	Bank
    Name:	Institution
    # (3 digits):

    Transit/Branch # (5 digits):	Account
    #:
	Branch
        Location (City, State, Zip):

         

        Contact
        Telephone Number for questions regarding the Account:
	ATTACH
    COPY OF VOIDED CHECK OR LETTER FROM BANK TO VERIFY ACCOUNT INFORMATION
	AUTHORIZATION
        FOR AUTOMATIC WITHDRAWAL OF MONTHLY PAYMENTS

        The
        undersigned Authorized Signatory* on the above account hereby authorizes Elavon, Inc. to automatically withdraw the undersigned’s
        monthly payment and any amounts, in U.S. Dollars, including any and all taxes or other charges, owed in accordance with
        the applicable Service Agreement (ProtoBase eXpress, Network Gateway, Managed Payment), by initiating debit entries to
        the undersigned’s account at the financial institution (“Bank”) indicated hereon or such other financial
        institution used by the undersigned from time to time. A payment (whether paid by debit or other means) that is not honored
        by Bank for any reason may be subject to a returned item service fee imposed by Elavon, Inc. This authorization shall
        remain in effect until Elavon, Inc. has received written notice from the undersigned of its termination.

 

	Confidential	Page 1 of 2	Elavon, Inc. 06-2008(rev.1)

 

    	 

    	 

    

 

	Annual

    Invoice

           Information       	Billing
    Company Name:	Billing
    Phone #:	 	Ext.
	Billing
    Contact Name:	Billing
    Fax #:	 	 
	Billing
    Address:	 	 	 
	City	State:	Zip
    Code:
	Payment on Invoiced amounts shall be within the allotted number of days as presented on and from the date of Invoice
    in

    U.S. Dollars, subject to the approval of credit.  The amount of credit or terms of payment may be changed or credit
    may be

    withdrawn upon written notice.

  

Merchant is responsible
for providing updated information upon explanation or change to the above information.  Not doing so may cause the Merchant
to be in Monetary Default of their Service Agreement (ProtoBase eXpress SM, Network Gateway, Managed Payment) Terms
and Conditions.

 

	VAR
    Information 1
	VAR

    Information	VAR
    Name:	VAR
    Phone #:          	              
	VAR
    Contact Name:	VAR
    Fax #:
	Billing
    Address 1 (no PO Box):	 
	Billing
    Address 2:	Email
    Address: 
	City:           	State:            	Zip
    Code:             	 
	 	 	 

 

	Fees
    FOR

    ELAVON

    OFFICE

     USE ONLY 	TO
    BE COMPLETED BY ELAVON EMPLOYEES ONLY
	TO
    BE COMPLETED BY ELAVON ACCOUNT REPRESENTATIVE
	 	 
	Amount	Description
	$500.00	One
    time setup fee
	$500.00	Same
    Day Expedite
	$50.00
    Monthly ACH or $600.00 annual Invoice	ProtoBase
    eXpress Service billing
	 	 
	 	 
	Comments:
    please choose service payment option on page 1 of document
	Account
    Rep Name: Martha DeLano	Account
    Rep Ext 4528
	TO
    BE COMPLETE BY ELAVON ORDERS DEPARTMENT
	Customer
    #:             
	Site
    #:            
	Order
    #:         	VAR:  Micros

 

	         Signatures         	AGREEMENT
                                                                                                                                            ACCEPTANCE

        The
        undersigned acknowledges that such party’s signature below serves as an additional signature page to the applicable
        Service Agreement referenced herein and indicates the undersigned’s acceptance of, and agreement to, all of the
        terms and conditions hereof and of such agreement. All fees associated the applicable Service are in U.S. Dollars and
        shall be paid in U.S. Dollars. The undersigned further acknowledges that the applicable Services Agreement, together with
        the undersigned’s signature below, constitutes the entire agreement between parties.

         

        ***ALL
        BELOW FIELDS ARE REQUIRED***

         

        Authorized
        Signature*: /s/ Diane Randel

         

        Print
        Name: Diane Randel        

         

        Title:
        Asst. Controller          

         

        Date:
        9/22/11                     Federal
        Tax ID #: 26-2535930    

 

	Confidential	Page 2 of 2	Elavon, Inc. 06-2008(rev.l)

 

    	 

    	 

    

 

 

Rates & Availability

 

All fields with an aseterisk (*) are required.

Property Location Information

	(*) Name of property:	Orchards Inn of Sedona
	Property’s web address:	www.orchardsinn.com
	(*) Property address:	254 N State Route 89A
	(*) City:	Sedona	(*)
    Zip/Postal Code:	86336
	(*) Country:	USA	State/Province:	AZ
	(*) Property Phone:	928-282-2405	(*) Property Fax:	928-282-5710

Please consider that the allotments are the sole source of
availability for your property for all points of sale encompassed in this channel, which combines Expedia and hotels.com; their
respective global points of sale (Expedia, co.uk, .ca, .de, .it, .fr, etc.); WWTE private label partners; IAN affiliate sites,
tens of thousands of additional affiliate sites, and all the call centers which support them.  Property shall set the
Rates for Rooms to be at least as favorable as the rates, rules, terms, and conditions Property offers to or sets for rooms made
available for booking through any Property Channel or Third-Party Channel (whether online or otherwise).

Property Information

	(*) Local time zone:	Mountain
    Standard Time (US & Canada), GMT - 07.00
	(*) Number of guest rooms:	69	(*) Number of floors:	3	 
	(*) Check in time:	1500	(*) Check out time:	1100
    am	 

	(*) The property is a	Non-Smoking facility	Closest major commercial airport code:	PHX

Contact Details

	Reservations	Revenue Manager
	Name:	Cassie Barber	(*) Name:	Cassie Barber
	Title:	Group Rooms Coordinator	(*) Title:	Group Rooms Coordinator
	Phone:	928-204-4334	(*) Phone:	928-204-4334
	Email:	cassieb@lauberge.com	(*) Email:	cassieb@lauberge.com

	(*) Fax for all reservations to be delivered:	(*) Fax:	928-282-1064

	928-282-5710	 

	Sales Department	Accounting
	Name:	Greg Velasquez	(*) Name:	Sherri Badger
	Title:	Director of Marketing	(*) Title:	A/R Coordinator
	Phone:	928-204-4355	(*) Phone:	928-204-4308
	Email:	gregv@lauberge.com	(*) Email:	sbadger@lauberge.com
	Fax:	928-282-1064	(*) Fax:	928-282-1064

	 	Signature:	/s/ Greg Velasquez

 

©Expedia Inc. Confidential and proprietary.
All rights reserved.

Last updated August 2008. Page 1 of 9. US_English.
“American Rates and Availability (08182008)”

 

    	 

    	 

    

 

Booking Requirements Details

 

	(*) Minimum age for check-in:	18	 
	    ̈ (*) Specify minimum age in categories for: 	 
	(*) Adult Age:	18	 
	(*) Child Age:	1 	 
	(*) Infant Age:	0 (Zero)	 

 

	(*) The currency for all rates and charges stated

in this Agreement is:	United
    States dollars, USD
	(*) City Tax % or Amount:	—Select One from the List—	 
	(*) Local Tax % or Amount:	—Select One from the List—	 
	(*) State/Province Tax % or Amount:	% Per Night 	13.737
	(*) Occupancy Tax % or Amount:	—Select One from the List—	 
	(*) Total Tax % or Amount included in the rates:	—Select One from the List—	 

 

	Additional charges

(Energy, Resort, etc.):	$20.00 per person in room of more than 2 persons

	 	Taxable 	 	Non-Taxable 	 	Per Night 	 	Per Person	ü

 

Cut-off Policy:  The Property shall apply a default cut-off
time period of 8:00 PM (of the Property’s local time zone, subject to change by Expedia) on the Traveler’s date of
arrival unless otherwise specified here as (_____) days before arrival (enter number of days if applicable).

 

	Additional Information:	
         

         

         

 

Standard Cancellation Policy:  The Property shall apply
a default cancellation time period of 11:59 PM (23:59) (of the Property’s local time zone) on the Traveler’s day of
arrival unless otherwise specified here as (3         ) days before arrival (enter number of days if applicable).

 

Standard Cancellation Window and Penalty:

	Select penalty from the list:	1
    night
	Additional Information:	One night
    room and tax will be charged for cancellations within cancellation policy of 72 hours of arrival date or no shows.

 

	 	Signature:	/s/ Greg Velasquez

 

Rates and Availability entry on the next pages

 

©Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 2 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

	Rates and Availability *Please fill out one page for one room type (name).
	Property Name:	Orchards Inn of
    Sedona
	(*) Room type (name):	Standard room with king bed
	 ̈ (*) Bedding:	 	Bed	 

	(*) Maximum Total Occupancy:	2	(*) Rates provided for this property are based on	 
	 ̈ (*) Maximum adults:	2	Single supplement fee (applicable to per person pricing only):
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy)
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*) Meal included in the rate (Breakfast, Lunch, Dinner, etc.):	Breakfast:
Continental

 

** “Published Rate” is the rate Property
charges guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays
Property for the room reservation. **** “Package” is the rate that a Company pays Property for room reservations
included as part of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 

 

Regular Dates and Rates:

 

	Dates

    (MM-DD.YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7 

Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM-DD-YYYY)	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone

Net Rate

(Room Only)	Package (Net

    Amount or %

    of Discount

off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night 2 nights,

    50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Rates and availability built thru Extranet

 

***** “Group Bookings”: A Group is defined as
9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the exception
of Sections 1 (Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5.c (Reservations and Cut-Off), 5.d (Cancellation and No-Show),
5.f (Payment) and 5.g (Invoices), shall govern Group bookings. Rates, cancellation and payment terms and conditions will
be specifically negotiated in a separate writing signed by the Parties for each Group booking. In the event no such
separate writing is executed, the rate, cancellation and payment terms of this Agreement shall govern such Group booking.

 

	 	Signature:	/s/ Greg Velasquez

 

©Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 3 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

	Rates and Availability * Please fill out one page for one room type
    (name).
	Property Name:	Orchards
    Inn of Sedona
	(*) Room Type (name):	 
	 ̈ (*) Bedding:	 	 	 

	(*) Maximum Total Occupancy:	 	(*) Rates provided for this property are based on:	 
	 ̈ (*) Maximum adults:	 	Single supplement fee (applicable to per person pricing only):
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy) 
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*) Meal included in the rate (Breakfast, Lunch, Dinner, etc.):	 

 

** “Published Rate” is the rate Property
charges guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays
Property for the room reservation. **** “Package” is the rate that a Company pays Property for room reservations
included as part of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 
	 	 	 
	Regular Dates and Rates:	 	 

 

	Dates

    (MM-DD-YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7 

Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM-DD-YYYY)  	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone

Net Rate

(Room Only)	Package (Net

    Amount or %

    of Discount

off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night, 2 nights,

50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Rates and availability built thru Extranet

 

***** “Group Bookings”: A Group is
defined as 9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the
exception of Sections 1 (Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5.c (Reservations and Cut-Off), 5.d (Cancellation
and No-Show), 5.f (Payment) and 5.g (Invoices), shall govern Group bookings. Rates, cancellation and payment terms and
conditions will be specifically negotiated in a separate writing signed by the Parties for each Group booking. In the event
no such separate writing is executed, the rate, cancellation and payment terms of this Agreement shall govern such Group
booking.

 

	 	Signature:	/s/ Greg Velasquez

 

©Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 4 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

	Rates and Availability * Please fill out one page for one room type
    (name).
	Property Name:	Orchards
    Inn of Sedona
	(*) Room Type (name):	 
	 ̈ (*) Bedding:	 	 	 

	(*) Maximum Total Occupancy:	 	(*) Rates provided for this property are based on:	 
	 ̈ (*) Maximum adults:	 	Single supplement fee (applicable to per person pricing only):
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy) 
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*) Meal included in the rate (Breakfast, Lunch, Dinner, etc.):	 

 

** “Published Rate” is the rate Property
charges guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays
Property for the room reservation. **** “Package” is the rate that a Company pays Property for room reservations
included as part of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 
	 	 	 
	Regular Dates and Rates:	 	 

 

	Dates

    (MM-DD-YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7 

Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM-DD-YYYY)  	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone

Net Rate

(Room Only)	Package (Net

    Amount or %

    of Discount

off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night, 2 nights,

50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Rates and availability built thru Extranet

 

***** “Group Bookings”: A Group is
defined as 9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the
exception of Sections 1 (Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5.c (Reservations and Cut-Off), 5.d (Cancellation
and No-Show), 5.f (Payment) and 5.g (Invoices), shall govern Group bookings. Rates, cancellation and payment terms and
conditions will be specifically negotiated in a separate writing signed by the Parties for each Group booking. In the event
no such separate writing is executed, the rate, cancellation and payment terms of this Agreement shall govern such Group
booking.

 

	 	Signature:	/s/ Greg Velasquez

 

©Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 5 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

	Rates and Availability * Please fill out one page for one room type
    (name).
	Property Name:	Orchards
    Inn of Sedona
	(*) Room Type (name):	 
	 ̈ (*) Bedding:	 	 	 

	(*) Maximum Total Occupancy:	 	(*) Rates provided for this property are based on:	 
	 ̈ (*) Maximum adults:	 	Single supplement fee (applicable to per person pricing only):
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy) 
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*) Meal included in the rate (Breakfast, Lunch, Dinner, etc.):	 

 

** “Published Rate” is the rate Property
charges guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays
Property for the room reservation. **** “Package” is the rate that a Company pays Property for room reservations
included as part of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 
	 	 	 
	Regular Dates and Rates:	 	 

 

	Dates

    (MM-DD-YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7 

Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM-DD-YYYY)  	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone

Net Rate

(Room Only)	Package (Net

    Amount or %

    of Discount

off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night, 2 nights,

50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Rates and availability built thru Extranet

 

***** “Group Bookings”: A Group is
defined as 9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the
exception of Sections 1 (Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5.c (Reservations and Cut-Off), 5.d (Cancellation
and No-Show), 5.f (Payment) and 5.g (Invoices), shall govern Group bookings. Rates, cancellation and payment terms and
conditions will be specifically negotiated in a separate writing signed by the Parties for each Group booking. In the event
no such separate writing is executed, the rate, cancellation and payment terms of this Agreement shall govern such Group
booking.

 

	 	Signature:	/s/ Greg Velasquez

 

©Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 6 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

	Rates and Availability * Please fill out one page for one room type
    (name).
	Property Name:	Orchards
    Inn of Sedona
	(*) Room Type (name):	 
	 ̈ (*) Bedding:	 	 	 

	(*) Maximum Total Occupancy:	 	(*) Rates provided for this property are based on:	 
	 ̈ (*) Maximum adults:	 	Single supplement fee (applicable to per person pricing only):
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy) 
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*) Meal included in the rate (Breakfast, Lunch, Dinner, etc.):	 

 

** “Published Rate” is the rate Property
charges guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays
Property for the room reservation. **** “Package” is the rate that a Company pays Property for room reservations
included as part of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 
	 	 	 
	Regular Dates and Rates:	 	 

 

	Dates

    (MM-DD-YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7 

Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM-DD-YYYY)  	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone

Net Rate

(Room Only)	Package (Net

    Amount or %

    of Discount

off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night, 2 nights,

50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Rates and availability built thru Extranet

 

***** “Group Bookings”: A Group is
defined as 9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the
exception of Sections 1 (Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5.c (Reservations and Cut-Off), 5.d (Cancellation
and No-Show), 5.f (Payment) and 5.g (Invoices), shall govern Group bookings. Rates, cancellation and payment terms and
conditions will be specifically negotiated in a separate writing signed by the Parties for each Group booking. In the event
no such separate writing is executed, the rate, cancellation and payment terms of this Agreement shall govern such Group
booking.

 

	 	Signature:	/s/ Greg Velasquez

 

©Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 7 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

	Rates and Availability * Please fill out one page for one room type
    (name).
	Property Name:	Orchards
    Inn of Sedona
	(*) Room Type (name):	 
	 ̈ (*) Bedding:	 	 	 

	(*) Maximum Total Occupancy:	 	(*) Rates provided for this property are based on:	 
	 ̈ (*) Maximum adults:	 	Single supplement fee (applicable to per person pricing only):
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy) 
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*) Meal included in the rate (Breakfast, Lunch, Dinner, etc.):	 

 

** “Published Rate” is the rate Property
charges guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays
Property for the room reservation. **** “Package” is the rate that a Company pays Property for room reservations
included as part of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 
	 	 	 
	Regular Dates and Rates:	 	 

 

	Dates

    (MM-DD-YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7 

Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM-DD-YYYY)  	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone

Net Rate

(Room Only)	Package (Net

    Amount or %

    of Discount

off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night, 2 nights,

50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Rates and availability built thru Extranet

 

***** “Group Bookings”: A Group is
defined as 9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the
exception of Sections 1 (Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5.c (Reservations and Cut-Off), 5.d (Cancellation
and No-Show), 5.f (Payment) and 5.g (Invoices), shall govern Group bookings. Rates, cancellation and payment terms and
conditions will be specifically negotiated in a separate writing signed by the Parties for each Group booking. In the event
no such separate writing is executed, the rate, cancellation and payment terms of this Agreement shall govern such Group
booking.

 

	 	Signature:	/s/ Greg Velasquez

 

©Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 8 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

	Rates and Availability * Please fill out one page for one room type
    (name).
	Property Name:	Orchards
    Inn of Sedona
	(*) Room Type (name):	 
	 ̈ (*) Bedding:	 	 	 

	(*) Maximum Total Occupancy:	 	(*) Rates provided for this property are based on:	 
	 ̈ (*) Maximum adults:	 	Single supplement fee (applicable to per person pricing only):
	(*) Maximum children:	 	*Number of people included in the base rate is 2 (double occupancy) 
	(*) Maximum infants:	 	unless otherwise NOTED here:

 

	(*) Meal included in the rate (Breakfast, Lunch, Dinner, etc.):	 

 

** “Published Rate” is the rate Property
charges guests that book directly with Property. *** “Standalone (Room only)” is the net rate that a Company pays
Property for the room reservation. **** “Package” is the rate that a Company pays Property for room reservations
included as part of a package and should be at least US$10 or 10% lower than Room Only net rates.

 

	(*) Published Rate for this room type:	 	 
	 	 	 
	Regular Dates and Rates:	 	 

 

	Dates

    (MM-DD-YYYY) 	Days of Week (DOW)

    Select applicable days	Number of Room

    Allocation 	Room Rate	Extra Person Charges
	From	To	ALL

    7 Days	Sun	Mon	Tue	Wed	Thu	Fri	Sat	Base

    Rooms	Additional

    Rooms	Standalone

    Net Rate

    (Room Only)	Package

(Net Amount

or % of

    Discount off

    Standalone)	Adult	Child	Infant
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

High Demand (Compression) Dates and Rates:

	Dates

    (MM-DD-YYYY)  	Event

    Information	Number of Room

    Allocation	Room Rate	Minimum

    Length of

    Stay (LOS)	Cancellation

    (if different from

    standard policy) 	Penalty
	From	To	Add notes	Base

    Rooms	Additional

    Rooms	Standalone

Net Rate

(Room Only)	Package (Net

    Amount or %

    of Discount

off

    Standalone)	Enter

    minimum

    LOS	Full Non-

    Refundable

    (Yes / No)	Enter

    number of

    days	(1 night, 2 nights,

50% of Stay, or

    Full)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

	Additional remarks about this room:
	Rates and availability built thru Extranet

 

***** “Group Bookings”: A Group is
defined as 9 or more rooms. Unless otherwise specified by Property, the terms and conditions of the Agreement, with the
exception of Sections 1 (Rooms), 2 (Rates), 4 (Incentives/Special Offers), 5.c (Reservations and Cut-Off), 5.d (Cancellation
and No-Show), 5.f (Payment) and 5.g (Invoices), shall govern Group bookings. Rates, cancellation and payment terms and
conditions will be specifically negotiated in a separate writing signed by the Parties for each Group booking. In the event
no such separate writing is executed, the rate, cancellation and payment terms of this Agreement shall govern such Group
booking.

 

	 	Signature:	/s/ Greg Velasquez

 

©Expedia Inc. Confidential and proprietary. All rights
reserved.

Last updated August 2008. Page 9 of 9. US_English. “American
Rates and Availability (08182008)”

 

    	 

    	 

    

 

Exhibit 1(a)-iii

 

Taos Restaurant

Contract List

4/25/2013

 

	 	 	Company	 	Type
	 	 	 	 	 
	1	 	A Greener Day	 	Service Agreement greese disposal/pickup
	2	 	Diamond Resorts	 	Certificate Agreement
	3	 	Ecolab	 	Dish machine lease agreement
	4	 	Ecolab	 	Guardian plus services agreement
	5	 	Fix Enterprises LLC, DBA Roto Rooter Plumbers	 	Plumbing services
	6	 	Hyatt Vacation Marketing Corp.	 	Amended Merchant agreement
	7	 	Sysco Arizona (See LA - joint agreement)	 	Distribution Agreement
	8	 	Waste Management (See Orchards joint agr.)	 	Service agreement waste pickup
	9	 	Waste Management (See Orchards joint agr.)	 	Equipment rental agreement
	10	 	 Transfirst	 	Rate Review Agreement (joint agreement)
	11	 		 	 

 

    	 

    	 

    

 

A GREENER DAY

Recycling

 

Service Agreement for Grease Disposal
and Oil Pick Up

 

	Customer Name	Tao’s Cantina
	 	 	 	 
	Address	254 N. Highway 89A Sedona, AZ 86336
	 	 	 	 
	Phone Number	(928) 282-7200	    Contact	 

 

	Specification and Pricing for the location listed above
	 
	Pick Up and Use of Cooking Oil
	 
	Frequency	3 weeks	 	Tank Size	180

 

	Grease Trap and Interceptor Service
	 
	Frequency	3 Months	 	Size	3000	Inside/Outside

 

	Hydro-Jetting
	 
	Frequency	As Needed	 	First Service Date	TBD

 

	Pricing	 	 
	Oil Removal Service	.50 per gallon	(Paid to Customer)
	Same Day Emergency Pump	$50.00	 
	Grease Trap Pumping	.18 per gallon	 
	Hydro-Jetting Service	TBD	 

 

Other Pricing

 

One time charge of 700.00 Per Manhole for
installation of odor seal rings with filters and a 25.00 charge Per Manhole for carbon odor eliminating filters to be replaced
every time grease trap is pumped.

 

Additional terms of agreement

 

All checks will be mailed to 270 N. State Route 89A Suite 11
Sedona, AZ 86336, if fuel prices rise above $5.00 per gallon, a meeting with either Sedona Center’s Ownership or C.O.O. and
A Greener Day will be held to discuss action. In exchange for rates being locked in it is agreed A Greener Day will be the sole
contractor for servicing the grease traps with the exception of emergency calls which A Greener Day cannot service under 3 hours.
Sedona Center has the right to call another contractor for service for time sensitive emergencies without violating the contract.
A Greener Day will be expected to have direct and open communication with Rotor Rooter on all services. Best practice is A Greener
Day will contact the Rotor Rooter before any service is performed. A Greener Day agrees to follow up communication with Rotor Rooter,
Sedona Center’s Chief Engineer, and Engineering Supervisor directly after service. This contract is subject to termination
if open communication ceases or A Greener Day fails to make communication efforts with Rotor Rooter.

 

A Greener Day Recycling complies with all local, state and federal
laws and regulations in regards to pick up service, recycling, processing and disposal of all waste products. Upon signing, this
agreement will be in effect for (3) three years from the date of this agreement exclusively between A Greener Day Recycling and
above mentioned party.

 

	Aron Seehan	 	12/21/2012
	A Greener Day Representative	 	Date
	 	 	 
	Orchards Inn Rest llc by	 	 
	/s/ Al Spector Mgr 1/9/13	 	Date
	Taos Cantina Authorized Representative	 	 

 

P.O. Box 1265 Camp Verde, AZ 86322 Main
(928) 567-7060 Fax (928) 567-8947

 

    	 

    	 

    

 

CERTIFICATE AGREEMENT

 

This Agreement is made by and between
Orchards\Taos Cantina ("Merchant”) and Diamond Resorts International Marketing, Inc. (“Diamond”) on this
13th day of September, 2011.

 

		1.	Merchant
agrees to accept gift certificates in the denominations of Twenty-Five Dollars ($25.00) issued by Diamond in exchange for merchandise
and/or services. Gift certificates will be clearly marked and embossed with the Diamond logo.

 

		2.	If
a customer purchases merchandise and or services in excess of the value of the certificate, the customer shall be responsible
for any such difference. In addition, no cash will be refunded on any certificates used to purchase merchandise and/or services
for less than the face value of the certificate. This is clearly indicated on the certificate and shall be reiterated by the Diamond
representative to the customer at the time the certificate is issued.

 

		3.	Certificates
shall be valid only if the certificate is numbered and includes the guest’s name, where and when certificate was issued
and who the certificate was issued by. These certificates are non-transferable. (Identification may be requested by Merchant).

 

		4.	Certificates
will expire thirty (30) days from the date of issue. No extensions shall be granted by Diamond or Merchant.

 

		5.	Merchants
shall submit all redeemed certificates for payment directly to Diamond no later than the seventh (7 th ) of the month
following the month the certificate was redeemed.

 

		6.	Merchants
must include with each request for payment: an accounting of the request including the number of certificates presented for payment
and the dollar amount of the invoice being presented to ensure proper payment

 

Send invoices and certificates to:

 

	 	Diamond Resorts International Marketing, Inc.
	 	Attn: Gloria Frasca
	 	401 A Jordan Rd.
	 	Sedona, AZ 86336

 

    	 

    	 

    

 

		7.	This
Agreement may not be altered unless done so by Diamond and in writing.

 

		8.	Either
party may terminate this Agreement upon thirty (30) days’ written notice to the other party. Any certificates honored by
Merchant must be invoiced to Diamond within sixty (60) days of date of the termination notification. Payment of all certificates
presented to Diamond will be made within thirty (30) days of invoice date.

 

		9.	Merchant
agrees to accept Diamond's Certificates in accordance with the terms and conditions stated above.

 

		10.	Merchant
agrees to invoice Diamond at a discounted rate of twenty per cent (20%) for the Certificates.

 

	Diamond Resorts International Marketing, Inc.	 
	 	 	 
	By:	                	 
	 	 	 
	Its:	 	 
	 	 	 
	Date: 	 	 

 

	Orchards/Taos Cantina	 
	 	 	 
	By:	Al Spector	 
	 	 	 
	Its:	Manager	 
	 	 	 
	Date: 	9/26/11	 

 

    	 

    	 

    

 

Exhibit A

 

September 21, 2011

 

To: Donna Holcomb

Diamond Resorts

RB: Diamond Certificate Program

From: L’Auberge Marketing

 

Dear Donna,

 

We are signing up five of our entities for Diamonds’ certificate
program. They include: Taos, Open Range, Canyon Breeze, Tasting Arizona and L’Auberge restaurant.

 

We’d like to offer certificates in the amounts of $25.00,
$50.00, $75.00 and $100.00.

 

We agree to the 20% commission kept by you.

 

Thank you,

 

	/s/ A1 Spector	 
	A1 Spector	 
	Owner,	 
	L’Auberge, Open Range, Tasting Arizona, Canyon Breeze, Taos. 

 

    	 

    	 

    

 

	ECOLAB	Dishmachine
    Lease Agreement

 

	THIS AGREEMENT is between Ecolab Inc. (“Ecolab”), and	Tao's Cantina
	 	(Business/Account Name)

 

	 	254 N Highway 89A STE 3 Sedona, AZ 86336
	(Print Complete Corporate Name)	(Street Address, City, State)

 

	928.282.2112	 	 	 	kcspector@gmail.com
	(Phone # )	 	(Fax #)	 	(Email)

 

	Delivery address (if different from account address):	 

 

	Address where Equipment will be located (if not account or delivery addresses):	 

 

	Order Type:	Change of Machine	Pricing Program:	 Standard/Tier	PO Number:	 
	Requested Delivery Date:	Contact Name:	 Mike Estrada	  Ph Num:	928.274.4091
	Contract name:	Sedona   Center	Contract Number:	   IS662	 
	 	 	 	Dishmachine Serial Number:	 
	 	 	 	 	 	 	 	 

		1.	EQUIPMENT. Ecolab will provide:

 

		(a)	Dishmachine
Equipment:

	 	      Style of Machine:	 Double Rack	Machine Model:	Apex TSC Corner Double
	 	 	 	Corner:     Right

 

	 	(b)	Optional Equipment:

Booster:

 

	 	(c)	Parts and Service. Parts and service to maintain the Equipment in good condition.

 

	2.	PAYMENT. In consideration
    of Ecolab leasing to Customer the warewashing and other equipment identified above (the "Equipment"), Customer agrees
    to make the following payments and purchases:
	 	(a)	Delivery, Installation & Program Start-up Fee: $     0.00  (payable upon Customer signature); and
	 	(b)	Base Rate: A base lease rate of $ 164.00 for each monthly service period (payable in advance); and
	 	(c)	Minimum Product Purchases: Customer also agrees to purchase a monthly minimum of $ 200.00
	 	 	(the “Monthly Minimum”) of Ecolab Institutional chemical products (“Products”) from Ecolab or an approved distributor. Neither the start-up fee (if any) nor base lease rate apply towards this requirement. If Customer’s average monthly purchases of Products with respect to two consecutive months are less than the Monthly Minimum, Ecolab may charge the customer an adjustment charge. This adjustment charge is equal to the Monthly Minimum (stated above) less the actual purchases of Ecolab products those months the product purchases did not meet the Monthly Minimum.

 

	 	(d)	The price for the Products and payment terms will be as agreed and stated on each invoice.

 

	Customer has read and understood PAYMENT terms	AS
	 	Customer Initials

 

	 	3.	TERM: This Agreement will continue for    1    year(s) beginning on the day the Equipment is delivered (the “Initial Term”) and will continue from year-to-year thereafter (each year being a “Renewal Term”) unless either party provides the other with at least 60 days written notice prior to the end of the Initial Term or the then-current Renewal Term.

 

	 	4.	TERMINATION; EARLY TERMINATION DAMAGES. A party may only terminate this Agreement before the end of the Initial Term or a Renewal Term (if any) if the other party has materially breached this Agreement (i.e., failed to meet its obligations under this Agreement) and fails to cure (i.e., correct) that breach within 60 days of receiving written notice. If this agreement is terminated for any reason before the end of the then-current term (except if Customer terminates pursuant to this Section 4 for Ecolab’s breach of this Agreement) Customer must promptly pay to Ecolab an amount equal to (i) the sum of the base lease rate and Monthly Minimum, multiplied by (ii) the lesser of 3 or the number of months remaining in the then-current term following the effective date of the termination. Customer and Ecolab agree that this is equal to or less than the reasonable estimate of the damages suffered by Ecolab for the early termination of this Agreement.

 

	 	Customer has read and understood TERMINATION and EARLY TERMINATION damages terms	AS
	 	 	Customer Initiate

 

Remit 60 day notice to earlyleasecancels@ecolab.com
or fax 651-204-3592

 

	 	5.	NOTICE OF CHANGES. The prices under this Agreement will remain in effect for a minimum of one year. Thereafter, Ecolab may increase the base lease rate and any additional charges and extended service prices at any time upon notice to Customer. In the event of a price increase, Customer may terminate this Agreement by giving 60 days’ written notice to Ecolab. To be effective, notice must be received by Ecolab within 30 days after the price increase takes effect. Where applicable, Customer must pay any sales tax and any personal property taxes levied upon the Equipment.

 

    	 

    	 

    

 

	 	6.	LOSS AND DAMAGE. Customer is responsible for any loss, damage, theft, or destruction of the Equipment while on Customer premises and beyond Ecolab’s control. In addition, Customer is responsible for any damage or destruction caused by the removal of the Equipment by another person or entity other than Ecolab.

 

	 	7.	DELIVERY. Delivery will be at Customer’s request or as soon thereafter as is practicable. Customer must provide plumbing and electrical hookups and any and all required governmental permits. Customer will provide all utilities (including, without limitation, electricity, 140 degree F hot water and maintain water hardness no higher than 8 grains per gallon) necessary to operate the Equipment.

 

	 	8.	DEFAULT. Customer will be in default under this Agreement if Customer fails to comply with any terms of this Agreement (time being of the essence), if the Equipment is moved, substantially damaged or encumbered, Customer dies, is dissolved or becomes insolvent, or any action for the benefit of creditors is taken with respect to Customer. Upon default, Customer’s rights under this Agreement will, at the option of Ecolab and without notice to Customer, be terminated (but Customer’s outstanding obligations under this Agreement will survive any termination) and Ecolab will have the right to take immediate possession of the Equipment and to exercise any other remedies available to it in law or in equity. If Customer fails to surrender the Equipment within 30 days from the effective date of termination, Ecolab will invoice Customer for the fair market value of the Equipment and any other outstanding payments due to Ecolab. Customer must pay all reasonable costs incurred by Ecolab, including, without limitation, collection costs and reasonable attorneys’ fees, to collect any amounts due Ecolab, or to enforce any Ecolab right, under this Agreement.

 

	 	9.	OWNERSHIP. The Equipment (including but not limited to dispensing equipment) will at all times be the sole and exclusive property of Ecolab. Customer will have no right of ownership of such property, but only the right to use the Equipment subject to this Agreement. The Equipment will remain personal property and not become a fixture of any building. Customer will not remove the Equipment without prior written approval of Ecolab. Customer agrees that Ecolab may file and the Customer will execute documentation as Ecolab deems necessary to evidence Ecolab’s ownership. Upon termination of this Agreement, Customer must return the Equipment in as good a condition as when received, reasonable wear and tear excepted. Customer may not change, alter, or repair the Equipment, or use any detergents or sanitizers in the operation of the Equipment except those provided by Ecolab or approved by Ecolab in writing. Upon termination of this Agreement or upon Customer default, Ecolab may enter Customer’s premises for removal of the Equipment.

 

	 	10.	GENERAL. Customer is solely liable for all claims including, but not limited to, Workers’ Compensation claims, resulting from the operation or use of the Equipment or work thereon by Customer’s employees or agents. Customer may not assign this Agreement without Ecolab’s prior written consent. This Agreement will be binding upon each of the parties hereto and their representative heirs, successors, and assigns. Ecolab will not be liable for consequential or any other damages which may result from any cause beyond the reasonable control of Ecolab including, but not limited to, acts of God or government, supply or labor shortages, or transportation delays.

 

THIS AGREEMENT REPRESENTS THE ENTIRE AGREEMENT OF THE PARTIES.
THIS AGREEMENT MAY NOT BE MODIFIED EXCEPT BY A WRITTEN AMENDMENT SIGNED BY BOTH PARTIES

 

 

	Owner:	/s/ Orchards Inn & Rest llc by Al Spector Manager	 	 Ecolab Assoc:	Mike Estrada
	 	Authorized Signature	 	 	 
	Print	 	 	Employee #	41758
	Owner Name:	by Al Spector, Manager.	 	Account No.	10196050
	Customer Authorized Date:	 	 	Typed Date	12/26/2012

 

	For Office Use Only - Phase II Lease Agreement	Rev.  8/20/2012
	 	 
	This Agreement will not be binding upon Ecolab Inc. unless and until it is countersigned below by a proper official at Ecolab’s offices in Eagan, Minnesota
	 	 
	Accepted:	Title:	Date:
	 	 	 

 

    	 

    	 

    

 

Fix Enterprises LLC, DBA Roto Rooter Plumbers

 

ROTO ROOTER 

         Plumbing & 

         Drain Service

Taos Cantina

 

Start Date: Begins the date ownership
signs contract

End Date: January 1, 2016

 

The rate listed will stay in place through the duration of this
contract. Taos Cantina restaurant located at 254 N. SR 89A, Sedona AZ 86336 will be HydroScrubbed on a 2x a year basis beginning
on January 1, 2013 and ending on January 1, 2016. In exchange for rates being locked in it is agreed that Roto Rooter Plumbing
will be the sole plumbing contractor used for any and all plumbing needs not handled by the staff at Sedona Center Engineering
Team. An exception will be made to sole plumbing agreement in the event of an emergency. It is understood that if Roto Rooter cannot
service an emergency call in under 3 hours, Taos Cantina will call another plumper without voiding this contract. All service work
including procedures and quality standards must be approved by the Sedona Center Chief Engineer and/or Engineering Supervisor before
work is begun.

 

Roto Rooter will be expected to have direct and open communication
with A Greener Day on all service calls made to Taos Cantina. Best practice is Roto Rooter will contact the owner of A Greener
Day before any service is performed. Roto Rooter agrees to follow up communication with A Greener Day, Sedona Center Chief Engineer,
and/or Engineering Supervisor directly after service. This contract is subject to termination if open communication ceases or Roto
Rooter fails to make communication efforts with A Greener Day.

 

	Services	 	Our Price	 
	Cable Cleaning with Camera	 	$	220.00	 
	Cabling Thru Toilet flange by removing and resetting	 	$	270.00	 
	Trailer hydro scrubbing (not to exceed 2 hours)	 	$	400.00	 
	Pipe Repair	 	 	 	 
	All size pipe repair exposed to water line	 	$	160.00	 
	HydroScrub Rates	 	 	 	 
	Taos Cantina 60ft Run	 	$	175.00	 

 

	 	1.	Cable Cleaning with camera inspection, through accessible clean out access, 11⁄2 "thru 4” diameter drains, not to exceed 100 feet in length, or 2 hours of onsite job time. $220.00 per drain

 

    	 

    	 

    

 

	 	2.	Cable cleaning through toilet flange by removing and resetting, 3" and 4" drains, not to exceed 100 feet in length, or 2 hours of onsite job time. $270.00 per drain

 

	 	3.	Trailer hydro scrubbing (with accessible access means and accessible clean out, not to exceed 2 hours of onsite job time or drain length of 100' on 2 ' diameter drains or drain length of 300' on 3" and 4" drain. $400.00 per drain. All drain cleaning time in access of 2 hours will be billed out at $100.00 per hour broke into '1/2 hour intervals. Assessable access, and accessible clean out access means the ability to place and operate drain and sewer cleaning equipment with 1 person operation no further than 6 feet from work per OSHA Safety.

 

	 	4.	Pipe Repair - 1⁄2”, 3⁄4”, 1" diameter exposed water lines up to 2' in length, of copper, Pex, or PVC with proper isolation valves not to include any cost of (valves or controls)$160.00 per repair.

 

	 	5.	Hydro Scrub - refer to individual contract rates. Main inlet drain to Grease traps and outlet drain from grease traps.

 

Any work that is outside the hours of 7:30 am - 5:00 pm Monday
- Friday that is not agreed upon beforehand including emergency work/ weekends / Holidays will be billed at 1.5 times additional
to the list cost.

 

*Pricing not subject to tax or fuel charge.

*Net 30 day payment on invoiced service

 

	Orchards llc	1/9/13	 	/s/ illegible signature	01-02-2013
	Signature	Date	 	Signature	Date
	/s/ Al Spector Manager	 	 	Roto Rooter Plumber	 

 

    	 

    	 

    

 

 0 Bruce

HYATT VACATION MARKETING CORPORATION

AMENDED MERCHANT AGREEMENT

 

Taos Cantina,
Merchant, agrees to participate in Hyatt Vacation Marketing Corporation’s marketing program(s) by honoring Hyatt Vacation
Chib Gift Certificates in the sum of $25 to $100 at the Merchant’s establishment.

 

Merchant may redeem gift certificates at 95% of the face value
of the certificate on a weekly basis. Certificates can be presented by Merchant to Hyatt Vacation Marketing Corporation and will
be reimbursed by Hyatt Vacation Marketing within fourteen (14) days after receipt of same. Gift certificates must be redeemed by
Merchant no later than ninety (90) days from the date issued.

 

Hyatt Vacation Marketing Corporation is responsible for the
artwork and printing of the complimentary gift certificates to be honored by Merchant.

 

Merchant or Hyatt Vacation Marketing Corporation may cancel
this Agreement at any time by any form of notice to Merchant or Hyatt Vacation Marketing Corporation

 

Date: 5/3/12

 

	For Hyatt Vacation Marketing Corporation:	 	For Merchant:
	 	 	 
	/s/ illegible signature	 	/s/ Al Spector
	(signature)	 	(signature)

 

	Hyatt Vacation Marketing Corporation	Print Name: 	/s/ Al Spector
	1 N. Hwy 89A	Title: 	Manager
	Sedona, AZ 86336	Business Address:	254 N. Hwy 89A, Sedona, AZ86336
	(928) 204-3940	Phone:	Jackie Evans, Accounting
	 		204 – 4337
	 		

 

    	 

    	 

    

 

 

    	 

    	 

    

 

TRANSFIRST

 Rate Review Agreement

 

	Merchant
    Number   	39300980280985, 39300979501003, 39300979501409, 39300979499992
	Merchant
    Name:   	Open Range Grill & Grill Tavern LLC, dba Tasting Arizona, Canyon Breeze Restaurant, Orchard’s Inn & Restaurant dba Taos, Open Range
	Contact
    Name:    	Doug Buchanan
	Phone
    #:   	602-482-5991
	Fax
    #:   	 
	 	 
	Notes:   	New Rate Offer
	 	 
	 	 
	 	 
	Date
    of Request:   	 	Date
    Proposed:   	1/23/2013
	 	 	 	 
	Performed
    By:   	Ginny Focken	Date
    Accepted:   	 
	 	 	 	 

	 	 	 	 
	 	Current Rates & Fees	 	Proposed Rates and Fees:
	 	VI/MC/DI Discount Rate:	1.95%	 	VI/C/DI Discount Rate:	0.10%
	 	Per Item Fee:	$0.15	 	Per Item Fee:	$0.00
	 	Monthly Service Fee:	$10.00	 	Monthly Service Fee	$10.00
	 	Translink Monthly Fee:	$8.00	 	Translink Monthly Fee:	$8.00
	 	$100,00 Breach Coverage:	$8.95	 	$100,000 BreachCoverage:	$8.95
	 	Visa/MC/Disc Network Access Fee:	$0.025	 	Visa/MC/Disc Network Access Fee:	$0.025
	 	PCI Quarterly Compliance Fee:	$28.80	 	PCI Quarterly Compliance Fee:	$28.80
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	* Coverage is optional.  Pricing is Interchange Pass Through Plus Assessments

 

 

Rates are subject to change based on Visa/MasterCard/Discover
Interchange Increase(s). In consideration of TransFirst’s agreement to lower Merchant’s rates as described above, Merchant
agrees that: (A) the Initial Term of Merchant’s Merchant Processing Agreement will continue until the second anniversary
of the date Merchant executes this form and will automatically renew for successive one (1) year periods (each a ‘Renewal
Term’), unless a party to the Merchant Processing Agreement provides the other parties with notice of its intent not to renew
this Agreement at least ninety (90) days prior to the expiration of the then current term.

 

Any modifications or alterations, handwritten or otherwise,
to this document deems proposed rate quote null and void.

 

	
        Printed Name of Authorized

        Signer: Al Spector
	
         

        /s/ Al Spector
	
         

        Signature:
	
         

        /s/ Al Spector

	 	 	Date:	1/29/13

  

    	 

    	 

    

 

	Bruce Campbell

 

	From:	Dough Buchanan [debuchanan@yahoo.com]
	Sent:	Tuesday, January 29, 2013 11:29 AM
	TO:	Al Spector
	Cc:	Bruce Campbell
	Subject:	New Transfirst rate agreements
	Attachments:	Transfirst rate agreements.pdf

 

Al,

 

Copies of the new Transfirst
Merchant Processing rate agreements are attached.

 

Doug

 

    	1

    	 

    

 

Exhibit l (a)-iii

 

Orchards Inn & Restaurant, LLC Accounts Payable

 

    	 

    	 

    

 

	6:14 AM	Orchards Inn & Restaurant, LLC.	 
	04/24/13	A/P Aging Summary	 
	 	As of March 31, 2013	 

 

	 	 	Current	 	 	1 - 30	 	 	31 - 60	 	 	61 - 90	 	 	> 90	 	 	TOTAL	 
	Advanced Reservations Systems	 	 	41.80	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	41.80	 
	Allegra Print & Imaging of Cottonwood	 	 	99.32	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	99.32	 
	Alliance Beverage Distributing Co	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	-35.00	 	 	 	-35.00	 
	Allied Forces	 	 	878.81	 	 	 	109.59	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	988.40	 
	American Express Blue	 	 	584.99	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	584.99	 
	American Telephone, Inc	 	 	100.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	100.00	 
	AmeriGas	 	 	157.69	 	 	 	188.33	 	 	 	94.91	 	 	 	0.00	 	 	 	0.00	 	 	 	440.93	 
	APS	 	 	12,426.16	 	 	 	3,400.25	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	15,826.41	 
	Arizona Department of Revenue	 	 	1,054.08	 	 	 	0.00	 	 	 	0.00	 	 	 	19,810.19	 	 	 	24,815.03	 	 	 	45,679.30	 
	Arizona Water Company	 	 	1,408.57	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,408.57	 
	AT & T 030 599 3359 001	 	 	0.00	 	 	 	75.31	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	75.31	 
	Barrett Realty LLC	 	 	0.00	 	 	 	-10,000.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	-10,000.00	 
	Bianconero Enterprises Inc.	 	 	37.80	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	37.80	 
	Botanic Effects, LLC	 	 	263.42	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	263.42	 
	Canyon Breeze	 	 	1,682.97	 	 	 	1,125.80	 	 	 	1,211.73	 	 	 	0.00	 	 	 	0.00	 	 	 	4,020.50	 
	CC Foods, Inc.	 	 	3,920.25	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,920.25	 
	CenturyLink	 	 	0.00	 	 	 	626.40	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	626.40	 
	CenturyLink*	 	 	37.47	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	37.47	 
	Cintas Corporation	 	 	1,308.89	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,308.89	 
	City of Sedona	 	 	2,927.66	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,927.66	 
	corporate Vacations	 	 	67.60	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	67.60	 
	Creative Printing	 	 	0.00	 	 	 	30.35	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	30.35	 
	David Hunt	 	 	551.80	 	 	 	65.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	616.80	 
	Direct TV	 	 	0.00	 	 	 	456.94	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	456.94	 
	Doug Buchanan	 	 	560.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	560.00	 
	Ecolab Pest Elim. Div	 	 	0.00	 	 	 	915.80	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	915.80	 
	Ecolab, Inc	 	 	174.82	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	174.82	 
	F & S Distributors	 	 	1,309.53	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,309.53	 
	Fc Usa Inc.	 	 	21.90	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	21.90	 
	FedEx	 	 	113.75	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	113.75	 
	Flagstaff Publishing Co.	 	 	370.47	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	370.47	 
	Grainger	 	 	1,153.09	 	 	 	1,350.84	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,503.93	 
	Greenleaf Wholesale Florist, Inc	 	 	150.00	 	 	 	50.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	200.00	 
	H&L Travel	 	 	24.40	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	24.40	 
	Harbor Linen	 	 	392.21	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	392.21	 
	IMH Property Taxes	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	23,148.68	 	 	 	0.00	 	 	 	23,148.68	 
	Incentive Connection Travel Inc.	 	 	35.80	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	35.80	 
	L'Auberge de Sedona  -  30	 	 	1,581.89	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,581.89	 
	Larson Newspaper	 	 	59.82	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	59.82	 
	Macquarie Equipment Finance, LLC	 	 	1,031.89	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,031.89	 
	Merit Technology Partners	 	 	1,126.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,126.00	 
	Navis	 	 	473.97	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	473.97	 
	NextCare Urgent Care	 	 	170.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	170.00	 
	Office Depot	 	 	368.51	 	 	 	285.92	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	654.43	 
	Ogdens	 	 	98.24	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	98.24	 
	Pacific Seafood	 	 	3,359.13	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	3,359.13	 
	Pepsi Cola Bottling Company	 	 	8,238.08	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	8,238.08	 
	Petra Risk Solutions	 	 	0.00	 	 	 	2,526.38	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,526.38	 
	Petty Cash	 	 	722.71	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	722.71	 
	Praxair Distribution	 	 	25.50	 	 	 	52.92	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	78.42	 
	Pro-Build	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	-14.33	 	 	 	-14.33	 
	RDS	 	 	944.83	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	944.83	 
	Red Rock Lock	 	 	15.50	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	15.50	 
	Roto-Rooter	 	 	315.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	315.00	 
	Sabre Hospitality Solutions	 	 	4,690.19	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	4,690.19	 
	SD Sedona, LLC	 	 	404.47	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	404.47	 
	Sedona Engraving & Awards	 	 	6.62	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	6.62	 
	Shoes for Crews, LLC	 	 	179.67	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	179.67	 
	Snap Fitness	 	 	0.00	 	 	 	40.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	40.00	 
	Southwest Media Communications, LLC	 	 	385.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	385.00	 
	Specialty Textile Services	 	 	21,129.27	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	21,129.27	 
	Suddenlink	 	 	0.00	 	 	 	1,096.88	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,096.88	 
	Sysco Arizona, Inc.	 	 	37,271.20	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	37,271.20	 
	Travel and Transport	 	 	56.80	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	56.80	 
	Travel World Inc.	 	 	61.74	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	61.74	 
	Travelnow.com Inc-MO	 	 	80.10	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	80.10	 

 

    	Page 1

    	 

    

 

	6:14 PM	Orchards Inn & Restaurant, LLC.	 
	4/24/13	A/P Aging Summary	 
	 	As of March 31, 2013	 

 

	 	 	Current	 	 	1 - 30	 	 	31 - 60	 	 	61 - 90	 	 	> 90	 	 	TOTAL	 
	Travelocity Com-PA	 	 	51.70	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	51.70	 
	Travelocity.Com L.P. - GA	 	 	21.90	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	21.90	 
	Travelocity.com L.P. SA,TX	 	 	24.90	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	24.90	 
	Tti Travel	 	 	43.02	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	43.02	 
	Unisource Energy Services	 	 	2,739.91	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,739.91	 
	USA Today	 	 	172.93	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	172.93	 
	Verde Valley Newspapers	 	 	25.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	25.00	 
	Western Paper Distributors	 	 	164.93	 	 	 	222.73	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	387.66	 
	TOTAL	 	 	117,895.67	 	 	 	2,619.44	 	 	 	1,306.64	 	 	 	42,958.87	 	 	 	24,765.70	 	 	 	189,546.32	 

 

    	Page 2

    	 

    

 

	11:53am	Orchards Inn & Restaurant, LLC.	 
	04/25/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

  

	 	 	Type	 	Date	 	Num	 	Due
    Date	 	Open
    Balance	 	 	Mar	 	 	Apr	 	 	May 1-15	 	 	May 16 on	 
	Alliance Beverage Distributing Co	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Credit	 	10/01/2012	 	402599308	 	05/01/2013	 	 	-35.00	 	 	 	-	 	 	 	-	 	 	 	(35.00	)	 	-	 
	Total Alliance Beverage Distributing Co	 	 	 	 	 	 	 	 	 	 	-35.00	 	 	 	0.00	 	 	 	0.00	 	 	 	-35.00	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Allied Forces	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/12/2013	 	1904349	 	05/12/2013	 	 	2,181.76	 	 	 	-	 	 	 	-	 	 	 	2,181.76	 	 	-	 
	 	 	Bill	 	04/05/2013	 	1904332	 	05/05/2013	 	 	941.02	 	 	 	-	 	 	 	-	 	 	 	941.02	 	 	-	 
	Total Allied Forces	 	 	 	 	 	 	 	 	 	 	3,122.78	 	 	 	0.00	 	 	 	0.00	 	 	 	3,122.78	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	American Express Blue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/15/2013	 	Amex Apr 13	 	05/15/2013	 	 	223.69	 	 	 	-	 	 	 	-	 	 	 	223.69	 	 	-	 
	Total American Express Blue	 	 	 	 	 	 	 	 	 	 	223.69	 	 	 	0.00	 	 	 	0.00	 	 	 	223.69	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	AMP Consultants, Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/19/2013	 	1st Qtr 2013	 	05/19/2013	 	 	89.88	 	 	 	-	 	 	 	-	 	 	 	-	 	 	89.88	 
	Total AMP Consultants, Inc.	 	 	 	 	 	 	 	 	 	 	89.88	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	89.88	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	APS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	03/28/2013	 	221036288	 	05/03/2013	 	 	300.88	 	 	 	-	 	 	 	-	 	 	 	300.88	 	 	-	 
	 	 	Bill	 	03/22/2013	 	221036288	 	05/03/2013	 	 	11.69	 	 	 	-	 	 	 	-	 	 	 	11.69	 	 	-	 
	 	 	Bill	 	04/22/2013	 	221036288	 	05/03/2013	 	 	16,453.26	 	 	 	-	 	 	 	-	 	 	 	16,453.26	 	 	-	 
	 	 	Bill	 	03/28/2013	 	221036288	 	05/03/2013	 	 	6,012.36	 	 	 	-	 	 	 	-	 	 	 	6,012.36	 	 	-	 
	Total APS	 	 	 	 	 	 	 	 	 	 	22,778.19	 	 	 	0.00	 	 	 	0.00	 	 	 	22,778.19	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Booking.Com B.V.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/06/2013	 	1300813781	 	05/06/2013	 	 	31.35	 	 	 	-	 	 	 	-	 	 	 	31.35	 	 	-	 
	Total Booking.Com B.V.	 	 	 	 	 	 	 	 	 	 	31.35	 	 	 	0.00	 	 	 	0.00	 	 	 	31.35	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Canyon Portal II LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/10/2013	 	6103	 	05/01/2013	 	 	2,678.00	 	 	 	-	 	 	 	-	 	 	 	2,678.00	 	 	-	 
	 	 	Bill	 	04/10/2013	 	6102	 	05/01/2013	 	 	320.94	 	 	 	-	 	 	 	-	 	 	 	320.94	 	 	-	 
	Total Canyon Portal II LLC	 	 	 	 	 	 	 	 	 	 	2,998.94	 	 	 	0.00	 	 	 	0.00	 	 	 	2,998.94	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CC Foods, Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/16/2013	 	844593	 	05/16/2013	 	 	803.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	803.00	 
	 	 	Bill	 	04/19/2013	 	845137	 	05/19/2013	 	 	234.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	234.00	 
	Total CC Foods, Inc.	 	 	 	 	 	 	 	 	 	 	1,037.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	1,037.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CenturyLink	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/07/2013	 	928-282-2405 892B	 	05/07/2013	 	 	634.27	 	 	 	-	 	 	 	-	 	 	 	634.27	 	 	-	 
	Total CenturyLink	 	 	 	 	 	 	 	 	 	 	634.27	 	 	 	0.00	 	 	 	0.00	 	 	 	634.27	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cintas Corporation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 

 

    	Page 1 of 7

    	 

    

 

	11:53am	Orchards Inn & Restaurant, LLC.	 
	04/25/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due
    Date	 	Open
    Balance	 	 	Mar	 	 	Apr	 	 	May 1-15	 	 	May 16 on	 
	 	 	Bill	 	04/04/2013	 	9784508	 	05/04/2013	 	 	257.58	 	 	 	-	 	 	 	-	 	 	 	257.58	 	 	-	 
	 	 	Bill	 	04/10/2013	 	9803632	 	05/10/2013	 	 	149.84	 	 	 	-	 	 	 	-	 	 	 	149.84	 	 	-	 
	 	 	Bill	 	04/12/2013	 	9811441	 	05/12/2013	 	 	39.43	 	 	 	-	 	 	 	-	 	 	 	39.43	 	 	-	 
	Total Cintas Corporation	 	 	 	 	 	 	 	 	 	 	446.85	 	 	 	0.00	 	 	 	0.00	 	 	 	446.85	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Coconino County Evironmental Services	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/19/2013	 	041913	 	05/19/2013	 	 	18.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	18.00	 
	Total Coconino County Evironmental Services	 	 	 	 	 	 	 	 	 	 	18.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	18.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Copperstate Restaurant Technologies	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/15/2013	 	241994	 	05/15/2013	 	 	1,700.00	 	 	 	-	 	 	 	-	 	 	 	1,700.00	 	 	-	 
	Total Copperstate Restaurant Technologies	 	 	 	 	 	 	 	 	 	 	1,700.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,700.00	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ecolab Pest Elim. Div	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/17/2013	 	9302271	 	05/17/2013	 	 	165.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	165.00	 
	 	 	Bill	 	04/01/2013	 	9302424	 	05/01/2013	 	 	187.40	 	 	 	-	 	 	 	-	 	 	 	187.40	 	 	-	 
	Total Ecolab Pest Elim. Div	 	 	 	 	 	 	 	 	 	 	352.40	 	 	 	0.00	 	 	 	0.00	 	 	 	187.40	 	 	165.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ecolab, Inc	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/04/2013	 	1498767	 	05/04/2013	 	 	90.67	 	 	 	-	 	 	 	-	 	 	 	90.67	 	 	-	 
	Total Ecolab, Inc	 	 	 	 	 	 	 	 	 	 	90.67	 	 	 	0.00	 	 	 	0.00	 	 	 	90.67	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grainger	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/01/2013	 	9104827101	 	05/01/2013	 	 	324.09	 	 	 	-	 	 	 	-	 	 	 	324.09	 	 	-	 
	 	 	Bill	 	04/01/2013	 	9104827093	 	05/01/2013	 	 	107.71	 	 	 	-	 	 	 	-	 	 	 	107.71	 	 	-	 
	 	 	Bill	 	04/03/2013	 	9107431927	 	05/03/2013	 	 	14.10	 	 	 	-	 	 	 	-	 	 	 	14.10	 	 	-	 
	Total Grainger	 	 	 	 	 	 	 	 	 	 	445.90	 	 	 	0.00	 	 	 	0.00	 	 	 	445.90	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Greenleaf Wholesale Florist, Inc	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/18/2013	 	10307655	 	05/18/2013	 	 	50.00	 	 	 	-	 	 	 	-	 	 	 	-	 	 	50.00	 
	Total Greenleaf Wholesale Florist, Inc	 	 	 	 	 	 	 	 	 	 	50.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	50.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Guest Supply	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/11/2013	 	4593360	 	05/11/2013	 	 	177.47	 	 	 	-	 	 	 	-	 	 	 	177.47	 	 	-	 
	Total Guest Supply	 	 	 	 	 	 	 	 	 	 	177.47	 	 	 	0.00	 	 	 	0.00	 	 	 	177.47	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Harbor Linen	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/18/2013	 	3916612	 	05/18/2013	 	 	177.92	 	 	 	-	 	 	 	-	 	 	 	-	 	 	177.92	 
	Total Harbor Linen	 	 	 	 	 	 	 	 	 	 	177.92	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	177.92	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	L'Auberge de Sedona  -  30	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Credit	 	03/31/2013	 	8120	 	05/01/2013	 	 	-923.08	 	 	 	-	 	 	 	-	 	 	 	(923.08	)	 	-	 
	Total L'Auberge de Sedona  -  30	 	 	 	 	 	 	 	 	 	 	-923.08	 	 	 	0.00	 	 	 	0.00	 	 	 	-923.08	 	 	0.00	 

 

    	Page 2 of 7

    	 

    

 

	11:53am	Orchards Inn & Restaurant, LLC.	 
	04/25/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due
    Date	 	Open
    Balance	 	 	Mar	 	 	Apr	 	 	May 1-15	 	 	May 16 on	 
	Macquarie Equipment Finance, LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	03/26/2013	 	LSL0130501154	 	05/01/2013	 	 	1,031.89	 	 	 	-	 	 	 	-	 	 	 	1,031.89	 	 	-	 
	Total Macquarie Equipment Finance, LLC	 	 	 	 	 	 	 	 	 	 	1,031.89	 	 	 	0.00	 	 	 	0.00	 	 	 	1,031.89	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mira's Travels, Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/22/2013	 	Burkett	 	05/22/2013	 	 	46.80	 	 	 	-	 	 	 	-	 	 	 	-	 	 	46.80	 
	Total Mira's Travels, Inc.	 	 	 	 	 	 	 	 	 	 	46.80	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	46.80	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Navis	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/01/2013	 	NWC-2478	 	05/01/2013	 	 	2,250.00	 	 	 	-	 	 	 	-	 	 	 	2,250.00	 	 	-	 
	Total Navis	 	 	 	 	 	 	 	 	 	 	2,250.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,250.00	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pacific Seafood	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Credit	 	04/16/2013	 	12826	 	05/16/2013	 	 	-285.26	 	 	 	-	 	 	 	-	 	 	 	-	 	 	(285.26	) 
	 	 	Bill	 	04/02/2013	 	285680	 	05/02/2013	 	 	617.37	 	 	 	-	 	 	 	-	 	 	 	617.37	 	 	-	 
	 	 	Bill	 	04/05/2013	 	286123	 	05/05/2013	 	 	1,102.57	 	 	 	-	 	 	 	-	 	 	 	1,102.57	 	 	-	 
	 	 	Bill	 	04/09/2013	 	286671	 	05/09/2013	 	 	516.46	 	 	 	-	 	 	 	-	 	 	 	516.46	 	 	-	 
	 	 	Bill	 	04/12/2013	 	287218	 	05/12/2013	 	 	278.31	 	 	 	-	 	 	 	-	 	 	 	278.31	 	 	-	 
	 	 	Bill	 	04/16/2013	 	287750	 	05/16/2013	 	 	502.36	 	 	 	-	 	 	 	-	 	 	 	-	 	 	502.36	 
	 	 	Bill	 	04/20/2013	 	288496	 	05/20/2013	 	 	281.52	 	 	 	-	 	 	 	-	 	 	 	-	 	 	281.52	 
	Total Pacific Seafood	 	 	 	 	 	 	 	 	 	 	3,013.33	 	 	 	0.00	 	 	 	0.00	 	 	 	2,514.71	 	 	498.62	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pepsi Cola Bottling Company	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/03/2013	 	187297	 	05/03/2013	 	 	99.50	 	 	 	-	 	 	 	-	 	 	 	99.50	 	 	-	 
	 	 	Bill	 	04/03/2013	 	187313	 	05/03/2013	 	 	584.36	 	 	 	-	 	 	 	-	 	 	 	584.36	 	 	-	 
	 	 	Bill	 	04/03/2013	 	187303	 	05/03/2013	 	 	55.00	 	 	 	-	 	 	 	-	 	 	 	55.00	 	 	-	 
	 	 	Bill	 	04/10/2013	 	188707	 	05/10/2013	 	 	544.14	 	 	 	-	 	 	 	-	 	 	 	544.14	 	 	-	 
	 	 	Bill	 	04/10/2013	 	188698	 	05/10/2013	 	 	82.50	 	 	 	-	 	 	 	-	 	 	 	82.50	 	 	-	 
	 	 	Bill	 	03/27/2013	 	186410	 	05/15/2013	 	 	5,813.62	 	 	 	-	 	 	 	-	 	 	 	5,813.62	 	 	-	 
	 	 	Bill	 	04/17/2013	 	189999	 	05/17/2013	 	 	609.54	 	 	 	-	 	 	 	-	 	 	 	-	 	 	609.54	 
	 	 	Bill	 	04/17/2013	 	189993	 	05/17/2013	 	 	82.50	 	 	 	-	 	 	 	-	 	 	 	-	 	 	82.50	 
	Total Pepsi Cola Bottling Company	 	 	 	 	 	 	 	 	 	 	7,871.16	 	 	 	0.00	 	 	 	0.00	 	 	 	7,179.12	 	 	692.04	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Petra Risk Solutions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	05/01/2013	 	Inst #6	 	05/08/2013	 	 	2,526.38	 	 	 	-	 	 	 	-	 	 	 	2,526.38	 	 	-	 
	Total Petra Risk Solutions	 	 	 	 	 	 	 	 	 	 	2,526.38	 	 	 	0.00	 	 	 	0.00	 	 	 	2,526.38	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Petty Cash	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/24/2013	 	04242013Taos	 	05/24/2013	 	 	128.05	 	 	 	-	 	 	 	-	 	 	 	-	 	 	128.05	 
	 	 	Bill	 	04/24/2013	 	04242013-Orch	 	05/24/2013	 	 	118.13	 	 	 	-	 	 	 	-	 	 	 	-	 	 	118.13	 
	 	 	Bill	 	04/09/2013	 	PC 04092013	 	05/09/2013	 	 	84.69	 	 	 	-	 	 	 	-	 	 	 	84.69	 	 	-	 
	 	 	Bill	 	04/15/2013	 	PC 041520013	 	05/15/2013	 	 	89.98	 	 	 	-	 	 	 	-	 	 	 	89.98	 	 	-	 

 

    	Page 3 of 7

    	 

    

 

	11:53am	Orchards Inn & Restaurant, LLC.	 
	04/25/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due
    Date	 	Open
    Balance	 	 	Mar	 	 	Apr	 	 	May
    1-15	 	 	May 16 on	 
	Total Petty Cash	 	 	 	 	 	 	 	 	 	 	420.85 	 	 	 	0.00	 	 	 	0.00	 	 	 	174.67	 	 	246.18	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pro-Build	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Credit	 	09/19/2012	 	1476031	 	05/01/2013	 	 	-14.33	 	 	 	-	 	 	 	-	 	 	 	(14.33	)	 	-	 
	Total Pro-Build	 	 	 	 	 	 	 	 	 	 	-14.33	 	 	 	0.00	 	 	 	0.00	 	 	 	-14.33	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Regal Publications	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	05/01/2013	 	5630-32620	 	06/01/2013	 	 	212.50	 	 	 	-	 	 	 	-	 	 	 	-	 	 	212.50	 
	Total Regal Publications	 	 	 	 	 	 	 	 	 	 	212.50	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	212.50	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sedona Engraving & Awards	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/02/2013	 	8840	 	05/02/2013	 	 	57.38	 	 	 	-	 	 	 	-	 	 	 	57.38	 	 	-	 
	 	 	Bill	 	04/09/2013	 	8900	 	05/09/2013	 	 	33.11	 	 	 	-	 	 	 	-	 	 	 	33.11	 	 	-	 
	 	 	Bill	 	04/16/2013	 	8956	 	05/16/2013	 	 	6.62	 	 	 	-	 	 	 	-	 	 	 	-	 	 	6.62	 
	Total Sedona Engraving & Awards	 	 	 	 	 	 	 	 	 	 	97.11	 	 	 	0.00	 	 	 	0.00	 	 	 	90.49	 	 	6.62	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Shoes for Crews, LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/02/2013	 	8029244	 	05/02/2013	 	 	107.88	 	 	 	-	 	 	 	-	 	 	 	107.88	 	 	-	 
	 	 	Bill	 	04/02/2013	 	8027059	 	05/02/2013	 	 	36.96	 	 	 	-	 	 	 	-	 	 	 	36.96	 	 	-	 
	 	 	Bill	 	04/07/2013	 	8055190	 	05/07/2013	 	 	73.92	 	 	 	-	 	 	 	-	 	 	 	73.92	 	 	-	 
	 	 	Bill	 	04/13/2013	 	8088775	 	05/13/2013	 	 	36.96	 	 	 	-	 	 	 	-	 	 	 	36.96	 	 	-	 
	Total Shoes for Crews, LLC	 	 	 	 	 	 	 	 	 	 	255.72	 	 	 	0.00	 	 	 	0.00	 	 	 	255.72	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Southwest Media Communications, LLC	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/01/2013	 	15189	 	05/01/2013	 	 	385.00	 	 	 	-	 	 	 	-	 	 	 	385.00	 	 	-	 
	Total Southwest Media Communications, LLC	 	 	 	 	 	 	 	 	 	 	385.00	 	 	 	0.00	 	 	 	0.00	 	 	 	385.00	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Specialty Textile Services	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/16/2013	 	47775	 	05/16/2013	 	 	186.14	 	 	 	-	 	 	 	-	 	 	 	-	 	 	186.14	 
	 	 	Bill	 	04/01/2013	 	44093	 	05/01/2013	 	 	607.98	 	 	 	-	 	 	 	-	 	 	 	607.98	 	 	-	 
	 	 	Bill	 	04/02/2013	 	44294	 	05/02/2013	 	 	189.70	 	 	 	-	 	 	 	-	 	 	 	189.70	 	 	-	 
	 	 	Bill	 	04/02/2013	 	44293	 	05/02/2013	 	 	613.72	 	 	 	-	 	 	 	-	 	 	 	613.72	 	 	-	 
	 	 	Bill	 	04/03/2013	 	44641	 	05/03/2013	 	 	752.65	 	 	 	-	 	 	 	-	 	 	 	752.65	 	 	-	 
	 	 	Bill	 	04/04/2013	 	44863	 	05/04/2013	 	 	267.58	 	 	 	-	 	 	 	-	 	 	 	267.58	 	 	-	 
	 	 	Bill	 	04/04/2013	 	44862	 	05/04/2013	 	 	615.98	 	 	 	-	 	 	 	-	 	 	 	615.98	 	 	-	 
	 	 	Bill	 	04/05/2013	 	45097	 	05/05/2013	 	 	709.17	 	 	 	-	 	 	 	-	 	 	 	709.17	 	 	-	 
	 	 	Bill	 	04/06/2013	 	S45374	 	05/06/2013	 	 	259.52	 	 	 	-	 	 	 	-	 	 	 	259.52	 	 	-	 
	 	 	Bill	 	04/06/2013	 	45337	 	05/06/2013	 	 	750.48	 	 	 	-	 	 	 	-	 	 	 	750.48	 	 	-	 
	 	 	Bill	 	04/07/2013	 	45585	 	05/07/2013	 	 	237.40	 	 	 	-	 	 	 	-	 	 	 	237.40	 	 	-	 
	 	 	Bill	 	04/07/2013	 	45584	 	05/07/2013	 	 	488.14	 	 	 	-	 	 	 	-	 	 	 	488.14	 	 	-	 
	 	 	Bill	 	04/08/2013	 	45785	 	05/08/2013	 	 	743.19	 	 	 	-	 	 	 	-	 	 	 	743.19	 	 	-	 
	 	 	Bill	 	04/09/2013	 	46052	 	05/09/2013	 	 	317.68	 	 	 	-	 	 	 	-	 	 	 	317.68	 	 	-	 
	 	 	Bill	 	04/09/2013	 	46051	 	05/09/2013	 	 	533.11	 	 	 	-	 	 	 	-	 	 	 	533.11	 	 	-	 

 

    	Page 4 of 7

    	 

    

 

	11:53am	Orchards Inn & Restaurant, LLC.	 
	04/25/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due
    Date	 	Open
    Balance	 	 	Mar	 	 	Apr	 	 	May 1-15	 	 	May 16 on	 
	 	 	Bill	 	04/10/2013	 	45363	 	05/10/2013	 	 	946.70	 	 	 	-	 	 	 	-	 	 	 	946.70	 	 	-	 
	 	 	Bill	 	04/11/2013	 	46551	 	05/11/2013	 	 	397.46	 	 	 	-	 	 	 	-	 	 	 	397.46	 	 	-	 
	 	 	Bill	 	04/11/2013	 	46550	 	05/11/2013	 	 	520.76	 	 	 	-	 	 	 	-	 	 	 	520.76	 	 	-	 
	 	 	Bill	 	04/12/2013	 	46624	 	05/12/2013	 	 	462.29	 	 	 	-	 	 	 	-	 	 	 	462.29	 	 	-	 
	 	 	Bill	 	04/13/2013	 	47046	 	05/13/2013	 	 	577.55	 	 	 	-	 	 	 	-	 	 	 	577.55	 	 	-	 
	 	 	Bill	 	04/14/2013	 	47227	 	05/14/2013	 	 	210.56	 	 	 	-	 	 	 	-	 	 	 	210.56	 	 	-	 
	 	 	Bill	 	04/14/2013	 	47226	 	05/14/2013	 	 	611.10	 	 	 	-	 	 	 	-	 	 	 	611.10	 	 	-	 
	 	 	Bill	 	04/15/2013	 	47491	 	05/15/2013	 	 	614.95	 	 	 	-	 	 	 	-	 	 	 	614.95	 	 	-	 
	 	 	Bill	 	04/16/2013	 	47774	 	05/16/2013	 	 	690.40	 	 	 	-	 	 	 	-	 	 	 	-	 	 	690.40	 
	 	 	Bill	 	04/17/2013	 	48079	 	05/17/2013	 	 	626.74	 	 	 	-	 	 	 	-	 	 	 	-	 	 	626.74	 
	 	 	Bill	 	04/18/2013	 	48327	 	05/18/2013	 	 	268.94	 	 	 	-	 	 	 	-	 	 	 	-	 	 	268.94	 
	 	 	Bill	 	04/18/2013	 	48326	 	05/18/2013	 	 	406.78	 	 	 	-	 	 	 	-	 	 	 	-	 	 	406.78	 
	 	 	Bill	 	04/19/2013	 	48580	 	05/19/2013	 	 	410.16	 	 	 	-	 	 	 	-	 	 	 	-	 	 	410.16	 
	 	 	Bill	 	04/20/2013	 	48790	 	05/20/2013	 	 	650.30	 	 	 	-	 	 	 	-	 	 	 	-	 	 	650.30	 
	 	 	Bill	 	04/21/2013	 	49035	 	05/21/2013	 	 	205.10	 	 	 	-	 	 	 	-	 	 	 	-	 	 	205.10	 
	 	 	Bill	 	04/21/2013	 	49034	 	05/21/2013	 	 	454.63	 	 	 	-	 	 	 	-	 	 	 	-	 	 	454.63	 
	 	 	Bill	 	04/22/2013	 	49225	 	05/22/2013	 	 	562.97	 	 	 	-	 	 	 	-	 	 	 	-	 	 	562.97	 
	 	 	Bill	 	04/23/2013	 	49411	 	05/23/2013	 	 	593.98	 	 	 	-	 	 	 	-	 	 	 	-	 	 	593.98	 
	Total Specialty Textile Services	 	 	 	 	 	 	 	 	 	 	16,483.81	 	 	 	0.00	 	 	 	0.00	 	 	 	11,427.67	 	 	5,056.14	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sysco Arizona, Inc.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010390	 	05/01/2013	 	 	821.22	 	 	 	-	 	 	 	-	 	 	 	821.22	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010391	 	05/01/2013	 	 	328.12	 	 	 	-	 	 	 	-	 	 	 	328.12	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010392	 	05/01/2013	 	 	427.93	 	 	 	-	 	 	 	-	 	 	 	427.93	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010393	 	05/01/2013	 	 	305.05	 	 	 	-	 	 	 	-	 	 	 	305.05	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010395	 	05/01/2013	 	 	412.93	 	 	 	-	 	 	 	-	 	 	 	412.93	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010396	 	05/01/2013	 	 	157.69	 	 	 	-	 	 	 	-	 	 	 	157.69	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010397	 	05/01/2013	 	 	359.91	 	 	 	-	 	 	 	-	 	 	 	359.91	 	 	-	 
	 	 	Bill	 	04/01/2013	 	304010398	 	05/01/2013	 	 	347.90	 	 	 	-	 	 	 	-	 	 	 	347.90	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030272	 	05/03/2013	 	 	188.25	 	 	 	-	 	 	 	-	 	 	 	188.25	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030273	 	05/03/2013	 	 	951.38	 	 	 	-	 	 	 	-	 	 	 	951.38	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030274	 	05/03/2013	 	 	1,053.03	 	 	 	-	 	 	 	-	 	 	 	1,053.03	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030275	 	05/03/2013	 	 	432.49	 	 	 	-	 	 	 	-	 	 	 	432.49	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030276	 	05/03/2013	 	 	71.72	 	 	 	-	 	 	 	-	 	 	 	71.72	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030277	 	05/03/2013	 	 	139.25	 	 	 	-	 	 	 	-	 	 	 	139.25	 	 	-	 
	 	 	Bill	 	04/03/2013	 	304030278	 	05/03/2013	 	 	740.56	 	 	 	-	 	 	 	-	 	 	 	740.56	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052238	 	05/05/2013	 	 	106.49	 	 	 	-	 	 	 	-	 	 	 	106.49	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052237	 	05/05/2013	 	 	652.72	 	 	 	-	 	 	 	-	 	 	 	652.72	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052236	 	05/05/2013	 	 	340.55	 	 	 	-	 	 	 	-	 	 	 	340.55	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052235	 	05/05/2013	 	 	1,305.17	 	 	 	-	 	 	 	-	 	 	 	1,305.17	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052234	 	05/05/2013	 	 	515.06	 	 	 	-	 	 	 	-	 	 	 	515.06	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052233	 	05/05/2013	 	 	375.68	 	 	 	-	 	 	 	-	 	 	 	375.68	 	 	-	 
	 	 	Bill	 	04/05/2013	 	304052232	 	05/05/2013	 	 	1,227.67	 	 	 	-	 	 	 	-	 	 	 	1,227.67	 	 	-	 

 

    	Page 5 of 7

    	 

    

 

	11:53am	Orchards Inn & Restaurant, LLC.	 
	04/25/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due
    Date	 	Open
    Balance	 	 	Mar	 	 	Apr	 	 	May 1-15	 	 	May 16 on	 
	 	 	Bill	 	04/05/2013	 	304052231	 	05/05/2013	 	 	521.50	 	 	 	-	 	 	 	-	 	 	 	521.50	 	 	-	 
	 	 	Bill	 	04/06/2013	 	304060024	 	05/06/2013	 	 	187.20	 	 	 	-	 	 	 	-	 	 	 	187.20	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080384	 	05/08/2013	 	 	99.59	 	 	 	-	 	 	 	-	 	 	 	99.59	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080385	 	05/08/2013	 	 	95.17	 	 	 	-	 	 	 	-	 	 	 	95.17	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080386	 	05/08/2013	 	 	684.24	 	 	 	-	 	 	 	-	 	 	 	684.24	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080387	 	05/08/2013	 	 	25.94	 	 	 	-	 	 	 	-	 	 	 	25.94	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080388	 	05/08/2013	 	 	548.80	 	 	 	-	 	 	 	-	 	 	 	548.80	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080389	 	05/08/2013	 	 	17.87	 	 	 	-	 	 	 	-	 	 	 	17.87	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080390	 	05/08/2013	 	 	501.37	 	 	 	-	 	 	 	-	 	 	 	501.37	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080391	 	05/08/2013	 	 	256.91	 	 	 	-	 	 	 	-	 	 	 	256.91	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304080392	 	05/08/2013	 	 	112.12	 	 	 	-	 	 	 	-	 	 	 	112.12	 	 	-	 
	 	 	Bill	 	04/08/2013	 	304081435	 	05/08/2013	 	 	50.17	 	 	 	-	 	 	 	-	 	 	 	50.17	 	 	-	 
	 	 	Bill	 	04/09/2013	 	304090572	 	05/09/2013	 	 	65.96	 	 	 	-	 	 	 	-	 	 	 	65.96	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100350	 	05/10/2013	 	 	317.57	 	 	 	-	 	 	 	-	 	 	 	317.57	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100351	 	05/10/2013	 	 	814.23	 	 	 	-	 	 	 	-	 	 	 	814.23	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100352	 	05/10/2013	 	 	313.10	 	 	 	-	 	 	 	-	 	 	 	313.10	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100353	 	05/10/2013	 	 	853.48	 	 	 	-	 	 	 	-	 	 	 	853.48	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100354	 	05/10/2013	 	 	613.80	 	 	 	-	 	 	 	-	 	 	 	613.80	 	 	-	 
	 	 	Bill	 	04/10/2013	 	304100373	 	05/10/2013	 	 	143.92	 	 	 	-	 	 	 	-	 	 	 	143.92	 	 	-	 
	 	 	Bill	 	04/11/2013	 	304110755	 	05/11/2013	 	 	32.06	 	 	 	-	 	 	 	-	 	 	 	32.06	 	 	-	 
	 	 	Bill	 	04/11/2013	 	304110763	 	05/11/2013	 	 	268.58	 	 	 	-	 	 	 	-	 	 	 	268.58	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121983	 	05/12/2013	 	 	392.41	 	 	 	-	 	 	 	-	 	 	 	392.41	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121981	 	05/12/2013	 	 	196.69	 	 	 	-	 	 	 	-	 	 	 	196.69	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121984	 	05/12/2013	 	 	51.17	 	 	 	-	 	 	 	-	 	 	 	51.17	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121982	 	05/12/2013	 	 	155.35	 	 	 	-	 	 	 	-	 	 	 	155.35	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304121980	 	05/12/2013	 	 	592.20	 	 	 	-	 	 	 	-	 	 	 	592.20	 	 	-	 
	 	 	Bill	 	04/12/2013	 	304122072	 	05/12/2013	 	 	65.96	 	 	 	-	 	 	 	-	 	 	 	65.96	 	 	-	 
	 	 	Bill	 	04/13/2013	 	304130119	 	05/13/2013	 	 	572.61	 	 	 	-	 	 	 	-	 	 	 	572.61	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150357	 	05/15/2013	 	 	575.45	 	 	 	-	 	 	 	-	 	 	 	575.45	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150358	 	05/15/2013	 	 	526.76	 	 	 	-	 	 	 	-	 	 	 	526.76	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150359	 	05/15/2013	 	 	251.65	 	 	 	-	 	 	 	-	 	 	 	251.65	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150360	 	05/15/2013	 	 	311.35	 	 	 	-	 	 	 	-	 	 	 	311.35	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150361	 	05/15/2013	 	 	23.99	 	 	 	-	 	 	 	-	 	 	 	23.99	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150362	 	05/15/2013	 	 	26.01	 	 	 	-	 	 	 	-	 	 	 	26.01	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150363	 	05/15/2013	 	 	743.17	 	 	 	-	 	 	 	-	 	 	 	743.17	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150364	 	05/15/2013	 	 	17.02	 	 	 	-	 	 	 	-	 	 	 	17.02	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150365	 	05/15/2013	 	 	8.22	 	 	 	-	 	 	 	-	 	 	 	8.22	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150366	 	05/15/2013	 	 	220.21	 	 	 	-	 	 	 	-	 	 	 	220.21	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150367	 	05/15/2013	 	 	26.89	 	 	 	-	 	 	 	-	 	 	 	26.89	 	 	-	 
	 	 	Bill	 	04/15/2013	 	304150368	 	05/15/2013	 	 	24.52	 	 	 	-	 	 	 	-	 	 	 	24.52	 	 	-	 
	 	 	Bill	 	04/17/2013	 	304170226	 	05/17/2013	 	 	288.88	 	 	 	-	 	 	 	-	 	 	 	-	 	 	288.88	 
	 	 	Bill	 	04/17/2013	 	304170227	 	05/17/2013	 	 	351.52	 	 	 	-	 	 	 	-	 	 	 	-	 	 	351.52	 
	 	 	Bill	 	04/17/2013	 	304170228	 	05/17/2013	 	 	618.87	 	 	 	-	 	 	 	-	 	 	 	-	 	 	618.87	 

 

    	Page 6 of 7

    	 

    

 

	11:53am	Orchards Inn & Restaurant, LLC.	 
	04/25/13	Unpaid Bills Detail	 
	 	As of May 31, 2013	 

 

	 	 	Type	 	Date	 	Num	 	Due Date	 	Open Balance	 	 	Mar	 	 	Apr	 	 	May 1-15	 	 	May 16 on	 
	 	 	Bill	 	04/17/2013	 	304170229	 	05/17/2013	 	 	115.15	 	 	 	-	 	 	 	-	 	 	 	-	 	 	115.15	 
	 	 	Bill	 	04/17/2013	 	304170230	 	05/17/2013	 	 	46.88	 	 	 	-	 	 	 	-	 	 	 	-	 	 	46.88	 
	 	 	Bill	 	04/17/2013	 	304170231	 	05/17/2013	 	 	252.02	 	 	 	-	 	 	 	-	 	 	 	-	 	 	252.02	 
	 	 	Bill	 	04/19/2013	 	304192080	 	05/19/2013	 	 	462.45	 	 	 	-	 	 	 	-	 	 	 	-	 	 	462.45	 
	 	 	Bill	 	04/19/2013	 	304192079	 	05/19/2013	 	 	956.94	 	 	 	-	 	 	 	-	 	 	 	-	 	 	956.94	 
	 	 	Bill	 	04/19/2013	 	304192078	 	05/19/2013	 	 	34.51	 	 	 	-	 	 	 	-	 	 	 	-	 	 	34.51	 
	 	 	Bill	 	04/19/2013	 	304192077	 	05/19/2013	 	 	86.68	 	 	 	-	 	 	 	-	 	 	 	-	 	 	86.68	 
	 	 	Bill	 	04/19/2013	 	304192081	 	05/19/2013	 	 	1,069.05	 	 	 	-	 	 	 	-	 	 	 	-	 	 	1,069.05	 
	 	 	Bill	 	04/19/2013	 	304192082	 	05/19/2013	 	 	85.18	 	 	 	-	 	 	 	-	 	 	 	-	 	 	85.18	 
	 	 	Bill	 	04/19/2013	 	304192083	 	05/19/2013	 	 	84.21	 	 	 	-	 	 	 	-	 	 	 	-	 	 	84.21	 
	 	 	Bill	 	04/19/2013	 	304192084	 	05/19/2013	 	 	1,226.47	 	 	 	-	 	 	 	-	 	 	 	-	 	 	1,226.47	 
	 	 	Bill	 	04/19/2013	 	304192085	 	05/19/2013	 	 	34.46	 	 	 	-	 	 	 	-	 	 	 	-	 	 	34.46	 
	 	 	Bill	 	04/22/2013	 	304220362	 	05/22/2013	 	 	291.87	 	 	 	-	 	 	 	-	 	 	 	-	 	 	291.87	 
	 	 	Bill	 	04/22/2013	 	304220363	 	05/22/2013	 	 	66.43	 	 	 	-	 	 	 	-	 	 	 	-	 	 	66.43	 
	 	 	Bill	 	04/22/2013	 	304220364	 	05/22/2013	 	 	67.65	 	 	 	-	 	 	 	-	 	 	 	-	 	 	67.65	 
	 	 	Bill	 	04/22/2013	 	304220358	 	05/22/2013	 	 	478.26	 	 	 	-	 	 	 	-	 	 	 	-	 	 	478.26	 
	 	 	Bill	 	04/22/2013	 	304220359	 	05/22/2013	 	 	758.15	 	 	 	-	 	 	 	-	 	 	 	-	 	 	758.15	 
	 	 	Bill	 	04/22/2013	 	304220360	 	05/22/2013	 	 	165.97	 	 	 	-	 	 	 	-	 	 	 	-	 	 	165.97	 
	 	 	Bill	 	04/22/2013	 	304220361	 	05/22/2013	 	 	310.95	 	 	 	-	 	 	 	-	 	 	 	-	 	 	310.95	 
	 	 	Bill	 	04/24/2013	 	304240263	 	05/24/2013	 	 	502.94	 	 	 	-	 	 	 	-	 	 	 	-	 	 	502.94	 
	Total Sysco Arizona, Inc.	 	 	 	 	 	 	 	 	 	 	30,921.47	 	 	 	0.00	 	 	 	0.00	 	 	 	22,565.98	 	 	8,355.49	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Travelocity.Com L.P. - GA	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/12/2013	 	Busby/Lewis	 	05/12/2013	 	 	83.10	 	 	 	-	 	 	 	-	 	 	 	83.10	 	 	-	 
	Total Travelocity.Com L.P. - GA	 	 	 	 	 	 	 	 	 	 	83.10	 	 	 	0.00	 	 	 	0.00	 	 	 	83.10	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Waste Mgmt of Arizona-Yavapai Hauling	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/01/2013	 	1965083-1586-4	 	05/01/2013	 	 	247.32	 	 	 	-	 	 	 	-	 	 	 	247.32	 	 	-	 
	 	 	Bill	 	04/01/2013	 	1965080-1586-0	 	05/01/2013	 	 	320.79	 	 	 	-	 	 	 	-	 	 	 	320.79	 	 	-	 
	Total Waste Mgmt of Arizona-Yavapai Hauling	 	 	 	 	 	 	 	 	 	 	568.11	 	 	 	0.00	 	 	 	0.00	 	 	 	568.11	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Western Paper Distributors	 	 	 	 	 	 	 	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 	 	-	 
	 	 	Bill	 	04/03/2013	 	1532171	 	05/03/2013	 	 	45.22	 	 	 	-	 	 	 	-	 	 	 	45.22	 	 	-	 
	 	 	Bill	 	04/03/2013	 	1532162	 	05/03/2013	 	 	142.71	 	 	 	-	 	 	 	-	 	 	 	142.71	 	 	-	 
	Total Western Paper Distributors	 	 	 	 	 	 	 	 	 	 	187.93	 	 	 	0.00	 	 	 	0.00	 	 	 	187.93	 	 	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	 	 	 	 	 	 	 	 	 	99,758.06	 	 	 	0.00	 	 	 	0.00	 	 	 	83,105.87	 	 	16,652.19	 

 

    	Page 7 of 7

    	 

    

 

Exhibit l (a)-iii

 

Orchards Inn & Restaurant, LLC Accounts Receivable

 

    	 

    	 

    

 

	Orchards 

Sedona, AZ	Orchards Inn of Sedona

Guest Ledger Detail	CONFIDENTIAL	03-31-13

00:32

 

	Room
    No.	 	Name*	 	Arr.
    Date	 	Dep.
    Date	 	Persons	 	Room

    Charges	 	 	Other
    Charges	 	 	Credit	 	 	Balance	 	 	Rate	 	 	Payment

    Method	 	Folio

    Status	 
	101	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	 	2	 	 	199.00	 	 	 	27.34	 	 	 	0.00	 	 	 	226.34	 	 	 	199.00	 	 	VA	 	 	 	 
	102	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	 	2	 	 	280.00	 	 	 	38.46	 	 	 	318.48	 	 	 	-0.02	 	 	 	140.00	 	 	MC	 	 	 	 
	103	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	 	2	 	 	199.00	 	 	 	27.34	 	 	 	0.00	 	 	 	226.34	 	 	 	199.00	 	 	VA	 	 	 	 
	104	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	 	4	 	 	165.60	 	 	 	22.75	 	 	 	376.70	 	 	 	-188.35	 	 	 	165.60	 	 	AX.	 	 	 	 
	105	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	 	3	 	 	199.00	 	 	 	27.34	 	 	 	0.00	 	 	 	226.34	 	 	 	199.00	 	 	MC	 	 	 	 
	106	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	 	2	 	 	174.00	 	 	 	23.90	 	 	 	0.00	 	 	 	197.90	 	 	 	174.00	 	 	MC	 	 	 	 
	107	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	 	3	 	 	140.00	 	 	 	19.23	 	 	 	0.00	 	 	 	159.23	 	 	 	140.00	 	 	MC	 	 	 	 
	108	 	XXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-02-13	 	 	2	 	 	532.80	 	 	 	73.19	 	 	 	794.34	 	 	 	-188.35	 	 	 	165.60	 	 	VA	 	 	 	 
	109	 	XXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-02-13	 	 	2	 	 	532.80	 	 	 	77.40	 	 	 	794.34	 	 	 	-184.14	 	 	 	165.60	 	 	VA	 	 	 	 
	110	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	 	4	 	 	204.00	 	 	 	28.02	 	 	 	254.77	 	 	 	-22.75	 	 	 	204.00	 	 	VA	 	 	 	 
	111	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	 	3	 	 	388.00	 	 	 	53.30	 	 	 	232.02	 	 	 	209.28	 	 	 	184.00	 	 	VA	 	 	 	 
	112	 	XXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-06-13	 	 	4	 	 	565.00	 	 	 	77.62	 	 	 	221.79	 	 	 	420.83	 	 	 	175.00	 	 	MC	 	 	 	 
	113	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	 	2	 	 	95.00	 	 	 	13.05	 	 	 	0.00	 	 	 	108.05	 	 	 	95.00	 	 	VA	 	 	 	 
	114	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	 	 	 	 	199.00	 	 	 	27.34	 	 	 	0.00	 	 	 	226.34	 	 	 	199.00	 	 	AX.	 	 	 	 
	202	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	 	2	 	 	140.00	 	 	 	19.23	 	 	 	0.00	 	 	 	159.23	 	 	 	140.00	 	 	CA	 	 	 	 
	203	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	 	2	 	 	280.00	 	 	 	38.46	 	 	 	318.80	 	 	 	-0.34	 	 	 	140.00	 	 	MC	 	 	 	 
	204	 	XXXXXXXXXXXXXXXXXX	 	03-28-13	 	04-02-13	 	 	2	 	 	698.40	 	 	 	95.94	 	 	 	982.69	 	 	 	-188.35	 	 	 	165.60	 	 	MC	 	 	 	 
	206	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	 	4	 	 	141.68	 	 	 	19.46	 	 	 	0.00	 	 	 	161.14	 	 	 	141.68	 	 	VA	 	 	 	 
	207	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-02-13	 	 	3	 	 	280.00	 	 	 	38.46	 	 	 	0.00	 	 	 	318.46	 	 	 	140.00	 	 	DS	 	 	 	 
	208	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-02-13	 	 	3	 	 	280.00	 	 	 	38.46	 	 	 	0.00	 	 	 	318.46	 	 	 	140.00	 	 	DS	 	 	 	 
	209	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-01-13	 	 	 	 	 	204.00	 	 	 	28.02	 	 	 	0.00	 	 	 	232.02	 	 	 	204.00	 	 	MC	 	 	 	 
	210	 	XXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-01-13	 	 	2	 	 	335.00	 	 	 	46.01	 	 	 	0.00	 	 	 	381.01	 	 	 	95.00	 	 	VA	 	 	 	 
	211	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	 	3	 	 	165.60	 	 	 	22.75	 	 	 	376.70	 	 	 	-188.35	 	 	 	165.60	 	 	DS	 	 	 	 
	213	 	XXXXXXXXXXXXXXXXXX	 	07-04-07	 	07-05-07	 	 	3	 	 	111.96	 	 	 	14.27	 	 	 	0.00	 	 	 	126.23	 	 	 	111.96	 	 	MC	 	 	 	 
	301	 	XXXXXXXXXXXXXXXXXX	 	03-29-13	 	04-02-13	 	 	2	 	 	640.80	 	 	 	88.03	 	 	 	958.12	 	 	 	-229.29	 	 	 	201.60	 	 	AX.	 	 	 	 
	303	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	 	3	 	 	183.60	 	 	 	25.22	 	 	 	417.64	 	 	 	-208.82	 	 	 	183.60	 	 	VA	 	 	 	 

 

* The information denoted by "X's"
on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment
Request.

 

    	 	Page 1 of 4	neguestleddetail

    	 

    

  

	Orchards 

Sedona, AZ	Orchards Inn of Sedona

Guest Ledger Detail	CONFIDENTIAL	03-31-13

00:32

  

	Room
    No.	 	Name*	 	Arr.
    Date	 	Dep.
    Date	 	Persons	 	Room

    Charges	 	 	Other
    Charges	 	 	Credit	 	 	Balance	 	 	Rate	 	 	Payment

    Method	 	Folio

    Status	 
	305	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-05-13	 	 	2	 	 	147.20	 	 	 	20.22	 	 	 	0.00	 	 	 	167.42	 	 	 	147.20	 	 	VA	 	 	 	 
	306	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	 	4	 	 	468.00	 	 	 	64.29	 	 	 	277.52	 	 	 	254.77	 	 	 	224.00	 	 	AX.	 	 	 	 
	307	 	XXXXXXXXXXXXXXXXXX	 	03-27-13	 	04-01-13	 	 	2	 	 	1,135.00	 	 	 	155.90	 	 	 	249.08	 	 	 	1041.82	 	 	 	219.00	 	 	MC	 	 	 	 
	309	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-05-13	 	 	3	 	 	183.60	 	 	 	25.22	 	 	 	1,044.10	 	 	 	-835.28	 	 	 	183.60	 	 	VA	 	 	 	 
	310	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-06-13	 	 	3	 	 	183.60	 	 	 	25.22	 	 	 	1,273.39	 	 	 	-1,064.57	 	 	 	183.60	 	 	AX.	 	 	 	 
	313	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-05-13	 	 	3	 	 	183.60	 	 	 	25.22	 	 	 	1,044.10	 	 	 	-835.28	 	 	 	183.60	 	 	VA	 	 	 	 
	400	 	XXXXXXXXXXXXXXXXXX	 	03-25-13	 	04-06-13	 	 	3	 	 	1,064.00	 	 	 	146.16	 	 	 	0.00	 	 	 	1210.16	 	 	 	152.00	 	 	MC	 	 	 	 
	401	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	 	3	 	 	280.00	 	 	 	38.46	 	 	 	0.00	 	 	 	318.46	 	 	 	140.00	 	 	AX.	 	 	 	 
	403	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-02-13	 	 	3	 	 	157.08	 	 	 	21.58	 	 	 	0.00	 	 	 	178.66	 	 	 	157.08	 	 	VA	 	 	 	 
	404	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-05-13	 	 	4	 	 	194.00	 	 	 	26.65	 	 	 	226.34	 	 	 	-5.69	 	 	 	194.00	 	 	AX.	 	 	 	 
	405	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-03-13	 	 	3	 	 	398.00	 	 	 	54.68	 	 	 	0.00	 	 	 	452.68	 	 	 	199.00	 	 	VA	 	 	 	 
	406	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-02-13	 	 	4	 	 	428.00	 	 	 	58.79	 	 	 	249.08	 	 	 	237.71	 	 	 	209.00	 	 	MC	 	 	 	 
	409	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-04-13	 	 	2	 	 	215.10	 	 	 	29.55	 	 	 	978.60	 	 	 	-733.95	 	 	 	215.10	 	 	VA	 	 	 	 
	410	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-02-13	 	 	2	 	 	538.00	 	 	 	73.91	 	 	 	323.01	 	 	 	288.9	 	 	 	259.00	 	 	MC	 	 	 	 
	421	 	XXXXXXXXXXXXXXXXXX	 	03-28-13	 	04-02-13	 	 	3	 	 	824.40	 	 	 	113.26	 	 	 	224.18	 	 	 	713.48	 	 	 	197.10	 	 	VA	 	 	 	 
	422	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	 	4	 	 	458.00	 	 	 	62.91	 	 	 	271.83	 	 	 	249.08	 	 	 	219.00	 	 	AX	 	 	 	 
	424	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-07-13	 	 	5	 	 	214.00	 	 	 	29.40	 	 	 	249.08	 	 	 	-5.68	 	 	 	214.00	 	 	AX.	 	 	 	 
	426	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	 	5	 	 	458.00	 	 	 	62.91	 	 	 	244.65	 	 	 	276.26	 	 	 	219.00	 	 	VA	 	 	 	 
	428	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-06-13	 	 	3	 	 	155.04	 	 	 	21.30	 	 	 	0.00	 	 	 	176.34	 	 	 	155.04	 	 	CA	 	 	 	 
	430	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-01-13	 	 	4	 	 	508.00	 	 	 	69.79	 	 	 	300.27	 	 	 	277.52	 	 	 	244.00	 	 	VA	 	 	 	 
	433	 	XXXXXXXXXXXXXXXXXX	 	03-31-13	 	04-06-13	 	 	2	 	 	215.10	 	 	 	29.55	 	 	 	1,488.37	 	 	 	-1,243.72	 	 	 	215.10	 	 	VA	 	 	 	 
	9008	 	XXXXXXXXXXXXXXXXXX	 	02-19-13	 	04-06-13	 	 	0	 	 	2,360.00	 	 	 	324.12	 	 	 	2,724.00	 	 	 	-39.88	 	 	 	0.00	 	 	CA	 	 	 	 
	9011	 	XXXXXXXXXXXXXXXXXX	 	10-17-12	 	10-17-13	 	 	0	 	 	0.00	 	 	 	50.00	 	 	 	197.70	 	 	 	-147.70	 	 	 	0.00	 	 	CA	 	 	 	 
	9432	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-02-13	 	 	2	 	 	249.00	 	 	 	26.71	 	 	 	0.00	 	 	 	275.71	 	 	 	0.00	 	 	DS	 	 	 	 
	9433	 	XXXXXXXXXXXXXXXXXX	 	03-30-13	 	04-02-13	 	 	4	 	 	249.00	 	 	 	26.71	 	 	 	0.00	 	 	 	275.71	 	 	 	0.00	 	 	DS	 	 	 	 

  

* The information denoted by "X's"
on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment
Request.

 

    	 	Page 2 of 4	neguestleddetail

    	 

    

 

	Orchards 

Sedona, AZ	Orchards Inn of Sedona

Guest Ledger Detail	CONFIDENTIAL	03-31-13

00:32

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Guest Total	 	 	18,599.96	 	 	 	2,593.10	 	 	 	17,411.69	 	 	 	3,781.37	 	 	 	 	 	 	 	 	 	 	 

 

    	 	Page 3 of 4	neguestleddetail

    	 

    

 

	Orchards 

Sedona, AZ	Orchards Inn of Sedona

Guest Ledger Detail	CONFIDENTIAL	03-31-13

00:32

 

	Passer By	 	 	 	 	 	 	 	 	 
	Name	 	Charges	 	 	Credits	 	 	Balance	 
		 	 	   	 	 	 	     	 	 	 	    	 
	Passer By Total	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	Page 4 of 4	neguestleddetail

    	 

    

  

Exhibit l
(a)-iii

 

Orchards Inn & Restaurant,
LLC Deposits

 

    	 

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

    On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	486596	 	01-03-11	 	01-04-11	 	204	 	DPR	 	CANCELLED	 	11-25-10	 	 	-149.22	 
	XXXXXXXXXXXXXXX	 	486597	 	01-03-11	 	01-04-11	 	203	 	DPR	 	CANCELLED	 	11-25-10	 	 	-158.32	 
	XXXXXXXXXXXXXXX	 	486598	 	01-03-11	 	01-04-11	 	423	 	DPR	 	CANCELLED	 	11-25-10	 	 	-135.57	 
	XXXXXXXXXXXXXXX	 	521122	 	04-10-11	 	04-11-11	 	106	 	DPR	 	CANCELLED	 	03-12-11	 	 	-161.10	 
	XXXXXXXXXXXXXXX	 	579622	 	08-26-11	 	08-27-11	 	201	 	DPR	 	CANCELLED	 	08-07-11	 	 	-152.52	 
	XXXXXXXXXXXXXXX	 	520122	 	09-25-11	 	09-28-11	 	 	 	DPR	 	CANCELLED	 	03-10-11	 	 	-611.10	 
	XXXXXXXXXXXXXXX	 	596376	 	11-04-11	 	11-06-11	 	 	 	DPR	 	CANCELLED	 	11-04-11	 	 	-224.18	 
	XXXXXXXXXXXXXXX	 	618617	 	12-22-11	 	12-23-11	 	310	 	DPR	 	CANCELLED	 	12-03-11	 	 	-158.09	 
	XXXXXXXXXXXXXXX	 	630134	 	02-10-12	 	02-11-12	 	202	 	DPR	 	CANCELLED	 	01-09-12	 	 	-169.45	 
	XXXXXXXXXXXXXXX	 	626108	 	03-18-12	 	03-20-12	 	302	 	DPR	 	CANCELLED	 	12-27-11	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	643886	 	03-20-12	 	03-22-12	 	410	 	DPR	 	CANCELLED	 	03-18-12	 	 	-224.15	 
	XXXXXXXXXXXXXXX	 	597136	 	04-08-12	 	04-11-12	 	9001	 	DPR	 	NO SHOW	 	04-04-12	 	 	-3,706.14	 
	XXXXXXXXXXXXXXX	 	666876	 	05-19-12	 	05-20-12	 	104	 	DPR	 	CANCELLED	 	05-07-12	 	 	-203.70	 
	XXXXXXXXXXXXXXX	 	701382	 	11-05-12	 	11-10-12	 	 	 	DPR	 	CANCELLED	 	09-29-12	 	 	0.01	 
	XXXXXXXXXXXXXXX	 	720629	 	11-19-12	 	11-23-12	 	204	 	DPR	 	CANCELLED	 	10-05-12	 	 	-169.47	 
	XXXXXXXXXXXXXXX	 	737124	 	11-24-12	 	11-25-12	 	 	 	DPR	 	CANCELLED	 	11-15-12	 	 	-180.84	 
	XXXXXXXXXXXXXXX	 	737125	 	11-24-12	 	11-25-12	 	 	 	DPR	 	CANCELLED	 	11-15-12	 	 	-180.84	 
	XXXXXXXXXXXXXXX	 	755879	 	02-02-13	 	02-03-13	 	203	 	DPR	 	CANCELLED	 	01-15-13	 	 	-192.22	 
	XXXXXXXXXXXXXXX	 	763645	 	02-26-13	 	02-28-13	 	432	 	DPR	 	CANCELLED	 	02-14-13	 	 	-192.22	 
	XXXXXXXXXXXXXXX	 	774383	 	04-01-13	 	04-02-13	 	113	 	DPR	 	RESERVED	 	03-20-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	771397	 	04-01-13	 	04-02-13	 	307	 	DPR	 	RESERVED	 	03-12-13	 	 	-265.12	 
	XXXXXXXXXXXXXXX	 	766392	 	04-01-13	 	04-02-13	 	413	 	DPR	 	RESERVED	 	02-21-13	 	 	-244.65	 
	XXXXXXXXXXXXXXX	 	755922	 	04-01-13	 	04-03-13	 	420	 	DPR	 	RESERVED	 	01-15-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	755923	 	04-01-13	 	04-03-13	 	423	 	DPR	 	RESERVED	 	01-15-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	775369	 	04-01-13	 	04-03-13	 	429	 	DPR	 	RESERVED	 	03-23-13	 	 	-260.46	 
	XXXXXXXXXXXXXXX	 	771876	 	04-01-13	 	04-06-13	 	425	 	DPR	 	RESERVED	 	03-12-13	 	 	-1,243.72	 
	XXXXXXXXXXXXXXX	 	761623	 	04-01-13	 	04-03-13	 	311	 	DPR	 	RESERVED	 	02-06-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	757402	 	04-01-13	 	04-05-13	 	308	 	DPR	 	RESERVED	 	01-22-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	712625	 	04-01-13	 	04-03-13	 	105	 	DPR	 	RESERVED	 	09-15-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	761680	 	04-01-13	 	04-07-13	 	304	 	DPR	 	RESERVED	 	02-05-13	 	 	-1,293.86	 
	XXXXXXXXXXXXXXX	 	766380	 	04-01-13	 	04-06-13	 	430	 	DPR	 	RESERVED	 	02-21-13	 	 	-277.52	 
	XXXXXXXXXXXXXXX	 	770132	 	04-01-13	 	04-03-13	 	401	 	DPR	 	RESERVED	 	03-06-13	 	 	-305.95	 
	XXXXXXXXXXXXXXX	 	763417	 	04-01-13	 	04-03-13	 	422	 	DPR	 	RESERVED	 	02-13-13	 	 	-489.30	 
	XXXXXXXXXXXXXXX	 	769364	 	04-01-13	 	04-03-13	 	411	 	DPR	 	RESERVED	 	03-03-13	 	 	-499.54	 
	XXXXXXXXXXXXXXX	 	760403	 	04-01-13	 	04-03-13	 	427	 	DPR	 	RESERVED	 	02-01-13	 	 	-448.36	 
	XXXXXXXXXXXXXXX	 	775109	 	04-01-13	 	04-02-13	 	203	 	DPR	 	RESERVED	 	03-22-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	775623	 	04-01-13	 	04-02-13	 	432	 	DPR	 	RESERVED	 	03-24-13	 	 	-266.14	 
	XXXXXXXXXXXXXXX	 	730369	 	04-01-13	 	04-03-13	 	407	 	DPR	 	RESERVED	 	10-28-12	 	 	-498.16	 
	XXXXXXXXXXXXXXX	 	760859	 	04-01-13	 	04-04-13	 	102	 	DPR	 	RESERVED	 	02-03-13	 	 	-565.05	 
	XXXXXXXXXXXXXXX	 	729140	 	04-01-13	 	04-04-13	 	201	 	DPR	 	RESERVED	 	10-26-12	 	 	-503.64	 
	XXXXXXXXXXXXXXX	 	729141	 	04-01-13	 	04-04-13	 	202	 	DPR	 	RESERVED	 	10-26-12	 	 	-503.64	 
	XXXXXXXXXXXXXXX	 	710151	 	04-02-13	 	04-03-13	 	212	 	DPR	 	RESERVED	 	09-05-12	 	 	-193.47	 
	XXXXXXXXXXXXXXX	 	773893	 	04-02-13	 	04-03-13	 	406	 	DPR	 	RESERVED	 	03-18-13	 	 	-260.46	 
	XXXXXXXXXXXXXXX	 	768405	 	04-02-13	 	04-03-13	 	104	 	DPR	 	RESERVED	 	03-01-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	756116	 	04-02-13	 	04-04-13	 	302	 	DPR	 	RESERVED	 	01-16-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	759907	 	04-02-13	 	04-05-13	 	303	 	DPR	 	RESERVED	 	01-30-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	740113	 	04-02-13	 	04-03-13	 	101	 	DPR	 	RESERVED	 	11-24-12	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	752868	 	04-02-13	 	04-04-13	 	307	 	DPR	 	RESERVED	 	01-05-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	766893	 	04-02-13	 	04-04-13	 	210	 	DPR	 	RESERVED	 	02-24-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	767123	 	04-02-13	 	04-03-13	 	413	 	DPR	 	RESERVED	 	02-25-13	 	 	-266.14	 
	XXXXXXXXXXXXXXX	 	769371	 	04-02-13	 	04-04-13	 	108	 	DPR	 	RESERVED	 	03-03-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	767137	 	04-02-13	 	04-05-13	 	211	 	DPR	 	RESERVED	 	02-24-13	 	 	-626.46	 
	XXXXXXXXXXXXXXX	 	736623	 	04-02-13	 	04-03-13	 	206	 	DPR	 	RESERVED	 	11-14-12	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	768658	 	04-02-13	 	04-06-13	 	432	 	DPR	 	RESERVED	 	03-04-13	 	 	-1,508.84	 
	XXXXXXXXXXXXXXX	 	775120	 	04-02-13	 	04-03-13	 	410	 	DPR	 	RESERVED	 	03-22-13	 	 	-260.46	 
	XXXXXXXXXXXXXXX	 	711609	 	04-02-13	 	04-05-13	 	301	 	DPR	 	RESERVED	 	09-11-12	 	 	-641.82	 
	XXXXXXXXXXXXXXX	 	775921	 	04-02-13	 	04-03-13	 	426	 	DPR	 	RESERVED	 	03-26-13	 	 	-300.27	 
	XXXXXXXXXXXXXXX	 	774380	 	04-02-13	 	04-03-13	 	306	 	DPR	 	RESERVED	 	03-20-13	 	 	-266.14	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 1 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

    On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	767914	 	04·02-13	 	04-03-13	 	203	 	DPR	 	RESERVED	 	02-26-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	767915	 	04-02-13	 	04-03-13	 	204	 	DPR	 	RESERVED	 	02-26-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	767919	 	04-02-13	 	04-05-13	 	402	 	DPR	 	RESERVED	 	03-01-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	767921	 	04-02-13	 	04-05-13	 	403	 	DPR	 	RESERVED	 	03-01-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	711858	 	04-02-13	 	04-07-13	 	109	 	DPR	 	RESERVED	 	01-08-13	 	 	-1,003.17	 
	XXXXXXXXXXXXXXX	 	754388	 	04-02-13	 	04-04-13	 	431	 	DPR	 	RESERVED	 	01-10-13	 	 	-687.87	 
	XXXXXXXXXXXXXXX	 	776117	 	04-03-13	 	04-04-13	 	405	 	DPR	 	RESERVED	 	03-26-13	 	 	-300.27	 
	XXXXXXXXXXXXXXX	 	767630	 	04-03-13	 	04-06-13	 	204	 	DPR	 	RESERVED	 	02-25-13	 	 	-646.93	 
	XXXXXXXXXXXXXXX	 	767911	 	04-03-13	 	04-04-13	 	423	 	DPR	 	RESERVED	 	02-26-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	773901	 	04-03-13	 	04-05-13	 	311	 	DPR	 	RESERVED	 	03-18-13	 	 	-479.06	 
	XXXXXXXXXXXXXXX	 	764622	 	04-03-13	 	04-05-13	 	426	 	DPR	 	RESERVED	 	02-16-13	 	 	-489.30	 
	XXXXXXXXXXXXXXX	 	771611	 	04-03-13	 	04-04-13	 	429	 	DPR	 	RESERVED	 	03-11-13	 	 	-275.36	 
	XXXXXXXXXXXXXXX	 	773608	 	04-03-13	 	04-06-13	 	411	 	DPR	 	RESERVED	 	03-18-13	 	 	-266.14	 
	XXXXXXXXXXXXXXX	 	777120	 	04-03-13	 	04-06-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-266.14	 
	XXXXXXXXXXXXXXX	 	762624	 	04-03-13	 	04-05-13	 	407	 	DPR	 	RESERVED	 	02-09-13	 	 	-448.36	 
	XXXXXXXXXXXXXXX	 	762623	 	04-03-13	 	04-05-13	 	406	 	DPR	 	RESERVED	 	02-09-13	 	 	-448.36	 
	XXXXXXXXXXXXXXX	 	755859	 	04-03-13	 	04-05-13	 	205	 	DPR	 	RESERVED	 	01-15-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	759660	 	04-03-13	 	04-05-13	 	306	 	DPR	 	RESERVED	 	01-29-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	740661	 	04-03-13	 	04-05-13	 	111	 	DPR	 	RESERVED	 	11-27-12	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	764617	 	04-03-13	 	04-04-13	 	113	 	DPR	 	RESERVED	 	02-16-13	 	 	-183.60	 
	XXXXXXXXXXXXXXX	 	763160	 	04-03-13	 	04-05-13	 	422	 	DPR	 	RESERVED	 	02-11-13	 	 	-448.36	 
	XXXXXXXXXXXXXXX	 	762168	 	04-03-13	 	04-04-13	 	413	 	DPR	 	RESERVED	 	02-08-13	 	 	-224.18	 
	XXXXXXXXXXXXXXX	 	763433	 	04-03-13	 	04-04-13	 	107	 	DPR	 	RESERVED	 	02-13-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	759111	 	04-03-13	 	04-05-13	 	212	 	DPR	 	RESERVED	 	02-14-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	762860	 	04-03-13	 	04-05-13	 	104	 	DPR	 	RESERVED	 	02-10-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	759110	 	04-03-13	 	04-05-13	 	213	 	DPR	 	RESERVED	 	02-12-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	760168	 	04-03-13	 	04-05-13	 	101	 	DPR	 	RESERVED	 	01-31-13	 	 	-376.10	 
	XXXXXXXXXXXXXXX	 	765424	 	04-03-13	 	04-04-13	 	208	 	DPR	 	RESERVED	 	02-18-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	763435	 	04-03-13	 	04-04-13	 	206	 	DPR	 	RESERVED	 	02-13-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	768391	 	04-04-13	 	04-05-13	 	210	 	DPR	 	RESERVED	 	02-28-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	764111	 	04-04-13	 	04-05-13	 	413	 	DPR	 	RESERVED	 	03-28-13	 	 	-244.65	 
	XXXXXXXXXXXXXXX	 	772121	 	04-04-13	 	04-08-13	 	429	 	DPR	 	RESERVED	 	03-13-13	 	 	-1,019.54	 
	XXXXXXXXXXXXXXX	 	773385	 	04-04-13	 	04-07-13	 	312	 	DPR	 	RESERVED	 	03-17-13	 	 	-499.53	 
	XXXXXXXXXXXXXXX	 	759893	 	04-04-13	 	04-07-13	 	107	 	DPR	 	RESERVED	 	02-01-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	769363	 	04-04-13	 	04-05-13	 	110	 	DPR	 	RESERVED	 	03-03-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	762166	 	04-04-13	 	04-06-13	 	307	 	DPR	 	RESERVED	 	02-08-13	 	 	-438.11	 
	XXXXXXXXXXXXXXX	 	759128	 	04-04-13	 	04-07-13	 	314	 	DPR	 	RESERVED	 	01-26-13	 	 	-667.40	 
	XXXXXXXXXXXXXXX	 	767136	 	04-04-13	 	04-07-13	 	108	 	DPR	 	RESERVED	 	02-25-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	766616	 	04-04-13	 	04-05-13	 	208	 	DPR	 	RESERVED	 	02-22-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	766615	 	04-04-13	 	04-05-13	 	207	 	DPR	 	RESERVED	 	02-22-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	766614	 	04-04-13	 	04-05-13	 	206	 	DPR	 	RESERVED	 	02-22-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	776621	 	04-04-13	 	04-06-13	 	302	 	DPR	 	RESERVED	 	03-28-13	 	 	-266.14	 
	XXXXXXXXXXXXXXX	 	760401	 	04-04-13	 	04-07-13	 	113	 	DPR	 	RESERVED	 	02-03-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	760402	 	04-04-13	 	04-07-13	 	114	 	DPR	 	RESERVED	 	02-03-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	770646	 	04-05-13	 	04-06-13	 	426	 	DPR	 	RESERVED	 	03-09-13	 	 	-295.83	 
	XXXXXXXXXXXXXXX	 	772133	 	04-05-13	 	04-08-13	 	301	 	DPR	 	RESERVED	 	03-13-13	 	 	-754.42	 
	XXXXXXXXXXXXXXX	 	770900	 	04-05-13	 	04-07-13	 	101	 	DPR	 	RESERVED	 	03-10-13	 	 	-499.54	 
	XXXXXXXXXXXXXXX	 	761124	 	04-05-13	 	04-07-13	 	313	 	DPR	 	RESERVED	 	02-04-13	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	759657	 	04-05-13	 	04-09-13	 	206	 	DPR	 	RESERVED	 	01-29-13	 	 	-794.34	 
	XXXXXXXXXXXXXXX	 	766867	 	04-05-13	 	04-06-13	 	402	 	DPR	 	RESERVED	 	02-24-13	 	 	-265.12	 
	XXXXXXXXXXXXXXX	 	752394	 	04-05-13	 	04-06-13	 	207	 	DPR	 	RESERVED	 	01-03-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	761373	 	04-05-13	 	04-07-13	 	422	 	DPR	 	RESERVED	 	02-04-13	 	 	-489.30	 
	XXXXXXXXXXXXXXX	 	761390	 	04-05-13	 	04-08-13	 	211	 	DPR	 	RESERVED	 	02-04-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	766871	 	04-05-13	 	04-07-13	 	213	 	DPR	 	RESERVED	 	02-23-13	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	754402	 	04-05-13	 	04-06-13	 	413	 	DPR	 	RESERVED	 	01-11-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	747120	 	04-05-13	 	04-07-13	 	309	 	DPR	 	RESERVED	 	12-18-12	 	 	-382.16	 
	XXXXXXXXXXXXXXX	 	768652	 	04-05-13	 	04-06-13	 	305	 	DPR	 	RESERVED	 	03-02-13	 	 	-249.77	 
	XXXXXXXXXXXXXXX	 	774396	 	04-05-13	 	04-06-13	 	406	 	DPR	 	RESERVED	 	03-21-13	 	 	-260.00	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 2 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

    On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	775630	 	04-05-13	 	04-06-13	 	303	 	DPR	 	RESERVED	 	03-24-13	 	 	-283.21	 
	XXXXXXXXXXXXXXX	 	755874	 	04-05-13	 	04-08-13	 	311	 	DPR	 	RESERVED	 	01-15-13	 	 	-667.40	 
	XXXXXXXXXXXXXXX	 	774389	 	04-05-13	 	04-06-13	 	308	 	DPR	 	RESERVED	 	03-21-13	 	 	-288.89	 
	XXXXXXXXXXXXXXX	 	767898	 	04-05-13	 	04-06-13	 	210	 	DPR	 	RESERVED	 	02-26-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	773894	 	04-06-13	 	04-07-13	 	405	 	DPR	 	RESERVED	 	03-18-13	 	 	-260.00	 
	XXXXXXXXXXXXXXX	 	750119	 	04-06-13	 	04-09-13	 	208	 	DPR	 	RESERVED	 	01-15-13	 	 	-505.00	 
	XXXXXXXXXXXXXXX	 	750120	 	04-06-13	 	04-09-13	 	209	 	DPR	 	RESERVED	 	01-15-13	 	 	-505.00	 
	XXXXXXXXXXXXXXX	 	759894	 	04-06-13	 	04-13-13	 	305	 	DPR	 	RESERVED	 	01-29-13	 	 	-1,502.68	 
	XXXXXXXXXXXXXXX	 	771130	 	04-06-13	 	04-07-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-260.00	 
	XXXXXXXXXXXXXXX	 	769373	 	04-06-13	 	04-13-13	 	303	 	DPR	 	RESERVED	 	03-03-13	 	 	-1,645.99	 
	XXXXXXXXXXXXXXX	 	759367	 	04-06-13	 	04-10-13	 	207	 	DPR	 	RESERVED	 	01-27-13	 	 	-773.87	 
	XXXXXXXXXXXXXXX	 	773907	 	04-06-13	 	04-07-13	 	400	 	DPR	 	RESERVED	 	03-19-13	 	 	-260.00	 
	XXXXXXXXXXXXXXX	 	767904	 	04-06-13	 	04-10-13	 	210	 	DPR	 	RESERVED	 	03-01-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	774392	 	04-06-13	 	04-07-13	 	112	 	DPR	 	RESERVED	 	03-21-13	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	755872	 	04-06-13	 	04-07-13	 	212	 	DPR	 	RESERVED	 	01-16-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	769119	 	04-06-13	 	04-08-13	 	310	 	DPR	 	RESERVED	 	03-02-13	 	 	-479.06	 
	XXXXXXXXXXXXXXX	 	773392	 	04-06-13	 	04-07-13	 	426	 	DPR	 	RESERVED	 	03-18-13	 	 	-260.00	 
	XXXXXXXXXXXXXXX	 	773393	 	04-06-13	 	04-07-13	 	427	 	DPR	 	RESERVED	 	03-18-13	 	 	-260.00	 
	XXXXXXXXXXXXXXX	 	762618	 	04-06-13	 	04-13-13	 	302	 	DPR	 	RESERVED	 	02-09-13	 	 	-1,502.68	 
	XXXXXXXXXXXXXXX	 	769869	 	04-07-13	 	04-09-13	 	433	 	DPR	 	RESERVED	 	03-05-13	 	 	-448.36	 
	XXXXXXXXXXXXXXX	 	770870	 	04-07-13	 	04-08-13	 	426	 	DPR	 	RESERVED	 	03-18-13	 	 	-219.06	 
	XXXXXXXXXXXXXXX	 	771381	 	04-07-13	 	04-09-13	 	404	 	DPR	 	RESERVED	 	03-11-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	770135	 	04-07-13	 	04-12-13	 	422	 	DPR	 	RESERVED	 	03-06-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	761683	 	04-07-13	 	04-09-13	 	105	 	DPR	 	RESERVED	 	02-06-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	752650	 	04-07-13	 	04-11-13	 	 	 	DPR	 	RESERVED	 	01-04-13	 	 	-835.28	 
	XXXXXXXXXXXXXXX	 	753109	 	04-07-13	 	04-09-13	 	103	 	DPR	 	RESERVED	 	01-06-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	688641	 	04-07-13	 	04-08-13	 	424	 	DPR	 	RESERVED	 	07-08-12	 	 	-213.94	 
	XXXXXXXXXXXXXXX	 	776386	 	04-07-13	 	04-10-13	 	104	 	DPR	 	RESERVED	 	03-28-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	771367	 	04-07-13	 	04-10-13	 	421	 	DPR	 	RESERVED	 	03-11-13	 	 	-565.05	 
	XXXXXXXXXXXXXXX	 	774362	 	04-07-13	 	04-10-13	 	309	 	DPR	 	RESERVED	 	03-20-13	 	 	-657.18	 
	XXXXXXXXXXXXXXX	 	772866	 	04-07-13	 	04-11-13	 	304	 	DPR	 	RESERVED	 	03-18-13	 	 	-876.23	 
	XXXXXXXXXXXXXXX	 	772147	 	04-07-13	 	04-10-13	 	102	 	DPR	 	RESERVED	 	03-16-13	 	 	-565.05	 
	XXXXXXXXXXXXXXX	 	771114	 	04-07-13	 	04-10-13	 	405	 	DPR	 	RESERVED	 	03-10-13	 	 	-672.54	 
	XXXXXXXXXXXXXXX	 	776114	 	04-07-13	 	04-10-13	 	107	 	DPR	 	RESERVED	 	03-26-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	772872	 	04-07-13	 	04-11-13	 	406	 	DPR	 	RESERVED	 	03-20-13	 	 	-876.24	 
	XXXXXXXXXXXXXXX	 	774119	 	04-07-13	 	04-12-13	 	432	 	DPR	 	RESERVED	 	03-19-13	 	 	-1,095.29	 
	XXXXXXXXXXXXXXX	 	775375	 	04-07-13	 	04-10-13	 	108	 	DPR	 	RESERVED	 	03-23-13	 	 	-565.05	 
	XXXXXXXXXXXXXXX	 	755901	 	04-07-13	 	04-09-13	 	212	 	DPR	 	RESERVED	 	02-06-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	757429	 	04-07-13	 	04-08-13	 	101	 	DPR	 	RESERVED	 	01-22-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	759114	 	04-08-13	 	04-09-13	 	401	 	DPR	 	RESERVED	 	01-26-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	767111	 	04-08-13	 	04-14-13	 	429	 	DPR	 	RESERVED	 	02-24-13	 	 	-1,508.84	 
	XXXXXXXXXXXXXXX	 	775142	 	04-08-13	 	04-09-13	 	423	 	DPR	 	RESERVED	 	03-22-13	 	 	-219.06	 
	XXXXXXXXXXXXXXX	 	775141	 	04-08-13	 	04-09-13	 	420	 	DPR	 	RESERVED	 	03-22-13	 	 	-219.06	 
	XXXXXXXXXXXXXXX	 	776372	 	04-08-13	 	04-10-13	 	311	 	DPR	 	RESERVED	 	03-27-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	776371	 	04-08-13	 	04-10-13	 	310	 	DPR	 	RESERVED	 	03-27-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	753900	 	04-08-13	 	04-10-13	 	312	 	DPR	 	RESERVED	 	01-09-13	 	 	-452.68	 
	XXXXXXXXXXXXXXX	 	761919	 	04-08-13	 	04-10-13	 	111	 	DPR	 	RESERVED	 	02-06-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	762387	 	04-08-13	 	04-10-13	 	205	 	DPR	 	RESERVED	 	02-08-13	 	 	-418.55	 
	XXXXXXXXXXXXXXX	 	776365	 	04-08-13	 	04-09-13	 	313	 	DPR	 	RESERVED	 	03-27-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	775611	 	04-08-13	 	04-09-13	 	211	 	DPR	 	RESERVED	 	03-24-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	764881	 	04-08-13	 	04-12-13	 	301	 	DPR	 	RESERVED	 	02-17-13	 	 	-917.16	 
	XXXXXXXXXXXXXXX	 	774152	 	04-08-13	 	04-09-13	 	101	 	DPR	 	RESERVED	 	03-20-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	756125	 	04-09-13	 	04-10-13	 	105	 	DPR	 	RESERVED	 	01-17-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	771112	 	04-09-13	 	04-11-13	 	313	 	DPR	 	RESERVED	 	03-10-13	 	 	-427.88	 
	XXXXXXXXXXXXXXX	 	776133	 	04-09-13	 	04-10-13	 	208	 	DPR	 	RESERVED	 	03-26-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	759650	 	04-09-13	 	04-11-13	 	212	 	DPR	 	RESERVED	 	01-29-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	754659	 	04-09-13	 	04-13-13	 	424	 	DPR	 	RESERVED	 	01-11-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	747883	 	04-09-13	 	04-13-13	 	314	 	DPR	 	RESERVED	 	12-19-12	 	 	-713.14	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 3 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

    On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	761863	 	04-09-13	 	04-10-13	 	404	 	DPR	 	RESERVED	 	02-06-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	773365	 	04-09-13	 	04-10-13	 	103	 	DPR	 	RESERVED	 	03-17-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	776865	 	04-09-13	 	04-10-13	 	110	 	DPR	 	RESERVED	 	03-29-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	770389	 	04-10-13	 	04-11-13	 	9000	 	DPR	 	RESERVED	 	03-18-13	 	 	-2,331.99	 
	XXXXXXXXXXXXXXX	 	771135	 	04-10-13	 	04-12-13	 	426	 	DPR	 	RESERVED	 	03-10-13	 	 	-448.36	 
	XXXXXXXXXXXXXXX	 	758158	 	04-10-13	 	04-14-13	 	411	 	DPR	 	RESERVED	 	01-23-13	 	 	-937.66	 
	XXXXXXXXXXXXXXX	 	763859	 	04-10-13	 	04-12-13	 	312	 	DPR	 	RESERVED	 	02-14-13	 	 	-458.59	 
	XXXXXXXXXXXXXXX	 	769365	 	04-10-13	 	04-12-13	 	311	 	DPR	 	RESERVED	 	03-03-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	767872	 	04-10-13	 	04-13-13	 	402	 	DPR	 	RESERVED	 	03-23-13	 	 	-708.35	 
	XXXXXXXXXXXXXXX	 	776123	 	04-10-13	 	04-12-13	 	309	 	DPR	 	RESERVED	 	03-26-13	 	 	-479.06	 
	XXXXXXXXXXXXXXX	 	728615	 	04-10-13	 	04-13-13	 	404	 	DPR	 	RESERVED	 	10-24-12	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	776374	 	04-10-13	 	04-13-13	 	431	 	DPR	 	RESERVED	 	03-27-13	 	 	-260.46	 
	XXXXXXXXXXXXXXX	 	766860	 	04-10-13	 	04-12-13	 	210	 	DPR	 	RESERVED	 	02-23-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	704874	 	04-10-13	 	04-12-13	 	310	 	DPR	 	RESERVED	 	08-21-12	 	 	-427.88	 
	XXXXXXXXXXXXXXX	 	762421	 	04-10-13	 	04-13-13	 	103	 	DPR	 	RESERVED	 	02-09-13	 	 	-585.52	 
	XXXXXXXXXXXXXXX	 	771863	 	04-10-13	 	04-12-13	 	405	 	DPR	 	RESERVED	 	03-12-13	 	 	-448.36	 
	XXXXXXXXXXXXXXX	 	775122	 	04-11-13	 	04-14-13	 	102	 	DPR	 	RESERVED	 	03-22-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	713885	 	04-11-13	 	04-13-13	 	101	 	DPR	 	RESERVED	 	09-17-12	 	 	-402.29	 
	XXXXXXXXXXXXXXX	 	760877	 	04-11-13	 	04-13-13	 	202	 	DPR	 	RESERVED	 	02-03-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	763389	 	04-11-13	 	04-14-13	 	425	 	DPR	 	RESERVED	 	02-12-13	 	 	-713.48	 
	XXXXXXXXXXXXXXX	 	765644	 	04-11-13	 	04-12-13	 	406	 	DPR	 	RESERVED	 	02-19-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	754119	 	04-11-13	 	04-12-13	 	107	 	DPR	 	RESERVED	 	01-09-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	770620	 	04-11-13	 	04-12-13	 	212	 	DPR	 	RESERVED	 	03-08-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	776878	 	04-11-13	 	04-14-13	 	204	 	DPR	 	RESERVED	 	03-29-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	770644	 	04-11-13	 	04-15-13	 	430	 	DPR	 	RESERVED	 	03-10-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	776612	 	04-11-13	 	04-14-13	 	105	 	DPR	 	RESERVED	 	03-29-13	 	 	-667.40	 
	XXXXXXXXXXXXXXX	 	777128	 	04-11-13	 	04-12-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	741622	 	04-11-13	 	04-14-13	 	408	 	DPR	 	RESERVED	 	11-29-12	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	763861	 	04-11-13	 	04-12-13	 	208	 	DPR	 	RESERVED	 	02-14-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	770116	 	04-11-13	 	04-12-13	 	433	 	DPR	 	RESERVED	 	03-06-13	 	 	-224.18	 
	XXXXXXXXXXXXXXX	 	775918	 	04-12-13	 	04-15-13	 	433	 	DPR	 	RESERVED	 	03-25-13	 	 	-759.53	 
	XXXXXXXXXXXXXXX	 	763391	 	04-12-13	 	04-14-13	 	426	 	DPR	 	RESERVED	 	02-12-13	 	 	-489.30	 
	XXXXXXXXXXXXXXX	 	763392	 	04-12-13	 	04-14-13	 	427	 	DPR	 	RESERVED	 	02-12-13	 	 	-489.30	 
	XXXXXXXXXXXXXXX	 	775144	 	04-12-13	 	04-14-13	 	107	 	DPR	 	RESERVED	 	03-23-13	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	775909	 	04-12-13	 	04-14-13	 	301	 	DPR	 	RESERVED	 	03-25-13	 	 	-520.00	 
	XXXXXXXXXXXXXXX	 	757373	 	04-12-13	 	04-14-13	 	312	 	DPR	 	RESERVED	 	01-21-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	757372	 	04-12-13	 	04-14-13	 	313	 	DPR	 	RESERVED	 	01-22-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	763901	 	04-12-13	 	04-14-13	 	422	 	DPR	 	RESERVED	 	02-14-13	 	 	-288.89	 
	XXXXXXXXXXXXXXX	 	755913	 	04-12-13	 	04-14-13	 	205	 	DPR	 	RESERVED	 	01-15-13	 	 	-441.30	 
	XXXXXXXXXXXXXXX	 	740358	 	04-12-13	 	04-13-13	 	108	 	DPR	 	RESERVED	 	11-25-12	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	770895	 	04-12-13	 	04-14-13	 	432	 	DPR	 	RESERVED	 	03-09-13	 	 	-530.24	 
	XXXXXXXXXXXXXXX	 	753381	 	04-12-13	 	04-14-13	 	406	 	DPR	 	RESERVED	 	01-07-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	776387	 	04-12-13	 	04-14-13	 	405	 	DPR	 	RESERVED	 	03-27-13	 	 	-520.00	 
	XXXXXXXXXXXXXXX	 	770153	 	04-12-13	 	04-14-13	 	201	 	DPR	 	RESERVED	 	03-07-13	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	774136	 	04-12-13	 	04-14-13	 	110	 	DPR	 	RESERVED	 	03-19-13	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	761902	 	04-12-13	 	04-16-13	 	304	 	DPR	 	RESERVED	 	02-06-13	 	 	-958.12	 
	XXXXXXXXXXXXXXX	 	762115	 	04-12-13	 	04-13-13	 	310	 	DPR	 	RESERVED	 	02-07-13	 	 	-249.77	 
	XXXXXXXXXXXXXXX	 	757859	 	04-12-13	 	04-15-13	 	 	 	DPR	 	RESERVED	 	01-23-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	776608	 	04-13-13	 	04-15-13	 	402	 	DPR	 	RESERVED	 	03-28-13	 	 	-288.89	 
	XXXXXXXXXXXXXXX	 	762397	 	04-13-13	 	04-15-13	 	314	 	DPR	 	RESERVED	 	02-08-13	 	 	-479.06	 
	XXXXXXXXXXXXXXX	 	755619	 	04-13-13	 	04-14-13	 	101	 	DPR	 	RESERVED	 	01-14-13	 	 	-220.65	 
	XXXXXXXXXXXXXXX	 	755624	 	04-13-13	 	04-14-13	 	212	 	DPR	 	RESERVED	 	01-15-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	775121	 	04-13-13	 	04-16-13	 	303	 	DPQ	 	RESERVED	 	03-23-13	 	 	-708.35	 
	XXXXXXXXXXXXXXX	 	773886	 	04-13-13	 	04-15-13	 	202	 	DPR	 	RESERVED	 	03-18-13	 	 	-438.11	 
	XXXXXXXXXXXXXXX	 	756362	 	04-13-13	 	04-16-13	 	311	 	DPR	 	RESERVED	 	01-17-13	 	 	-646.93	 
	XXXXXXXXXXXXXXX	 	756360	 	04-13-13	 	04-16-13	 	309	 	DPR	 	RESERVED	 	01-17-13	 	 	-646.93	 
	XXXXXXXXXXXXXXX	 	756361	 	04-13-13	 	04-16-13	 	310	 	DPR	 	RESERVED	 	01-17-13	 	 	-646.93	 
	XXXXXXXXXXXXXXX	 	755919	 	04-13-13	 	04-17-13	 	421	 	DPR	 	RESERVED	 	01-15-13	 	 	-595.75	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 4 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

    On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	771126	 	04-13-13	 	04-15-13	 	305	 	DPR	 	RESERVED	 	03-17-13	 	 	-494.41	 
	XXXXXXXXXXXXXXX	 	759370	 	04-13-13	 	04-15-13	 	302	 	DPR	 	RESERVED	 	01-27-13	 	 	-438.11	 
	XXXXXXXXXXXXXXX	 	752630	 	04-13-13	 	04-14-13	 	209	 	DPR	 	RESERVED	 	01-04-13	 	 	-220.65	 
	XXXXXXXXXXXXXXX	 	752629	 	04-13-13	 	04-14-13	 	210	 	DPR	 	RESERVED	 	01-04-13	 	 	-220.65	 
	XXXXXXXXXXXXXXX	 	775635	 	04-13-13	 	04-14-13	 	112	 	DPR	 	RESERVED	 	03-25-13	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	775913	 	04-13-13	 	04-18-13	 	401	 	DPR	 	RESERVED	 	03-25-13	 	 	-277.52	 
	XXXXXXXXXXXXXXX	 	768115	 	04-13-13	 	04-16-13	 	403	 	DPR	 	RESERVED	 	03-01-13	 	 	-754.42	 
	XXXXXXXXXXXXXXX	 	775863	 	04-13-13	 	04-14-13	 	111	 	DPR	 	RESERVED	 	03-25-13	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	753113	 	04-13-13	 	04-16-13	 	404	 	DPR	 	RESERVED	 	01-06-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	760377	 	04-14-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	01-31-13	 	 	-733.95	 
	XXXXXXXXXXXXXXX	 	775620	 	04-14-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	758392	 	04-14-13	 	04-15-13	 	 	 	DPR	 	RESERVED	 	01-24-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	734383	 	04-14-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	11-13-12	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	764638	 	04-14-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	774629	 	04-14-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-479.06	 
	XXXXXXXXXXXXXXX	 	771360	 	04-14-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	774626	 	04-14-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-958.12	 
	XXXXXXXXXXXXXXX	 	766898	 	04-14-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	02-24-13	 	 	-489.30	 
	XXXXXXXXXXXXXXX	 	773869	 	04-15-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	0.774144	 	04-15-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	03-20-13	 	 	-260.46	 
	XXXXXXXXXXXXXXX	 	753396	 	04-15-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	01-07-13	 	 	-896.72	 
	XXXXXXXXXXXXXXX	 	762373	 	04-15-13	 	04-16-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	748879	 	04-15-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	12-23-12	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	772861	 	04-15-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-958.12	 
	XXXXXXXXXXXXXXX	 	759358	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	01-27-13	 	 	-187.67	 
	XXXXXXXXXXXXXXX	 	767376	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	762632	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	02-09-13	 	 	-187.67	 
	XXXXXXXXXXXXXXX	 	776869	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-239.53	 
	XXXXXXXXXXXXXXX	 	761115	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-375.34	 
	XXXXXXXXXXXXXXX	 	776868	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-458.59	 
	XXXXXXXXXXXXXXX	 	776385	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-266.14	 
	XXXXXXXXXXXXXXX	 	756119	 	04-16-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	01-16-13	 	 	-672.54	 
	XXXXXXXXXXXXXXX	 	752376	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	01-03-13	 	 	-187.67	 
	XXXXXXXXXXXXXXX	 	752120	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	01-02-13	 	 	-187.67	 
	XXXXXXXXXXXXXXX	 	776388	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-266.14	 
	XXXXXXXXXXXXXXX	 	767142	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	763387	 	04-16-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	02-12-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	773902	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-479.06	 
	XXXXXXXXXXXXXXX	 	708861	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	09-01-12	 	 	-213.94	 
	XXXXXXXXXXXXXXX	 	708860	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	09-01-12	 	 	-213.94	 
	XXXXXXXXXXXXXXX	 	688858	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	07-08-12	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	766378	 	04-16-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-687.87	 
	XXXXXXXXXXXXXXX	 	752864	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	01-05-13	 	 	-224.18	 
	XXXXXXXXXXXXXXX	 	776644	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-438.12	 
	XXXXXXXXXXXXXXX	 	776645	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-438.12	 
	XXXXXXXXXXXXXXX	 	777119	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-239.53	 
	XXXXXXXXXXXXXXX	 	777118	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	754638	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	01-11-13	 	 	-187.67	 
	XXXXXXXXXXXXXXX	 	747625	 	04-16-13	 	04-17-13	 	 	 	DPR	 	RESERVED	 	12-18-12	 	 	-156.96	 
	XXXXXXXXXXXXXXX	 	772875	 	04-16-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-260.46	 
	XXXXXXXXXXXXXXX	 	776624	 	04-17-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	776870	 	04-17-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	764878	 	04-17-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	764877	 	04-17-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	772859	 	04-17-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-479.06	 
	XXXXXXXXXXXXXXX	 	763917	 	04-17-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	02-14-13	 	 	-187.67	 
	XXXXXXXXXXXXXXX	 	754612	 	04-17-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	01-11-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	724612	 	04-17-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	10-14-12	 	 	-209.28	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 5 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	762409	 	04-17-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-754.42	 
	XXXXXXXXXXXXXXX	 	766383	 	04-17-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-708.35	 
	XXXXXXXXXXXXXXX	 	776143	 	04-17-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	762392	 	04-17-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-489.30	 
	XXXXXXXXXXXXXXX	 	767868	 	04-17-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-1,019.54	 
	XXXXXXXXXXXXXXX	 	777112	 	04-17-13	 	04-18-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	764869	 	04-18-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	770862	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-09-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	737118	 	04-18-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	11-15-12	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	762617	 	04-18-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	02-09-13	 	 	-479.06	 
	XXXXXXXXXXXXXXX	 	769662	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	764897	 	04-18-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	774364	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-20-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	766862	 	04-18-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	02-24-13	 	 	-774.89	 
	XXXXXXXXXXXXXXX	 	776871	 	04-18-13	 	04-20-13	 	408	 	DPR	 	RESERVED	 	03-29-13	 	 	-458.59	 
	XXXXXXXXXXXXXXX	 	762642	 	04-18-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	766157	 	04-18-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	746379	 	04-18-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	12-14-12	 	 	-730.20	 
	XXXXXXXXXXXXXXX	 	758858	 	04-18-13	 	04-19-13	 	 	 	DPR	 	RESERVED	 	01-25-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	674373	 	04-18-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	05-26-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	746886	 	04-18-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-730.20	 
	XXXXXXXXXXXXXXX	 	771388	 	04-18-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-244.65	 
	XXXXXXXXXXXXXXX	 	774394	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	756384	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	01-18-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	772112	 	04-19-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-713.48	 
	XXXXXXXXXXXXXXX	 	768369	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	759908	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-266.14	 
	XXXXXXXXXXXXXXX	 	774627	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-479.06	 
	XXXXXXXXXXXXXXX	 	775610	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	760642	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	02-01-13	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	731366	 	04-19-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	10-30-12	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	776358	 	04-19-13	 	04-20-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	766620	 	04-19-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	02-22-13	 	 	-254.78	 
	XXXXXXXXXXXXXXX	 	721614	 	04-20-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	10-07-12	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	775925	 	04-20-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-239.53	 
	XXXXXXXXXXXXXXX	 	761688	 	04-20-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	02-06-13	 	 	-855.75	 
	XXXXXXXXXXXXXXX	 	751901	 	04-20-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	01-02-13	 	 	-693.01	 
	XXXXXXXXXXXXXXX	 	705359	 	04-20-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	08-23-12	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	762388	 	04-20-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-277.52	 
	XXXXXXXXXXXXXXX	 	777358	 	04-20-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-288.89	 
	XXXXXXXXXXXXXXX	 	761927	 	04-20-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	02-06-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	772130	 	04-20-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-468.83	 
	XXXXXXXXXXXXXXX	 	761618	 	04-20-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	02-05-13	 	 	-1,273.39	 
	XXXXXXXXXXXXXXX	 	757114	 	04-20-13	 	04-21-13	 	 	 	DPR	 	RESERVED	 	01-20-13	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	705360	 	04-20-13	 	04-23-13	 	212	 	DPR	 	RESERVED	 	08-23-12	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	757631	 	04-20-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-266.14	 
	XXXXXXXXXXXXXXX	 	775358	 	04-20-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-23-13	 	 	-458.59	 
	XXXXXXXXXXXXXXX	 	766160	 	04-21-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	771116	 	04-21-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-565.05	 
	XXXXXXXXXXXXXXX	 	775609	 	04-21-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	760125	 	04-21-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	765428	 	04-21-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	776139	 	04-21-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-237.71	 
	XXXXXXXXXXXXXXX	 	775617	 	04-21-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-657.18	 
	XXXXXXXXXXXXXXX	 	720626	 	04-21-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	10-05-12	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	764880	 	04-21-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	742630	 	04-21-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	12-03-12	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	769664	 	04-21-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-209.28	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 6 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

    On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	759913	 	04-21-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	01-29-13	 	 	-386.94	 
	XXXXXXXXXXXXXXX	 	759912	 	04-21-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	01-29-13	 	 	-386.94	 
	XXXXXXXXXXXXXXX	 	759914	 	04-21-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	01-29-13	 	 	-386.94	 
	XXXXXXXXXXXXXXX	 	770642	 	04-21-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	03-09-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	768142	 	04-21-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	766889	 	04-21-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	02-23-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	759131	 	04-21-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	01-26-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	759130	 	04-21-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	01-26-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	759129	 	04-21-13	 	04-22-13	 	 	 	DPR	 	RESERVED	 	01-26-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	759126	 	04-22-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	01-27-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	772125	 	04-22-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-672.53	 
	XXXXXXXXXXXXXXX	 	773377	 	04-22-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-219.06	 
	XXXXXXXXXXXXXXX	 	773376	 	04-22-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-219.06	 
	XXXXXXXXXXXXXXX	 	768395	 	04-22-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-753.39	 
	XXXXXXXXXXXXXXX	 	750877	 	04-22-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	12-29-12	 	 	-962.22	 
	XXXXXXXXXXXXXXX	 	751362	 	04-22-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	12-31-12	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	751361	 	04-22-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	12-31-12	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	762643	 	04-22-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	767920	 	04-22-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	759124	 	04-22-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	01-27-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	759125	 	04-22-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	01-27-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	777361	 	04-22-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-479.06	 
	XXXXXXXXXXXXXXX	 	772862	 	04-22-13	 	04-23-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	771125	 	04-22-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-672.54	 
	XXXXXXXXXXXXXXX	 	677362	 	04-23-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	06-06-12	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	768641	 	04-23-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-418.56	 
	XXXXXXXXXXXXXXX	 	770611	 	04-23-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-237.71	 
	XXXXXXXXXXXXXXX	 	750383	 	04-23-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	12-27-12	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	750384	 	04-23-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	12-27-12	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	717115	 	04-23-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	09-27-12	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	772128	 	04-23-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-427.88	 
	XXXXXXXXXXXXXXX	 	772129	 	04-23-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-427.88	 
	XXXXXXXXXXXXXXX	 	776648	 	04-23-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	775123	 	04-23-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	03-22-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	769654	 	04-23-13	 	04-24-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	775892	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	773391	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-438.12	 
	XXXXXXXXXXXXXXX	 	760869	 	04-24-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	776616	 	04-24-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	776617	 	04-24-13	 	04-25-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	772874	 	04-24-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-677.65	 
	XXXXXXXXXXXXXXX	 	774634	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-438.11	 
	XXXXXXXXXXXXXXX	 	768139	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	772617	 	04-24-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-739.06	 
	XXXXXXXXXXXXXXX	 	763618	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	02-13-13	 	 	-448.36	 
	XXXXXXXXXXXXXXX	 	769908	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-237.71	 
	XXXXXXXXXXXXXXX	 	772120	 	04-24-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	695135	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	07-25-12	 	 	-427.88	 
	XXXXXXXXXXXXXXX	 	695134	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	07-25-12	 	 	-427.88	 
	XXXXXXXXXXXXXXX	 	695136	 	04-24-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	07-25-12	 	 	-427.88	 
	XXXXXXXXXXXXXXX	 	760876	 	04-25-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	774151	 	04-25-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-1,355.30	 
	XXXXXXXXXXXXXXX	 	763863	 	04-25-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	02-14-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	755647	 	04-25-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	01-14-13	 	 	-876.22	 
	XXXXXXXXXXXXXXX	 	775626	 	04-25-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-458.59	 
	XXXXXXXXXXXXXXX	 	755373	 	04-25-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	01-31-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	760411	 	04-25-13	 	04-26-13	 	 	 	DPR	 	RESERVED	 	01-31-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	770864	 	04-25-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-468.83	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 7 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

    On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	760888	 	04-25-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-02-13	 	 	-937.66	 
	XXXXXXXXXXXXXXX	 	766411	 	04-25-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	02-22-13	 	 	-713.47	 
	XXXXXXXXXXXXXXX	 	766650	 	04-26-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-23-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	767113	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	02-24-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	761935	 	04-26-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-07-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	771867	 	04-26-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-774.89	 
	XXXXXXXXXXXXXXX	 	776613	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-520.00	 
	XXXXXXXXXXXXXXX	 	767910	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	764871	 	04-26-13	 	04-27-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	757630	 	04-26-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	01-23-13	 	 	-1,161.84	 
	XXXXXXXXXXXXXXX	 	682869	 	04-26-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	06-21-12	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	753125	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	01-07-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	773900	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-479.06	 
	XXXXXXXXXXXXXXX	 	749118	 	04-26-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	776108	 	04-26-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	765108	 	04-26-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	765109	 	04-26-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	761370	 	04-27-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	02-04-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	762898	 	04-27-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	753901	 	04-27-13	 	04-29-13	 	202	 	DPR	 	RESERVED	 	01-08-13	 	 	-397.17	 
	XXXXXXXXXXXXXXX	 	765615	 	04-27-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	753897	 	04-27-13	 	04-29-13	 	201	 	DPR	 	RESERVED	 	01-09-13	 	 	-441.30	 
	XXXXXXXXXXXXXXX	 	764139	 	04-27-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	773887	 	04-27-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-397.17	 
	XXXXXXXXXXXXXXX	 	762367	 	04-27-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-438.11	 
	XXXXXXXXXXXXXXX	 	776366	 	04-27-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-397.17	 
	XXXXXXXXXXXXXXX	 	749111	 	04-27-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	12-25-12	 	 	-397.17	 
	XXXXXXXXXXXXXXX	 	751874	 	04-27-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	01-02-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	755869	 	04-27-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	01-16-13	 	 	-397.17	 
	XXXXXXXXXXXXXXX	 	770365	 	04-27-13	 	05-02-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-1,064.57	 
	XXXXXXXXXXXXXXX	 	761610	 	04-27-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	02-07-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	764870	 	04-27-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	761609	 	04-27-13	 	04-28-13	 	 	 	DPR	 	RESERVED	 	02-06-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	766159	 	04-27-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	772146	 	04-28-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	746890	 	04-28-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	12-17-12	 	 	-348.04	 
	XXXXXXXXXXXXXXX	 	769391	 	04-28-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	775633	 	04-28-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-565.05	 
	XXXXXXXXXXXXXXX	 	771365	 	04-28-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-672.54	 
	XXXXXXXXXXXXXXX	 	765398	 	04-28-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	769136	 	04-28-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	03·03-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	770612	 	04-28-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-224.18	 
	XXXXXXXXXXXXXXX	 	764113	 	04-28-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-15-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	764114	 	04-28-13	 	04-29-13	 	 	 	DPR	 	RESERVED	 	02-15-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	756624	 	04-28-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	01-19-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	771403	 	04-29-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-1,013.40	 
	XXXXXXXXXXXXXXX	 	775864	 	04-29-13	 	04-30-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	772860	 	04-29-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-438.12	 
	XXXXXXXXXXXXXXX	 	762360	 	04-29-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	771384	 	04-29-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-335.75	 
	XXXXXXXXXXXXXXX	 	752360	 	04-29-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	01-06-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	770158	 	04-30-13	 	05-02-13	 	 	 	GCC	 	RESERVED	 	03-07-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	772131	 	04-30-13	 	05-02-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-345.98	 
	XXXXXXXXXXXXXXX	 	772132	 	04-30-13	 	05-02-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-345.98	 
	XXXXXXXXXXXXXXX	 	776890	 	04-30-13	 	05-01-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	764616	 	04-30-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-169.47	 
	XXXXXXXXXXXXXXX	 	746867	 	05-01-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	12-16-12	 	 	-539.12	 
	XXXXXXXXXXXXXXX	 	771382	 	05-01-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-585.52	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 8 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

    On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	763441	 	05-01-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	02-13-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	776866	 	05-01-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-917.18	 
	XXXXXXXXXXXXXXX	 	771868	 	05-01-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-209.27	 
	XXXXXXXXXXXXXXX	 	769634	 	05-02-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	769632	 	05-02-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	777117	 	05-02-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	757425	 	05-02-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-876.22	 
	XXXXXXXXXXXXXXX	 	738111	 	05-02-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	11-18-12	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	757144	 	05-02-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	01-21-13	 	 	-937.66	 
	XXXXXXXXXXXXXXX	 	736879	 	05-02-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	11-15-12	 	 	-197.90	 
	XXXXXXXXXXXXXXX	 	736877	 	05-02-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	11-15-12	 	 	-197.90	 
	XXXXXXXXXXXXXXX	 	774153	 	05-02-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-20-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	769123	 	05-02-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	769124	 	05-02-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	770892	 	05-02-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-937.66	 
	XXXXXXXXXXXXXXX	 	747893	 	05-02-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	772144	 	05-02-13	 	05-03-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	760358	 	05-02-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	02-01-13	 	 	-713.48	 
	XXXXXXXXXXXXXXX	 	774391	 	05-02-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	769383	 	05-03-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	769860	 	05-03-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	769627	 	05-03-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-220.65	 
	XXXXXXXXXXXXXXX	 	748861	 	05-03-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	12-23-12	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	760858	 	05-03-13	 	05-04-13	 	 	 	DPR	 	RESERVED	 	02-07-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	772864	 	05-03-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-759.53	 
	XXXXXXXXXXXXXXX	 	736878	 	05-03-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	11-15-12	 	 	-220.65	 
	XXXXXXXXXXXXXXX	 	777127	 	05-04-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	777126	 	05-04-13	 	05-05-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	773375	 	05-04-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-499.53	 
	XXXXXXXXXXXXXXX	 	772402	 	05-04-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-499.53	 
	XXXXXXXXXXXXXXX	 	761160	 	05-04-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	02-04-13	 	 	-468.83	 
	XXXXXXXXXXXXXXX	 	773108	 	05-04-13	 	05-07-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-283.21	 
	XXXXXXXXXXXXXXX	 	771862	 	05-04-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-1,309.23	 
	XXXXXXXXXXXXXXX	 	765430	 	05-04-13	 	05-07-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-646.93	 
	XXXXXXXXXXXXXXX	 	766407	 	05-04-13	 	05-11-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	- 1,610.20.	 
	XXXXXXXXXXXXXXX	 	760865	 	05-04-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-1,273.39	 
	XXXXXXXXXXXXXXX	 	751114	 	05-05-13	 	05-06-13	 	 	 	DPR	 	RESERVED	 	12-31-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	765415	 	05-05-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-1,834.38	 
	XXXXXXXXXXXXXXX	 	763873	 	05-05-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	02-15-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	763872	 	05-05-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	02-15-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	774109	 	05-05-13	 	05-08-13	 	 	 	GRP DEF	 	RESERVED	 	03-19-13	 	 	-3,228.00	 
	XXXXXXXXXXXXXXX	 	766887	 	05-06-13	 	05-07-13	 	 	 	DPR	 	RESERVED	 	02-23-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	761363	 	05-06-13	 	05-11-13	 	 	 	DPR	 	RESERVED	 	02-04-13	 	 	-1,033.86	 
	XXXXXXXXXXXXXXX	 	772148	 	05-06-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-438.12	 
	XXXXXXXXXXXXXXX	 	774125	 	05-06-13	 	05-07-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	771884	 	05-06-13	 	05-08-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-427.88	 
	XXXXXXXXXXXXXXX	 	764904	 	05-06-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-672.54	 
	XXXXXXXXXXXXXXX	 	760634	 	05-06-13	 	05-07-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	777360	 	05-07-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-438.11	 
	XXXXXXXXXXXXXXX	 	737609	 	05-07-13	 	05-08-13	 	411	 	DPR	 	RESERVED	 	11-17-12	 	 	-174.02	 
	XXXXXXXXXXXXXXX	 	737610	 	05-07-13	 	05-08-13	 	410	 	DPR	 	RESERVED	 	11-17-12	 	 	-174.02	 
	XXXXXXXXXXXXXXX	 	750141	 	05-07-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	12-27-12	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	762866	 	05-07-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	762865	 	05-07-13	 	05-09-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	770152	 	05-08-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	766613	 	05-08-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	02-22-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	774361	 	05-08-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	03-20-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	756375	 	05-09-13	 	05-11-13	 	 	 	DPR	 	RESERVED	 	01-17-13	 	 	-209.28	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 9 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	756613	 	05-09-13	 	05-11-13	 	 	 	DPR	 	RESERVED	 	01-19-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	756626	 	05-09-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	01-19-13	 	 	-220.65	 
	XXXXXXXXXXXXXXX	 	777129	 	05-09-13	 	05-10-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	763438	 	05-09-13	 	05-11-13	 	 	 	DPR	 	RESERVED	 	02-12-13	 	 	-438.11	 
	XXXXXXXXXXXXXXX	 	763439	 	05-09-13	 	05-11-13	 	 	 	DPR	 	RESERVED	 	02-12-13	 	 	-438.11	 
	XXXXXXXXXXXXXXX	 	759619	 	05-10-13	 	05-15-13	 	 	 	DPR	 	RESERVED	 	01-28-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	770146	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	771139	 	05-10-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	769628	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	769663	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-489.30	 
	XXXXXXXXXXXXXXX	 	764115	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	02-15-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	775631	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-520.00	 
	XXXXXXXXXXXXXXX	 	750130	 	05-10-13	 	05-12-13	 	405	 	DPR	 	RESERVED	 	12-26-12	 	 	-489.30	 
	XXXXXXXXXXXXXXX	 	770150	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	770889	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	03-09-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	770890	 	05-10-13	 	05-12-13	 	 	 	DPR	 	RESERVED	 	03-09-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	760613	 	05-11-13	 	05-15-13	 	 	 	DPR	 	RESERVED	 	02-01-13	 	 	-855.75	 
	XXXXXXXXXXXXXXX	 	770898	 	05-11-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-434.70	 
	XXXXXXXXXXXXXXX	 	775136	 	05-11-13	 	05-17-13	 	 	 	DPR	 	RESERVED	 	03-22-13	 	 	-1,273.39	 
	XXXXXXXXXXXXXXX	 	746893	 	05-11-13	 	05-13-13	 	212	 	DPR	 	RESERVED	 	12-16-12	 	 	-330.98	 
	XXXXXXXXXXXXXXX	 	746892	 	05-11-13	 	05-13-13	 	 	 	DPR	 	RESERVED	 	12-16-12	 	 	-330.98	 
	XXXXXXXXXXXXXXX	 	722116	 	05-12-13	 	05-14-13	 	 	 	DPR	 	RESERVED	 	10-09-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	757109	 	05-12-13	 	05-14-13	 	 	 	DPR	 	RESERVED	 	01-20-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	738873	 	05-12-13	 	05-15-13	 	 	 	DPR	 	RESERVED	 	11-21-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	759634	 	05-13-13	 	05-18-13	 	 	 	DPR	 	RESERVED	 	01-28-13	 	 	-210.41	 
	XXXXXXXXXXXXXXX	 	754871	 	05-13-13	 	05-18-13	 	 	 	DPR	 	RESERVED	 	01-12-13	 	 	-210.41	 
	XXXXXXXXXXXXXXX	 	759360	 	05-13-13	 	05-16-13	 	408	 	DPR	 	RESERVED	 	01-27-13	 	 	-611.10	 
	XXXXXXXXXXXXXXX	 	756137	 	05-13-13	 	05-18-13	 	 	 	DPR	 	RESERVED	 	01-16-13	 	 	-210.41	 
	XXXXXXXXXXXXXXX	 	761864	 	05-13-13	 	05-14-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-700.62	 
	XXXXXXXXXXXXXXX	 	686111	 	05-13-13	 	05-16-13	 	 	 	DPR	 	RESERVED	 	06-30-12	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	760382	 	05-13-13	 	05-18-13	 	 	 	DPR	 	RESERVED	 	01-31-13	 	 	-210.41	 
	XXXXXXXXXXXXXXX	 	771608	 	05-13-13	 	05-15-13	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-448.36	 
	XXXXXXXXXXXXXXX	 	760126	 	05-13-13	 	05-16-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	754870	 	05-13-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	01-12-13	 	 	-210.41	 
	XXXXXXXXXXXXXXX	 	777124	 	05-13-13	 	05-14-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	759653	 	05-14-13	 	05-17-13	 	 	 	DPR	 	RESERVED	 	01-29-13	 	 	-220.65	 
	XXXXXXXXXXXXXXX	 	763905	 	05-14-13	 	05-16-13	 	421	 	DPR	 	RESERVED	 	02-14-13	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	760129	 	05-14-13	 	05-15-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	751876	 	05-14-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	01-01-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	757411	 	05-15-13	 	05-17-13	 	 	 	DPR	 	RESERVED	 	01-21-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	756619	 	05-15-13	 	05-17-13	 	405	 	DPR	 	RESERVED	 	01-18-13	 	 	-407.40	 
	XXXXXXXXXXXXXXX	 	750114	 	05-15-13	 	05-18-13	 	 	 	DPR	 	RESERVED	 	12-26-12	 	 	-585.52	 
	XXXXXXXXXXXXXXX	 	673384	 	05-16-13	 	05-19-13	 	313	 	DPR	 	RESERVED	 	05-24-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	763111	 	05-16-13	 	05-20-13	 	 	 	GRP DEF	 	RESERVED	 	02-20-13	 	 	-814.36	 
	XXXXXXXXXXXXXXX	 	762636	 	05-16-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	02-09-13	 	 	-845.52	 
	XXXXXXXXXXXXXXX	 	762122	 	05-16-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-197.90	 
	XXXXXXXXXXXXXXX	 	752369	 	05-16-13	 	05-17-13	 	 	 	DPR	 	RESERVED	 	01-03-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	751367	 	05-17-13	 	05-18-13	 	 	 	DPR	 	RESERVED	 	12-31-12	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	755617	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	01-14-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	773868	 	05-17-13	 	05-19-13	 	426	 	DPR	 	RESERVED	 	03-18-13	 	 	-581.42	 
	XXXXXXXXXXXXXXX	 	773867	 	05-17-13	 	05-19-13	 	427	 	DPR	 	RESERVED	 	03-18-13	 	 	-581.42	 
	XXXXXXXXXXXXXXX	 	765646	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	750863	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	12-29-12	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	767906	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-288.89	 
	XXXXXXXXXXXXXXX	 	767907	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-288.89	 
	XXXXXXXXXXXXXXX	 	747611	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	12-19-12	 	 	-382.16	 
	XXXXXXXXXXXXXXX	 	766375	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	775634	 	05-17-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-254.77	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 10 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	763112	 	05-17-13	 	05-20-13	 	 	 	GRP DEF	 	RESERVED	 	02-20-13	 	 	-814.36	 
	XXXXXXXXXXXXXXX	 	770871	 	05-17-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	03-20-13	 	 	-317.33	 
	XXXXXXXXXXXXXXX	 	759118	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	01-26-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	754629	 	05-17-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	01-12-13	 	 	-667.40	 
	XXXXXXXXXXXXXXX	 	750612	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	12-28-12	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	762612	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-09-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	776131	 	05-17-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-610.77	 
	XXXXXXXXXXXXXXX	 	767895	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-203.60	 
	XXXXXXXXXXXXXXX	 	769109	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-520.00	 
	XXXXXXXXXXXXXXX	 	740883	 	05-17-13	 	05-18-13	 	 	 	DPR	 	RESERVED	 	11-29-12	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	740885	 	05-17-13	 	05-18-13	 	 	 	DPR	 	RESERVED	 	11-29-12	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	768637	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	764612	 	05-17-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	761936	 	05-17-13	 	05-21-13	 	 	 	DPR	 	RESERVED	 	02-07-13	 	 	-794.34	 
	XXXXXXXXXXXXXXX	 	763437	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-12-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	768650	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	767890	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	767620	 	05-17-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-25-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	769891	 	05-18-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-265.12	 
	XXXXXXXXXXXXXXX	 	770117	 	05-18-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	763156	 	05-18-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	762419	 	05-18-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-244.65	 
	XXXXXXXXXXXXXXX	 	766108	 	05-18-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	767370	 	05-18-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-25-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	760861	 	05-18-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	02-02-13	 	 	-203.70	 
	XXXXXXXXXXXXXXX	 	739109	 	05-18-13	 	05-19-13	 	 	 	DPR	 	RESERVED	 	11-21-12	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	776867	 	05-19-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-198.58	 
	XXXXXXXXXXXXXXX	 	769396	 	05-19-13	 	05-22-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	732121	 	05-19-13	 	05-21-13	 	 	 	DPR	 	RESERVED	 	11-02-12	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	776863	 	05-19-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	776864	 	05-19-13	 	05-20-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	731865	 	05-19-13	 	05-21-13	 	 	 	DPR	 	RESERVED	 	11-01-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	761393	 	05-19-13	 	05-21-13	 	 	 	DPR	 	RESERVED	 	02-05-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	773885	 	05-20-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-503.64	 
	XXXXXXXXXXXXXXX	 	744865	 	05-20-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	12-09-12	 	 	-975.88	 
	XXXXXXXXXXXXXXX	 	770896	 	05-20-13	 	05-22-13	 	408	 	DPR	 	RESERVED	 	03-09-13	 	 	-407,40	 
	XXXXXXXXXXXXXXX	 	768390	 	05-20-13	 	05-22-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	772359	 	05-20-13	 	05-22-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-220.65	 
	XXXXXXXXXXXXXXX	 	754608	 	05-20-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	01-11-13	 	 	-335.76	 
	XXXXXXXXXXXXXXX	 	770874	 	05-20-13	 	05-21-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	770621	 	05-20-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-814.80	 
	XXXXXXXXXXXXXXX	 	770622	 	05-20-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-814.80	 
	XXXXXXXXXXXXXXX	 	737359	 	05-20-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	11-16-12	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	771609	 	05-21-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-611.10	 
	XXXXXXXXXXXXXXX	 	769647	 	05-21-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	773880	 	05-21-13	 	05-22-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-202.93	 
	XXXXXXXXXXXXXXX	 	762164	 	05-21-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	02-07-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	762418	 	05-21-13	 	05-22-13	 	 	 	DPR	 	RESERVED	 	02-09-13	 	 	-180.84	 
	XXXXXXXXXXXXXXX	 	770407	 	05-21-13	 	05-23-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-180.84	 
	XXXXXXXXXXXXXXX	 	763174	 	05-21-13	 	05-22-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-335.76	 
	XXXXXXXXXXXXXXX	 	766859	 	05-22-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	02-23-13	 	 	-845.52	 
	XXXXXXXXXXXXXXX	 	770860	 	05-22-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	773363	 	05-22-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-335.75	 
	XXXXXXXXXXXXXXX	 	761664	 	05-22-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	02-05-13	 	 	-982.69	 
	XXXXXXXXXXXXXXX	 	761665	 	05-22-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	02-05-13	 	 	-982.69	 
	XXXXXXXXXXXXXXX	 	761663	 	05-22-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	02-05-13	 	 	-982.69	 
	XXXXXXXXXXXXXXX	 	766873	 	05-22-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	02-23-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	773367	 	05-23-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-226.34	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 11 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	721619	 	05-23-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	10-07-12	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	759365	 	05-23-13	 	05-25-13	 	 	 	DPR	 	RESERVED	 	01-27-13	 	 	-422.76	 
	XXXXXXXXXXXXXXX	 	771131	 	05-23-13	 	05-31-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-1,834.35	 
	XXXXXXXXXXXXXXX	 	750626	 	05-23-13	 	05-28-13	 	 	 	DPR	 	RESERVED	 	12-28-12	 	 	-982.69	 
	XXXXXXXXXXXXXXX	 	769374	 	05-23-13	 	05-28-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-1,049.22	 
	XXXXXXXXXXXXXXX	 	762396	 	05-23-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	762399	 	05-23-13	 	05-24-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	754864	 	05-23-13	 	05-25-13	 	 	 	DPR	 	RESERVED	 	01-12-13	 	 	-397.17	 
	XXXXXXXXXXXXXXX	 	754872	 	05-23-13	 	05-25-13	 	 	 	DPR	 	RESERVED	 	01-12-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	765647	 	05-23-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	761153	 	05-23-13	 	05-29-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-1,252.92	 
	XXXXXXXXXXXXXXX	 	740890	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	11-27-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	740891	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	11-27-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	740871	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	11-27-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	750885	 	05-24-13	 	05-31-13	 	 	 	DPR	 	RESERVED	 	12-29-12	 	 	-1,386.02	 
	XXXXXXXXXXXXXXX	 	731109	 	05-24-13	 	05-28-13	 	405	 	DPR	 	RESERVED	 	10-29-12	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	750376	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	12-27-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	750377	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	12-27-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	774395	 	05-24-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-20-13	 	 	-759.53	 
	XXXXXXXXXXXXXXX	 	768371	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	737111	 	05-24-13	 	05-26-13	 	406	 	DPR	 	RESERVED	 	11-15-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	737110	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	11-15-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	775124	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	03-23-13	 	 	-520.00	 
	XXXXXXXXXXXXXXX	 	777123	 	05-24-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-759.53	 
	XXXXXXXXXXXXXXX	 	755360	 	05-24-13	 	05-25-13	 	 	 	DPR	 	RESERVED	 	01-13-13	 	 	-229.29	 
	XXXXXXXXXXXXXXX	 	765427	 	05-24-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-294.58	 
	XXXXXXXXXXXXXXX	 	774390	 	05-24-13	 	05-28-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-876.22	 
	XXXXXXXXXXXXXXX	 	777359	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-438.11	 
	XXXXXXXXXXXXXXX	 	740651	 	05-25-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	754116	 	05-25-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	01-09-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	754115	 	05-25-13	 	05-26-13	 	 	 	DPR	 	RESERVED	 	01-09-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	757138	 	05-25,13	 	05-28-13	 	 	 	DPR	 	RESERVED	 	01-20-13	 	 	-708.35	 
	XXXXXXXXXXXXXXX	 	768169	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-438.11	 
	XXXXXXXXXXXXXXX	 	736875	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	11-14-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	771123	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-294.58	 
	XXXXXXXXXXXXXXX	 	767368	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-300.27	 
	XXXXXXXXXXXXXXX	 	752399	 	05-25-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	01-03-13	 	 	-438.11	 
	XXXXXXXXXXXXXXX	 	775922	 	05-26-13	 	05-31-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-1,044.10	 
	XXXXXXXXXXXXXXX	 	771138	 	05-26-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	771613	 	05-26-13	 	06-01-13	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	769382	 	05-26-13	 	05-28-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-489.30	 
	XXXXXXXXXXXXXXX	 	769130	 	05-26-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-277.52	 
	XXXXXXXXXXXXXXX	 	753884	 	05-26-13	 	05-30-13	 	 	 	DPR	 	RESERVED	 	01-09-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	764126	 	05-26-13	 	05-27-13	 	 	 	DPR	 	RESERVED	 	02-15-13	 	 	-244.65	 
	XXXXXXXXXXXXXXX	 	716610	 	05-27-13	 	05-29-13	 	 	 	DPR	 	RESERVED	 	09-26-12	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	775910	 	05-27-13	 	05-30-13	 	406	 	DPR	 	RESERVED	 	03-25-13	 	 	-595.74	 
	XXXXXXXXXXXXXXX	 	769622	 	05-27-13	 	05-29-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	755359	 	05-27-13	 	05-30-13	 	 	 	DPR	 	RESERVED	 	01-13-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	773364	 	05-27-13	 	05-29-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-335.76	 
	XXXXXXXXXXXXXXX	 	762608	 	05-28-13	 	05-30-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	763425	 	05-28-13	 	05-30-13	 	 	 	DPR	 	RESERVED	 	02-13-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	772141	 	05-28-13	 	05-29-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-198.58	 
	XXXXXXXXXXXXXXX	 	769638	 	05-28-13	 	05-30-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	774139	 	05-29-13	 	05-30-13	 	 	 	DPR	 	RESERVED	 	03-20-13	 	 	-220.65	 
	XXXXXXXXXXXXXXX	 	766892	 	05-29-13	 	06-05-13	 	 	 	DPR	 	RESERVED	 	02-24-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	772867	 	05-30-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-835.28	 
	XXXXXXXXXXXXXXX	 	770425	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	768116	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-641.82	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 12 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	744861	 	05-30-13	 	06-01-13	 	 	 	DPR	 	RESERVED	 	12-09-12	 	 	-330.98	 
	XXXXXXXXXXXXXXX	 	769360	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	749113	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	12-24-12	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	752643	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	01-04-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	762365	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-534.34	 
	XXXXXXXXXXXXXXX	 	765436	 	05-30-13	 	05-31-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	747882	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	12-19-12	 	 	-505.00	 
	XXXXXXXXXXXXXXX	 	775866	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	752649	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	01-04-13	 	 	-656.27	 
	XXXXXXXXXXXXXXX	 	769117	 	05-30-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-641.82	 
	XXXXXXXXXXXXXXX	 	775628	 	05-30-13	 	06-01-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	774612	 	05-31-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	755867	 	05-31-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	01-15-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	767128	 	05-31-13	 	06-01-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	764875	 	05-31-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-489.30	 
	XXXXXXXXXXXXXXX	 	735359	 	05-31-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-636.70	 
	XXXXXXXXXXXXXXX	 	744141	 	05-31-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	12-07-12	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	756381	 	05-31-13	 	06-06-13	 	 	 	DPR	 	RESERVED	 	01-17-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	727608	 	05-31-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	12-10-12	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	749869	 	05-31-13	 	06-01-13	 	 	 	DPR	 	RESERVED	 	12-27-12	 	 	-244.65	 
	XXXXXXXXXXXXXXX	 	766406	 	05-31-13	 	06-04-13	 	 	 	DPR	 	RESERVED	 	02-22-13	 	 	-937.65	 
	XXXXXXXXXXXXXXX	 	759109	 	05-31-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	01-26-13	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	758868	 	06-01-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	01-25-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	766888	 	06-01-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	02-23-13	 	 	-422.76	 
	XXXXXXXXXXXXXXX	 	767875	 	06-01-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-367.37	 
	XXXXXXXXXXXXXXX	 	754869	 	06-01-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	01-12-13	 	 	-1,273.39	 
	XXXXXXXXXXXXXXX	 	766379	 	06-01-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-397.17	 
	XXXXXXXXXXXXXXX	 	775363	 	06-01-13	 	06-02-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-219.06	 
	XXXXXXXXXXXXXXX	 	769397	 	06-02-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-864.95	 
	XXXXXXXXXXXXXXX	 	771361	 	06-02-13	 	06-05-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-472.92	 
	XXXXXXXXXXXXXXX	 	769858	 	06-02-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	759920	 	06-02-13	 	06-05-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	767877	 	06-02-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-175.15	 
	XXXXXXXXXXXXXXX	 	767876	 	06-02-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-175.15	 
	XXXXXXXXXXXXXXX	 	767878	 	06-02-13	 	06-03-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-175.15	 
	XXXXXXXXXXXXXXX	 	776888	 	06-02-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-1,114.73	 
	XXXXXXXXXXXXXXX	 	770885	 	06-03-13	 	06-10-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-175.15	 
	XXXXXXXXXXXXXXX	 	776135	 	06-03-13	 	06-04-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	773897	 	06-03-13	 	06-05-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-315.28	 
	XXXXXXXXXXXXXXX	 	765420	 	06-03-13	 	06-05-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	774143	 	06-03-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-732.92	 
	XXXXXXXXXXXXXXX	 	772425	 	06-03-13	 	06-04-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	772426	 	06-03-13	 	06-04-13	 	 	 	DPR	 	RESERVED	 	03-14-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	769626	 	06-03-13	 	06-04-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	774610	 	06-03-13	 	06-04-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-183.23	 
	XXXXXXXXXXXXXXX	 	718865	 	06-04-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	09-30-12	 	 	-565.05	 
	XXXXXXXXXXXXXXX	 	757132	 	06-04-13	 	06-06-13	 	 	 	DPR	 	RESERVED	 	01-20-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	775126	 	06-04-13	 	06-05-13	 	 	 	DPR	 	RESERVED	 	03-22-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	772635	 	06-04-13	 	06-06-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-366.46	 
	XXXXXXXXXXXXXXX	 	770880	 	06-04-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-645.91	 
	XXXXXXXXXXXXXXX	 	765610	 	06-04-13	 	06-05-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	774370	 	06-04-13	 	06-05-13	 	 	 	DPR	 	RESERVED	 	03-20-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	740136	 	06-04-13	 	06-06-13	 	 	 	DPR	 	RESERVED	 	11-25-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	772110	 	06-04-13	 	06-06-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	770126	 	06-05-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-315.28	 
	XXXXXXXXXXXXXXX	 	770859	 	06-05-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-488.27	 
	XXXXXXXXXXXXXXX	 	770858	 	06-05-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-488.27	 
	XXXXXXXXXXXXXXX	 	770151	 	06-05-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-277.20	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 13 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	770368	 	06-05-13	 	06-09-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-763.62	 
	XXXXXXXXXXXXXXX	 	773910	 	06-05-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	774114	 	06-06-13	 	06-09-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-580.39	 
	XXXXXXXXXXXXXXX	 	765632	 	06-06-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-169.47	 
	XXXXXXXXXXXXXXX	 	766634	 	06-06-13	 	06-07-13	 	 	 	DPR	 	RESERVED	 	02-22-13	 	 	-172.99	 
	XXXXXXXXXXXXXXX	 	692136	 	06-06-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	07-17-12	 	 	-192.22	 
	XXXXXXXXXXXXXXX	 	771883	 	06-06-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	03-12-13	 	 	-146.72	 
	XXXXXXXXXXXXXXX	 	762378	 	06-07-13	 	06-11-13	 	 	 	DPR	 	RESERVED	 	02-13-13	 	 	-876.22	 
	XXXXXXXXXXXXXXX	 	720108	 	06-07-13	 	06-11-13	 	 	 	DPR	 	RESERVED	 	10-04-12	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	775613	 	06-07-13	 	06-10-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	775614	 	06-07-13	 	06-10-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	740608	 	06-07-13	 	06-09-13	 	 	 	DPR	 	RESERVED	 	11-26-12	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	754129	 	06-07-13	 	06-11-13	 	 	 	DPR	 	RESERVED	 	01-09-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	688874	 	06-07-13	 	06-08-13	 	 	 	DPR	 	RESERVED	 	07-14-12	 	 	-224.18	 
	XXXXXXXXXXXXXXX	 	765621	 	06-08-13	 	06-09-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	776893	 	06-08-13	 	06-10-13	 	 	 	DPR	 	RESERVED	 	03-30-13	 	 	-351.11	 
	XXXXXXXXXXXXXXX	 	754137	 	06-08-13	 	06-12-13	 	 	 	DPR	 	RESERVED	 	01-10-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	765648	 	06-09-13	 	06-12-13	 	 	 	DPR	 	RESERVED	 	02-20-13	 	 	-518.97	 
	XXXXXXXXXXXXXXX	 	766110	 	06-09-13	 	06-12-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-472.92	 
	XXXXXXXXXXXXXXX	 	772424	 	06-09-13	 	06-12-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-549.69	 
	XXXXXXXXXXXXXXX	 	765389	 	06-09-13	 	06-11-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	746884	 	06-09-13	 	06-10-13	 	 	 	DPR	 	RESERVED	 	12-16-12	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	761133	 	06-09-13	 	06-12-13	 	 	 	DPR	 	RESERVED	 	02-04-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	770113	 	06-10-13	 	06-12-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-366.46	 
	XXXXXXXXXXXXXXX	 	769115	 	06-10-13	 	06-12-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	731360	 	06-10-13	 	06-16-13	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-1,255.68	 
	XXXXXXXXXXXXXXX	 	763643	 	06-10-13	 	06-11-13	 	 	 	DPR	 	RESERVED	 	02-14-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	770148	 	06-10-13	 	06-11-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	757126	 	06-11-13	 	06-14-13	 	 	 	DPR	 	RESERVED	 	01-20-13	 	 	-180.84	 
	XXXXXXXXXXXXXXX	 	757127	 	06-11-13	 	06-14-13	 	 	 	DPR	 	RESERVED	 	01-20-13	 	 	-180.84	 
	XXXXXXXXXXXXXXX	 	776642	 	06-11-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-748.27	 
	XXXXXXXXXXXXXXX	 	774134	 	06-11-13	 	06-18-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-1,313.32	 
	XXXXXXXXXXXXXXX	 	769868	 	06-12-13	 	06-13-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-172.99	 
	XXXXXXXXXXXXXXX	 	762163	 	06-12-13	 	06-14-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	762629	 	06-12-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	02-09-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	762630	 	06-12-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	02-09-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	762631	 	06-12-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	02-09-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	763430	 	06-12-13	 	06-14-13	 	 	 	DPR	 	RESERVED	 	02-13-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	768402	 	06-12-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-534.33	 
	XXXXXXXXXXXXXXX	 	768403	 	06-12-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	03-01-13	 	 	-534.33	 
	XXXXXXXXXXXXXXX	 	762878	 	06-12-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-585.52	 
	XXXXXXXXXXXXXXX	 	762621	 	06-13-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	02-09-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	760874	 	06-13-13	 	06-16-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	763867	 	06-13-13	 	06-14-13	 	 	 	DPR	 	RESERVED	 	02-14-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	763866	 	06-13-13	 	06-14-13	 	 	 	DPR	 	RESERVED	 	02-14-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	685141	 	06-14-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	06-28-12	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	769129	 	06-14-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-219.06	 
	XXXXXXXXXXXXXXX	 	761120	 	06-14-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	02-04-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	774111	 	06-14-13	 	06-15-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	768141	 	06-15-13	 	06-18-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-518.99	 
	XXXXXXXXXXXXXXX	 	760370	 	06-15-13	 	06-18-13	 	 	 	DPR	 	RESERVED	 	01-31-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	765649	 	06-16-13	 	06-19-13	 	 	 	DPR	 	RESERVED	 	02-19-13	 	 	-565.05	 
	XXXXXXXXXXXXXXX	 	769873	 	06-16-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	769874	 	06-16-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	777130	 	06-16-13	 	06-18-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-169.47	 
	XXXXXXXXXXXXXXX	 	764649	 	06-16-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-203.70	 
	XXXXXXXXXXXXXXX	 	762358	 	06-16-13	 	06-17-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-203.70	 
	XXXXXXXXXXXXXXX	 	768111	 	06-16-13	 	06-21-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-941.75	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 14 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	768110	 	06-16-13	 	06-21-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-941.75	 
	XXXXXXXXXXXXXXX	 	777131	 	06-17-13	 	06-18-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-169.47	 
	XXXXXXXXXXXXXXX	 	777132	 	06-17-13	 	06-18-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-169.47	 
	XXXXXXXXXXXXXXX	 	763908	 	06-17-13	 	06-21-13	 	 	 	DPR	 	RESERVED	 	02-15-13	 	 	-814.80	 
	XXXXXXXXXXXXXXX	 	772113	 	06-18-13	 	06-21-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	752118	 	06-18-13	 	06-19-13	 	 	 	DPR	 	RESERVED	 	01-02-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	752117	 	06-18-13	 	06-19-13	 	 	 	DPR	 	RESERVED	 	01-02-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	752116	 	06-18-13	 	06-19-13	 	 	 	DPR	 	RESERVED	 	01-02-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	757427	 	06-18-13	 	06-20-13	 	 	 	DPR	 	RESERVED	 	01-22-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	752115	 	06-18-13	 	06-19-13	 	 	 	DPR	 	RESERVED	 	01-02-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	767372	 	06-19-13	 	06-25-13	 	 	 	DPR	 	RESERVED	 	02-25-13	 	 	-1,191.52	 
	XXXXXXXXXXXXXXX	 	760871	 	06-19-13	 	06-22-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-518.99	 
	XXXXXXXXXXXXXXX	 	760870	 	06-19-13	 	06-22-13	 	 	 	DPR	 	RESERVED	 	02-02-13	 	 	-518.99	 
	XXXXXXXXXXXXXXX	 	703611	 	06-19-13	 	06-21-13	 	 	 	DPR	 	RESERVED	 	08-17-12	 	 	-345.98	 
	XXXXXXXXXXXXXXX	 	775912	 	06-20-13	 	06-21-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	776860	 	06-20-13	 	06-21-13	 	 	 	DPR	 	RESERVED	 	03-29-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	770426	 	06-20-13	 	06-22-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-330.63	 
	XXXXXXXXXXXXXXX	 	772430	 	06-20-13	 	06-22-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-381.81	 
	XXXXXXXXXXXXXXX	 	773898	 	06-20-13	 	06-22-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-330.63	 
	XXXXXXXXXXXXXXX	 	775624	 	06-21-13	 	06-24-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	774148	 	06-21-13	 	06-23-13	 	 	 	DPR	 	RESERVED	 	03-20-13	 	 	-237.71	 
	XXXXXXXXXXXXXXX	 	775919	 	06-21-13	 	06-25-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	760384	 	06-21-13	 	06-27-13	 	 	 	DPR	 	RESERVED	 	02-07-13	 	 	-1,252.92	 
	XXXXXXXXXXXXXXX	 	763616	 	06-21-13	 	06-24-13	 	 	 	DPR	 	RESERVED	 	02-13-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	776609	 	06-22-13	 	06-25-13	 	212	 	DPR	 	RESERVED	 	03-28-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	776378	 	06-22-13	 	06-24-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-243.40	 
	XXXXXXXXXXXXXXX	 	751877	 	06-22-13	 	06-27-13	 	 	 	DPR	 	RESERVED	 	01-01-13	 	 	-249.08	 
	XXXXXXXXXXXXXXX	 	773368	 	06-23-13	 	06-24-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	773369	 	06-23-13	 	06-24-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	772614	 	06-23-13	 	06-24-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-157.64	 
	XXXXXXXXXXXXXXX	 	726884	 	06-23-13	 	06-25-13	 	 	 	DPR	 	RESERVED	 	10-24-12	 	 	-175.15	 
	XXXXXXXXXXXXXXX	 	726883	 	06-23-13	 	06-25-13	 	 	 	DPR	 	RESERVED	 	10-20-12	 	 	-175.15	 
	XXXXXXXXXXXXXXX	 	769110	 	06-23-13	 	06-25-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-192.22	 
	XXXXXXXXXXXXXXX	 	769111	 	06-23-13	 	06-25-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-192.22	 
	XXXXXXXXXXXXXXX	 	764866	 	06-23-13	 	06-25-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-335.76	 
	XXXXXXXXXXXXXXX	 	760875	 	06-24-13	 	06-26-13	 	 	 	DPR	 	RESERVED	 	02-04-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	774608	 	06-24-13	 	06-27-13	 	 	 	DPR	 	RESERVED	 	03-21-13	 	 	-472.92	 
	XXXXXXXXXXXXXXX	 	718115	 	06-24-13	 	06-25-13	 	 	 	DPR	 	RESERVED	 	09-29-12	 	 	-203.70	 
	XXXXXXXXXXXXXXX	 	753861	 	06-25-13	 	06-26-13	 	 	 	DPR	 	RESERVED	 	01-09-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	768653	 	06-25-13	 	06-29-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-768.75	 
	XXXXXXXXXXXXXXX	 	774122	 	06-26-13	 	06-28-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-169.47	 
	XXXXXXXXXXXXXXX	 	774121	 	06-26-13	 	06-28-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-169.47	 
	XXXXXXXXXXXXXXX	 	757110	 	06-27-13	 	07-01-13	 	 	 	DPR	 	RESERVED	 	01-20-13	 	 	-702.22	 
	XXXXXXXXXXXXXXX	 	765380	 	06-27-13	 	07-01-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-702.22	 
	XXXXXXXXXXXXXXX	 	760882	 	06-28-13	 	06-30-13	 	 	 	DPR	 	RESERVED	 	02-02-13	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	728608	 	06-28-13	 	06-30-13	 	 	 	DPR	 	RESERVED	 	10-24-12	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	772640	 	06-29-13	 	07-05-13	 	 	 	DPR	 	RESERVED	 	03-16-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	776122	 	06-29-13	 	06-30-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	776126	 	06-29-13	 	06-30-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	746864	 	06-30-13	 	07-01-13	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	750404	 	06-30-13	 	07-02-13	 	 	 	DPR	 	RESERVED	 	12-28-12	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	746865	 	06-30-13	 	07-01-13	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	748609	 	07-01-13	 	07-02-13	 	 	 	DPR	 	RESERVED	 	12-22-12	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	748608	 	07-01-13	 	07-02-13	 	 	 	DPR	 	RESERVED	 	12-22-12	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	764637	 	07-01-13	 	07-03-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-376.70	 
	XXXXXXXXXXXXXXX	 	768123	 	07-01-13	 	07-05-13	 	 	 	DPR	 	RESERVED	 	02-27-13	 	 	-753.40	 
	XXXXXXXXXXXXXXX	 	761108	 	07-02-13	 	07-10-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	773882	 	07-02-13	 	07-04-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-220.65	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 15 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	755868	 	07-02-13	 	07-03-13	 	 	 	DPR	 	RESERVED	 	01-21-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	759640	 	07-03-13	 	07-04-13	 	 	 	DPR	 	RESERVED	 	01-29-13	 	 	-180.84	 
	XXXXXXXXXXXXXXX	 	738399	 	07-04-13	 	07-06-13	 	 	 	DPR	 	RESERVED	 	11-20-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	759915	 	07-04-13	 	07-05-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	765392	 	07-04-13	 	07-06-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-397.17	 
	XXXXXXXXXXXXXXX	 	760609	 	07-05-13	 	07-08-13	 	 	 	DPR	 	RESERVED	 	02-01-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	760608	 	07-05-13	 	07-07-13	 	 	 	DPR	 	RESERVED	 	02-01-13	 	 	-417.64	 
	XXXXXXXXXXXXXXX	 	734123	 	07-06-13	 	07-07-13	 	 	 	DPR	 	RESERVED	 	11-15-12	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	763634	 	07-06-13	 	07-08-13	 	 	 	DPR	 	RESERVED	 	02-13-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	770125	 	07-07-13	 	07-17-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-1,891.67	 
	XXXXXXXXXXXXXXX	 	754134	 	07-07-13	 	07-10-13	 	422	 	DPR	 	RESERVED	 	01-09-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	777133	 	07-09-13	 	07-11-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-315.28	 
	XXXXXXXXXXXXXXX	 	770405	 	07-09-13	 	07-17-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-1,373.74	 
	XXXXXXXXXXXXXXX	 	766881	 	07-10-13	 	07-11-13	 	 	 	DPR	 	RESERVED	 	02-24-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	764613	 	07-10-13	 	07-11-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	756415	 	07-10-13	 	07-11-13	 	 	 	DPR	 	RESERVED	 	01-28-13	 	 	-180.84	 
	XXXXXXXXXXXXXXX	 	756416	 	07-10-13	 	07-11-13	 	 	 	DPR	 	RESERVED	 	01-28-13	 	 	-180.84	 
	XXXXXXXXXXXXXXX	 	768364	 	07-11-13	 	07-12-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-188.35	 
	XXXXXXXXXXXXXXX	 	770608	 	07-11-13	 	07-13-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-422.76	 
	XXXXXXXXXXXXXXX	 	761636	 	07-12-13	 	07-15-13	 	 	 	DPR	 	RESERVED	 	02-06-13	 	 	-271.83	 
	XXXXXXXXXXXXXXX	 	759888	 	07-12-13	 	07-13-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	775862	 	07-12-13	 	07-16-13	 	 	 	DPR	 	RESERVED	 	03-25-13	 	 	-794.34	 
	XXXXXXXXXXXXXXX	 	734860	 	07-13-13	 	07-14-13	 	 	 	DPR	 	RESERVED	 	11-09-12	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	766646	 	07-13-13	 	07-15-13	 	 	 	DPR	 	RESERVED	 	02-23-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	759868	 	07-13-13	 	07-14-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-277.52	 
	XXXXXXXXXXXXXXX	 	768359	 	07-13-13	 	07-14-13	 	 	 	DPR	 	RESERVED	 	02-28-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	771110	 	07-14-13	 	07-16-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-397.16	 
	XXXXXXXXXXXXXXX	 	717868	 	07-15-13	 	07-17-13	 	 	 	DPR	 	RESERVED	 	09-28-12	 	 	-335.76	 
	XXXXXXXXXXXXXXX	 	758361	 	07-15-13	 	07-17-13	 	 	 	DPR	 	RESERVED	 	01-24-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	755361	 	07-18-13	 	07-20-13	 	 	 	DPR	 	RESERVED	 	01-13-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	736611	 	07-20-13	 	07-21-13	 	 	 	DPR	 	RESERVED	 	11-14-12	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	758127	 	07-20-13	 	07-27-13	 	 	 	DPR	 	RESERVED	 	01-23-13	 	 	-1,502.68	 
	XXXXXXXXXXXXXXX	 	766617	 	07-21-13	 	07-22-13	 	 	 	DPR	 	RESERVED	 	02-22-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	726627	 	07-22-13	 	07-23-13	 	 	 	DPR	 	RESERVED	 	10-20-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	777116	 	07-23-13	 	07-25-13	 	 	 	DPR	 	RESERVED	 	03-31-13	 	 	-366.46	 
	XXXXXXXXXXXXXXX	 	769359	 	07-24-13	 	07-26-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	772613	 	07-27-13	 	07-28-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	758128	 	07-27-13	 	07-29-13	 	 	 	DPR	 	RESERVED	 	01-23-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	758129	 	07-27-13	 	07-29-13	 	 	 	DPR	 	RESERVED	 	01-23-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	763436	 	07-28-13	 	07-30-13	 	 	 	DPR	 	RESERVED	 	02-13-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	764874	 	07-28-13	 	07-31-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-180.84	 
	XXXXXXXXXXXXXXX	 	754616	 	07-29-13	 	07-31-13	 	 	 	DPR	 	RESERVED	 	01-12-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	764620	 	07-30-13	 	08-02-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-503.64	 
	XXXXXXXXXXXXXXX	 	775627	 	08-01-13	 	08-05-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	776110	 	08-02-13	 	08-04-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	752359	 	08-02-13	 	08-03-13	 	 	 	DPR	 	RESERVED	 	01-03-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	769665	 	08-04-13	 	08-05-13	 	 	 	DPR	 	RESERVED	 	03-09-13	 	 	-180.84	 
	XXXXXXXXXXXXXXX	 	762619	 	08-06-13	 	08-10-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	774117	 	08-07-13	 	08-08-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	774118	 	08-07-13	 	08-08-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	718858	 	08-08-13	 	08-11-13	 	 	 	DPR	 	RESERVED	 	10-06-12	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	718868	 	08-08-13	 	08-11-13	 	 	 	DPR	 	RESERVED	 	10-06-12	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	754632	 	08-10-13	 	08-11-13	 	 	 	DPR	 	RESERVED	 	01-11-13	 	 	-244.65	 
	XXXXXXXXXXXXXXX	 	754633	 	08-10-13	 	08-11-13	 	 	 	DPR	 	RESERVED	 	01-11-13	 	 	-244.65	 
	XXXXXXXXXXXXXXX	 	743877	 	08-11-13	 	08-12-13	 	 	 	DPR	 	RESERVED	 	12-06-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	738383	 	08-12-13	 	08-14-13	 	 	 	DPR	 	RESERVED	 	11-19-12	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	773911	 	08-12-13	 	08-14-13	 	 	 	DPR	 	RESERVED	 	03-19-13	 	 	-397.16	 
	XXXXXXXXXXXXXXX	 	745108	 	08-12-13	 	08-14-13	 	 	 	DPR	 	RESERVED	 	12-10-12	 	 	-313.92	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 16 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	738385	 	08-12-13	 	08-14-13	 	 	 	DPR	 	RESERVED	 	11-19-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	776375	 	08-13-13	 	08-14-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-198.58	 
	XXXXXXXXXXXXXXX	 	760361	 	08-15-13	 	08-17-13	 	 	 	DPR	 	RESERVED	 	02-01-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	767902	 	08-18-13	 	08-23-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-839.38	 
	XXXXXXXXXXXXXXX	 	776119	 	08-19-13	 	08-24-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-671.52	 
	XXXXXXXXXXXXXXX	 	763358	 	08-20-13	 	08-22-13	 	 	 	DPR	 	RESERVED	 	02-12-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	760898	 	08-20-13	 	08-22-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	760897	 	08-20-13	 	08-22-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	769666	 	08-23-13	 	08-25-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	769366	 	08-24-13	 	08-27-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-585.52	 
	XXXXXXXXXXXXXXX	 	773358	 	08-24-13	 	08-26-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-397.17	 
	XXXXXXXXXXXXXXX	 	766358	 	08-25-13	 	08-28-13	 	 	 	DPR	 	RESERVED	 	02-21-13	 	 	-503.64	 
	XXXXXXXXXXXXXXX	 	730859	 	08-25-13	 	08-27-13	 	 	 	DPR	 	RESERVED	 	10-29-12	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	767623	 	08-28-13	 	08-30-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	760127	 	08-28-13	 	08-30-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	759361	 	08-31-13	 	09-07-13	 	 	 	DPR	 	RESERVED	 	01-27-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	762124	 	09-05-13	 	09-06-13	 	 	 	DPR	 	RESERVED	 	02-08-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	742109	 	09-05-13	 	09-07-13	 	 	 	DPR	 	RESERVED	 	12-01-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	761131	 	09-06-13	 	09-08-13	 	 	 	DPR	 	RESERVED	 	02-04-13	 	 	458.58	 
	XXXXXXXXXXXXXXX	 	770367	 	09-06-13	 	09-09-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	767615	 	09-07-13	 	09-14-13	 	 	 	DPR	 	RESERVED	 	02-25-13	 	 	-1,502.68	 
	XXXXXXXXXXXXXXX	 	776373	 	09-07-13	 	09-10-13	 	 	 	DPR	 	RESERVED	 	03-28-13	 	 	-677.65	 
	XXXXXXXXXXXXXXX	 	728858	 	09-07-13	 	09-09-13	 	 	 	DPR	 	RESERVED	 	10-24-12	 	 	-438.11	 
	XXXXXXXXXXXXXXX	 	764865	 	09-08-13	 	09-10-13	 	 	 	DPR	 	RESERVED	 	02-17-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	760639	 	09-09-13	 	09-13-13	 	 	 	DPR	 	RESERVED	 	02-02-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	776361	 	09-12-13	 	09-15-13	 	 	 	DPR	 	RESERVED	 	03-27-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	770420	 	09-12-13	 	09-14-13	 	405	 	DPR	 	RESERVED	 	03-07-13	 	 	-462.76	 
	XXXXXXXXXXXXXXX	 	766876	 	09-13-13	 	09-15-13	 	 	 	DPR	 	RESERVED	 	02-23-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	711411	 	09-13-13	 	09-15-13	 	 	 	DPR	 	RESERVED	 	09-11-12	 	 	-294.58	 
	XXXXXXXXXXXXXXX	 	773913	 	09-13-13	 	09-15-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	776109	 	09-13-13	 	09-15-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	771358	 	09-13-13	 	09-15-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	769864	 	09-14-13	 	09-18-13	 	 	 	DPR	 	RESERVED	 	03-05-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	757408	 	09-17-13	 	09-18-13	 	 	 	DPR	 	RESERVED	 	01-21-13	 	 	-1,500.00	 
	XXXXXXXXXXXXXXX	 	754373	 	09-17-13	 	09-18-13	 	 	 	DPR	 	RESERVED	 	01-10-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	771109	 	09-17-13	 	09-22-13	 	 	 	DPR	 	RESERVED	 	03-10-13	 	 	-214.96	 
	XXXXXXXXXXXXXXX	 	737385	 	09-20-13	 	09-22-13	 	 	 	DPR	 	RESERVED	 	11-16-12	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	761627	 	09-24-13	 	09-25-13	 	 	 	DPR	 	RESERVED	 	02-06-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	771137	 	09-26-13	 	09-27-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-180.84	 
	XXXXXXXXXXXXXXX	 	769375	 	09-27-13	 	09-28-13	 	 	 	DPR	 	RESERVED	 	03-03-13	 	 	-244.65	 
	XXXXXXXXXXXXXXX	 	752386	 	09-27-13	 	09-30-13	 	 	 	DPR	 	RESERVED	 	01-03-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	736891	 	09-28-13	 	09-30-13	 	 	 	DPR	 	RESERVED	 	11-15-12	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	739608	 	09-28-13	 	09-30-13	 	 	 	DPR	 	RESERVED	 	11-29-12	 	 	-397.17	 
	XXXXXXXXXXXXXXX	 	755609	 	09-28-13	 	10-01-13	 	 	 	DPR	 	RESERVED	 	01-14-13	 	 	-693.01	 
	XXXXXXXXXXXXXXX	 	744108	 	09-29-13	 	09-30-13	 	 	 	DPR	 	RESERVED	 	12-07-12	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	769905	 	09-29-13	 	09-30-13	 	 	 	DPR	 	RESERVED	 	03-06-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	763186	 	09-30-13	 	10-03-13	 	 	 	DPR	 	RESERVED	 	02-12-13	 	 	-611.10	 
	XXXXXXXXXXXXXXX	 	744876	 	10-03-13	 	10-04-13	 	 	 	DPR	 	RESERVED	 	12-10-12	 	 	-139.90	 
	XXXXXXXXXXXXXXX	 	756443	 	10-03-13	 	10-06-13	 	 	 	DPR	 	RESERVED	 	01-19-13	 	 	-226.34	 
	XXXXXXXXXXXXXXX	 	766870	 	10-03-13	 	10-21-13	 	 	 	DPR	 	RESERVED	 	02-23-13	 	 	-3,758.76	 
	XXXXXXXXXXXXXXX	 	760128	 	10-07-13	 	10-10-13	 	 	 	DPR	 	RESERVED	 	01-30-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	769358	 	10-07-13	 	10-09-13	 	 	 	DPR	 	RESERVED	 	03-04-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	764905	 	10-07-13	 	10-10-13	 	 	 	DPR	 	RESERVED	 	02-18-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	772630	 	10-08-13	 	10-12-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-896.71	 
	XXXXXXXXXXXXXXX	 	776138	 	10-08-13	 	10-11-13	 	 	 	DPR	 	RESERVED	 	03-26-13	 	 	-657.18	 
	XXXXXXXXXXXXXXX	 	769876	 	10-08-13	 	10-12-13	 	 	 	DPR	 	RESERVED	 	03-09-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	730620	 	10-09-13	 	10-11-13	 	 	 	DPR	 	RESERVED	 	10-31-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	767879	 	10-09-13	 	10-12-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-565.05	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 17 of 18	deposit_ledger

    	 

    

 

	Orchards Inn

Sedona, AZ	CONFIDENTIAL

 

	 	Orchards Inn of Sedona	03-31-13
	 	Deposit Ledger	00:35

 

	Name*	 	Conf.No.	 	Arrival	 	Departure	 	Room

    No.	 	Res.

    Type	 	Status	 	Last Paid

On	 	Deposit Balance	 
	XXXXXXXXXXXXXXX	 	757652	 	10-10-13	 	10-12-13	 	 	 	DPR	 	RESERVED	 	01-23-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	772423	 	10-10-13	 	10-12-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-458.59	 
	XXXXXXXXXXXXXXX	 	763154	 	10-10-13	 	10-13-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	772108	 	10-10-13	 	10-13-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	771375	 	10-11-13	 	10-14-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-266.14	 
	XXXXXXXXXXXXXXX	 	771374	 	10-11-13	 	10-14-13	 	 	 	DPR	 	RESERVED	 	03-11-13	 	 	-266.14	 
	XXXXXXXXXXXXXXX	 	763165	 	10-11-13	 	10-13-13	 	 	 	DPR	 	RESERVED	 	02-11-13	 	 	-458.58	 
	XXXXXXXXXXXXXXX	 	772616	 	10-11-13	 	10-13-13	 	 	 	DPR	 	RESERVED	 	03-15-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	775373	 	10-11-13	 	10-14-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-605.99	 
	XXXXXXXXXXXXXXX	 	770618	 	10-11-13	 	10-14-13	 	 	 	DPR	 	RESERVED	 	03-08-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	771882	 	10-12-13	 	10-13-13	 	 	 	DPR	 	RESERVED	 	03-13-13	 	 	-208.82	 
	XXXXXXXXXXXXXXX	 	773381	 	10-13-13	 	10-15-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-397.17	 
	XXXXXXXXXXXXXXX	 	773382	 	10-13-13	 	10-15-13	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-397.17	 
	XXXXXXXXXXXXXXX	 	762873	 	10-14-13	 	10-15-13	 	210	 	DPR	 	RESERVED	 	02-11-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	768644	 	10-15-13	 	10-18-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-611.10	 
	XXXXXXXXXXXXXXX	 	768858	 	10-15-13	 	10-18-13	 	 	 	DPR	 	RESERVED	 	03-02-13	 	 	-565.05	 
	XXXXXXXXXXXXXXX	 	770379	 	10-16-13	 	10-18-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-220.65	 
	XXXXXXXXXXXXXXX	 	770380	 	10-16-13	 	10-18-13	 	 	 	DPR	 	RESERVED	 	03-07-13	 	 	-220.65	 
	XXXXXXXXXXXXXXX	 	773899	 	10-17-13	 	10-20-13	 	 	 	DPR	 	RESERVED	 	03-18-13	 	 	-220.65	 
	XXXXXXXXXXXXXXX	 	753384	 	10-19-13	 	10-28-13	 	 	 	DPR	 	RESERVED	 	01-07-13	 	 	-1,940.79	 
	XXXXXXXXXXXXXXX	 	764636	 	10-19-13	 	10-26-13	 	 	 	DPR	 	RESERVED	 	02-16-13	 	 	-254.77	 
	XXXXXXXXXXXXXXX	 	750365	 	10-20-13	 	10-24-13	 	 	 	DPR	 	RESERVED	 	12-27-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	760868	 	10-20-13	 	10-23-13	 	 	 	DPR	 	RESERVED	 	02-03-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	755608	 	10-22-13	 	10-25-13	 	 	 	DPR	 	RESERVED	 	01-14-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	767860	 	10-25-13	 	10-26-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	767859	 	10-25-13	 	10-26-13	 	 	 	DPR	 	RESERVED	 	02-26-13	 	 	-232.02	 
	XXXXXXXXXXXXXXX	 	699377	 	10-27-13	 	10-30-13	 	 	 	DPR	 	RESERVED	 	08-04-12	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	775612	 	11-02-13	 	11-10-13	 	 	 	DPR	 	RESERVED	 	03-24-13	 	 	-266.14	 
	XXXXXXXXXXXXXXX	 	776118	 	11-07-13	 	11-12-13	 	213	 	DPR	 	RESERVED	 	03-26-13	 	 	-147.86	 
	XXXXXXXXXXXXXXX	 	762645	 	11-07-13	 	11-10-13	 	 	 	DPR	 	RESERVED	 	02-10-13	 	 	-186.53	 
	XXXXXXXXXXXXXXX	 	774624	 	11-14-13	 	11-15-13	 	 	 	DPR	 	RESERVED	 	03-22-13	 	 	-167.88	 
	XXXXXXXXXXXXXXX	 	738858	 	11-14-13	 	11-16-13	 	 	 	DPR	 	RESERVED	 	11-20-12	 	 	-209.28	 
	XXXXXXXXXXXXXXX	 	755880	 	12-01-13	 	12-03-13	 	 	 	DPR	 	RESERVED	 	01-15-13	 	 	-203.59	 
	XXXXXXXXXXXXXXX	 	644377	 	02-25-14	 	02-26-14	 	 	 	DPR	 	RESERVED	 	02-25-12	 	 	-400.00	 
	XXXXXXXXXXXXXXX	 	671110	 	05-17-14	 	05-18-14	 	 	 	DPR	 	RESERVED	 	05-18-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	715120	 	09-21-14	 	09-22-14	 	 	 	DPR	 	RESERVED	 	09-21-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	740120	 	09-21-14	 	09-22-14	 	 	 	DPR	 	RESERVED	 	11-24-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	740369	 	11-24-14	 	11-25-14	 	 	 	DPR	 	RESERVED	 	11-25-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	741890	 	11-30-14	 	12-01-14	 	 	 	DPR	 	RESERVED	 	11-30-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	743864	 	12-06-14	 	12-07-14	 	 	 	DPR	 	RESERVED	 	12-06-12	 	 	-450.00	 
	XXXXXXXXXXXXXXX	 	748136	 	12-20-14	 	12-21-14	 	 	 	DPR	 	RESERVED	 	12-20-12	 	 	-150.00	 
	XXXXXXXXXXXXXXX	 	753863	 	12-20-14	 	12-21-14	 	 	 	DPR	 	RESERVED	 	01-08-13	 	 	-100.00	 
	XXXXXXXXXXXXXXX	 	642623	 	12-31-14	 	01-01-15	 	 	 	DPR	 	RESERVED	 	02-19-12	 	 	-200.00	 
	XXXXXXXXXXXXXXX	 	770861	 	03-09-15	 	03-10-15	 	 	 	DPR	 	RESERVED	 	03-09-13	 	 	-270.00	 
	XXXXXXXXXXXXXXX	 	773109	 	03-17-15	 	03-18-15	 	 	 	DPR	 	RESERVED	 	03-17-13	 	 	-500.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	Grand Total	 	 	-400,013.53	 

 

* The information
denoted by “X’s” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant
to a Confidential Treatment Request.

 

    	 	Page 18 of 18	deposit_ledger

    	 

    

 

[INTENTIONALLY
LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 1(a)-iv

 

CONTRACTS, ACCOUNTS PAYABLE, ACCOUNTS
RECEIVABLE AND DEPOSITS

(170 Schnebly Road)

 

Not included because 170 Schnebly Road did not transfer.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 1(a)-v

 

CONTRACTS, ACCOUNTS PAYABLE, ACCOUNTS
RECEIVABLE AND DEPOSITS

(Orchards Annex)

 

		1.	APS Contract

 

		2.	A/P Aging

 

		3.	A/R Aging

 

    	 

    	 

    

 

APS

SUREPAY APPLICATION AND AGREEMENT

Non-Residential

 

	
        NAME (as shown on APS Account):

        L’AUBERGE ORCHARDS LLC

	
        APS ACCOUNT NUMBER:

        221 036288

	
        SERVICE ADDRESS:

        254 N STATE ROUTE 89A

	
        CITY:

        Sedona
	
        STATE:

        AZ
	
        ZIP CODE:

        86336

	 	 	 	 
	   x   CHECK HERE IF ADDITIONAL ACCOUNTS ON SECOND PAGE
	 
	
        MAILING ADDRESS (street):

        301 Lauberge Ln

	
        CITY:

        Sedona
	
        STATE:

        AZ
	
        ZIP CODE:

        86336

	
        TELEPHONE:

        928-204-4376
	 	
        FAX:

        928-282-4531
	 

 

THIS SECTION TO BE FILLED OUT BY CUSTOMER

 

	NAME AND ADDRESS OF FINANCIAL INSTITUTION
	
        NAME:

        Alliance Bank of Arizona

         

	
        STREET:

        6486 State Route 179, Suite 110
	 	 
	
        CITY:

         

        Sedona
	
        STATE:

         

        AZ
	
        ZIP CODE:

         

        86351

	PLEASE FILL IN ACCOUNT INFORMATION FOR EITHER YOUR CHECKING OR SAVINGS ACCOUNT.  IF YOU CHOOSE TO HAVE FUNDS WITHDRAWN FROM A CHECKING ACCOUNT, PLEASE ATTACH A VOIDED CHECK.  IF YOU CHOOSE TO HAVE FUNDS WITHDRAWN FROM A SAVINGS ACCOUNT, PLEASE ATTACH A STATEMENT SHOWING YOUR SAVINGS ACCOUNT NUMBER AND BANK ROUTING NUMBER.
	
        x
        CHECKING ACCOUNT (Please attach a voided check)

         BANKING
        TRANSIT NUMBER:
	

ACCOUNT NUMBER:  SEE ATTACHED
	
         ̈
        SAVINGS ACCOUNT (Please attach a statement)

        BANKING
        TRANSIT NUMBER:
	

ACCOUNT NUMBER:  

 

SUREPAY AUTHORIZATION AGREEMENT

I hereby authorize APS and the financial
institution on this application to charge the account I have specified for payment of my monthly APS bill for a minimum of two
(2) years (and until otherwise instructed). In doing so, I understand and have agreed to pay a reduced deposit. I understand that
a fee will be charged to my account should a payment request be dishonored or returned for insufficient funds. Following the first
returned or dishonored payment request, a full deposit will be required. Should there be a second returned or dishonored payment
request, the account will be removed from Surepay and all future payments on this account will need to be paid in cash. I may discontinue
my participation in the plan at any time by notifying APS, however if the account has been active for less than two (2) years,
the balance of the full deposit will be required. I understand that both the financial institution and APS reserve the right to
terminate this payment plan and/or my participation in the plan.

 

	Signature X	/s/ Del E Goehring	Date	06/28/11

 

	Name (Print or Typed)	Del E Goehring	Title	Director of Finance

 

	882-01S (6-09)	  See second page for additional accounts, if any, included in this Agreement

 

    	 

    	 

    

 

APS

SUREPAY APPLICATION AND AGREEMENT

Non-Residential - continued

 

	
        SERVICE ADDRESS:

        301 LAUBERGE LN

	
        CITY:

        Sedona
	
        STATE:

        AZ
	
        ZIP CODE:

        86336
	
        APS ACCOUNT NO.:

        221036288
	
        BANK ACCT. NO.:

        8010129404

 

	
        SERVICE ADDRESS:

        170 SCHNEBLY RD APT 3

	
        CITY:

        Sedona
	
        STATE:

        AZ
	
        ZIP CODE:

        86336
	
        APS ACCOUNT NO.:

        023866288
	
        BANK ACCT. NO.:

        8010129404

 

	
        SERVICE ADDRESS:

        170 SCHNEBLY RD APT 3

	
        CITY:

        Sedona
	
        STATE:

        AZ
	
        ZIP CODE:

        86336
	
        APS ACCOUNT NO.:

        079966280
	
        BANK ACCT. NO.:

        8010129404

 

	
        SERVICE ADDRESS:

        254 N STATE ROUTE 89A

	
        CITY:

        Sedona
	
        STATE:

        AZ
	
        ZIP CODE:

        86336
	
        APS ACCOUNT NO.:

        699976289
	
        BANK ACCT. NO.:

        8010129370

 

	
        SERVICE ADDRESS:

        320 N STATE ROUTE 89A STE 4

	
        CITY:

        Sedona
	
        STATE:

        AZ
	
        ZIP CODE:

        86336
	
        APS ACCOUNT NO.:

        813607286
	
        BANK ACCT. NO.:

        8010129404

 

	
        SERVICE ADDRESS:

        170 SCHNEBLY RD APT 1

	
        CITY:

        Sedona
	
        STATE:

        AZ
	
        ZIP CODE:

        86336
	
        APS ACCOUNT NO.:

        913866288
	
        BANK ACCT. NO.:

        8010129404

 

	
        SERVICE ADDRESS:

        254 N. State Route 89A Dawn to
        Dusk

	
        CITY:

        Sedona
	
        STATE:

        AZ
	
        ZIP CODE:

        86336
	
        APS ACCOUNT NO.:

        221032688
	8010129370

 

	
        SERVICE ADDRESS:

        254 N. STATE ROUTE 89A - RESTAURANT

	
        CITY:

        Sedona
	
        STATE:

        AZ
	
        ZIP CODE:

        86336
	
        APS ACCOUNT NO.:

        221032688
	
         

        8010129370

 

	
        SERVICE ADDRESS:

         

	
        CITY:

         
	
        STATE:

         
	
        ZIP CODE:

         
	
        APS ACCOUNT NO.:

         
	
        BANK ACCT. NO.:

         

 

	Authorized to charge the bank accounts indicated.
	By: /s/ Del E. Goehring, Director of Finance
	Del E. Goehring
	06/28/11 

 

882-01S (6-09)

 

    	 

    	 

    

 

Orchards Annex, LLC

A/P Aging Summary

As of March 31, 2013

 

	 	 	Current	 	 	1 – 30	 	 	31 – 60	 	 	61 – 90	 	 	>90	 	 	TOTAL	 
	APS	 	 	0.00	 	 	 	180.49	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	180.49	 
	Arizona Dept of Revenue	 	 	10,839.96	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	10,839.96	 
	Arizona Water Company	 	 	939.64	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	939.64	 
	Barrett Realty	 	 	0.00	 	 	 	-6,790.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	-6,790.00	 
	Canyon  Breeze	 	 	0.00	 	 	 	0.00	 	 	 	-3,512.43	 	 	 	0.00	 	 	 	0.00	 	 	 	-3,512.43	 
	Canyon Portal II-Rent	 	 	0.00	 	 	 	-39,750.06	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	-39,750.06	 
	City of Sedona	 	 	840.33	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	840.33	 
	Orchards	 	 	11,065.63	 	 	 	6,093.49	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	17,159.12	 
	Petra Risk Solutions	 	 	0.00	 	 	 	1,732.38	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	1,732.38	 
	RDS	 	 	8,688.02	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	8,688.02	 
	Red Rock Lock	 	 	13.29	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	13.29	 
	Sun Devil Fire Equipment, Inc.	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	443.90	 	 	 	443.90	 
	TOTAL	 	 	32,386.87	 	 	 	-38,533.70	 	 	 	-3,512,43	 	 	 	0.00	 	 	 	443.90	 	 	 	-9,215.36	 

 

    	Page 1

    	 

    

 

Orchards Annex, LLC

A/R Aging Summary

As of March 31, 2013

 

	 	 	 	Current	 	 	 	1 – 30	 	 	 	31 – 60	 	 	 	61 – 90	 	 	 	>
                                                                                                          90		 	 	TOTAL	 
	Canyon  Breeze	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,807.19	 	 	 	2,807.19	 
	TOTAL	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	0.00	 	 	 	2,807.19	 	 	 	2,807.19	 

 

    	Page 1

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(a)-vi

 

List of Contracts, Accounts Payable,
Accounts Receivable and Deposits

Orchards Inn Parking Lease

 

Contracts: NONE

 

Accounts Payable: Rent as set forth
in the Lease for Parking Spaces dated January 1, 2012 by and between Canyon Portal II LLC as Landlord and Orchards Inn & Restaurant
LLC as Tenant and the 1 st Amendment thereto dated May 1, 2012, which together constitute the “Lease”

 

Accounts Receivable: NONE

 

Deposits: NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(a)-vii

 

List of Contracts, Accounts Payable, Accounts
Receivable and Deposits

Slnagua Plaza Storage Lease

 

Contracts: NONE

 

Accounts Payable: Rent as set forth in
the Lease for Storage Space dated January 1, 2012 by and between Slnagua Plaza II LLC as Landlord and L'Auberge Orchards LLC as
Tenant and the 1s t Amendment thereto dated May 1, 2012, which together constitute the "Lease"

 

Accounts Receivable: NONE

 

Deposits: NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 1(a)-viii

 

List of Contracts, Accounts Payable, Accounts
Receivable and Deposits

Sinagua Plaza Parking Lease

 

Contracts: NONE

 

Accounts Payable: Rent as set forth in
the Lease for Parking Spaces dated January 1, 2012 by and between Sinagua Plaza II LLC as Landlord and L'Auberge Orchards LLC as
Tenant and the 1 st Amendment thereto dated May 1, 2012, which together constitute the "Lease"

 

Accounts Receivable: NONE

 

Deposits: NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 1(a)-ix

 

List of Contracts, Accounts Payable, Accounts
Receivable and Deposits

Affordable Housing Lease

 

Contracts: NONE

 

Accounts Payable: Rent as set forth in
the Lease Agreement dated April 1, 2012 by and between Canyon Portal II LLC as Landlord and L'Auberge Orchards LLC as Tenant for
Affordable Housing Units numbered 414, 415, 434 and 435 Lease")

 

Accounts Receivable: Rents received from
Tenants pursuant to the Rent Roll and Lease Agreements which changes from time to time as Tenants move in / out.

 

Deposits: NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 1(a )-x

 

List of Contracts, Accounts Payable, Accounts
Receivable and Deposits

Temporary Housing Lease

 

Contracts: NONE

 

Accounts Payable: Rent as set forth in
the Lease Agreement dated April 1, 2012 by and between Canyon Portal II LLC as Landlord and L'Auberge Orchards LLC as Tenant for
Temporary Housing Units numbered 418, 419, 436, 437 and 438 ("Lease")

 

Accounts Receivable: Rents received from
Tenants pursuant to the Rent Roll and Lease Agreements which changes from time to time as Tenants move in / out.

 

Deposits: NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(f)-i

 

Licenses and Permits (LaMerra Property)

 

1. Certificate of Registration of Trademark of
LAMERRA.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 1(f)-ii

 

Licenses and Permits (L'Auberge Property)

 

		1.	Hotel/Motel Liquor License #11033038 issued to Al Spector as Agent for L'Auberge Orchards LLC as Owner.

 

		2.	Arizona State Board of Cosmetology License #17071 issued to L'Auberge Spa LLC

 

		3.	Arizona Department of state issued Trade Name: L'Auberge Restaurant

 

		4.	Arizona Department of state issued Trade Name: Terrace on the Creek

 

		5.	Arizona Department of state issued Trade Name: L'Auberge de Sedona

 

		6.	Arizona Department of state issued Trade Name: L'Auberge Spa

 

		7.	Arizona Department of Revenue Sales Tax License #20339412

 

		8.	City of Sedona Sales Tax License (managed by Revenue Discovery System) License #419066

 

		9.	Coconino County Health Department License #EHL-4484 for the L'Auberge Restaurant Kitchen

 

		10.	Coconino County Health Department License #EHL-4485 for the Bar Area in the Arrivals Building

 

		11.	Coconino County Health Department License #EHL-2647 for the Employee Dining Room

 

		12.	Coconino County Health Department License EH -5330 for the L'Auberge Spa

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(f)-iii

 

Licenses and Permits (Orchards Inn Property)

 

		1.	Hotel/Motel Liquor License #11033038 issued to Al Spector as Agent for L'Auberge Orchards LLC as Owner.

 

		2.	Arizona Department of State issued Trade Name: The Orchards Bar and Grill

 

		3.	Arizona Department of Revenue Sales Tax License #20335194

 

		4.	City of Sedona Sales Tax License (managed by Revenue Discovery System) License #420413

 

		5.	City of Sedona Right of Way Permit #ROW00045

 

		6.	Coconino County Health Department License #EHL-4487 for Taos Cantina

 

		7.	Coconino County Health Department License #EHL-4488 for the Bar at Taos

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(f)-iv

 

Licenses and Permits (Schnebly Hill Property)

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(f)-v

 

Licenses and Permits (Orchards Annex Property)

 

		1.	Arizona Department of Revenue Sales Tax License #20513229

 

		2.	City of Sedona Sales Tax License (managed by Revenue Discovery System) License #416983

 

    	 

    	 

    

  

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(f)-vi

 

Licenses and Permits (Orchards Inn Parking
Lease)

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(f)-vii

 

Licenses and Permits (Sinagua Plaza Storage
Lease)

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(f)-viii

 

Licenses and Permits (Sinagua Plaza Parking
Lease)

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(f)-ix

 

Licenses and Permits (Affordable Housing
Lease)

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(f)-x

 

Licenses and Permits (Temporary Housing
Lease)

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(h)

 

List of Existing Leases as of April 24,
2013:

 

		1.	LaMerra Property — Month to Month Lease
with Okie and Lisa McNatt

 

		2.	L'Auberge Property — NONE

 

		3.	Orchards Inn Property - NONE

 

		4.	Schnebly Hill Property —

		·	Unit
A

		o	Andre Pena

		o	Miguel Ortiz

		o	Joel Cuenca

		·	Unit
B

		o	Lizbeth Morales

		·	Unit
C

		o	Brittany Wolfe

 

		5.	Orchards Annex Property — NONE

 

		6.	Orchards Inn Parking — NONE

 

		7.	Sinagua Plaza Storage — NONE

 

		8.	Sinagua Plaza Parking — NONE

 

		9.	Affordable Housing —

		·	#414/#415

		o	Alberto Barrera

		o	Gil Hermosillo

		·	#434/#435

		o	Chester Ford

 

		10.	Temporary Housing —

		·	#418

		o	Bruce Campbell

		·	#419

		o	Vacant

		·	#436

		o	Vacant

		·	#437

		o	David Perez

		·	#438

		o	Hector Hernandez

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(m)-i

 

Personal Property Inventory (LaMerra Property)

 

	 	1.	Large topo map of the subdivision

 

	 	2.	John Deere

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(m)-ii

 

L’Auberge Personal Property Inventory

 

    	 

    	 

    

 

Spa Furniture Inventory

Retail area

2 office chairs

2 round wood display tables

3 white cubed shelves

2 computers

1 chair for guests

1 lamp

1 full mannequin

Agave

1 massage table

1 therapist chair

1 hot towel cabby

1 sanitizer

Pinion

2 massage tables

2 therapist chairs

2 hot towel cabbies

1 side table

Manzanita

2 massage tables

2 therapist chairs

1 hot towel cabby

2 side tables

Sage

1 massage table

1 therapist chair

1 hot towel cabby

Relaxation area

6 chairs

2 side tables

1 beverage station

Mens area

1 bench

Ladies area

1 table outside of entrance

3 stools

Dispenary/Breakroom

1 table

4 chairs

1 microwave

1 computer

1 stool

1 refrigerator

Director's office

1 desk

3 chairs

1 computer

 

    	 

    	 

    

 

RADIOS

  

	 	 	Department	 	Make	 	FCC
    ID#	 	Model	 	Serial#	 	MD#	 	Battery
    Model
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1	 	Enginerring	 	Motorrola	 	ABZ99FT4056
    8364 L	 	CP200	 	018TJR1939	 	AAH50RDC9AA2AN	 	NNTN4497CR
    938 AUDJ
	2	 	Enginerring	 	Motorrola	 	ABZ99FT4056
    7132 L	 	CP200	 	018THEV698	 	AAH50RDC9AA1AN	 	NNTN4851A
    141 AUMA
	3	 	Enginerring	 	Motorrola	 	ABZ99FT4056
    6283 L	 	CP200	 	018TGN8890	 	AAH50RDC9AA1AN	 	NNTN4851A
    141 AUMA
	4	 	Enginerring	 	Motorrola	 	ABZ99FT4056
    5531 N	 	CP200	 	018TFZ3001	 	AAH50RDC9AA1AN	 	NNTN4497CR
    045 AU2B
	5	 	Enginerring	 	Motorrola	 	ABZ99FT4056
    9205	 	CP200	 	018TKL8033	 	AAH50RDC9AA2AN	 	NNTN4497CR
    938 AUDJ
	6	 	Enginerring	 	Motorrola	 	ABZ99FT4056
    7132 L	 	CP200	 	018THEV699	 	AAH50RDC9AA1AN	 	NNTN4497CR
    932 AUEJ
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	Enginerring	 	ICOM	 	AFJ277602	 	IC-F24	 	202084	 	 	 	BP-232N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8	 	Enginerring	 	BEARCOM	 	AFJ277601	 	IC-F24S	 	1460923	 	202D-277601	 	BP-232N
	9	 	Enginerring	 	BEARCOM	 	AFJ277601	 	IC-F24S	 	1460922	 	202D-277601	 	BP-232N
	10	 	Enginerring	 	BEARCOM	 	AFJ277601	 	IC-F24S	 	1460927	 	202D-277601	 	BP-232N
	11	 	Enginerring	 	BEARCOM	 	AFJ277601	 	IC-F24S	 	1460924	 	202D-277601	 	BP-232N
	12	 	Enginerring	 	BEARCOM	 	AFJ277601	 	IC-F24S	 	1460925	 	202D-277601	 	BP-232N
	13	 	Enginerring	 	BEARCOM	 	AFJ277601	 	IC-F24S	 	1460928	 	202D-277601	 	BP-232N
	14	 	Enginerring	 	BEARCOM	 	AFJ277601	 	IC-F24S	 	1460930	 	202D-277601	 	BP-232N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	Enginerring	 	TITAN RADIO	 	R741TR200U2	 	TR200	 	11D20D0299	 	TR200U(2)	 	BL1716
	16	 	Enginerring	 	TITAN RADIO	 	Z5VTR-400U2	 	TR400	 	11N02D0786	 	TR400U	 	11N0203035
	17	 	Enginerring	 	TITAN RADIO	 	Z5VTR-400U2	 	TR400	 	11N02D0790	 	TR400U	 	11N0203038
	18	 	Enginerring	 	TITAN RADIO	 	Z5VTR-400U2	 	TR400	 	11N02D0787	 	TR400U	 	11N0203031
	19	 	Enginerring	 	TITAN RADIO	 	Z5VTR-400U2	 	TR400	 	11N02D0783	 	TR400U	 	11N0203032
	20	 	Enginerring	 	TITAN RADIO	 	Z5VTR-400U2	 	TR400	 	11N02D0782	 	TR400U	 	11N0203037
	21	 	Enginerring	 	TITAN RADIO	 	Z5VTR-400U2	 	TR400	 	11N02D0789	 	TR400U	 	11N0203040
	22	 	Enginerring	 	TITAN RADIO	 	Z5VTR-400U2	 	TR400	 	11N02D0785	 	TR400U	 	11N0203030
	23	 	Enginerring	 	TITAN RADIO	 	Z5VTR-400U2	 	TR400	 	11N02D0784	 	TR400U	 	11N0203050
	24	 	Enginerring	 	TITAN RADIO	 	Z5VTR-400U2	 	TR400	 	11N02D0781	 	TR400U	 	11N0203036
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	25	 	HouseKeeping	 	BEARCOM	 	AFJ277601	 	IC-F24S	 	1460688	 	202D-277601	 	BP-232N
	26	 	HouseKeeping	 	BEARCOM	 	AFJ277601	 	IC-F24S	 	1460921	 	202D-277601	 	BP-232N
	27	 	HouseKeeping	 	BEARCOM	 	AFJ277601	 	IC-F24S	 	113245	 	202D-277601	 	BP-232N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	28	 	HouseKeeping	 	MOTORROLA	 	ABZ99FT4056
    N	 	CP200	 	018TFZ3007	 	AAH50RDC9AA1AN	 	NNTN4497BR
    804 AVFJ
	29	 	HouseKeeping	 	MOTORROLA	 	ABZ99FT4056
    9205	 	CP200	 	018TKJ7870	 	AAH50RDC9AA2AN	 	NNTN4497CR
    939 AUEJ
	30	 	HouseKeeping	 	MOTORROLA	 	ABZ99FT4056
    9205	 	CP200	 	018TKJ7943	 	AAH50RDC9AA2AN	 	NNTN4497CR
    939 AUEJ
	31	 	HouseKeeping	 	MOTORROLA	 	ABZ99FT4056
    5531 N	 	CP200	 	018TFZ2970	 	AAH50RDC9AA1AN	 	NNTN4497BR
    645 AVG4
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	32	 	FRONT DESK	 	BEARCOM	 	AFJ277601	 	IC-F24S	 	1460929	 	202D-277601	 	BP-232N
	33	 	FRONT DESK	 	BEARCOM	 	AFJ277601	 	IC-F24S	 	1460689	 	202D-277601	 	BP-232N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	34	 	FRONT DESK	 	BLACKBOX	 	U7GBLACKBOXU	 	BLACKBOX+U	 	K1517T00930	 	 	 	 
	35	 	FRONT DESK	 	BLACKBOX	 	U7GBLACKBOXU	 	BLACKBOX+U	 	K1517T00924	 	 	 	 
	36	 	FRONT DESK	 	BLACKBOX	 	U7GBLACKBOXU	 	BLACKBOX+U	 	K1517T00927	 	 	 	 
	37	 	FRONT DESK	 	BLACKBOX	 	U7GBLACKBOXU	 	BLACKBOX+U	 	K1517T00928	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	38	 	FRONT DESK	 	MOTOROLA	 	ABZ99FT4056
    283 L	 	CP200	 	018TGN8896	 	AAH50RDC9AA1AN	 	NNTN4497BR
    730 AVPJ
	39	 	FRONT DESK	 	MOTOROLA	 	ABZ99FT4056
    5531 N	 	CP200	 	018TFZ3018	 	AAH50RDC9AA1AN	 	NNTN4497CR
    938 AUDJ
	40	 	FRONT DESK	 	MOTOROLA	 	ABZ99FT4056
    9205	 	CP200	 	018THJ7941	 	AAH50RDC9AA2AN	 	NNTN4497CR
    938 AUDJ

 

    	 

    	 

    

 

LA Kitchen

Spring 2013

Equipment List

	Item	 	Amt.	 	Item	 	Amt.
	5 gal. Clear Lexan	 	19	 	Clear Cambro-Sq.- 2 qt.	 	8
	3 gal. Clear Lexan	 	6	 	Clear Cambro-Sq.- 4 qt.	 	9
	Clear Lexan Lids	 	11	 	Clear Cambro-Sq.- 6 qt.	 	40
	Clear 400 Hotel	 	2	 	Clear Cambro-Sq.- 8 qt.	 	29
	Clear 600 Hotel	 	4	 	Clear Cambro-Sq.- 22 qt.	 	22
	Clear Full Hotel Pan Lids	 	47	 	Clear Cambro Rnd. 6 qt	 	2
	Clear 1/2 Hotel Pan Lids	 	12	 	Clear Cambro Rnd. 3 qt	 	8
	Metal 200 Full	 	29	 	Sm Aluminum Sauté pan	 	67
	Metal 200 Full Perferated	 	14	 	Med Aluminum Sauté pan	 	12
	Metal 400 Full	 	13	 	Blk Steal Pand Sm	 	9
	Metal 600 Full	 	12	 	Blk Steal Pand lg	 	9
	Metal 900 Full	 	2	 	Stock pot lg	 	4
	Metal 200 1/2	 	33	 	Stock  pot med	 	3
	Metal 200 1/2 - Oval Insert	 	2	 	Ice Tray - Brunch	 	2
	Metal 400 1/2	 	11	 	Brunch Display Racks	 	4
	Metal 600 1/2	 	12	 	Brunch Risers	 	13
	Metal 400 1/3	 	27	 	Salad Bowl Risers	 	3
	Metal 600 1/3	 	16	 	Speed Carts	 	15
	Metal 1/6	 	69	 	Vita mix blender	 	3
	Plastic  1/6	 	19	 	Vita mix blender  top	 	4
	Metal 1/9	 	51	 	Flour bins	 	5
	Plastic 1/9	 	61	 	Toaster	 	1
	Yin / Yang Full 200	 	4	 	Panini Press	 	1
	Round Chafers	 	2	 	Robocoup	 	1
	Round Chafers - Inserts	 	5	 	Microwave	 	4
	Rectangle Chafers	 	6	 	Kryovac Machine	 	1
	Item	 	Amt.	 	Item	 	Amt.
	Soup Chafer	 	1	 	Paper towel dispensers	 	6
	2" Sheet Size Lexan	 	13	 	Coffee Dispeners-2 ga.	 	7
	4" Sheet Size Lexan	 	2	 	Coffee Dispeners-Airpots	 	7
	6" Sheet Size Lexan	 	1	 	Chrome Serving Tray Square	 	6
	9" Sheet Size Lexan	 	3	 	Metal Round Serving Tray	 	12
	4" Perf. Sheet Size Lexan	 	8	 	Lg. Oval Service Tray-Plastic	 	4
	Sheet Size Lexan - Lid	 	4	 	Sm. Cocktail Service Tray	 	3
	Pots sm	 	7	 	Apple Peeler	 	1
	Pots med	 	6	 	Med. Reach In Fridge 3' x 9'	 	2
	Pots Lg	 	3	 	Rubbermade Chest 10 gal.	 	3
	Army pans	 	2	 	Bar Condimment Tray	 	3
	sheet pans 1/2	 	25	 	Chrome Water Pitchers	 	10
	sheet pans full	 	149	 	Rectangle Room Service Tray	 	6
	Pie Pans	 	25	 	Banquet Chaffers	 	5
	Cutting Board	 	4	 	Baskets, Lg.	 	5
	China Cap	 	3	 	Baskets, Sm.	 	7
	Cutting Board plastic white	 	15	 	Metal Wire Baskets	 	8
	China Cap	 	4	 	Metal Bowl / Basket Stads	 	2
	Metro Rack Produce	 	8	 	Rubbermade Carts	 	3
	Metro Rack Meat	 	3	 	Dolly	 	3
	Metro Rack dairy	 	3	 	Glass Racks	 	35
	Metro Rack Dish	 	5	 	Glass Rack Dollies	 	4
	Metro Rack Banquets	 	7	 	Metal Bread Holders	 	1
	Stainless Steel Bowls	 	25	 	Window fan	 	1
	Resting Racks full	 	10	 	Rubber made Closet Pastry	 	1
	Resting Racks 200	 	11	 	Flour Tamis	 	1
	Resting Rack 1/2 200	 	8	 	Mini Metro Shelf	 	1
	Aluminum Rondo	 	10	 	Induction Burner	 	1
	Item	 	Amt.	 	Item	 	Amt.
	Whisks	 	12	 	Silpat - Full Sheet	 	10
	Metal Spoons	 	11	 	Digital Scale	 	1
	Metal Slotted spoons	 	9	 	Cake Turntable	 	1
	Tongs	 	7	 	Paint brush	 	5
	Plastic Spatulas	 	8	 	Ice Bucket-Single	 	1
	Ladles 2oz	 	10	 	Ice Bucket-Large	 	3
	Ladles 4oz	 	5	 	Plate Covers	 	62
	Ladles 6oz	 	3	 	Pitcher - 2 qt.	 	1
	Ladies 8oz	 	2	 	Qt. Crocks	 	7
	Ladles lg	 	2	 	Square Cake Molds	 	2
	Hand Cheese Grater	 	2	 	Rolling pin	 	1
	Speed pourers	 	8	 	Flex Molds Pastry	 	9
	Loaf Pans - Lg./ Single	 	5	 	Muffin Tins	 	1
	Loaf Pans-Set of 4	 	5	 	Flour Sifter	 	1
	Coffee Urns	 	2	 	Cake Pan - Lg.	 	12
	Chrome Water Pitchers	 	2	 	Cake Pan - Sm.	 	4
	Dish Racks	 	6	 	Cake Pan - Square	 	5
	Colanders	 	2	 	Loaf Pans - Reg./ Single	 	4
	Mini Porceline Pans	 	50	 	Mini Porceline Octogan	 	50
	Plastic Pitcher - 2 qt	 	8	 	 	 	 

 

    	 

    	 

    

 

	Number	 	Manufacture	 	Model
    Number	 	Serial
    Number	 	 	 	 
	1	 	TRUE	 	TUC-67D-4	 	1-3881800	 	 	 	4 door Preptable
	1	 	TRUE	 	TPP-67	 	AEA440YXA	 	 	 	Undercounter
    reach in 2 door prep table
	1	 	TRUE	 	TRCB-48	 	5218426	 	 	 	2 door endercounter
    reach-in
	1	 	TRUE	 	TWT-93	 	AKA4460YXA	 	 	 	3 door prep
    top reach-in
	1	 	BEVERAGE-AIR	 	WTRCS52-1	 	7805693	 	 	 	2 drawer reach-in
	1	 	TRUE	 	TSSU-72-18	 	6626782	 	 	 	3 door prep
    top reach-in
	1	 	DELFIELD	 	UC4148	 	8.09152E+11	 	 	 	2 door freezer
	1	 	TURBO AIR	 	TST-48SD	 	SR48011012	 	 	 	2 door reach
    in regrigerator
	1	 	TRUE	 	TUC-67D-4	 	1-3948128	 	 	 	under counter
    reach-in
	1	 	JIMEX CORP	 	U1BRR-06S	 	UR060503062	 	 	 	Single door
    pastry reach-in
	1	 	WALK IN Bootz	 	 	 	 	 	 	 	walk in fridge
	1	 	WALK IN FREEZER
    Bootz	 	 	 	 	 	 	 	walk in freezer
	1	 	WALK IN Bootz	 	 	 	 	 	 	 	walk in fridge
    dairy
	1	 	TRUE	 	T23-G	 	5330640	 	 	 	Glass door
    fidge
	1	 	TRUE	 	T23	 	646467	 	 	 	Reach-in fridge
	3	 	Avanti	 	 	 	 	 	 	 	Wind fridge
	1	 	TRUE	 	63366	 	6638837	 	 	 	Single door
    reach in
	1	 	TURBO AIR	 	TUR-28SD	 	UR28009004	 	 	 	Bar fridge
	1	 	TURBO AIR	 	TUR-28SD	 	UR28009028	 	 	 	Bar Frideg
	1	 	JIMEX CORP	 	U1BRR-06S	 	UR060503062	 	 	 	Reach in Fridge
	2	 	Imperial	 	 	 	 	 	 	 	Salamanders
	3	 	Imperial	 	 	 	 	 	 	 	Convection
    ovens
	1	 	Stratus	 	 	 	 	 	 	 	2 burner top
	1	 	Imperial	 	 	 	 	 	 	 	2 burner top
	1	 	Tri star	 	 	 	 	 	 	 	grill
	2	 	Blodget	 	 	 	 	 	 	 	Double stack
    convection ovens
	2	 	Hobart	 	A-200	 	 	 	 	 	Mixer
	1	 	Tilt Skillet	 	 	 	 	 	 	 	Stock and soup
	1	 	Pitco	 	 	 	 	 	 	 	Deepfryer
	1	 	Taylor	 	 	 	 	 	 	 	batch freezer
    Ice cream maker
	1	 	Globe	 	 	 	 	 	 	 	meat slicer
	1	 	Ultrvac	 	 	 	 	 	 	 	vacuum sealer
	2	 	Berner	 	 	 	 	 	 	 	air door (fly
    prevention)
	1	 	Hatco	 	 	 	 	 	 	 	Toaster conveyor
	1	 	Traulsen	 	GRI2-32CUT	 	 	 	 	 	EDR stad up
    double door reach in fridge
	1	 	MCCall	 	 	 	 	 	 	 	EDR Double
    door stand up reach-in freezer
	2	 	Southbend	 	 	 	 	 	 	 	EDR Double
    stack convection ovens
	1	 	Metro	 	 	 	 	 	 	 	EDR Proofer
	1	 	Metro	 	 	 	 	 	 	 	EDR hot food
    box
	1	 	Ice creem freezer	 	 	 	 	 	 	 	EDR Sliding
    door ice cream freezer
	1	 	Kolpak	 	 	 	 	 	 	 	EDR walk-in
    regrigerator
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Kitchen dishwasher	 	ECO labs	 	EC44	 	85DA120031	 	 
	EDR dishwasher	 	ECO labs	 	APEX TSC DOUBLE	 	121275760	 	 
	EDR WARMER	 	3/26/2013	 	AEROHOT	 	EP303 M	 	3132298	 	208V / WATTS 2250
	Booster water heater	 	Hatco	 	C-30	 	9975300106	 	 

 

    	 

    	 

    

  

	Serial Number	 	Part
    Number	 	Description	 	Location	 	QTY
	N/A	 	Unk	 	17" LCD Dell Monitor	 	L'Auberge	 	1
	C51200627G00636	 	Unk	 	abmx.com (not sure what it is)	 	L'Auberge	 	1
	N/A	 	Unk	 	APC UPS Symmetra Power Array	 	L'Auberge	 	1
	(270601002848)	 	Unk	 	Belkin 8 port KVM	 	L'Auberge	 	1
	FTX0926A20U	 	Unk	 	Cisco 2800 Series Router - 2821	 	L'Auberge	 	1
	FOC0816Y13M	 	Unk	 	Cisco Catalyst 2950 - 30 Port Switch	 	L'Auberge	 	1
	FOC1302Z4TH	 	Unk	 	Cisco Catalyst 2960 - 24 Port Switch	 	L'Auberge	 	1
	N/A	 	Unk	 	Cisco Catalyst 3560 - POE 8 Port Switch	 	L'Auberge	 	1
	H0104V0000120117G0001	 	FRM301-CH	 	CTC Union Fiber Transceiver	 	L'Auberge	 	1
	N/A	 	Unk	 	Cyber Power CPS-1215 RM	 	L'Auberge	 	2
	N/A	 	Unk	 	Dell Keyboard	 	L'Auberge	 	1
	N/A	 	Unk	 	Dell Mouse	 	L'Auberge	 	1
	G29P2B1	 	Unk	 	Dell Optiplex GX620 - Vingcard	 	L'Auberge	 	1
	HG95291	 	Unk	 	Dell Power Connect 2724 - 24 Port Switch	 	L'Auberge	 	1
	GZQMK91	 	Unk	 	Dell Power Edge 1800 - LaubIFC01	 	L'Auberge	 	1
	7DJKNT1	 	Unk	 	Dell Power Edge 1850 - ACCTDC01	 	L'Auberge	 	1
	7DJKNR1	 	Unk	 	Dell Power Edge 1850 - LAUBDC01	 	L'Auberge	 	1
	8KMJ981	 	Unk	 	Dell Power Edge 1850 - Millenium	 	L'Auberge	 	1
	3YTYLX1	 	Unk	 	Dell Power Edge 1850 - Terminal	 	L'Auberge	 	1
	8XX6RF1	 	Unk	 	Dell Power Edge 2950 - LAUBPMS01	 	L'Auberge	 	1
	7LRJFG1	 	Unk	 	Dell Power Edge 2950 - MAIL	 	L'Auberge	 	1
	HTN6JJ1	 	Unk	 	Dell Power Edge 2950 - Sedcampnas	 	L'Auberge	 	1
	1MYNFP1	 	Unk	 	Dell Power Edge R210	 	L'Auberge	 	1
	DRXWXR1	 	Unk	 	Dell Power Edge R310 - SEDCAMPMAIL	 	L'Auberge	 	1
	TDB093340339	 	DRPR1-A	 	Drobo Pro	 	L'Auberge	 	1
	FG100D3G12804316	 	Unk	 	Fortinet Fortigate 100D - Firewall	 	L'Auberge	 	1
	FGT60C3G11002572	 	P06535-08-01	 	Fortinet Fortigate 60C - Firewall	 	L'Auberge	 	1
	FGT603611001490	 	P06535-08-01	 	Fortinet Fortigate 60C - Firewall	 	L'Auberge	 	1
	MXM71300LS	 	Unk	 	HP DS5700 - ADP PC	 	L'Auberge	 	1
	2UX717009P	 	Unk	 	HP ProLiant DL380 G5 - SEDCAMPDC	 	L'Auberge	 	1
	N/A	 	Unk	 	Hubbel Fiber Tray	 	L'Auberge	 	2
	(12810340190570070201000)	 	50087-025-00	 	Motorola Surfboard SB5100	 	L'Auberge	 	1
	(140058709553040502039001)	 	515291-001-00	 	Motorola Surfboard SB5101	 	L'Auberge	 	1
	(111208000093)	 	Unk	 	Rukus Zone Director 3000	 	L'Auberge	 	1
	NA5J0MYM	 	1DXAP1-500	 	Seagate External HDD 1 TB	 	L'Auberge	 	1
	NA0LXQ4N	 	9ZQ2P6-500	 	Seagate External HDD 3 TB	 	L'Auberge	 	1
	9920HY05M630700160	 	Unk	 	Tripp-Lite Smart Pro UPS	 	L'Auberge	 	1
	9920HY0SM630700042	 	Unk	 	Tripp-Lite Smart Pro UPS	 	L'Auberge	 	1
	WCAV55452545	 	WDBAAF5000EBK-00	 	Western Digital External HDD 500 GB	 	L'Auberge	 	1
	FOX074702ZM	 	Unk	 	Cisco Catalyst 4506 - Switch (Cards
    listed below)	 	L'Auberge	 	1
	SNI0721AB2P	 	Unk	 	1300 AVC PSU	 	L'Auberge	 	2
	JAB061106XK	 	Unk	 	WS-4014 - Supervisor III Engine Card	 	L'Auberge	 	1
	JAB081806PV	 	Unk	 	WS-X4224-RJ45V 24 Port PoE Card	 	L'Auberge	 	1
	JAB082507L8	 	Unk	 	WS-X4448-GB-RJ45 48 Port Card	 	L'Auberge	 	1
	JAB085103WB	 	Unk	 	WS-X4506-GB-T 6 Port Fiber Transceiver
    Card	 	L'Auberge	 	1

 

    	 

    	 

    

 

	Serial
    Number	 	Part
    Number	 	Description	 	Location	 	QTY
	N/A	 	Unk	 	APC Battery Pack	 	L'Auberge	 	1
	N/A	 	Unk	 	APC Smart UPS 3000 XL	 	L'Auberge	 	1
	SG416NV0JX	 	J4813A	 	HP ProCurve 2524 - Switch	 	L'Auberge	 	1
	AA-BDJ-9885	 	Unk	 	Mitel SX-200	 	L'Auberge	 	1
	AA-BDZ-1338	 	Unk	 	Mitel SX-200  	 	L'Auberge	 	1
	50003723	 	Unk	 	Mitel SX-200 ICP	 	L'Auberge	 	1
	I04246814000100	 	Unk	 	Power Dsine 6012 - PoE Switch	 	L'Auberge	 	1
	N/A	 	Unk	 	Tripp-Lite isobar	 	L'Auberge	 	1
	1MCWX63K0140	 	Unk	 	USR 56k v.92 - Modem	 	L'Auberge	 	1

 

    	 

    	 

    

 

	Serial
    Number	 	Part
    Number	 	Description	 	Location	 	QTY
	21400366692	 	Unk	 	Acer Veriton RTL8192DE	 	Orchards	 	1
	JS0451023626	 	SUA3000RM2U	 	APC UPS	 	Orchards	 	1
	FTX1016A25K	 	Unk	 	Cisco 2800 Series Router - 2821	 	Orchards	 	1
	Unk	 	Unk	 	Cisco Catalyst 2950	 	Orchards	 	1
	Unk	 	Unk	 	Cisco SF-302-08P - 8 Port PoE Switch	 	Orchards	 	1
	Unk	 	Unk	 	CTC Fiber Transceiver	 	Orchards	 	1
	BB0BY2000518	 	Unk	 	CyberPower UPS 1500 AVR	 	Orchards	 	1
	Unk	 	Unk	 	Dell Power Connect 2724 - 24 Port Switch	 	Orchards	 	1
	Unk	 	Unk	 	Dell Power Connect 2808 - 8 Port Switch	 	Orchards	 	1
	3YHSYB1	 	Unk	 	Dell Power Edge 1850	 	Orchards	 	1
	11250G1	 	Unk	 	Dell Power Edge 2950	 	Orchards	 	1
	MXL64705FG	 	Unk	 	HP dc5100mt - PC	 	Orchards	 	1
	ZH041232	 	9NT2A4-500	 	Maxtor External HDD 500 GB	 	Orchards	 	1
	Unk	 	Unk	 	Mitel ASU II	 	Orchards	 	1
	Unk	 	Unk	 	Mitel SX-200	 	Orchards	 	1
	Unk	 	Unk	 	Mitel SX-200 MX Controller	 	Orchards	 	1
	360801005256	 	Unk	 	Rukus Zone Director 1000	 	Orchards	 	1
	480801008140	 	Unk	 	Rukus Zone Flex AP 2942	 	Orchards	 	1
	N/A	 	Unk	 	Tripp-Lite isobar	 	Orchards	 	2

 

    	 

    	 

    

 

China -

	22	BLT bigger style plate
	10	Salmon BLT plate
	42	RS large bowl
	31	Large square plate
	25	Large round with center hole, we don’t use
	19	Long crepe plate
	7	Old soup bowl
	32	Soup bowl
	11	French onion bowl
	12	Side salad bowl
	24	Shallow bowl side handles
	90	Very small dessert bowl
	90	Very small dessert bowl with handle
	18	Cheese plate
	10	Flatbread oval plate
	12	Longer flatbread oval plate
	33	Butter ramekins small square
	8	Burger setup trio dish
	20	Creamers
	45	Round desert ramekins
	31	Breakfast oval plate
	50	B & B dimpled
	30	B & B smooth
	60	Coffee cups
	65	Coffee saucers

 

Glassware –

176 Water glasses

59 Juice glasses

53 High ball

56 Low ball

73 Champagne

38 RS red wine

20 RS white wine

15 espresso cups

30 Irish coffee mugs

24 Reidel pinot noir

36 Reidel cab/merlot

12 Reidel hermitage

12 Reidel martini

 

Silverware -

329 small forks

191 large forks

265 Dinner knife

60 Steak knife

113 Butter knife

23 Soup spoon

61 Tea spoon

71 Large spoon

10 espresso spoons

 

    	 

    	 

    

 

Office Equipment

Dell computers (3)

Dell monitors (3)

Dell keyboards (3)

2 door filing cabinets (3)

Telephones in office (2)

Dell printer B2360dn (1)

Brother dcp 7020  laser printer (1)

Cartridges for brother computer (4)

Cartridges for dell computer (2)

Tool box for chefs tools (1)

Paper cutter (1)

Three hole punch (1)

Safe (1)

Compaq laptop computer (1)

Pencil sharpener (1)

Clip boards (13)

 

Dining Room Furniture and Equipment

Micros computers (5)

Micros printers (4)

 

Veranda Bar, Patio and Fire Pit area -

Liquor hutch for cognacs (1)

Cappuccino machines (2)

Bar dolly (1)

Wicker bar tables (8)

Veranda bar stools with cushions (18)

Firepit tables (3)

Fire pit chairs with two cushions on each (30)

Inside bar stools (17)

Tall veranda bar stools (4)

Wicker tall bar stools outside patio dining (9)

Long 9 foot table for veranda (1)

3 by 3 tables on veranda patio (5)

 

Indoor Dining Room -

Hutch for menus (1)

Indoor host stand (1)

Server hutch next to back door (1)

Server shelving unit for glassware by kitchen door (1)

Indoor plants for dining room (7)

Hallway tables (2)

Inside dining room chairs (61)

3 foot by 2 foot inside dining tables (27)

 

Creekside Patio -

Square terrace tables (11)

Small round terrace tables (14)

Large round table on terrace (1)

Large rectangle tables on terrace (2)

Leather chairs in front of fireplace (2)

High chairs (2)

 

    	 

    	 

    

 

Patio side station

9 water pitchers

5 silver ice buckets with stands

2 small refrigerators

2 drawer warmer

27 bud vases

 

Wine cellar

1 desk

1chair

5 metro shelving units

1 ice machine

1 computer monitor

 

Room service

16 big RS trays

7 little RS trays

43 salt and peppers

14 coffee pots

7 new amenity buckets

4 old amenity buckets.

 

    	 

    	 

    

 

Tables/Chairs/Misc.

 

	 	  4/15/2013
	 	 
	Chairs	 
	 	 
	White Folding Chairs	172
	Black Chairs	28
	Burgundy Chairs	131 (20 torn)
	 	 
	Exec. Chairs	14 + offices
	 	 
	Tables	 
	 	 
	6x30	22
	8x30	7
	4x18	3
	8x18	10
	Serp	3
	1/2 Round	1
	Bars (Rolling)	3
	Bar Tops	3-6 ft, 2-7 ft.
	 	 
	30" Rounds	4-legs, 5 w/o
	36" Rounds	1-legs, 1 w/o
	30" Square	1
	Highboy Poles	5-highboy, 3-adjustable
	Pole Stands (feet)	9
	 	 
	48" Rounds	2
	60" Rounds	8
	66" Rounds	15
	72" Rounds	9
	 	 
	4’ wood table (water)	3
	5’ wood table	5
	6’ wood table	1
	7’ wood table	2
	Cezanne Boardroom Table 	1
	Cezanne Credenza 	1

 

    	 

    	 

    

 

	Silver Service	 
	 	 
	Rectangle Chafer	7
	Round Chafer	4
	Square Serving Trays	10
	Round Serving Trays	39
	Coffee Pots	
        5 

	Water Pitchers	8
	Juice Pitchers	10
	Large Cream Pitcher	5
	 	 
	Silver Service Utensils	 
	 	 
	Large Serving Spoons	14
	Small Serving Spoons	26
	Serving Forks	7
	Large Ladles	4
	Small Ladles	4
	Long Tongs	12
	Medium Tongs	10
	Short Tongs	25
	Cake Server (spat)	  7
	Cake Knife	2
	 	 
	Misc.	 
	 	 
	Oval Trays (Shared)	22
	Cocktail Trays	8
	Tray Jacks	6-tall (new), 7-short
	High Chairs	5
	Air Pots	15
	Coffee Urn	8
	Insulated Coffee Pots (Insulated)	4
	Salt & Peppers	Tall-13, Short S-14, P-11
	Sugar Caddy	China-7, Glass-40
	Votives	224
	Trash Cans	w/wheels - 5, w/o - 2 Bar (narrow) - 3
	Beverage Dispensers	3
	Meeting Blotter Pads	7
	Refrigerator in Banquet Storeroom 	1
	Metro Racks in Banquet Storeroom	3

 

    	 

    	 

    

 

	AV Equipment	 
	 	 
	LCD Projector	3
	Screens	2 -6x6, 1- 8x8, 1- 10x20?
	Mixers	2- 4 Channel, 1- 8 Channel
	Wireless Mic Systems	3
	DVD Player	3
	VCR	2
	Stereo Receiver	1
	Copy/Printer 	1
	Conference Phone 	1
	Loud Speakers 	2
	Flat Panel TV	1- 32” (Matisse), 1- 42” (Cezanne)
	White Board	1- 3x4, 1- 2x3
	Daylite Flip Chart Stands 	8
	Easel	2
	Assorted Power Cords, Power Strips and Cables	 

 

	Props
	 
	Bird Houses - (8)
	 
	Lavender with Geese
	 
	White Wedding- Tree, Candle Sticks, Card Tray
	 
	Table Runners-( 15 Brown)
	 
	
        Black Metal Risers- Assorted Sizes

         

	Wicker Baskets-Assorted Sizes
	 
	Christmas Décor- 2- 6 ft. Trees, 1- 3 ft. Tree, Assorted Lights and Decor

 

    	 

    	 

    

 

	 	 	Indoor
    unit	 	Model
    1	 	Serial
    1	 	Model
    2	 	Serial
    2	 	Out
    door unit	 	Model	 	Serial
	 	 	L'AUBERGE
    ROOMS	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	CREEK
    SIDE	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1	 	FUJITSU	 	ASU18RLQ	 	GWA001704	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001454
	2	 	FUJITSU	 	ASU9RMLQ	 	GQA040244	 	ASU9MLQ	 	GQA039953	 	FUJITSU	 	A0U24RML1	 	DXN011223
	3	 	FUJITSU	 	ASU18RLQ	 	GWA0001722	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001471
	4	 	FUJITSU	 	ASU18RLQ	 	GWA001567	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001528
	5	 	FUJITSU	 	ASU12RMLQ	 	GRA031789	 	ASU12RMLQ	 	GRA0031781	 	FUJITSU	 	A0U24RML1	 	DXN007925
	6	 	FUJITSU	 	ASU18RLQ	 	GWA001725	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001433
	7	 	FUJITSU	 	ASU18RLQ	 	GWA001579	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001451
	 	 	GARDEN
    COT	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8	 	NORDYNE	 	B5BV-000K-B-10	 	C5D090508703	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSD081200058
	9	 	THERMAL
    ZONE	 	M8412HP13240IA	 	?	 	 	 	 	 	THERMAL
    ZONE	 	MS412HP13240CA	 	?
	10	 	FUJITSU	 	ASU18RLQ	 	GWA000734	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN000721
	11	 	FUJITSU	 	ASU18RLQ	 	GWA001559	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001558
	12	 	FUJITSU	 	ASU18RLQ	 	GWA001732	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001620
	14	 	FUJITSU	 	ASU18RLQ	 	GWA00572	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN000546
	 	 	CREEKSIDE	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	15	 	FUJITSU	 	ASU18RLQ	 	GWA001710	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001455
	16	 	FUJITSU	 	ASU18RLQ	 	GWA001702	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001519
	17	 	FUJITSU	 	ASU18RLQ	 	GWA001566	 	 	 	 	 	FUJITSU	 	 	 	 
	18	 	FUJITSU	 	ASU18RLQ	 	GWA001724	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001447
	19	 	FUJITSU	 	ASU18RLQ	 	GWA001718	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001642
	20	 	FUJITSU	 	ASU18RLQ	 	GWA001717	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001616
	21	 	FUJITSU	 	ASU18RLQ	 	GWA001410	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001517
	22	 	FUJITSU	 	ASU18RLQ	 	GWA000571	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN000545
	23	 	FUJITSU	 	ASU18RLQ	 	GWA001571	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001520
	 	 	GARDEN
    COT	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	24	 	FUJITSU	 	ASU18RLQ	 	GWA011552	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN008889
	25	 	FUJITSU	 	ASU18RLQ	 	GWA001573	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001445
	26	 	FUJITSU	 	ASU18RLQ	 	GWA001413	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001470
	27	 	FUJITSU	 	ASU18RLQ	 	GWA001701	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001643
	28	 	LENNOX	 	 	 	 	 	 	 	 	 	LENNOX	 	HP16261V11P	 	5184A19397
	29	 	LENNOX	 	 	 	 	 	 	 	 	 	LENNOX	 	HP16261V11P	 	5184A19413
	30	 	FUJITSU	 	ASU18RLQ	 	GWA011495	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN009115
	31	 	FUJITSU	 	ASU18RLQ	 	GWA001709	 	 	 	 	 	FUJITSU	 	A0U18RLQ	 	GWN001412
	32	 	FRIEDRICH	 	MW18Y3F	 	LFJC00388	 	 	 	 	 	FRIEDRICH	 	MR18Y3FS	 	LFJC00459
	 	 	Indoor
    unit	 	Model 1	 	Serial 1	 	Model 2	 	Serial 2	 	Out door
    unit	 	Model	 	Serial
	33	 	NORDYNE	 	 	 	 	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090200688
	 	 	CREEK
    HOUSE	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	CH	 	RHEEM	 	RHQA2010	 	HM09844607	 	 	 	 	 	RUUD	 	UPNL-060JAZ	 	7480W201006762
	55	 	LENNOX	 	CB26UH060R2301	 	6007K27206	 	 	 	 	 	LENNOX	 	HP13-024-230-01	 	5808A01523
	56	 	LENNOX	 	CB26UH060R2301	 	6007K27206	 	 	 	 	 	LENNOX	 	HP13-024-230-01	 	5808A01523
	57	 	LENNOX	 	CB26UH060R2301	 	6007K27206	 	 	 	 	 	LENNOX	 	HP13-024-230-01	 	5808A01523
	58	 	RHEEM	 	RHQA1605B	 	HM13840993	 	 	 	 	 	GOODMEN	 	CPKE42-18	 	9908474706
	59	 	FUJITSU	 	ASU15RLQ	 	GVA005637	 	 	 	 	 	FUJITSU	 	A0U15RLQ	 	GVN102261
	 	 	SPA
    COT	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	60	 	BROAN	 	B5BV-000K-B-10	 	B5D081000854	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090200683
	61	 	NORDYNE	 	B5BV-000K-B-10	 	B5D081001354	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090200690
	62	 	BROAN	 	B5BV-000K-B-10	 	B5D080906720	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSD081200067
	63	 	BROAN	 	B5BV-000K-B-10	 	B5D081000856	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090501293
	64	 	NORDYNE	 	 	 	 	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090501296
	65	 	BROAN	 	B5BV-000K-B-10	 	B5D081000855	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090600369
	66	 	NORDYNE	 	 	 	 	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090501295
	67	 	BROAN	 	B5BV-000K-B-10	 	B5D080908297	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090200686
	68	 	NORDYNE	 	 	 	 	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090501294
	70	 	NORDYNE	 	B5BV-000K-B-10	 	B5D080908296	 	 	 	 	 	NORDYNE	 	S5BD-024KA	 	S5A070602750
	71	 	NORDYNE	 	B5BV-000K-B-10	 	B5D081101079	 	 	 	 	 	NORDYNE	 	S5BD-024KA	 	S5A070602749
	 	 	VISTA
    SUITES	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	80	 	INTERTHERM	 	B5BV-000K-B-10	 	B5D091201583	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090301004
	81	 	INTERTHERM	 	B5BV-000K-B-10	 	 	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090301017
	82	 	INTERTHERM	 	B5BV-000K-B-10	 	B5D091201586	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090301002
	83	 	INTERTHERM	 	B5BV-000K-B-10	 	 	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090300916
	84	 	INTERTHERM	 	B5BV-000K-B-10	 	 	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090301007
	85	 	INTERTHERM	 	B5BV-000K-B-10	 	 	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090300997
	86	 	INTERTHERM	 	B5BV-000K-B-10	 	 	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090300996
	87	 	INTERTHERM	 	B5BV-000K-B-10	 	B5D091201591	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090301015
	88	 	INTERTHERM	 	B5BV-000K-B-10	 	B5D081000853	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090301013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	90	 	INTERTHERM	 	B5BV-000K-B-10	 	B5D091201612	 	 	 	 	 	 	 	 	 	 
	91	 	INTERTHERM	 	B5BV-000K-B-10	 	B5D091201603	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090301016
	92	 	INTERTHERM	 	B5BV-000K-B-10	 	 	 	 	 	 	 	 	 	DS5BD-024KB	 	DSA090300917
	93	 	INTERTHERM	 	B5BV-000K-B-10	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Indoor
    unit	 	Model 1	 	Serial 1	 	Model 2	 	Serial 2	 	Out door
    unit	 	Model	 	Serial
	94	 	INTERTHERM	 	B5BV-000K-B-10	 	B5D091201604	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090300999
	95	 	INTERTHERM	 	B5BV-000K-B-10	 	B5D091201594	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090301000
	96	 	INTERTHERM	 	B5BV-000K-B-10	 	B5D091201592	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DAS090301014
	97	 	INTERTHERM	 	B5BV-000K-B-10	 	B5D081000851	 	 	 	 	 	NORDYNE	 	DS5BD-024KB	 	DSA090301005
	98	 	INTERTHERM	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LODGE	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	435	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	436	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	437	 	FIRST
    CO.	 	6HHS5-240	 	S01	 	 	 	 	 	CHILLER	 	 	 	 
	438	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	439	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	440	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	441	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	442	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	443	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	444	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	544	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	545	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	546	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	547	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	548	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	549	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	550	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	551	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	552	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	553	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	554	 	FIRST
    CO.	 	 	 	 	 	 	 	 	 	CHILLER	 	 	 	 
	 	 	Indoor
    unit	 	Model 1	 	Serial 1	 	Model 2	 	Serial 2	 	Out door
    unit	 	Model	 	Serial
	 	 	PUBLIC
    AREAS	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	ART
    COTTAGE	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P1	 	RUUD	 	RRNL-B042JK08X	 	2G7411ADAAF211003744	 	GAS PACK	 	 	 	 	 	 	 	 
	 	 	GYM	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P2	 	Rheem	 	RRNL-B042JK08X	 	2G7411ADAAF481007645	 	Gas pack	 	 	 	 	 	 	 	 
	 	 	SPA
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Lennox	 	 	 	 	 	GAS Furnace	 	 	 	TEMPSTAR	 	TCA048AKA4	 	L021219151
	 	 	Indoor
    unit	 	Model 1	 	Serial 1	 	Model 2	 	Serial 2	 	Out door
    unit	 	Model	 	Serial
	 	 	LOCKER
    RM	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P3	 	Rheem	 	RRNL-B036JK08E	 	2G7409ADAAF081105779	 	GAS PACK	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	KITCHEN	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	D2	 	 	 	IN ROOF	 	 	 	 	 	 	 	TRANE	 	4TWR3024A1000AA	 	9161NRD4F
	K1	 	RUUD	 	UNLA-HM6024JA	 	M1608-03848	 	 	 	 	 	RUUD	 	UPNE-060AZ	 	7434-M1308
	D1	 	TRANE	 	4TEC3F60B1000AA	 	9062NKP2V	 	 	 	 	 	TRANE	 	4TWR3060A1000AA	 	9132WLW2F
	D3	 	 	 	IN ROOF	 	 	 	 	 	 	 	RUUD	 	UPNL-024JAZ	 	7474-M090907796
	OF	 	TRANE	 	4TEC3F48B1000AA	 	90617FS2V	 	 	 	 	 	TRANE	 	4TWR3048A1000AA	 	9192MH21F
	 	 	PHOENIX
    COOLER	 	H1425	 	959047	 	 	 	 	 	 	 	 	 	 
	 	 	AERO
    COOL	 	TH6800	 	916976	 	 	 	 	 	 	 	 	 	 
	 	 	PATIO
    DINING	 	 	 	 	 	 	 	 	 	RUUD	 	PACK A/C	 	HEAT STRIPS
	 	 	ARRIVALS	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	EDR
    KITCHEN	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	ICE
    BOX	 	QPA310	 	10860349	 	 	 	 	 	NORDYNE	 	T5BD-048K	 	T5A080600833
	 	 	ICE
    MACHINES	 	QD0453W	 	10862490	 	 	 	 	 	 	 	 	 	 
	1	 	WALK
    IN	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	REACH
    IN	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4	 	FREEZER	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5	 	FREEZER	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Boiler
    RayPack	 	WH1-0400	 	705266379	 	BTU'S	 	399,000	 	NAT	 	 	 	 
	 	 	WINE
    ROOM	 	 	 	 	 	 	 	 	 	FUJITSU	 	HMH024KD1	 	402KA?PO??
	 	 	Indoor
    unit	 	Model 1	 	Serial 1	 	Model 2	 	Serial 2	 	Out door
    unit	 	Model	 	Serial
	 	 	EO
    building	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	TEMPSTAR	 	TCA060AKA2	 	L011239536
	H1	 	 	 	 	 	 	 	 	 	 	 	FUJITSU	 	A0U12RQ	 	BPN008361
	H2	 	 	 	 	 	 	 	 	 	 	 	FUJITSU	 	A0U12RQ	 	BPN008530
	H2	 	 	 	 	 	 	 	 	 	 	 	FUJITSU	 	A0U12RQ	 	BPN008544
	 	 	 	 	 	 	 	 	 	 	 	 	TEMPSTAR	 	TCA060AKA2	 	L011433217
	HR	 	 	 	 	 	 	 	 	 	 	 	FUJITUS	 	A0U12RQ	 	BPN008362
	 	 	 	 	 	 	 	 	 	 	 	 	SAMSUNG	 	UQ24A2RC	 	A3112P2JX400185J
	 	 	 	 	 	 	 	 	 	 	 	 	CARRIER	 	38ARQ012—501—	 	0203G50033
	 	 	 	 	 	 	 	 	 	 	 	 	CARRIER	 	38ARQ012—501—	 	0203G50036
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	BANQUETS	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	ICE
    BOX	 	S970	 	10822226	 	 	 	 	 	 	 	 	 	 
	 	 	ICE
    MACHINES	 	SY0504A	 	110753046	 	MANITOWOC	 	 	 	 	 	 	 	 

 

    	 

    	 

    

 

	  	 	 	Pool Equipment	 	 	 
	 	 	 	 	 	 	 
	Pool Heater:	 	Master Temp 400-pentair	 	 	Serial#	11171711101634
	 	 	 	 	 	 	 
	Chlorinator	 	Pentair-Intellichlor IC60	 	 	Serial#	342731
	 	 	 	 	 	 	 
	Filter	 	Pentair CCP420	 	 	Serial#	019616611000V
	 	 	 	 	 	 	 
	Pump	 	Pentair Intelliflo Variable Speed	 	 	Serial #	0332179110235Q
	 	 	 	 	 	 	 
	Water feature	 	Whisper flo	 	 	Serial#	0326123110117U
	 	 	 	 	 	 	 
	 	 	 	Spa Equipment	 	 	 
	 	 	 	 	 	 	 
	Heater	 	Master temp 250	 	 	Serial#	1117153110201V
	 	 	 	 	 	 	 
	Chlorinator	 	Intellichlor IC40	 	 	Serial#	354163
	 	 	 	 	 	 	 
	Filter	 	Clean and clear CCP320	 	 	Serial#	0196173110145L
	 	 	 	 	 	 	 
	Pump	 	Intelliflow variable speed	 	 	Serial#	3.32179E+12
	 	 	 	 	 	 	 
	Jet Pump	 	Whisper flo	 	 	Serial#	0326136110196T
	 	 	 	 	 	 	 
	 	 	 	Pool Furniture	 	 	 
	 	 	 	 	 	 	 
	7 Chaise Lounges	 	 	 	 	 	 
	 	 	 	 	 	 	 
	9 foot stools	 	 	 	 	 	 
	 	 	 	 	 	 	 
	3 tables	 	 	 	 	 	 
	 	 	 	 	 	 	 
	12 chairs	 	 	 	 	 	 

 

    	 

    	 

    

 

	 	Gym Equipment	 	 	 
	 	 	 	 	 
	Tread mills	2	 	Refridgerator	1
	 	 	 	 	 
	Make:	 	 	Make:	 
	True CS550	 	 	Haier	 
	 	 	 	 	 
	Model:	 	 	Serial#	 
	TCS550	 	 	HBCN05V5	 
	 	 	 	 	 
	Serial#	 	 	 	 
	11-TCS550054/55A	 	 	 	 
	 	 	 	 	 
	Elliptical machine	1	 	Television	2
	 	 	 	 	 
	Make:	 	 	Make:	 
	True CS800	 	 	LG	 
	 	 	 	 	 
	Model:	 	 	Model:	 
	XCS800	 	 	LG42LC50C/LG42LD340H	 
	 	 	 	 	 
	Serial#	 	 	 	 
	11-XCS0241	 	 	 	 
	 	 	 	 	 
	Free Weight Tower	1	 	 	 
	 	 	 	 	 
	Make:	 	 	 	 
	Hampton	 	 	 	 
	 	 	 	 	 
	Weight Benches	2	 	 	 
	 	 	 	 	 
	Make:	 	 	 	 
	Tuff Stuff	 	 	 	 
	 	 	 	 	 
	Model:	 	 	 	 
	Proformance plus	 	 	 	 
	 	 	 	 	 
	Serial#	 	 	 	 
	0017955/0018269	 	 	 	 

 

    	 

    	 

    

 

Engineering Shop Tool Inventory

 

	Shop Tools	 	Hvac Tools	 
	 	 	 	 
	Black &Decker belt sander	 	9010 Electroni Refrigerant scale	 
	Black and decker 10” miter saw	 	Extech cfm Thermo-Anemometer	 
	Bosch 4.5 grinder	 	EZ-ject leak detection kit	 
	Bosch rotohammer 119vrs	 	FieldPiece Digital Manifold Gauge	2
	Circular saw cordless 6.5v	 	Leak Detector	 
	Delta Bench Grinder	2	Ony/Acetylene Kit	 
	Dewalt 6.5 circular saw	 	R22 Manifold Gauge	 
	Dewalt drill DC280C2	 	R410A Manifold Gauge	 
	Dewalt metal chop saw	 	Recover machine	 
	Hand sanke	 	Swage/Flare kit	 
	Husky air compressor	 	Ultimate Blower wheel puller	 
	Husky socket set	 	Vac Pump Cool Tech	 
	Makita 18v impact driver & hammer driver drill kit	 	Volt Meter	 
	Makita 4.5” grinder 9557NB	 	 	 
	Makita 7” corded grinder	 	 	 
	Milwaukee sawzall	 	 	 
	Porter cable brad nailer	 	 	 
	Porter cable Finish Nailer	 	 	 
	Porter cable Narrow crown & stapler	 	 	 
	Porter cable Pancake compressor	 	 	 
	Ridgid power snake	 	 	 
	Roto zip saw 204250222	 	 	 
	Ryobi 12” drill press	 	 	 
	Ryobi Router	 	 	 
	Tyton Spray Gun 440I	 	 	 
	Westward Battery Jump Box	 	 	 

 

    	 

    	 

    

 

	  	 	Stand alone heaters	 	 
	 	 	 	 	 
	Deck Heater:	 	 	 	 
	 	 	 	 	 
	Make:	 	 	Make:	 
	Juangsu	7	 	Dayton	8
	 	 	 	 	 
	Model:	 	 	Model:	 
	HSS-A-SS	 	 	HSS-RS-SS	 
	 	 	 	 	 
	Serial#	 	 	Serial#	 
	2011026465	 	 	ITGP7A	 
	 	 	 	 	 
	 	 	Fire Pits	 	 
	 	 	 	 	 
	Make:	 	 	 	 
	Mallin Casual Furnature	3	 	 	 
	 	 	 	 	 
	Model:	 	 	 	 
	P64000078	 	 	 	 
	 	 	 	 	 
	Serial#	 	 	 	 
	697132	 	 	 	 
	 	 	 	 	 
	 	 	Infrared Heaters	 	 
	 	 	 	 	 
	Make:	 	 	Make:	 
	Sunpak	7	 	Infratech	2
	 	 	 	 	 
	Model:	 	 	Model:	 
	S25	 	 	W-1012	 
	 	 	 	 	 
	Serial#	 	 	Serial#	 
	15816	 	 	212	 
	 	 	 	 	 
	 	 	Steam Generators Spa	 	 
	 	 	 	 	 
	Make:	 	 	Make:	 
	Steamist	2	 	Steamist	1
	 	 	 	 	 
	Model:	 	 	Model	 
	SM-7	 	 	TSG-10	 
	 	 	 	 	 
	Serial #	 	 	Serial#	 
	1001401	 	 	2004495	 

 

    	 

    	 

    

 

	 	 	 	 	Microwaves	9
	 	 	 	 	 	 	 
	Make:	 	Model:	 	 	 	 
	 	 	 	 	 	 	 
	Magic chef	 	MCM770B1	 	 	 
	Magic Chef	 	MCB780W	 	 	 
	Goldstar	 	MA680M	 	 	 
	Samsung	 	MUH4274W	 	 	 
	Magic chef	 	MCD770B	 	 	 
	Sharp	 	R230KK	 	 	 
	Gold Star	 	MA680M	 	 	 
	Gold Star	 	MA680M	 	 	 
	Magic chef	 	MCM770B1	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	DVD Players	8
	 	 	 	 	 	 	 
	Make:	 	Model:	 	 	 	 
	 	 	 	 	 	 	 
	Sony	 	DVPSR200P	5	 	 
	Toshiba	 	SD2900KU	1	 	 
	Panasonic	 	DVDS68	2	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Fans	 	5
	 	 	 	 	 	 	 
	Make:	 	Model:	 	 	 	 
	 	 	 	 	 	 	 
	Polar-Aire	 	LF18	 	2	 	 
	Lasko	 	3733	 	2	 	 
	Living Acent	FS4-8JR	1	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Dressers	 	9
	 	 	 	 	 	 	 
	 	 	Drawers	Cabinets	 	 	 
	Marble topped	6	 	4	 	 
	 	 	 	 	 	 	 
	Wood topped	5	 	2	 	 
	 	 	 	 	 	 	 
	Wood Topped	6	 	1	 	 
	 	 	 	 	 	 	 
	Dark wood topped	6	2	2	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Refrigerator	 
	 	 	 	 	 	 	 
	 	 	 	 	0	 	 

 

    	 

    	 

    

 

	 	 	Laundry Equipment
	 	 	 
	Make:	 	 
	 	 	 
	Maytag extractor	 	2
	 	 	 
	Model:	 	 
	MFS50PNFVS	 	 
	 	 	 
	Serial:	 	 
	11000107&8JA	 	 
	 	 	 
	Make:	 	 
	 	 	 
	Huebsch Dryer	 	1
	 	 	 
	Model:	 	 
	HT075NQTB1G2W01	 	 
	 	 	 
	Serial#	 	 
	1007019963	 	 

 

    	 

    	 

    

 

	 	Cottage Water heaters
	 	 	 	 
	 	 	 	 
	Art Cottage Electric on demand	 	1	 
	 	 	 	 
	Edr electric booster heater	 	1	 
	 	 	 	 
	Kitchen/Restaruant 100gal Rheem Electric	 	1	 
	 	 	 	 
	Laundry Electric 50gl cap	 	1	 
	 	 	 	 
	Oasis cafeteria 50gl cap	 	1	 
	 	 	 	 
	Raypak lodge boiler 399K btu  21 rooms	 	1	 
	 	 	 	 
	Rheem Electric 50gl cap	 	26	 
	 	 	 	 
	Rheem Furry Gas 50	 	8	 
	 	 	 	 
	Rheem Gas 75/50 Gallon cap	 	2	 
	 	 	 	 
	Rinnai on demand 75/50 gallon cap	 	30	 
	 	 	 	 
	Spa Rheem gas 75gl cap	 	1	 

 

    	 

    	 

    

 

	 	Emergency Back up Generator
	 	 
	Make:	 
	 	 
	Kohler Power System	1
	 	 
	Model:	 
	 	 
	35RZ	 

 

    	 

    	 

    

 

	 	 	Grounds Shop Tool Inventory
	 	 	 
	Digging Bar	 	2
	Hand held  Pole saw	 	1
	Pick axe	 	3
	Pitch Fork	 	1
	Post Hole Diggers	 	2
	Push Broom	 	2
	Rakes	 	16
	Scraper	 	2
	Shovels	 	16
	Tamper	 	1
	 	 	 
	25 Gallon Sprayer	 	2
	Aerator	 	1
	Back pack Sprayer	 	2
	Blowers	 	5
	Chain Saw	 	1
	Electric hedge trimmer	 	1
	Fertilizer spreader	 	4
	Lawn Mower	 	2
	Pole Saw	 	1
	Pressure Washer	 	1
	Push Mower	 	1
	Weed Eater	 	2
	Wheel Barrel	 	1

 

    	 

    	 

    

 

	AREA	 	ITEM	 	DESCRIPTION	 	QUANTITY
	Executive Office	 	 	 	 	 	 
	 	 	Desktop Computer	 	 	 	10
	 	 	Laptop	 	 	 	1
	 	 	Wired Telephone	 	 	 	10
	 	 	Desk	 	Wood	 	11
	 	 	File Cabinet	 	Wood with Drawers	 	6
	 	 	File Cabinet	 	Metal	 	5
	 	 	Armoire	 	Wood  	 	1
	 	 	Xerox Copier	 	LEASED	 	2
	 	 	Printer	 	Dell	 	3
	 	 	Desk Lamp	 	 	 	1
	 	 	Executive Chair	 	Black	 	14
	 	 	Arm Chairs	 	Fabric - Wood	 	7
	 	 	Bookshelf	 	Wood	 	2
	 	 	Television	 	Flatscreen	 	1
	 	 	Shelves	 	 	 	6
	 	 	Artwork	 	Various/Framed	 	4
	 	 	Fax Machine	 	 	 	1
	 	 	Refrigerator	 	Full Size	 	1
	 	 	Microwave	 	 	 	1
	 	 	 	 	 	 	 
	Front Office	 	 	 	 	 	 
	 	 	Desktop Computer	 	 	 	9
	 	 	Key Machine	 	 	 	1
	 	 	Wired Telephone	 	 	 	7
	 	 	Desk	 	 	 	3
	 	 	File Cabinet	 	 	 	3
	 	 	Credenza	 	 	 	2
	 	 	Xerox Copier	 	LEASED	 	1
	 	 	Printer	 	 	 	6
	 	 	Small End Table	 	 	 	3
	 	 	Desk & Floor Lamp	 	 	 	4
	 	 	Formal Arm Chairs	 	Wood chair at check in	 	6
	 	 	Red Arm Chair	 	Waiting area	 	2
	 	 	Tan Arm Chair + 4 pillows	 	Waiting area	 	7
	 	 	End Table	 	Leather	 	4
	 	 	Leather Folders	 	 	 	27
	 	 	Executive Chair	 	 	 	6
	 	 	Wheel Chair	 	 	 	1
	 	 	Plants	 	 	 	9
	 	 	Large Mirror	 	 	 	1
	 	 	Artwork	 	 	 	6
	 	 	Water Urn	 	 	 	1
	 	 	Easel	 	 	 	1
	 	 	Trash Can	 	 	 	7
	Reservations	 	Including Side Revenue Manager Office	 	 	 	 
	 	 	Desktop Computer	 	 	 	9
	 	 	Additional Monitors	 	 	 	7
	 	 	Laptop	 	 	 	1
	 	 	Wired Telephone	 	 	 	9
	 	 	Phone Headset	 	 	 	7
	 	 	Computer Headset	 	 	 	7
	 	 	Desk	 	 	 	3
	 	 	Cubicle	 	 	 	6
	 	 	File Cabinet	 	 	 	6
	 	 	Side Table with Shelves	 	 	 	4
	 	 	Xerox Copier	 	LEASED - In side office	 	1
	 	 	Printer	 	 	 	3
	 	 	Fax Machine	 	 	 	1
	 	 	Desk Lamp	 	 	 	6
	 	 	Executive Chair	 	 	 	9
	 	 	White/Cork Boards	 	 	 	4
	 	 	Mini Refrigerator	 	 	 	1
	 	 	 	 	 	 	 
	Business Center	 	 	 	 	 	 
	 	 	Desktop Computer	 	 	 	2
	 	 	End Table	 	Wood	 	1
	 	 	Desk	 	 	 	2
	 	 	Printer	 	 	 	1
	 	 	Executive Chair	 	 	 	2
	 	 	 	 	 	 	 
	Lodge Common Space	 	 	 	 	 	 
	 	 	Game Table with Games	 	Wood	 	2
	 	 	Game Chairs	 	Wood	 	4
	 	 	Wicker Chair	 	with cushion	 	4
	 	 	Leather Arm Chair	 	 	 	6
	 	 	Leather Sofa	 	 	 	1
	 	 	Coffee Table	 	 	 	2
	 	 	Round Table	 	Wood	 	3
	 	 	Credenza	 	 	 	3
	 	 	Marble Island	 	 	 	1
	 	 	Chest	 	Wooden	 	2
	 	 	Art Book	 	Impressionism	 	2
	 	 	Side Table	 	Wood	 	2
	 	 	Wine Refrigerator	 	 	 	1
	 	 	Ottoman	 	 	 	1
	 	 	Mirror	 	 	 	1
	 	 	Artwork	 	 	 	6
	 	 	Phone	 	 	 	1
	 	 	Desk Lamp	 	 	 	2
	 	 	Floor Lamp	 	 	 	1
	Valet	 	 	 	 	 	 
	 	 	Golf Cart	 	Star Cart	 	2
	 	 	Cart Charger	 	 	 	1
	 	 	Bell Luggage Cart	 	 	 	3
	 	 	Lantern	 	 	 	8
	 	 	L.E.D. Lights	 	 	 	5
	 	 	Window Washer	 	 	 	3
	 	 	Propane Heater	 	 	 	2
	 	 	Refrigerator	 	Wine Fridge for Water	 	1
	 	 	Ice Chest	 	 	 	2
	 	 	Patio Love Seat	 	 	 	1
	 	 	Radios	 	 	 	7

 

    	 

    	 

    

 

EXHIBIT 1(M) - ii

PERSONAL PROPERTY - L’AUBERGE DE SEDONA

 

	Room#	1	2	3	4	5	6	7	8	9	10	11	12	14	15	16	17	18	19	20	21	22	23	24	25	26	27	28	29	30	31	32	33	55	56	57	58	59	60	61	62	63	64	65	66
	Bed	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	Q2	Q2	1	1	1	1	Q1	1	1	1	Q1	1	1	1	1	1	1	1
	Headboard	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	Q2	Q2	1	1	1	1	Q1	1	1	1	1	1	1	1	1	1	1	1
	TV	1	2	1	1	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	3	3	1	1	1	1	1	1	1	1	1	2	1	2	1	1	1	1
	sofa
    bed	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	 	 	 	1	1	 	1	 	 	 	 
	Desk	1	1	1	1	1	 	 	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	1	1	1	1	1	1	1	1	1
	Armoir	1	1	 	 	1	1	 	1	1	 	 	1	 	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	1	1	1	1	 	 	 	 	 	 	1	 	1	1	1	1
	safe
    box	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	Dresser	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	1	1	 	 	 	 	 	 	 	 	 
	Fri
    cabinet	 	1	 	 	1	 	 	 	 	 	 	 	 	1	1	1	 	1	1	1	 	1	1	1	1	1	 	 	1	 	 	 	1	1	1	1	1	 	 	 	 	 	 	 
	chairs	1	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	2	 	2	 	1	2	1	2	2	2	2
	ottoman	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	 	 	 	 	1	1	1	1	1	1
	F-Lamps	1	1	1	1	1	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	1	1	1	1	 	1	 	1	 	 	 	 
	Lamps	3	3	3	3	3	2	2	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	5	5	3	3	3	3	3	2	3	3	3	3	3	3	3	3	3	3
	Nighstand	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	4	4	2	2	2	2	2	2	2	2	2	 	 	 	 	 	 	 
	Refrigerator	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	Kitch-
    table	 	 	 	 	 	1	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	desk-chair	1	1	1	1	1	2	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	1	1	1	1	1	1	1	1	1
	ironing
    board	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	iron	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	Luggage
    rack	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	1	1	1	1	2	2	2	1	1	1	1	1	1	1	1	1
	stools	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	1	1	 	1
	Ihome	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	1	1	1	1	 	 	 	 	 	1	1	1	1	1	1	1
	lugg
    bench	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	2	2	1	1	1	1	 	 	1	1	1	1	1	1	1	1	1	1
	clock
    radio	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	hangers	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	28	28	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14
	coffee
    maker	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	ice
    bucket	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	Glasses	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	4	4	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
	coffee
    mugs	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	4	4	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
	make
    up mirr	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	Phone	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	coffee
    table	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	 	1	1	1	1	1	1	1	1	1
	Q
    pillows	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	4	4	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
	king
    pillows	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	4	4	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
	blankets	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	 	 	 	1	1	 	1	 	 	 	 
	duvets	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	Q2	Q2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	door
    mats	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	art
    work	1	 	1	 	1	1	1	1	1	1	1	1	2	2	2	2	2	2	2	2	2	2	2	2	2	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	Wall
    mirror	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	1	1	1	1	1	1
	Satin
    hangers	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	4	4	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
	patio
    table	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	patio
    chairs	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	4	4	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
	lounch
    chairs	1	1	1	1	1	1	1	1	 	 	 	 	 	1	1	1	1	1	1	1	1	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	1	1	1	1	1	1
	patio
    umbrellas	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	sheer
    drapes	2	2	2	2	2	 	2	2	2	2	2	2	 	2	2	2	2	2	2	2	2	2	 	2	2	2	2	2	2	2	2	2	 	 	 	 	 	6	2	6	2	2	2	2
	black
    out drapes	2	4	2	4	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	 	 	 	 	 	4	2	4	2	2	2	2
	Blinds	2	 	2	 	2	2	1	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	4	4	2	2	2	3	7	5	4	5	4	3	3	3	3	3	3	3
	waste
    basket	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
	tissue
    cover	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	amenitie
    holder	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	dish
    soap	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	1	2	2	2	2	2	2	2
	ashtrays	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	flower
    vases	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Room
    #	67	68	70	71	80	81	82	83	84	85	86	87	88	90	91	92	93	94	95	96	97	98	435	436	437	438	439	440	441	442	443	444	544	545	546	547	548	550	551	552	553	554	  	 
	Bed	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	Q1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	Headboard	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	Q1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	TV	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	sofa
    bed	 	 	 	 	 	 	 	 	 	 	 	 	 	1	1	1	1	1	1	1	1	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Desk	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	Armoir	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	 	 	 	 	 	 	 	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	safe
    box	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	Dresser	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	Fri
    cabinet	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	chairs	2	2	2	2	2	2	2	2	2	2	2	2	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	1	1	1	1	1	1	1	1	1	 	 
	ottoman	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	1	1	1	1	1	1	1	1	1	 	 
	F-Lamps	 	 	 	 	 	 	 	 	 	 	 	 	 	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	Lamps	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	 	 
	Nighstand	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	 	 
	Refrigerator	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	Kitch-
    table	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	desk-chair	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	 	 
	ironing
    board	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	iron	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	Luggage
    rack	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	1	1	1	1	1	1	1	1	1	2	1	1	1	1	1	1	1	1	1	 	 
	stools	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ihome	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	lugg
    bench	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	1	1	1	1	1	1	1	1	 	 
	clock
    radio	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	hangers	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	14	 	 
	coffee
    maker	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	ice
    bucket	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	Glasses	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	 	 
	coffee
    mugs	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	 	 
	make
    up mirr	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	Phone	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	coffee
    table	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Q
    pillows	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	 	 
	king
    pillows	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	 	 
	blankets	 	 	 	 	 	 	 	 	 	 	 	 	 	1	1	1	1	1	1	1	1	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	duvets	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	Door
    mats	1	1	1	1	1	1	1	1	1	1	1	1	1	2	1	1	1	1	1	1	1	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	art
    work	1	1	1	1	1	1	1	1	1	1	1	1	1	2	2	2	2	2	2	2	2	2	2	2	2	2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	wall
    mirrors	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Satin
    hangers	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	 	 
	patio
    table	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	patio
    chairs	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	 	 
	Lounge
    chairs	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Patio
    umbrellas	 	 	 	 	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	sheer
    drapes	2	2	2	2	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	black
    out drapes	2	2	2	2	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Blinds	3	3	3	3	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	3	3	3	3	3	3	3	3	3	3	7	3	3	3	3	3	3	3	3	3	 	 
	waste
    basket	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	 	 
	tissue
    cover	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	amenitie
    holder	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	dish
    soap	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	1	1	1	1	1	1	1	1	1	1	2	1	1	1	1	1	1	1	1	1	 	 
	ashtrays	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 
	Flower
    vases	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	 	 

 

    	 

    	 

    

 

FIRE EXTINGUISHERS

 

	 	 	 	 	QTY
	 	 	 	 	 
	1	 	Sales Office 2nd floor north exit	 	1
	2	 	Executive offices Data area	 	1
	3	 	Oasis EDR	 	1
	4	 	Housekeeping laundry room	 	1
	5	 	Banquets storage	 	1
	6	 	Cezzanne	 	1
	7	 	IT Room Hallway	 	1
	8	 	Common area South walkway	 	1
	9	 	Matisse	 	1
	10	 	Monnet	 	1
	11	 	Reservations	 	1
	12	 	Vallet Stand	 	1
	13	 	Creek side Dining station	 	1
	14	 	Verranda Bar	 	1
	15	 	Restaurant Fire Place	 	1
	16	 	Main Kitchen #1	 	1
	17	 	Main Kitchen #2	 	1
	18	 	Main Kitchen #3	 	1
	19	 	Main Kitchen #4	 	1
	20	 	Main Kitchen #5	 	1
	21	 	Main Kitchen “K” Type	 	1
	22	 	Main Kitchen outside Rear Door	 	1
	23	 	EDR “K” Type	 	1
	24	 	EDR Kitchen	 	1
	25	 	Creek House 2nd Floor	 	1
	26	 	Wine Room Creek House	 	1
	27	 	Creek House public R/R	 	1
	28	 	PBX	 	1
	29	 	PBX Hallway	 	1
	30	 	Spa Break room	 	1
	31	 	Artist Cottage	 	1
	32	 	Parking Garage @ Eng. Cage	 	1
	33	 	Eng Office	 	1
	34	 	Cottage 1	 	1
	35	 	Cottage 3	 	1
	36	 	Cottage 28	 	1
	37	 	Cottage 30	 	1
	38	 	Pool  	 	1

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(m)-iii

 

Orchards Inn Personal Property Inventory

 

    	 

    	 

    

 

Orchards Inn Inventory

 

	#	 	Item	 	 
	1	 	Optiplex 755 Computer	 	Front Office Workstation
	2	 	Optiplex 620 Computer	 	Front Office Workstation
	1	 	Dell Inspiron One Computer	 	Computer for guest use
	1	 	HP Laserjet M2727nf Printer	 	Printer/Scanner/Fax Machine
	1	 	De112350dn Printer	 	Printer for Front Desk
	1	 	Hp LaserjetP1102W Printer	 	Printer for guest use
	1	 	Panasonic KX-P1150 Printer	 	Inhouse Phone call charge Printer
	1	 	Hp Laserjet P1006	 	Printer for Front Desk/ Charles' Desk
	1	 	Leather Chair	 	In Lobby
	1	 	Leather Love Seat	 	In Lobby
	1	 	Bench	 	In Lobby
	2	 	Lamps	 	In Lobby
	5	 	Tables	 	In Lobby
	1	 	42" Vizio TV	 	In Lobby
	1	 	Microwave	 	In Lobby
	1	 	Safe	 	In Lobby
	1	 	Safe Deposit Boxes for Employee

Banks and guest use (7 Boxes)	 	 

 

    	 

    	 

    

 

	HOUSEKEEPING OFFICE	 	STORAGE CLOSETS
	2	refrigerator	 	1st floor	2nd floor	3rd floor	annex
	1	microwave	 	1 rolloway	1 rolloway	1 rolloway	2rolloway
	3	coffeemake 12oz	 	1 crib	1 crib	1 crib	2 rolloway
	5	hair drayers	 	1vacuum	1vacuum	2 dvd players	 
	4	irons	 	1 hskp car	1 hskp car	6 microwave	 
	10	coffecraft 4 oz	 	 	 	8 pillows	8 pillows
	5	Q dubet insert	 	 	 	1vacuum	2vacuum
	6	K dubet insert	 	 	 	1 hskp car	2 hskp car
	4	K mattress cover	 	 	 	 	 
	6	Q mattress cover	 	 	 	 	 
	2	k blankets	 	 	 	 	 
	3	crib blankets	 	 	 	 	 
	3	crib sheets	 	 	 	 	 
	1	crib mattress cover	 	 	 	 	 
	1	computer	 	 	 	 	 
	1	printer	 	 	 	 	 
	1	desk	 	 	 	 	 
	1	nigth stand	 	 	 	 	 
	6	arm chair	 	 	 	 	 
	1	baunquets table	 	 	 	 	 
	2	folder cabinets	 	 	 	 	 
	1	desk chair	 	 	 	 	 

 

    	 

    	 

    

 

Taos

 

	 	·	Interior Tables — 29
	 	·	Interior chairs — 78
	 	·	Bar stools — 20
	 	·	Patio Tables — 17
	 	·	Exterior Chairs — 66

 

	 	·	3 — 5' Salad Sandwich Prep
	 	·	1— 4' low reach in
	 	·	1— tall single door refrigerator
	 	·	2 — 6 burner ovens
	 	·	1— 4' steam table
	 	·	2 — 4' infrared food warmers
	 	·	2 — commercial microwaves
	 	·	1— Hobart floor mixer
	 	·	1— Sammic Food Processor
	 	·	1— Robo Coup II food processor
	 	·	2 — Hand Held Robo Coup Hand mixers
	 	·	1— walk in/Freezer
	 	·	1— Beer Cooler
	 	·	1 — 1406 Ice-O-Matic Ice machine
	 	·	2 — 4' Beer reach in
	 	·	3- 3 compartment sinks
	 	·	1— Hand Wash sink
	 	·	1— Glass washer
	 	·	1— Dishwasher
	 	·	1— Hot water heater
	 	·	2 — Vita-Mix Blenders
	 	·	12 — Black Tubs
	 	·	1— Exhaust Hood
	 	·	13 — Exhaust hood filter
	 	·	2 — 8' Prep Tables
	 	·	5 — 4' plastic shelves
	 	·	4 — Stainless shelving units

 

ENGINEERING OFFICE

 

6 — DVD players 

3— Room phones

5— TV Remotes

 

    	 

    	 

    

 

Exhibit 1(m)-iii

 

TAOS - CHINA AND GLASSWARE

 

	 	·	17 dz —12" Dinner Plates
	 	·	3 dz —12" Bowl
	 	·	4 dz — 7.5" side plate
	 	·	8 dz — 7.5" cup plate
	 	·	8 dz-10oz Crock
	 	·	5 dz — casserole plate
	 	·	11 dz — skateboard plate
	 	·	8 dz — Molcajete Bowls 8.5 oz
	 	·	5 dz — Molcajete Bowls 2.5 oz
	 	·	7 dz — 5.5 side plate
	 	·	4 dz — coffee cup 7oz
	 	·	2 dz — 6.5 oz cup
	 	·	5 dz — yellow baskets
	 	·	12dz- Pepsi Plastic cups 16oz
	 	·	7 dz- Pepsi kids cups 8oz
	 	·	7 dz Dessert spoons
	 	·	18 dz — Dinner fork
	 	·	20 dz —Dinner Knives
	 	·	5 dz — teaspoons
	 	·	7 — Large oval serving trays

 

	 	·	12 -Libbey Pitcher glass 60oz
	 	·	5 dz — Wine glasses
	 	·	5 dz — Margarita Glasses
	 	·	4 dz — Short Glasses
	 	·	6 dz — Rock Glasses
	 	·	6 dz —Pint Glasses
	 	·	2 dz — Martini Glasses

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(m)-iv

 

Schnebly Road Personal Property Inventory

 

    	 

    	 

    

 

270 Schnebly

 

Unit 1

 

	 	·	3 — beds
	 	·	1— refridg.
	 	·	1— Stove
	 	·	1— Washer and
	 	·	1— dryer
	 	·	1— water heater
	 	·	1— dishwasher
	 	·	1— kitchen table
	 	·	4 — chairs

 

Unit 2

 

	 	·	1— Bed
	 	·	1— stove
	 	·	1— refridg.
	 	·	1— table
	 	·	3 — chairs
	 	·	1— dishwasher
	 	·	1— washer and dryer
	 	·	1— water heater

 

Unit 3

 

	 	·	1— bed
	 	·	1— stove
	 	·	1— refridg.
	 	·	1— table
	 	·	4 — chairs
	 	·	1— dishwasher
	 	·	1— washer and dryer
	 	·	1— water heater

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 1(M) - V

PERSONAL PROPERTY - ORCHARDS ANNEX PROPERTY
LEASE

 

	Room #:	 	400	 	401	 	402	 	403	 	404	 	405	 	406	 	407	 	408	 	409	 	410	 	411	 	412	 	413	 	420	 	421	 	422	 	423	 	424	 	425	 	426	 	427	 	428	 	429	 	430	 	431	 	432	 	433	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TV	 	1	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	2	 	2	 	1	 	1	 	1	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	2	 	2	 	1	 	1	 
	CREDENZA	 	 	 	 	 	1	 	 	 	1	 	1	 	1	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	 	 	 	1	 	1	 	1	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 
	NIGHSTAND	 	2	 	2	 	1	 	2	 	1	 	2	 	1	 	1	 	2	 	2	 	2	 	2	 	1	 	2	 	2	 	2	 	1	 	2	 	1	 	2	 	1	 	1	 	2	 	2	 	2	 	2	 	2	 	2	 
	COFFEE TABLE	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	 	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	FLOOR LAMP	 	 	 	1	 	3	 	 	 	2	 	1	 	1	 	2	 	 	 	 	 	1	 	1	 	 	 	 	 	 	 	1	 	3	 	 	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	 	 	 	 
	LAMPS	 	2	 	3	 	2	 	2	 	2	 	3	 	1	 	1	 	2	 	2	 	3	 	3	 	1	 	2	 	2	 	3	 	2	 	3	 	2	 	2	 	2	 	2	 	2	 	2	 	3	 	3	 	2	 	2	 
	LOUNGE CHAIR	 	 	 	1	 	1	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	 	 	 	 	1	 	 	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	 	 
	OTTOMAN	 	 	 	1	 	1	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	 	 	 	 	1	 	 	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	 	 
	DVD	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	SOFA BED	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1T	 	1 F	 	1 F	 	1T	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1T	 	1 F	 	1 F	 	1T	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 
	PHONE	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	CLOCK RADIO	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	 	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	HAIR DRYER	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	COFFEEMAKER	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	COFFEE CUP	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 
	GLASSES	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 
	REFRIGERATOR	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	LUGGAGE RACK	 	1	 	1	 	2	 	1	 	2	 	1	 	2	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	2	 	1	 	2	 	1	 	2	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 
	AMOIRE	 	1	 	1	 	1	 	1	 	 	 	 	 	 	 	 	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	 	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	1	 	1	 	1	 
	ICE BUCKET	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	IRON	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	IRONING BOARD	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	DRESSER	 	 	 	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	 	 	 	 	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	 	 
	BEDS	 	1	 	1	 	2	 	1	 	2	 	1	 	2	 	2	 	1	 	1	 	1	 	1	 	1	 	2	 	1	 	1	 	2	 	1	 	2	 	1	 	2	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 
	HEADBOARDS	 	1	 	1	 	2	 	1	 	2	 	1	 	2	 	2	 	1	 	1	 	1	 	1	 	1	 	2	 	1	 	1	 	2	 	1	 	2	 	1	 	2	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 
	DUVET INSERT	 	1K	 	1K	 	2Q	 	1K	 	2Q	 	1K	 	2Q	 	2Q	 	1K	 	1K	 	1K	 	1K	 	1K	 	2Q	 	1K	 	1K	 	2Q	 	1K	 	2Q	 	1K	 	2Q	 	2Q	 	1K	 	1K	 	1K	 	1K	 	1K	 	1K	 
	BLANKETS	 	1K	 	1K	 	2Q	 	1K	 	2Q	 	1K	 	2Q	 	2Q	 	1K	 	1K	 	1K	 	1K	 	1K	 	2Q	 	1K	 	1K	 	2Q	 	1K	 	2Q	 	1K	 	2Q	 	2Q	 	1K	 	1K	 	1K	 	1K	 	1K	 	1K	 
	END TABLE	 	 	 	1	 	1	 	 	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	1	 	 	 	1	 	1	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	1	 	 	 
	KITCHEN TABLE	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	KITCHEN CHAIR	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 
	MICROWAVE	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	MIRRORS	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	WINDOW COVERINGS	 	2	 	2	 	1	 	1	 	2	 	1	 	1	 	1	 	1	 	2	 	1	 	1	 	2	 	2	 	2	 	1	 	1	 	1	 	2	 	2	 	1	 	1	 	2	 	2	 	2	 	2	 	1	 	1	 
	ARTWORK	 	3	 	6	 	7	 	5	 	6	 	3	 	2	 	2	 	2	 	5	 	6	 	6	 	4	 	3	 	4	 	6	 	7	 	5	 	6	 	2	 	2	 	3	 	2	 	4	 	6	 	5	 	5	 	5	 

 

Key: 1F = 1 Full Sofa Bed

1T = 1 Twin Sofa Bed

1K = 1 King

2Q = 2 Queen

 

    	 

    	 

    

 

EXHIBIT 1(M) - V

PERSONAL PROPERTY - ORCHARDS ANNEX PROPERTY
LEASE

 

	Room #:	 	400	 	401	 	402	 	403	 	404	 	405	 	406	 	407	 	408	 	409	 	410	 	411	 	412	 	413	 	420	 	421	 	422	 	423	 	424	 	425	 	426	 	427	 	428	 	429	 	430	 	431	 	432	 	433	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TV	 	1	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	2	 	2	 	1	 	1	 	1	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	2	 	2	 	1	 	1	 
	CREDENZA	 	 	 	 	 	1	 	 	 	1	 	1	 	1	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	 	 	 	1	 	1	 	1	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 
	NIGHSTAND	 	2	 	2	 	1	 	2	 	1	 	2	 	1	 	1	 	2	 	2	 	2	 	2	 	1	 	2	 	2	 	2	 	1	 	2	 	1	 	2	 	1	 	1	 	2	 	2	 	2	 	2	 	2	 	2	 
	COFFEE TABLE	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	 	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	FLOOR LAMP	 	 	 	1	 	3	 	 	 	2	 	1	 	1	 	2	 	 	 	 	 	1	 	1	 	 	 	 	 	 	 	1	 	3	 	 	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	 	 	 	 
	LAMPS	 	2	 	3	 	2	 	2	 	2	 	3	 	1	 	1	 	2	 	2	 	3	 	3	 	1	 	2	 	2	 	3	 	2	 	3	 	2	 	2	 	2	 	2	 	2	 	2	 	3	 	3	 	2	 	2	 
	LOUNGE CHAIR	 	 	 	1	 	1	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	 	 	 	 	1	 	 	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	 	 
	OTTOMAN	 	 	 	1	 	1	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	 	 	 	 	1	 	 	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	 	 
	DVD	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	SOFA BED	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1T	 	1 F	 	1 F	 	1T	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 	1T	 	1 F	 	1 F	 	1T	 	1 F	 	1 F	 	1 F	 	1 F	 	1 F	 
	PHONE	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	CLOCK RADIO	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	 	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	HAIR DRYER	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	COFFEEMAKER	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	COFFEE CUP	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 
	GLASSES	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 	4	 
	REFRIGERATOR	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	LUGGAGE RACK	 	1	 	1	 	2	 	1	 	2	 	1	 	2	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	2	 	1	 	2	 	1	 	2	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 
	AMOIRE	 	1	 	1	 	1	 	1	 	 	 	 	 	 	 	 	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	 	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	1	 	1	 	1	 
	ICE BUCKET	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	IRON	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	IRONING BOARD	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	DRESSER	 	 	 	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	 	 	 	 	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	 	 
	BEDS	 	1	 	1	 	2	 	1	 	2	 	1	 	2	 	2	 	1	 	1	 	1	 	1	 	1	 	2	 	1	 	1	 	2	 	1	 	2	 	1	 	2	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 
	HEADBOARDS	 	1	 	1	 	2	 	1	 	2	 	1	 	2	 	2	 	1	 	1	 	1	 	1	 	1	 	2	 	1	 	1	 	2	 	1	 	2	 	1	 	2	 	2	 	1	 	1	 	1	 	1	 	1	 	1	 
	DUVET INSERT	 	1K	 	1K	 	2Q	 	1K	 	2Q	 	1K	 	2Q	 	2Q	 	1K	 	1K	 	1K	 	1K	 	1K	 	2Q	 	1K	 	1K	 	2Q	 	1K	 	2Q	 	1K	 	2Q	 	2Q	 	1K	 	1K	 	1K	 	1K	 	1K	 	1K	 
	BLANKETS	 	1K	 	1K	 	2Q	 	1K	 	2Q	 	1K	 	2Q	 	2Q	 	1K	 	1K	 	1K	 	1K	 	1K	 	2Q	 	1K	 	1K	 	2Q	 	1K	 	2Q	 	1K	 	2Q	 	2Q	 	1K	 	1K	 	1K	 	1K	 	1K	 	1K	 
	END TABLE	 	 	 	1	 	1	 	 	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	 	 	1	 	 	 	1	 	1	 	1	 	1	 	 	 	 	 	 	 	 	 	 	 	1	 	1	 	1	 	 	 
	KITCHEN TABLE	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	KITCHEN CHAIR	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 	2	 
	MICROWAVE	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	MIRRORS	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 	1	 
	WINDOW COVERINGS	 	2	 	2	 	1	 	1	 	2	 	1	 	1	 	1	 	1	 	2	 	1	 	1	 	2	 	2	 	2	 	1	 	1	 	1	 	2	 	2	 	1	 	1	 	2	 	2	 	2	 	2	 	1	 	1	 
	ARTWORK	 	3	 	6	 	7	 	5	 	6	 	3	 	2	 	2	 	2	 	5	 	6	 	6	 	4	 	3	 	4	 	6	 	7	 	5	 	6	 	2	 	2	 	3	 	2	 	4	 	6	 	5	 	5	 	5	 

 

Key: 1F = 1 Full Sofa Bed

1T = 1 Twin Sofa Bed

1K = 1 King

2Q = 2 Queen

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(m)-vi

 

Personal Property Inventory (Orchards Inn
Parking Lease)

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(m)-vii

 

Sinagua Plaza Storage Lease Personal Property
Inventory 

  

    	 

    	 

    

 

Personal Property Inventory —
Owned by L'Auberge (stored at Sinagua Plaza).

 

	Access Panels	 	 	4	 
	Air Curtain	 	 	1	 
	Barthroom Cabinets	 	 	2	 
	Broken Refrigerator cabinet	 	 	2	 
	Carpet Pad	 	 	22	 
	Ceiling fan	 	 	1	 
	Check Box	 	 	7	 
	Cushions misc	 	 	28	 
	Custom desk lamp	 	 	10	 
	Damaged Tall White spa Chair	 	 	1	 
	Dining Table 28/29	 	 	1	 
	Fabric and carpet pads	 	 	7	 
	Gold Lamp Shades	 	 	10	 
	Green dining chairs for 28/29	 	 	3	 
	Grout	 	 	2	 
	Upolstered Chairs	 	 	10	 
	Highback bar stool	 	 	1	 
	King size headborads lodge	 	 	2	 
	Kitchen Well	 	 	1	 
	Leather Chairs	 	 	2	 
	Lodge Cabinet no top	 	 	1	 
	Lodge End table/night stand	 	 	8	 
	Marble back splash	 	 	8	 
	Misc. Lampshades	 	 	46	 
	Oval Coffee table	 	 	1	 
	Peerless stand	 	 	1	 
	Spa cottage tv cabinet	 	 	6	 
	Spa lamps bed side no lamp shades	 	 	6	 
	Thumbprint Security Door	 	 	1	 
	Toilet Tank	 	 	1	 
	Vista Suite Refer Cabinet	 	 	2	 
	White upright spa suite lamps	 	 	6	 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 1(m)-viii

 

Personal Property Inventory (Sinagua Plaza
Parking Lease)

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Personal Property Inventory Affordable
Housing Lease

Exhibit 1(m)-ix

 

Room 414

 

	 	·	1— dresser
	 	·	2 — chairs
	 	·	1— stove
	 	·	1— microwave
	 	·	1— refridg.
	 	·	1— Table
	 	·	1—TV

 

Room 415

 

	 	·	3 — chairs
	 	·	1—TV
	 	·	1— Bed
	 	·	1— Microwave
	 	·	1— small table
	 	·	2 — night stands
	 	·	2 — lamps

 

Rooms 434 & 435

 

	 	·	1— Refidg.
	 	·	1— Stove
	 	·	1— Microwave
	 	·	2 — TV's
	 	·	2 — night stands
	 	·	1- bed and box spring
	 	·	2 - cable Boxes
	 	·	2 — Armour
	 	·	1— Dresser
	 	·	2 — Chairs
	 	·	4 — Lamps

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Personal Property Inventory Temporary
Housing Lease

Exhibit 1(m)-x

 

ROOM 419

 

CREDENZA - 1

COFFEE MAKER - 1

 

Room 418

 

	 	·	2
    — queen beds
	 	·	1- mini refridg.
	 	·	1— microwave
	 	·	1— nightstand
	 	·	1— little
    table
	 	·	2 — Amoire
	 	·	1— DVD
    Player
	 	·	1— Coffee
    maker
	 	·	2 — chairs

 

Room 419

 

	 	·	1—
    king bed
	 	·	1- mini refridg.
	 	·	1— microwave
	 	·	2 — nightstands
	 	·	1— little
    table
	 	·	2 — chairs
	 	·	1—coffee
    maker
	 	·	1— credenza

 

Room 436

 

	 	·	2 — beds
	 	·	1- mini refridg.
	 	·	1— microwave
	 	·	1— nightstand
	 	·	1— little table
	 	·	3 — chairs
	 	·	Fireplace

 

    	 

    	 

    

 

Room 437

 

	 	·	1— Bed
	 	·	1— microwave
	 	·	1- nightstand
	 	·	1— little table
	 	·	2 — chairs
	 	·	1— dresser
	 	·	1— little refridg.

 

Room 438

 

	 	·	2 — Beds
	 	·	1— dresser
	 	·	1— microwave
	 	·	1— mini-refridg.
	 	·	1— Fireplace
	 	·	2 — nightstands

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 2(c)

 

LA MERRA

 

EXHIBIT B

PERMITTED ENCUMBRANCES

 

1. Property taxes, which are a lien not yet due and payable,
including any assessments collected with taxes to be levied for the year 2013.

 

5. LIABILITIES AND OBLIGATIONS imposed upon said land by reason
of its inclusion within the following named District:

Retreat at Oak Creek Domestic Water Improvement District

 

6. EASEMENT and rights incident thereto, as set forth in instrument:

Recorded in Book 184 of Deeds

Page 449

Purpose telephone lines

 

7. EASEMENT and rights incident thereto, as set forth in instrument:

Recorded in Book 188 of Deeds

Page 452

Purpose electric power transmission line

 

8. EASEMENT and rights incident thereto, as set forth in instrument:

Recorded in Book 217 of Official Records

Page 239

Purpose ingress and egress

 

9. EASEMENT and rights incident thereto, as set forth in instrument:

Recorded in Book 1351 of Official Records

Page 220

Purpose electric transmission line

 

10.  EASEMENT and rights incident thereto, as set forth
in instrument:

Recorded in Book 1351 of Official Records

Page 286

Purpose electric transmission line

 

11. EASEMENT and rights incident thereto, as set forth
in instrument:

Recorded in Book 1351 of Official Records

Page 314

Purpose electric lines

 

12. EASEMENT and rights incident thereto, as set forth
in instrument:

Recorded in Book 1351 of Official Records

Page 319

Purpose electric lines

 

13. EASEMENT and rights incident thereto, as set forth in instrument:

 

    	 

    	 

    

 

Recorded in Book 3833 of Official Records

Page 934

Purpose access and utilities

 

14. MATTERS SHOWN ON SURVEY:

Recorded in Book 164 of Land Surveys

Page 57

 

15. Covenants, conditions, restrictions
and easements but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion,
sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, source of income, gender,
gender identity, gender expression, medical condition or genetic information, as set forth in applicable state or federal laws,
except to the extent that said covenant or restriction is permitted by applicable law, as set forth in the document

Recorded in Book 4513 of Official Records

Page 848

Liens and charges as set forth in the above mentioned declaration,

Payable to: The Retreat Property Company, L.L.C., an Arizona
limited liability company

 

16. EASEMENTS, RESTRICTIONS, RESERVATIONS,
CONDITIONS AND SET-BACK LINES as set forth on the plat recorded in Book 61 of Maps and Plats, page 27, but deleting any covenants,
condition or restriction indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap,
familial status, or national origin to the extent such covenants, conditions or restrictions violated 42 USC 3604(c).

 

17. EASEMENT and rights incident thereto,
as set forth in instrument:

Recorded in Book 4602 of Official Records

Page 218

Purpose electric lines, other utility lines and facilities

(Affects Lot 32)

 

18. EASEMENT and rights incident thereto, as set forth in instrument:

Recorded in Book 4602 of Official Records

Page 219

Purpose electric lines, other utility lines and facilities

(Affects Lot 31)

 

19. EASEMENT and rights incident thereto, as set forth in instrument:

Recorded in Book 4602 of Official Records

Page 220

Purpose electric lines, other utility lines and facilities

(Affects Lots 29 and 38)

 

20. EASEMENT and rights incident thereto, as set forth in instrument

Recorded in Book 4602 of Official Records

Page 221

 

    	 

    	 

    

 

Purpose electric lines, other utility lines and facilities

(Affects Lots 27 and 28)

 

21. EASEMENT and rights incident thereto, as set forth in instrument:

Recorded in Book 4602 of Official Records

Page 222

Purpose electric lines, other utility lines and facilities

(Affects Lot 20)

 

22. EASEMENT and rights incident thereto, as set forth in instrument:

Recorded in Book 4602 of Official Records

Page 224

Purpose electric lines, other utility lines and facilities

(Affects Lot 16 and Tract C)

 

23. BASEMENT and rights incident thereto, as set forth in instrument:

Recorded in Book 4602 of Official Records

Page 225

Purpose electric lines, other utility lines and facilities

(Affects Lot 1)

 

24. Reservations, exceptions and provisions contained in the
patent and in the acts authorizing the issuance thereof

 

25. Water rights, claims or title to water, whether or not
disclosed by the public records.

 

26. Any rights of the parties in possession of a portion of,
or all of, said Land, which rights are not disclosed by the public records.

 

27. A deed of trust to secure an indebtedness in the amount
shown below,

Amount: $32,000,000.00

Dated: June 11, 2007

Trustor/Orantor HL, LLC

Trustee: Fidelity National Title Insurance Agency of Coconino,
Inc.

Beneficiary: IMH Secured Loan Fund, LLC

Recording Date: June 11, 2007

Book 4513 of Official Records

Page 768

An agreement to modify the terms and provisions of said deed
of trust as therein provided

Executed by: HL LLC and IMH Secured Loan Fund, LLC

Recorded April 30, 2008

Book 4592 of Official Records

Page 699

An assignment of the beneficial interest under said deed of
trust which names:

Assignee: IMH Special Asset NT 233, LLC, an Arizona limited
liability company

Recording Date: November 13, 2009

 

    	 

    	 

    

 

Recorded in Book: 4706 of Official Records

Page: 680

A partial assignment of the beneficial interest under said trust
deed

From: IMH Special Asset NT 233, LLC, an Arizona limited liability
company

Assignee: First Credit Bank, a California banking corporation

Recording Date: January 21, 2011

Recorded in Book: 4790 of Official Records

Page: 182

As to: Lots 1, 3 through 8, inclusive, 15, 16, and 20 through
38, inclusive

A collateral assignment of the beneficial interest, which names

Assignee: NWRA Ventures I, LLC, a Delaware limited liability
company

Recording Date: June 15, 2011

Recorded in Book: 4817 of Official Records

Page: 448

A partial assignment of the beneficial interest under said trust
deed

From: First Credit Bank, a California banking corporation

Assignee: IMH Special Asset NT 233, LLC, an Arizona limited
liability company

Recording Date: July 11, 2011

Recorded in Book: 4822 of Official Records

Page: 186

As to: Lots 1, 3 through 8, inclusive, 15, 16, and 20 through
38, inclusive

NOTE: Partial releases recorded January 12, 2010 in Book 4717
of Official Records, page 454

and February 12,

2010 in Book 4723 of Official Records, page 394.

 

28. A deed of trust to secure an indebtedness in the amount
shown below,

Amount $20,000,000.00

Dated: ______, 2013

Trustor/Grantor HL NEWCO, LLC, a Delaware limited liability
company

Trustee: Lawyers Title of Arizona, Inc

Beneficiary: NWRA VENTURES I, LLC, a Delaware limited liability
company, its successors

and/or assigns, as their respective interests may appear

Recording Date: _____, 2013

Recorded in Book:_____of Official Records

Page _____

 

    	 

    	 

    

 

L’Auberge

SCHEDULE B

 

Permitted Encumbrances

 

PART I

 

		1.	Property
taxes, which are a lien not yet due and payable, including any assessments collected with taxes to be levied for the year 2013.

 

		2.	Reservations
contained In the Patent

 

	From:	The United States of America
	Recording Date:	November 26, 1915
	Recording No:	Book 43 of Deeds, page 246 (portion in the Southwest quarter of Section 8); and
	 	 
	Recording Date:	June 28, 1916
	Recording No:	Book 43 of Deeds, page 626 (portion in the Northwest quarter of Section 8)

 

Which among other things recites as follows:

 

Subject to any vested and
accrued water rights for mining, agricultural, manufacturing, or other purposes and rights to ditches and reservoirs used in connection
with such water rights, as may be recognized and acknowledged by the local customs, laws and decisions of the courts, and the reservation
from the lands hereby granted, a right of way thereon for ditches or canals constructed by the authority of the United States.

 

		3.	Water
rights, claims or title to water, whether or not disclosed by the public records.

 

		4.	INTENTIONALLY
DELETED

 

		5.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	Purpose:	gas pipelines
	Recording No:	Docket 262, page 637
	(Parcels 3 and 4)	 

 

		6.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth In a document:

 

	Purpose:	highway purposes and slope maintenance
	Recording No:	Docket 319, page 547
	(Parcel 2)	 

 

		7.	INTENTIONALLY
DELETED

 

		8.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	Purpose:	communication lines and appurtenant facilities
	Recording No:	Docket 945, page 417
	(Parcel 1)	 

 

    	 

    	 

    

 

3662329 Pages: 11 of 13 05/15/2013 03:49:28
PM

 

SCHEDULE B-Part I

(Continued)

 

		9.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	Purpose:	water lines and appurtenant facilities
	Recording No:	Docket 945, page 423
	(Parcel 1)	 

 

		10.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	Purpose:	gas pipelines and appurtenant facilities
	Recording No:	Docket 945, page 425
	(Parcel 1)	 

 

		11.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth In a document:

 

	Purpose:	water lines and appurtenant facilities
	Recording No:	Docket 945, page 628
	(Parcel 2)	 

 

		12.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	Purpose:	ingress and egress and public utilities
	Recording No:	Docket 954, page 152
	(Parcel 1)	 

 

		13.	Easement(s)
for the purpose(s) shown below and rights Incidental thereto as set forth in a document:

 

	Purpose:	drainage for State Highway 89A
	Recording No:	Docket 1002, page 347
	(Parcel 1)	 

 

		14.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	Purpose:	pipelines and appurtenant facilities
	Recording No:	Docket 1050, page 348
	(Parcel 1)	 

 

		15.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	Purpose:	pipelines and appurtenant facilities
	Recording No:	Docket 1050, page 700
	(Parcel 1)	 

 

		16.	INTENTIONALLY
DELETED

 

		17.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth In a document:

 

	Purpose:	communication lines and appurtenant facilities
	Recording No:	Docket 1050, page 708
	(Parcel 1)	 

 

		18.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	Purpose:	ditch
	Recording No:	Docket 1548, page 247; and
	Recording No:	Docket 1573, page 730
	(Parcel 1)	 

 

    	 

    	 

    

 

3662329 Pages: 12 of 13 05/15/2013 03:49:28
PM

 

SCHEDULE B—Part

(Continued)

 

		19.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth In a document:

 

	Purpose:	communication lines and appurtenant facilities
	Recording No:	Docket 1783, page 608
	(Parcel 1)	 

 

		20.	TERMS,
COVENANTS AND PROVISIONS of an "Easement" recorded November 8, 2000, in Recording No. 3070720.

(Parcel 2)

 

		21.	TERMS,
COVENANTS AND PROVISIONS of an "Easement Agreement" recorded April 25, 2002 in Recording No. 3138455 and re-recorded
July 18, 2005 in Recording No. 3332653.

(Parcel 3)

 

		22.	INTENTIONALLY
DELETED

 

		23.	INTENTIONALLY
DELETED

 

		24.	INTENTIONALLY
DELETED

 

		25.	Waiver
of Rights and Remedies under A.R.S. 12-1134, recorded in Recording No. 3508822.

 

		26.	Waiver
of Rights and Remedies under A.R.S. 12-1134, recorded In Recording No. 3508823.

 

		27.	Waiver
of Rights and Remedies under A.R.S. 12-1134, recorded in Recording No. 3508824.

 

		28.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	Purpose:	water lines
	Recording No:	3518961
	(Parcel 1 and 4)	 

 

	 	29.	Easement(s) for the purpose(s) shown below and rights Incidental thereto as set forth in a document:

 

	Purpose:	utilities
	Recording No:	3519923
	(Parcel 1)	 

 

	 	30.	Matters contained in that certain document

 

	Entitled:	Second Amended Development Agreement
	Executed by:	City of Sedona, an Arizona municipal corporation and L'Auberge Orchards, LLC, an Arizona limited liability company
	Recording Date:	March 15, 2010
	Recording No.:	3555969 and 3555971

 

	 	31.	Easement(s) for the purpose(s) shown below and rights Incidental thereto as set forth In a document:

 

	Purpose:	Use and License Agreement
	Recording Date:	January 27, 2010
	Recording No:	3551953

 

    	 

    	 

    

 

 

3662329 Pages: 13 of 13 05/15/2013 03:49:28
PM

 

SCHEDULE B—Part I

(Continued)

 

		32.	Covenants,
conditions and restrictions but omitting any covenants or restrictions, if any, including but not limited to those based upon
race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry,
or source of Income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction
is permitted by applicable law, as set forth in the document

 

	Recording No:	3555970
	Recording No:	3555972

 

		33.	Agreement
with the City of Sedona for Waiver of Rights and Remedies under A.R.S. 12-1134:

 

	Executed by:	L'Auberge Orchards LLC
	Recording Date:	May 23, 2011
	Recording No.:	3596028

 

Said Agreement discloses a right of way for the
Owenby

Ditch (Affects Tax Parcel 401-12-001C)

 

		34.	Covenants,
conditions, restrictions and easements but omitting any covenants or restrictions, if any, including but not limited to those
based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin,
ancestry, source of income, gender, gender identity, gender expression, medical condition or genetic information, as set forth
in applicable state or federal laws, except to the extent that said covenant or restriction Is permitted by applicable law, as
set forth in the document

 

	Recording No:	3596029

(Affects the Owenby Ditch contained within Tax
Parcel No. 401-12-001C)

 

		35.	INTENTIONALLY
DELETED

 

		36.	AMBIGUITY
of the description used herein resulting from the indefinite location of the Centerline of Oak Creek.

(Affects Parcel 1)

 

		37.	Any
rights of the parties in possession of a portion of, or all of, said Land, which rights are not disclosed by the public records.

 

    	 

    	 

    

 

ORCHARDS INN

PERMITTED EXCEPTIONS

 

		I.	Property
taxes, which area lien not yet due and payable, including any assessments collected with taxes to be levied for the year 2013.

 

		2.	Reservations
contained in the Patent

 

	From:	The United States of America
	Recording Date:	June 28, 1916
	Recording No:	Book 43 of Deeds, page 626

 

Which among other things recites as follows:

 

Subject to any vested and
accrued water rights for mining, agricultural, manufacturing, or other purposes and rights to ditches and reservoirs used in connection
with such water rights, as may be recognized and acknowledged by the local customs, laws and decisions of the courts, and the reservation
from the lands hereby granted, a right ofway thereon for ditches or canals constructed by the authority of the United States.

 

		3.	Water
rights, claims or title to water, whether or not disclosed by the public records.

 

		4.	INTENTIONALLY
DELETED

 

		5.	INTENTIONALLY
DELETED

 

		6.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document

 

	Purpose:	parking and roof water drainage
	Recording No:	Docket 309, page 167

 

		7.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	Purpose:	water lines and appurtenant facilities
	Recording No:	Docket 1776, page 715

 

		8.	INTENTIONALLY
DELETED

 

		9.	COVENANTS
AND CONDITIONS in Special Warranty Deed (in Lieu of Condemnation) recorded December 27, 2005, in Recording No. 3361777.

 

		10.	Matters
shown on record of survey:

 

	Recording No.:	3490268

 

		11.	Waiver
of Rights and Remedies under A.R.S. 12-1134, recorded in Recording No. 3508822.

 

		12.	Waiver
of Rights and Remedies under A.R.S. 12-1134, recorded in Recording No. 3508823.

 

		13.	Waiver
of Rights and Remedies under A.R.S. 12-1134, recorded in Recording No. 3508824.

 

    	 

    	 

    

 

3662330 Pages: 7 of 9 05/15/2013 03:49:28
PM

 

		14.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	Purpose:	designated parking spaces
	Recording No:	3519364; and
	Re-recorded	3521268

 

		15.	Easement(s)
for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	Purpose:	utility
	Recording No:	3609645

 

		16.	Any
rights of the parties In possession of a portion of, or all of, said Land, which rights are not disclosed by the public records.

 

		17.	INTENTIONALLY
DELETED

 

		18.	A
deed of trust to secure an indebtedness in the amount shown below,

 

	Amount:	$43,435,000.00
	Dated:	May 7, 2008
	Trustor/Grantor:	L'Auberge Orchard, LLC., an Arizona limited liability company
	Trustee:	Trantmation Title Insurance Company
	Beneficiary:	IMH Secured Loan Fund, LLC
	Recording Date:	May 9, 2008
	Recording No:	3485966

 

And Amended and Restated Deed of Trust as shown
below,

 

	Trustor/Grantor:	L'Auberge Orchard, LLC., an Arizona limited liability company
	Trustee:	 	 
	Beneficiary:	NWRA VENTURES 1, LLC, a Delaware limited liability company
	Recording Date:	 	, 2013
	Recording No:	 	 

 

An agreement recorded September 25, 2009 at Recording
No. 3539611 which states that this instrument was subordinated to the document or interest described in the instrument

 

	Recording Date:	September 25, 2009
	Recording No:	3539609

 

An assignment of the beneficial interest under
said deed of trust which names:

 

	Assignee:	IMH Special Asset NT 232, LLC, an Arizona limited liability company
	Recording Date:	November 13, 2009
	Recording No:	3544893

 

An agreement recorded September 30, 2010 at Recording
No. 3575445 which states that this instrument was subordinated to the document or interest described in the instrument

 

	Recording Date:	September 25, 2009
	Recording No:	3539609

 

    	 

    	 

    

 

3662330 Pages: 8 of 9 05/15/2013 03:49:28
PM

 

An agreement recorded March 9, 2011 at Recording
No. 3589822 which states that this instrument was subordinated to the document or interest described in the instrument

 

	Recording Date:	September 25, 2009
	Recording No:	3539609

 

A collateral assignment of the beneficial interest,
which names

 

	Assignee:	NWRA Ventures 1, LLC, a Delaware limited liability company
	Recording Date:	Juno 15, 2011
	Recording No:	3597846

 

An agreement recorded March 29, 2013 at Recording
No. 3658075 which states that this instrument was subordinated to the document or interest described in the instrument

 

	Recording Date:	September 25, 2009
	Recording No:	3539609

 

An absolute assignment of the beneficial interest
under said deed of trust which names:

 

	Assignee:	NWRA Ventures I, LLC, a Delaware limited liability company
	Recording Date:	______, 2013
	Recording No:	______

 

		19.	A
financing statement as follows:

 

	Debtor:	L'Auberge Orchard, LLC., an Arizona limited
	Secured Party	liability company IMH Secured Loan Fund, LLC., a
	Recording Date:	Delaware limited liability company May 16, 2008
	Recording No:	3486766; and

 

A change to the above financing statement was
filed

 

	Nature of Change:	Assignment
	Recording Date:	March 24, 2010
	Recording No:	3556918

 

An agreement recorded September 25, 2009 at Recording
No. 3539611 which states that this instrument was subordinated to the document or interest described in the instrument

 

	Recording Date:	September 25, 2009
	Recording No:	3539609

 

		20.	A
deed of trust to secure an indebtedness in the amount shown below,

 

	Amount:	$14,000,000.00
	Dated:	September 18, 2009
	Trustor/Grantor:	L'Auberge Orchard, LLC„ an Arizona limited liability company
	Trustee:	Lawyers Title Insurance Corporation, a Nebraska corporation
	Beneficiary:	First Credit Bank
	Recording Date:	September 25, 2009
	Recording No:	3539609

 

    	 

    	 

    

 

3662330 Pages: 9 of 9 05/15/2013 03:49:28
PM

 

An agreement to modify the terms and provisions
of said deed of trust as therein provided

 

	Executed by:	L'Auberge Orchard, LLC., an Arizona limited liability company and First Credit Bank
	Recording Date:	September 30, 2010
	Recording No:	3575444

 

An agreement to modify the terms and provisions
of said deed of trust as therein provided

 

	Executed by:	L'Auberge Orchard, LLC., an Arizona limited liability company and First Credit Bank
	Recording Date:	March 9, 2011
	Recording No:	3589821

 

An agreement to modify the terms and provisions
of said deed of trust as therein provided

 

	Executed by:	L'Auberge Orchards, LLC, an Arizona limited liability company and First Credit Bank
	Recording Date:	March 29, 2013
	Recording No:	3658074

 

		21.	A
deed of trust to secure an Indebtedness in the amount shown below,

 

	Amount:	$17,000,000,00
	Dated:	______, 2013
	Recorded:	______, 2013
	Recording No.:	______
	Truster:	ORCHARDS NEWCO, LLC, a Delaware limited liability company
	Trustee:	Lawyers Title of Arizona, Inc
	Beneficiary:	NWRA VENTURES I, LLC, a Delaware limited liability company, its successors and/or assigns, as their respective interests may appear

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

EXHIBIT 2(d)(ii)

 

Legal Description

 

(Orchards Annex Property Leases)

 

Parcel No. 1 (HOUSEKEEPING)

 

INTENTIONALLY OMITTED

 

Parcel No. 2 (I.T. EQUIPMENT ROOM):

 

A parcel of land situated in the Northwest quarter of Section
8, Township 17 North, Range 6 East of the Gila and Salt River Meridian in Coconino County, Arizona, being more particularly described
as follows:

 

Commencing at the West quarter corner of said Section 8, as
marked by a G.L.O. brass cap under drain cover in sidewalk, from which the Southwest corner of said Section 8, as marked by a B.L.M.
brass apped pipe, lies S01°42'03"E (Basis of Bearings for this description) a distance of 2,621.04 feet;

 

THENCE from said West quarter corner, N21°27'04"E a
distance of 342.00 feet to West corner of the Canyon Portal property that lies on the Southeasterly right-of-way line of Arizona
State Route 89A;

 

THENCE N74°53'13"E a distance of 103.87 feet to the
POINT OF BEGINNING;

 

THENCE S56°33'53"E a distance of 8.00 feet;

 

THENCE S33°26'07"W a distance of 22.14 feet;

 

THENCE N89°41'47"W a distance of 9.55 feet;

 

THENCE N33°26'07"E a distance of 27.36 feet to the
POINT OF BEGINNING.

 

Parcel No. 3 (ORCHARDS ANNEX BUILDING “A”):

 

A parcel of land situated in the Northwest quarter of Section
8, Township 17 North, Range 6 East of the Gila and Salt River Meridian in Coconino County, Arizona, being more particularly described
as follows:

 

Commencing at the West quarter corner of said Section 8, as
marked by a G.L.O. brass cap under drain cover in sidewalk, from which the Southwest corner of said Section 8, as marked by a B.L.M.
brass capped pipe, lies S01°42'03"E (Basis of Bearings for this description) a distance of 2,621.04 feet;

 

THENCE from said West quarter corner, N21°27'04"E a
distance of 342.00 feet to West corner of the Canyon Portal property that lies on the Southeasterly right-of-way line of Arizona
State Route 89A;

 

THENCE N67°01'52"E a distance of 426.86 feet to the
POINT OF BEGINNING;

 

    	 

    	 

    

 

THENCE S56°17'32"E a distance of 37.30 feet;

 

THENCE S33°42'28"W a distance of 14.70 feet;

 

THENCE S56°17'32"E a distance of 8.10 feet;

 

THENCE S33°42'28"W a distance of 62.40 feet;

 

THENCE N56°17'32"W a distance of 50.00 feet;

 

THENCE N33°42'28"E a distance of 62.30 feet;

 

THENCE S56°17'32"E a distance of 4.60 feet;

 

THENCE N33°42'28"E a distance of 14.80 feet to the
POINT OF BEGINNING.

 

Parcel No. 4 (ORCHARDS ANNEX BUILDING “B”):

 

A parcel of land situated in the Northwest quarter of Section
8, Township 17 North, Range 6 East of the Gila and Salt River Meridian in Coconino County, Arizona, being more particularly described
as follows:

 

Commencing at the West quarter corner of said Section 8, as
marked by a G.L.O. brass cap under drain cover in sidewalk, from which the Southwest corner of said Section 8, as marked by a B.L.M.
brass capped pipe, lies S01°42'03"E (Basis of Bearings for this description) a distance of 2,621.04 feet;

 

THENCE from said West quarter corner, N21°27'04"E a
distance of 342.00 feet to West corner of the Canyon Portal property that lies on the Southeasterly right-of-way line of Arizona
State Route 89A;

 

THENCE N77°31'12"E a distance of 296.27 feet to the
POINT OF BEGINNING;

 

THENCE N33°26'55"E a distance of 44.70 feet;

 

THENCE S56°33'05"E a distance of 12.70 feet;

 

THENCE N33°26'55"E a distance of 8.20 feet;

 

THENCE S56°33'05"E a distance of 38.10 feet;

 

THENCE S33°26'55"W a distance of 67.10 feet;

 

THENCE N56°33'05"W a distance of 38.30 feet;

 

THENCE N33°26'55"E a distance of 14.20 feet;

 

THENCE N56°33'05"W a distance of 12.50 feet to the
POINT OF BEGINNING.

 

    	 

    	 

    

 

Parcel No. 5 (ORCHARDS ANNEX BUILDING “C”):

 

A parcel of land situated in the Northwest quarter of Section
8, Township 17 North, Range 6 East of the Gila and Salt River Meridian in Coconino County, Arizona, being more particularly described
as follows:

 

Commencing at the West quarter corner of said Section 8, as
marked by a G.L.O. brass cap under drain cover in sidewalk, from which the Southwest corner of said Section 8, as marked by a B.L.M.
brass capped pipe, lies S01°42'03"E (Basis of Bearings for this description) a distance of 2,621.04 feet;

 

THENCE from said West quarter corner, N21°27'04"E a
distance of 342.00 feet to West corner of the Canyon Portal property that lies on the Southeasterly right-of-way line of Arizona
State Route 89A;

 

THENCE N80°02'28"E a distance of 274.61 feet to the
POINT OF BEGINNING;

 

THENCE S56°52'51"E a distance of 45.40 feet;

 

THENCE S33°07'09"W a distance of 76.10 feet;

 

THENCE N56°52'51"W a distance of 38.30 feet;

 

THENCE N33°07'09"E a distance of 5.70 feet;

 

THENCE N56°52'51"W a distance of 12.70 feet;

 

THENCE N33°07'09"E a distance of 55.70 feet;

 

THENCE S56°52'51"E a distance of 5.60 feet;

 

THENCE N33°07'09"E a distance of 14.70 feet to the
POINT OF BEGINNING.

 

Parcel No. 6 (AFFORDABLE HOUSING):

 

INTENTIONALLY OMITTED

 

Parcel No. 7 (TEMPORARY HOUSING):

 

A parcel of land situated in the Northwest quarter of Section
8, Township 17 North, Range 6 East of the Gila and Salt River Meridian in Coconino County, Arizona, being more particularly described
as follows:

 

Commencing at the West quarter corner of said Section 8, as
marked by a G.L.O. brass cap under drain cover in sidewalk, from which the Southwest corner of said Section 8, as marked by a B.L.M.
brass capped pipe, lies S01°42'03"E (Basis of Bearings for this description) a distance of 2,621.04 feet;

 

THENCE from said West quarter corner, N21°27'04"E a
distance of 342.00 feet to West corner of the Canyon Portal property that lies on the Southeasterly right-of-way line of Arizona
State Route 89A;

 

    	 

    	 

    

 

THENCE N59°47'28"E a distance of 330.63 feet;

 

THENCE N56°03'17"W a distance of 25.50 feet to the
POINT OF BEGINNING (Point “A” for reference hereinafter);

 

THENCE N56°03'17"W a distance of 34.10 feet;

 

THENCE N33°56'43"E a distance of 18.84 feet;

 

THENCE S86°25'02"E a distance of 1.59 feet;

 

THENCE N03°34'58"E a distance of 5.00 feet;

 

THENCE S86°25'02"E a distance of 3.50 feet;

 

THENCE N03°34'58"E a distance of 50.13 feet;

 

THENCE S86°25'02"E a distance of 5.10 feet;

 

THENCE N03°34'58"E a distance of 5.02 feet to Point
“B” for reference hereinafter;

 

THENCE S86°25'02"E a distance of 26.10 feet;

 

THENCE S03°34'58"W a distance of 33.00 feet to Point
“C” for reference hereinafter;

 

THENCE S03°34'58"W a distance of 30.49 feet;

 

THENCE S56°03'17"E a distance of 1.10 feet;

 

THENCE S33°56'43"W a distance of 34.30 feet to the
POINT OF BEGINNING.

 

EXCEPTING THEREFROM the following described two portions thereof
that are on the bottom floor of a two story building:

 

BEGINNING at Point “A” as referenced hereinbefore;

 

THENCE N56°03'17"W a distance of 24.90 feet;

 

THENCE N33°56'43"E a distance of 23.30 feet;

 

THENCE N03°34'58"E a distance of 0.80 feet;

 

THENCE S86°25'02"E a distance of 21.00 feet;

 

THENCE S03°34'58"W a distance of 0.35 feet;

 

THENCE S56°03'17"E a distance of 7.01 feet;

 

THENCE S33°56'43"W a distance of 34.30 feet to the
POINT OF BEGINNING (Point “A”).

 

    	 

    	 

    

 

Beginning at Point “C” as referenced hereinbefore;

 

THENCE S03°34'58"W a distance of 17.70 feet;

 

THENCE N86°25'02"W a distance of 5.10 feet;

 

THENCE N03°34'58"E a distance of 17.70 feet;

 

THENCE S86°25'02"E a distance of 5.10 feet to the POINT
OF BEGINNING (Point “C”).

 

AND FURTHER EXCEPTING THEREFROM the following described portion
thereof that is on the top floor of said two story building:

 

BEGINNING at Point “B” as referenced hereinbefore;

 

THENCE S86°25'02"E a distance of 26.10 feet;

 

THENCE S03°34'58"W a distance of 34.15 feet;

 

THENCE N86°25'02"W a distance of 26.10 feet;

 

THENCE N03°34'58"E a distance of 34.15 feet to the
POINT OF BEGINNING (Point “B”).

 

Parcel No. 8 (PARKING LEASEHOLD SITE NO. 1):

 

A parcel of land situated in the Northwest quarter of Section
8, Township 17 North, Range 6 East of the Gila and Salt River Meridian in Coconino County, Arizona, being more particularly described
as follows:

 

Commencing at the West quarter corner of said Section 8, as
marked by a G.L.O. brass cap under drain cover in sidewalk, from which the Southwest corner of said Section 8, as marked by a B.L.M.
brass capped pipe, lies S01°42'03"E (Basis of Bearings for this description) a distance of 2,621.04 feet;

 

THENCE from said West quarter corner, N21°27'04"E a
distance of 342.00 feet to West corner of the Canyon Portal property that lies on the Southeasterly right-of-way line of Arizona
State Route 89A;

 

THENCE N65°24’08”E a distance of 429.98 feet
to the POINT OF BEGINNING;

 

THENCE N32°17’00”E a distance of 27.00 feet;

 

THENCE S57°43’00”E a distance of 18.00 feet;

 

THENCE S32°17’00”W a distance of 27.00 feet;

 

THENCE N57°43’00”W a distance of 18.00 feet
to the POINT OF BEGINNING.

 

    	 

    	 

    

 

Parcel No. 9 (PARKING LEASEHOLD SITE NO. 2):

 

A parcel of land situated in the Northwest quarter of Section
8, Township 17 North, Range 6 East of the Gila and Salt River Meridian in Coconino County, Arizona, being more particularly described
as follows:

 

Commencing at the West quarter corner of said Section 8, as
marked by a G.L.O. brass cap under drain cover in sidewalk, from which the Southwest corner of said Section 8, as marked by a B.L.M.
brass capped pipe, lies S01°42'03"E (Basis of Bearings for this description) a distance of 2,621.04 feet;

 

THENCE from said West quarter corner, N21°27'04"E a
distance of 342.00 feet to West corner of the Canyon Portal property that lies on the Southeasterly right-of-way line of Arizona
State Route 89A;

 

THENCE N62°08’42”E a distance of 198.61 feet
to the POINT OF BEGINNING;

 

THENCE N34°11’13”E a distance of 18.00 feet;

 

THENCE S55°48’47”E a distance of 36.00 feet;

 

THENCE S34°11’13”W a distance of 18.00 feet;

 

THENCE N55°48’47”W a distance of 36.00 feet
to the POINT OF BEGINNING.

 

Parcel No. 10 (PARKING LEASEHOLD SITE NO. 3):

 

A parcel of land situated in the Northwest quarter of Section
8, Township 17 North, Range 6 East of the Gila and Salt River Meridian in Coconino County, Arizona, being more particularly described
as follows:

 

Commencing at the West quarter corner of said Section 8, as
marked by a G.L.O. brass cap under drain cover in sidewalk, from which the Southwest corner of said Section 8, as marked by a B.L.M.
brass capped pipe, lies S01°42'03"E (Basis of Bearings for this description) a distance of 2,621.04 feet;

 

THENCE from said West quarter corner, N21°27'04"E a
distance of 342.00 feet to West corner of the Canyon Portal property that lies on the Southeasterly right-of-way line of Arizona
State Route 89A;

 

THENCE N73°08’07”E a distance of 158.27 feet
to the POINT OF BEGINNING;

 

THENCE N33°52’16”E a distance of 18.00 feet;

 

THENCE S56°07’44”E a distance of 27.00 feet;

 

THENCE S33°52’16”W a distance of 18.00 feet;

 

THENCE N56°07’44”W a distance of 27.00 feet
to the POINT OF BEGINNING.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK] 

 

    	 

    	 

    

 

EXHIBIT 2(d)(iii)-A

 

ASSIGNMENT AND ASSUMPTION OF LEASE
AND

CONSENT TO ASSIGNMENT AND ASSUMPTION
OF LEASE

 

( Orchards Annex Property )

 

THIS ASSIGNMENT AND
ASSUMPTION OF LEASE (“Assignment”) is made and entered into as of this _____ day of _____, 2013 (the “Effective
Date”) by and between Orchards Annex, LLC, an Arizona limited liability company (“Assignor”), and
Orchards Newco, LLC, an Arizona limited liability company (“Assignee”), and consented to by Canyon Portal II,
LLC, an Arizona limited liability company (“Landlord”).

 

RECITALS

 

A.           Landlord
and Assignor entered into that certain Lease [dated March 13, 2009, and an Amendment to Lease dated July 1, 2011, for a 40 Unit
hotel property located at 280 N. Highway 89-A], Sedona, Arizona (the “Premises”), attached hereto as Exhibit
A.

 

B.           Assignor
desires to assign its rights and delegate its obligations as “Tenant” under the Lease to Assignee, and Assignee desires
to accept and assume such rights and obligations.

 

C.           Landlord
is willing to consent to such assignment, delegation, and assumption of Assignor’s rights and obligations under the Lease.

 

D.           The
parties have agreed to execute this Assignment in order to effect such assignment, delegation and assumption on the terms and conditions
set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereby agree as follows:

 

		1.	REPRESENTATION
AND WARRANTY OF ASSIGNOR

 

Assignor hereby represents
and warrants to Assignee that (a) attached hereto as Exhibit A is a true and complete copy of the Lease, including the Amendment
to Lease, (b) neither Landlord nor Assignor are in default of their obligations under the Lease, and (c) no event has occurred
which would constitute a default under the Lease.

 

		2.	ASSIGNMENT
OF LEASE

 

For good and valuable
consideration, receipt of which is hereby acknowledged, Assignor hereby (a) transfers and assigns to Assignee the entire right,
title and interest of Assignor in and to the Lease, and (b) delegates and transfers to Assignee all of Assignor’s obligations
under the Lease.

 

    	 

    	 

    

 

	ASSIGNOR:	ASSIGNEE:
	 	 
	ORCHARDS ANNEX, LLC, an Arizona limited liability
company	ORCHARDS NEWCO, LLC, an Arizona

limited liability company
	 	 
	 	By:	IMH Financial Corporation,
	 	 	a Delaware Corporation,
	 	Its:	Sole Member
	 	 	 
	By:	 	 	 	By:	 
	 	Albert B. Spector, Jr.	 	 	Name:	 
	Its:	 	 	 	Its:	 

 

    	Assignment and Assumption of Lease (Orchards Annex)

    	 

    

 

CONSENT TO ASSIGNMENT OF LEASE

 

1.        
Consent to Assignment. Landlord consents to the foregoing Assignment and agrees to recognize the Assignee as the “Tenant”
under the Lease from and after the Effective Date specified in the Assignment.

 

2.        
Lease and Defaults. Landlord represents to Assignee that:

 

(a) The Lease, including
amendments, attached hereto as Exhibit A , represents a true and complete copy of the Lease and Amendment to Lease between
Landlord and Assignor with respect to the Premises, and remains in full force and effect;

 

(b) The signature
of the person executing this Assignment evidences the full power and authority of such person to enter into this Assignment on
behalf of Landlord;

 

(c) No third party
consent to the terms of this Assignment is required before the terms of this Assignment are binding upon Landlord; and

 

(d) Neither Landlord
nor Assignor is in default of their obligations under the Lease.

 

	LANDLORD:
	 
	CANYON PORTAL II, L.L.C., an Arizona limited liability company
	 
	 	By:	 
	 	 	Albert B. Spector, Jr.
	 	Its:	 

 

    	 	2	Assignment and Assumption of Lease (Orchards Annex)

    	 

    

 

EXHIBIT A

ORCHARDS ANNEX LEASE 

 

    	Assignment and Assumption of Lease (Orchards Annex)

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 2(d)(iii)-B

 

ASSIGNMENT AND ASSUMPTION OF LEASE
AND

CONSENT TO ASSIGNMENT AND ASSUMPTION
OF LEASE

 

(Orchards Inn Parking Lease)

 

THIS ASSIGNMENT AND
ASSUMPTION OF LEASE (“Assignment”) is made and entered into as of this _____ day of _______________, 2013 (the
“Effective Date”) by and between ORCHARDS INN & RESTAURANT, LLC, an Arizona limited liability company (“Assignor”),
and ORCHARDS NEWCO, LLC, a Delaware limited liability company (“Assignee”), and consented to by CANYON PORTAL
II, L.L.C., an Arizona limited liability company (“Landlord”).

 

RECITALS

 

A.           Landlord
and Assignor entered into that certain Lease for Parking Spaces dated January 1, 2012, and Amendment to Lease dated May 1, 2012
(together, the “Lease”), for ten (10) parking spaces located at 270-300 N. Highway 89A in Sedona, Arizona (the
“Premises”), attached hereto as Exhibit A.

 

B.           Assignor
desires to assign its rights and delegate its obligations as “Tenant” under the Lease to Assignee, and Assignee desires
to accept and assume such rights and obligations.

 

C.       
    Landlord is willing to consent to such assignment, delegation, and assumption of Assignor’s
rights and obligations under the Lease.

 

D.           The
parties have agreed to execute this Assignment in order to effect such assignment, delegation and assumption on the terms and conditions
set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereby agree as follows:

 

		1.	REPRESENTATION AND WARRANTY OF ASSIGNOR

 

Assignor hereby represents
and warrants to Assignee that (a) attached hereto as Exhibit A is a true and complete copy of the Lease, including the Amendment
to Lease, (b) neither Landlord nor Assignor are in default of their obligations under the Lease, and (c) no event has occurred
which would constitute a default under the Lease.

 

		2.	ASSIGNMENT OF LEASE

 

For good and valuable
consideration, receipt of which is hereby acknowledged, Assignor hereby (a) transfers and assigns to Assignee the entire right,
title and interest of Assignor in and to the Lease, and (b) delegates and transfers to Assignee all of Assignor’s obligations
under the Lease.

 

    	 

    	 

    

 

		3.	ACCEPTANCE AND ASSUMPTION

 

Assignee hereby (a)
accepts the assignment of all such rights and assumes all such duties and obligations as the “Tenant” under the Lease
arising with respect to the period from and after the Effective Date, and (b) agrees to perform the duties and obligations of the
Assignor arising under the Lease with respect to the period from and after the Effective Date of this Assignment to the same extent
as if Assignee were the original “Tenant” named in such Lease.

 

		4.	MISCELLANEOUS

 

4.1          Further Assurances. Each party agrees to take such additional steps and to execute such additional documents as may be necessary
to effectuate the purposes of this Assignment.

 

4.2          Attorneys’ Fees. If any action is commenced to construe or enforce the terms and conditions of this Assignment or
the rights created hereunder, the party prevailing in that action shall be entitled to recover its reasonable attorneys’
fees as well as the costs and expenses of enforcing or appealing any judgment entered therein.

 

4.3          Governing Law, Jurisdiction, and Venue. This Agreement shall be governed by and construed in accordance with the laws of
the State of Arizona, without regard to the application of its conflict-of-law principles. Each party hereby consents to the jurisdiction
of the courts of Maricopa County, Arizona for the purposes of all actions commenced under or in connection with this Agreement.

 

4.4          Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto, as well
as their respective heirs, successors, and assigns.

 

4.5          Authority. The signature of the person executing this Assignment evidences the full power and authority of such person to
enter into this Assignment on behalf of the party he or she represents and the terms applicable to such party hereunder shall be
valid and binding upon the party he or she represents.

 

4.6          Entire Agreement. This Assignment constitutes the entire and final agreement between the parties with respect to the subject
matter hereof and may not be changed, terminated, or otherwise varied, except by a writing duly executed by the parties.

 

4.7          Captions. All captions in this Assignment are included herein for convenience of reference.only and shall not constitute
part of this Assignment for any other purposes

 

4.8          Counterparts. This Assignment may be executed in any number of counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Assignment, effective as of the date set forth above.

 

[SIGNATURES ON FOLLOWING PAGES]

 

    	2

    	 

    

 

	ASSIGNOR:	 	ASSIGNEE:
	 	 	 
	ORCHARDS INN & RESTAURANT, LLC, an Arizona limited liability company	 	ORCHARDS NEWCO, LLC, a Delaware limited liability company
	 	 	 
	By:	L’Auberge Orchards, LLC,	 	By:	IMH Financial Corporation,
	 	an Arizona limited liability company, I	 	 	a Delaware Corporation
	Its:	Sole Member	 	Its:	Sole Member
	 	 	 
	 	By:	 	 	 	By:	 
	 	Name:	 	 	 	Name:	 
	 	Its:	 	 	 	Its:	 

 

Assignment and Assumption of Lease (Orchards
Inn Parking)

 

    	 

    	 

    

 

CONSENT TO ASSIGNMENT OF LEASE

 

1.       
Consent to Assignment. Landlord consents to the foregoing Assignment and agrees to recognize the Assignee as the “Tenant”
under the Lease from and after the Effective Date specified in the Assignment.

 

2.       
Lease and Defaults. Landlord represents to Assignee that:

 

(a) The Lease, including
amendments, attached hereto as Exhibit A, represents a true and complete copy of the Lease and Amendment to Lease between
Landlord and Assignor with respect to the Premises, and remains in full force and effect;

 

(b) The signature
of the person executing this Assignment evidences the full power and authority of such person to enter into this Assignment on
behalf of Landlord;

 

(c) No third party
consent to the terms of this Assignment is required before the terms of this Assignment are binding upon Landlord; and

 

(d) Neither Landlord
nor Assignor is in default of their obligations under the Lease.

 

	LANDLORD:	 
	 	 
	CANYON PORTAL II, L.L.C., an Arizona limited liability
    company	 
	 	 
	 	By:	 	 
	 	 	Albert B. Spector, Jr.	 
	 	Its:	 	 

 

	 	 	Assignment and Assumption of Lease (Orchards Inn Parking)

 

    	2

    	 

    

 

EXHIBIT A

 

ORCHARDS INN PARKING LEASE

 

Assignment and Assumption of Lease (Orchards
Inn Parking)

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 2(d)(iii)-C

 

ASSIGNMENT AND ASSUMPTION OF LEASE
AND

CONSENT TO ASSIGNMENT AND ASSUMPTION
OF LEASE

 

(Sinagua Plaza Storage Lease)

 

THIS ASSIGNMENT AND
ASSUMPTION OF LEASE (“Assignment”) is made and entered into as of this _____ day of _____, 2013 (the “Effective
Date”) by and between L’AUBERGE ORCHARDS, LLC, an Arizona limited liability company (“Assignor”),
and L’AUBERGE NEWCO, LLC, a Delaware limited liability company (“Assignee”), and consented to by SINAGUA
PLAZA II, L.L.C., an Arizona limited liability company (“Landlord”).

 

RECITALS

 

A.           Landlord
and Assignor entered into that certain Lease for Storage Space dated January 1, 2012, and Amendment to Lease dated May 1, 2012
(together, the “Lease”), for storage space in the basement of a shopping center located at 320 N. Highway 89A,
Sedona, Arizona (the “Premises”), attached hereto as Exhibit A.

 

B.           Assignor
desires to assign its rights and delegate its obligations as “Tenant” under the Lease to Assignee, and Assignee desires
to accept and assume such rights and obligations.

 

C.           Landlord
is willing to consent to such assignment, delegation, and assumption of Assignor’s rights and obligations under the Lease.

 

D.           The
parties have agreed to execute this Assignment in order to effect such assignment, delegation and assumption on the terms and conditions
set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereby agree as follows:

 

		1.	REPRESENTATION AND WARRANTY OF ASSIGNOR

 

Assignor hereby represents
and warrants to Assignee that (a) attached hereto as Exhibit A is a true and complete copy of the Lease, including the Amendment
to Lease, (b) neither Landlord nor Assignor are in default of their obligations under the Lease, and (c) no event has occurred
which would constitute a default under the Lease.

 

		2.	ASSIGNMENT OF LEASE

 

For good and valuable
consideration, receipt of which is hereby acknowledged, Assignor hereby (a) transfers and assigns to Assignee the entire right,
title and interest of Assignor in and to the Lease, and (b) delegates and transfers to Assignee all of Assignor’s obligations
under the Lease.

 

    	 

    	 

    

 

		3.	ACCEPTANCE AND ASSUMPTION

 

Assignee hereby (a)
accepts the assignment of all such rights and assumes all such duties and obligations as the “Tenant” under the Lease
arising with respect to the period from and after the Effective Date, and (b) agrees to perform the duties and obligations of the
Assignor arising under the Lease with respect to the period from and after the Effective Date of this Assignment to the same extent
as if Assignee were the original “Tenant” named in such Lease.

 

		4.	MISCELLANEOUS

 

4.1          Further Assurances. Each party agrees to take such additional steps and to execute such additional documents as may be necessary
to effectuate the purposes of this Assignment.

 

4.2          Attorneys’ Fees. If any action is commenced to construe or enforce the terms and conditions of this Assignment or
the rights created hereunder, the party prevailing in that action shall be entitled to recover its reasonable attorneys’
fees as well as the costs and expenses of enforcing or appealing any judgment entered therein.

 

4.3          Governing Law, Jurisdiction, and Venue. This Agreement shall be governed by and construed in accordance with the laws of
the State of Arizona, without regard to the application of its conflict-of-law principles. Each party hereby consents to the jurisdiction
of the courts of Maricopa County, Arizona for the purposes of all actions commenced under or in connection with this Agreement.

 

4.4          Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto, as well
as their respective heirs, successors, and assigns.

 

4.5          Authority. The signature of the person executing this Assignment evidences the full power and authority of such person to
enter into this Assignment on behalf of the party he or she represents and the terms applicable to such party hereunder shall be
valid and binding upon the party he or she represents.

 

4.6          Entire Agreement. This Assignment constitutes the entire and final agreement between the parties with respect to the subject
matter hereof and may not be changed, terminated, or otherwise varied, except by a writing duly executed by the parties.

 

4.7          Captions. All captions in this Assignment are included herein for convenience of reference.only and shall not constitute
part of this Assignment for any other purposes

 

4.8          Counterparts. This Assignment may be executed in any number of counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement.

 

IN WITNESS WHEREOF, the parties hereto have
executed this Assignment, effective as of the date set forth above.

 

[SIGNATURES ON FOLLOWING PAGES]

 

    	2

    	 

    

 

	ASSIGNOR:	ASSIGNEE:
	 	 
	L’AUBERGE ORCHARDS, LLC, an

Arizona limited liability company	L’AUBERGE NEWCO, LLC, a Delaware

limited liability company
	 	 
	 	By:	IMH Financial Corporation,

a Delaware Corporation
	 	Its:	Sole Member
	 	 
	By:	 	 	 	By:	 
	 	Albert B. Spector, Jr.	 	 	Name:	 
	Its:	 	 	 	Its:	 

 

Assignment and Assumption of Lease (Sinagua
Storage)

 

    	 

    	 

    

 

CONSENT TO ASSIGNMENT OF LEASE

 

1.        
Consent to Assignment. Landlord consents to the foregoing Assignment and agrees to recognize the Assignee as the “Tenant”
under the Lease from and after the Effective Date specified in the Assignment.

 

2.        
Lease and Defaults. Landlord represents to Assignee that:

 

(a) The Lease, including
amendments, attached hereto as Exhibit A, represents a true and complete copy of the Lease and Amendment to Lease between
Landlord and Assignor with respect to the Premises, and remains in full force and effect;

 

(b) The signature
of the person executing this Assignment evidences the full power and authority of such person to enter into this Assignment on
behalf of Landlord;

 

(c) No third party
consent to the terms of this Assignment is required before the terms of this Assignment are binding upon Landlord; and

 

(d) Neither Landlord
nor Assignor is in default of their obligations under the Lease.

 

	LANDLORD:	 
	 	 
	SINAGUA PLAZA II, L.L.C., an Arizona limited liability company	 
	 	 
	 	By:	 	 
	 	 	Albert B. Spector, Jr.	 
	 	Its:	 	 

 

	 	 	Assignment and Assumption of Lease (Sinagua Storage)

 

    	2

    	 

    

 

EXHIBIT A

 

SINAGUA STORAGE LEASE

 

Assignment and Assumption of Lease (Sinagua
Storage)

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 2(d)(iii)-D

 

ASSIGNMENT AND ASSUMPTION OF LEASE
AND

CONSENT TO ASSIGNMENT AND ASSUMPTION
OF LEASE

 

(Sinagua Plaza Parking Lease)

 

THIS ASSIGNMENT AND
ASSUMPTION OF LEASE (“Assignment”) is made and entered into as of this _____ day of _____, 2013 (the “Effective
Date”) by and between L’AUBERGE ORCHARDS, LLC, an Arizona limited liability company (“Assignor”),
and L’AUBERGE NEWCO, LLC, a Delaware limited liability company (“Assignee”), and consented to by SINAGUA
PLAZA II, L.L.C., an Arizona limited liability company (“Landlord”).

 

RECITALS

 

A.           Landlord
and Assignor entered into that certain Lease for Parking Spaces dated January 1, 2012, and that certain Amendment to Lease dated
May 1, 2012 (together, the “Lease”), for seventeen (17) parking spaces located in the parking structure adjacent
to 320 N. Highway 89A, Sedona, Arizona (the “Premises”), attached hereto as Exhibit A.

 

B.           Assignor
desires to assign its rights and delegate its obligations as “Tenant” under the Lease to Assignee, and Assignee desires
to accept and assume such rights and obligations.

 

C.           Landlord
is willing to consent to such assignment, delegation, and assumption of Assignor’s rights and obligations under the Lease.

 

D.           The
parties have agreed to execute this Assignment in order to effect such assignment, delegation and assumption on the terms and conditions
set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereby agree as follows:

 

		1.	REPRESENTATION AND WARRANTY OF ASSIGNOR

 

Assignor hereby represents
and warrants to Assignee that (a) attached hereto as Exhibit A is a true and complete copy of the Lease, including the Amendment
to Lease, (b) neither Landlord nor Assignor are in default of their obligations under the Lease, and (c) no event has occurred
which would constitute a default under the Lease.

 

		2.	ASSIGNMENT OF LEASE

 

For good and valuable
consideration, receipt of which is hereby acknowledged, Assignor hereby (a) transfers and assigns to Assignee the entire right,
title and interest of Assignor in and to the Lease, and (b) delegates and transfers to Assignee all of Assignor’s obligations
under the Lease.

 

    	 

    	 

    

 

		3.	ACCEPTANCE AND ASSUMPTION

 

Assignee hereby (a)
accepts the assignment of all such rights and assumes all such duties and obligations as the “Tenant” under the Lease
arising with respect to the period from and after the Effective Date, and (b) agrees to perform the duties and obligations of the
Assignor arising under the Lease with respect to the period from and after the Effective Date of this Assignment to the same extent
as if Assignee were the original “Tenant” named in such Lease.

 

		4.	MISCELLANEOUS

 

4.1          Further Assurances. Each party agrees to take such additional steps and to execute such additional documents as may be necessary
to effectuate the purposes of this Assignment.

 

4.2          Attorneys’ Fees. If any action is commenced to construe or enforce the terms and conditions of this Assignment or
the rights created hereunder, the party prevailing in that action shall be entitled to recover its reasonable attorneys’
fees as well as the costs and expenses of enforcing or appealing any judgment entered therein.

 

4.3          Governing Law, Jurisdiction, and Venue. This Agreement shall be governed by and construed in accordance with the laws of
the State of Arizona, without regard to the application of its conflict-of-law principles. Each party hereby consents to the jurisdiction
of the courts of Maricopa County, Arizona for the purposes of all actions commenced under or in connection with this Agreement.

 

4.4          Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto, as well
as their respective heirs, successors, and assigns.

 

4.5          Authority. The signature of the person executing this Assignment evidences the full power and authority of such person to
enter into this Assignment on behalf of the party he or she represents and the terms applicable to such party hereunder shall be
valid and binding upon the party he or she represents.

 

4.6          Entire Agreement. This Assignment constitutes the entire and final agreement between the parties with respect to the subject
matter hereof and may not be changed, terminated, or otherwise varied, except by a writing duly executed by the parties.

 

4.7          Captions. All captions in this Assignment are included herein for convenience of reference.only and shall not constitute
part of this Assignment for any other purposes

 

4.8          Counterparts. This Assignment may be executed in any number of counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Assignment, effective as of the date set forth above.

 

    	2

    	 

    

 

	ASSIGNOR:	ASSIGNEE:
	 	 
	L’AUBERGE ORCHARDS, LLC, an

Arizona limited liability company	L’AUBERGE NEWCO, LLC, a Delaware

limited liability company
	 	 
	 	By:	IMH Financial Corporation, a

Delaware Corporation, Sole Member
	 	 
	By:	 	 	 	By:	 
	 	Albert B. Spector, Jr.	 	 	Name:	 
	Its:	 	 	 	Its:	 

 

Assignment and Assumption of Lease (Sinagua
Parking)

 

    	 

    	 

    

 

CONSENT TO ASSIGNMENT OF LEASE

 

1.        
Consent to Assignment. Landlord consents to the foregoing Assignment and agrees to recognize the Assignee as the “Tenant”
under the Lease from and after the Effective Date specified in the Assignment.

 

2.        
Lease and Defaults. Landlord represents to Assignee that:

 

(a) The Lease, including
amendments, attached hereto as Exhibit A, represents a true and complete copy of the Lease and Amendment to Lease between
Landlord and Assignor with respect to the Premises, and remains in full force and effect;

 

(b) The signature
of the person executing this Assignment evidences the full power and authority of such person to enter into this Assignment on
behalf of Landlord;

 

(c) No third party
consent to the terms of this Assignment is required before the terms of this Assignment are binding upon Landlord; and

 

(d) Neither Landlord
nor Assignor is in default of their obligations under the Lease.

 

	LANDLORD:	 
	 	 
	SINAGUA PLAZA II, L.L.C., an Arizona limited liability company	 
	 	 
	 	By:	 	 
	 	 	Albert B. Spector, Jr.	 
	 	Its:	 	 

 

	 	 	Assignment and Assumption of Lease (Sinagua Parking)

 

    	2

    	 

    

 

EXHIBIT A

 

SINAGUA PARKING LEASE

 

Assignment and Assumption of Lease (Sinagua
Parking)

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 2(d)(iii)-E

 

ASSIGNMENT AND ASSUMPTION OF LEASE
AND

CONSENT TO ASSIGNMENT AND ASSUMPTION
OF LEASE

 

(Affordable Housing Lease)

 

INTENTIONALLY OMITTED

 

Assignment and Assumption of Lease (Affordable
Housing)

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 2(d)(iii)-F

 

ASSIGNMENT AND ASSUMPTION OF LEASE
AND

CONSENT TO ASSIGNMENT AND ASSUMPTION
OF LEASE

 

(Temporary Housing Lease)

 

THIS ASSIGNMENT AND
ASSUMPTION OF LEASE (“Assignment”) is made and entered into as of this _____ day of _____, 2013 (the “Effective
Date”) by and between L’AUBERGE ORCHARDS, LLC, an Arizona limited liability company (“Assignor”),
and L’AUBERGE NEWCO, LLC, a Delaware limited liability company (“Assignee”), and consented to by CANYON
PORTAL II, L.L.C., an Arizona limited liability company (“Landlord”).

 

RECITALS

 

A.           Landlord
and Assignor entered into that certain Lease dated April 1, 2012, for Housing Units 418, 419, 436, 437 & 438 at 280 N. Highway
89A, Sedona, Arizona (the “Premises”), attached hereto as Exhibit A.

 

B.           Assignor
desires to assign its rights and delegate its obligations as “Tenant” under the Lease to Assignee, and Assignee desires
to accept and assume such rights and obligations.

 

C.           Landlord
is willing to consent to such assignment, delegation, and assumption of Assignor’s rights and obligations under the Lease.

 

D.           The
parties have agreed to execute this Assignment in order to effect such assignment, delegation and assumption on the terms and conditions
set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereby agree as follows:

 

		1.	REPRESENTATION AND WARRANTY OF ASSIGNOR

 

Assignor hereby represents
and warrants to Assignee that (a) attached hereto as Exhibit A is a true and complete copy of the Lease, including the Amendment
to Lease, (b) neither Landlord nor Assignor are in default of their obligations under the Lease, and (c) no event has occurred
which would constitute a default under the Lease.

 

		2.	ASSIGNMENT OF LEASE

 

For good and valuable
consideration, receipt of which is hereby acknowledged, Assignor hereby (a) transfers and assigns to Assignee the entire right,
title and interest of Assignor in and to the Lease, and (b) delegates and transfers to Assignee all of Assignor’s obligations
under the Lease.

 

    	 

    	 

    

 

		3.	ACCEPTANCE AND ASSUMPTION

 

Assignee hereby (a)
accepts the assignment of all such rights and assumes all such duties and obligations as the “Tenant” under the Lease
arising with respect to the period from and after the Effective Date, and (b) agrees to perform the duties and obligations of the
Assignor arising under the Lease with respect to the period from and after the Effective Date of this Assignment to the same extent
as if Assignee were the original “Tenant” named in such Lease.

 

		4.	MISCELLANEOUS

 

4.1          Further Assurances. Each party agrees to take such additional steps and to execute such additional documents as may be necessary
to effectuate the purposes of this Assignment.

 

4.2          Attorneys’ Fees. If any action is commenced to construe or enforce the terms and conditions of this Assignment or
the rights created hereunder, the party prevailing in that action shall be entitled to recover its reasonable attorneys’
fees as well as the costs and expenses of enforcing or appealing any judgment entered therein.

 

4.3          Governing Law, Jurisdiction, and Venue. This Agreement shall be governed by and construed in accordance with the laws of
the State of Arizona, without regard to the application of its conflict-of-law principles. Each party hereby consents to the jurisdiction
of the courts of Maricopa County, Arizona for the purposes of all actions commenced under or in connection with this Agreement.

 

4.4          Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto, as well
as their respective heirs, successors, and assigns.

 

4.5          Authority. The signature of the person executing this Assignment evidences the full power and authority of such person to
enter into this Assignment on behalf of the party he or she represents and the terms applicable to such party hereunder shall be
valid and binding upon the party he or she represents.

 

4.6          Entire Agreement. This Assignment constitutes the entire and final agreement between the parties with respect to the subject
matter hereof and may not be changed, terminated, or otherwise varied, except by a writing duly executed by the parties.

 

4.7          Captions. All captions in this Assignment are included herein for convenience of reference.only and shall not constitute
part of this Assignment for any other purposes

 

4.8          Counterparts. This Assignment may be executed in any number of counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Assignment, effective as of the date set forth above.

 

[SIGNATURES ON FOLLOWING PAGES]

 

    	2

    	 

    

 

	ASSIGNOR:	 	ASSIGNEE:
	 	 	 
	L’AUBERGE ORCHARDS, LLC, an Arizona limited liability company	 	L’AUBERGE NEWCO, LLC, a Delaware limited liability company
	 	 	 
	By:	 	 	By:	IMH Financial Corporation,
	 	Albert B. Spector, Jr.	 	 	a Delaware Corporation
	Its:	 	 	Its:	Sole Member
	 	 	 	 	 
	 	 	 	 	By:	 
	 	 	 	 	Name:	 
	 	 	 	 	Its:	 

 

Assignment and Assumption of Lease (Temporary
Housing)

 

    	 

    	 

    

 

CONSENT TO ASSIGNMENT OF LEASE

 

1.        
Consent to Assignment. Landlord consents to the foregoing Assignment and agrees to recognize the Assignee as the “Tenant”
under the Lease from and after the Effective Date specified in the Assignment.

 

2.        
Lease and Defaults. Landlord represents to Assignee that:

 

(a) The Lease, including
amendments, attached hereto as Exhibit A, represents a true and complete copy of the Lease and Amendment to Lease between
Landlord and Assignor with respect to the Premises, and remains in full force and effect;

 

(b) The signature
of the person executing this Assignment evidences the full power and authority of such person to enter into this Assignment on
behalf of Landlord;

 

(c) No third party
consent to the terms of this Assignment is required before the terms of this Assignment are binding upon Landlord; and

 

(d) Neither Landlord
nor Assignor is in default of their obligations under the Lease.

 

	LANDLORD:	 
	 	 
	CANYON PORTAL II, L.L.C., an Arizona limited liability company	 
	 	 
	 	By:	 	 
	 	 	Albert B. Spector, Jr.	 
	 	Its:	 	 

 

	 	 	Assignment and Assumption of Lease (Temporary Housing)

 

    	2

    	 

    

 

EXHIBIT A

 

TEMPORARY HOUSING LEASE

 

Assignment and Assumption of Lease (Temporary
Housing)

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 2(d)(iii)-G

 

ASSIGNMENT AND ASSUMPTION OF LEASE
AND

CONSENT TO ASSIGNMENT AND ASSUMPTION
OF LEASE

 

(Telephone Room Lease)

 

THIS ASSIGNMENT AND
ASSUMPTION OF LEASE (“Assignment”) is made and entered into as of this _____ day of _____, 2013 (the “Effective
Date”) by and between L’AUBERGE ORCHARDS LLC, an Arizona limited liability company (“Assignor”),
and ORCHARDS NEWCO, LLC, a Delaware limited liability company (“Assignee”), and consented to by CANYON PORTAL
II, L.L.C., an Arizona limited liability company (“Landlord”).

 

RECITALS

 

A.           Landlord
and Assignor entered into that certain Lease commencing April 1, 2010 Amendment to Lease dated February 1, 2011 and Second Amendment
to Lease dated ___________________, 2013 (collectively, the “Lease”), for 174 square feet for housing of telecommunications
equipment in Sedona, Arizona (the “Premises”), attached hereto as Exhibit A.

 

B.           Assignor
desires to assign its rights and delegate its obligations as “Tenant” under the Lease to Assignee, and Assignee desires
to accept and assume such rights and obligations.

 

C.           Landlord
is willing to consent to such assignment, delegation, and assumption of Assignor’s rights and obligations under the Lease.

 

D.           The
parties have agreed to execute this Assignment in order to effect such assignment, delegation and assumption on the terms and conditions
set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereby agree as follows:

 

		1.	REPRESENTATION AND WARRANTY OF ASSIGNOR

 

Assignor hereby represents
and warrants to Assignee that (a) attached hereto as Exhibit A is a true and complete copy of the Lease, including the Amendment
to Lease, (b) neither Landlord nor Assignor are in default of their obligations under the Lease, and (c) no event has occurred
which would constitute a default under the Lease.

 

		2.	ASSIGNMENT OF LEASE

 

For good and valuable
consideration, receipt of which is hereby acknowledged, Assignor hereby (a) transfers and assigns to Assignee the entire right,
title and interest of Assignor in and to the Lease, and (b) delegates and transfers to Assignee all of Assignor’s obligations
under the Lease.

 

    	 

    	 

    

 

		3.	ACCEPTANCE AND ASSUMPTION

 

Assignee hereby (a)
accepts the assignment of all such rights and assumes all such duties and obligations as the “Tenant” under the Lease
arising with respect to the period from and after the Effective Date, and (b) agrees to perform the duties and obligations of the
Assignor arising under the Lease with respect to the period from and after the Effective Date of this Assignment to the same extent
as if Assignee were the original “Tenant” named in such Lease.

 

		4.	MISCELLANEOUS

 

4.1          Further Assurances. Each party agrees to take such additional steps and to execute such additional documents as may be necessary
to effectuate the purposes of this Assignment.

 

4.2          Attorneys’ Fees. If any action is commenced to construe or enforce the terms and conditions of this Assignment or
the rights created hereunder, the party prevailing in that action shall be entitled to recover its reasonable attorneys’
fees as well as the costs and expenses of enforcing or appealing any judgment entered therein.

 

4.3          Governing Law, Jurisdiction, and Venue. This Agreement shall be governed by and construed in accordance with the laws of
the State of Arizona, without regard to the application of its conflict-of-law principles. Each party hereby consents to the jurisdiction
of the courts of Maricopa County, Arizona for the purposes of all actions commenced under or in connection with this Agreement.

 

4.4          Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto, as well
as their respective heirs, successors, and assigns.

 

4.5          Authority. The signature of the person executing this Assignment evidences the full power and authority of such person to
enter into this Assignment on behalf of the party he or she represents and the terms applicable to such party hereunder shall be
valid and binding upon the party he or she represents.

 

4.6          Entire Agreement. This Assignment constitutes the entire and final agreement between the parties with respect to the subject
matter hereof and may not be changed, terminated, or otherwise varied, except by a writing duly executed by the parties.

 

4.7          Captions. All captions in this Assignment are included herein for convenience of reference.only and shall not constitute
part of this Assignment for any other purposes

 

4.8          Counterparts. This Assignment may be executed in any number of counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Assignment, effective as of the date set forth above.

 

[SIGNATURES ON FOLLOWING PAGES]

 

    	2

    	 

    

 

	ASSIGNOR:	 	ASSIGNEE:
	 	 	 
	L’AUBERGE ORCHARDS LLC, an Arizona limited liability company	 	ORCHARDS NEWCO, LLC, a Delaware limited liability company
	 	 	 
	By:	 	 	By:	IMH Financial Corporation,
	 	Albert B. Spector, Jr.	 	 	a Delaware Corporation
	Its:	 	 	Its:	Sole Member
	 	 	 	 
	 	 	 	 	By:	 
	 	 	 	 	Name:	 
	 	 	 	 	Its:	 

 

Assignment and Assumption of Lease (Telephone
Room)

 

    	 

    	 

    

 

CONSENT TO ASSIGNMENT OF LEASE

 

1.        
Consent to Assignment. Landlord consents to the foregoing Assignment and agrees to recognize the Assignee as the “Tenant”
under the Lease from and after the Effective Date specified in the Assignment.

 

2.        
Lease and Defaults. Landlord represents to Assignee that:

 

(a) The Lease, including
amendments, attached hereto as Exhibit A, represents a true and complete copy of the Lease and Amendment to Lease between
Landlord and Assignor with respect to the Premises, and remains in full force and effect;

 

(b) The signature
of the person executing this Assignment evidences the full power and authority of such person to enter into this Assignment on
behalf of Landlord;

 

(c) No third party
consent to the terms of this Assignment is required before the terms of this Assignment are binding upon Landlord; and

 

(d) Neither Landlord
nor Assignor is in default of their obligations under the Lease.

 

	LANDLORD:	 
	 	 
	CANYON PORTAL II, L.L.C., an Arizona limited liability company	 
	 	 
	 	By:	 	 
	 	 	Albert B. Spector, Jr.	 
	 	Its:	 	 

 

	 	 	Assignment and Assumption of Lease (Telephone Room)

 

    	Signature 2

    	 

    

 

EXHIBIT A

 

TELEPHONE ROOM LEASE

 

Assignment and Assumption of Lease (Telephone
Room)

 

    	 

    	 

    

 

EX. 2(d)(iii)-G EXHIBIT A

 

TRADING
POST SHOPS

 

SECOND
AMENDMENT TO TENANT

LEASE

 

SEDONA,
ARIZONA

 

Landlord: Canyon Portal II, L.L.C.

 

Tenant: L'Auberge Orchards, LLC

 

Date of Amendment: May 14, 2013

 

    	 

    	 

    

 

CANYON PORTAL II, L.L.C.

 

SECOND AMENDMENT TO LEASE

 

THIS SECOND AMENDMENT TO LEASE
(“Lease”) is made effective May 14, 2013, by and between Landlord and Tenant (each as defined in the Fundamental Lease
provisions below.

 

WHEREAS, Landlord and Tenant
entered into that certain Lease dated April 1, 2010, as amended by the First Amendment to Lease dated February 1, 2011 (collectively,
the “Original Lease”), whereby Landlord leased to Tenant and Tenant leased from Landlord the Premises (as defined below);

 

WHEREAS, the Original Lease referred
to a lease between Landlord and a third party tenant;

 

WHEREAS, Landlord and Tenant
desire to amend the Original Lease to incorporate all terms and conditions within a single document.

 

NOW, THEREFORE, in consideration
of the above referenced recitals, the mutual promises contained herein, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

This Lease amends and restates,
in its entirety, the Original Lease.

 

SECTION 1 - FUNDAMENTAL LEASE PROVISIONS.

 

	Landlord:	Canyon Portal II, L.L.C., an Arizona limited liability company
	 	 
	Tenant:	L'Auberge Orchards, LLC, an Arizona limited liability company
	 	 
	Trade Name:	N/A
	 	 
	Lease Term:	
        Commencement Date: May 14, 2013

        Termination Date:        December 31, 2040 

	 	 
	Premises:	Approximately 174 square feet of the Trading Post Shops Building as depicted on Exhibit A attached hereto and which parcel upon which the Building is located is legally described on Exhibit B. 
	 	 
	Rent:	The total gross monthly rent (inclusive of minimum base rent, common area charges and all other additional rent) payable in accordance with the Lease shall be $536 for the period commencing on the date hereof through

 

    	1

    	 

    

 

	 	the fifth (5th  anniversary of the date hereof. Thereafter, the total gross monthly rent payable under this Lease shall be adjusted in accordance with that portion of Section 4.B. of the Original Lease beginning with the second sentence of such Section 4.B.

 

	Common Area Proportionate Share:	Based upon square footage pursuant to Section 11 below.
	 	 
	Security Deposit Amount:	No Security Deposit is required

 

	Address of Landlord:	
        Canyon Portal II LLC

        c/o Al Spector

        6900 E. Camelback Road, Suite 915

        Scottsdale, Arizona 85251

	 	 
	Address to which Rent Payments should be sent:	
        Canyon Portal II LLC

        do Al Spector

        6900 E. Camelback Road, Suite 915

        Scottsdale, Arizona 85251

	 	 
	Address of Tenant:	
        Orchards Inn & Restaurant LLC

        c/o Al Spector

        6900 E. Camelback Road, Suite 915

        Scottsdale, Arizona 85251

	 	 
	Only Permitted Uses:	Storage facilities and equipment for telephone and electronic equipment.
	 	 
	Guarantors:	
        None

         

 

The foregoing Fundamental
Lease Provisions are an integral part of this Lease, and each reference in the body of the Lease to any Fundamental Lease Provision
shall be construed to incorporate all of the terms set forth above with respect to such Provisions.

 

SECTION 2 - PREMISES.

 

Subject to the conditions
set forth herein, Landlord hereby leases to Tenant the Premises. A site plan showing the boundaries of the Premises and its relative
location within a larger commercial development comprised of four elements including the Trading Post Shops, Canyon Portal Shops,
North Retail Building, and Orchards Annex (the “Project”) is attached hereto as Exhibit A. Tenant's acceptance of the
Premises and Agreement to the terms of this Lease are not conditioned upon any representation by Landlord of the number of square
feet in the Premises.

 

    	2

    	 

    

 

Tenant is already in possession of the
Premises and Tenant's business is continuing uninterrupted.

 

SECTION 3 - GENERAL PROVISIONS.

 

3.1    No Option.
The submission of this Lease by Landlord, its agent or representative for examination or execution by Tenant does not constitute
an option or offer to lease the Premises upon the terms and conditions contained herein or a reservation of the Premises in favor
of Tenant, it being intended hereby that this Lease shall become binding upon Landlord only upon Landlord's delivery to Tenant
of a fully executed counterpart hereof.

 

3.2    Approval of
Financial Statement. None

 

3.3    No Co-Tenancy
Requirement. Landlord reserves the right to effect such tenancies in the Project as Landlord, in the exercise of its sole business
judgment, shall determine to best promote the interest of the Project. Tenant is not relying on the fact, nor does Landlord represent,
that any specific tenant or kind of tenant or number of tenants shall, during the term of this lease, occupy any space in the Project.

 

3.4    Name Change
of the Project. Landlord reserves the right to change the name of the Project from time to time during the term of this Lease.

 

SECTION 4 - LEASE TERM.

 

4.1   Term. The
term of this Lease (herein called the “Lease Term” or the “Term”) shall commence on the Commencement Date
and shall continue until the Termination Date, unless the Term is terminated sooner or extended as hereinafter provided.

 

4.2   Early Termination.
Notwithstanding anything herein or in the Original Lease to the contrary, Tenant shall have the right to terminate this Lease at
any time upon thirty (30) days prior written notice to Landlord.

 

4.3   Holding Over.
If Tenant, upon expiration or termination of this Lease, either by lapse of time or otherwise, remains in possession of the Premises
with Landlord's written consent, but without a new lease reduced to writing and duly executed, Tenant shall be deemed to be occupying
the Premises as a tenant from month to month, subject to all covenants, conditions and provisions of this Lease. If Tenant remains
in possession without Landlord's written consent, Tenant shall be deemed to be in wrongful hold over and shall be subject to all
the rights and remedies provided to Landlord under this Lease and by law, including but not limited to forcible entry and detainer
actions or other eviction processes. During any hold over period, whether with consent or wrongful, the monthly rent shall be two
hundred percent (200%) of Tenant's monthly rent payable during the last month of the Term of this Lease.

 

4.4   Abandonment.
If Tenant, prior to the expiration of this Lease, relinquishes possession of the Premises without Landlord's written consent, such
relinquishment shall be deemed to be an abandonment of the Premises and an Event of Default under this Lease.

 

    	3

    	 

    

 

4.5      Surrender of
Premises. Upon any termination of this Lease for any reason, Tenant shall immediately surrender possession of the Premises
to Landlord in good and tenantable repair, reasonable wear and tear excepted, and shall surrender all keys and all copies of such
keys for the Premises to Landlord at the place then fixed for the payment of rent or other agreed upon location.

 

4.6      Extension of
Term. Landlord grants to Tenant the right to extend the Lease Term for three (3) additional periods of ten (10) years each.
Each extension shall be upon the same terms and conditions as the Original Lease, as modified by this Amendment.

 

SECTION 5 — RENT, SECURITY DEPOSIT, AND SALES REPORTS.

 

5.1      Rent.

 

A.      Tenant shall pay
to Landlord the Minimum Rent as set forth in Section 1 under Fundamental Lease Provisions in twelve (12) equal monthly installments
during each Lease Year, in advance, on the first day of each calendar month. The Minimum Rent and Additional Charges hereinafter
provided for shall be paid in lawful money of the United States to Landlord at its address or at such other place as Landlord may
from time to time designate in writing.

 

B.      The Rent provided
for in this Section 5.1 shall be subject to adjustment as described herein commencing in the sixth (6 th ) year of the
term, and for each year thereafter as follows: The base for computing the adjustment is the Consumers' Price Index for All Urban
Consumers, United States Cities Average published by the United States Department of Labor, Bureau of Labor Statistics (the “Index”),
which is in effect on the date of the commencement of the first day of the previous Lease year (“Beginning Index”).
For example, the adjustment for year two would be based on the Index for the first day of Lease year one. The Index published most
immediately preceding the Adjustment Date in question (“Extension Index”) is to be used in determining the amount of
the adjustment. If the Extension Index has increased over the Beginning Index, the base monthly rent for the following year shall
be set by multiplying the base monthly rent for the previous year, e.g., for the 12th Lease month, by a fraction, the numerator
of which is the Extension Index and the denominator of which is the Beginning Index. However, the adjustment to the rent shall
be no less than three percent (3%) compounded per annum of the base monthly rent provided in this Lease. As an example, if year
one monthly rent is $1,000.00 and the five percent (5%) is applicable each year, then monthly rent for years two through five would
be: year two - $1,050.00; year three - $1,102.50; year four - $1,157.63; and year five - $1,215.51.

 

If the Index is changed
so that the base year differs from that in effect when the Term commences, the Index shall be converted in accordance with the
conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued
or revised during the Term, such other government index or computation with which it is replaced shall be used in order to obtain
substantially the same result as would be obtained if the Index had not been discontinued or revised.

 

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C.      Monthly rent for
the first month shall be paid on the date the Term commences. Monthly rent for any partial month shall be prorated at the rate
of one-thirtieth (1/30) of the monthly rent per day.

 

D.      All rental amounts
are “net” rent to Landlord. All Additional Charges (as described in this Lease) shall be deemed rent whether or not
expressly designated as such, and shall be paid in addition to the Minimum Annual Base Rental at the times and in the manner provided
for in this Lease.

 

5.2   Security Deposit. None

 

SECTION 6 - NO COUNTERCLAIM OR ABATEMENT OF RENT.

 

6.1   No Notice.
Except as expressly provided herein, monthly rental and Additional Charges and all other sums payable by Tenant shall be paid without
notice, demand, counterclaim, setoff, recoupment, deduction or defense of any kind or nature and without abatement, suspension,
deferment, diminution or reduction. Except as expressly provided herein, Tenant waives all rights now or hereafter conferred by
statute or otherwise to quit, terminate or surrender this Lease or the Premises or any part thereof and to any abatement, suspension,
deferment, diminution or reduction of any sum payable by Tenant to Landlord.

 

6.2   No Conditional
Payment. NO PAYMENT BY TENANT OR RECEIPT BY LANDLORD OF A LESSER AMOUNT THAN THE TOTAL OF ALL SUMS DUE HEREUNDER SHALL BE DEEMED
TO BE OTHER THAN AN ACCOUNT OF THE EARLIEST STIPULATED RENT, NOR SHALL ANY ENDORSEMENT OR STATEMENT ON ANY CHECK, OTHER PAYMENTS
OR ANY ACCOMPANYING LETTER BE DEEMED AS ACCORD AND/OR SATISFACTION AND LANDLORD MAY ACCEPT SUCH CASH AND/OR NEGOTIATE SUCH CHECK
OR PAYMENT WITHOUT PREJUDICE TO LANDLORD'S RIGHT TO RECOVER THE BALANCE OF SUCH RENT OR PURSUE ANY OTHER REMEDY PROVIDED IN THIS
LEASE OR OTHERWISE, REGARDLESS OF WHETHER LANDLORD MAKES ANY NOTATION ON SUCH INSTRUMENT OF PAYMENT OR OTHERWISE NOTIFIES TENANT
THAT SUCH ACCEPTANCE, CASHING OR NEGOTIATION OF SUCH PAYMENT IS WITHOUT PREJUDICE TO ANY OF LANDLORD'S RIGHTS. TENANT SPECIFICALLY
WAIVES THE PROVISIONS OF A.R.S. 47-1207.

 

SECTION 7 - COMMON AREAS.

 

7.1   Use of Common
Areas. All facilities furnished by Landlord in the Project and designated for the general common use of occupants of the Project,
including Tenant hereunder, its officers, agents, employees and customers, shall at all times be subject to the exclusive control
and management of Landlord. Landlord shall have the right, from time to time, to change the area, level, location and arrangement
of parking areas and other Common Area facilities and to make all rules and regulations pertaining to and necessary for the proper
operation and maintenance thereof. Landlord shall have the exclusive right at any and all times to close any portion of the Common
Areas for the purpose of making repairs, changes or additions thereto;

 

    	5

    	 

    

 

may change the size, area or arrangement of the Common Areas;
and may enter into agreements as Landlord deems appropriate for parking and ingress or egress.

 

7.2    Parking Policy.
Each Tenant shall be allocated one reserved parking space at the Project, determined by square footage of suite, the location of
which may be changed by Landlord from time to time. Tenant shall be responsible for the removal of any vehicle that is unlawfully
parked in the Tenant's reserved parking space. Tenant and its employees shall not park in any parking space that is designated
for another Tenant. Any vehicle that is unlawfully parked in a designated parking space for another Tenant will be towed at the
owner's expense. All employees of Tenant may park at the Project only in parking spaces designated for “Employees”
by the Landlord. In order to restrict the use by Tenant's employees of parking areas designated or which may be designated by Landlord
as customer parking areas, Tenant shall furnish Landlord with the license numbers of any vehicle of Tenant and Tenant's employees
promptly after each request for such information by Landlord.

 

SECTION 8 - USE OF PREMISES.

 

8.1    Use. Tenant
shall use the Premises solely for the Permitted Uses set forth in the Fundamental Lease Provisions and not for any other purpose.
Tenant shall not use or permit the Premises to be used in violation of the laws, ordinances, regulations and requirements of the
United States, the State of Arizona, Coconino County, the City of Sedona or any subdivision or department thereof or any other
authority or agency having jurisdiction over the Premises or the Project.

 

8.2   Prohibited Conduct. Except by prior written
consent of Landlord, Tenant shall not:

 

A.      Use or operate
any machinery that, in Landlord's opinion, is harmful to the Premises or the Project or disturbing to other tenants in the building
of which the Premises is a part; use any loud speakers, televisions, stereos, radios or other devices in a manner so as to be heard
outside the Premises.

 

B.      Do or suffer to
be done any act, matter or thing objectionable to the fire, casualty or liability insurance carriers whereby any insurance now
in force or hereafter to be placed on the Premises or the Project, or any part thereof, shall become void or suspended, or whereby
the same shall be rated as a more hazardous risk than at the date when Tenant receives possession of the Premises. In case of a
breach of this covenant, in addition to all other remedies of Landlord hereunder, Tenant agrees to pay to Landlord as additional
rent any and all increase or increases of premiums on insurance carried by Landlord on the Premises or the Project.

 

C.      Do or cause to
be done any act, matter or thing in violation of any federal, state, county or local law, statute, regulation, rule or ordinance.

 

8.3   Prescribed Conduct. At all times throughout
the Lease Term, Tenant shall:

 

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A.      Comply with any
and all requirements of any of the constituted public authorities and with the terms of any state or federal statute or local ordinance
or regulation applicable to Tenant or its use, safety, cleanliness or occupation of the Premises, and save Landlord harmless from
penalties, fines, costs, expenses or damages resulting from Tenant's failure to do so.

 

B.      Upon Tenant becoming
aware of any accident, fire, pest infestation, or damage occurring on or to the Premises, Tenant shall give Landlord prompt written
notice of any such accident, fire, pest infestation, or damage.

 

C.      Load and unload
goods at such times in the areas and through such entrances as may be reasonably designated for “Delivery” by Landlord.
Such trailers or trucks shall not be permitted to remain parked overnight in any area of the Project, whether loaded or unloaded.
Designated fire lanes shall not be used for the loading or unloading of merchandise, parking or standing of running vehicles at
any time. The unlawful use of such fire lanes may result in the towing of the offending vehicle and subject the owner or user thereof
to all applicable fines established by the City of Sedans and/or Landlord.

 

SECTION 9 - CONSTRUCTION OF IMPROVEMENTS.

 

9.1     Construction.

 

A.      Landlord

 

B.      Tenant

 

9.2     Tenant Improvements.
All Tenant Improvements will be performed by and the cost will be borne by Tenant. Tenant will be responsible for obtaining all
municipal permits and paying all applicable fees.

 

9.3     Written Approval.
Tenant shall not make or cause to be made any alterations, additions or improvements to the Premises, without first obtaining Landlord's
written approval and consent, which consent will not be unreasonably withheld, conditioned or delayed. Tenant shall present to
Landlord plans and specifications for such work at the time approval is sought. For any alterations, additions or improvements
to the Premises costing in excess of $500,000, in each instance, Landlord may condition its approval upon the requirement that
Tenant, or its contractor, secure and bear the cost of a labor and materials payment bond. All alterations, improvements, additions
and fixtures made or installed by Tenant shall remain upon the Premises at the expiration or earlier termination of this Lease
and shall become the property of Landlord.

 

9.4     Trade Fixtures.
Tenant shall not cut or drill into or secure any trade fixtures, apparatus or equipment of any kind to any part of the Premises
without first obtaining the written consent of Landlord, which shall not be unreasonably withheld. All furnishings, equipment and
machines installed by Tenant and that are not trade fixtures in the Premises shall remain the property of Tenant subject to any
lien provided Landlord by law and shall be removed at the expiration or earlier termination of this Lease, or any renewal or extension
thereof; provided, Tenant shall not at such time be in default under any covenant or agreement contained in this

 

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Lease and provided further that in the event of such
removal, Tenant shall promptly restore the Premises to its original order and condition. Any such furnishings, trade fixtures,
equipment and machines not removed at or prior to such termination of this Lease shall be and become the property of Landlord.

 

SECTION 10 - TENANT OBLIGATIONS.

 

10.1    Payment
by Tenant. Tenant shall pay and discharge punctually as and when the same shall become due and payable, each and every cost,
expense and obligation of every kind and nature, foreseen or unforeseen, arising out of the possession, operation, maintenance,
alteration, repair, rebuilding, use or occupancy of the Premises. Tenant shall also pay and discharge punctually, as and when the
same shall become due and payable without penalty, personal property, business, occupation and occupational license taxes, water,
sewer, electricity and telephone charges and fees.

 

10.2    Payment
by Landlord. Tenant shall not be required to pay or reimburse Landlord for (i) any local, state or federal capital levy, franchise
tax, revenue tax, income tax, or profits tax of Landlord unless and to the extent such levy, tax or imposition is in lieu of or
a substitute for any other levy, tax or imposition now or later in existence upon or with respect to the Premises which, if such
other levy, tax or imposition were in effect, would be payable by Tenant under the provisions hereof; (ii) any estate, inheritance,
devolution, succession or transfer tax which may be imposed upon or with respect to any transfer (other than taxes in connection
with a conveyance by Landlord to Tenant) of Landlord’s interest in the Premises; or (iii) any lien not of record as of the
Commencement Date arising from the unilateral acts or omissions of Landlord and unrelated to a default of Tenant under this Lease.

 

10.3    Proof
of Payment. Tenant, upon Landlord's request, shall furnish to Landlord within thirty (30) days thereafter proof of the payment
of any obligation to be paid by Tenant.

 

10.4    Personal
Property Taxes. Tenant shall be responsible for and shall pay before delinquency all taxes levied or assessed against any leasehold
interest or personal property of any kind owned or placed in, upon or about the Premises by Tenant. Tenant hereby agrees to protect
and hold harmless Landlord and the Premises from any liability for Tenant's share of any and all such taxes, assessments and charges
together with any interest, penalties or other charges thereby imposed, and from any sale or other proceedings to enforce payment
thereof, and to pay all such taxes, assessments and charges before delinquency and before same become a lien.

 

10.5    Premises
Utilities. Landlord shall, at Landlord's expense, cause to be provided to the Premises all lines for water, gas, sewer, and
electricity necessary for the operation of the Premises for the Permitted Use. Tenant shall be responsible for any and shall pay
for all utilities used or consumed in or upon the Premises as and when the charges shall become due and payable during the Term.
Tenant shall make all appropriate applications to local utility companies and pay all required deposits. In no event shall Landlord
be liable for any interruption or failure in the supply of any utilities to the Premises.

 

SECTION 11 - COMMON AREA MAINTENANCE.

 

    	8

    	 

    

 

11.1    Expenses.
From and after the Commencement Date and continuing for the Term hereof, Tenant shall pay to Landlord, as Additional Rent, Tenant's
“Proportionate Share” of: (i) all costs of operation and maintenance of the Common Areas of the Project; (ii) all Common
Area utilities; (iii) all real estate and assessment taxes levied and assessed against the Project; (iv) all insurance coverage
upon the Project and its operations; and (v) Landlord's management fee. Tenant's Proportionate Share shall be payable in equal
monthly installments at the same time rent is payable hereunder, without demand and without any deduction or set-off whatsoever.

 

Notwithstanding the foregoing to the contrary, the
following items shall not be included in Landlords calculation of Common Area Maintenance Expenses pursuant to Section 11.1 of
the Original Lease:

 

(i)     depreciation;

(ii)    costs
of repairing and replacing to the extent that proceeds of insurance or condemnation awards are received therefor;

(iii)   costs
incurred in renovating or otherwise improving, decorating, painting or altering space for tenants in the Project;

(iv)   cost
of procuring or relocating tenants, including attorneys' fees, accounting fees, design fees, advertising expenses and broker commissions;

(v)    expenses
incurred in connection with the enforcement of the terms of any lease, including the cost of removing and storing the property
of former occupants of the Project;

(vi)   cost
of any special or unique service furnished on a selective basis to individual occupants of the Project;

(vii)  ground
rents, debt service payments, loan origination fees, loan closing costs and similar expenses relating to indebtedness encumbering
the Project;

(viii) promotional,
marketing or entertainment expenses, including charitable or political contributions;

(ix)    fines
or penalties assessed against Landlord which are not the result of Tenant's failure to timely perform any obligation of Tenant
under this Lease;

(x)     Except
as provided in Section 11.1(A)(4), property management fees; salaries or other compensation paid to executive employees above the
grade of Project or property manager (including profit sharing, bonuses and 401(k) savings plans); expenses relating to the formation,
modification, maintenance and dissolution of the entity comprising Landlord, including accounting, auditing and legal fees and
key man disability insurance; any expense representing an amount paid by Landlord to a related entity which is in excess of the
amount which would have been paid in the absence of that relationship; Landlord's general overhead and general and administrative
expenses, including costs relating to accounting, payroll and computer services; rental costs relating to any management office
(on or off site) and costs associated with the purchase or rental of furniture, fixtures or equipment for Landlord's offices;

(xi)    costs
incurred by Landlord to rectify violations of laws existing as of the Effective Date;

(xii)   reserves;

(xiii)  cost
of repairing damage caused by the negligence of Landlord, its agents, employees and contractors or other tenants and their respective
agents, employees and contractors;

(xiv)  costs
for investigating, monitoring or remediation Hazardous Materials not caused by Tenant, Tenant's agents, contractors, or employees;
and

 

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(xv)  capital expenditures, except those
(i) made primarily to reduce Common Area Costs or to comply with any Laws or other governmental requirements enacted after the
effective date of this Lease, or (ii) for repairs (as opposed to additions or new improvements, except that Landlord shall be permitted
to include new improvements involving signs for the Center or the upgrading or addition of lights in the parking and other Common
Areas), or (iii) repairs of the parking lots, parking structures, sidewalks, curb cuts, and driveways; provided, all such permitted
capital expenditures (together with reasonable finance charges) shall be amortized on a straight-line basis without interest for
purposes of this Lease over the shorter of seven (7) years or the useful life of such improvement. Tenant shall be responsible
for Tenant's Proportionate Share of such permitted amortization of capital expenditures during the Term.

 

Landlord shall allocate
the foregoing charges among all the occupants of the Project according to each occupant's proportionate share. Tenant's Proportionate
Share shall be the ratio that the total floor area of the Premises bears to the total floor area of all buildings in the Project
which are from time to time completed as of the first day of each calendar quarter.

 

A.            FOR PURPOSES OF THIS SECTION 11.1:

 

1.        The cost of operation
and maintenance of the common facilities includes all expenditures incurred by or on behalf of Landlord in keeping and maintaining
the foundations, exterior walls, floors and roofs of the Project, all repairs to and replacements of equipment associated with
the Project including, but not limited to, air-conditioning units and the cost of operating and maintaining the common facilities,
including without limitation, the cost of all of Landlord's gardening and landscaping, the current portion of any assessments against
the Project for any purpose, repairs, preventive maintenance, repainting including restriping of parking lot and access ways, updating
and maintenance of directory signs, rental of signs and equipment, lighting, sanitary control, cleaning, sweeping, removal of ice,
snow, trash, rubbish, garbage and other refuse, depreciation over a period of not exceeding sixty (60) months of machinery, equipment
and other assets used in the operation and maintenance of the Project, repair, maintenance or replacement of onsite water lines,
sanitary sewer lines, septic tanks, leach lines and evapotranspiration beds, storm water lines and electrical lines and equipment
serving the property, the cost of police, security and traffic control services, reasonable reserves for anticipated expenditures,
the cost and maintenance and upkeep of the public restroom facilities, marketing and advertising expenditures for Canyon Portal
complex and the cost of all personnel required to supervise, implement and accomplish all of the foregoing, including but not limited
to, on-site management and maintenance personnel.

 

2.        Real Estate Taxes
includes all taxes, assessments and other governmental fees or charges, general and specific, ordinary and extraordinary, of any
kind and nature whatsoever, including but not limited to, assessments for public improvements or benefits, which shall, during
the Term hereof, be assessed, levied, or imposed upon the Project or Landlord or become due or payable.

 

3.        Insurance coverage
upon the Project and its operations includes the cost of all Landlord's insurance relating to the common facilities of the Project
as a whole or the operations thereon, including, but not limited to: casualty insurance, flood insurance, rent loss insurance,
fire insurance and extended coverage, as well as general liability insurance, umbrella

 

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liability insurance, bodily injury, public liability, property
damage liability, automobile insurance, sign insurance and any other insurance carried by the Landlord in coverage limits selected
by the Landlord.

 

4.        Landlord's Management
Fee is comprised of compensation and fees paid by Landlord to an independent management agent or broker for management of the Project,
or if Landlord manages the Project on its own behalf, such fees shall be stipulated to be and computed as four percent (4%) of
the gross rent received by Landlord from all Project Tenants for the fiscal year in question. In addition, the Manager shall charge
and be paid an additional fee of ten percent (10%) of the total of all Common Area Expenses to cover supervision, administration
and overhead of the Project.

 

11.2    Common Area
Expenses Estimates. At the beginning of each calendar year, Landlord shall have the right to prospectively estimate the total
amount of Common Area Expenses anticipated for such year, based on Landlord's experience and the latest available tax information,
and Landlord shall thereafter notify Tenant of the portion of estimated Common Area Expenses which Tenant shall be expected to
pay each month. Within ninety (90) days following the end of the applicable calendar year, Landlord shall furnish Tenant a statement
setting forth the amount of the actual Common Area Expenses for such year, showing in adequate detail the manner in which Tenant's
portion of Common Area Expenses has been computed and the payments made by Tenant for Common Area Expenses during such year. If
the amount collected by Landlord from Tenant for estimated Common Area Expenses exceeds the actual amount of Common Area Expenses
for such year, Landlord shall refund the excess within thirty (30) days or shall apply any credit to the next Common Area Expense
payment to be made by Tenant. If Tenant's payments of estimated Common Area Expenses are less than the total amount of actual Common
Area Expenses for such year, Tenant shall pay the deficiency within thirty (30) days.

 

SECTION 12 - MAINTENANCE AND REPAIRS BY TENANT.

 

12.1    Tenant's Obligation.
Tenant shall keep and maintain in good order, condition and repair (including any such replacement, periodic painting and restoration
as is required for that purpose) the Premises and every part thereof and any and all appurtenances thereto wherever located, including
but not limited to, the exterior and interior portion of all doors, door checks, door locks, windows, all plumbing and sewage facilities
within the Premises, all alterations, improvements and installations made by Tenant and any repairs required to be made due to
burglary or other illegal entry into the Premises. Tenant shall maintain and bear the expense of the light fixtures and bulbs,
air-conditioning unit and filters, heating unit or furnace, janitorial services, interior pest control, and the like.

 

12.2    Prohibited
Acts. Tenant shall not cause or permit accumulation of any debris or extraneous matter on the roof of the Premises and will
be responsible for any damage caused thereto by any acts of Tenant, its agents, servants, employees or contractors. Tenant shall
place any rubbish, broken down boxes, trash or other excess matter only in such containers as are authorized from time to time
by Landlord; keep the Premises (including all exterior surfaces and both sides of all glass) clean, orderly, sanitary and free
from objectionable odors and from insects, vermin, and other pests; and keep the outside areas and sidewalks immediately adjoining

 

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the Premises clean and free from empty
boxes, trash of any kind, ice and any other obstructions or safety hazards.

 

12.3   Rights of Landlord.
If Tenant refuses or fails to commence and complete repairs or maintenance required herein promptly and adequately, Landlord may,
but shall not be required to, make and complete the repairs or perform the maintenance. The cost of such repairs or maintenance
shall be paid immediately by Tenant to Landlord as additional rent upon demand.

 

SECTION 13 - REPAIR BY LANDLORD.

 

13.1   Repair by Landlord.
Landlord shall keep and maintain the foundation, exterior walls, floors and roof of the building in which the Premises are located
(but the same shall be included in the cost of operations and maintenance of the common facilities as defined in Section 11), exclusive
of doors, door frames, door checks, door locks, windows and window frames located in exterior building walls. Landlord shall not,
however, be required to make any such repairs when such repairs are the result of misuse or neglect by Tenant, its agents, employees,
invitees, licensees or contractors. Any repairs required to be made by reason of such Tenant misuse or neglect shall be the responsibility
of Tenant, the above provisions to the contrary notwithstanding. Except as provided herein, Landlord shall have no obligation to
alter or modify the Premises, or any part thereof, or to repair and maintain any plumbing, heating, electrical, air-conditioning
or other mechanical installation in the Premises. Under no circumstances shall Landlord be obligated to repair, replace or maintain
any plate glass or door or window glass no matter what the cause. If Tenant deems that Landlord is in default in any work or repair
to be done by Landlord, the Tenant should give Landlord written notice of such default. Landlord shall have twenty (10) days within
which to cure the default. In no event, however, will rent be abated by Tenant due to any alleged default of Landlord.

 

13.2   Hazardous Materials.
Exclusive of Hazardous Materials normally associated with Tenant's permitted use, if any, Tenant covenants and agrees not to use,
generate, release, manage, treat, manufacture, store, or dispose of, on, under or about, or transport to or from (any of the foregoing
hereinafter a “Use”) the Premises any Hazardous Materials (other than “De Minimis” amounts (as defined
below)). Tenant further covenants and agrees to pay all costs and expenses associated with enforcement, removal, remedial or other
governmental or regulatory actions, agreements or order threatened, instituted or completed pursuant to any Hazardous Materials
Laws, and all audits, tests, investigations, cleanup, reports and other such items incurred in connection with any efforts to complete,
satisfy or resolve any matters, issues or concerns, whether governmental or otherwise, arising out of or in any way related to
the Use of Hazardous Materials in any amount by Tenant, its employees, agents, invitees, subtenants, licensees, assignees or contractors.
For purposes of this Lease (i) the term “Hazardous Materials” shall include but not be limited to asbestos, urea formaldehyde,
polychlorinated biphenyls, automotive and petroleum products and byproducts (including, without limitation, gasoline, diesel and
other fuels, new, used and recycled oil, grease, brake fluid, antifreeze, and other automotive fluids installed in or recovered
from service vehicles or otherwise, and any other fuel additive, derivative, lubricant or byproduct generated, stored or used in
Tenant's business operation or otherwise occurring), pesticides, radioactive materials, hazardous wastes, toxic substances and
any other related or dangerous toxic or hazardous chemical, material or substance defined as hazardous or regulated or as a pollutant
or contaminant in, or the use of or

 

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exposure to which is prohibited, limited, governed or regulated
by, any Hazardous Materials Laws; (ii) the term “De Minimis” amounts shall mean, with respect to any given level of
Hazardous Materials, that such level or quantity of Hazardous Materials in any form or combination of forms (a) does not constitute
a violation of any Hazardous Materials Laws; and (b) is customarily employed in, or associated with, similar retail projects in
Coconino County, Arizona; and (iii) the term “Hazardous Materials Laws” shall mean any federal, state, county, municipal,
local or other statute, law, ordinance or regulation now or hereafter enacted which may relate or legislate the protection of human
health or the environment, including but not limited to the Comprehensive Environment Response, Compensation and Liability Act
of 1980, 42 U.S.C. Section 9601, etseq.; the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, etseq.;
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, etseq.; the Federal Water Pollution Control Act, 33
U.S.C. Section 1251, etseq.; the Toxic Substances Control Act of 1976, 15 U.S.C. Section 2601, etseq.; Ariz.Rev.
Stat. Ann.Title 49 (The “Arizona Environmental Quality Act of 1986”); and any rules, regulations or guidelines adopted
or promulgated pursuant to any of the foregoing as they may be adopted, amended or replaced from time to time.

 

SECTION 14 - LIENS.

 

14.1   No Liens.
Tenant shall have no authority to do any act or make any contract which may create or be the basis for any lien, mortgage or other
encumbrance upon any interest of Landlord in the Premises or which would cause any document to be recorded against the Premises
or the Project. Should Tenant cause any construction, alterations, rebuildings, restorations, replacements, changes, additions,
improvements or repairs to be made on the Premises, or cause any labor to be performed or material to be furnished thereon, therein
or thereto, neither Landlord nor the Premises shall under any circumstances be liable for the payment of any expense incurred or
for the value of any work done or material furnished, and Tenant shall be solely and wholly responsible to contractors, laborers
and materialmen for performing such labor and furnishing such material.

 

14.2   Tenant's
Obligations. The initial and any subsequent alterations or improvements made by Tenant to the Premises must be paid for by
Tenant when such alterations or improvements are made. Nothing in this Lease shall be construed to authorize Tenant, or any person
dealing with or under Tenant, to charge the rents of the Premises, or the property and buildings of which the Premises form a part,
or the interest of Landlord in the state of the Premises, with a mechanics' lien or encumbrance of any kind, and under no circumstances
shall Tenant be construed to be the agent, employee or representative of the Landlord in the making of any such improvements or
alterations to the Premises.

 

14.3   Removal of
Liens. If, because of any act or omission (or alleged act or omission) of Tenant, any mechanic's, materialman's, or other lien,
charge or order for the payment of money shall be filed or recorded against the Premises or against Landlord (whether or not such
lien, charge or order is valid or enforceable as such), Tenant shall, at its own expense, either cause the same to be discharged
of record pursuant to A.R.S. §33-1004, or otherwise cause such discharge, within ten (10) days after Tenant shall have received
notice of the filing thereof, or Tenant may, within such period, furnish to Landlord a bond satisfactory to Landlord against such

 

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lien, charge or order, in which case Tenant
shall have the right in good faith to contest the validity or amount thereof.

 

SECTION 15 - INSURANCE.

 

15.1   Project Insurance.
Landlord bears the risk of and may insure as a Common Area Expense as practical or as required by Landlord's Lender, the operation
of the Project as a whole or the common areas thereof. Such insurance may include, but is not limited to, general liability, umbrella
excess liability, bodily injury, public liability, property damage liability, fire and extended coverage in amounts not less than
eighty percent (80%) of the replacement cost of the Project, sign insurance and the like in coverage limits selected by Landlord.
Tenant shall pay to Landlord its “Proportionate Share” of such insurance as provided in Section 11 above.

 

15.2   Tenant's Property.
Tenant agrees that all property owned by it in, on, or about the Premises shall be at the sole risk and hazard of the Tenant. Landlord
shall not be liable or responsible for any loss or damage to Tenant, or anyone claiming under or through Tenant, or otherwise,
whether caused by or resulting from a peril required to be insured hereunder, or from water, gas leakage, plumbing, electricity
or electrical apparatus, pipe or apparatus of any kind, the elements or other similar or dissimilar causes, and whether or not
originating in the Premises or elsewhere, irrespective of whether or not Landlord may be deemed to have been negligent with respect
thereto, and provided such damage or loss is not the result of any intentional and wrongful act of Landlord. Tenant shall require
all policies of risk insurance carried by it on its property in the Premises to contain or be endorsed with the provision in and
by which the insurer designated therein shall waive its right of subrogation against Landlord.

 

15.3   Tenant's Operations.
All operations conducted by Tenant shall be at Tenant's sole risk. In addition, Tenant shall procure insurance for its operations
as follows:

 

A.     Tenant shall keep
in force at its own expense public liability insurance and comprehensive general liability insurance, including contractual liability
insurance sufficient to cover all phases and aspects of the operation and conduct of its business, with minimum limits of $2,000,000.00
on account of bodily injuries to or death of one person and $3,000,000.00 on account of bodily injuries to or death of more than
one person as a result of any one accident or disaster, and $2,000,000.00 as a result of damage to property.

 

B.     Tenant shall keep
and maintain in force during the Term hereof, plate glass insurance upon windows and doors in the Premises as required by Landlord
unless Landlord maintains such insurance on behalf of all Tenants and treats it as a Common Area Expense.

 

15.4   Certificate
of Insurance. Tenant shall provide annually to Landlord a Certificate of Insurance listing Landlord as an additional named
insured.

 

15.5   Insurance Companies.
The policies affording the insurance required by this Lease shall be with companies (rated A-[minus] VII or better, A.M. Best's
Key Rating Guide) authorized to do business in the State of Arizona and shall be in a form reasonably satisfactory to Landlord,
shall provide replacement cost coverage, shall name Landlord as an additional insured, and shall provide for payment of loss thereunder
to Landlord and Tenant as their interests, may appear. The policies or certificates evidencing such insurance shall be delivered
to Landlord on

 

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or before the Commencement Date and renewals
thereof shall be delivered to Landlord at least thirty (30) days prior to the expiration dates of the respective policies. Alternatively,
the insurance required by this Section 15 may be provided under a blanket policy to the Tenant’s existing insurance policy.

 

15.6   Failure to
Procure Insurance. In the event Tenant shall fail to procure insurance required under this Lease or fail to maintain the same
in force continuously during the Term, or any extension thereof, Landlord shall be entitled to procure such insurance and Tenant
shall, upon demand, immediately reimburse Landlord for such premium expense or Landlord may declare Tenant in default under this
Lease.

 

15.7   Waiver of Subrogation.
Except with respect to Worker's Compensation, to which no waiver of subrogation will apply, each party hereby waives any and every
right or cause of action for the events which occur or accrue during the Lease Term for any and all loss of, or damage to, any
of its property (whether or not such loss or damage is caused by the fault or negligence of the other party or anyone for whom
said other party may be responsible), which loss or damage is covered by valid and collectible fire, extended coverage, “All
Risk” or similar policies covering real property, personal property or business interruption insurance policies, to the extent
that such loss or damage is recovered under said insurance policies. Said waivers shall be in addition to, and not in limitation
or derogation of, any other waiver or release contained in this Lease with respect to any loss or damage to property of the parties
hereto. Written notice of the terms of such mutual waivers shall be given to each insurance carrier and the insurance policies
shall be properly endorsed, if necessary, to prevent the invalidation of coverage by reason of said waivers.

 

SECTION 16 - DAMAGE OR DESTRUCTION.

 

If all or any portion
of the Premises or the Project is damaged by fire or other casualty insurable under a standard fire insurance policy with a standard
extended coverage endorsement, Minimum Monthly Rental and Additional Rent shall abate and Landlord shall promptly repair as is
necessary to replace the Premises and when placed in such condition the Premises shall be deemed restored and rendered tenantable,
such repair or rebuilding to be commenced within a reasonable time after the occurrence. If such damage occurs in the last two
years of the Lease Term or during any Option Term, Tenant or Landlord shall have the option of terminating the Lease upon written
notice to the other party. If Landlord's Lender requires that the insurance proceeds be used to retire the debt, Landlord shall
have no obligation to rebuild, and this Lease shall terminate upon notice to Tenant. Promptly following Landlord's repair or rebuilding,
Tenant, at Tenant's sole expense, shall repair or replace its stock in trade, fixtures, furniture, furnishings, floor coverings
and equipment, and if Tenant has closed, Tenant shall promptly reopen for business.

 

SECTION 17 - EASEMENTS.

 

Landlord expressly
reserves all rights in and with respect to the use of the Premises as provided herein, including (without in any way limiting the
generality of the foregoing) the rights of Landlord to establish Common Areas and grant parking easements to others and to enter
upon the Premises and give easements to others for the purpose of installing, using, maintaining,

 

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renewing and replacing such overhead or underground water, gas,
sewer, and other pipe lines, and telephone, electric and power lines, cables and conduits as Landlord may deem desirable in connection
with the development or use of the other property in the Project or any other property in the neighborhood thereof, whether owned
by Landlord or not.

 

SECTION 18 - INDEMNIFICATION.

 

18.1   By Tenant.
Excepting any responsibility allocated to Landlord by reason of its gross negligence (excluding from this exception, however, any
responsibility allocated to Landlord by reason of its failure to enforce the terms of this Lease), Tenant shall indemnify, defend
and hold Landlord harmless for, from and against all liabilities, obligations, claims, suits, damages, penalties, causes of action,
costs and expenses (including without limitation, reasonable attorneys' fees and expenses) imposed upon or asserted against Landlord
by reason of the gross negligence or willful misconduct of Tenant, its agents, employees, contractors, suppliers, licensees, invitees
and guests and/or the occurrence of any of the following during the Term: (i) any use, non-use or condition of the Premises or
any part thereof; (ii) any accident, injury to or death of persons (including workmen) or loss of or damage to property occurring
on or about the Premises or any part thereof; (iii) any failure on the part of Tenant to perform or comply with any of the provisions
of this Lease; (iv) performance of any labor or services or the furnishings of any materials or other property in respect of the
Premises or any part thereof (excluding any such matters performed or furnished by or at the request of Landlord and unrelated
to a default of Tenant under this Lease); or (v) any failure on the part of Tenant to clean up and/or dispose of any Hazardous
Materials, as described in Section 13.2 above, in accordance with the requirements of this Lease and applicable law. In the event
Landlord should be made a defendant in any action, suit or proceeding brought by reason of any such occurrence, Tenant shall, at
its own expense, resist and defend such action, suit or proceeding or cause the same to be resisted and defended by legal counsel
designated by Tenant but approved by Landlord. If any such action, suit or proceeding should result in a final judgment against
Landlord, Tenant shall promptly satisfy and discharge such judgment or shall cause such judgment to be promptly satisfied and discharged.
The obligations of Tenant under this Section 18 arising by reason of any such occurrence taking place while this Lease is in effect
shall survive the termination of this Lease..

 

18.2   By Landlord.
Landlord shall save, hold harmless and indemnify Tenant for, from and against all liabilities, obligations, claims, suits, damages,
penalties, causes of action, costs and expenses (including, without limitation, reasonable attorneys' fees and expenses) imposed
upon or asserted against Tenant by reason of the gross negligence or willful misconduct of Landlord or its agents, contractors,
servants or employees and/or the occurrence of any of the following during the Term: (i) any use or condition of the Premises or
any part thereof (which Landlord is required to maintain); (ii) any accident, injury to or death of persons (including workmen)
or loss of or damage to property occurring on or about the Common Areas; (iii) any failure on the part of Landlord to perform or
comply with any of the provisions of this Lease; and (iv) performance of any labor or services or the furnishings of any materials
or other property in respect of the Premises or any part thereof (excluding any such matters performed or furnished by or at the
request of Tenant). In the event Tenant should be made a defendant in any action, suit or proceeding brought by reason of any such
occurrence, Landlord shall, at its own expense, resist and defend such action, suit or proceeding or cause the same to be resisted
and defended by

 

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legal counsel designated by Landlord but approved by Tenant.
If any such action, suit or proceeding should result in a final judgment against Tenant, Landlord shall promptly satisfy and discharge
such judgment or shall cause such judgment to be promptly satisfied and discharged. The obligations of Landlord under this Section
18 arising by reason of any such occurrence taking place while this Lease is in effect shall survive the termination of this Lease..

 

SECTION 19 - ASSIGNMENT AND SUBLETTING.

 

Tenant shall have the right to transfer
or assign this Lease or sublet all or any portion of the Premises without Landlord's consent, but with prior written notice to
Landlord; provided, the assignee or subtenant expressly assumes all obligations of Tenant under the Lease. Notwithstanding the
foregoing, Landlord shall not have the right to consent to any assignment or subletting of this Lease or any portion of the Premises
to an entity which controls, is controlled by or is under common control with Tenant, and Landlord shall not withhold its consent
to any proposed assignee or subtenant with financial wherewithal equal to or superior to that of Tenant and who is actively engaged
in the hospitality industry.

  

SECTION 20 - SUBJECT TO MASTER LEASE.

 

Tenant acknowledges
that this Lease is subordinate to a Master Lease of the Project among CANYON PORTAL PROPERTIES, L.L.C. and ATHERTON VENTURES, L.L.C.
as Landlord and CANYON PORTAL II, L.L.C., an Arizona limited liability company as Tenant. A Memorandum of Lease is recorded in
Coconino County as Instrument No. 98-21399 on July 2, 1998. An Amendment to Memorandum of Lease is recorded in Coconino County
as Instrument No. 3288292 on October 14, 2004.

 

SECTION 21 - DEFAULTS BY TENANT.

 

21.1   Event
of Default. Each of the following occurrences shall be an Event of Default hereunder:

 

A.     If Tenant
fails to pay any Rent, Additional Charges or any sum due hereunder promptly when due and such failure continues for three (3) days
after the date such payment was due.

 

B.     If Tenant
defaults or breaches any of the other (non-monetary) covenants, agreements, conditions or undertakings herein to be kept, observed
and performed by Tenant and such default continues for ten (10) days after notice thereof in writing to Tenant.

 

C.     TENANT
ACKNOWLEDGES THAT ANY VIOLATION OF ANY OF THE PRESCRIBED CONDUCT AS SET FORTH IN PARAGRAPH 8.3 IS A MATERIAL BREACH OF THIS LEASE.
IF IN ANY TWELVE (12) MONTH PERIOD THERE ARE MORE THAN TWO (2) NOTICES OF VIOLATION OFPARAGRAPH 8.3 SENT BY LANDLORD TO TENANT,
THEN LANDLORDSHALL HAVE THE RIGHT TO TERMINATE THIS LEASE WITHOUT NOTICE.

 

TENANT'S INITIALS: _______________

 

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D.     If Tenant
files any petition under any chapter or section of the Federal Bankruptcy Code or any similar law, state or federal, whether now
or hereafter existing, or shall file an answer admitting insolvency or inability to pay its debts.

 

E.     If Tenant
fails to obtain a stay of any involuntary proceedings under any chapter or section of the Federal Bankruptcy Code within sixty
(60) days after the institution thereof

 

F.     If a trustee
or receiver is appointed for Tenant or for a major portion of its property or for any portion of the Premises and such appointment
is not vacated and dismissed within sixty (60) days thereafter and in any event prior to any action adverse to the interest of
Tenant or Landlord having been taken by such trustee or receiver.

 

G.     If any
court takes jurisdiction of a major portion of the property of Tenant or any part of the Premises in any involuntary proceeding
for dissolution, liquidation or winding up of Tenant and such jurisdiction is not relinquished or vacated within sixty (60) days.

 

H.     If Tenant
makes an assignment for the benefit of its creditors.

 

21.2   Re-Enter
of Premises. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have the right,
at its election, to reenter the Premises, or any part thereof, either with or without process of law, and to expel, remove and
evict Tenant and all persons occupying or upon the same under Tenant, using such force as may be lawful and necessary in so doing,
and to possess the Premises and enjoy the same as in their former estate and to take full possession of and control over the Premises
and the buildings and improvements thereon and to have, hold and enjoy the same and to receive all rental income of and from the
same. No reentry by Landlord shall be deemed an acceptance of a surrender of this Lease, nor shall it absolve or discharge Tenant
from any liability under this Lease. Upon such reentry, all rights of Tenant to occupy or possess the Premises shall cease and
terminate.

 

21.3   Lease
Termination. Upon the occurrence of any such Event(s) of Default and at any time thereafter, Landlord shall have the right,
at its election, with or without reentry as provided in Section 21.2, to give written notice to Tenant stating that this Lease
shall terminate on the date specified by such notice, and upon the date specified in such notice this Lease and the Term hereby
demised and all rights of Tenant hereunder shall terminate. Upon such termination, Tenant shall quit and peacefully surrender to
Landlord the Premises and the buildings and improvements then situated thereon.

 

21.4   Reletting.
At any time and from time to time after such reentry, Landlord may re-let the Premises and the buildings and improvements thereon,
or any part thereof, in the name of Landlord or otherwise, for such term or terms(which may be greater or less than the period
which would otherwise have constituted the balance of the Term of this Lease), and on such conditions (which may include concessions
or free rental) as Landlord, in its reasonable discretion, may determine and may collect and receive the rental therefore. However,
in no event shall Landlord be under any obligation to re-let the Premises and the buildings and improvements thereon, or any part
thereof, and Landlord shall in no way be responsible or liable for any failure to re-let or for any failure to collect any rental
due upon any such re-letting. Even

 

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though it
may re-let the Premises, Landlord shall have the right thereafter to terminate this Lease and all of the rights of Tenant in or
to the Premises. Nothing contained in the foregoing shall be deemed a waiver or relinquishment by Tenant of any duty imposed by
law on Landlord to mitigate its damages.

 

21.5   Survival
of Liability. Unless Landlord shall have notified Tenant in writing that it has elected to terminate this Lease, no such reentry
or action in lawful detainer or otherwise to obtain possession of the Premises shall relieve Tenant of its liability and obligations
under this Lease; and all such liability and obligations shall survive any such reentry. In the event of any such reentry, whether
or not the Premises and the buildings and improvements thereon, or any part thereof, shall have been re-let, Tenant shall pay to
Landlord the entire rental and all other charges required to be paid by Tenant up to the time of such reentry of this Lease, and
thereafter Tenant, until the end of what would have been the Term of this Lease in the absence of such reentry, shall be liable
to Landlord, and shall pay to Landlord, as damages for Tenant's default:

 

A.     The amount
of Minimum Annual Base Rental and additional charges which would be payable under this Lease by Tenant if this Lease were still
in effect, less

 

B.     The net
proceeds of any re-letting, after deducting all of Landlord's expenses in connection with such re-letting, including without limitation
all repossession costs, brokerage commissions, legal expenses, attorneys' fees, alteration costs and expenses of preparation for
such re-letting.

 

Tenant
shall be liable for and pay such damages to Landlord on a monthly basis on the first day of each month and Landlord shall be entitled
to recover from Tenant monthly as the same shall arise. The excess, if any, in any month or months, of the net proceeds described
in subparagraph (B) above actually received by Landlord over the Minimum Annual Base Rental and Additional Charges described in
subparagraph (A) above shall belong to Landlord, provided that such excess shall be credited and applied against Tenant's future
obligations arising under this Section 21.5 as the same become due and payable by Tenant hereunder, and that Tenant shall remain
liable for future deficiencies, as applicable. Notwithstanding any such reentry without termination, Landlord may at any time thereafter,
by written notice to Tenant, elect to terminate this Lease for Tenant's previous breach.

 

21.6   Cumulative
Remedies. Each right and remedy of Landlord provided for in this Lease shall be cumulative and in addition to every other right
or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise; and the exercise
or beginning of the exercise by Landlord of any one or more of such rights or remedies shall not preclude the simultaneous or later
exercise by Landlord of any or all other rights or remedies provided for in this Lease now or hereafter existing at law or in equity
or by statute or otherwise.

 

21.7   Sublessee
Defaults. Any violation of any covenant or provision of this Lease, whether by act or omission, by any sublessee or any other
persons occupying any portion of the Premises under the rights of Tenant shall be deemed a violation of such provision by Tenant
and a default under this Lease. Any such violation shall not be deemed to be a default hereunder if and so long as Tenant in good
faith and at its own expense takes and diligently pursues any and all steps it is entitled to take and which steps if completed
will cure said default.

 

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21.8 Repetitive
Rent Payment Defaults. NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH 21.1 HEREOF TO THE CONTRARY, IF IN ANY ONE (1) PERIOD OF
TWELVE (12) CONSECUTIVE MONTHS, TENANTSHALL HAVE BEEN IN DEFAULT IN THE PAYMENT OF RENT HEREIN AT LEAST THREE (3) TIMES AND LANDLORD,
BECAUSE OF SUCH DEFAULTS, SHALL HAVE SERVED UPON TENANT WITHIN SUCH TWELVE (12) MONTH PERIOD THREE (3) OR MORE NOTICES OF LATE
PAYMENT, THEN THE FOURTH DEFAULT SHALL BE DEEMED TO BE A NON-CURABLE DEFAULT AND LANDLORD SHALL BE ENTITLED TO IMMEDIATE POSSESSION
OF THE PREMISES.

 

21.9 Cure
Period. Notwithstanding any other provision of this Section, Landlord and Tenant agree that if the default complained of, other
than for the payment of monies, is of such a nature that the same cannot be cured within the twenty (20) day period for curing
as specified in the written notice relating thereto, then such default shall be deemed to be cured by the other party within such
period of twenty (20) days if the other party shall have commenced thereof and shall continue thereafter with all due diligence
to effect such cure and does so complete the same with the use of such diligence as aforesaid.

 

21.10 Late
Charges. A late charge in the amount of ten percent (10%) of the delinquent payment shall be assessed to any payment required
to be made by Tenant to Landlord under the terms of this Lease not received by Landlord within three (3) days after its due date
(regardless of whether Tenant has been given notice of such failure of payment). If Tenant tenders to Landlord a check that is
returned marked “NSF” or its equivalent, Tenant shall pay Landlord a payment in the amount of twenty percent (20%)
of the amount of such non-negotiable check. Tenant's failure to pay any such late charge within three (3) days after Landlord's
written demand therefor shall constitute an Event of Default hereunder. In addition to the payments set forth in the preceding
two sentences, Tenant shall pay Landlord interest at the rate of eighteen percent (18%) per annum from the date any payment is
due until the date such payment is actually received by Landlord.

 

SECTION 22 - CONDEMNATION.

 

If title
to all or any portion of the Premises is taken by a public or quasi- public authority under any statute or by right of eminent
domain of any governmental body, whether such loss or damage results from condemnation of part or all of the Premises, Tenant shall
not be entitled to participate or receive any part of the damages or award except where the same shall provide for Tenant's moving
or other reimbursable expenses, the portion thereof allocated to the taking of Tenant's trade fixtures, equipment and personal
property or to a loss of business by Tenant. Should any power of eminent domain be exercised after Tenant is in possession, such
exercise shall not void or impair this Lease unless the amount of the Premises so taken substantially and materially impairs the
usefulness of the Premises for the purposes for which they are leased in which case, either party may cancel this Lease by notice
to the other within sixty (60) days after such possession. Should only a portion of the Premises be taken and the Premises continue
to be reasonably suitable for Tenant's use, the rent shall be reduced from the date of such possession in direct proportion to
the reduction in the square footage of the Premises. Notwithstanding the language of this Paragraph, Tenant shall be allowed to
separately litigate its damages for loss of its business as a result of any condemnation.

 

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SECTION 23 - TENANT'S WAIVER OF STATUTORY RIGHTS.

 

In the event of any
termination of the Term (or any repossession of the Premises), Tenant so far as permitted by law, waives (i) any notice of reentry
or of the institution of legal proceedings to that end; and (ii) the benefits of any laws now or hereafter in force exempting property
from liability for rent or for debt.

 

SECTION 24 - WAIVER OF PERFORMANCE.

 

No failure by Landlord
or Tenant to insist upon the strict performance of any term or condition hereof or to exercise any right, power or remedy consequent
upon a breach thereof and no submission by Tenant or acceptance by Landlord of full or partial rent during the continuance of any
such breach shall constitute a waiver of any such breach or of any such term. No waiver of any breach shall affect or alter this
Lease (which shall continue in full force and effect), or the respective rights of Landlord or Tenant with respect to any other
then-existing or subsequent breach.

 

SECTION 25 - REMEDIES CUMULATIVE.

 

Each right,
power and remedy provided for in this Lease now or hereafter existing at law, in equity or otherwise shall be cumulative and concurrent
and shall be in addition to every other right, power or remedy provided for in this Lease now or hereafter existing at law, in
equity or otherwise; and the exercise or beginning of the exercise of any one or more of the rights, powers or remedies provided
for in this Lease shall not preclude the simultaneous or later exercise of any or all such other rights, powers or remedies.

 

SECTION 26 - CONVEYANCE BY LANDLORD.

 

In the event
Landlord or any successor Landlord shall convey or otherwise dispose of the Premises, it shall thereupon be released from all liabilities
and obligations imposed upon Landlord under this Lease (except those accruing prior to such conveyance or other disposition) and
such liabilities and obligations shall be binding solely on the then owner of the Premises.

 

SECTION 27 - NO PERSONAL LIABILITY TO LANDLORD.

 

Tenant shall
look solely to Landlord's interest in the Premises for the satisfaction of any judgment or decree requiring the payment of money
by Landlord based upon any default under this Lease, and no other property or assets of Landlord, or any partner or member of,
or shareholder in, Landlord, shall be subject to levy, execution or other enforcement procedures for satisfaction of any such judgment
or decree.

 

SECTION 28 - ATTORNEYS' FEES.

 

In the event
Landlord retains an attorney to enforce its rights under this Lease or to bring suit for possession of the Premises, for the recovery
of any sum due hereunder, or for any other relief against Tenant, declaratory or otherwise, arising out of a breach of any term
of this Lease, or in the event Tenant should bring any action for any relief against Landlord, declaratory or otherwise, arising
out of this Lease, the prevailing party shall be entitled to receive from the

 

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other party
reasonable attorneys' fees and reasonable costs and expenses, which shall be deemed to have accrued due to the commencement of
such action and shall be enforceable whether or not such action is prosecuted to judgment.

 

SECTION 29 - PROVISIONS SUBJECT TO APPLICABLE
LAW.

 

All rights,
powers and remedies provided herein shall be exercised only to the extent that the exercise thereof shall not violate any applicable
law and are intended to be limited to the extent necessary so that they shall not render this Lease invalid or unenforceable under
any applicable law. If any term of this Lease shall be held to be invalid, illegal or unenforceable, the validity of the other
terms of this Lease shall in no way be affected thereby.

 

SECTION 30 - RIGHT TO CURE TENANT'S DEFAULTS.

 

In the event
Tenant shall breach any term, covenant or provision of this Lease, Landlord may at any time, without notice, cure such breach for
the account and at the expense of Tenant. If Landlord at any time, by reason of such breach, is compelled to pay or elects to pay
any sum of money or to do any act that will require the payment of any sum of money, or is compelled to incur any expense, including
reasonable attorneys' fees, incurred in instituting, Prosecuting or defending any actions or proceedings to enforce Landlord's
rights under this Lease or otherwise, the sum or sums so paid by Landlord, with all interest, costs and damages, shall be deemed
to be Additional Charges and shall be paid by Tenant to Landlord on the first day of the month following the incurring of such
expenses of the payment of such sums and shall include interest at the rate of eighteen percent (18%) per annum from the date Landlord
makes a payment until Tenant pays such Additional Charges in full.

 

SECTION 31 - NOTICES.

 

Any notice
to be given by Landlord or Tenant shall be given exclusively in writing and delivered in person or by overnight mail service to
Landlord or Tenant, forwarded by certified or registered mail, postage prepaid, or sent via facsimile transmission, to the address
indicated in the Fundamental Lease Provisions, unless the party giving any such notice has been notified, in writing, of a change
of address. Any such notice shall be deemed effective (a) upon receipt or refusal to accept delivery, if personally delivered;
(b) on the next business day following delivery to the overnight courier; (c) in the case of certified mailing, on the date of
actual delivery as shown by the addressee's receipt or upon the expiration of three (3) business days following the date of mailing,
whichever occurs first; or (d) in the case of facsimile transmission, upon receipt (a written confirmation of successful transmission
from the transmitting facsimile machine being prima facie evidence of such receipt).

 

SECTION 32 - SIGNS.

 

Tenant shall
not place, alter, exhibit, inscribe, paint or affix any sign, awning, canopy, advertisement, notice or other lettering on any part
of the outside of the Premises, or of the building of which the Premises is a part, or inside the Premises if visible from the
outside, without first obtaining Landlord's written approval thereof, which shall not be unreasonably withheld, and if so approved,
Tenant shall maintain the same in good condition and repair.

 

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SECTION 33 - LANDLORD'S INSPECTIONS.

 

33.1 Inspection.
Landlord reserves the right to, at all reasonable times, by itself or by its duly authorized agents, employees and contractors,
and without notice to go upon and inspect the Premises and every part thereof, to enforce or carry out the provisions of this Lease,
to make, at its option, repairs, installations, alterations, improvements and additions to the Premises or the building of which
the Premises are a part, to perform any defaulted obligation of Tenant or for any other proper purposes. Landlord also reserves
the right to install or place upon or affix to the roof and exterior walls of the Premises: equipment, signs, displays, antennae
and any other object or structure of any kind, provided the same shall not interfere with Tenant's occupancy or materially impair
the structural integrity of the building of which the Premises are a part.

 

33.2 Presenting
for Sale or Lease. Landlord hereby reserves the right during usual business hours to enter the Premises and to show the same
for purposes of sale, lease or mortgage, and during the last six (6) months of the term of this Lease, or the extension thereof,
to exhibit the same to any prospective tenant, and to display appropriate signage for such sale or lease. Prospective purchasers
or tenants authorized by Landlord may inspect the Premises during reasonable hours at any time.

 

SECTION 34 - ESTOPPEL CERTIFICATE.

 

Tenant will
execute, acknowledge and deliver to Landlord, within ten (10) business days following a written request therefor, a certificate
certifying (a) that this Lease is unmodified and in full force (or, if there have been modifications, that the Lease is in full
force and effect, as modified, and stating the modifications);(b) the dates, if any, to which rent, Additional Charges and other
sums payable hereunder have been paid; (c) that no notice has been received by Tenant of any default which has not been cured,
except as to defaults specified in such certificate; and (d) this Lease is and shall be subordinate to any existing or future deed
of trust, mortgage or security agreement placed upon the Premises or the Project by the Landlord or owner of the Property. Any
claim of Tenant in contradiction of any of the foregoing matters must be set forth with specificity in the certificate. Any such
certificate may be relied upon by any prospective purchaser or encumbrancer of the Premises or any part thereof Tenant's failure
to deliver such certificate within the time permitted hereby shall be conclusive upon Tenant that this Lease is in full force and
effect, except to the extent any modification has been represented by Landlord, and there are no uncured defaults in Landlord's
performance, and that not more than one month's rent has been paid in advance. In addition, at Landlord's option, after notice
to Tenant and expiration of applicable grace period under this Lease, such failure of Tenant to deliver such certificate shall
constitute an Event of Default. Tenant acknowledges and agrees that the promise to issue such statements pursuant hereto are a
material consideration inducing Landlord to enter into this Lease and that the breach of such promise shall be deemed a material
breach of this Lease.

 

SECTION 35 - WAIVER OF TRIAL BY JURY.

 

TENANT HEREBY
WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM BY EITHER LANDLORD OR TENANT AGAINST EACH OTHER
ON ANY MATTERS ARISING OUT OF OR IN ANY WAY

 

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CONNECTED WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND
TENANT, AND/OR TENANT'S USE OR OCCUPANCY OF THE LEASED PREMISES. TENANT AGREES THAT EXCLUSIVE JURISDICTION FOR ALL LEGAL ACTIONS
SHALL BE COCONINO COUNTYSUPERIOR COURT.

 

SECTION 36 - RECORDING.

 

Neither this Lease
nor a memorandum thereof, may be recorded, or otherwise made public, by any means, without the express written consent of Landlord.
Any such recording or publication without such consent, shall, at Landlord's option, cause this Lease and all rights of Tenant
hereunder, to be immediately forfeited and of no further force and effect, provided, however, that Landlord shall have the right
to such action against Tenant, for damages resulting from such recording, as Landlord shall be entitled to by law.

 

SECTION 37 - SUBORDINATION.

 

This Lease is hereby
declared to be subject and subordinate to the lien of any present or future encumbrance or encumbrances upon the Premises or the
Project, irrespective of the time of execution or the time of recording of any such encumbrance or encumbrances. Landlord shall
use its good faith efforts to obtain for Tenant an attornment and non-disturbance agreement from any lender which has a lien on
the Premises. This subordination is subject to the right of Tenant upon a foreclosure or other action taken under any mortgage
by the holders thereof to have this Lease and the rights of Tenant hereunder not be disturbed but to continue in full force and
effect so long as Tenant shall not be in default hereunder. The word “encumbrance” as used herein includes mortgages,
deeds of trust or other similar instruments, and modifications, extensions, renewals and replacements thereof, and any and all
advances thereunder.

 

SECTION 38 - MISCELLANEOUS.

 

38.1   Definition
of Tenant. The Term “Tenant” shall include legal representatives, successors and permitted assigns. All covenants
herein shall be made binding upon Tenant and construed to be equally applicable to and binding upon its agents, employees and others
claiming the right to be in the Premises or in the building or in the building through, under or above Tenant.

 

38.2   Tenant.
If more than one individual, firm, or corporation shall join as Tenant, singular context shall be construed to be plural wherever
necessary and the covenants of Tenant shall be the joint and several obligations of each party signing as Tenant and when the parties
signing as Tenant are partners, it shall be the obligation of the firm and of the individual members thereof.

 

38.3   Gender and
Number. Whenever from the context it appears appropriate, each item stated in the singular shall include the plural and vice
versa and the masculine, feminine, or neuter form shall included the masculine, feminine and neuter forms.

 

38.4   Modifications
and Waivers. No change, modification, or waiver of any provision of this Lease shall be valid or binding unless it is in writing
dated after the date hereof and signed by the parties intended to be bound. No waiver of any breach, term, or condition of this
Lease by

 

    	24

    	 

    

 

either party
shall constitute a subsequent waiver of the same or any other breach, term, or condition.

 

38.5   Implied
Warranties. OTHER THAN AS SET FORTH IN THIS LEASE, TENANT AND LANDLORD EXPRESSLY AGREE THAT THERE ARE AND SHALL BE NO IMPLIED
WARRANTIES OF MERCHANTABILITY, HABITABILITY, FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER KIND ARISING OUT OF THIS LEASE, AND
THERE ARE NO WARRANTIES WHICH EXTEND BEYOND THOSE EXPRESSLY SET FORTH IN THIS LEASE.

 

38.6   Binding
Effect. This Lease shall be binding upon and shall inure to the benefit of the parties and their respective heirs, personal
representatives, successors and assigns. This provision shall not be deemed to grant Tenant any right to assign this Lease or sublet
the Premises or any part thereof other than as provided in this Lease.

 

38.7   Severability.
To the fullest extent possible each provision of this agreement shall be interpreted in such fashion as to be effective and valid
under applicable law. If any provision of this Lease is declared void or unenforceable with respect to particular circumstances,
such provision shall remain in full force and effect in all other circumstances. If any provision of this Lease is declared void
or unenforceable, such provision shall be deemed severed from this Lease, which shall otherwise remain in full force and effect.

 

38.8   Governing
Law and Jurisdiction. Except where preempted by the laws of the United States or the rules or regulations of any agency or
instrumentality thereof, this Lease is to be interpreted, construed and governed by the laws of the State of Arizona. The parties
irrevocably and unconditionally submit to the exclusive jurisdiction of the Superior Court of the State of Arizona for the County
of Coconino in connection with any legal action or proceeding arising out of or relating to this Lease and the parties waive any
objection relating to the basis for personal or in rem jurisdiction or to venue which it may now or hereafter have in any such
suit, action or proceeding.

 

38.9   Entire
Agreement. This instrument constitutes the sole and only agreement between Landlord and Tenant respecting the Premises, the
leasing of the Premises to the Tenant, or the Lease term herein specified, and correctly sets forth the obligations of the Landlord
and Tenant to each other as of its date. Any agreements or representations by the Landlord to the Tenant not expressly set forth
in this instrument are void and unenforceable. All prior agreements and understanding of the parties with respect to such subject
matter are hereby superseded. No representations, promises, agreements, or understandings contained in this Lease regarding the
subject matter hereof shall be of any force or effect unless in writing, executed by the party to be bound, and dated on or subsequent
to the date hereof. Captions and headings are for convenience only and shall not alter any provision or be used in the interpretation
of this Lease.

 

38.10   Time
is of the Essence. Time is of the essence of this Lease and each and every provision hereof Any extension of time granted for
the performance of any duty under this Lease shall not be considered an extension of time for the performance of any other duty
under this Lease.

 

    	25

    	 

    

 

38.11   Brokers.
Tenant represents and warrants that it has not entered into any agreement with, nor otherwise had any dealings with, any broker
or agent in connection or execution of this Lease which could form the basis of any claim by any such broker or agent for a brokerage
fee or commission, finder's fee, or any other compensation of any kind or nature in connection with this Leasehold.

 

    	26

    	 

    

 

IN WITNESS WHEREOF, the parties have executed this Amendment
as of the day and year above first written.

 

“Landlord”

 

CANYON PORTAL II L.L.C., an Arizona limited liability company

 

	By:	/s/ Al Spector	 
	 	 	 
	Name:	Al Spector	 
	 	 	 
	Title:	Manager	 

 

“Tenant”

 

L’AUBERGE ORCHARDS LLC, an Arizona limited liability company

 

	By:	/s/ Al Spector	 
	 	 	 
	Name:	Al Spector	 
	 	 	 
	Title:	Manager	 

 

Amendment to Lease (Telephone Room)

 

    	 

    	 

    

 

List of Exhibits

 

A. Project Site Plan

B. Legal Description

 

    	1

    	 

    

 

FIRST AMENDMENT TO LEASE

 

This First Amendment
to Lease (“Amendment”) is entered into this 1st day of February, 2011 by and between Canyon Portal II, L.L.C., an Arizona
limited liability company (“Landlord”) and L'Auberge Orchards LLC, an Arizona limited liability company (“Tenant”)
and is an Amendment to that Lease Agreement with a Commencement Date of April 1, 2010 (“Lease”) at Canyon Portal in
the Trading Post Shops building in Sedona, Arizona.

 

RECITALS

 

	 	A.	Landlord and Tenant entered into a Lease (Lease) with a Commencement Date of April 1, 2010 with respect to 174 square feet for housing of telecommunications equipment.

 

	 	B.	Landlord and Tenant desire to amend the Lease to extend the termination date to December 31, 2017.

 

	 	C.	The terms used herein shall have the same meaning as in the Lease.

 

IT IS AGREED AS FOLLOWS:

 

1.        Minimum Annual
Base Rental. The minimum annual base rental for the period of March 1, 2011 to December 31, 2012 shall be Two Hundred Sixty
Eight Dollars and Eighty Three Cents ($268.83). Thereafter rent shall be adjusted each January 1 as described herein.

 

The base for computing
the adjustment is the Consumers' Price Index for All Urban Consumers, United States Cities Average published by the United States
Department of Labor, Bureau of Labor Statistics (the “Index”), which is in effect on the date of the commencement of
the first day of the previous Lease year (“Beginning Index”). For example, the adjustment for year two would be based
on the Index for the first day of Lease year one. The Index published most immediately preceding the Adjustment Date in question
(“Extension Index”) is to be used in determining the amount of the adjustment. If the Extension Index has increased
over the Beginning Index, the base monthly rent for the following year shall be set by multiplying the base monthly rent for the
previous year, e.g., for the 12 th Lease month, by a fraction, the numerator of which is the Extension Index and the
denominator of which is the Beginning Index. However, the adjustment to the rent shall be no less than three percent (3%) compounded
per annum of the base monthly rent provided in this Lease. As an example, if year one monthly rent is $1,000.00 and the three percent
(3%) is applicable each year, then monthly rent for years two through five would be: year two - $1,030.00; year three - $1,060.90;
year four - $1,092.73; and year five $1,125.51.

 

    	1

    	 

    

 

If the Index is changed
so that the base year differs from that in effect when the Term commences, the Index shall be converted in accordance with the
conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued
or revised during the Term, such other government index or computation with which it is replaced shall be used in order to obtain
substantially the same result as would be obtained if the Index had not been discontinued or revised. 

 

C.          Monthly rent for
the first month shall be paid on the date the Term commences. Monthly rent for any partial month shall be prorated at the rate
of one-thirtieth (1/30) of the monthly rent per day.

 

D.          All rental amounts
are “net” rent to Landlord. All Additional Charges (as described in this Lease) shall be deemed rent whether or not
expressly designated as such, and shall be paid in addition to the Minimum Annual Base Rental at the times and in the manner provided
for in this Lease.

pursuant to Section 5.1(B) in the Lease and as modified
in the First Amendment.

 

2.           Full Force and
Effect. Except as modified by this Amendment, the Lease and each of its terms and conditions remains in full force and effect.

 

	LANDLORD:	 	TENANT
	 	 	 
	CANYON PORTAL II L.L.C., 

an Arizona limited liability company	 	L’AUBERGE ORCHARDS L.L.C, an Arizona

limited liability company
	 	 	 	 	 
	By:	/s/ Al Spector	 	By:	/s/ Al Spector
	 	Al Spector	 	 	Al Spector
	Its:	Manager	 	Its:	Manager

 

    	2

    	 

    

 

LEASE

 

SECTION 1 - FUNDAMENTAL LEASE PROVISIONS.

 

	Landlord:	Canyon Portal II, LLC
	 	 
	Tenant:	L'Auberge Orchards LLC
		 
	Trade Name:  	 
	 	 
	Lease Term:	Commencement Date:	April 1, 2010
	 	 	 
	 	Termination Date:	March 1, 2011
	 	 
	Premises:	174 square feet as further depicted on the attached Exhibit A.
	 	 
	Minimum Rent:	Minimum Rent for the period April 1, 2010 through March 31, 2011 shall be Two Hundred Sixty One Dollars ($261.00). Pursuant to Paragraph 5.1 of the Lease attached as Exhibit B, Rent is due and payable in advance on or before the first day of each month and subject to adjustment as forth in Section 5.1 of the Lease.
	 	 
	Address of Landlord:  	
        Canyon Portal II, L.L.C.

        6900 E. Scottsdale Road, #830

        Scottsdale, AZ 85251

        Telephone: (480) 941-0221

        Fax:(480) 990-9093 

	 	 
	Address of Tenant:	L'Auberge Orchards LLC

6900 E. Scottsdale Road, #830

Scottsdale, AZ 85251

Telephone: (480) 941-0221

Fax:(480) 990-9093

 

The foregoing
Fundamental Lease Provisions are an integral part of this Lease, and each reference in the body of the Lease to any Fundamental
Lease Provision shall be construed to incorporate all of the terms set forth above with respect to such Provisions.

 

    	 

    	 

    

 

SECTION 2 - LEASE.

 

This terms
and conditions of this Lease shall be identical to the Lease between Nicrin, Inc. and Landlord, which is attached hereto as Exhibit
B. All terms and conditions shall be the same.

 

	LANDLORD:	 	TENANT:
	 	 	 
	CANYON PORTAL II, L.L.C., an	 	L'AUBERGE ORCHARDS, LLC, an
	Arizona limited liability company  	 	Arizona limited liability company
	 	 	 
	By: 	/s/ Al Spector	 	By: 	/s/ Al Spector
	 	Al Spector	 	 	Al Spector
	Its: 	Manager	 	Its:	Manager

 

    	2

    	 

    

 

 

    	 

    	 

    

 

SECOND ADDENDUM TO LEASE

 

This Second
Addendum to Lease (“Addendum”) is entered into this day ofNovember, 1999 between NICRIN, INC., an Arizona Corporation
(“Tenant”) and CANYON PORTAL, L.L.C., an Arizona limited liability company (“Landlord”) and amends that
Lease dated October 1, 1987 and subsequently modified and amended on September 10, 1988; December 4, 1988; March 4, 1989; August
6, 1991; October 1, 1991; June 30, 1997; and September 25, 1998 (“Lease”). A full copy of the Lease, as amended, is
attached hereto as Exhibit A.

 

THE PARTIES AGREE AS FOLLOWS:

 

	1.	Second Additional
    Space. Tenant will lease that space which is an approximately 60-foot wall area in the restaurant at the North Retail
    Building. The space is reflected on the attached Exhibit B.

 

	2.	Term. The
    term of the Second Additional Space shall extend through September 30, 2006.

 

	3.	Rent. The
    basic rent per month for the Second Additional Space shall be as follows.

 

	 	a.	Date of Occupancy to December 31, 2000 - $4,100
    per month

 

	 	b.	January 1, 2001 to December
    31, 2001 - $4,500 per month
	 	 	 
	 	c.	January 1, 2002 to December 31, 2002
    - $5,000 per month
	 	 	 
	 	d.	January 1, 2003 to December 31, 2003
    - $5,500 per month

 

	 	e.	The rental increases for
    calendar years 2004, 2005 and the period through September 30, 2006 shall be adjusted pursuant to the Annual Rent Increase
    provisions set forth in Paragraph 3.2 of the Lease Extension Agreement dated September 25, 1998.

 

	4.	Second Security Deposit.
    Tenant, upon signing this Addendum, shall deposit with Landlord a second Security Deposit in the amount of Four Thousand
    One Hundred Dollars ($4,100.00).

 

    	 

    	 

    

 

	5.	Occupancy. Rent
    for the Second Additional Space shall commence on or before April 1, 2000. If for any reason occupancy of the Second Additional
    Space is not available by April 1, 2000, rent for the Second Additional Space shall be pro-rated (in arrears) for the month
    of April, 2000 and shall commence upon the delivery to Landlord of a copy of the Certificate of Occupancy from the City of
    Sedona for the food court.

 

	6.	Option Periods.
    Tenant is granted two (2) five-year options. The terms and conditions of the options shall be governed by Section 3 of
    the Lease Extension Agreement dated September 25, 1998. Tenant has the right to exercise the options for either or both of
    (1) Suite 1 and Suite 7 of the Trading Post Shops and (ii) the Second Additional Space.

 

	7.	Lease Transfer Fee.
    Section 1.4 of the Lease Extension Agreement dated September 25, 1998 is deleted in its entirety and is replaced by the
    following.

 

	 	a.	1.4.   Lease Transfer.

 

A.      Tenant
shall pay to Landlord a Lease Transfer Fee (as defined in Section 1.4(B) below) upon the occurrence of any of the following events:
(i) Tenant sells, transfers or assigns (directly, by operation of law or otherwise) its interest in the Lease or in the business
being conducted at the Premises to any other person or legal entity; (ii) a sale, transfer or assignment (directly, by operation
of law or otherwise) of all or any portion of the ownership of stock or ownership interest in the present Tenant entity or any
successor entity including but not limited to any sale, transfer or assignment by merger, recapitalization, reorganization, or
restructure; or (iii) Tenant enters into a sublease, license, use or occupancy agreement with any other person or entity for the
leased Premises (items in sub-paragraphs I, ii, and iii are collectively referred to as a “Transfer”). This Lease
Transfer Fee is specifically negotiated to compensate Landlord for a Transfer of Premises that Tenant acknowledges is in short
supply in Uptown Sedona, Arizona. Should Tenant, for any reason, reacquire the leased premises after any sale, sublease or transfer,
there will be no “transfer fee” to Tenant upon the reacquisition of the Premises. However, any subsequent action by
Tenant that meets the requirements of items (i), (ii), or (iii) above, shall subject Tenant to a new Transfer Fee. The offer of
Landlord to enter into this Lease is specifically contingent upon Tenant agreeing to pay the Lease Transfer Fee. Any failure
of Tenant to pay a Lease Transfer Fee entitles Landlord immediately, and without notice, to terminate this Lease. The Lease Transfer
Fee is not in substitution of other provisions 

 

    	2

    	 

    

 

of this Lease concerning assignment
and subletting, which are in full force and effect.

 

B.      A
Lease Transfer Fee shall be paid by Tenant to Landlord in cash upon the date of the Transfer in an amount of Ten Thousand Dollars
($10,000.00) with such amount to be increase by a CPI adjustment calculated with the actual CPI.

 

C.      As
a condition of approval of the Transfer, Landlord shall enter into a Lease amendment with the assignee increasing the Minimum
Annual Base Rental to the then-market rental for the Premises, as reasonably determined by Landlord and taking into account the
additional amounts received by Landlord and tenants for rent, key fees, lease assignments or sales of business.

 

D.      Landlord
shall be entitled to review in detail the retail experience, the intended use on the Premises, financial capability and tourist
marketing experience of any assignee to determine if such proposed assignee is suitable as a tenant in the Project. Tenant acknowledges
that Landlord has no obligation to consent to Transfers and that Landlord, after a review of proposed assignee, may reasonably
reject such assignee as not suitable for the Project.

 

E.      Tenant
acknowledges that (i) the Lease Transfer Fee is a serious impediment to the Transfer of this Lease or the sale of Tenant's business;
(ii) Landlord has entered into this Lease after carefully choosing Tenant from a number of applicants to lease the Premises; and
(iii) Landlord does not want and will not allow Tenant to Transfer this Lease or sell its business unless the Lease Transfer Fee
provisions are complied with in full. Key Fees for the transfer of leases in the North Retail Building are not approved by Landlord.
It is understood that Tenant is not paying a Key Fee in order to occupy the Second Additional Space and when and if it sells the
business or assigns its Lease, it will not collect a Key Fee from the new business owner. Notwithstanding the prior sentence,
it is the intent of the Landlord and Tenant that subject to the provisions of this Lease, Tenant shall retain the monies to be
paid as a result of the sale of the business (as contrasted with the sale or assignment of a below market lease).

 

	8.	Approval of Plans
    and Payment of Construction. Tenant shall prepare a plan which reflects how it will utilize the Second Additional
    Space. The plan must be approved by Landlord prior to commencement of any construction. Tenant acknowledges that coordination
    of its plan with that for the restaurant at the 

 

    	3

    	 

    

 

		 	North Retail Building is a condition imposed by Landlord
for entering into this Lease. Tenant shall pay for all costs of its interior improvements.

 

	9.	Full Force and Effect.
    Except as modified by this Addendum, the Lease, as previously amended and modified, remains in full force and effect.

 

 

	LANDLORD:	 	TENANT:
	 	 	 
	CANYON PORTAL, L.L.C., an Arizona	 	NICRIN, INC., an Arizona corporation
	limited liability company	 	 
	By:  CANYON PORTAL PROPERTIES, INC.	 	 
	its:   Managing Member	 	 
	 	 	 
	By:   Tom R. Van Sickle	 	By:   Lee Athenour
	Its:   President	 	Its:   President

 

    	4

    	 

    

 

LEASE ADDENDUM

 

This Lease Addendum
("Addendum") is entered into between NICRIN, INC., an Arizona Corporation and CANYON PORTAL, L.L.C., an Arizona Limited
Liability Company, on September 25, 1998 and amends that Lease, as previously amended June 30, 1997 and now in full force and effect
with respect to Suite 1, Trading Post Shops and adds to that Lease; Suite 7 in the Trading Post Addition.

 

THE PARTIES AGREE AS FOLLOWS:

 

1.          Additional
Space. Suite 1 contains approximately 531.70 square feet. Suite 7 contains approximately 600.00 square feet.

 

2.          Rent.
The basic rent per month shall be as follows:

 

	 	 	ORIGINAL
  RENT	 	 	ADDED 
 RENT	 	 	TOTAL 
 RENT	 
	Date of Occupancy - September 30, 1998	 	$	2,259.73	 	 	$	1,950.00	 	 	$	4,209.73	 
	October 1, 1998 -September 30,1999	 	$	2,392.65	 	 	$	2,100.00	 	 	$	4,492.65	 
	October 1, 1999 -September 30, 2000	 	$	2,525.58	 	 	$	2,250.00	 	 	$	4,775.58	 
	October 1, 2000 - September 30, 2001	 	$	2,658.50	 	 	$	2,400.00	 	 	$	5,058.50	 

 

The rental increases thereafter shall be adjusted pursuant to
Paragraph 3 of the Lease Extension Agreement dated June 30, 1997,

 

3.           Increased
Security Deposit. Tenant shall on the signing of this document increase its security deposit from $ 2,658.50 to
$ 5,058.50.

 

4.          Key
Fee Agreement.  Simultaneous with this Addendum, the Landlord and Tenant shall sign a Key Fee Agreement in the form
attached hereto as Exhibit A.

 

5.          Occupancy.
Rent for the added space shall commence October 1, 1998. If for any reason, occupancy of the added space is not available on October
1, 1998, rent for the added space shall be pro-rated, (in arrears), for the month of October and shall commence seven (7) days
following the delivery of a Copy of a Certificate of Occupancy from the City of Sedona to the Tenant by the Landlord.

 

    	1

    	 

    

 

6.          Full
Force and Effect. Except as modified by this Addendum and the June 30, 1997 "Lease Extension Agreement",
the Lease remains in full force and effect.

 

	LANDLORD:	 	TENANT:
	 	 	 	 	 
	CANYON PORTAL, L.L.C., 	 	NICRIN, INC., an ARIZONA CORP.
	By:	CANYON PORTAL PROPERTIES, INC.	 	 	 
	Its:	Managing Member	 		/s/ Lee Athenour
	 	/s/ Tom R.
    Van Sickle	 	By:	Lee Athenour
	By:	Tom R. Van Sickle	 	Its:	President
	Its:	President	 	 	 
	 	 	 	 	 
	September 25, 1998	 	 	 

 

    	2

    	 

    

 

"EXHIBIT A"

 

KEY FEE AGREEMENT

 

This AGREEMENT made
September 25, 1998 between CANYON PORTAL, L.L.C., an Arizona Limited Liability Company, 280 North Highway 89A, Sedona, Arizona
86336 ("Landlord") and Nicrin, Inc., an Arizona Corporation, Suite 1, 270 North Highway 89A, Sedona, Arizona 86336 ("Tenant").

 

RECITALS

 

	 	A.	Tenant has requested a lease of approximately 600 square feet of space in the Trading Post Addition from Landlord.

 

	 	B.	Because of the large demand for rental space in the Trading Post Addition, Landlord is willing to lease to Tenant only upon payment of a Key Fee as provided herein.

  

NOW, THEREFORE, the parties agree:

 

1.          Build Out
Fee.      Tenant shall pay Landlord the sum of $50.00 per square foot for the premises in the Trading Post Addition leased
by Landlord to Tenant pursuant to that written Lease Addendum of even date herewith for a total of $30,000.00. The payment of the
Key Fees is in consideration for the execution of the lease according to its terms and shall not be allocated to any rental or
deposit due under the lease.

 

2.          Payment.
      Tenant shall pay the Key Fee without interest on the following schedule:

  

Upon the Presentation of a Certificate of Occupancy from the
City of Sedona 100%

 

    	1

    	 

    

 

3.          Occupancy.
      Payment of the Key Fee in full shall entitle Tenant to enter into possession of the premises pursuant to the Lease Addendum between
Landlord and Tenant of even date herewith.

 

4.          Default.
      The Key Fee to be paid by Tenant shall be nonrefundable. Nothing contained in this Paragraph shall limit Landlord's other remedies
for Tenant's default contained in the lease between Landlord and Tenant.

 

5.          Landlord's
Default.       If Landlord is unable to deliver the premises to Tenant for any reason, Tenant's sole remedy shall be limited
to the refund of all sums paid pursuant hereto and all deposits and advance payments made under the lease.

 

	LANDLORD:	 	TENANT:
	 	 	 	 	 
	CANYON PORTAL, L.L.C., 	 	NICRIN, INC., an Arizona Corp.
	By:	CANYON PORTAL PROPERTIES, INC.	 	 	 
	Its:	Managing Member	 		/s/ Lee Athenour
	 	/s/ Tom R. Van
    Sickle	 	By:	Lee Athenour
	By:	Tom R. Van Sickle	 	Its:	President
	Its:	President	 		
	 	 	 	 	 
	September 25, 1998	 	 	 

 

    	2

    	 

    

 

"Exhibit B"

 

LEASE EXTENSION AGREEMENT

 

This Lease Extension
Agreement (Extension) is entered into this 25th day of September, 1998 by and between CANYON PORTAL PROPERTIES, L.L.C., an Arizona
Limited Liability Company ("Canyon Portal" or "Landlord") and NICRIN, Inc., ("Tenant"). The Lease
as extended on June 30, 1997 and further amended by a Lease Addendum of even date herewith remains in full force and effect except
as modified in this Lease Extension Agreement.

 

RECITALS:

 

1.          Sedona Uptown
Properties, an Arizona limited partnership, predecessor in interest to Canyon Portal Properties, Inc., and Russell and Renee Flaherty,
entered into a Shopping Center Lease Agreement ("Lease") dated October 1, 1987, as Landlord and Tenant respectively.
On December 4, 1988, Tenant assigned its rights and obligations to Helena Sigman, which assignment was approved by the Landlord.
On January 1, 1989 Canyon Portal Properties, Inc. assumed all of the rights and obligations of Sedona Uptown Properties. On September
21, 1989, Landlord and Tenant entered into an Addendum to Lease by which "The term of the Lease shall be to end on September
30, 1991." On August 6, 1991, Helena Sigma assigned the Lease to Cindy Hoekema, which assignment was approved by the Landlord.
On October 1, 1991, Landlord and Tenant entered into a Modification Agreement which extended the term of the lease five years.
The Lease covers the Premises known as Suite 1, Trading Post Shops, Sedona, Arizona consisting of approximately 531.70 square feet
of gross floor area. The Lease term commenced October 1, 1987, and ended September 30, 1996. On January 1, 1997, Canyon Portal,
L.L.C., assumed all of the rights and obligations of Canyon Portal Properties, Inc. and Canyon Portal Properties, Inc. became the
Managing Member of Canyon Portal, L.L.C. On June 30, 1997, Tenant assigned its interest in the Leasehold Premises to Nicrin, Inc.,
which Assignment Landlord Approved and further extended the Lease until September 30, 2006 subject to the requirements stated therein
(Landlord Approval and Lease Extension). On September 9, 1998 Landlord and Tenant entered into a Lease Addendum which added Suite
7 in the Trading Post Addition to the leased premises.

 

2.          Tenant has given
notice to Landlord that it wishes to extend its Lease of the premises with Landlord for an additional period of ten (10) years
beyond September 30, 2006.

 

3.          Landlord has agreed
to offer to the Tenant two 5 (five) year options at the end of the current Lease period subject to the replacement of paragraph
2 on page 2 of the previously agreed on Landlord Approval and Lease Extension entered into by the parties on June 30, 1997 with
a new "SECTION 1 - ASSIGNMENT AND SUBLETTING" that will govern all future assignment and subletting of the premises by
the Tenant.

  

    	1

    	 

    

 

NOW THEREFORE. THE PARTIES AGREE AS FOLLOWS:

 

SECTION 1- ASSIGNMENT AND SUBLETTING.

 

1.1          Landlord
Consent.          Tenant shall not transfer or assign this Lease or any interest in this Lease or sublet the Premises or any portion
thereof without first obtaining the written consent of Landlord; and any attempted transfer, assignment or subletting, including
any involuntary transfers or assignments by operation of law, without such consent shall be void and confer no rights upon any
third person, and at the option of Landlord, shall cause a termination of this Lease, in which event such third person shall occupy
the Premises as a tenant at sufferance. The acceptance of any rent payments by Landlord from any such alleged assignee shall not
constitute approval of the assignment or subletting of this Lease by Landlord. No transfer, assignment or subletting shall relieve
Tenant of its liability for the fill performance of all of the terms, agreements, covenants and conditions of this Lease. A consent
by Landlord to one transfer, assignment or subletting shall not operate as a waiver of this Section as to any future transfer,
assignment or subletting, and this Section 1., and Sections 2. and 3., below shall apply to any transferee, assignee or subtenant.

 

1.2          In
Writing.          Each transfer, assignment, and subletting to which
there has been consent shall be by an instrument in writing in form satisfactory to Landlord, and shall be executed by the transferor,
assignor or sublessor; and the transferee, assignee, or sublessee shall agree in writing for the benefit of Landlord to assume,
to be bound by, and to perform the terms, covenants and conditions of this Lease to be done, kept and performed by Tenant. One
executed copy of such written instrument shall be delivered to Landlord. A consent to any transfer, assignment or subletting shall
not constitute waiver or discharge of the provisions of this paragraph with respect to a subsequent transfer, assignment or subletting.
The acceptance of rent from any other person shall not be deemed to be a waiver of any of the provisions of this Lease or a consent
to the transfer, assignment or subletting of the Premises.

 

1.3          Transfer
Limitation.          If Tenant (including any entity later becoming Tenant) is a corporation, unincorporated association, limited
liability company or a partnership, the transfer, assignment or hypothecation of any stock or interest in such corporation, association,
company or partnership in the aggregate in excess of twenty percent (20%) from the time such entity becomes a Tenant hereunder,
shall be deemed an assignment within the meaning and provisions of this Section 1. The foregoing sentence shall not apply to (1)
a corporation of which the capital stock is publicly traded on a recognized national stock exchange, (ii) a transfer pursuant
to the laws of devise and descent upon the death of a shareholder, partner or owner or (iii) the transfer by a shareholder, partner
or owner to family members or to a trust for the benefit of family members.

 

    	2

    	 

    

 

1.4           Lease
Transfer Fee.

 

A.          Tenant shall pay
to Landlord a Lease Transfer Fee (as defined below) upon the occurrence of any of the following events: (i) Tenant sells, transfers
or assigns (directly, by operation of law or otherwise) its interest in the business being conducted at the premises to any other
person or legal entity; (ii) A sale, transfer or assignment (directly, by operation of law or otherwise) of all or any portion
of the ownership of stock or ownership interest in the present Tenant entity or any successor entity including but not limited
to any sale, transfer or assignment by merger, recapitalization, reorganization, or restructure; or (iii) Tenant enters into a
sub-lease, license, use or occupancy agreement with any other person or entity for the leased premises (items in sub-paragraphs
i, ii, and iii are collectively referred to as a "Transfix. "). This Lease Transfer Fee is specifically negotiated to
compensate Landlord for a transfer of Premises that Tenant acknowledges is in short supply in Uptown Sedona, Arizona. Should Tenant,
for any reason, reacquire the leased premises after any sale, sub-lease or transfer; there will be no "transfer fee"
to Tenant upon the reacquisition of the premises. However, any subsequent action by Tenant that meets the requirements of items
(1), (ii), or (iii) above, shall subject Tenant to a new transfer fee. The Offer of Landlord to enter into this Extension is specifically
contingent upon Tenant agreeing to pay the Lease Transfer Fee. Any failure of Tenant to pay a Lease Transfer Fee will entitle Landlord
immediately, and without notice, to terminate the Lease, as modified by the Lease Extension Agreement. The Lease Transfer Fee is
not in substitution of other provisions of the Lease concerning assignment and subletting, which are in full force and effect.

 

B.          A Lease Transfer
Fee shall be paid by Tenant to Landlord in cash upon the date of the Transfer in an amount equal to the greater of () an amount
equal to all Rent of every kind (including but not limited to monthly rent, additional charges, key fees, and common area charges)
paid by Tenant to Landlord in the 12 months prior to the Transfer; or (ii) forty percent (40%) of all moneys to be paid by any
purchaser to Tenant for any purpose including but not limited to the Lease Transfer, purchase of inventory, consulting fees payable
to Tenant or any affiliate of Tenant or the like.

 

C.          As a condition
of approval of the Assignment, Landlord shall enter into a Lease amendment with the assignee increasing the Base Monthly Rent to
the then market rental for the Premises, as reasonably determined by Landlord and taking into account the additional amounts received
by Landlord and Tenants for rent, key fees, lease assignments or sales of business.

 

D.          Landlord shall
be entitled to review in detail the retail experience, the intended use on the Premises, financial capability and tourist marketing
experience of any assignee to determine if such proposed assignee is suitable as a tenant in the Project. Tenant acknowledges Landlord
has no obligation to consent to assignments and that Landlord, after a review of proposed assignee, may reject such assignee as
not suitable for the Project.

 

    	3

    	 

    

 

E.          Tenant acknowledges
(1) the Lease Transfer Fee is a serious impediment to the assignment of this Lease or the sale of Tenant's business; (ii) Landlord
has entered into this Lease after carefully choosing Tenant from a number of applicants to lease the Premises; and (iii) Landlord
does not want and will not allow Tenant to assign this Lease or sell its business unless the Lease Transfer Fee provisions above
are complied with in full.

 

SECTION 2 - SUBJECT TO MASTER LEASE

 

Tenant acknowledges
that this Lease is subordinate to a Master Lease of the Project among CARLA LEPORI CONIGLIO, Trustee of the CARLA LEPORI CONIGLIO
LIVING TRUST and Trustee of the MARIANA PACINI TRUST, as amended, dated January 28, 1983, CARLA LEPORI CONIGLIO, ROBERT A. ?ACM,
DORIS GREENE, DORIS PACINI GREENE, Trustee of the DORIS PACINI GREENE REVOCABLE LIVING TRUST, dated August 17, 1994, CARA M. CONIGLIO,
LISA P. KAUFMANN, PHILIP M. CONIGLIO, Jr., and ATHERTON VENTURES, a California general partnership, as Landlord, and CANYON PORTAL,
L.L.C., an Arizona limited liability company as Tenant. The Master Lease is recorded in Coconino County at Docket 1362, Page 162.

 

SECTION 3 - OPTION RENEWAL TERMS

 

3.1        Two Five
(5) Year Option. The first Option provided by this Extension of the Lease shall be for a five (5) year period commencing
October 1, 2006 and ending September 30, 2011. The second Option provided by this Extension of the Lease shall be for a five (5)
year period commencing October 1, 2011 and ending September 30, 2016.

 

3.2        Market Rental
Rate. At the commencement of each five (5) year Option period, the Annual Rent shall be increased to the then "Market
Rate" for similar space in "Uptown Sedona", but in no case shall the new "Market Rate" be less than 105%
of the previous years' rental.

 

3.2        Annual Rent
Increases. Commencing with the second year of EACH Option Term, and for each year thereafter, monthly rent for the
premises shall be increased based upon a cost of living adjustment calculated in the following manner. The base for computing the
adjustment is the Consumers' Price Index for All Urban Consumers, United States Cities Average published by the United States Department
of Labor, Bureau of Labor Statistics ("Index"), which is in effect on the date of the commencement of the first day of
the previous Lease year ("Beginning Index"). For example, the adjustment for year two would be based on the Index for
the first day of Lease year one. The Index published most immediately preceding the Adjustment Date in question ("Extension
Index") is to be used in determining the amount of the adjustment. If the Extension Index has increased over the Beginning
Index, the base monthly rent for the following year shall be set by multiplying the base monthly rent for the previous year, e.g.,
for the 12th Lease month, by a fraction, the numerator of which is the Extension Index and the

 

    	4

    	 

    

 

denominator of which is the Beginning Index.
However, the adjustment to the rent shall be no less than five percent (5%) compounded per annum of the base monthly rent provided
in this Lease. As an example, if year one monthly rent is $1,000.00 and the five percent (5%) is applicable each year, then monthly
rent for years two through five would be: year two $1,050.00; year three - $1,102.50; year four - $1,157.63 and year five - $1,215.51.
In any event, the cost of living adjustment calculated in accordance with the foregoing formula shall not be less than 5% of the
prior year's rent rate.

 

If the Index is changed
so that the base year differs from that in effect when the term commences, the Index shall be converted in accordance with the
conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued
or revised during the term, such other government index or computation with which it is replaced shall be used in order to obtain
substantially the same result as would be obtained if the Index had not been discontinued or revised.

 

4.          Increased
Security Deposit. Tenant shall increase its Security Deposit at the beginning of Each Option Period to an amount that
is equal to the ending monthly rental rate for the previous rental period.

 

Except as modified above, the Lease remains in full force and
effect.

 

	LANDLORD:	 	TENANT:
	 	 	 	 	 
	CANYON PORTAL, L.L.C., 	 	NICRIN, Inc, 
	By:	CANYON PORTAL PROPERTIES, INC.	 	an Arizona Corporation
	Its:	Managing Member	 	 	 
	 	 	 	 	 
	BY:	/s/ Tom R Van  Sickle	 	BY:	/s/ Lee Athenour
	 	Tom R. Van Sickle	 	 	Lee Athenour, President
	Its:	President	 	 	 
	 	 	 	 	 
	September 25, 1998	 	 	 

 

    	5

    	 

    

 

ESTOPPEL CERTIFICATE

 

RE: The
("Lease") dated October 1, 1987, addendum dated September 2/, 1989, modification agreement dated October 1,
1991, lease extension dated June 30, 1997 and lease extension agreement dated September 25, 1998 between
("Lessee/Tenant") Russell and Renee Flaherty, which was assigned to NICRIN, INC., an Arizona corporation and
("Lessor/Landlord")Sedona Uptown Properties, which was assigned to CANYON PORTAL,_ L.L.C., an Arizona limited
liability co. Approximate square footage occupied suite 1, 531.70, suite 7, 600 Commonly known as: Suite 1
& 7 of Canyon Portal, Sedona, Arizona the ("Leased Premises").

 

The undersigned, hereby
understand and acknowledge to and for the benefit of OWENS FINANCIAL GROUP, INC,, a California Corporation ("Lender"),
which has made or is about to make a loan ("Loan") to Lessor/Landlord, part of the security for which will be a deed
of trust ("Deed of Trust") covering the Leased Premises, and an Assignment of Rents and Leases, the truth and accuracy
of the following:

 

1.          Attached hereto
is a complete, true and correct copy of the Lease, and except as identified in writing to Lender and attached hereto together with
the Lease, there are no modifications, amendments, supplements or understandings, oral or written, amending, supplementing or changing
the terms of the Lease.

 

2.          Lessee/Tenant has
accepted and is in possession of the Leased Premises, and the Lease is in full force and effect, having been duly executed
and delivered by Lessee/Tenant, and is a valid and binding obligation of Lessee/Tenant and Lessor/Landlord. The term of the Lease
commenced on 10/1/87 and will terminate on  9/30/06.

 

3.          Current
base monthly rent under the Lease is $4,492.15, which has been paid through and including August 31, 1999. Lessee/Tenant
has not paid rent for more than one (1) Month after the month during which this certificate is executed. Lessee/Tenant has made
no advancements for or on behalf of Lessor/Landlord and there are no offsets, deductions or credits against the payment of rents
or other charges due under the Lease, or claims or causes of action against Lessor/Landlord. There are no defenses against the
enforcement of the Lease by Lessor/Landlord and there is no default under the Lease. Both parties have performed the obligations
required to be performed by each party thereunder through the date hereof. There are not. any existing conditions which upon giving
notice or lapse of time or both would constitute a default under the Lease, and Lessor/Landlord has satisfactorily complied with
all requirements to the commencement of the term of the Lease.

 

4.          No monetary consideration
has been granted to Lessee/Tenant for entering into the Lease except as otherwise specifically set forth therein. Lessee/Tenant
has made no agreements or arrangements with Lessor/Landlord which directly or indirectly reduce or delay any of the rental
payments or Obligations of Lessee/Tenant; and there are no liabilities or obligations of Lessor/Landlord or any other person which
Lessee/Tenant could offset against or otherwise use to reduce the rental payments of Lessee/Tenant.

 

    	1

    	 

    

 

5.          Any and all improvements
required by the Lease have been completed by Lessor/Landlord substantially in accordance with plans and specifications approved
by Lessor/Landlord and Lessee/Tenant.

 

6.          Lessee/Tenant
has paid Lessor a security deposit and/or last months rent under the Lease in the amount of $5,058.50. No other deposits
have been made.

 

7.          Lessee/Tenant has
not entered into any sublease, assignment or other agreement transferring any of its interest in the Lease or the Leased Premises.

 

8.          Lessor/Landlord
and Lessee/Tenant agree that the Lease shall not be modified, amended, terminated or otherwise changed or altered and Lessee/ Tenant
shall not directly or indirectly sublease the Leased Premises or assign any right, title or interest of Lessee/Tenant thereunder,
whether for security or otherwise, without the prior written consent of Lender.

 

9.          Until further written
notice from Lender, payments may continue as set forth in the Lease.

 

10.        Lessor/Landlord
has not made, and Lessee/Tenant has no knowledge of, any prior assignment, hypothecation or pledge of the rents or the Lease
to any other party.

 

11.        Lessee/Tenant
has 2 options to renew the Lease, for a period of 5 years each. Lessee/Tenant has no right of first offer or right
of first refusal to lease or occupy any other space within the Leased Premises, except as set forth in the Lease. Lessee/Tenant
has no right to renew or extend the Lease except as expressly set forth in the Lease.

 

12.        There has not
been filed by or against Lessee/Tenant a petition in bankruptcy, voluntary or otherwise, any assignment for the benefit
of creditors, any petition seeking reorganization or arrangement under the bankruptcy laws of the United states, or any state thereof,
or any other

action brought under said bankruptcy laws with respect to Lessee/Tenant.

 

13.        All insurance
required of Lessee/Tenant by the Lease has been provided by Lessee/Tenant and all premiums paid.

 

14.        The Deed of Trust
or other security instrument securing the Loan to Lender, and any renewal, extension or modification thereof, shall remain at all
times a lien on both the real property and improvements, of which the Leased Premises constitutes a part.

 

15.        In the event of
a Trustee's Sale or any action to enforce the terms of the Note and Deed of Trust, Lessee/Tenant shall attorn to the Purchaser
upon such a foreclosure or sale or upon any grant of a deed in lieu of foreclosure and shall recognize such purchaser as the Lessor/Landlord
under the Lease, provided, however, that in any of the above-described events, Lender, or any purchaser or any successor owner
of the property shall not be (i) liable for any act or omission of the prior landlord (including Lessor), (ii) subject to any offsets
or defenses which Lessee/Tenant might

 

    	2

    	 

    

 

have against a prior landlord (including Lessor ); (iii)
bound by any rent or additional rent which Tenant might have paid in advance for more than one (1) month to any prior landlord
(including Lessor); or (iv) bound by any agreement or modification of the Lease made without the written consent of Lender.

 

16.        Lessee/Tenant
has no actual or constructive knowledge of the presence of, or any processing, use, storage, disposal, release or treatment of
any hazardous or toxic materials or substances on or beneath or from the Leased Premises or the Property of which it is a part,
except as follows (if none, state "none"): NONE

 

17.        Lessee/Tenant
has not been served with any notice concerning, nor does Lessee know of, any violation of or non-compliance with any laws, ordinances,
requirements, orders, rules or regulations of any governmental or quasi- governmental body or board of insurance underwriters with
respect to the Leased Premises or the use or occupancy thereof by the Lessee/Tenant. The Leased Premises are in good
condition and repair.

 

18.        Notwithstanding
any provision in the Lease, in the event of a default by Lessor/Landlord of his obligations under the Lease, Lessee/Tenant shall
give written notice of such breach and/or default to Lender at the following address:

 

OWENS FINANCIAL GROUP, INC.

2221 OLYMPIC BLVD. (P. O. BOX 2308)

WALNUT CRUX, CA 94595

 

Lessee/Tenant shall allow Lender 30 days to cure such breach
and/or default, although Lender has no obligation to do so.

 

19.        This Agreement
may be relied upon by Lender in connection with its making of the Loan to Lessor/Landlord.

 

We declare under penalty of perjury that
the foregoing is true and correct and that this Certificate is executed on 9/3/99 at Sedona,  Arizona.

 

	LESSEE/TENANT:	 	LESSOR/LANDLORD:
	 	 	 	 	 
	Nicrin, Inc, 	 	CANYON PORTAL, L.L.C., 
	an Arizona Corporation	 	An Arizona limited liability company,
	 	 	 
	 	 	 	BY:	CANYON PORTAL PROPERTIES, INC.
	 	 	 	Its:	Managing Member
	 	 	 	 	 
	BY:	/s/ Lee Athenour	 	BY:	/s/ Tom R Van  Sickle
	Its:	President	 	Its:	President

 

    	3

    	 

    

 

	Jul-14-97 09:35A Tom R Van Sickle	520 282 5902	P.01

 

ASSIGNMENT OF CANYON PORTAL SHOPS LEASE

 

AND CONSENT OF LANDLORD

 

RECITALS:

 

WHEREAS, Assignor,
Cyndee Hoekema, dba/Best Little Shop in Sedona, (“Tenant”) assumed a Lease on August 6, 1991 from Helena Sigman, which
Assignment was approved by the Landlord; Helena Sigman having assumed the Lease from Russell and Renee Flaherty on December 4,
1988; which Lease they had entered into dated October 1, 1987 with Sedona Uptown Properties, an Arizona limited partnership, predecessor
in interest to Canyon Portal Properties, Inc., ("Landlord") for the premises known as Suite 1, Trading Post Shops ("premises");
and

 

WHEREAS, the Assignee,
Nicrin, Inc., an Arizona Corporation, wishes to receive an assignment of said Lease, and

 

WHEREAS, pursuant
to the requirements of Article 8 of said Lease, the Landlord is required to consent and desires to consent to such an assignment
of the Lease;

 

NOW, THEREFORE, for
valuable consideration, receipt of which is acknowledged by each of the parties, Assignor hereby assigns to Assignee and Assignee
accepts assignment of the premises, and Landlord consents to the assignment under the following terms and conditions:

 

1.            Assignee
shall fully perform all of the terms and conditions of the Lease for the full term of the Lease.

 

2.           Assignee
shall continue to operate the premises as a retail clothing and accessory store with accessories for the home. Inventory
shall include, but not be limited to:

 

1.)     Contemporary clothing for men, women,
and children

2.)     Resortwear including tee shirts, sweatshirts,
caps, hats, and footwear

3.)     Contemporary jewelry, watches, sunglasses,
and lotions

4.)     Home accessories

 

No other merchandise shall be allowed to
be sold on the premises except by the written consent of the Landlord, which Consent shall not be unreasonably withheld.

 

3.           Assignee shall execute the "Lease Extension Agreement
attached to this Assignment and labeled "Exhibit A".

 

    	 

    	 

    

 

	Jul-14-97 09:35A Tom R Van Sickle	520 282 5902	P.02

 

4.           Any remodeling plans must first be submitted to the Landlord
for its approval and then submitted to the City of Sedona for its approval, if required. Also, any floor space that is added to
the premises by the remodeling shall be subject to additional rental payments in proportion to the original floor space.

 

CONSENT:

 

Landlord consents to the assignment of this
Lease by the Assignor to the Assignee subject to the receipt by the Landlord of the "Lease Transfer Fee" of $15,951.00.

 

All rights, obligations, and liabilities
herein shall extend to and bind the heirs, executors, administrators, successors, subleases, and assigns of the parties hereto.

 

The premises may not be further assigned
or subleased without the consent of the Landlord.

 

If legal or other proceedings are brought
or commenced to interpret or enforce the terms of the Agreement, the prevailing party shall be entitled to recover all costs and
expenses of such proceedings, including reasonable attorney's fees, regardless of whether any such proceedings are prosecuted to
judgment.

 

	DATED this 30th day of June 1997
	 	 
	ASSIGNOR:	Cyndee Hoekema/dba Best Little Shop

 

	By:	/s/ Cyndee Hoekema
	 	Cyndee Hoekema
	 	Its Owner

 

	ASSIGNEE:	Nicrin Inc., an Arizona Coporation

 

	By:	/s/ Lee Athenour
	 	Lee Athenour
	 	Its President

 

	LANDLORD:	Canyon Portal Properties, Inc., an Arizona Corporation 

 

	By:	/s/ Tom R Van Sickle
	 	Tom R Van Sickle
	 	Its President

 

    	 

    	 

    

 

	Jul-14-97 09:36A Tom R Van Sickle	520 282 5902	P.03

 

“Exhibit A”

 

LEASE EXTENSION AGREEMENT

  

This Lease Extension
Agreement (Extension) is entered into this 30th day of June, 1997 by and between CANYON PORTAL PROPERTIES, INC., an
Arizona corporation ("Canyon Portal" or "Landlord") and N1CRIN, Inc., ("Tenant"). The Lease remains
in full force and effect except as modified in this Lease Extension Agreement.

 

RECITALS;

 

1.           Sedona Uptown Properties,
an Arizona limited partnership, predecessor in interest to Canyon Portal Properties, Inc., and Russell and Renee Flaherty, entered
into a Shopping Center Lease Agreement ("Lease") dated October 1, 1987, as Landlord and Tenant respectively. On December
4, 1988, Tenant assigned its rights and obligations to Helena Sigman, which assignment was approved by the Landlord. On January
1, 1989 Canyon Portal Properties, Inc. assumed all of the rights and obligations of Sedona Uptown Properties. On September 21,
1989, Landlord and Tenant entered into an Addendum to Lease by which "The term of the Lease shall be to end on September 30,
1991." On August 6, 1991, Helena Sigman assigned the Lease to Cindy Hoekema, which assignment was approved by the Landlord.
On October 1, 1991, Landlord and Tenant entered into a Modification Agreement which extended the term of the lease five years.
The Lease covers the Premises known as Suite 1, Trading Post Shops, Sedona, Arizona consisting of 531.70 square feet of gross floor
area. The Lease term commenced October 1, 1987, and ended September 30, 1996. On June 30, 1997, Tenant assigned its interest in
the Leasehold Premises to Nicrin, Inc., which Assignment Landlord Approved subject to the fulfillment of this Lease Extension and
all requirements herein.

 

2.           Tenant has given
notice to Landlord that it wishes to extend its Lease of the premises with Landlord for a period of ten (10) years.

 

3.           Landlord has determined
that the current market rate for the Renewal Term of the Lease shall include a "Lease Transfer fee", annual inflationary
rent increases over the life of the lease, and an increased "Security deposit", all of which shall be defined in this
Extension. In consideration for the "Lease Transfer Fee" provision in this Extension, Landlord shall grant to Tenant
an extension effective for a 10 year period. Tenant has agreed that the inclusion of the (i) "Lease Transfer Fee", (ii)
annual inflationary increases, and (iii) increased security deposit are acceptable in this Extension in consideration for the 10
year Renewal Term of the lease.

 

    	1

    	 

    

 

	Jul-14-97 09:36A Tom R Van Sickle	520 282 5902	P.04

 

NOW THEREFORE. THE PARTIES AGREE AS FOLLOWS:

 

1.           Ten
Year Renewal Term. The Renewal of the Lease shall be a ten (10) year period commencing October 1, 1996, and ending September
30, 2006.

 

2.           Lease
Transfer Fee Tenant shall pay to Landlord a Lease Transfer Fee equal to $30.00 per square foot of the leased premises
upon the occurrence of any of the following events: (i) Tenant sells, transfers or assigns its interest in the business being
conducted at the premises to any other person or legal entity; (ii) A sale, transfer or assignment of all or portion of the ownership
of stock or ownership interest in the present Tenant entity or any successor entity; or (iii) Tenant enters into a sub-lease,
license, use or occupancy agreement with any other person or entity for the leased premises. This Lease Transfer Fee is specifically
negotiated to compensate Landlord for a transfer of Premises that Tenant acknowledges is in short supply in Uptown Sedona, Arizona.
Should Tenant, for any reason, reacquire the leased premises after any sale, sub-lease or transfer; there will be no "transfer
fee" to Tenant upon the reacquisition of the premises. However, any subsequent action by Tenant that meets the requirements
of items (i), (ii), or (iii) above, shall subject Tenant to a new transfer fee. The Offer of Landlord to enter into this Extension
is specifically contingent upon Tenant agreeing to pay the Lease Transfer Fee. Any failure of Tenant to pay a Lease Transfer Fee
will entitle Landlord immediately, and without notice, to terminate the Lease, as modified by the Lease Extension Agreement. The
Lease Transfer Fee is not in substitution of Paragraph 8.01 of the Lease concerning assignment and subletting. which paragraph
remains in full force and effect.

 

3.           Annual
Rent Increases. Commencing with the first year of the Renewal Term, monthly rent for the premises shall be increased by
$.25 per square foot per month over the prior year's rent rate for the first five (5) years of the renewal term. This monthly
increase over the prior year's rate represents an average increase of less than 6% per year for the first five years of the Renewal
Term. Rent for the first year of the Renewal Term shall be $4.00 per square foot per month. Commencing with the sixth year of
the Renewal Term and continuing through the remaining years of the Renewal Term, the monthly rent shall be increased based upon
a cost of living adjustment calculated in the following manner. As promptly as practicable at the annual anniversary of the Renewal
Term beginning with the 5th anniversary of the Renewal Term, Landlord shall compute the increase, if any, in the cost of living
for the preceding one-year calendar period based upon the "Revised Consumers Price Index — All Cities" (the index),
published by the Bureau of Labor Statistics of the United States Department of Labor. The index number indicated in the column
entitled "all items" for the month of December, 1999 shall be the "base Index number" and the corresponding
Index number for the month of December for any year in which a calculation is to be made, commencing in the year 2000 shall be
the "current Index number". The Current Index No. shall be divided by the Base Index Number, and the resulting figure
multiplied by the rent payable of $5.00 per square foot for year 5 of the Renewal Term. In any event, the cost of living adjustment
calculated in accordance with the foregoing formula shall not be less than 3% of the prior year's rent rate and not more than
7% of the prior year's rent rate.

 

    	2

    	 

    

 

	Jul-14-97 09:37A Tom R Van Sickle	520 282 5902	P.05

 

4.           Increased
Security Deposit Tenant shall increase its Security Deposit from its present amount of $1,993.88 to $2,658.50, which
is equal to the ending monthly rental rate for the 5th year of the Renewal Term.

 

5.           Landlord's
Management Fee. Landlord's Management Fee is compensation and fees actually paid by Landlord to an independent management
agent or broker for management of the Shopping Center; or, if Landlord manages the Center on its own behalf, such fees shall be
stipulated to be and computed as three percent (3%) of the gross rent received by Landlord from all Shopping Center tenants for
the fiscal year in question. Tenant confirms that such Landlord's Management Fee is to be included as a Common Area Maintenance
expense under the Lease and this Extension.

 

6.           Landlord
Construction Work Landlord, during the term of the Lease, will be doing construction work on the Trading Post Shops.
Such work will include, but not be limited to, installing a fire sprinkler system, re-roofing, and general renovation. Tenant
acknowledges that such work may interfere with the ability of Tenant to conduct its business. if Tenant is unable to open for
business solely because of the work of Landlord, then Tenant may abate the rent owed to Landlord for any days Tenant cannot open
due exclusively to the fault of Landlord and its reconstruction work, as long as Tenant notifies Landlord in writing by 10:00
a.m. on each day that Tenant cannot open for business. The abatement of rent will be determined by the number of days in the relevant
month. Since Tenant pre-pays its Lease rate, Tenant may take a credit on the subsequent month for any abatement of rent which
is due to the Tenant. Tenant acknowledges that the abatement of rent is the only consideration that will be paid by Landlord to
Tenant for the interference with Tenant's business. The maximum number of days for which rent may be abated by Tenant is ten (10)
days. Landlord also states and Tenant acknowledges that the rear wall of the building will be upgraded and such improvements may
require the removal of doors and/or windows located in the rear wall. Also, all utilities serving the building will be relocated
underground and such relocation may cause an interruption of Tenant's business; but such interruption shall not entitle Tenant
to any abatement of Rent.

 

7.           Restatement
of Article 3. Article 3 of the Lease and the subsequent modifications which set forth the use of the
leased premises is hereby restated as follows:

 

Use of Leased
Premises. Lessee shall operate the leased premises only for the use and purpose for which it is let: As a retail
clothing and accessory store with accessories for the home. Inventory shall include, but not be limited to:

 

1.)           Contemporary clothing for men, women, and children

2.)          Resortwear including tee shirts, sweatshirts, caps, hats,
and footwear

3.)           Contemporary jewelry, watches, sunglasses, and lotions

4.)           Home accessories

 

    	3

    	 

    

 

	Jul-14-97 09:38A Tom R Van Sickle	520 282 5902	P.06

 

No other merchandise shall be allowed to be sold on the premises
except by the written consent of the Landlord, which consent shall not be unreasonably withheld.

 

Except
as modified above, the Lease remains in full force and effect.

 

	LANDLORD:	 	TENANT:
	 	 	 
	CANYON PORTAL PROPERTIES, INC.,	 	Nicrin, Inc.,
	an Arizona Corporation	 	an Arizona Corporation
	 	 	 
	BY:	 /s/ Tom R. Van Sickle	 	BY: 	/s/ Lee Athenour
	 	 Tom R. Van Sickle, President	 	 	 Lee Athenour, President

 

    	4

    	 

    

 

MODIFICATION AGREEMENT

  

This Modification Agreement is made and entered into this 1st
day of October 1991 by and between Cindy Hoekema hereinafter referred to as "lessee" and Canyon Portal Properties, Inc.
(assignee of interest of Sedona Uptown Properties, an Arizona limited partnership) hereinafter referred to as "lessor".

 

RECITALS

 

1.           This modification agreement. pertains to that certain lease
agreement and amendments, assignments, and modifications, all as attached hereto as exhibit 'A".

 

2.           This modification agreement pertains to space 1 Trading Post
Shops, located at 270 North Highway 89-A, Sedona, Coconino County, Arizona.

 

3.           The lessor and lessee as defined above wish to renew
and modify said lease agreement'.

 

NOW THEREFORE, in consideration of the promises
and mutual covenants contained herein, and $10.00, and other good and valuable consideration, the receipt of which is hereby acknowledged,
it is agreed.

 

1.           That the attached existing lease, amendments, assignments
and modifications are in good standing and both lessor and lessee waive all notice periods required for renewal and modification
of said lease agreement.

 

2.           Article
1.           Term shall be modified to a term of five years commencing
on October 1, 1991 and ending on September 30, 1996.

 

3.           Article
9.           Options shall be modified hereby to grant an option
to "lessee" to extend the term of this lease, as modified by this agreement, for a period of five years. All other conditions
of Article 9. pertain to this option.

 

4.           Article
2.           Rent shall be modified to the following rental schedule.

 

	First 6 mo.:	 	 	$2.50 / sq. ft. / month	 
	Second 6 mo.:	 	 	$2.75 / sq.ft. / month	 
	Year 2:	 	 	$3.00 / sq.ft. / month	 
	Year 3:	 	 	$3.25 / sq.ft. / month	 
	Year 4:	 	 	$3.50 / sq.ft. / month	 
	Year 5:	 	 	$3.75 / sq.ft. / month	 

 

    	 

    	 

    

 

All other conditions of this article remain the same.

 

5.           Article 7.01.          Default shall be modified to eliminate
a ten day grace period and all rents will be due on the first of each month and delinquent on the second day of each month. All
other terms and conditions of Article 7.01 remain the same.

 

6.           Article 2.          Rent is modified to acknowledge a total
last months rent deposit of $1993.88 plus applicable taxes. The provision for 6% interest on the last months rent deposit is hereby
eliminated from article 2.

 

7.           "Lessee" is hereby granted an option to add as
additional lease space under this lease any new space added to the rear of the existing shops at Trading Post - Shops.

 

This modification agreement modifies only those articles as
indicated above and only to the extent indicated and all other terms and conditions of the attached lease agreement, assignments,
modifications and amendments shall remain in full force and effect.

 

	Lessor:	 	Lessee:
	 	 	 
	Canyon Portal Properties, Inc.	 	Best Little Shop in Sedona
	/s/John DePoe	 	/s/ Cyndee Hoekema
	Date:	9/13/91   	 	Date: 	9.30.91   

 

    	 

    	 

    

 

ASSIGNMENT OF LEASE

 

FOR VALUE RECEIVED Helena Sigman does
hereby assign, sell, transfer and convey to Cyndee Hoekema, a married woman, as her sole and separate property, all of her right,
title and interest in and to that certain Lease dated October 1, 1987, between Canyon Portal Properties, Inc., an Arizona corporation,
Lessor, and Helena Sigman, Lessee, the leased premises being Trading Post Number One, Best Little Shop in Sedona at 270 North Highway
89A, Sedona, Coconino County, Arizona.

 

It is understood and agreed that the Assignee
shall assume and pay the rent accruing under the terms of the Lease commencing with the rental due and payable on the first day
of August, 1991. Helena Sigman agrees that in the event of a default of any provision of the Lease by Hoekema, she shall remain
liable to the Lessor for any unpaid rent and shall be liable for any allowable damages. A default by Cyndee Hoekema under any of
the terms, conditions and covenants of the lease assigned herein, shall result in a reversion to Helena Sigman of all her right,
title and interest in the original lease dated October 1, 1987, and any amendments thereto, and shall not be deemed to be a forfeiture
of her rights. The failure of Cyndee Hoekema to make any payment under the Agreement for Sale between Hoekema and Sigman, shall
also result in a forfeiture of assignee's rights under the lease assigned herein, and all such rights and interest in the lease
shall revert to Helena Sigman.

 

This agreement shall be binding upon the
heirs, assigns, personal representatives and successors of both Assignor and Assignee.

 

DATED this 6th day of August,
1991.

 

	Assignor:	/s/ Helena Sigman
	 	Helena Sigman

    

ACCEPTANCE OF ASSIGNMENT OF LEASE

 

Cyndee Hoekema, the undersigned Assignee,
does accept the above assignment of Lease and agrees to all of the terms and conditions contained. therein.

 

DATED this 6th day of August,
1991.

 

	 	/s/ Cyndee Hoekema
	 	Cyndee Hoekema

 

    	 

    	 

    

 

CONSENT TO ASSIGNMENT OF LEASE

 

Canyon Portal Properties, Inc., Lessor of the premises described
above, hereby consents to the Assignment of Lease dated October 7, 1987, whereby the Lease was assigned by Helena Sigman as Assignor
to Cyndee Hoekema, does hereby approve of the same provided, however, that said assignment shall not operate to release the Assignor
Helena Sigman, from liability for the faithful performance of the terms, conditions and covenants of the Lease.

 

DATED
this 6 th day of August, 1991.

 

	 	 	Canyon Portal Properties, Inc.
	 	 	 
	 	By	/s/ John De Poe
	 	 	John DePoe, President

  

I agree to honor the terms of agreement regarding the assignment
of the lease on space #1 (B.L.S) which was entered into on August 6, 1991 between Helena Sigma and Cindy Hoekema.

 

	 	/s/ John DePoe	 	August 6, 1991
	 	John DePoe	 	date

 

    	 

    	 

    

 

Addendum To Lease

 

This Addendum is made this 21st day of September, 1989 between
Canyon Portal Properties, Inc. (Hereafter, referred to as Lessor) and Helena Sigman (Hereafter referred to as lessee.) added to
that lease agreement entered into on October 1, 1987 and amended on for the below described lease premises.

 

LEASED PREMISES: Trading Post #l Best Little Shop in Sedona

 

The lessor and lessee hereby agree as follows:

 

1.          Section 1.01 The term of lease shall
be extended to end on September 3o, 1991.

2.          Section 2.01 Rental shall be (same as
year 2) for year three of the lease agreement and shall be (same as year 3) for year four of the lease agreement.

 

All other terms and conditions of the lease
and above referred addendums there to remain in FULL FORCE AND EFFECT.

 

	LESSOR:	 	LESSEE:
	 	 	 
	/s/ John DePoe, President	 	/s/ Helena Sigman
	Date: 	9-25-89   	 	Date: 	9-29-89  

 

    	 

    	 

    

 

CANYON PORTAL PROPERTIES

P.O. BOX 10293

SEDONA, ARIZONA 86336

 

MARCH 24, 1989

 

BEST LITTLE SHOP IN SEDONA

SPACE 1

TRADING POST PROPERTY

SEDONA ARIZONA

 

R.E.   LEASE ON SPACE 1 TRADING POST:

 

This letter will serve as approval for the following items r.
e. your lease on the above space.

 

1.          You have our permission to install a
One Hour Photo service in your space subject to your getting the approval of the State of Arizona Health Department that the chemicals
being used in the photo process will not harm our sewerage system. We have rented a space in our new building to John Minnick who
is going to put in a one hour photo business. If this building should get built and we have to honor that lease then we can cancel
our agreement with you on a thirty day notice. If we should not build the building or finalize the lease with Mr. Minnick then
you can consider the photo service becoming a permanent part of your lease and we will give you exclusivity for the photo process.

 

2.          We anticipate waiting now until early
summer or late fall to do the outside improvement work. In this regard you have our approval to install an awning on the front
of your shop. Once we start the work you will have to remove the awning but it will be your property at that time.

 

3.          You requested being able to put a side
door in your space opening out to the driveway. We would like to see a simple drawing of where this would be placed and
the affect on the new driveway. We are very concerned about the effects this will have on traffic coming out onto the driveway.
Please contact our architect Don Woods to make arrangements to work this out.

 

	/s/ John N. De Poe Jr	 
	 John N. De Poe Jr. President	 

 

    	 

    	 

    

 

ASSIGNMENT OF LEASE AND CONSENT OF
LANDLORD

 

This document incorporates in whole the Contract of Sale entered
into on December 4, 1988 between Russell Flaherty and Helena Sigman for the Purchase and sale of the lease of space #1 (one) in
the TRADING POST of Sedona.

 

Parties to this contract, 1) Russell Flaherty, lessee and seller,
2) Helena Sigman, assignee and buyer, and 3) John De Poe, master leaseholder and landlord.

 

The lessee and landlord have no claim or defenses one against
the other by reason of said lease.

 

It is agreed:

 

A)    Assignment. Lessee hereby sells, assigns
and transfers to Assignee-any and all of the Lessee's right, title and interest in and to the lease. The foregoing sale, assignment
and transfer is made without any recourse whatsoever to Lessee and without any representations or warranties express or implied
any nature whatsoever.

 

B)    Acceptance and Indemnification. Assignee
hereby accepts the foregoing. sale, assignment and transfer and promises and agrees to pay all rent and additional rent, and to
faithfully perform all covenants, stipulations, agree-ments, conditions and obligations under the Lease accruing on and after December
15, 1988 and continuing thereafter, and Lessee is responsible for the period prior thereto. Assignee shall indemnify and save Lessee
harmless from any and all claims, demands, actions, causes of action, suits, proceedings, damages, liabilities and costs and expenses
of every nature whatsoever and relating to the Lease or the premises demised thereunder arising on and after December 15,. 1988.

 

C)    Modification of
Lease. The Lessee agrees that the Landlord and the Assignee may change, modify or amend the Lease in any way including the
rental to be paid thereunder, and that further assignments may be made, without notice to or consent of the Lessee, and
without in any manner releasing or relieving the Lessee from liability under the Lease as originally executed by the parties
thereto, and the Lessee shall remain liable under all terms, covenants and conditions of the Lease as originally executed to
the end of the term thereof.

 

D)    Consent of Landlord. In consideration
of the foregoing, the Landlord. hereby consents to the assignment of the Lease by the Lessee to the Assignee, but upon the express
condition that neither such consent nor the collection of rent from the Assignee shall be deemed a waiver or relinquishment in
the future of the covenant against assignment or subletting without the written consent of the Landlord, nor shall the acceptance
of Assignee be construed as releasing the Lessee from the full performance of the provisions of the Lease.

 

    	 

    	 

    

 

ASSIGNMENT OF LEASE AND CONSENT OF LANDLORD

 

Page two of two

 

E) Agreement Binding. This agreement shall
be binding upon the successors and assigns or the parties hereto.

F) Landlord hereby agrees to transfer the
last month's rent held on deposit from Lessee to Assignee.

G) Following discussions between Assignee
and Landlord, the Landlord agrees that the Assignee will carry on a retail trade of women's accessories and accessories for the
home. Landlord further recognizes that it is. impossible to totally avoid Native American made and or related items in the retail
trade in Sedona. It is the intent of the Assignee not to be identified as a Native American jewelry shop, but to stress the import
of products from her own Slavic background.

 

Consent

 

Uptown Sedona Properties, an Arizona limited partnership, by
Northern Management Services, the general partner, by its chairman, John N. De Poe Jr., does hereby consent to the foregoing Assignment
under the terms and conditions stated therein.

 

	 	/s/ John N. De Poe Jr
	 	John N. De Poe Jr.                                       Date

 

	/s/ Russell P. Flaherty                                12/4/88	 	/s/ Helena Sigman                                 12-4-88
	Seller, Lessee                                       Date	 	Buyer, Assignee                                       Date

 

    	 

    	 

    

 

September 10, 1988

 

LETTER AGREEMENT AND
ADDENDUM TO LEASE SPACE 1 TRADING POST

 

On October 1, 1987 we entered into a 1
year lease agreement which expires on September 30, 1988. By this letter agreement we agree to extend the term of the lease to
three (3) years to expire on September 30, 1990.

 

The rent for the second lease year (10/1/88-9/30/89)
will be $1195 per month and the rent for the third lease year (10/1/89- 9/30/90) will be $1328 per month.

 

You will be able to operate your present
restaurant business until such time as we convert over to the new sewer system or we are given notice by the State Health Dept.
that we can no longer have a restaurant operation. We will give you at least 30 days notice of this termination of use. You can
operate under the lease for the balance of the term as long as the use is approved in advance by us. The use cannot be unreasonably
withheld.

 

By this letter agreement you hereby have
a right to renew the lease for 3 additional years at market rates to be mutually agreed upon. If the parties cannot upon rates
then the parties agree to binding arbitration.

 

All other terms, and conditions of the
original lease remain in full force and effect.

 

	/s/ John N. De Poe Jr	 
	 John N. De Poe Jr. Chairman	 
	Northern Management Services, Inc.	 
	Date 9/10/88	 

 

	/s/ Russell Flaherty 	 	/s/ Renee Flaherty
	Russell Flaherty	 	Date 9/11/88
	Date 9/11/88	 	 

 

    	 

    	 

    

 

LEASE AGREEMENT

 

This Lease Agreement is made and entered
into this 1st day of October 1987, by and between Sedona Uptown Properties, an Arizona Limited Partnership, hereinafter referred
to as Lessor, and Russell and Renee Flaherty, hereinafter referred to as Lessee.

 

In consideration of the mutual covenants
and agreements herein set forth, and other good and valuable considerations, Lessor does hereby demise and lease to Lessee, and
Lessee does hereby lease from Lessor, the premises situated in Sedona, Coconino County, Arizona, and more particularly described
in Exhibit "A" attached hereto and hereinafter called the "leased premises." (Space # 1 containing 531.70 square
feet).

 

ARTICLE 1. TERM

 

Term Of Lease

 

1.01          The term of this lease shall be one
year, commencing on October 1, 1987, and ending on September 30, 1988, unless sooner terminated as herein provided.

 

Lease Year Defined

 

1.02          The term "lease year", as
used herein, shall mean a period of twelve (12) consecutive full calendar months beginning on October 1, 1987, and continuing through
September 30, 1988.

 

ARTICLE 2. RENT

 

2.01          Lessee agrees to pay to Lessor without
any prior demand therefore and without any deduction or setoff whatsoever, a fixed rent per month payable on the 1st. day of October
1987 and on the first day of each month of the lease term, plus applicable State and Local Sales and Use Taxes, as follows:

 

	Lease Months	 	 	1	 	 	 	thru	 	 	 	6	 	 	$	1000.00	 
	Lease Months	 	 	7	 	 	 	thru	 	 	 	12	 	 	$	1064.00	 

 

In addition to the Rent due above Lessee agrees to pay a
last months rent in the amount of $1064.00 plus-applicable sales tax. Said last months rent will be billed in six monthly
installments

 

    	 

    	 

    

 

beginning with the second lease month of
this agreement. Lessor agrees to pay Lessee 6% interest on said last months rent.

 

ARTICLE 3. BUSINESS

 

Lessee shall operate the leased premises
for the use and purpose for which it is let, the operation of a Fast Food, Hamburger, Sandwich, Ice Cream and Soft Drinks continuously
during the term of this lease agreement. Lessee shall keep the leased premises reasonably stocked with merchandise, and reasonably
staffed to serve the patrons thereof, comparable to Fast Food Restr. doing a similar business in the trade area of the leased premises.
Lessee in not required to operate its business during any time when such operations must be suspended because of casualty loss
to the building, strike, insurrection, or other cause beyond the control of Lessee. The business will serve during the hours of
9:00 a.m. to 5:00 p.m. each day. The business of the Lessee will be restricted to the Leased premises and the Lessee will not be
allowed to display or sell merchandise outside the Leased premises, nor shall Lessor allow other tenants to do so. Parking in front
of the leased premises will be restricted to patrons of the leased premises and Lessor will provide parking for employees of the
Lessee. Lessee may not use the parking for promotional, personal or by employee's in front of or adjacent to the leased premises.
Lessee will not be required to be open during inclement weather or vacation periods.

 

ARTICLE 4. MAINTENANCE AND SURRENDER

 

Maintenance

 

4.01          Lessee shall at its expense and risk
maintain underground or otherwise concealed plumbing, and the structural soundness of the exterior walls on the leased premises
in good repair and condition. Lessor will provide common restroom facilities. The bathroom facilities Included on the Leased premises
shall be used by employees only.

 

Lessee understands that he will
be responsible for the following: (1) maintenance of all interior walls, floors, and ceilings; (2) construction and
maintenance of all counters, shelves, and displays; (3) installation of all lighting fixtures; (4) maintenance of the air
conditioning system; (5) maintenance of all interior electrical and plumbing facilities; (6). maintenance of all windows and
installation of all window coverings; window glass, interior decorations, exterior signs, and door fittings. Lessee, in
addition to being responsible for their pro rata share of all repairs, maintenance and replacements on the exterior.of the
building shall also be responsible for their pro rata share of all common area up keep, maintenance and replacement. Lessor
will provide the maintenance, repair and replacement of all common areas and will bill Lessee no less than

 

    	 

    	 

    

 

monthly and Lessee hereby agrees to pay this in addition to
the monthly rent due under this lease. Lessee's percentage share shall be 500/3,800 (13%) of the repair, maintenance, replacement
of the premises and common areas as outlined above. It is further agreed that the common area will be limited to only that portion
in front of the Trading Post and shall not include any other portion of the property. This Lease is a triple net lease with all
costs to be paid for or passed on to the Lessee.

 

Surrender

 

4.02          Lessee shall. throughout the lease
term maintain the building and other improvements constituting the leased premises and keep them free from waste or nuisance, and
shall deliver up the lease in good repair and condition, reasonable wear and tear and damage by fire, tornado, or other casualty
excepted. In the event Lessee should neglect to reasonably maintain the leased premises, Lessor shall have the right, but not the
obligation, to cause repairs or corrections to be made, and any reasonable costs therefore shall be payable by Lessee.to Lessor
as additional rental on the next rental installment date.

 

ARTICLE 5. OBLIGATIONS OF LESSOR AND LESSEE

 

Taxes and Assessments

 

5.01          (a)          Lessee shall be responsible for
all sales taxes, state license charges, state income taxes, state franchise taxes, federal withholding taxes, P.I.C.A. and
P.U.T.A. employer contributions, and for any other state, federal, county, or municipal tax, charge, fee, impost, or contribution
which may be required to open, operate or sustain Lessee's business affairs. Lessee shall have the right in good faith at its cost
and expense to contest any such taxes, charges, and assessments, and shall be obligated to pay the contested amount only if and
when finally determined to be due.

 

(b)          Lessee shall pay when due their percentage
share of all Real Estate Property Taxes for land and improvements on. the Trading Post Building which includes their premises and
the common area as defined above. This lease is a triple net lease with all costs for property taxes to be pro rated to the Lessee's.

 

Alterations, Additions, and Improvements

 

5.02          Lessee shall not create any openings in the roof or exterior
walls, nor make any alternations, additions, or improvements to the leased premises without the prior written consent of Lessor.
Consent for nonstructural alternations, additions, or improvements shall not be unreasonably withheld by

 

    	 

    	 

    

 

Lessor. Lessee shall have the right at all times to erect or
install shelves, bins, machinery, air conditioning or heating equipment, walk in freezers and refrigeration equipment, and trade
fixtures, provided that Lessee complies with all applicable governmental laws, ordinances, and regulations.

 

All built in or affixed alternations, additions, or improvements
made by Lessee shall become the property of the Lessor at the termination of this lease; however, the Lessee shall promptly remove,
if Lessor so elects, all alternations, additions, and improvements, and any other property placed in the premises by Lessee, and
Lessee shall repair any damage caused by such removal.

 

Signs

 

5.03          Lessee shall not erect or install any
sign, placard, or exterior advertisement on the leased premises unless such sign, placard or exterior advertisement be approved
by Lessor and Coconino County; but such approval shall not be unreasonably withheld if the sign, placard, or exterior advertisement
is in harmony with the design concept of the building of which these demised premises are a part. Lessee shall, at Lessor's option,
remove all signs at the termination of this lease, and shall repair any damage and close any holes caused by such removal.

 

Utility Charges

 

5.04          Lessee shall pay all utility charges,for
electricity, telephone, sewer, heat, gas, water, and power used in and about the leased premises, all such charges to be paid by
Lessee to the utility company and municipality furnishing the same, before the same shall become delinquent. There may be certain
utility charges that will be paid on a prorated basis or charged as a common area expense. Lessee agrees to these charges as part
of this triple net lease.

 

Insurance

 

5.05          Lessee
shall, during the term of this lease, provide Bodily Injury and Property Damage Liability Insurance for the leased premises
in an amount not less than $ 500,000.00. Lessee shall provide Lessor with a certificate of Insurance showing Proof of this
coverage. Lessor will obtain insurance coverage for the replacement of the buildings and General Liability insurance for the
Trading Post Building and Common Areas. Lessee agrees to pay his pro rata portion of the cost of said policy.

 

Fire and Casualty Damage

 

5.06          If the building or other improvements
on the leased premises should be damaged or destroyed by fire, tornado,

 

    	 

    	 

    

 

or other casualty, Lessee shall give immediate written notice
thereof to Lessor.

 

Total Destruction

 

(a)          If the building on the leased premises
should be totally destroyed by fire, tornado, or other casualty, or it if should be damaged that rebuilding or repairs cannot reasonably
be completed within 180 working days from the date of written notification by Lessee to Lessor of the occurrence of the damage,
this lease shall terminate and rent shall be abated for the unexpired portion of this lease, effective as of the date of said written
notification.

 

Partial Damage

 

(b)          If the building or other improvements
on the leased premised should be damaged by fire, tornado, or other casualty, but not to such an extent that rebuilding or repairs
cannot reasonably be completed within 180 working days from the date of written notification by Lessee to Lessor of the occurrence
of the damage, this leases shall not terminate but Lessor shall, if the casualty has occurred prior to the final 6 mouths of the
lease term, at his sole cost and risk proceed forthwith to rebuild or repair such building and other improvements to substantially
the condition in which they existed prior to such damage. If the casualty occurs during the final 6 months of the lease term, Lessor
shall not be required to rebuild or repair such damage. If the building and other improvements are to be rebuilt or repaired and
are untenantable in whole or in part following such damage, the rent payable hereunder during the period in which they are untenantable
shall be adjusted equitably. In the event that Lessor should fail to complete such rebuilding or repairs within 90 working days
from the date of written notification by Lessee or Lessor of the occurrence of the damage, Lessee may at its option terminate this
lease by written notification at such time to Lessor, whereon all rights and obligations hereunder shall cease.

 

Condemnation

 

5.07          If during the term of this lease or
any extension or renewal thereof, all of the leased premises should be taken for any public or quasi-public use under any governmental
law, ordinance, or regulation or by right of eminent domain, or should be sold to the condemning authority under threat of condemnation,
this lease shall terminate and the rent shall be abated during the unexpired portion of this lease, effective as of the date of
the taking of said premised by the condemning authority.

 

ARTICLE 6. INDEMNITY

 

Lessee agrees to indemnify and hold Lessor harmless against
any and all claims, demands, damages, costs and expenses,

 

    	 

    	 

    

 

including attorney's fees for the defense thereof, arising from
the conduct or management of Lessee's business in the leased premises or from any breach on the part of Lessee of any conditions
of this lease, or from any act or negligence or Lessee, its agents, contractors, employees, subtenants, concessionaires, or licensees
in or about the leased premises. In case of any action or proceeding brought against Lessor by reason of any such claim,
Lessee, upon notice from Lessor, covenants to defend such action or proceeding by counsel acceptable to Lessor.

 

ARTICLE 7. DEFAULT

 

Default by Lessee

 

7.01          If Lessee shall allow the rent to be
in arrears more than ten (10) days after written notice of such delinquency, or shall remain in default under any other condition
of this lease for a period of ten (10) days after written notice from Lessor, or should any other person than Lessee secure
possession of the premises, or any part thereof, by reason of any receivership, bankruptcy proceedings, or other operation of law
in any manner whatsoever, Lessor may at its option, without notice to Lessee, terminate, this lease, or in the alternative, Lessor
may reenter and take possession of said premises and remove all persons and property therefrom, without being deemed guilty of
any manner of trespass, and relet the premises or any part thereof, for all or any part of the remainder of said term, to
a party satisfactory to Lessor, and at such monthly rental as Lessor may with reasonable diligence be able to secure. Should Lessor
be unable to relet after reasonable efforts to do so, or should such monthly rental be lease than the rental Lessees was obligated
to pay under this lease, or any renewal thereof, plus the expense of reletting, then Lessee shall pay the amount of such deficiency
to Lessor.

 

It is expressly agreed that in the event
of default by Lessee hereunder, Lessor shall have a lien upon all goods, chattels, or personal property of any description belonging
to Lessee which are placed in, or become a part of, the leased premises as security for rent due and to become due for the remainder
of the current lease term, which lien shall not be in lieu of or in any way affect the statutory Lessor's lien given by law.

 

Default by Lessor

 

7.02          If Lessor defaults in the performance
of any term, covenant, or condition required to be performed by him under this agreement, Lessee may elect either one of the following:

 

(a)          After not less than 30 days' notice to Lessor, Lessee may
remedy such default by any necessary action, and in connection with such remedy may pay expenses and employ counsel;

 

    	 

    	 

    

 

all sums expended or obligations incurred by Lessee in connection
therewith shall be paid by Lessor to Lessee on demand, and on failure of such reimbursement, Lessee may, in addition to any other
right or remedy that Lessee may have, deduct the costs and expenses thereof from rent subsequently becoming due hereunder; or

 

(b)          Elect to terminate this agreement on
giving at least 30 days' notice to Lessor of such intention, thereby terminating this agreement on the date designated in
such notice, unless Lessor shall have cured such default prior to expiration of the 30 day period.

 

ARTICLE 8. ASSIGNMENT

 

Assignment and Subletting by Lessee

 

8.01          Lessee shall have the right with the
prior written consent of Lessor to assign this lease, and any interest therein, and to sublet the leased premises, or any part
thereof, or any right or privilege pertinent thereto, provided each assignee assumes in writing all of Lessee's obligations
under this lease and Lessee shall remain liable for each and every obligation under this lease. Lessor shall not unreasonably withhold
approval of the assignment of this lease.

 

Assignment by Lessor

 

8.02          Lessor is expressly given the right
to assign any or all of its interest under the terms of this lease.

 

ARTICLE 9. MISCELLANEOUS

 

Notices and Addresses

 

9.01          All notices provided to be given under
this agreement shall be given by certified mail or registered mail, addressed to the proper party, at the following address:

 

	Lessor:	Lessee:
	 	 
	Russell and Rene	Sedona Uptown Properties
	Flaherty	P.O. Box 10239
	P.O. Box 1846	Sedans, Arizona 86336
	Sedona, Arizona 86336	 

 

Parties Bound

 

9.02          This agreement shall be binding upon
and inure to the benefit of the parties hereto end their respective being executors, administrators, legal representatives,

 

    	 

    	 

    

 

successors, and assigns where permitted by this agreement.

 

Arizona Law to Apply

 

9.03          This agreement shall be construed under
and in accordance with the laws of the State of Arizona, and all obligations of the parties created hereunder are performable in
Coconino County, Arizona.

 

Legal Construction

 

9.04          In case any one or more of the provisions
contained in this agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity,
illegality, or unenforceability shall not affect any other provision thereof and this agreement shall be construed as if such invalid,
illegal, or unenforceable provision had never been contained herein.

 

Prior Agreements Superceded

 

9.05          This agreement constitutes the sole
and only agreement of the parties hereto and supercedes any prior understandings or written or oral agreements between the parties
respecting the within subject matter.

 

Amendment

 

9.06          No amendment, modification, or alternation
of the terms hereof shall be binding unless t1e same be in writing, dated subsequent to the date hereof and duly executed by the
parties hereto.

 

Rights and Remedies Cumulative

 

9.07          The rights and remedies provided by
this lease agreement are cumulative and the use of any one right or remedy by either party shall not preclude or waive its right
to use any or all other remedies. Said rights and remedies are given in addition to any other rights the parties may have' by lay,
statute, ordinance, or otherwise.

 

Waiver of Default

 

9.08          No waiver by the parties hereto of
any, default or breach of any term, condition, or covenant of this lease shall be. deemed to be waiver of any other breach of the
same or any other term, condition, covenant contained herein.

 

Attorneys' Fees

 

9.09          In the event the Lessor or Lessee breaches

 

    	 

    	 

    

 

any of the terms of this agreement whereby the party not in
default employees attorneys to protect or enforce its rights hereunder and prevails, then the defaulting party agrees to pay the
other party reasonable attorneys' fees so incurred by such other party.

 

Force Majeure

 

9.10          Neither Lessor nor Lessee shall be
required to perform any term, condition, or covenant in this lease so long as such performance is delayed or prevented by force
majeure, which shall mean acts of God, strikes, lockouts, material or labor restrictions by any governmental authority, civil riot,
floods, and any other cause not reasonably within the control of Lessor or Lessee and which by the exercise of due diligence Lessor
or Lessee is unable, wholly or in part, to prevent or overcome.

 

Time of Essence

 

9.11          Time is of the essence of this agreement

 

9.12          The Triple Net portion of this lease
agreement as applicable to the repairs, maintenance and replacement of the building containing the lessee premises shall not begin
until Lessor, at Lessor's expense has completed the reroofing of the roof, installation of air conditioning, completion of front
fascade, completion of front courtyard and landscaping and sidewalks. The triple net portion of the lease as it applies to Property
Taxes and Insurance shall begin at inception of this Lease agreement. The work as outlined above shall begin no earlier that November
1, 1987 and be completed no later than March 1, 1988.

 

IN WITNESS WHEREOF, the undersigned Lessor
and Lessee hereto execute this agreement as of the day and year first above written.

 

LESSOR:

 

Uptown Sedona Properties, An Arizona Limited Partnership

 

	/s/ John N. De Poe Jr	 
	By: Northern Management Services General Partner	 
	John N. De Poe Jr. Chairman	 

 

LESSEE:

 

	/s/ Russell Flaherty 	 	/s/ Renee Flaherty
	Russell Flaherty	 	Renee Flaherty

 

    	 

    	 

    

 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 2(f)

 

IMH Financial Corporation

IMHFC Funded Payment Summary to FCB

On 3/29/2013

 

	Minimum Required Payment by FCB (per FCB schedule)	 	$	613,334.12	 
	Less: L'Auberge payment recorded by FCB on 3/29/13	 	 	(188,714.79	)
	Minimum Interest Payment Due	 	 	424,619.33	 
	Add: Real property taxes due for L'Auberge	 	 	62,039.72	 
	Add: Real property taxes due for La Merra	 	 	23,148.68	 
	Total payment by IMHFC on 3/29/13	 	$	509,807.73	 
	 	 	 	 	 
	Less: Reimbursements from Borrower	 	 	 	 
	Real property taxes due for L'Auberge (4/5/13)	 	 	(62,039.72	)
	Real property taxes due for La Merra (4/5/13)	 	 	(23,148.68	)
	Excess payment on FCB loan (5/7/13)	 	 	(74,926.27	)
	Total reimbursements from Borrower	 	 	(160,114.67	)
	 	 	 	 	 
	Net out-of-pocket funding by IMHFC	 	$	349,693.06	 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

 

Exhibit 3(c)-i

 

Tenants (LaMerra Property)

 

James Earl and Lisa McNatt Month to nth
Lease Agreement; free rent In

exchange for serving as caretakers of the house

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(c)-ii

 

Tenants — L'Auberge Property

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(c)-iii

 

Tenants — Orchards Inn Property

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(c)-iv

 

Tenants — Schnebly Hill Property

 

	Name	 	Unit	 	Monthly
 Rent	 	 	Term
	Brittany Wolfe	 	C	 	$	650.00	 	 	Month to Month w/30 day notice
	Lizbeth Morales	 	B	 	$	650.00	 	 	Month to Month w/30 day notice
	Andre Pena	 	A	 	$	300.00	 	 	Month to Month w/30 day notice
	Miguel Ortiz	 	A	 	$	300.00	 	 	Month to Month w/30 day notice
	Joel Cuenca	 	A	 	$	300.00	 	 	Month to Month w/30 day notice

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(c)-v

 

Tenants — Orchards Annex Property

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(c) — vi

 

Tenants — Orchards Inn Parking
Lease

 

Orchards Inn & Restaurant LLC is
the Tenant under the Lease. There are no

sub-tenants.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(c) — vii

 

Tenants Sinagua Plaza Storage Lease

 

L'Auberge Orchards LLC Is the Tenant
under the Lease. There are no sub-

tenants.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(c) — viii

 

Tenants — Sinagua Plaza Parking
Lease

 

L'Auberge Orchards LLC Is the Tenant
under the Lease. There are no sub-

tenants.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3 (c) —ix

 

Tenants — Affordable Housing Lease

 

L'Auberge Orchards LLC is the Tenant
under the Lease. L'Auberge Orchards'

sub-tenants are:

 

	 	 	 	 	Monthly	 	 	 
	Name	 	Unit	 	Rent	 	 	Term
	Alberto Barrera/Gil Hermosillo	 	414/415	 	$	550.00	 	 	Month to Month w/30 day notice
	Chester Ford	 	434/435	 	$	550.00	 	 	Month to Month w/30 day notice

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3 (c) —x

 

Tenants — Temporary Housing Lease

 

L'Auberge Orchards Is the Tenant under
the Lease. L'Auberge Orchards' sub-

tenants are:

 

Temporary Housing Rent Roll

 

	Room #	 	Tenant	 	Occupancy Date	 	Term End Date	 	Notes
	418	 	Bruce Campbell	 	10/15/2011	 	Indefinite	 	 
	419	 	Vacant	 	 	 	 	 	 
	436	 	Vacant	 	 	 	 	 	 
	437	 	David Perez	 	9/3/2012	 	4/30/2013	 	Pays $400 per month
	438	 	Hector Hernandez	 	4/19/2013	 	5/4/2013	 	 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

EXHIBIT 3(h)

 

ASSIGNMENT
AND ASSUMPTION OF DECLARANT’S RIGHTS AND

APPOINTMENT
OF DESIGN REVIEW COMMITTEE

 

When recorded return to:

 

Jonathan Brohard

Polsinelli Shughart, PC

One E. Washington St., Ste. 1200

Phoenix, AZ 85004

 

ASSIGNMENT AND
ASSUMPTION OF DECLARANT'S RIGHTS

AND APPOINTMENT OF DESIGN REVIEW COMMITTEE

 

(LaMerra Property)

 

THIS ASSIGNMENT AND
ASSUMPTION is made and entered into effective as of _____________________, 2013, by and among HL LLC, an Arizona limited
liability company (“Assignor”) and HL NEWCO, LLC, a Delaware limited liability company (“Assignee”).

 

RECITALS:

 

	 	A)	Assignor is named the “Declarant”
under those certain Covenants, Conditions, and Restrictions for “The Retreat at Oak Creek” dated June 11, 2007,
and recorded June 11, 2007 in Book 4513, Page 848 of the Official Records of Yavapai County, Arizona (the “Official Records”)
(the “Declaration”). Capitalized terms appearing herein without definition shall have the meaning ascribed
to such terms in the Declaration. The Declaration burdens and benefits the Property and the Lots.

 

	 	B)	Assignor and Assignee are parties to that certain “Sedona Agreement” dated March 29, 2013 whereby the Assignor, among others, has agreed to, among other things, convey and transfer to Assignee certain assets and interests owned, held and/or controlled by the Assignor, as identified in the Sedona Agreement and subject to the terms and conditions of the Sedona Agreement, for good and valuable consideration

 

	 	C)	Pursuant to the Sedona
Agreement, Assignor is conveying the real property described on Exhibit A hereto (the “Property”) to
Assignee, which Property is all of the real property owned by Assignor that is subject to the Declaration.

 

	 	D)	Assignor desires to transfer
all of its right, title and interest in and to the Declaration, as “Declarant” and in every other respect,
to Assignee, and Assignee desires to accept such assignment and assume all obligations thereunder.

 

	 	E)	Assignee, as successor
Declarant, desires to appoint itself as “Design Review Committee” under the Declaration pursuant to Section
8.01 thereof.

 

    	 

    	 

    

 

NOW THEREFORE, IN CONSIDERATION
of the foregoing Recitals and the sum of Ten Dollars ($10.00) and other good and valuable consideration, the sufficiency of which
is hereby acknowledged: (i) Assignor hereby assigns and transfers unto Assignee all of its right, title, claim and interest in
and to the Declaration, as Declarant and in every other respect, and Assignee hereby accepts such assignment and assumes the same;
and (ii) Assignee, as successor Declarant, hereby appoints HL Newco, LLC, a Delaware limited liability company, as Design Review
Committee pursuant to Section 8.01 of the Declaration.

 

Pursuant to Section
11.20 of the Declaration, Assignee’s address for notices is c/o IMH Financial Corporation, P. O. Box 910, Scottsdale, Arizona
85252 and for hand-delivery, 7001 North Scottsdale Road, Suite 2050, Scottsdale, Arizona 85253.

 

ASSIGNOR AND ASSIGNEE
FURTHER HEREBY AGREE AND COVENANT that this Assignment and Assumption shall inure to the benefit of and be binding upon the successors
and assigns of Assignor and Assignee.

 

This Assignment may
be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

 

IN WITNESS WHEREOF,
Assignor and Assignee have executed this Assignment and Assumption of Declarant's Rights and Appointment of Design Review Committee
as of the day and year first written above.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	2

    	 

    

 

	ASSIGNOR:	HL LLC,
	 	an Arizona limited liability company
	 	 	 
	 	By:	 
	 	Name: 	Albert B. Spector, Jr.
	 	Its:	 
	 	 
	ASSIGNEE:	HL NEWCO, LLC,
	 	a Delaware limited liability company
	 	 
	 	By: 	IMH Financial Corporation,
	 	 	a Delaware corporation
	 	Its:	Sole Member
	 	 	 
	 	 	By:	 
	 	 	Name: 	 
	 	 	Its:	 

 

	 	 	Assignment and Assumption of Declarant’s Rights – Signature

 

    	 

    	 

    

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF _________________________	)	 

 

	On ____________________, before me, ____________________________________, a Notary Public in and for the State of Arizona, personally appeared Albert B. Spector, Jr., personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or HL LLC upon behalf of which Albert B. Spector, Jr. acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 

 

	On ____________________, before me, ____________________________________, a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or IMH Financial Corporation, a Delaware corporation upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

 

	 	 	Assignment and Assumption of Declarant’s Rights – Signature

 

    	2

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

(LaMerra)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF YAVAPAI, STATE OF 

ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL NO. 1:

 

THE NORTH HALF OF THE NORTHEAST QUARTER OF SECTION 34, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

EXCEPT BEGINNING AT A POINT IN THE SOUTHERLY LINE OF SAID LAND,
WHICH POINT IS DISTANT 650 FEET EASTERLY ALONG SAID SOUTHERLY LINE FROM THE SOUTHWEST CORNER OF SAID LAND;

 

THENCE WESTERLY ALONG SAID SOUTHERLY LINE TO THE SOUTHWEST CORNER
OF SAID LAND;

 

THENCE NORTHERLY ALONG THE WESTERLY LINE OF SAID LAND, A DISTANCE
OF 670 FEET;

 

THENCE SOUTHEASTERLY IN A DIRECT LINE TO THE POINT OF BEGINNING.

 

PARCEL NO. 2:

 

THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER (BEING LOT 13)
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA.

 

PARCEL NO.3:

 

ALL THAT PORTION OF THE SOUTHEAST QUARTER OF SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, DESCRIBED AS FOLLOWS:

 

BEGINNING AT THE SOUTH QUARTER CORNER OF SAID SECTION 27, MARKED
BY A G.L.O. BRASS CAP;

 

THENCE NORTH 2 DEGREES 37 MINUTES 30 SECONDS WEST, 115.90 FEET
TO AN EXISTING FENCE;

 

THENCE NORTH 89 DEGREES 24 MINUTES 50 SECONDS EAST, ALONG SAID
FENCE, 204.31 FEET;

 

THENCE SOUTH 2 DEGREES 37 MINUTES 30 SECONDS EAST TO A POINT
ON THE SOUTH LINE OF SAID SECTION 27;

 

	 	Assignment and Assumption of Declarant’s Rights – Ex. A

 

    	 

    	 

    

 

THENCE SOUTH 89 DEGREES 00 MINUTES WEST, ALONG SAID SECTION
LINE TO THE ACTUAL POINT OF BEGINNING.

 

PARCEL NO.4:

 

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, LYING EASTERLY
OF A LINE LOCATED 100 FEET WEST OF AND PARALLEL TO SAID EAST LINE OF THE SOUTHWEST QUARTER, AND SOUTH OF A LINE HAVING A COURSE
OF NORTH 85 DEGREES 13 MINUTES EAST THROUGH A POINT THAT LIES NORTH 2 DEGREES 37 MINUTES 30 SECONDS WEST, 118.5 FEET FROM THE SOUTH
QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP.

 

PARCEL NO. 5:

 

ALL THAT PORTION OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, LYING SOUTHERLY
OF AND CONTIGUOUS TO THE FOLLOWING DESCRIBED BOUNDARY LINE:

 

FROM THE NORTHEAST CORNER OF THE QUIT CLAIM PARCEL OF LAND DESCRIBED
AS BOOK 938 OF OFFICIAL RECORDS, PAGE 57, YAVAPAI COUNTY RECORDERS OFFICE, THE TRUE POINT OF BEGINNING, SAID CORNER LYING ON THE
EAST-WEST BARBED WIRE FENCE AS SHOWN ON THE RECORD OF SURVEY RECORDED AS BOOK 17 OF LAND SURVEYS AT PAGE 17, AND ALSO ON THE SOUTHERLY
LINE OF THE MONTERASTELLI (SIC) BOUNDARY AS SHOWN ON RESULTS OF SURVEY BY PATRICK NEVILLE, RECORDED AS BOOK 16, AT PAGE 100, DATED
JULY 14, 1992;

 

THENCE SOUTH 89 DEGREES 53 MINUTES 02 SECONDS EAST, ALONG THE
FENCE AND ITS EASTERLY EXTENSION AND ALONG THE SOUTHERLY LINE OF THE MONTERASTELLI BOUNDARY, 791.99 FEET;

 

THENCE SOUTH 41 DEGREES 19 MINUTES 24 SECONDS EAST, 39.09 FEET
TO THE SOUTH LINE OF SECTION 27, PER THE ARIZONA ENGINEERING COMPANY RECORD OF SURVEY RECORDED AS BOOK 10 OF RECORDS OF SURVEY,
AT PAGE 99;

 

THENCE SOUTH 88 DEGREES 14 MINUTES 32 SECONDS EAST, ALONG THE
SOUTH LINE OF SECTION 27, 75.15 FEET;

 

THENCE SOUTH 73 DEGREES 27 MINUTES 42 SECONDS EAST, 55.92 FEET;

 

THENCE NORTH 22 DEGREES 46 MINUTES 34 SECONDS EAST, 11.20 FEET;

 

THENCE NORTH 87 DEGREES 02 MINUTES 45 SECONDS EAST, 21.97 FEET;

 

THENCE SOUTH 81 DEGREES 16 MINUTES 09 SECONDS EAST, 29.96 FEET;

 

THENCE SOUTH 65 DEGREES 43 MINUTES 54 SECONDS EAST, 22.05 FEET
TO THE EAST LINE OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF SECTION 34, WHICH IS THE POINT OF TERMINUS OF THE BOUNDARY
LINE;

 

THE BASIS OF BEARINGS FOR THIS DESCRIPTION IS SOUTH 88 DEGREES
14 MINUTES 32 SECONDS EAST, FROM THE SOUTH QUARTER CORNER OF SECTION 27 TO THE

 

	 	 	Assignment and Assumption of Declarant’s Rights – Ex. A

 

    	2

    	 

    

 

SOUTHEAST CORNER OF SECTION 27, ACCORDING TO THE ARIZONA ENGINEERING
COMPANY RESULTS OF SURVEY RECORDED AS BOOK 10 OF RECORDS OF SURVEYS, AT PAGE 99, YAVAPAI COUNTY RECORDERS OFFICE.

 

PARCEL NO. 6:

 

EASEMENT FOR ROADWAY FOR INGRESS AND EGRESS FOR THE PURPOSE
OF TRAVEL AND MAINTENANCE AS CREATED IN BOOK 3833, OF OFFICIAL RECORDS, PAGE 934, BEING 50 FEET WIDE, LYING 30 FEET ON THE WESTERLY
AND SOUTHERLY SIDES AND 20 FEET ON THE EASTERLY AND NORTHERLY SIDES OF THE FOLLOWING DESCRIBED PROPERTY:

 

THE CENTERLINE OF AN EXISTING DIRT ROAD IN SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, MORE PARTICULARLY DESCRIBED BY METES
AND BOUNDS AS FOLLOWS:

 

FROM THE SOUTHWEST CORNER OF SECTION 27;

 

THENCE NORTH 86 DEGREES 13 MINUTES 45 SECONDS EAST, A DISTANCE
OF 2448.25 FEET TO A CONCRETE MONUMENT MARKED 1/4 ON THE WEST FACE, WITH AN ALUMINUM CAP MARKED LS 13010, ACCEPTED BY JOHN A. LUCKOW,
ARIZONA REGISTERED LAND SURVEYOR, AS THE TRUE LOCATION OF THE SOUTH QUARTER CORNER OF RECORD OF SURVEY DATED FEBRUARY 24, 1990,
RECORDED IN BOOK 10 OF LAND SURVEYORS, PAGE 99, YAVAPAI COUNTY RECORDERS OFFICE, WHICH IS IDENTICAL TO THE SOUTHEAST CORNER OF
THE PROPERTY AS CONVEYED TO HARRIET KOHLER (ALSO KNOWN AS HARRIET K. SEAMAN) BY INSTRUMENTS RECORDED IN THE OFFICE OF THE RECORDER
OF YAVAPAI COUNTY, ARIZONA, IN BOOK 179 OF DEEDS, PAGE 586 AND IN BOOK 357 OF OFFICIAL RECORDS, PAGE 233 AND WHICH IS ALSO IDENTICAL
TO THE NORTHEAST CORNER OF PARCEL 4 ABOVE, ACCEPTED AND UTILIZED AS THE QUARTER CORNER BETWEEN SECTIONS 27 AND 34, PRIOR TO THE
1956 GLO DEPENDENT RESURVEY OF SECTION 27 BY WHICH THE QUARTER CORNER BETWEEN SECTIONS 27 AND 35 HAS BEEN MARKED BY A STANDARD
GLO BRASS CAPPED PIPE, WHICH IS THE SAME GLO BRASS CAP ESTABLISHING THE SOUTHEAST CORNER OF THE PROPERTY DESCRIBED IN PARCEL 4
ABOVE;

 

THENCE SOUTH 85 DEGREES 13 MINUTES 00 SECONDS WEST, 15.05 FEET,
TO THE TRUE POINT OF BEGINNING OF THIS DESCRIPTION:

 

THENCE NORTH 07 DEGREES 16 MINUTES 03 SECONDS
EAST, 55.48 FEET;

 

THENCE NORTH 00 DEGREES 25 MINUTES 35 SECONDS EAST, 201.21 FEET
TO THE EAST LINE OF THE KOHLER PARCEL AS DESCRIBED IN WARRANTY DEED RECORDED IN BOOK 179 OF DEEDS, PAGE 586, YAVAPAI COUNTY RECORDERS
OFFICE, STATE OF ARIZONA;

 

THENCE NORTH 00 DEGREES 25 MINUTES 35 SECONDS EAST, 283.79 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 215.00 FEET AND A CENTRAL ANGLE OF 18 DEGREES 55 MINUTES 40 SECONDS;

 

THENCE NORTHERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 71.03 FEET, TO THE EAST LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAVING A RADIUS OF 215.00 FEET AND A CENTRAL
ANGLE OF 18 DEGREES 53 MINUTES 55

SECONDS;

 

THENCE NORTHERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 70.92 FEET TO THE PT.;

 

	 	 	Assignment and Assumption of Declarant’s Rights – Ex. A

 

    	3

    	 

    

 

THENCE NORTH 37 DEGREES 24 MINUTES 00 SECONDS WEST, 164.52 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 130.00 FEET AND A CENTRAL ANGLE OF 07 DEGREES 11 MINUTES 55 SECONDS;

 

THENCE NORTHWESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 16.33 FEET TO THE NORTH LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAVING A RADIUS OF 130.00 FEET AND A CENTRAL
ANGLE OF 32 DEGREES 59 MINUTES 56 SECONDS;

 

THENCE NORTHWESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 74.87 FEET TO THE P.T.;

 

THENCE NORTH 77 DEGREES 35 MINUTES 51 SECONDS WEST, 92.01 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 250.00 FEET AND A CENTRAL ANGLE OF 10 DEGREES 44 MINUTES 58 SECONDS;

 

THENCE WESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE OF
46.90 FEET TO THE NORTH LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAV1NG A RADIUS OF 250.00 FEET AND A CENTRAL ANGLE
OF 10 DEGREES 51 MINUTES 24

SECONDS;

 

THENCE WESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE OF
47.37 FEET TO THE P.T.;

 

THENCE SOUTH 80 DEGREES 47 MINUTES 47 SECONDS WEST, 160.95 FEET;

 

THENCE SOUTH 84 DEGREES 31 MINUTES 30 SECONDS WEST, 60.56 FEET
TO THE TERMINUS OF THIS DESCRIPTION AT THE WEST LINE OF THE KOHLER PARCEL, THE NORTHWEST CORNER OF WHICH BEARS NORTH 01 DEGREES
01 MINUTES 44 SECONDS WEST, A DISTANCE OF 116.37 FEET.

 

PARCEL NO. 7:

 

EASEMENT FOR IRRIGATION DITCH PURPOSES AS CREATED IN BOOK 2250,
OF OFFICIAL RECORDS, PAGE 382, OVER AND ACROSS THE REAL PROPERTY DESCRIBED BELOW. THE CENTERLINE OF THE EASEMENT IS THE CENTERLINE
OF THE EXISTING DITCH AND THE EASEMENT IS OF THE WIDTH REASONABLY NECESSARY FOR THE MAINTENANCE AND OPERATION OF THE DITCH.

 

REAL PROPERTY WHICH EASEMENT CROSSES IS DESCRIBED AS FOLLOWS:

 

THE FOLLOWING DESCRIBED PORTION OF THE EAST HALF OF THE SOUTHEAST
QUARTER OF THE SOUTHWEST QUARTER OF SECTION 27, TOWNSHIP 17 NORTH OF RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN,
YAVAPAI COUNTY, ARIZONA, TO WIT:

 

BEGINNING AT THE QUARTER CORNER BETWEEN SECTIONS 27 AND 34,
ABOVE TOWNSHIP AND RANGE, SAID CORNER BEING MARKED BY A STONE MONUMENT, WHICH WAS ACCEPTED BY JIM LAMPORT, SURVEYOR IN 1928, AND
BY OLD SETTLERS FOR MANY YEARS;

 

THENCE FROM SAID POINT NORTH ON THE QUARTER SECTION LINE THROUGH
THE CENTER OF SAID SECTION 27, (THIS LINE BEING ASSUMED NORTH FOR THE PURPOSE OF THIS DESCRIPTION) 774.0 FEET TO A STONE MONUMENT;

 

	 	 	Assignment and Assumption of Declarant’s Rights – Ex. A

 

    	4

    	 

    

 

THENCE NORTH 73 DEGREES 34 MINUTES WEST, 659.6 FEET TO A STONE
MONUMENT;

 

THENCE SOUTH 03 DEGREES 45 MINUTES WEST, 1021.3 FEET TO A STONE
MONUMENT ON THE SOUTH LINE OF Said) SECTION 27;

 

THENCE NORTH 85 DEGREES 13 MINUTES EAST, 701.9 FEET ALONG SAID
SECTION LINE TO THE POINT OF BEGINNING.

 

PARCEL NO. 8:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND UTILITY PURPOSES OVER,
ACROSS AND UNDER THE FOLLOWING DESCRIBED PARCEL:

 

A PORTION OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

BEGINNING AT A POINT ON THE WEST LINE OF THE SOUTHWEST QUARTER
OF THE SOUTHEAST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 600 FEET FROM THE SOUTH
QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST ALONG THE
WEST LINE OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 27, A DISTANCE OF 180.05 FEET;

 

THENCE SOUTH 35 DEGREES 58 MINUTES 39 SECONDS EAST, A DISTANCE
OF 44.71 FEET;

 

THENCE SOUTH 0 DEGREES 48 MINUTES 45 SECONDS WEST, A DISTANCE
OF 143.31 FEET;

 

THENCE SOUTH 88 DEGREES 30 MINUTES 06 SECONDS WEST, A DISTANCE
OF 19.54 FEET TO THE PLACE OF BEGINNING.

 

PARCEL NO. 9:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND UTILITY PURPOSES AS
CREATED IN BOOK 938 OF OFFICIAL RECORDS, PAGE 65, OVER, ACROSS AND UNDER THE FOLLOWING DESCRIBED PARCELS:

 

PARCEL A:

 

THE FOLLOWING DESCRIBED PORTION OF THE SOUTHWEST QUARTER OF
THE SOUTHEAST QUARTER OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY,
ARIZONA;

 

BEGINNING AT A POINT ON THE WEST LINE OF THE SOUTHWEST QUARTER
OF THE SOUTHEAST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 115.84 FEET FROM THE
SOUTH QUARTER CORNER OF SECTION 27, MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST ALONG THE
WEST LINE OF

 

	 	 	Assignment and Assumption of Declarant’s Rights – Ex. A

 

    	5

    	 

    

 

THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 27,
A DISTANCE OF 484.16 FEET;

 

THENCE NORTH 88 DEGREES 30 MINUTES 06 SECONDS EAST, A DISTANCE
OF 19.54 FEET;

 

THENCE SOUTH 0 DEGREES 48 MINUTES 45 SECONDS WEST, A DISTANCE
OF 484.55 FEET TO THE PLACE OF BEGINNING.

 

PARCEL B:

 

A PORTION OF THE EAST HALF OF THE SOUTHEAST QUARTER OF THE SOUTHWEST
QUARTER OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

BEGINNING AT A POINT ON THE EAST LINE OF THE SOUTHEAST QUARTER
OF THE SOUTHWEST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 889.73 FEET FROM THE
SOUTH QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 73 DEGREES 03 MINUTES 08 SECONDS WEST, A DISTANCE
OF 103.00 FEET TO THE TRUE POINT OF BEGINNING;

 

THENCE NORTH 73 DEGREES 03 MINUTES 08 SECONDS WEST, A DISTANCE
OF 303.41 FEET. (THE DIRECTION AND LOCATIONS OF THE ABOVE LINE DETERMINED BY STONE MONUMENTS AS CALLED FOR IN THAT CERTAIN DEED
OF CORRECTION OF RECORD IN THE OFFICE OF THE COUNTY RECORDER, YAVAPAI COUNTY, ARIZONA, IN BOOK 172 OF DEEDS, PAGE 495 THEREOF);

 

THENCE NORTH 82 DEGREES 32 MINUTES 53 SECONDS EAST, A DISTANCE
OF 67.32 FEET;

 

THENCE SOUTH 75 DEGREES 10 MINUTES 23 SECONDS EAST, A DISTANCE
OF 195.82 FEET;

 

THENCE SOUTH 35 DEGREES 58 MINUTES 39 SECONDS EAST, A DISTANCE
OF 58.16 FEET TO THE PLACE OF BEGINNING.

 

PARCEL NO. 10:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND PUBLIC UTILITY PURPOSES
AS CREATED IN BOOK 1920 OF OFFICIAL RECORDS, PAGE 314, EMBRACING ALL OF THE FOLLOWING DESCRIBED PROPERTY:

 

A PARCEL OF LAND LYING IN THE SOUTHWEST QUARTER OF SECTION 27,
TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

 

BEGINNING AT THE SOUTH QUARTER CORNER OF SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST;

 

THENCE SOUTH 88 DEGREES 53 MINUTES 57 SECONDS WEST, A DISTANCE
OF 612.24 FEET TO THE SOUTHEAST CORNER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 27;

 

	 	 	Assignment and Assumption of Declarant’s Rights – Ex. A

 

    	6

    	 

    

 

THENCE NORTH 01 DEGREES 11 MINUTES 29 SECONDS WEST, A DISTANCE
OF 946.77 FEET TO THE TRUE POINT OF BEGINNING;

 

THENCE SOUTH 85 DEGREES 55 MINUTES 21 SECONDS WEST, A DISTANCE
OF 113.99 FEET;

 

THENCE NORTH 24 DEGREES 08 MINUTES 42 SECONDS WEST, A DISTANCE
OF 61.87 FEET TO A POINT ON A CURVE HAVING A CENTRAL ANGLE OF 141 DEGREES 20 MINUTES 20 SECONDS, A RADIUS OF 131.79 FEET;

 

THENCE ALONG THE ARC OF SAID CURVE, A DISTANCE
OF 50.30 FEET;

 

THENCE SOUTH 24 DEGREES 08 MINUTES 42 SECONDS
EAST, A DISTANCE OF 26.91 FEET;

 

THENCE NORTH 85 DEGREES 55 MINUTES 21 SECONDS EAST, A DISTANCE
OF 81.55 FEET;

 

THENCE SOUTH 01 DEGREES 11 MINUTES 29 SECONDS EAST, A DISTANCE
OF 50.06 FEET TO THE TRUE POINT OF BEGINNING.

 

TOGETHER WITH THE RIGHT TO IMPROVE AND MAINTAIN THE EXISTING
ROAD AND TO RECONSTRUCT AND ENLARGE THE ROAD TO UTILIZE ALL OF THE EASEMENT PROPERTY OR ANY PART THEREOF FOR ROADWAY PURPOSES.

 

PARCEL NO. 11:

 

AN EASEMENT APPURTENANT TO PARCELS 1, 2, 3, 4 AND 5 ABOVE, FOR
ROADWAY AND PUBLIC UTILITIES CREATED IN BOOK 1920, OF OFFICIAL RECORDS, PAGE 307, OVER THAT PORTION OF THE RED ROCK LOOP ROAD DESCRIBED
IN THE ATTACHMENT TO THE INSTRUMENT OF RECORD IN BOOK 915, OF OFFICIAL RECORDS, PAGES 795-803, INCLUSIVE, RECORDS OF YAVAPAI COUNTY,
ARIZONA, LYING WITHIN THE EAST ONE-HALF, WEST ONE-HALF, SOUTHEAST QUARTER, SOUTHWEST QUARTER, SECTION 27, TOWNSHIP 17 NORTH, RANGE
5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA.

 

EXCEPTING FROM THE ABOVE PARCELS THE FOLLOWING PROPERTY:

Lot 11, THE RETREAT AT OAK CREEK, according to Book 59 of Maps,
pages 99 through 104, inclusive, records of Yavapai County, Arizona.

 

AND

 

Lots 2, 9, 10, 12, 13, 14, 17, 18 and 19, LAMERRA, according
to Book 61 of Maps, pages 27 through 32, inclusive, records of Yavapai County, Arizona.

 

	 	 	Assignment and Assumption of Declarant’s Rights – Ex. A

 

    	7

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(m)

 

Title Disputes

 

All such Title Disputes are reflected
on Schedule 3(d)

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(n)

 

Tax Liabilities

 

Not submitted by Conveying Parties

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(p)

 

Actual or Threatened Claims with Respect
to All Properties

 

See Schedule 3(d)

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(q)

 

Transactions with Related Parties

 

Not submitted by Conveying Parties

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Non-Transferring Assets

 

(Exhibit 3(u))

 

(2) Western Paintings/Pictures located in sitting room of Cottage
#5

 

(1) Western Painting/Picture located in bedroom of Cottage #5
(1)

 

(1) Indian Painting/Picture located in the Veranda Bar

 

(3) Board Tables approximately 42" X 96" Mahogany
in color

 

(6) Herman Miller Aeron Desk Chairs

 

(1) Credenza w/ bookcase top, Mahogany in color

 

(1) Filing cabinet w/ bookcase top, Mahogany in color

 

(2) Book shelves, Mahogany in color

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

	 	 	CONFIDENTIAL
	 	Exhibit 3(x)(i)	 
	 	 	 
	L'Auberge de Sedona LLC Employees

 

	Employee Name (Last, First) *	 	FT or PT	 	Job Title	 	Employment

    Start Date	 	Hrly Pay

    Rate *	 	 	Current

    Accrued
 Unused PTO
 Hours	 
	  	 	 	 	 	 	 	 	 	      	 	 	 	      	 
	XXXXXX	 	Full-time Regular	 	Housekeeping Public Area	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	Server	 	 	 	 	XXXXXX	 	 	 	4.25	 
	XXXXXX	 	Full-time Regular	 	Spa Supervisor	 	 	 	 	XXXXXX	 	 	 	87.37	 
	 	 	Full-time Regular	 	General Manager	 	 	 	 	XXXXXX	 	 	 	180.00	 
	XXXXXX	 	Full-time Regular	 	Server	 	 	 	 	XXXXXX	 	 	 	19.34	 
	XXXXXX	 	Full-time Regular	 	Cook I	 	03/12/2013	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	08/10/2006	 	 	XXXXXX	 	 	 	99.78	 
	XXXXXX	 	 	 	 	 	04/11/2011	 	 	XXXXXX	 	 	 	25.78	 
	 	 	Part-time Regular	 	Banquet Server	 	 	 	 	XXXXXX	 	 	 	.62	 
	XXXXXX	 	Full-time Regular	 	Coordinator	 	09/21/2009	 	 	XXXXXX	 	 	 	38.60	 
	XXXXXX	 	Full-time Regular	 	Engineer Ii	 	 	 	 	XXXXXX	 	 	 	36.93	 
	XXXXXX	 	Full-time Regular	 	Sales Coordinator	 	 	 	 	XXXXXX	 	 	 	12.17	 
	XXXXXX	 	Full-time Regular	 	 	 	 	 	 	XXXXXX	 	 	 	136.73	 
	XXXXXX	 	 	 	Bartender	 	 	 	 	XXXXXX	 	 	 	68.33	 
	XXXXXX	 	r	 	Spa Housekeeping	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	Full-time Regular	 	Reverationist	 	 	 	 	XXXXXX	 	 	 	15.66	 
	XXXXXX	 	Full-time Regular	 	Valet Supervisor	 	02/23/2009	 	 	XXXXXX	 	 	 	32.77	 
	XXXXXX	 	Full-time Regular	 	Cashier/greeter	 	 	 	 	XXXXXX	 	 	 	0.00	 
	XXXXXX	 	 	 	Concierge	 	06/30/2010	 	 	XXXXXX	 	 	 	45.80	 
	XXXXXX	 	 	 	Busser	 	03/28/2012	 	 	XXXXXX	 	 	 	33.88	 
	XXXXXX	 	 	 	Banquet House Attendant	 	 	 	 	XXXXXX	 	 	 	13.76	 
	XXXXXX	 	Full-time Regular	 	Rest General Manager/ Asst. Mgr	 	03/02/2011	 	 	XXXXXX	 	 	 	51.84	 
	XXXXXX	 	Full-time Regular	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	07/28/2010	 	 	XXXXXX	 	 	 	0.00	 
	XXXXXX	 	 	 	Expeditor	 	03/27/2013	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	02/18/2013	 	 	XXXXXX	 	 	 	.61	 
	XXXXXX	 	Full-time Regular	 	Cook I	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	Full-time Regular	 	Valet	 	 	 	 	XXXXXX	 	 	 	22.48	 
	XXXXXX	 	 	 	 	 	09/26/2012	 	 	XXXXXX	 	 	 	3.20	 
	XXXXXX	 	Full-time Regular	 	Lead Room Attendant	 	 	 	 	XXXXXX	 	 	 	27.96	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	171.56	 
	XXXXXX	 	 	 	Warewasher/dishwasher	 	09/10/2012	 	 	XXXXXX	 	 	 	11.84	 
	XXXXXX	 	 	 	Expeditor	 	03/28/2012	 	 	XXXXXX	 	 	 	26.55	 
	XXXXXX	 	 	 	Spa Housekeeping	 	02/11/2013	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	PBX	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	Rest General Manager/ Asst. Mgr	 	 	 	 	XXXXXX	 	 	 	57.76	 
	XXXXXX	 	 	 	Cashier/greeter	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	Full-time Regular	 	Reverationist	 	01/12/2011	 	 	XXXXXX	 	 	 	0.00	 
	XXXXXX	 	Full-time Regular	 	Sales Manager	 	 	 	 	XXXXXX	 	 	 	111.78	 
	 	 	Full-time Regular	 	Cook I	 	 	 	 	XXXXXX	 	 	 	0.00	 
	XXXXXX	 	 	 	Room Attendant	 	 	 	 	XXXXXX	 	 	 	0.00	 
	XXXXXX	 	 	 	Exe Chef/Asst K Mgr/Sous Chef	 	 	 	 	XXXXXX	 	 	 	23.44	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	6.54	 
	 	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	Full-time Regular	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	XXXXXX	 	 	 	17.28	 

 

	* The information denoted by "X's" on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	1 of 4

    	 

    

 

 

CONFIDENTIAL

 

	Employee
    Name (Last, First) *	 	FT
    or PT	 	Job
    Title	 	 	 	Hrly
        Pay *
	 	Current
Accrued 

Unused PTO 

Hours
	XXXXXX	 	Full-time Regular	 	Pastry Chef	 	08/15/2012	 	XXXXXX	 	17.97
	XXXXXX	 	Full-time Regular	 	Lead Groundsmen	 	12/07/2009	 	 	 	104.16
	XXXXXX	 	Full-time Regular	 	Cook I	 	07/19/2001	 	 	 	 
	XXXXXX	 	 	 	Valet Supervisor	 	02/29/2012	 	XXXXXX	 	20.24
	XXXXXX	 	 	 	 	 	04/01/2013	 	XXXXXX	 	 
	 	 	Part-time Regular	 	 	 	03/06/2013	 	XXXXXX	 	0.00
	 	 	Part-time Regular	 	Turn Down Attendant	 	03/07/2013	 	XXXXXX	 	0.00
	 	 	Full-time Regular	 	 	 	03/12/2013	 	 	 	0.00
	 	 	Full-time Regular	 	Security Guard	 	03/20/2013	 	XXXXXX	 	 
	 	 	Full-time Regular	 	Lead Room Attendant	 	05/11/2001	 	 	 	45.07
	 	 	Full-time Regular	 	Banquet House
    Attendant	 	12/24/2007	 	 	 	10.41
	 	 	Full-time Regular	 	Valet	 	04/25/2012	 	 	 	 
	XXXXXX	 	Full-time Regular	 	 	 	10/17/2012	 	XXXXXX	 	 
	 	 	Full-time Regular	 	 	 	08/18/2010	 	XXXXXX	 	 
	 	 	Part-time Regular	 	 	 	08/15/2012	 	XXXXXX	 	 
	XXXXXX	 	 	 	Cook I	 	03/28/2012	 	 	 	 
	XXXXXX	 	 	 	Night Auditor	 	05/21/2012	 	XXXXXX	 	 
	XXXXXX	 	 	 	Spa Therapist	 	07/18/2012	 	XXXXXX	 	10.36
	XXXXXX	 	 	 	 	 	03/20/2013	 	XXXXXX	 	0.00
	 	 	Full-time Regular	 	 	 	08/29/2008	 	 	 	89.88
	 	 	Full-time Regular	 	 	 	02/05/2001	 	 	 	 
	 	 	Full-time Regular	 	Valet	 	06/15/2011	 	XXXXXX	 	 
	 	 	Full-time Regular	 	Server	 	01/05/2006	 	 	 	 
	 	 	 	 	 	 	01/30/2013	 	XXXXXX	 	 
	XXXXXX	 	Part-time Regular	 	 	 	 	 	 	 	 
	XXXXXX	 	Part-time Regular	 	 	 	03/07/2012	 	XXXXXX	 	 
	XXXXXX	 	Full-time Regular	 	 	 	08/15/2012	 	XXXXXX	 	 
	XXXXXX	 	 	 	Banquet Server	 	05/02/2012	 	XXXXXX	 	 
	 	 	Full-time Regular	 	Expeditor	 	02/29/2012	 	XXXXXX	 	 
	XXXXXX	 	Full-time Regular	 	Night Auditor	 	12/18/2002	 	 	 	 
	XXXXXX	 	Full-time Regular	 	Valet	 	11/02/2011	 	 	 	 
	XXXXXX	 	Full-time Regular	 	 	 	06/23/2010	 	XXXXXX	 	 
	XXXXXX	 	 	 	 	 	02/24/2010	 	XXXXXX	 	 
	 	 	 	 	Reverationist	 	02/13/2013	 	XXXXXX	 	 
	 	 	 	 	Warewasher/dishwasher	 	03/22/2013	 	XXXXXX	 	 
	 	 	 	 	Sales Coordinator	 	08/20/2009	 	XXXXXX	 	0.00
	XXXXXX	 	Full-time Regular	 	Sales Coordinator	 	05/04/2005	 	 	 	 
	 	 	Full-time Regular	 	Turn Down Attendant	 	02/20/2013	 	 	 	0.00
	 	 	Full-time Regular	 	 	 	04/30/2012	 	 	 	55.44
	XXXXXX	 	Full-time Regular	 	Reverationist	 	01/09/2013	 	XXXXXX	 	0.00
	 	 	Full-time Regular	 	Bellmen	 	08/18/2001	 	 	 	 
	 	 	 	 	Banquet Server	 	08/17/2011	 	 	 	0.00
	XXXXXX	 	Full-time Regular	 	Warewasher/dishwasher	 	04/03/2013	 	 	 	0.00
	XXXXXX	 	Full-time Regular	 	 	 	09/28/2011	 	XXXXXX	 	21.16
	XXXXXX	 	Full-time Regular	 	 	 	02/15/2012	 	XXXXXX	 	 
	XXXXXX	 	 	 	 	 	01/25/2012	 	XXXXXX	 	 
	 	 	 	 	Spa Therapist	 	05/17/2010	 	XXXXXX	 	 
	 	 	 	 	Spa Therapist	 	09/12/2012	 	XXXXXX	 	0.00
	 	 	 	 	Director	 	 	 	 	 	180.00
	 	 	 	 	Spa Therapist	 	01/25/2012	 	XXXXXX	 	27.43
	XXXXXX	 	Full-time Regular	 	 	 	02/23/2011	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	 	17.55
	 	 	 	 	 	 	 	 	XXXXXX	 	18.11
	 	 	 	 	 	 	04/15/2009	 	 	 	0.00
	XXXXXX	 	Full-time Regular	 	 	 	02/08/2012	 	 	 	 
	XXXXXX	 	Full-time Regular	 	Security Guard	 	08/11/2010	 	 	 	13.17
	XXXXXX	 	Full-time Regular	 	Expeditor	 	04/21/2010	 	XXXXXX	 	 
	 	 	Full-time Regular	 	Service Agent
    Supervisor	 	05/16/2012	 	XXXXXX	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	04/03/2013	 	XXXXXX	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	09/29/2010	 	 	 	0.00

 

Full-time Regular

 

	* The information denoted by “X's” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	2 of 4

    	 

    

 

	Employee
    Name (Last, First) *	 	 	 	 	 	 	 	*	 	Current
    Accrued 

    Unused PTO 

    Hours
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 
	 	 	 	 	 	 	 	 	 	 	6.31
	 	 	 	 	 	 	 	 	 	 	96.93
	 	 	 	 	Lead Room Attendant	 	 	 	 	 	53.93
	 	 	 	 	Room Attendant	 	 	 	 	 	18.14
	 	 	Full-time Regular	 	Cook I	 	 	 	 	 	0.00
	 	 	Full-time Regular	 	 	 	 	 	 	 	 
	 	 	 	 	Cashier/greeter	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	Full-time Regular	 	 	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	Engineer I	 	 	 	XXXXXX	 	13.24
	XXXXXX	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	Full-time Regular	 	 	 	 	 	 	 	 
	 	 	Full-time Regular	 	Concierge	 	 	 	 	 	55.16
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	71.62
	 	 	 	 	Spa Guest Service
    Agent	 	 	 	 	 	 
	 	 	Part-time Regular	 	Spa Guest Service
    Agent	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	95.28
	 	 	 	 	Valet	 	 	 	XXXXXX	 	29.26
	 	 	 	 	Room Attendant	 	 	 	XXXXXX	 	 
	XXXXXX	 	Full-time Regular	 	Busser	 	 	 	XXXXXX	 	 
	XXXXXX	 	Part-time Regular	 	 	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 
	 	 	 	 	 	 	 	 	XXXXXX	 	27.43
	 	 	 	 	 	 	12/05/2007	 	 	 	22.50
	 	 	 	 	 	 	11/28/1999	 	 	 	98.71
	 	 	 	 	 	 	 	 	 	 	0.00
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Bartender	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	Expeditor	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	75.68
	 	 	 	 	 	 	 	 	XXXXXX	 	8.15
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	0.00
	 	 	 	 	 	 	 	 	 	 	75.63
	XXXXXX	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	0.00
	 	 	 	 	 	 	 	 	XXXXXX	 	 
	 	 	 	 	 	 	 	 	XXXXXX	 	0.00
	 	 	 	 	Chief Engineer	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	Engineer Supervisor	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	 	 	 	 	 	 	28.24
	 	 	 	 	 	 	 	 	 	 	18.75
	 	 	 	 	 	 	 	 	XXXXXX	 	132.39
	 	 	 	 	 	 	 	 	 	 	23.40
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	15.05
	XXXXXX	 	 	 	Spa Therapist	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 
	 	 	 	 	 	 	 	 	XXXXXX	 	 
	 	 	 	 	 	 	 	 	XXXXXX	 	 
	 	 	 	 	 	 	 	 	XXXXXX	 	0.00
	 	 	 	 	 	 	 	 	 	 	72.12
	XXXXXX	 	 	 	Sales Manager	 	 	 	XXXXXX	 	81.63
	XXXXXX	 	 	 	Cook I	 	 	 	 	 	36.22
	XXXXXX	 	 	 	Housekeeping
    Manager	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	Cashier/greeter	 	01/24/2013	 	XXXXXX	 	0.00
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	98.50
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	43.58
	XXXXXX	 	 	 	PBX	 	05/09/2012	 	XXXXXX	 	6.18
	XXXXXX	 	Full-time Regular	 	 	 	03/27/2013	 	XXXXXX	 	0.00
	XXXXXX	 	Full-time Regular	 	Expeditor	 	03/02/2011	 	XXXXXX	 	 

 

	* The information denoted by “X's” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	3 of 4

    	 

    

 

	 *	 	 	 	 	 	 	 	Rate
    *	 	Current
Accrued 

Unused PTO 

Hours
	 	 	 	 	 	 	 	 	XXXXXX	 	8.76
	 	 	 	 	 	 	 	 	XXXXXX	 	7.55
	XXXXXX	 	 	 	Banquet Server	 	 	 	XXXXXX	 	 
	XXXXXX	 	Full-time Regular	 	 	 	 	 	 	 	 
	XXXXXX	 	Full-time Regular	 	Cashier/greeter	 	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	24.45

 

Orchards Inn & Restaurant LLC
Employees

 

	Employee Name
        (Last, First) * 
	 	FT
    or PT	 	Job
    Title	 	Employment

    Start Date	 	Hrly

        Pay
        Rate *
	 	Current
Accrued 

Unused PTO 

Hours
	 	 	Full-time Regular	 	 	 	 	 	XXXXXX	 	 
	 	 	Full-time Regular	 	 	 	02/18/2013	 	XXXXXX	 	 
	 	 	Full-time Regular	 	 	 	 	 	 	 	 
	 	 	 	 	Room Attendant	 	 	 	 	 	30.97
	XXXXXX	 	 	 	House Attendant	 	 	 	 	 	 
	 	 	 	 	House Attendant	 	 	 	 	 	 
	XXXXXX	 	Full-time Regular	 	House Attendant	 	 	 	XXXXXX	 	27.71
	XXXXXX	 	Full-time Regular	 	Guest Service
    Agent	 	 	 	XXXXXX	 	154.68
	XXXXXX	 	Full-time Regular	 	Room Attendant	 	 	 	 	 	 
	XXXXXX	 	Full-time Regular	 	Room Attendant	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	Night Auditor	 	 	 	 	 	13.20
	 	 	 	 	Rooms Asst.
    Manager	 	 	 	XXXXXX	 	38.73
	XXXXXX	 	Full-time Regular	 	General Manager	 	 	 	XXXXXX	 	38.16
	XXXXXX	 	Full-time Regular	 	 	 	 	 	XXXXXX	 	18.34
	XXXXXX	 	 	 	Annex - House
    Attendant	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	Night Auditor	 	 	 	 	 	5.61
	 	 	 	 	 	 	 	 	XXXXXX	 	76.44
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	28.68

 

Taos Cantina LLC Employees

 

	Employee
    Name (Last, First) *	 	FT
    or PT	 	Job
    Title	 	Employment
    

    Start Date	 	Hrly

        Pay
        Rate *
	 	Current
Accrued 

Unused PTO 

Hours
	XXXXXX	 	Full-time Regular	 	Server	 	 	 	XXXXXX	 	55.16
	 	 	Full-time Regular	 	Bartender	 	 	 	XXXXXX	 	76.75
	XXXXXX	 	Full-time Regular	 	 	 	 	 	XXXXXX	 	 
	 	 	 	 	Cook II	 	 	 	 	 	0.00
	 	 	 	 	Cook I	 	 	 	 	 	 
	 	 	Full-time Regular	 	 	 	 	 	XXXXXX	 	0.00
	XXXXXX	 	Part-time Regular	 	Chef	 	 	 	XXXXXX	 	26.52
	XXXXXX	 	Full-time Regular	 	 	 	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	 	6.49
	XXXXXX	 	Full-time Regular	 	Bartender	 	 	 	 	 	 
	 	 	Part-time Regular	 	Cook I	 	 	 	XXXXXX	 	 
	XXXXXX	 	 	 	Cook III	 	11/12/2012	 	 	 	7.09
	XXXXXX	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	 	 	 	 	03/09/2011	 	XXXXXX	 	52.36
	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 
	XXXXXX	 	Full-time Regular	 	Server	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	XXXXXX	 	 
	 	 	Full-time Regular	 	Server	 	 	 	XXXXXX	 	 
	XXXXXX	 	Part-time Regular	 	Cashier/greeter	 	06/13/2012	 	XXXXXX	 	0.00
	XXXXXX	 	 	 	Server	 	 	 	 	 	55.23
	 	 	 	 	Restaurant
    Manager	 	 	 	XXXXXX	 	21.56
	 	 	 	 	Cashier/greeter	 	 	 	XXXXXX	 	10.90
	 	 	 	 	 	 	06/06/2012	 	XXXXXX	 	 
	 	 	 	 	 	 	08/18/2010	 	XXXXXX	 	79.91
	 	 	 	 	 	 	04/27/2011	 	XXXXXX	 	45.79
	 	 	 	 	 	 	07/11/2012	 	 	 	.22
	 	 	 	 	 	 	04/25/2012	 	 	 	1.42
	 	 	 	 	 	 	04/22/2011	 	XXXXXX	 	11.05

 

	* The information denoted by “X's” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	4 of 4

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(x)(ii)

 

Labor Unions

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 3(x)(iii)

 

Collective Bargaining Agreements

No Conveying Party is a party
to, bound by or In the process of negotiating any

collective bargaining agreement,
memorandum of understanding or other labor-

related contract, arrangement
or understanding with any labor union, labor

organization or other employee
group or association applicable to persons

employed at or performing personal
services at the Property.

 

All employees are employed “at
will” except thatthere exists a Severance Policy

which is found on Page 46 of
the Employee Handbook and set forth below:

 

SEVERANCE PAY POLICY

 

PURPOSE: To define the company's position with
respect to severance pay for exempt and non-

exempt Associates and to determine the procedures for making
such payment.

 

POLICY:

 

A. DEFINITIONS

 

1. Severance Pay is a payment made to an
Associate who is placed on layoff status, job elimination or for termination other than for cause. Severance pay does not constitute
compensation, and where applicable will be paid in addition to accrued salary, wages, and unused PTO time.

 

2. Notice is given by a written or verbal
statement which is to be delivered in person,

 

except that if the individual cannot be personally located at
the usual place of Employment during assigned working hours, notice may be given by mailing the statement to the employee at his
or her last known address. If notice is mailed, it will be sent by certified mail.

 

B. PROCEDURE

 

1. When it is necessary for the Company to put in effect a reduction
in work force, or to terminate an employee for reasons other than cause, the following payout schedule will apply:

 

	 	·	Non-exempt Associate in a non-probationary status will be given one (1) week severance pay for each full year worked. Cap of three (3) weeks applies.
	 	·	Exempt Associate in a non-probationary status will be given two (2) weeks of severance pay for each full year worked. Cap of six (6) weeks applies.
	 	·	Executive Committee member in a non-probationary status will be given one (1) months severance pay for the first full year worked, and two (2) weeks for each additional full year worked. Cap of four (4) months applies.

 

4. Continuation of health insurance benefits
may be extended through the term of the severance payout if the Associate was an active participant at the time of termination.

 

    	 

    	 

    

 

C. SEVERANCE PAY OPTIONS

 

The Company has the option of selecting one (1) of the following
severance pay outs:

 

1. Lump Sum Payment — The total amount due to the Associate
is paid at one time within three (3) days of termination date.

 

2. Salary Continuation — The Company may agree to salary
continuation for a certain period of time to satisfy the Severance pay due. The terminated Associate will continue to be on the
payroll and receive paychecks at the same frequency as a regular active Associate. Other benefits, ie, health insurance may continue
at the election of the Associate (Associate must already have elected coverage to apply).

 

C. ELIGIBILITY

 

1. An exempt or non-exempt Associate is not eligible for severance
pay if:

 

(a) the effective date of termination occurs during the first
year of employment

 

(b) the termination is for cause

 

(c) voluntary termination

 

D. EXECUTION OF POLICY

 

I. Terminations for which severance pay is to be given must
be communicated to the Director of Human Resources. A copy of the written notice of termination, endorsed to show the date upon
which notice was given to the Associate, shall be sent to the Director of Human Resources. The effective date of termination shown
on the written notice must be the actual date of termination of the Associate.

 

2. The Director of Human Resources is responsible for reviewing
the notice of termination for consistency with this policy and assuring that the amount of severance pay, if any, is correctly
computed and distributed to the appropriate entities.

 

3. Severance pay action should be taken immediately upon learning
of a termination and definitely before the last paycheck is released. A telephoned or an e-mailed notification to the Director
of Human Resources will expedite termination procedures.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 3(x)(iv)

 

Employment Agreements

 

No Conveying Party is bound by or In the
process of negotiating any employee

leasing, shared labor or potential joint
or single employer contracts or personal

services contracts arrangements or understandings
involving the Property.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 3(x)(v)

 

Strikes and Labor Actions

 

No Conveying Party
has experience or been affected by any strike, boycott, slowdown, walkout, work stoppage, or lockout within the past six (6) moths
and there is no such labor action pending, or, to Conveying Parties' knowledge, threatened against or otherwise affecting any Conveying
Parties with respect to employees or personal service providers.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 3(x)(vi)

 

Pending or Threatened Investigation or Claims
with respect to Employees or

individuals who perform personal services
at the Property

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

CONFIDENTIAL

 

Exhibit 3 (x) (ix)

 

Compensation and Termination Agreements

 

Cell Phone Reimbursement: Leadership Team Members receive
$75 per month reimbursement and Operational Managers receive $50 per month.

 

L'Auberge In Lieu of Tips: In lieu of accepting gratuities,
all hourly employees at L'Auberge share in 40% of the total service fee collected each month.

 

Manager Bonus Programs at L'Auberge:

 

		 	
        Monthly

        Bonus *
	 	 	
        Quarterly

        Bonus*
	 	 	
        Annual Total

        Bonus*
	 	 	
        Bonus

        Based On

	Senior Mgmt *	 	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	 	XXXXXX	 	 	 	XXXXXX	 	 	 	XXXXXX	 	 	Labor/Revenue Goals
	XXXXXX	 	 	XXXXXX	 	 	 	XXXXXX	 	 	 	XXXXXX	 	 	Labor/Dept Budget
	XXXXXX	 	 	XXXXXX	 	 	 	XXXXXX	 	 	 	XXXXXX	 	 	Labor/Dept Budget
	XXXXXX	 	 	XXXXXX	 	 	 	XXXXXX	 	 	 	XXXXXX	 	 	Labor/Revenue Goals
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Managers*	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Dept Budget
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Dept Budget
	XXXXXX	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Dept Budget
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Revenue Goals
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Dept Budget
	XXXXXX	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Food Costs
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Food Costs
	XXXXXX	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Dept Budget
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Food Costs
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Revenue Goals
	XXXXXX	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Revenue Goals
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Asst Managers*	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Dept Budget
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Food Costs
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Food Costs
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Food Costs

 

	* The information denoted by “X's” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 

    	 

    

 

CONFIDENTIAL

 

Manager Bonus Programs at Orchards:

 

	 	 	Monthly

        Bonus
        *
	 	 	Quarterly

        Bonus*
	 	 	Annual
        Total

        Bonus*
	 	 	Bonus

        Based
        On

	Senior
    Mgmt *	 	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	 	XXXXXX	 	 	 	XXXXXX	 	 	 	XXXXXX	 	 	Labor/Revenue Goals
	XXXXXX	 	 	XXXXXX	 	 	 	XXXXXX	 	 	 	XXXXXX	 	 	Labor/Dept Budget
	XXXXXX	 	 	XXXXXX	 	 	 	XXXXXX	 	 	 	XXXXXX	 	 	Labor/Dept Budget
	XXXXXX	 	 	XXXXXX	 	 	 	XXXXXX	 	 	 	XXXXXX	 	 	Labor/Revenue Goals
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Managers*	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Dept Budget
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	Labor/Dept Budget
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Asst
    Managers*	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	XXXXXX	 	 	XXXXXX	 	 	 	 	 	 	 	XXXXXX	 	 	 

 

Agreement for Payment of Health Services
— An Agreement to pay for a defined number of visits per year to the Sedona Urgent Care under which the Conveying Parties
pay $100 for each eligible visit. A complete copy of the Agreement is attached to this Exhibit 3(x)(ix).

 

Group Health Insurance and Dental Insurance
and Vision Insurance. Aetna Group Plan 468146-10-002 for Medical, Aetna Group Plan 468146-31-002 for Dental and Vision.

 

Termination Severance Agreements
— Severance Pay Policy found on Page 46 of the Employee Handbook and set forth below:

 

SEVERANCE PAY POLICY

 

PURPOSE: To define the Company's position with
respect to severance pay for exempt and nonexempt Associates and to determine the procedures for making such payment.

 

POLICY:

 

A. DEFINITIONS

 

I. Severance Pay is a payment made to an Associate who is placed
on layoff status, job elimination or for termination other than for cause. Severance pay does not constitute compensation, and
where applicable will be paid in addition to accrued salary, wages, and unused PTO time.

 

2. Notice is given by a written or verbal statement which is
to be delivered in person, except that if the individual cannot be personally located at the usual place of Employment during assigned
working hours, notice may be given by mailing the statement to the employee at his or her last known address. If notice is mailed,
it will be sent by certified mail.

  

	* The information denoted by “X's” on this page has been omitted and filed separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request.

 

    	 

    	 

    

 

B. PROCEDURE

 

1. When it is necessary for the Company to put in effect a reduction
in work force, or to terminate an employee for reasons other than cause, the following payout schedule will apply:

 

	 	·	Non-exempt Associate in a non-probationary status will be given one (1) week severance pay for each full year worked. Cap of three (3) weeks applies.
	 	·	Exempt Associate in a non-probationary status will be given two (2) weeks of severance pay for each full year worked. Cap of six (6) weeks applies.
	 	·	Executive Committee member in a non-probationary status will be given one (1) months severance pay for the first full year worked, and two (2) weeks for each additional full year worked. Cap of four (4) months applies.

 

4. Continuation of health insurance benefits may be extended
through the term of the severance payout if the Associate was an active participant at the time of termination.

 

C. SEVERANCE PAY OPTIONS

 

The Company has the option of selecting one (1) of the following
severance pay outs:

 

1. Lump Sum Payment — The total amount due to the Associate
is paid at one time within three (3) days of termination date.

 

2. Salary Continuation — The Company may agree to salary
continuation for a certain period of time to satisfy the Severance pay due. The terminated Associate will continue to be on the
payroll and receive paychecks at the same frequency as a regular active Associate. Other benefits, ie, health insurance may continue
at the election of the Associate (Associate must already have elected coverage to apply).

 

C. ELIGIBILITY

 

1. An exempt or non-exempt Associate is not eligible for severance
pay if:

 

(a) the effective date of termination occurs during the first
year of employment

 

(b) the termination is for cause

 

(c) voluntary termination

 

D. EXECUTION OF POLICY

 

1. Terminations for which severance pay is to be given must
be communicated to the Director of Human Resources. A copy of the written notice of termination, endorsed to show the date upon
which notice was given to the Associate, shall be sent to the Director of Human Resources. The effective date of termination shown
on the written notice must be the actual date of termination of the Associate.

 

2. The Director of Human Resources is responsible for reviewing
the notice of termination for consistency with this policy and assuring that the amount of severance pay, if any, is correctly
computed and distributed to the appropriate entities.

 

3. Severance pay action should be taken immediately upon learning
of a termination and definitely before the last paycheck is released. A telephoned or an e-mailed notification to the Director
of Human Resources will expedite termination procedures.

 

    	 

    	 

    

 

AGREEMENT FOR PAYMENT FOR HEALTH SERVICES

 

This Agreement for
Payment for Health Services (Agreement) is made this 1 day of May, 2012 by and between Sedona Urgent Care, Ltd, an Arizona professional
corporation (“Sedona Urgent Care”) and Barrett Realty, LLC, an Arizona limited liability company; L'Auberge de Sedona,
LLC, an Arizona limited liability company; Open Range Grill and Tavern, LLC, an Arizona limited liability company; Orchards Inn
& Restaurant LLC, an Arizona limited liability company; and Sedona Culinary Concepts, LLC, an Arizona limited liability company,
collectively known as “Sedona Center”.

 

RECITALS

 

	 	1.	Sedona Urgent Care is a provider of professional medical services and/or related health care services.

 

	 	2.	Sedona Center is an employer in Uptown Sedona.

 

	 	3.	Sedona Urgent Care desires to provide certain medical services to the employees of Sedona Center under the terms and conditions set forth in this Agreement

 

	 	4.	Sedona Center desires to retain Sedona Urgent Care to provide certain medical services to its employees only to the extent of payment for such services as set forth under the terms and conditions that follow.

 

T IS AGREED AS FOLLOWS:

 

	 	1.	PROVISION OF COVERED MEDICAL SERVICES BY SEDONA URGENT CARE. Sedona Urgent Care agrees to provide health care services within the normal scope of practice and in accordance with the licenses of Urgent Care to the employees of Sedona Center as defined below:

 

COVERED SERVICES (Included in Case Rate)

 

	 	·	Minor emergency

Examples may include

-
     Sutures (Including suture removal)

-
     Ortho Glass Splints

-
     Sprains

-
     Lacerations

-
     Fractures (Does not include Durable Medical Equipment)

-
     Minor Burns and Abrasions

-
     Allergic Reactions

	 	·	Illness/Sickness
    Including any tests that are required for diagnostic purposes.

Examples may include

 

    	1

    	 

    

 

–     Strep test

–     Flu test

–     Urinalysis (Does
not include lab charges if urine needs to be sent to a lab) Accu-check (Blood glucose test)

–     Blood Pressure
checks

–     Mono Test

 

	 	·	Onsite Digital X-Ray and Readings

 

NON-COVERED SERVICES

–   Physical Therapy

–   Wellness Exams

 

	 	·	Charges incurred by outside sources/services including but not limited to:

–     Labs

–     Pharmaceuticals
(Pharmacies)

–     Diagnostic Imaging
(MRI, CAT Scans, Ultrasound, Mammograms etc.)

–     Durable Medical
Equipment

–     Work related
accidents, injuries, or illnesses.

–     All other charges
incurred from other Practitioners and/or Facilities.

 

	 	2.	TERM. The
    initial Term of this Agreement shall be from June 1, 2012 to May 31, 2013.

 

	 	3.	COVERED SERVICES ELIGIBLE FOR PAYMENT BY SEDONA CENTER.  Sedona Center agrees to pay for Covered Services in accordance with the following schedule (“Eligibility Schedule”): (i) Employee Only — up to three (3) visits per year; (ii) Employee and Spouse — up to six (6) visits per year; and (iii) Employee, Spouse and dependents up to the age of 21 - up to eight (8) visits per year. Upon the signing of this Agreement, Sedona Center shall provide a current and up-to-date census (“Eligibility Census”) to Sedona Urgent Care. Thereafter, each time a new hire or termination occurs that impacts the Eligibility Census, Sedona Center will provide an update to the Eligibility Census that will be sent via email to sedonaurgentcare@yahoo.com. Upon receipt of each such email, Sedona Urgent Care will respond to the email with the word “Received”, thereby confirming receipt of the most current Eligibility Census. Both parties acknowledge that Sedona Center will pay the Case Rate only in accordance with the Eligibility Schedule and the Eligibility Census. Should Sedona Urgent Care render services to any person that is not listed on the most current Eligibility Census, or in excess of the Eligibility Schedule, Sedona Center will not be liable for payment for such services.

 

	 	4.	PAYMENT BY SEDONA CENTER TO SEDONA URGENT CARE.  Sedona Center agrees to pay to Sedona Urgent Care a Case Rate not to exceed one hundred dollars ($100.00) for each eligible visit in accordance with the Eligibility Schedule and the Eligibility Census. Sedona Center agrees to be responsible for all balances due in the 

 

    	2

    	 

    

 

	 	 	unlikely events of bankruptcy proceedings, sale of business, split in partnership or shareholders, or loses its authority to do business in total.

 

	 	5.	PAYMENT BY ELIGIBLE EMPLOYEE. At the time services are rendered by Sedona Urgent Care, all eligible employees will be responsible for payment to Sedona Urgent Care of a copay of fifteen dollars ($15.00) for each visit (“Co-Pay”), per person, payable to Sedona Urgent Care. Any charges incurred by an employee of Sedona Center in excess of the Eligibility Schedule will be the responsibility of and collected by Sedona Urgent Care from each employee and/or dependent at the time services are rendered, without a maximum cost of out of pocket to the employee and/or dependents. Sedona Center will not be responsible for payment of any amount for services rendered to employees not on the Eligibility Census and/or in excess of the Eligibility Schedule. As a means of audit, Sedona Urgent Care will furnish all eligible employees and/or spouses and dependents of eligible employees with a second receipt of payment of the Co-Pay which will be given by the eligible employee to Sedona Center as evidence that services were provided.

 

	 	6.	INVOICING BY SEDONA URGENT CARE. Monthly Statements of services provided by Sedona Urgent Care to eligible employees of Sedona Center will be mailed to the attention of Bruce Campbell, 270 N. Highway 89A, Suite 11, Sedona, AZ 86336, with a copy to Tina Littleman, 301 L'Auberge Lane, Sedona, AZ 86336. Each Statement will include following information: (1) the name of the eligible employee and the date of service, and/or (2) in the case of services rendered to either a spouse or dependent of an eligible employee, the name of the eligible employee, the name of the spouse or dependent, and the date of service. Monthly Statements will be mailed on the fifteenth (15 th ) day of each month for the previous calendar month. Payment shall be made by Sedona Center within fifteen days to Sedona Urgent Care.

 

	 	7.	NO INSURANCE CLAIMS. Sedona Urgent Care specifically acknowledges that in the case of rendering medical services to eligible employees of Sedona Center that are covered under any health insurance plan, Sedona Center intends the arrangement for payments under this Agreement to be in lieu of Sedona Urgent Care submitting to insurance companies for reimbursement for services. Sedona Urgent Care agrees that it will either utilize a patient's health insurance benefit or submit for payment of the Case Rate to Sedona Center, but not both.

 

	 	8.	RELATIONSHIP OF THE PARTIES  In performance of their respective duties and obligations hereunder, Sedona Urgent Care and Sedona Center and each of their respective owners, officers, partners, agents, and employees and agents, are at all times acting and performing as independent contractors and neither party, nor their respective 

 

    	3

    	 

    

 

	 	 	owners, officers, partners, agents, and employees and agents shall be considered the partner, agent, servant, employee of, or joint venturer with the other party.

 

	 	9.	STANDARDS OF PROFESSIONAL PRACTICE.  Health care services shall be made available to eligible employees without discrimination on the basis of sex, age, race, color, religion, national origin, health status or disability. Providers of Sedona Urgent Care shall provide health care services to eligible employees in the same manner provided to other patients and in accordance with prevailing practices and standards of profession,

 

	 	10.	MEDICAL RECORDS  Sedona Urgent Care shall prepare, maintain, and retain as confidential, the medical records of all patients receiving health care services for a time period of 6 years, as required by state and federal laws, licensing requirements. Sedona Center has no interest in nor right to any confidential medical record information.

 

	 	11.	GRIEVANCE PROCESS Sedona Center's role in this Agreement is to provide payment to Sedona Urgent Care for health care services provided by Sedona Urgent Care to eligible employees of Sedona Center in accordance with the Eligibility Schedule and the Eligibility Census. Sedona Center has no further obligation, and specifically will not participate in any grievance procedures to resolve disputes that may arise between Sedona Urgent Care and eligible employees/spouses/dependents of Sedona Center. Sedona Center does not claim to be knowledgeable in the field of health care and therefore accepts no liability whatsoever in the performance of health care services by Sedona Urgent Care.

 

	 	12.	NOTICES. Except as otherwise provided in this Agreement, all notices, consents, or approvals required by this Agreement shall be in writing sent by certified or registered mail, (postage prepaid), by facsimile or electronic mail to:

 

	SEDONA URGENT CARE:	Gordon S. Tekell
	 	SEDONA URGENT CARE
	 	/s/ Gordon Tekell
	 	 
	 	Phone: 	9282034813
	 	Fax: 	9282030211
	 	Email: 	sedonaurgentcare@yahoo.com

 

	SEDONA CENTER	Bruce Campbell
	 	SEDONA CENTER LLC
	 	270 N. Highway 89A, Suite 11
	 	Sedona, AZ 86336

 

    	4

    	 

    

 

	 	Phone: (928) 204-4376
	 	Fax: (928) 282-4531
	 	Email: 	BruceC@Iauberge.corn

 

	With a copy to:	Al Spector
	 	Barrett Realty LLC
	 	6900 E. Camelback Road, #915
	 	Scottsdale, AZ 85251
	 	Phone: (480) 941-0221, x 314
	 	Fax: (480) 990-9093
	 	Email: 	al@alspector.net

 

or (ii) in any other manner mutually agreed upon by the Parties.
Notices shall be deemed effective on the date of mailings.

 

	 	13.	RIGHTS OF TERMINATION. In the event either party wishes to terminate this Agreement, either party shall have the right to do so by giving written notice of such intent to terminate at least sixty (60) days prior for any reason.

 

	 	14.	MODIFICATION: AMENDMENTS. This Agreement may be amended from time to time in writing as mutually agreed to by both parties.

 

	 	15.	ENTIRE AGREEMENT. This Agreement, together with all amendments, if any, constitutes the entire Agreement among the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous, oral and written, agreements and understandings pertaining thereto. Any amendment to this Agreement must be in writing, mutually agreed upon and duly executed.

 

	 	16.	ASSIGNMENT. This agreement is between Sedona Urgent Care, Gordon S. Tekell as sole owner and Sedona Center. Any third party interest or intent to transfer this agreement shall require notice to and the written consent of all parties involved. Any attempt by Sedona Urgent Care or Sedona Center to assign this agreement or its interest hereunder without complying with the terms of this paragraph shall be void and of no effect, at its option, may elect to terminate this agreement upon thirty (30) days of written notice, without any further liability or obligation by either party. Either party may assign this Agreement in completely or in part to any purchaser of or successor to the assets or change in operations of Sedona Center or Sedona Urgent Care, provided that the assignee agrees to assume all obligations under the Agreement

 

	 	17.	COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which when so executed will be deemed original, and all of which together will constitute one and the same instrument In addition, signatures transmitted by facsimile shall serve the same purpose and function as original signatures.

 

    	5

    	 

    

 

	 	18.	MUTUAL INDEMNITY. The parties acknowledge and agree that neither Sedona Urgent Care nor Sedona Center will be liable for the activities of the other nor the agents and employees of the other, including but not limited to, any liabilities, losses, damages, suits, actions, fines, penalties, claims or demands of any kind or nature by or on behalf of any person, party or governmental authority arising out of or in connection with (i) any failure to perform any of the agreement terms, covenants or conditions of this Agreement; (ii) any negligent act or omission or other misconduct; (iii) the failure to comply with any applicable laws, rules or regulations; or (iv) any accident, injury or damage to persons or property. Notwithstanding anything to the contrary contained herein, both parties further agree to and hereby does indemnify, defend and hold harmless one another from any and all claims, judgments, costs, liabilities, damages and the provision by Sedona Urgent Care of health care services provided to the employees of Sedona Center.

 

	 	19.	SEVERABILITY. Any term or provision of this Agreement that is or becomes invalid or unenforceable shall be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement.

 

	 	20.	GOVERNING LAW: CONSENT TO JURISDICTION: VENUE.  This Agreement shall be governed by and construed in accordance with the laws of the State of Arizona. Each party hereto hereby agrees that any proceeding relating to this Agreement and the transactions contemplated hereby shall be brought solely in the superior court of the state of Arizona, county of Coconino.

 

	 	21.	PATIENT TRANSPORT DISCLOSURE.  Sedona Urgent Care is an urgent care facility which follows the Patient Transportation rules and guidelines governing such facilities. Attached as Exhibit “A” is the full Patient Transport Disclosure. Sedona Center will not pay any expenses related to Patient Transportation.

 

1N WITNESS WHEREOF, the parties have the authority necessary
to bind; the entities identified herein and have executed this Agreement to be effective as of June 1, 2012.

 

SEDONA URGENT CARE, LTD., an

Arizona professional corporation

 

	By:	/s/ Gordon S Tekell	 
	 	Gordon S. Tekell
	Its:	President

 

    	6

    	 

    

 

For and on behalf of all entities whose employees benefit from
this Agreement

 

SEDONA CENTER, LLC, an Arizona

limited liability company

 

	By:	/s/ Al Spector	 
	 	Al Spector
	Its: 	Manager
	

 

    	7

    	 

    

 

PATIENT TRANSPORT DISCLOSURE

 

The Urgent Care facility is designed for ambulatory patients
not requiring the level of service provided in an emergency department. Nevertheless, patients may present with serious, even life-threatening
illnesses or injuries. These patients should be transferred to the Emergency Department per the following guidelines:

—Patients in shock, even if cause is undetennhted.

—Patients In coma.

—Patients in hypertensive crisis.

—Patients with obvious life-threatening conditions such
as stab wounds, head injuries with loss of consciousness, gunshot wounds, etc.

—Patients with obvious life-threatening medical conditions
such as severe chest pain with possible MI, congestive heart failure, CVA, etc.

—Patients requiring admission to the hospital.

—Patients requiring observation until specialized studies
are obtained to diagnose their condition, such as lumbar punctures, CT scans, ME, etc. —Psychiatric patients requiring evaluation
for admission.

 

EXHIBIT “A”

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 4(d)

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 4(e)

 

Consents to Transaction

 

NONE

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 5(a)

 

Permitted Modifications of Agreement,
Properties and Business Practices

 

Conveying Parties confirm the following:

 

	 	(1)	Since January 1, 2011 except in the ordinary course of business no Conveying Party has entered into, modified or waived material provisions of, or terminated any material agreements relating to the Property, including Leases and employment agreements.

 

	 	(2)	Since January 1, 2011 except in the ordinary course of business no Conveying Party has removed from the Property any material portion of the personal property or other intangible property that is being conveyed pursuant to this Agreement.

 

	 	(3)	Since November 1, 2012 except In the ordinary course of business Conveying Party has not materially changed the usual business practices and operating of the Property, including inventory and supply levels, maintenance, employment and maintenance of reserves.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(a)-i

 

SPECIAL WARRANTY DEED CONVEYING LAMERRA
PROPERTY

TO HL NEWCO, LLC

 

When recorded return to:

 

Jonathan T. Brohard, Esq.

Polsinelli Shughart, PC

One E. Washington St., Ste. 1200

Phoenix, AZ 85004

 

SPECIAL WARRANTY DEED

 

(LaMerra Property)

 

HL, LLC, an Arizona
limited liability company (“Grantor”), for the consideration of Ten Dollars, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, hereby conveys to HL Newco, LLC, a Delaware limited
liability company (“Grantee”), its successors and assigns forever, that certain real property situated in the
State of Arizona, and more particularly described as:

 

See Exhibit A attached hereto

 

together with all rights, benefits, privileges,
easements, tenements, hereditaments and appurtenances thereto belonging, and the rents, issues and profits thereof and all water
rights and claims to water rights appurtenant and related thereto and wells thereon, including but not limited to those identified
by the Arizona Department of Water Resources as Nos. 36-18397.0002, 36-18398.0002, 36-18399.0002, 55-609715, 55-609716, 55-901602,
39-48282, 39-48283, 39-48284, 39-48285 and 39-56981; SUBJECT TO current and future taxes and the assessments, liens, and encumbrances
set forth on Exhibit B attached hereto.

 

And the GRANTOR binds
itself to warrant the title against all acts of the Grantor and none other, subject to the matters set forth above.

 

This Deed is exempt
from an Affidavit of Value pursuant to ARS § 11-1134B-1.

 

IN WITNESS WHEREOF,
the Grantor has signed this Special Warranty Deed as of the ____ day of _____________, 2013.

 

[SIGNATURE ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	 	GRANTOR	 
	 	 	 
	 	HL LLC,	 
	 	an Arizona limited liability company	 
	 	 	 
	 	By:	 	 
	 	 	Albert B. Spector, Jr.	 
	 	Its:	 	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF _______________________	)	 
	 	 	 
	On ____________________, before me, ____________________________________, a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which _______________________________ acted, executed the instrument.
	
         

        ______________________________________

        Signature
	
         

         

	
        My Commission Expires: 
	(Space above for official notarial seal)

 

    	 	Special Warranty Deed (LaMerra) - Signature

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

(LaMerra)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF YAVAPAI, STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL NO. 1:

 

THE NORTH HALF OF THE NORTHEAST QUARTER OF SECTION 34, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

EXCEPT BEGINNING AT A POINT IN THE SOUTHERLY LINE OF SAID LAND,
WHICH POINT IS DISTANT 650 FEET EASTERLY ALONG SAID SOUTHERLY LINE FROM THE SOUTHWEST CORNER OF SAID LAND;

 

THENCE WESTERLY ALONG SAID SOUTHERLY LINE TO THE SOUTHWEST CORNER
OF SAID LAND;

 

THENCE NORTHERLY ALONG THE WESTERLY LINE OF SAID LAND, A DISTANCE
OF 670 FEET;

 

THENCE SOUTHEASTERLY IN A DIRECT LINE TO THE POINT OF BEGINNING.

 

PARCEL NO. 2:

 

THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER (BEING LOT 13)
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA.

 

PARCEL NO.3:

 

ALL THAT PORTION OF THE SOUTHEAST QUARTER OF SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, DESCRIBED AS FOLLOWS:

 

BEGINNING AT THE SOUTH QUARTER CORNER OF SAID SECTION 27, MARKED
BY A G.L.O. BRASS CAP;

 

THENCE NORTH 2 DEGREES 37 MINUTES 30 SECONDS WEST, 115.90 FEET
TO AN EXISTING FENCE;

 

THENCE NORTH 89 DEGREES 24 MINUTES 50 SECONDS EAST, ALONG SAID
FENCE, 204.31 FEET;

 

THENCE SOUTH 2 DEGREES 37 MINUTES 30 SECONDS EAST TO A POINT
ON THE SOUTH LINE OF SAID SECTION 27;

 

THENCE SOUTH 89 DEGREES 00 MINUTES WEST,
ALONG SAID SECTION LINE TO THE

 

    	 	Special Warranty Deed (LaMerra) - Ex. A

    	 

    

 

ACTUAL POINT OF BEGINNING.

 

PARCEL NO.4:

 

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, LYING EASTERLY
OF A LINE LOCATED 100 FEET WEST OF AND PARALLEL TO SAID EAST LINE OF THE SOUTHWEST QUARTER, AND SOUTH OF A LINE HAVING A COURSE
OF NORTH 85 DEGREES 13 MINUTES EAST THROUGH A POINT THAT LIES NORTH 2 DEGREES 37 MINUTES 30 SECONDS WEST, 118.5 FEET FROM THE SOUTH
QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS

CAP.

 

PARCEL NO. 5:

 

ALL THAT PORTION OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, LYING SOUTHERLY
OF AND CONTIGUOUS TO THE FOLLOWING DESCRIBED BOUNDARY LINE:

 

FROM THE NORTHEAST CORNER OF THE QUIT CLAIM PARCEL OF LAND DESCRIBED
AS BOOK 938 OF OFFICIAL RECORDS, PAGE 57, YAVAPAI COUNTY RECORDERS OFFICE, THE TRUE POINT OF BEGINNING, SAID CORNER LYING ON THE
EAST-WEST BARBED WIRE FENCE AS SHOWN ON THE RECORD OF SURVEY RECORDED AS BOOK 17 OF LAND SURVEYS AT PAGE 17, AND ALSO ON THE SOUTHERLY
LINE OF THE MONTERASTELLI (SIC) BOUNDARY AS SHOWN ON RESULTS OF SURVEY BY PATRICK NEVILLE, RECORDED AS BOOK 16, AT PAGE 100, DATED
JULY 14, 1992;

 

THENCE SOUTH 89 DEGREES 53 MINUTES 02 SECONDS EAST, ALONG THE
FENCE AND ITS EASTERLY EXTENSION AND ALONG THE SOUTHERLY LINE OF THE MONTERASTELLI BOUNDARY, 791.99 FEET;

 

THENCE SOUTH 41 DEGREES 19 MINUTES 24 SECONDS EAST, 39.09 FEET
TO THE SOUTH LINE OF SECTION 27, PER THE ARIZONA ENGINEERING COMPANY RECORD OF SURVEY RECORDED AS BOOK 10 OF RECORDS OF SURVEY,
AT PAGE 99;

 

THENCE SOUTH 88 DEGREES 14 MINUTES 32 SECONDS EAST, ALONG THE
SOUTH LINE OF SECTION 27, 75.15 FEET;

 

THENCE SOUTH 73 DEGREES 27 MINUTES 42 SECONDS EAST, 55.92 FEET;

 

THENCE NORTH 22 DEGREES 46 MINUTES 34 SECONDS EAST, 11.20 FEET;

 

THENCE NORTH 87 DEGREES 02 MINUTES 45 SECONDS EAST, 21.97 FEET;

 

THENCE SOUTH 81 DEGREES 16 MINUTES 09 SECONDS EAST, 29.96 FEET;

 

THENCE SOUTH 65 DEGREES 43 MINUTES 54 SECONDS EAST, 22.05 FEET
TO THE EAST LINE OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF SECTION 34, WHICH IS THE POINT OF TERMINUS OF THE BOUNDARY
LINE;

 

THE BASIS OF BEARINGS FOR THIS DESCRIPTION IS SOUTH 88 DEGREES
14 MINUTES 32 SECONDS EAST, FROM THE SOUTH QUARTER CORNER OF SECTION 27 TO THE SOUTHEAST CORNER OF SECTION 27, ACCORDING TO THE
ARIZONA ENGINEERING

 

    	 	2	Special Warranty Deed (LaMerra) - Ex. A

    	 

    

 

COMPANY RESULTS OF SURVEY RECORDED AS BOOK 10 OF RECORDS OF
SURVEYS, AT PAGE 99, YAVAPAI COUNTY RECORDERS OFFICE.

 

PARCEL NO. 6:

 

EASEMENT FOR ROADWAY FOR INGRESS AND EGRESS FOR THE PURPOSE
OF TRAVEL AND MAINTENANCE AS CREATED IN BOOK 3833, OF OFFICIAL RECORDS, PAGE 934, BEING 50 FEET WIDE, LYING 30 FEET ON THE WESTERLY
AND SOUTHERLY SIDES AND 20 FEET ON THE EASTERLY AND NORTHERLY SIDES OF THE FOLLOWING DESCRIBED PROPERTY:

 

THE CENTERLINE OF AN EXISTING DIRT ROAD IN SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, MORE PARTICULARLY DESCRIBED BY METES
AND BOUNDS AS FOLLOWS:

 

FROM THE SOUTHWEST CORNER OF SECTION 27;

 

THENCE NORTH 86 DEGREES 13 MINUTES 45 SECONDS EAST, A DISTANCE
OF 2448.25 FEET TO A CONCRETE MONUMENT MARKED 1/4 ON THE WEST FACE, WITH AN ALUMINUM CAP MARKED LS 13010, ACCEPTED BY JOHN A. LUCKOW,
ARIZONA REGISTERED LAND SURVEYOR, AS THE TRUE LOCATION OF THE SOUTH QUARTER CORNER OF RECORD OF SURVEY DATED FEBRUARY 24, 1990,
RECORDED IN BOOK 10 OF LAND SURVEYORS, PAGE 99, YAVAPAI COUNTY RECORDERS OFFICE, WHICH IS IDENTICAL TO THE SOUTHEAST CORNER OF
THE PROPERTY AS CONVEYED TO HARRIET KOHLER (ALSO KNOWN AS HARRIET K. SEAMAN) BY INSTRUMENTS RECORDED IN THE OFFICE OF THE RECORDER
OF YAVAPAI COUNTY, ARIZONA, IN BOOK 179 OF DEEDS, PAGE 586 AND IN BOOK 357 OF OFFICIAL RECORDS, PAGE 233 AND WHICH IS ALSO IDENTICAL
TO THE NORTHEAST CORNER OF PARCEL 4 ABOVE, ACCEPTED AND UTILIZED AS THE QUARTER CORNER BETWEEN SECTIONS 27 AND 34, PRIOR TO THE
1956 GLO DEPENDENT RESURVEY OF SECTION 27 BY WHICH THE QUARTER CORNER BETWEEN SECTIONS 27 AND 35 HAS BEEN MARKED BY A STANDARD
GLO BRASS CAPPED PIPE, WHICH IS THE SAME GLO BRASS CAP ESTABLISHING THE SOUTHEAST CORNER OF THE PROPERTY DESCRIBED IN PARCEL 4
ABOVE;

 

THENCE SOUTH 85 DEGREES 13 MINUTES 00 SECONDS WEST, 15.05 FEET,
TO THE TRUE POINT OF BEGINNING OF THIS DESCRIPTION:

 

THENCE NORTH 07 DEGREES 16 MINUTES 03 SECONDS
EAST, 55.48 FEET;

 

THENCE NORTH 00 DEGREES 25 MINUTES 35 SECONDS EAST, 201.21 FEET
TO THE EAST LINE OF THE KOHLER PARCEL AS DESCRIBED IN WARRANTY DEED RECORDED IN BOOK 179 OF DEEDS, PAGE 586, YAVAPAI COUNTY RECORDERS
OFFICE, STATE OF ARIZONA;

 

THENCE NORTH 00 DEGREES 25 MINUTES 35 SECONDS EAST, 283.79 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 215.00 FEET AND A CENTRAL ANGLE OF 18 DEGREES 55 MINUTES 40 SECONDS;

 

THENCE NORTHERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 71.03 FEET, TO THE EAST LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAVING A RADIUS OF 215.00 FEET AND A CENTRAL
ANGLE OF 18 DEGREES 53 MINUTES 55 SECONDS;

 

THENCE NORTHERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 70.92 FEET TO THE PT.;

 

    	 	3	Special Warranty Deed (LaMerra) - Ex. A

    	 

    

 

THENCE NORTH 37 DEGREES 24 MINUTES 00 SECONDS WEST, 164.52 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 130.00 FEET AND A CENTRAL ANGLE OF 07 DEGREES 11 MINUTES 55 SECONDS;

 

THENCE NORTHWESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 16.33 FEET TO THE NORTH LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAVING A RADIUS OF 130.00 FEET AND A CENTRAL
ANGLE OF 32 DEGREES 59 MINUTES 56 SECONDS;

 

THENCE NORTHWESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 74.87 FEET TO THE P.T.;

 

THENCE NORTH 77 DEGREES 35 MINUTES 51 SECONDS WEST, 92.01 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 250.00 FEET AND A CENTRAL ANGLE OF 10 DEGREES 44 MINUTES 58 SECONDS;

 

THENCE WESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE OF
46.90 FEET TO THE NORTH LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAV1NG A RADIUS OF 250.00 FEET AND A CENTRAL ANGLE
OF 10 DEGREES 51 MINUTES 24 SECONDS;

 

THENCE WESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE OF
47.37 FEET TO THE P.T.;

 

THENCE SOUTH 80 DEGREES 47 MINUTES 47 SECONDS WEST, 160.95 FEET;

 

THENCE SOUTH 84 DEGREES 31 MINUTES 30 SECONDS WEST, 60.56 FEET
TO THE TERMINUS OF THIS DESCRIPTION AT THE WEST LINE OF THE KOHLER PARCEL, THE NORTHWEST CORNER OF WHICH BEARS NORTH 01 DEGREES
01 MINUTES 44 SECONDS WEST, A DISTANCE OF 116.37 FEET.

 

PARCEL NO. 7:

 

EASEMENT FOR IRRIGATION DITCH PURPOSES AS CREATED IN BOOK 2250,
OF OFFICIAL RECORDS, PAGE 382, OVER AND ACROSS THE REAL PROPERTY DESCRIBED BELOW. THE CENTERLINE OF THE EASEMENT IS THE CENTERLINE
OF THE EXISTING DITCH AND THE EASEMENT IS OF THE WIDTH REASONABLY NECESSARY FOR THE MAINTENANCE AND OPERATION OF THE DITCH.

 

REAL PROPERTY WHICH EASEMENT CROSSES IS DESCRIBED AS FOLLOWS:

 

THE FOLLOWING DESCRIBED PORTION OF THE EAST HALF OF THE SOUTHEAST
QUARTER OF THE SOUTHWEST QUARTER OF SECTION 27, TOWNSHIP 17 NORTH OF RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN,
YAVAPAI COUNTY, ARIZONA, TO WIT:

 

BEGINNING AT THE QUARTER CORNER BETWEEN SECTIONS 27 AND 34,
ABOVE TOWNSHIP AND RANGE, SAID CORNER BEING MARKED BY A STONE MONUMENT, WHICH WAS ACCEPTED BY JIM LAMPORT, SURVEYOR IN 1928, AND
BY OLD SETTLERS FOR MANY YEARS;

 

THENCE FROM SAID POINT NORTH ON THE QUARTER SECTION LINE THROUGH
THE CENTER OF SAID SECTION 27, (THIS LINE BEING ASSUMED NORTH FOR THE PURPOSE OF THIS DESCRIPTION) 774.0 FEET TO A STONE MONUMENT;

 

    	 	4	Special Warranty Deed (LaMerra) - Ex. A

    	 

    

 

THENCE NORTH 73 DEGREES 34 MINUTES WEST, 659.6 FEET TO A STONE
MONUMENT;

 

THENCE SOUTH 03 DEGREES 45 MINUTES WEST, 1021.3 FEET TO A STONE
MONUMENT ON THE SOUTH LINE OF Said) SECTION 27;

 

THENCE NORTH 85 DEGREES 13 MINUTES EAST, 701.9 FEET ALONG SAID
SECTION LINE TO THE POINT OF BEGINNING.

 

PARCEL NO. 8:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND UTILITY PURPOSES OVER,
ACROSS AND UNDER THE FOLLOWING DESCRIBED PARCEL:

 

A PORTION OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

BEGINNING AT A POINT ON THE WEST LINE OF THE SOUTHWEST QUARTER
OF THE SOUTHEAST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 600 FEET FROM THE SOUTH
QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST ALONG THE
WEST LINE OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 27, A DISTANCE OF 180.05 FEET;

 

THENCE SOUTH 35 DEGREES 58 MINUTES 39 SECONDS EAST, A DISTANCE
OF 44.71 FEET;

 

THENCE SOUTH 0 DEGREES 48 MINUTES 45 SECONDS WEST, A DISTANCE
OF 143.31 FEET;

 

THENCE SOUTH 88 DEGREES 30 MINUTES 06 SECONDS WEST, A DISTANCE
OF 19.54 FEET TO THE PLACE OF BEGINNING.

 

PARCEL NO. 9:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND UTILITY PURPOSES AS
CREATED IN BOOK 938 OF OFFICIAL RECORDS, PAGE 65, OVER, ACROSS AND UNDER THE FOLLOWING DESCRIBED PARCELS:

 

PARCEL A:

 

THE FOLLOWING DESCRIBED PORTION OF THE SOUTHWEST QUARTER OF
THE SOUTHEAST QUARTER OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY,
ARIZONA;

 

BEGINNING AT A POINT ON THE WEST LINE OF THE SOUTHWEST QUARTER
OF THE SOUTHEAST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 115.84 FEET FROM THE
SOUTH QUARTER CORNER OF SECTION 27, MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST ALONG THE
WEST LINE OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 27, A DISTANCE

 

    	 	5	Special Warranty Deed (LaMerra) - Ex. A

    	 

    

 

OF 484.16 FEET;

 

THENCE NORTH 88 DEGREES 30 MINUTES 06 SECONDS EAST, A DISTANCE
OF 19.54 FEET;

 

THENCE SOUTH 0 DEGREES 48 MINUTES 45 SECONDS WEST, A DISTANCE
OF 484.55 FEET TO THE PLACE OF BEGINNING.

 

PARCEL B:

 

A PORTION OF THE EAST HALF OF THE SOUTHEAST QUARTER OF THE SOUTHWEST
QUARTER OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

BEGINNING AT A POINT ON THE EAST LINE OF THE SOUTHEAST QUARTER
OF THE SOUTHWEST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 889.73 FEET FROM THE
SOUTH QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 73 DEGREES 03 MINUTES 08 SECONDS WEST, A DISTANCE
OF 103.00 FEET TO THE TRUE POINT OF BEGINNING;

 

THENCE NORTH 73 DEGREES 03 MINUTES 08 SECONDS WEST, A DISTANCE
OF 303.41 FEET. (THE DIRECTION AND LOCATIONS OF THE ABOVE LINE DETERMINED BY STONE MONUMENTS AS CALLED FOR IN THAT CERTAIN DEED
OF CORRECTION OF RECORD IN THE OFFICE OF THE COUNTY RECORDER, YAVAPAI COUNTY, ARIZONA, IN BOOK 172 OF DEEDS, PAGE 495 THEREOF);

 

THENCE NORTH 82 DEGREES 32 MINUTES 53 SECONDS EAST, A DISTANCE
OF 67.32 FEET;

 

THENCE SOUTH 75 DEGREES 10 MINUTES 23 SECONDS EAST, A DISTANCE
OF 195.82 FEET;

 

THENCE SOUTH 35 DEGREES 58 MINUTES 39 SECONDS EAST, A DISTANCE
OF 58.16 FEET TO THE PLACE OF BEGINNING.

 

PARCEL NO. 10:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND PUBLIC UTILITY PURPOSES
AS CREATED IN BOOK 1920 OF OFFICIAL RECORDS, PAGE 314, EMBRACING ALL OF THE FOLLOWING DESCRIBED PROPERTY:

 

A PARCEL OF LAND LYING IN THE SOUTHWEST QUARTER OF SECTION 27,
TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

 

BEGINNING AT THE SOUTH QUARTER CORNER OF SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST;

 

THENCE SOUTH 88 DEGREES 53 MINUTES 57 SECONDS WEST, A DISTANCE
OF 612.24 FEET TO THE SOUTHEAST CORNER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 27;

 

THENCE NORTH 01 DEGREES 11 MINUTES 29 SECONDS WEST, A DISTANCE
OF 946.77

 

    	 	6	Special Warranty Deed (LaMerra) - Ex. A

    	 

    

 

FEET TO THE TRUE POINT OF BEGINNING;

 

THENCE SOUTH 85 DEGREES 55 MINUTES 21 SECONDS WEST, A DISTANCE
OF 113.99 FEET;

 

THENCE NORTH 24 DEGREES 08 MINUTES 42 SECONDS WEST, A DISTANCE
OF 61.87 FEET TO A POINT ON A CURVE HAVING A CENTRAL ANGLE OF 141 DEGREES 20 MINUTES 20 SECONDS, A RADIUS OF 131.79 FEET;

 

THENCE ALONG THE ARC OF SAID CURVE, A DISTANCE
OF 50.30 FEET;

 

THENCE SOUTH 24 DEGREES 08 MINUTES 42 SECONDS EAST, A DISTANCE
OF 26.91 FEET;

 

THENCE NORTH 85 DEGREES 55 MINUTES 21 SECONDS EAST, A DISTANCE
OF 81.55 FEET;

 

THENCE SOUTH 01 DEGREES 11 MINUTES 29 SECONDS EAST, A DISTANCE
OF 50.06 FEET TO THE TRUE POINT OF BEGINNING.

 

TOGETHER WITH THE RIGHT TO IMPROVE AND MAINTAIN THE EXISTING
ROAD AND TO RECONSTRUCT AND ENLARGE THE ROAD TO UTILIZE ALL OF THE EASEMENT PROPERTY OR ANY PART THEREOF FOR ROADWAY PURPOSES.

 

PARCEL NO. 11:

 

AN EASEMENT APPURTENANT TO PARCELS 1, 2, 3, 4 AND 5 ABOVE, FOR
ROADWAY AND PUBLIC UTILITIES CREATED IN BOOK 1920, OF OFFICIAL RECORDS, PAGE 307, OVER THAT PORTION OF THE RED ROCK LOOP ROAD DESCRIBED
IN THE ATTACHMENT TO THE INSTRUMENT OF RECORD IN BOOK 915, OF OFFICIAL RECORDS, PAGES 795-803, INCLUSIVE, RECORDS OF YAVAPAI COUNTY,
ARIZONA, LYING WITHIN THE EAST ONEHALF, WEST ONE-HALF, SOUTHEAST QUARTER, SOUTHWEST QUARTER, SECTION 27, TOWNSHIP 17 NORTH, RANGE
5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA.

 

EXCEPTING FROM THE ABOVE PARCELS THE FOLLOWING PROPERTY:

Lot 11, THE RETREAT AT OAK CREEK, according to Book 59 of Maps,
pages 99 through 104, inclusive, records of Yavapai County, Arizona.

 

AND

 

Lots 2, 9, 10, 12, 13, 14, 17, 18 and 19, LAMERRA, according
to Book 61 of Maps, pages 27 through 32, inclusive, records of Yavapai County, Arizona. 

 

    	 	7	Special Warranty Deed (LaMerra) - Ex. A

    	 

    

 

EXHIBIT B

 

PERMITTED ENCUMBRANCES

 

    	 	Special Warranty Deed (LaMerra) - Ex. B

    	 

    

 

EXHIBIT B

 

PERMITTED ENCUMBRANCES

 

1. Property taxes, which are a lien not yet due and
payable, including any assessments collected with taxes to be levied for the year 2013.

 

5. LIABILITIES AND OBLIGATIONS imposed upon said
land by reason of its inclusion within the following named District

Retreat at Oak Creek Domestic Water Improvement District

 

6. EASEMENT and rights incident thereto, as set forth
in instrument: Recorded in Book 184 of Deeds

Page 449

Purpose telephone lines

 

7. EASEMENT and rights incident thereto, as set forth
in instrument Recorded in Book 188 of Deeds

Page 452

Purpose electric power transmission line

 

8. EASEMENT and rights incident thereto, as set forth
in instrument: Recorded in Book 217 of Official Records

Page 239

Purpose ingress and egress

 

9. EASEMENT and rights incident thereto, as set forth
in instrument Recorded in Book 1351 of Official Records

Page 220

Purpose electric transmission line

 

10. EASEMENT and rights incident thereto, as set
forth in instrument: Recorded in Book 1351 of Official Records

Page 286

Purpose electric transmission line

 

11. EASEMENT and rights incident thereto, as set
forth in instrument: Recorded in Book 1351 of Official Records

Page 314

Purpose electric lines

 

12. EASEMENT and rights incident thereto, as set
forth in instrument: Recorded in Book 1351 of Official Records

Page 319

Purpose electric lines

 

13. EASEMENT and rights incident thereto, as set forth
in instrument:

 

    	 

    	 

    

 

Recorded in Book 3833 of Official Records

Page 934

Purpose access and utilities

 

14.  MATTERS SHOWN ON SURVEY:

Recorded
in Book 164 of Land Surveys

Page 57

 

15.  Covenants, conditions, restrictions
and easements but omitting any covenants or restrictions, if any, including but not limited to those based upon race, color, religion,
sex, sexual orientation, familial status, marital status, disability, handicap, national origin, ancestry, source of income, gender,
gender identity, gender expression, medical condition or genetic information, as set forth in applicable state or federal laws,
except to the extent that said covenant or restriction is permitted by applicable law, as set forth in the document

Recorded in Book 4513 of Official Records

Page 848

Liens and charges as set forth in the above mentioned declaration,

Payable to: The Retreat Property Company, L.L.C., an Arizona
limited liability company

 

16.  EASEMENTS, RESTRICTIONS, RESERVATIONS,
CONDITIONS AND SET-BACK LINES as set forth on the plat recorded in Book 61 of Maps and Plats, page 27, but deleting any covenants,
condition or restriction indicating a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial
status, or national origin to the extent such covenants, conditions or restrictions violated 42 USC 3604(c).

 

17.  EASEMENT and rights incident
thereto, as set forth in instrument

Recorded in Book 4602 of Official Records

Page 218

Purpose electric lines, other utility lines and facilities

(Affects Lot 32)

 

18.  EASEMENT and rights incident thereto, as set forth
in instrument:

Recorded in Book 4602 of Official Records

Page 219

Purpose electric lines, other utility lines and facilities

(Affects Lot 31)

 

19.  EASEMENT and rights incident thereto, as set forth
in instrument:

Recorded in Book 4602 of Official Records

Page 220

Purpose electric lines, other utility lines and facilities

(Affects Lots 29 and 38)

 

20.  EASEMENT and rights incident thereto, as set forth
in instrument

Recorded in Book 4602 of Official Records

Page 221

 

    	 

    	 

    

 

Purpose electric lines, other utility lines and facilities

(Affects Lots 27 and 28)

 

21.  EASEMENT and rights incident thereto, as set forth
in instrument:

Recorded in Book 4602 of Official Records

Page 222

Purpose electric lines, other utility lines and facilities

(Affects Lot 20)

 

22.  EASEMENT and rights incident thereto, as set forth
in instrument:

Recorded in Book 4602 of Official Records

Page 224

Purpose electric lines, other utility lines and facilities

(Affects Lot 16 and Tract C)

 

23.  BASEMENT and rights incident thereto, as set forth
in instrument

Recorded in Book 4602 of Official Records

Page 225

Purpose electric lines, other utility lines and facilities

(Affects Lot 1)

 

24.  Reservations, exceptions and provisions contained
in the patent and in the acts authorizing the issuance thereof

 

25.  Water rights, claims or title to water, whether or
not disclosed by the public records.

 

26.  Any rights of the parties in possession of a portion
of, or all of, said Land, which rights are not disclosed by the public records.

 

27.  A deed of trust to secure an indebtedness in the amount
shown below,

Amount: $32,000,000.00

Dated: June 11, 2007

Trustor/Orantor HL, LLC

Trustee: Fidelity National Title Insurance Agency of Coconino,
Inc.

Beneficiary: IMH Secured Loan Fund, LLC

Recording Date: June 11, 2007

Book 4513 of Official Records

Page 768

An agreement to modify the terms and provisions of said deed
of trust as therein provided

Executed by: HL LLC and IMH Secured Loan Fund, LLC

Recorded April 30, 2008

Book 4592 of Official Records

Page 699

An assignment of the beneficial interest under said deed of
trust which names:

Assignee: IMH Special Asset NT 233, LLC, an Arizona limited
liability company

Recording Date: November 13, 2009

 

    	 

    	 

    

 

Recorded in Book: 4706 of Official Records

Page: 680

A partial assignment of the beneficial interest under said trust
deed

From: IMH Special Asset NT 233, LLC, an Arizona limited liability
company

Assignee: First Credit Bank, a California banking corporation

Recording Date: January 21, 2011

Recorded in Book: 4790 of Official Records

Page: 182

As to: Lots 1, 3 through 8, inclusive, 15, 16, and 20 through
38, inclusive

A collateral assignment of the beneficial interest, which names

Assignee: NWRA Ventures I, LLC, a Delaware limited liability
company

Recording Date: June 15, 2011

Recorded in Book: 4817 of Official Records

Page: 448

A partial assignment of the beneficial interest under said trust
deed

From: First Credit Bank, a California banking corporation

Assignee: IMH Special Asset NT 233, LLC, an Arizona limited
liability company

Recording Date: July 11, 2011

Recorded in Book: 4822 of Official Records

Page: 186

As to: Lots 1, 3 through 8, inclusive, 15, 16, and 20 through
38, inclusive

NOTE: Partial releases recorded January 12, 2010 in Book 4717
of Official Records, page 454

and February 12,

2010 in Book 4723 of Official Records, page 394.

 

28. A deed of trust to secure an indebtedness in the amount
shown below, Amount $20,000,000.00

Dated:____ , 2013

Trustor/Grantor HL NEWCO, LLC, a Delaware limited liability
company

Trustee: Lawyers Title of Arizona, Inc

Beneficiary: NWRA VENTURES I, LLC, a Delaware limited liability
company, its successors

and/or assigns, as their respective interests may appear

Recording Date: '___ , 2013

Recorded in Book:_____of Official Records

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(a)-ii

 

SPECIAL WARRANTY DEED CONVEYING L’AUBERGE
PROPERTY

TO L’AUBERGE NEWCO, LLC

 

When recorded return to:

 

Jonathan T. Brohard, Esq.

Polsinelli Shughart, PC

One E. Washington St., Ste. 1200

Phoenix, AZ 85004

 

SPECIAL WARRANTY DEED

 

(L’Auberge Property)

 

L’Auberge Orchards,
LLC, an Arizona limited liability company (“Grantor”), for the consideration of Ten Dollars, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby conveys to L’Auberge Newco,
LLC, a Delaware limited liability company (“Grantee”), its successors and assigns forever, that certain real
property situated in the State of Arizona, and more particularly described as:

 

See Exhibit A attached hereto

 

together with all rights, benefits, privileges,
easements, tenements, hereditaments and appurtenances thereto belonging, and the rents, issues and profits thereof and all water
rights and claims to water rights appurtenant and related thereto and wells thereon, including but not limited to those identified
by the Arizona Department of Water Resources as Nos. 36-60294.0001 and 36-69321.0001; SUBJECT TO current and future taxes and the
assessments, liens and encumbrances set forth on Exhibit B attached hereto.

 

And the GRANTOR binds
itself to warrant the title against all acts of the Grantor and none other, subject to the matters set forth above.

 

By accepting this deed,
Grantee specifically intends that a merger of title shall not occur and that that certain Construction Deed of Trust, Assignment
of Rents, Security Agreement and Fixture Filing from Grantor, as Trustor, to Transnation Title Insurance Company, as Trustee, for
the benefit of I MH Financial Corporation, f/k/a IMH Secured Loan Fund, LLC, as Beneficiary, dated May 7, 2008, recorded in the
Official Records of Coconino County, Arizona on May 9, 2008 in Instrument No. 3485966, as the same may have been modified from
time to time, shall continue as a lien on the property.

 

This Deed is exempt
from an Affidavit of Value pursuant to ARS § 11-1134B-1.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Grantor has signed this Special Warranty Deed as of the 14th day of May, 2013.

 

[SIGNATURE ON FOLLOWING PAGE]

 

    	2

    	 

    

 

	 	GRANTOR
	 	 
	 	L’AUBERGE ORCHARDS, LLC,
	 	an Arizona limited liability company
	 	 
	 	By:	 
	 	 	Albert B. Spector, Jr.
	 	Its:	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 	 
	Signature	 	 
	My Commission Expires:	 	(Space above for official notarial seal)

 

    	 	Special Warranty Deed (L’Auberge) - Signature

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

(L’Auberge Property)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF COCONINO,

STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL NO. 1:

 

A parcel of land situated in the West half of Section 8, Township
17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, being more particularly described
as follows:

 

COMMENCING at the West quarter corner of said Section 8, as
marked by a B.L.M brass capped pipe under drain cover in sidewalk and from which the Southwest corner of said Section 8, as marked
by a B.L.M brass capped pipe in cairn, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description),
a distance of 2621.04 feet;

 

THENCE from said West quarter corner, North 12 degrees 54 minutes
17 seconds East (North 12 degrees 27 minutes 33 seconds East, record), a distance of 76.90 feet (76.90 feet record), to a point
on the Southeasterly right of way line of Arizona State Highway 89-A;

 

THENCE Northeasterly along said Southeasterly right of way line
being a non-tangent curve, concave to the Southeast, having a radius of 2150.00 feet (2,150.00 feet, record), a chord bearing of
North 23 degrees 04 minutes 02 seconds East and a central angle of 05 degrees 24 minutes 36 seconds (05 degrees 24 minutes 18 seconds,
record), an arc distance of 203.00 feet (203.00 feet, record), to a concrete nail with brass tag stamped “LS14184”
set at the position of a previously set cotton picker spindle with tag stamped “LS14184”;

 

THENCE continuing Northeasterly along said Southeasterly right
of way line, being a curve, concave to the Southeast, having a radius of 2150.00 feet (2,150.00 feet record), a chord bearing of
North 26 degrees 36 minutes 58 seconds East, a central angle of 01 degrees 41 minutes 17 seconds (01 degrees 41 minutes 39 seconds,
record), an arc distance of 63.35 feet (63.57 feet, record), to a concrete nail with brass tag stamped “LS14184” set
at the position of a previously set chiseled “+” in concrete;

 

THENCE departing said Southeasterly right of way line of Arizona
State Highway 89-A, South 89 degrees 51 minutes 31 seconds East (North 89 degrees 42 minutes 07 seconds East, record), a distance
of 3.74 feet to a point on the Northeasterly line of that certain tract of land acquired by the City of Sedona in December 2005
and described in Document No. 2005-3361777 of the Coconino County Recorder’s office in Coconino county, Arizona;

 

THENCE along the North line of the
Orchards/L’Auberge parcel, South 89 degrees 51 minutes 31 seconds East (North 89 degrees 42 minutes 07 seconds East,
record), a distance of 212.10 feet to a 1⁄2” rebar with cap stamped “LS14184” (previously set);

 

THENCE
along the Northerly line of the Orchards/L’Auberge parcel, South 40 degrees 28 minutes 17 seconds East (South 41
degrees 45 minutes 00 seconds East, record), a distance of 62.25 feet to the POINT OF BEGINNING;

 

    	 

    	 

    

 

THENCE South 40 degrees 28 minutes 17 seconds East (South 41
degrees 45 minutes 00 seconds East, record), a distance of 47.00 feet to a 1⁄2” rebar with tag stamped “LS14184”
(previously set);

 

THENCE North 38 degrees 57 minutes 49 seconds East, (North 38
degrees 15 minutes 00 seconds East record), a distance of 150.75 feet (152.00 feet record) to a 1⁄2” rebar with tag
stamped “LS14184” (previously set).

 

THENCE South 50 degrees 57 minutes 03 seconds East, (South 51
degrees 45 minutes 00 seconds East record), a distance of 82.00 feet (82.00 feet record) to a 1⁄2” rebar with tag stamped
“LS14184” (previously set);

 

THENCE North 57 degrees 27 minutes 57 seconds East (North 56
degrees 40 minutes 00 seconds East record), a distance of 26.55 feet (26.5 feet record) to a 1⁄2” rebar with tag stamped
“LS14184” (previously set);

 

THENCE South 32 degrees 32 minutes 03 seconds East (South 33
degrees 20 minutes 00 seconds East record), a distance of 523.60 feet (542.50 feet record) to a point in Oak Creek that lies on
the Northwesterly boundary of the “Brewer Tract”, described in Docket 510, page 496, of the Coconino County Recorder’s
Office and from which a 1⁄2” rebar with tag stamped “LS14184” previously set as a witness corner lies, North
32 degrees 32 minutes 03 seconds West, a distance of 100.00 feet;

 

THENCE South 51 degrees 44 minutes 33 seconds West (no record)
a distance of 6.59 feet (no record) to the Westerly corner of said “Brewer Tract” being a portion in Oak Creek;

 

THENCE South 54 degrees 01 minutes 27 seconds East (no record),
a distance of 19.52 feet (no record) along the Southwesterly boundary of said “Brewer Tract” to a point in Oak Creek;

 

THENCE South 52 degrees 31 minutes 27 seconds West (South 51
degrees 43 minutes 30 seconds West, record), a distance of 11.99 feet (11.40 feet record) to a point in Oak Creek;

 

THENCE South 69 degrees 02 minutes 57 seconds West (South 68
degrees 15 minutes 00 seconds West record), a distance of 166.54 feet (166.54 feet) to a point in Oak Creek;

 

THENCE South 48 degrees 22 minutes 03 seconds East (South 49
degrees 10 minutes 00 seconds East, record), a distance of 60.39 feet (60.40 feet record), to a 1⁄2” rebar with tag
stamped “PE2924” (previously set);

 

THENCE South 63 degrees 20 minutes 02 seconds West, (South 62
degrees 02 minutes 45 seconds West, record), a distance of 835.28 feet (832.38 feet record) to a point in Oak Creek that is on
the West line of said Section 8 and lies South 01 degrees 42 minutes 03 seconds East, a distance of 624.60 feet from said West
quarter corner of Section 8;

 

THENCE North 01 degrees 42 minutes 03 seconds West (North 02
degrees 30 minutes 00 seconds West, record), a distance of 447.60 feet (447.60 feet record) along said West line of Section 8 to
a 1⁄2” rebar with tag stamped “LS14184” (previously set);

 

THENCE North 38 degrees 37 minutes 57 seconds East (North 37
degrees 50 minutes 00 seconds East, record), a distance of 207.55 feet to a 1⁄2” rebar with tag stamped “LS14184”
(previously set);

 

    	2

    	 

    

 

THENCE North 38 degrees 09 minutes 30 seconds East (North 37
degrees 50 minutes 00 seconds East, record), a distance of 109.23 feet to a 1⁄2” rebar with no identification (previously
found):

 

THENCE North 49 degrees 44 minutes 02 seconds East, a distance
of 94.50 feet;

 

THENCE North 37 degrees 42 minutes 35 seconds East, a distance
of 174.72 feet to the POINT OF BEGINNING.

 

EXCEPTING THEREFROM the following described property:

 

A parcel of land being a portion of “Parcel 1B”
as said “Parcel 1B” is shown and described on that certain ALTA/ACSM Land Title Survey map recorded as instrument number
3490268 in the Official Records of Coconino County, said parcel being situated in the West half of Section 8, Township 17 North,
Range 6 East of the Gila and Salt River Base and Meridian in Coconino County, Arizona, and being more particularly described as
follows:

 

COMMENCING
at the West quarter corner of said Section 8, as marked by a G.L.O. brass capped pipe under drain cover in sidewalk and from which
the Southwest corner of said Section 8, as marked by a B.L.M brass capped pipe in cairn, lies South 01 °
42’03” East (basis of bearings for this description), a distance of 2621.04 feet;

 

Thence
from said West quarter corner, along the West line of the Southwest quarter of said Section 8, South 01 °
42’03” East, a distance of 624.60 feet to the Southwest corner of said “Parcel 1B”;

 

Thence
along the Southerly boundary of said “Parcel 1B”, North 63 °
20’02” East a distance of 579.51 feet to the POINT OF BEGINNING;

 

Thence
continuing along said Southerly boundary of “Parcel 1B”, North 63 °
20’02” East a distance of 255.77 feet;

 

Thence
continuing along said Southerly boundary of “Parcel 1B”, North 48 °
22’03” West a distance of 60.39 feet;

 

Thence
continuing along said Southerly boundary of “Parcel 1B”, North 69 °
02’57” East a distance of 32.29 feet to the most Northerly corner of the Weckerly parcel as described in Docket 1525,
pages 007-009 of the Coconino County Recorder’s Office;

 

Thence
along a prolongation of the Northeasterly boundary of said Weckerly parcel, North 54 °
01’29” West a distance of 23.88 feet, more or less, to the centerline of Oak Creek as it may exist from time to time
in the future;

 

Thence
along said centerline of Oak Creek, as it may exist from time to time in the future, an approximate bearing of South 65 °
34’01” West a distance of 111.83 feet, more or less;

 

Thence
continuing along said centerline of Oak Creek, as it may exist from time to time in the future, an approximate bearing of South
69 ° 31’14”
West a distance of 163.52 feet, more or less, to the intersection of said centerline of Oak Creek with the Northwesterly prolongation
of the Southwesterly boundary of the Miller parcel as described in Docket 1478, pages 378 & 378A of the Coconino County Recorder’s
Office;

 

Thence in a reversed direction of said Northwesterly prolongation
of the Southwesterly

 

    	3

    	 

    

 

boundary
of the Miller parcel, South 38 °
15’58” East a distance of 98.08 feet, more or less, to the POINT OF BEGINNING.

 

PARCEL NO. 2:

 

An easement for ingress, egress and public utilities created
by instrument recorded December 22, 1982, in Docket 911, page 206, records of Coconino County, Arizona, more particularly described
as follows:

 

A strip of land 33.00 feet wide situated in the Southeast quarter
of Section 7, Township 17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, being more
particularly defined as lying 16.50 feet on each side of the following described centerline:

 

COMMENCING at the East quarter corner of said Section 7, as
marked by a GLO brass capped pipe under drain cover in sidewalk and from which the Southeast corner of said Section 7, as marked
by a B.L.M. brass capped pipe, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description), a distance
of 2621.04 feet;

 

THENCE South 01 degrees 42 minutes 03 seconds East (South 02
degrees 30 minutes 00 seconds East, recorded), a distance of 261.40 feet (261.4 feet record) along the East line of said Southeast
quarter of Section 7 to the POINT OF BEGINNING of this center line (side lines of strip of land begin on said East line);

 

THENCE South 28 degrees 37 minutes 57 seconds West (South 27
degrees 50 minutes 00 seconds West record), a distance of 500.20 feet (500.2 feet record);

 

THENCE South 37 degrees 53 minutes 57 seconds West (South 37
degrees 06 minutes 00 seconds West, record), a distance of 330.00 feet (330.00 feet record) to the terminus of center line:

 

EXCEPT therefrom all that portion thereof lying within the right
of way of Arizona Highway 89-A;

 

PARCEL NO. 3:

 

A perpetual, non-exclusive easement for ingress and egress as
set forth in that certain easement agreement recorded April 25, 2002 in instrument number 2002-3138455 and re-recorded July 18,
2005 in instrument number 2005-3332653 of Official Records, Coconino County, Arizona.

 

PARCEL NO. 4:

 

A parcel of land being a portion of the “Pacini Tract”
described in Parcel II in Docket 1711, page 863 and 864 of the Coconino County Recorders Office and situated in the West half of
Section 8, Township 17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, said parcel
being more particularly described as follows:

 

COMMENCING at the West quarter corner of said Section 8, as
marked by a B.L.M brass capped pipe under drain cover in sidewalk and from which the Southwest corner of said Section 8, as marked
by a B.L.M brass capped pipe in cairn, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description),
a distance of 2621.04

 

    	4

    	 

    

 

feet;

 

THENCE from said West quarter corner, North 21 degrees 27 minutes
04 seconds East, a distance of 342.00 feet (North 20 degrees 32 minutes East, a distance of 342 feet, record) to a 1⁄2”
rebar with tag stamped “LS14184” set at the position of a previously set chiseled “+” in concrete (previously
set) on the Southeasterly right of way line of Arizona Highway 89-A;

 

THENCE departing said Southeasterly right of way line of Arizona
Highway 89-A South 89 degrees 51 minutes 31 seconds East, a distance of 215.83 feet (North 89 degrees 10 minutes East, a distance
of 217.50 feet record), to a 1⁄2” rebar with plastic cap stamped “LS14184” (found);

 

THENCE South 40 degrees 28 minutes 17 seconds East, a distance
of 109.25 feet (South 41 degrees 45 minutes East, a distance of 110.77 feet record) to a 1⁄2” rebar with plastic cap
stamped “LS14184” (previously set);

 

THENCE North 38 degrees 57 minutes 49 seconds East, a distance
of 150.75 feet (North 38 degrees 15 minutes East, a distance of 152.0 feet record), to a 1⁄2” rebar with tag stamped
“LS14184” (previously set) at a corner of said “Pacini Tract”;

 

THENCE along the boundary of said “Pacini Tract”
South 50 degrees 57 minutes 03 seconds East, a distance of 82.00 feet (same as record) to a 1⁄2” rebar with tag stamped
“LS14184” (found) at a corner thereof;

 

THENCE continuing along the boundary of said “Pacini Tract”
North 57 degrees 27 minutes 57 seconds East, a distance of 26.55 feet (same as record) to a 1⁄2” rebar with tag stamped
“LS14184” (found) at a corner thereof;

 

THENCE continuing along the boundary of said “Pacini Tract”,
South 32 degrees 32 minutes 03 seconds East, a distance of 5.00 feet to the POINT OF BEGINNING;

 

THENCE North 57 degrees 27 minutes 57 seconds East, a distance
of 58.00 feet to a 1⁄2” rebar with tag stamped “LS14184”;

 

THENCE North 89 degrees 27 minutes 57 seconds East, a distance
of 35.39 feet to a 1⁄2” rebar with tag stamped “LS14184”;

 

THENCE South 00 degrees 32 minutes 03 seconds East, a distance
of 163.25 feet to a 1⁄2” rebar with tag stamped “LS14184”;

 

THENCE South 32 degrees 32 minutes 03 seconds East, a distance
of 215.13 feet to a 1⁄2” rebar with tag stamped “LS14184”;

 

THENCE South 31 degrees 56 minutes 49 seconds East, a distance
of 146.28 feet to a point on the Northwesterly boundary of the “Brewer Tract” as described in Docket 510, page 496
of the Coconino County Recorder’s Office and the Southwest corner of the said “Pacini Tract” and from which a
1⁄2” rebar with brass tag stamped “LS14184” (previously set as a witness corner) bears North 32 degrees
32 minutes 03 seconds West, a distance of 100.00 feet;

 

THENCE along the Westerly boundary of the said “Pacini
Tract”, North 32 degrees 32 minutes 03 seconds West, a distance of 518.60 feet to the POINT OF BEGINNING.

 

    	5

    	 

    

 

PARCEL NO. 5:

 

INTENTIONALLY DELETED.

 

    	6

    	 

    

 

EXHIBIT B

 

PERMITTED ENCUMBRANCES

 

    	Special Warranty Deed (L’Auberge/Schnebly) – Ex. B

    	 

    

 

EXHIBIT B

 

PERMITTED ENCUMBRANCES

 

PART I

 

		1.	Property taxes, which are a lien not yet due and payable, including any assessments collected
with taxes to be levied for the year 2013.

 

		2.	Reservations contained In the Patent

 

	 	From:	The United States of America
	 	Recording Date:	November 26, 1915
	 	Recording No:	Book 43 of Deeds, page 246 (portion in the Southwest quarter of Section 8); and
	 	Recording Date:	June 28, 1916
	 	Recording No:	Book 43 of Deeds, page 626 (portion in the Northwest quarter of Section 8)

 

Which among other things recites as follows:

 

Subject to any vested and accrued
water rights for mining, agricultural, manufacturing, or other purposes and rights to ditches and reservoirs used in connection
with such water rights, as may be recognized and acknowledged by the local customs, laws and decisions of the courts, and the reservation
from the lands hereby granted, a right of way thereon for ditches or canals constructed by the authority of the United States.

 

		3.	Water rights, claims or title to water, whether or not disclosed by the public records.

 

		4.	INTENTIONALLY DELETED

 

		5.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	 	Purpose:	gas pipelines
	 	Recording No:	Docket 262, page 637
	 	(Parcels 3 and 4)	 

 

		6.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth In a document:

 

	 	Purpose:	highway purposes and slope maintenance
	 	Recording No:	Docket 319, page 547
	 	(Parcel 2)	 

 

		7.	INTENTIONALLY DELETED

 

		8.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	 	Purpose:	communication lines and appurtenant facilities
	 	Recording No:	Docket 945, page 417
	 	(Parcel 1)	 

 

    	 

    	 

    

 

SCHEDULE B-Part I

(Continued)

 

		9.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	 	Purpose:	water lines and appurtenant facilities
	 	Recording No:	Docket 945, page 423
	 	(Parcel 1)	 

 

		10.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	 	Purpose:	gas pipelines and appurtenant facilities
	 	Recording No:	Docket 945, page 425
	 	(Parcel 1)	 

 

		11.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth In a document:

 

	 	Purpose:	water lines and appurtenant facilities
	 	Recording No:	Docket 945, page 628
	 	(Parcel 2)	 

 

		12.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	 	Purpose:	ingress and egress and public utilities
	 	Recording No:	Docket 954, page 152
	 	(Parcel 1)	 

 

		13.	Easement(s) for the purpose(s) shown below and rights Incidental thereto as set forth in a document:

 

	 	Purpose:	drainage for State Highway 89A
	 	Recording No:	Docket 1002, page 347
	 	(Parcel 1)	 

 

		14.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	 	Purpose:	pipelines and appurtenant facilities
	 	Recording No:	Docket 1050, page 348
	 	(Parcel 1)	 

 

		15.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	 	Purpose:	pipelines and appurtenant facilities
	 	Recording No:	Docket 1050, page 700
	 	(Parcel 1)	 

 

		16.	INTENTIONALLY DELETED

 

		17.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth In a document:

 

	 	Purpose:	communication lines and appurtenant facilities
	 	Recording No:	Docket 1050, page 708
	 	(Parcel 1)	 

 

		18.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	 	Purpose:	ditch
	 	Recording No:	Docket 1548, page 247;and
	 	Recording No:	Docket 1573, page 730
	 	(Parcel 1)	 

 

    	 

    	 

    

 

SCHEDULE B—Part
I

(Continued)

 

		19.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth In a document:

 

	 	Purpose:	communication lines and appurtenant facilities
	 	Recording No:	Docket 1783, page 608
	 	(Parcel 1)	 

 

		20.	TERMS, COVENANTS AND PROVISIONS of an "Easement" recorded November 8, 2000, in Recording No. 3070720.
	 	 	(Parcel 2)

 

		21.	TERMS, COVENANTS AND PROVISIONS of an "Easement Agreement" recorded April 25, 2002 in Recording No. 3138455 and re-recorded
July 18, 2005 in Recording No. 3332653.
	 	 	(Parcel 3)

 

		22.	INTENTIONALLY DELETED

 

		23.	INTENTIONALLY DELETED

 

		24.	INTENTIONALLY DELETED

 

		25.	Waiver of Rights and Remedies under A.R.S. 12-1134, recorded in Recording No. 3508822.

 

		26.	Waiver of Rights and Remedies under A.R.S. 12-1134, recorded In Recording No. 3508823.

 

		27.	Waiver of Rights and Remedies under A.R.S. 12-1134, recorded in Recording No. 3508824.

 

		28.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	 	Purpose:	water lines
	 	Recording No:	3518961
	 	(Parcel 1 and 4)	 

 

		29.	Easement(s) for the purpose(s) shown below and rights Incidental thereto as set forth in a document:

 

	 	Purpose:	utilities
	 	Recording No:	3519923
	 	(Parcel 1)	 

 

		30.	Matters contained in that certain document

   

	 	Entitled:	Second Amended Development Agreement
	 	Executed by:	City of Sedona, an Arizona municipal corporation and L'Auberge Orchards, LLC, an Arizona limited liability company
	 	Recording Date:	March 15, 2010
	 	Recording No.:	3555969 and 3555971

 

		31.	Easement(s) for the purpose(s) shown below and rights Incidental thereto as set forth In a document:

 

	 	Purpose:	Use and License Agreement
	 	Recording Date:	January 27, 2010
	 	Recording No:	3551953

 

    	 

    	 

    

 

SCHEDULE B—Part I

(Continued)

 

		32.	Covenants, conditions and restrictions but omitting any covenants or restrictions, if any, including but not limited to those
based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national origin,
ancestry, or source of Income, as set forth in applicable state or federal laws, except to the extent that said covenant or restriction
is permitted by applicable law, as set forth in the document

 

	 	Recording No:	3555970
	 	Recording No:	3555972

 

		33.	Agreement with the City of Sedona for Waiver of Rights and Remedies under A.R.S. 12-1134:

 

	 	Executed by:	L'Auberge Orchards LLC
	 	Recording Date:	May 23, 2011
	 	Recording No.:	3596028

Said Agreement discloses a right of way for the Owenby
Ditch

(Affects Tax Parcel 401-12-001C)

 

		34.	Covenants, conditions, restrictions and easements but omitting any covenants or restrictions, if any, including but not limited
to those based upon race, color, religion, sex, sexual orientation, familial status, marital status, disability, handicap, national
origin, ancestry, source of income, gender, gender identity, gender expression, medical condition or genetic information, as set
forth in applicable state or federal laws, except to the extent that said covenant or restriction Is permitted by applicable law,
as set forth in the document

 

	 	Recording No:	3596029

(Affects the Owenby Ditch contained within Tax Parcel
No. 401-12-001C)

 

		35.	INTENTIONALLY DELETED

 

		36.	AMBIGUITY of the description used herein resulting from the indefinite location of the Centerline of Oak Creek.

(Affects Parcel 1)

 

		37.	Any rights of the parties in possession of a portion of, or all of, said Land, which rights are not disclosed by the public
records.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(a)-iii

 

SPECIAL WARRANTY DEED CONVEYING ORCHARDS
INN PROPERTY TO 

ORCHARDS NEWCO, LLC

 

When recorded return to:

 

Jonathan T. Brohard, Esq.

Polsinelli Shughart, PC

One East Washington, Suite 1200

Phoenix, AZ 85004

 

SPECIAL WARRANTY DEED

 

(Orchards Inn Property)

 

L’Auberge Orchards,
LLC, an Arizona limited liability company (“Grantor”), for the consideration of Ten Dollars, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby conveys to Orchards Newco, LLC,
a Delaware limited liability company (“Grantee”), its successors and assigns forever, that certain real property
situated in the State of Arizona, and more particularly described as:

 

See Exhibit A attached hereto

 

together with all rights, benefits, privileges,
easements, tenements, hereditaments and appurtenances thereto belonging, and the rents, issues and profits thereof and all water
rights and claims to water rights appurtenant and related thereto and wells thereon, including but not limited to that identified
by the Arizona Department of Water Resources as No. 36-42343.0001; SUBJECT TO current and future taxes and the assessments, liens
and encumbrances set forth on Exhibit B attached hereto.

 

And the GRANTOR binds
itself to warrant the title against all acts of the Grantor and none other, subject to the matters set forth above.

 

This Deed is exempt
from an Affidavit of Value pursuant to ARS § 11-1134B-1.

 

IN WITNESS WHEREOF,
the Grantor has signed this Special Warranty Deed as of the ____ day of ___________, 2013.

 

[SIGNATURE ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	 	GRANTOR
	 	 
	 	L’AUBERGE ORCHARDS, LLC,
	 	an Arizona limited liability company

 

	 	By:	 
	 	 	Albert B. Spector, Jr.
	 	Its:	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF _________________________	)	 

 

On ____________________, before
me, ____________________________________, a Notary Public in and for the State of Arizona, personally appeared ______________________,
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the
within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature
on the instrument the person, or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	 Signature	 
	My Commission Expires:	(Space above for official notarial seal)

  

    	Special Warranty Deed (Orchards Inn) – Signature

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

(Orchards Inn Property)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF COCONINO,

STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

[update when surveyor and title company agree on legal description]

 

    	Special Warranty Deed (Orchards Inn) – Ex. A

    	 

    

 

EXHIBIT B

 

PERMITTED ENCUMBRANCES

 

    	Special Warranty Deed (Orchards Inn) – Ex. B

    	 

    

 

PERMITTED EXCEPTIONS

 

This policy does not insure against loss or damage,
and the Company will not pay cost, attorneys’ fees, or expenses that arise by reason of:

 

		1.	Property taxes, which are a lien not yet due and payable, including any assessments collected with taxes to be levied for the
year 2013.

 

		2.	Reservations contained in the Patent

 

	 	From:	The United States of America
	 	Recording Date:	June 28, 1916
	 	Recording No:	Book 43 of Deeds, page 626

 

Which among other things recites as follows:

 

Subject to any vested and accrued water rights for
mining, agricultural, manufacturing, or other purposes and rights to ditches and reservoirs used in connection with such water
rights, as may be recognized and acknowledged by the local customs, laws and decisions of the courts, and the reservation from
the lands hereby granted, a right ofway thereon for ditches or canals constructed by the authority of the United States.

 

		3.	Water rights, claims or title to water, whether or not disclosed by the public records.

 

		4.	INTENTIONALLY DELETED

 

		5.	INTENTIONALLY DELETED

 

		6.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document

 

	 	Purpose:	parking and roof water drainage
	 	Recording No:	Docket 309, page 167

 

		7.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	 	Purpose:	water lines and appurtenant facilities
	 	Recording No:	Docket 1776, page 715

 

		8.	INTENTIONALLY DELETED

 

		9.	COVENANTS AND CONDITIONS in Special Warranty Deed (in Lieu of Condemnation) recorded December 27, 2005, in Recording No. 3361777.

 

		10.	Matters shown on record of survey:

 

	 	Recording No.:	3490268

 

		11.	Waiver of Rights and Remedies under A.R.S. 12-1134, recorded in Recording No. 3508822.

 

		12.	Waiver of Rights and Remedies under A.R.S. 12-1134, recorded in Recording No. 3508823.

 

		13.	Waiver of Rights and Remedies under A.R.S. 12-1134, recorded in Recording No. 3508824.

 

    	 

    	 

    

 

		14.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	 	Purpose:	designated parking spaces
	 	Recording No:	3519364; and
	 	Re-recorded	3521268

 

		15.	Easement(s) for the purpose(s) shown below and rights incidental thereto as set forth in a document:

 

	 	Purpose:	utility
	 	Recording No:	3609645

 

		16.	Any rights of the parties In possession of a portion of, or all of, said Land, which rights are not disclosed by the public
records.

 

		17.	INTENTIONALLY DELETED

 

		18.	A deed of trust to secure an indebtedness in the amount shown below,

 

	 	Amount:	$43,435,000.00
	 	Dated:	May 7, 2008
	 	Trustor/Grantor:	L'Auberge Orchard, LLC., an Arizona limited liability company
	 	Trustee:	Trantmation Title Insurance Company
	 	Beneficiary:	IMH Secured Loan Fund, LLC
	 	Recording Date:	May 9, 2008
	 	Recording No:	3485966

 

And Amended and Restated Deed of Trust as shown below,

 

	 	Trustor/Grantor:	L'Auberge Orchard, LLC., an Arizona limited liability company
	 	Trustee:	 
	 	Beneficiary:	NWRA VENTURES 1, LLC, a Delaware limited liability company 2013
	 	Recording Date:	 
	 	Recording No:	            

 

An agreement recorded September 25, 2009 at Recording
No. 3539611 which states that this instrument was subordinated to the document or interest described in the instrument

 

	 	Recording Date:	September 25, 2009
	 	Recording No:	3539609

 

An assignment of the beneficial interest under said
deed of trust which names:

 

	 	Assignee:	IMH Special Asset NT 232, LLC, an Arizona limited liability company
	 	Recording Date:	November 13, 2009
	 	Recording No:	3544893

 

An agreement recorded September 30, 2010 at Recording
No. 3575445 which states that this instrument was subordinated to the document or interest described in the instrument

 

	 	Recording Date:	September 25, 2009
	 	Recording No:	3539609

 

    	 

    	 

    

 

An agreement recorded March 9, 2011 at Recording
No. 3589822 which states that this instrument was subordinated to the document or interest described in the instrument

 

	 	Recording Date:	September 25, 2009
	 	Recording No:	3539609

 

A collateral assignment of the beneficial interest,
which names

 

	 	Assignee:	NWRA Ventures 1, LLC, a Delaware limited liability company
	 	Recording Date:	Juno 15, 2011
	 	Recording No:	3597846

 

An agreement recorded March 29, 2013 at Recording
No. 3658075 which states that this instrument was subordinated to the document or interest described in the instrument

 

	 	Recording Date:	September 25, 2009
	 	Recording No:	3539609

 

An absolute assignment of the beneficial interest
under said deed of trust which names:

 

	 	Assignee:	NWRA Ventures I, LLC, a Delaware limited liability company
	 	Recording Date:	          , 2013
	 	Recording No:	          

 

		19.	A financing statement as follows:

 

	 	Debtor:	L'Auberge Orchard, LLC., an Arizona limited liability company
	 	Secured	IMH Secured Loan Fund, LLC., a
	 	Party	Delaware limited liability company May 16, 2008
	 	Recording Date:	May 16, 2008
	 	Recording No:	3486766; and

 

A change to the above financing statement was filed

 

	 	Nature of Change:	Assignment
	 	Recording Date:	March 24, 2010
	 	Recording No:	3556918

 

An agreement recorded September 25, 2009 at Recording
No. 3539611 which states that this instrument was subordinated to the document or interest described in the instrument

 

	 	Recording Date:	September 25, 2009
	 	Recording No:	3539609

 

		20.	A deed of trust to secure an indebtedness in the amount shown below,

 

	 	Amount:	$14,000,000.00
	 	Dated:	September 18, 2009
	 	Trustor/Grantor:	L'Auberge Orchard, LLC„ an Arizona limited liability company
	 	Trustee:	Lawyers Title Insurance Corporation, a Nebraska corporation
	 	Beneficiary:	First Credit Bank
	 	Recording Date:	September 25, 2009
	 	Recording No:	3539609

 

    	 

    	 

    

 

An agreement to modify the terms and provisions of
said deed of trust as therein provided

 

	 	Executed by:	L'Auberge Orchard, LLC., an Arizona limited liability company and First Credit Bank
	 	Recording Date:	September 30, 2010
	 	Recording No:	3575444

 

An agreement to modify the terms and provisions of
said deed of trust as therein provided

 

	 	Executed by:	L'Auberge Orchard, LLC., an Arizona limited liability company and First Credit Bank
	 	Recording Date:	March 9, 2011
	 	Recording No:	3589821

 

An agreement to modify the terms and provisions of
said deed of trust as therein provided

 

	 	Executed by:	L'Auberge Orchards, LLC, an Arizona limited liability company and First Credit Bank
	 	Recording Date:	March 29, 2013
	 	Recording No:	3658074

 

		21.	A deed of trust to secure an Indebtedness in the amount shown below,

 

	 	Amount:	$17,000,000,00
	 	Dated:	        ,
    2013
	 	Recorded:	        ,
    2013
	 	Recording No.:	                
	 	Truster:	ORCHARDS NEWCO, LLC, a Delaware limited liability company
	 	Trustee:	Lawyers Title of Arizona, Inc
	 	Beneficiary:	NWRA VENTURES I, LLC, a Delaware limited liability company, its successors
	 	 	and/or assigns, as their respective interests may appear

 

B

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 8(b)-i

 

BILL OF SALE AND GENERAL ASSIGNMENT
AND ASSUMPTION

 

(LaMerra Property)

 

This BILL OF SALE AND
GENERAL ASSIGNMENT AND ASSUMPTION (this “Bill of Sale”) is dated as of _____________, 2013, by and between HL
LLC, an Arizona limited liability company (“Assignor”) and HL NEWCO, LLC, a Delaware limited liability company
(“Assignee”).

 

This Bill of Sale is
being executed and delivered in conjunction with a Special Warranty Deed of even date herewith from Assignor to Assignee.

 

For good and valuable
consideration, the adequacy and receipt of which are hereby acknowledged, Assignor and Assignee do hereby agree as follows:

 

1.           Sale
and Assignment of Personal Property.

 

Assignor hereby sells,
transfers, assigns, delivers, sets over and conveys to Assignee all of Assignor’s right, title and interest in and to all
personal property owned or leased by Assignor now existing or at any time hereafter placed in or attached to with respect to, or
used in connection with the ownership, operation, leasing, maintenance or repair of that certain real property in Yavapai County,
Arizona, and legally described on Exhibit A attached hereto (the “Real Property”).

 

2.           General
Assignment and Assumption.

 

Assignor hereby sells,
transfers, assigns, delivers, sets over and conveys to Assignee all right, title and interest of Assignor in and to the following:

 

a.           to
the extent they may be transferred under applicable law, all licenses, permits and authorizations presently issued in connection
with the operation of all or any part of the Real Property as it is presently being operated, including but not limited to all
such permits and licenses;

 

b.           all
warranties and guarantees (if any) issued to Assignor by any manufacturer or contractor in connection with the construction or
installation of equipment included as part of the Real Property;

 

c.           all
claims against contractors and suppliers with respect to work done on or with respect to the Real Property or materials incorporated
into the Real Property;

 

d.           all
contracts in effect as of the date hereof with respect to the Real Property;

 

    	 

    	 

    

 

e.           all
brands, trade names, trademarks, web sites, telephone numbers and listings, deposits and other general intangibles of or relating
to the Real Property, including, without limitation, “LaMerra,” and “LaMerra Sedona”;

 

f.            all
permits, licenses, and approvals applicable to the Real Property or any business conducted thereon or therefrom;

 

g.           all
engineering documents, architectural documents and other plats, plans, specifications, drawings and surveys applicable to the Real
Property;

 

h.           all
refunds of insurance premiums associated with or related to the Real Property;

 

i.            all
returns or refunds of deposits, charges, payments or taxes associated with the Real Property or business conducted thereon by Assignor,
its subsidiaries, affiliates or agents;

 

j.            all
water rights associated with or related to the Real Property;

 

k.          all
accounts, cash and cash equivalents; and

 

l.            all
other rights, privileges and appurtenances associated with the Real Property.

 

All of the foregoing items in this Section
2 are collectively referred to as the “Property Interests”).

 

3.           Acceptance
and Assumption.

 

Assignee hereby accepts
the assignment of the Property Interests and assumes the liability and obligations specifically described on Exhibit B attached
hereto (the “Scheduled Assumed Liabilities”).

 

4.           Successors
and Assigns.

 

This Bill of Sale and
General Assignment and Assumption shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns.

 

5.           Governing
Law.

 

This Bill of Sale and
General Assignment and Assumption shall be governed by and construed in accordance with the laws of the State of Arizona.

 

IN WITNESS WHEREOF,
this Bill of Sale and General Assignment and Assumption has been executed this _____ day of ______, 2013.

 

[SIGNATURES ON FOLLOWING PAGES]

 

    	2

    	 

    

 

	ASSIGNOR:	 
	 	 
	HL LLC, an Arizona limited liability company	 
	 	 
	By:	 	 
	Name:	Albert B. Spector, Jr.	 
	Its:	 	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF ________________________	)	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

 

    	Bill of Sale (LaMerra) – Signature 1

    	 

    

 

	ASSIGNEE:	 
	 	 
	HL NEWCO, LLC,
a Delaware limited liability	 
	 company	 
	 	 	 
	By:	IMH Financial Corporation, a Delaware Corporation, Sole Member	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Its:	 	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

 

    	Bill of Sale (LaMerra) – Signature 2

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

(LaMerra)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF YAVAPAI, STATE OF

ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL NO. 1:

 

THE NORTH HALF OF THE NORTHEAST QUARTER OF SECTION 34, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

EXCEPT BEGINNING AT A POINT IN THE SOUTHERLY LINE OF SAID LAND,
WHICH POINT IS DISTANT 650 FEET EASTERLY ALONG SAID SOUTHERLY LINE FROM THE SOUTHWEST CORNER OF SAID LAND;

 

THENCE WESTERLY ALONG SAID SOUTHERLY LINE TO THE SOUTHWEST CORNER
OF SAID LAND;

 

THENCE NORTHERLY ALONG THE WESTERLY LINE OF SAID LAND, A DISTANCE
OF 670 FEET;

 

THENCE SOUTHEASTERLY IN A DIRECT LINE TO THE POINT OF BEGINNING.

 

PARCEL NO. 2:

 

THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER (BEING LOT 13)
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA.

 

PARCEL NO.3:

 

ALL THAT PORTION OF THE SOUTHEAST QUARTER OF SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, DESCRIBED AS FOLLOWS:

 

BEGINNING AT THE SOUTH QUARTER CORNER OF SAID SECTION 27, MARKED
BY A G.L.O. BRASS CAP;

 

THENCE NORTH 2 DEGREES 37 MINUTES 30 SECONDS WEST, 115.90 FEET
TO AN EXISTING FENCE;

 

THENCE NORTH 89 DEGREES 24 MINUTES 50 SECONDS EAST, ALONG SAID
FENCE, 204.31 FEET;

 

THENCE SOUTH 2 DEGREES 37 MINUTES 30 SECONDS EAST TO A POINT
ON THE SOUTH LINE OF SAID SECTION 27;

 

THENCE SOUTH 89 DEGREES 00 MINUTES WEST, ALONG
SAID SECTION LINE TO THE

 

    	 	4	Bill of Sale (LaMerra) – Ex. A

    	 

    

 

ACTUAL POINT OF BEGINNING.

 

PARCEL NO.4:

 

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, LYING EASTERLY
OF A LINE LOCATED 100 FEET WEST OF AND PARALLEL TO SAID EAST LINE OF THE SOUTHWEST QUARTER, AND SOUTH OF A LINE HAVING A COURSE
OF NORTH 85 DEGREES 13 MINUTES EAST THROUGH A POINT THAT LIES NORTH 2 DEGREES 37 MINUTES 30 SECONDS WEST, 118.5 FEET FROM THE SOUTH
QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP.

 

PARCEL NO. 5:

 

ALL THAT PORTION OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, LYING SOUTHERLY
OF AND CONTIGUOUS TO THE FOLLOWING DESCRIBED BOUNDARY LINE:

 

FROM THE NORTHEAST CORNER OF THE QUIT CLAIM PARCEL OF LAND DESCRIBED
AS BOOK 938 OF OFFICIAL RECORDS, PAGE 57, YAVAPAI COUNTY RECORDERS OFFICE, THE TRUE POINT OF BEGINNING, SAID CORNER LYING ON THE
EAST-WEST BARBED WIRE FENCE AS SHOWN ON THE RECORD OF SURVEY RECORDED AS BOOK 17 OF LAND SURVEYS AT PAGE 17, AND ALSO ON THE SOUTHERLY
LINE OF THE MONTERASTELLI (SIC) BOUNDARY AS SHOWN ON RESULTS OF SURVEY BY PATRICK NEVILLE, RECORDED AS BOOK 16, AT PAGE 100, DATED
JULY 14, 1992;

 

THENCE SOUTH 89 DEGREES 53 MINUTES 02 SECONDS EAST, ALONG THE
FENCE AND ITS EASTERLY EXTENSION AND ALONG THE SOUTHERLY LINE OF THE MONTERASTELLI BOUNDARY, 791.99 FEET;

 

THENCE SOUTH 41 DEGREES 19 MINUTES 24 SECONDS EAST, 39.09 FEET
TO THE SOUTH LINE OF SECTION 27, PER THE ARIZONA ENGINEERING COMPANY RECORD OF SURVEY RECORDED AS BOOK 10 OF RECORDS OF SURVEY,
AT PAGE 99;

 

THENCE SOUTH 88 DEGREES 14 MINUTES 32 SECONDS EAST, ALONG THE
SOUTH LINE OF SECTION 27, 75.15 FEET;

 

THENCE SOUTH 73 DEGREES 27 MINUTES 42 SECONDS EAST, 55.92 FEET;

 

THENCE NORTH 22 DEGREES 46 MINUTES 34 SECONDS EAST, 11.20 FEET;

 

THENCE NORTH 87 DEGREES 02 MINUTES 45 SECONDS EAST, 21.97 FEET;

 

THENCE SOUTH 81 DEGREES 16 MINUTES 09 SECONDS EAST, 29.96 FEET;

 

THENCE SOUTH 65 DEGREES 43 MINUTES 54 SECONDS EAST, 22.05 FEET
TO THE EAST LINE OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF SECTION 34, WHICH IS THE POINT OF TERMINUS OF THE BOUNDARY
LINE;

 

THE BASIS OF BEARINGS FOR THIS DESCRIPTION
IS SOUTH 88 DEGREES 14 MINUTES 32 SECONDS EAST, FROM THE SOUTH QUARTER CORNER OF SECTION 27 TO THE SOUTHEAST CORNER OF SECTION
27, ACCORDING TO THE ARIZONA ENGINEERING

 

    	 	2	Bill of Sale (LaMerra) – Ex. A

    	 

    

 

COMPANY RESULTS OF SURVEY RECORDED AS BOOK 10 OF RECORDS OF
SURVEYS, AT PAGE 99, YAVAPAI COUNTY RECORDERS OFFICE.

 

PARCEL NO. 6:

 

EASEMENT FOR ROADWAY FOR INGRESS AND EGRESS FOR THE PURPOSE
OF TRAVEL AND MAINTENANCE AS CREATED IN BOOK 3833, OF OFFICIAL RECORDS, PAGE 934,

BEING 50 FEET WIDE, LYING 30 FEET ON THE WESTERLY AND SOUTHERLY
SIDES AND 20 FEET ON THE EASTERLY AND NORTHERLY SIDES OF THE FOLLOWING DESCRIBED PROPERTY:

 

THE CENTERLINE OF AN EXISTING DIRT ROAD IN SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, MORE PARTICULARLY DESCRIBED BY METES
AND BOUNDS AS FOLLOWS:

 

FROM THE SOUTHWEST CORNER OF SECTION 27;

 

THENCE NORTH 86 DEGREES 13 MINUTES 45 SECONDS EAST, A DISTANCE
OF 2448.25 FEET TO A CONCRETE MONUMENT MARKED 1/4 ON THE WEST FACE, WITH AN ALUMINUM CAP MARKED LS 13010, ACCEPTED BY JOHN A. LUCKOW,
ARIZONA REGISTERED LAND SURVEYOR, AS THE TRUE LOCATION OF THE SOUTH QUARTER CORNER OF RECORD OF SURVEY DATED FEBRUARY 24, 1990,
RECORDED IN BOOK 10 OF LAND SURVEYORS, PAGE 99, YAVAPAI COUNTY RECORDERS OFFICE, WHICH IS IDENTICAL TO THE SOUTHEAST CORNER OF
THE PROPERTY AS CONVEYED TO HARRIET KOHLER (ALSO KNOWN AS HARRIET K. SEAMAN) BY INSTRUMENTS RECORDED IN THE OFFICE OF THE RECORDER
OF YAVAPAI COUNTY, ARIZONA, IN BOOK 179 OF DEEDS, PAGE 586 AND IN BOOK 357 OF OFFICIAL RECORDS, PAGE 233 AND WHICH IS ALSO IDENTICAL
TO THE NORTHEAST CORNER OF PARCEL 4 ABOVE, ACCEPTED AND UTILIZED AS THE QUARTER CORNER BETWEEN SECTIONS 27 AND 34, PRIOR TO THE
1956 GLO DEPENDENT RESURVEY OF SECTION 27 BY WHICH THE QUARTER CORNER BETWEEN SECTIONS 27 AND 35 HAS BEEN MARKED BY A STANDARD
GLO BRASS CAPPED PIPE, WHICH IS THE SAME GLO BRASS CAP ESTABLISHING THE SOUTHEAST CORNER OF THE PROPERTY DESCRIBED IN PARCEL 4
ABOVE;

 

THENCE SOUTH 85 DEGREES 13 MINUTES 00 SECONDS WEST, 15.05 FEET,
TO THE TRUE

 

POINT OF BEGINNING OF THIS DESCRIPTION:

 

THENCE NORTH 07 DEGREES 16 MINUTES 03 SECONDS
EAST, 55.48 FEET; THENCE NORTH 00 DEGREES 25 MINUTES 35 SECONDS EAST, 201.21 FEET TO THE EAST LINE OF THE KOHLER PARCEL AS DESCRIBED
IN WARRANTY DEED RECORDED IN BOOK 179 OF DEEDS, PAGE 586, YAVAPAI COUNTY RECORDERS OFFICE, STATE OF ARIZONA; THENCE NORTH 00 DEGREES
25 MINUTES 35 SECONDS EAST, 283.79 FEET TO THE P.C. OF A CURVE, HAVING A RADIUS OF 215.00 FEET AND A CENTRAL ANGLE OF 18 DEGREES
55 MINUTES 40 SECONDS;

 

THENCE NORTHERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 71.03 FEET, TO THE EAST LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAVING A RADIUS OF 215.00 FEET AND A CENTRAL
ANGLE OF 18 DEGREES 53 MINUTES 55 SECONDS;

 

THENCE NORTHERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 70.92 FEET TO THE PT.;

 

    	 	3	Bill of Sale (LaMerra) – Ex. A

    	 

    

 

THENCE NORTH 37 DEGREES 24 MINUTES 00 SECONDS WEST, 164.52 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 130.00 FEET AND A CENTRAL ANGLE OF 07 DEGREES 11 MINUTES 55 SECONDS;

 

THENCE NORTHWESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 16.33 FEET TO THE NORTH LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAVING A RADIUS OF 130.00 FEET AND A CENTRAL
ANGLE OF 32 DEGREES 59 MINUTES 56 SECONDS;

 

THENCE NORTHWESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 74.87 FEET TO THE P.T.;

 

THENCE NORTH 77 DEGREES 35 MINUTES 51 SECONDS WEST, 92.01 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 250.00 FEET AND A CENTRAL ANGLE OF 10 DEGREES 44 MINUTES 58 SECONDS;

 

THENCE WESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE OF
46.90 FEET TO THE NORTH LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAV1NG A RADIUS OF 250.00 FEET AND A CENTRAL ANGLE
OF 10 DEGREES 51 MINUTES 24 SECONDS;

 

THENCE WESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE OF
47.37 FEET TO THE P.T.;

 

THENCE SOUTH 80 DEGREES 47 MINUTES 47 SECONDS WEST, 160.95 FEET;

 

THENCE SOUTH 84 DEGREES 31 MINUTES 30 SECONDS WEST, 60.56 FEET
TO THE TERMINUS OF THIS DESCRIPTION AT THE WEST LINE OF THE KOHLER PARCEL, THE NORTHWEST CORNER OF WHICH BEARS NORTH 01 DEGREES
01 MINUTES 44 SECONDS WEST, A DISTANCE OF 116.37 FEET.

 

PARCEL NO. 7:

 

EASEMENT FOR IRRIGATION DITCH PURPOSES AS CREATED IN BOOK 2250,
OF OFFICIAL RECORDS, PAGE 382, OVER AND ACROSS THE REAL PROPERTY DESCRIBED BELOW. THE CENTERLINE OF THE EASEMENT IS THE CENTERLINE
OF THE EXISTING DITCH AND THE EASEMENT IS OF THE WIDTH REASONABLY NECESSARY FOR THE MAINTENANCE AND OPERATION OF THE DITCH.

 

REAL PROPERTY WHICH EASEMENT CROSSES IS DESCRIBED AS FOLLOWS:

 

THE FOLLOWING DESCRIBED PORTION OF THE EAST HALF OF THE SOUTHEAST
QUARTER OF THE SOUTHWEST QUARTER OF SECTION 27, TOWNSHIP 17 NORTH OF RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN,
YAVAPAI COUNTY, ARIZONA, TO WIT:

 

BEGINNING AT THE QUARTER CORNER BETWEEN SECTIONS 27 AND 34,
ABOVE TOWNSHIP AND RANGE, SAID CORNER BEING MARKED BY A STONE MONUMENT, WHICH WAS ACCEPTED BY JIM LAMPORT, SURVEYOR IN 1928, AND
BY OLD SETTLERS FOR MANY YEARS;

 

THENCE FROM SAID POINT NORTH ON THE QUARTER SECTION LINE THROUGH
THE CENTER OF SAID SECTION 27, (THIS LINE BEING ASSUMED NORTH FOR THE PURPOSE OF THIS DESCRIPTION) 774.0 FEET TO A STONE MONUMENT;

 

    	 	4	Bill of Sale (LaMerra) – Ex. A

    	 

    

 

THENCE NORTH 73 DEGREES 34 MINUTES WEST, 659.6 FEET TO A STONE
MONUMENT;

 

THENCE SOUTH 03 DEGREES 45 MINUTES WEST, 1021.3 FEET TO A STONE
MONUMENT ON THE SOUTH LINE OF Said) SECTION 27;

 

THENCE NORTH 85 DEGREES 13 MINUTES EAST, 701.9 FEET ALONG SAID
SECTION LINE TO THE POINT OF BEGINNING.

 

PARCEL NO. 8:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND UTILITY PURPOSES OVER,
ACROSS AND UNDER THE FOLLOWING DESCRIBED PARCEL:

 

A PORTION OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

BEGINNING AT A POINT ON THE WEST LINE OF THE SOUTHWEST QUARTER
OF THE SOUTHEAST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 600 FEET FROM THE SOUTH
QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST ALONG THE
WEST LINE OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 27, A DISTANCE OF 180.05 FEET; THENCE SOUTH 35 DEGREES 58
MINUTES 39 SECONDS EAST, A DISTANCE OF 44.71 FEET;

 

THENCE SOUTH 0 DEGREES 48 MINUTES 45 SECONDS WEST, A DISTANCE
OF 143.31 FEET;

 

THENCE SOUTH 88 DEGREES 30 MINUTES 06 SECONDS WEST, A DISTANCE
OF 19.54 FEET TO THE PLACE OF BEGINNING.

 

PARCEL NO. 9:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND UTILITY PURPOSES AS
CREATED IN BOOK 938 OF OFFICIAL RECORDS, PAGE 65, OVER, ACROSS AND UNDER THE FOLLOWING DESCRIBED PARCELS:

 

PARCEL A:

 

THE FOLLOWING DESCRIBED PORTION OF THE SOUTHWEST QUARTER OF
THE SOUTHEAST QUARTER OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY,
ARIZONA;

 

BEGINNING AT A POINT ON THE WEST LINE OF THE SOUTHWEST QUARTER
OF THE SOUTHEAST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 115.84 FEET FROM THE
SOUTH QUARTER CORNER OF SECTION 27, MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 01 DEGREES 29 MINUTES 54 SECONDS
WEST ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 27, A DISTANCE

  

    	 	5	Bill of Sale (LaMerra) – Ex. A

    	 

    

 

OF 484.16 FEET;

 

THENCE NORTH 88 DEGREES 30 MINUTES 06 SECONDS EAST, A DISTANCE
OF 19.54 FEET;

 

THENCE SOUTH 0 DEGREES 48 MINUTES 45 SECONDS WEST, A DISTANCE
OF 484.55 FEET TO THE PLACE OF BEGINNING.

 

PARCEL B:

 

A PORTION OF THE EAST HALF OF THE SOUTHEAST QUARTER OF THE SOUTHWEST
QUARTER OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

BEGINNING AT A POINT ON THE EAST LINE OF THE SOUTHEAST QUARTER
OF THE SOUTHWEST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 889.73 FEET FROM THE
SOUTH QUARTER CORNER OF

 

SECTION 27 MARKED BY A G.L.O. BRASS CAP;
THENCE NORTH 73 DEGREES 03 MINUTES 08 SECONDS WEST, A DISTANCE OF 103.00 FEET TO THE TRUE POINT OF BEGINNING;

 

THENCE NORTH 73 DEGREES 03 MINUTES 08 SECONDS WEST, A DISTANCE
OF 303.41 FEET. (THE DIRECTION AND LOCATIONS OF THE ABOVE LINE DETERMINED BY STONE MONUMENTS AS CALLED FOR IN THAT CERTAIN DEED
OF CORRECTION OF RECORD IN THE OFFICE OF THE COUNTY RECORDER, YAVAPAI COUNTY, ARIZONA, IN BOOK 172 OF DEEDS, PAGE 495 THEREOF);

 

THENCE NORTH 82 DEGREES 32 MINUTES 53 SECONDS EAST, A DISTANCE
OF 67.32 FEET;

 

THENCE SOUTH 75 DEGREES 10 MINUTES 23 SECONDS EAST, A DISTANCE
OF 195.82 FEET;

 

THENCE SOUTH 35 DEGREES 58 MINUTES 39 SECONDS EAST, A DISTANCE
OF 58.16 FEET TO THE PLACE OF BEGINNING.

 

PARCEL NO. 10:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND PUBLIC UTILITY PURPOSES
AS CREATED IN BOOK 1920 OF OFFICIAL RECORDS, PAGE 314, EMBRACING ALL OF THE FOLLOWING DESCRIBED PROPERTY:

 

A PARCEL OF LAND LYING IN THE SOUTHWEST QUARTER OF SECTION 27,
TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

 

BEGINNING AT THE SOUTH QUARTER CORNER OF SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST;

 

THENCE SOUTH 88 DEGREES 53 MINUTES 57 SECONDS WEST, A DISTANCE
OF 612.24 FEET TO THE SOUTHEAST CORNER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST

QUARTER OF THE SOUTHWEST QUARTER OF SECTION 27;

 

THENCE NORTH 01 DEGREES 11 MINUTES 29 SECONDS WEST, A DISTANCE
OF 946.77

 

    	 	6	Bill of Sale (LaMerra) – Ex. A

    	 

    

 

FEET TO THE TRUE POINT OF BEGINNING;

 

THENCE SOUTH 85 DEGREES 55 MINUTES 21 SECONDS WEST, A DISTANCE
OF 113.99 FEET;

 

THENCE NORTH 24 DEGREES 08 MINUTES 42 SECONDS WEST, A DISTANCE
OF 61.87 FEET TO A POINT ON A CURVE HAVING A CENTRAL ANGLE OF 141 DEGREES 20 MINUTES

 

20 SECONDS, A RADIUS OF 131.79 FEET;

 

THENCE ALONG THE ARC OF SAID CURVE, A DISTANCE
OF 50.30 FEET; THENCE SOUTH 24 DEGREES 08 MINUTES 42 SECONDS EAST, A DISTANCE OF 26.91 FEET;

 

THENCE NORTH 85 DEGREES 55 MINUTES 21 SECONDS EAST, A DISTANCE
OF 81.55 FEET;

 

THENCE SOUTH 01 DEGREES 11 MINUTES 29 SECONDS EAST, A DISTANCE
OF 50.06 FEET TO THE TRUE POINT OF BEGINNING.

 

TOGETHER WITH THE RIGHT TO IMPROVE AND MAINTAIN THE EXISTING
ROAD AND TO RECONSTRUCT AND ENLARGE THE ROAD TO UTILIZE ALL OF THE EASEMENT PROPERTY OR ANY PART THEREOF FOR ROADWAY PURPOSES.

 

PARCEL NO. 11:

 

AN EASEMENT APPURTENANT TO PARCELS 1, 2, 3, 4 AND 5 ABOVE, FOR
ROADWAY AND PUBLIC UTILITIES CREATED IN BOOK 1920, OF OFFICIAL RECORDS, PAGE 307, OVER THAT PORTION OF THE RED ROCK LOOP ROAD DESCRIBED
IN THE ATTACHMENT TO THE INSTRUMENT OF RECORD IN BOOK 915, OF OFFICIAL RECORDS, PAGES 795-803, INCLUSIVE, RECORDS OF YAVAPAI COUNTY,
ARIZONA, LYING WITHIN THE EAST ONEHALF, WEST ONE-HALF, SOUTHEAST QUARTER, SOUTHWEST QUARTER, SECTION 27, TOWNSHIP 17 NORTH, RANGE
5 EAST OF THE GILA AND SALT RIVER BASE AND

MERIDIAN, YAVAPAI COUNTY, ARIZONA.

 

EXCEPTING FROM THE ABOVE PARCELS THE FOLLOWING PROPERTY: Lot
11, THE RETREAT AT OAK CREEK, according to Book 59 of Maps, pages 99 through 104, inclusive, records of Yavapai County, Arizona.

 

AND

 

Lots 2, 9, 10, 12, 13, 14, 17, 18 and 19, LAMERRA, according
to Book 61 of Maps, pages 27 through 32, inclusive, records of Yavapai County, Arizona.

 

    	 	7	Bill of Sale (LaMerra) – Ex. A

    	 

    

 

EXHIBIT B

 

SCHEDULED ASSUMED LIABILITIES

 

    	Bill of Sale (LaMerra) – Ex. B

    	 

    

 

SCHEDULE OF ASSUMED LIABILITIES

 

	1. Advance Deposit Liabilities	 	$	1,954,171	 
	2. Squire Sanders & Dempsey	 	$	54,000	 
	3. Paid Time Off	 	$	111,487	 
	4. Arizona Department of Revenue	 	$	164,877	 
	5. RDS Payment	 	$	104,840	 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 8(b)-ii

 

BILL OF SALE AND GENERAL ASSIGNMENT
AND ASSUMPTION

 

(L’Auberge Property)

 

This BILL OF SALE AND
GENERAL ASSIGNMENT AND ASSUMPTION (this “Bill of Sale”) is dated as of _____________, 2013, by and between L’AUBERGE
ORCHARDS, LLC, a Delaware limited liability company (“Assignor”) and L’AUBERGE NEWCO, LLC, a Delaware
limited liability company (“Assignee”).

 

This Bill of Sale is
being executed and delivered in conjunction with a Special Warranty Deed of even date herewith from Assignor to Assignee.

 

For good and valuable
consideration, the adequacy and receipt of which are hereby acknowledged, Assignor and Assignee do hereby agree as follows:

 

1.          
Sale and Assignment of Personal Property.

 

Assignor hereby sells,
transfers, assigns, delivers, sets over and conveys to Assignee all of Assignor’s right, title and interest in and to all
personal property owned or leased by Assignor now existing or at any time hereafter placed in or attached to with respect to, or
used in connection with the ownership, operation, leasing, maintenance or repair of that certain real property in Coconino County,
Arizona, and legally described on Exhibit A attached hereto (the “Real Property”).

 

2.          
General Assignment and Assumption.

 

Assignor hereby sells,
transfers, assigns, delivers, sets over and conveys to Assignee all right, title and interest of Assignor in and to the following:

 

a.           to
the extent they may be transferred under applicable law, all licenses, permits and authorizations presently issued in connection
with the operation of all or any part of the Real Property as it is presently being operated, including but not limited to all
such permits and licenses;

 

b.           all
warranties and guarantees (if any) issued to Assignor by any manufacturer or contractor in connection with the construction or
installation of equipment included as part of the Real Property;

 

c.           all
claims against contractors and suppliers with respect to work done on or with respect to the Real Property or materials incorporated
into the Real Property;

 

d.           all
contracts in effect as of the date hereof with respect to the Real Property;

 

e.           all
brands, trade names, trademarks, web sites, telephone numbers and listings, deposits and other general intangibles of or relating
to the Real Property, including

 

    	 

    	 

    

 

without limitation “L’Auberge
de Sedona,” “Spa as L’Auberge de Sedona,” and “L’Auberge Restaurant on Oak Creek”;

 

f.            all
permits, licenses, and approvals applicable to the Real Property or any business conducted thereon or therefrom;

 

g.           all
engineering documents, architectural documents and other plats, plans, specifications, drawings and surveys applicable to the Real
Property;

 

h.           all
refunds of insurance premiums associated with or related to the Real Property;

 

i.            all
returns or refunds of deposits, charges, payments or taxes associated with the Real Property or business conducted thereon by Assignor,
its subsidiaries, affiliates or agents;

 

j.            all
water rights associated with or related to the Real Property;

 

k.          all
accounts, cash and cash equivalents;

 

l.            all
other rights, privileges and appurtenances associated with the Real Property, including but not limited to all right, title and
interest in and to that certain pre-fabricated cottage currently in storage in the Schulte manufacturing facility in Avondale,
Arizona.

 

All of the foregoing items in this Section
2 are collectively referred to as the “Property Interests”).

 

3.          
Acceptance and Assumption.

 

Assignee hereby accepts
the assignment of the Property Interests and assumes the liability and obligations specifically described on Exhibit B attached
hereto (the “Scheduled Assumed Liabilities”).

 

4.          
Successors and Assigns.

 

This Bill of Sale and
General Assignment and Assumption shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns.

 

5.          
Governing Law.

 

This Bill of Sale and
General Assignment and Assumption shall be governed by and construed in accordance with the laws of the State of Arizona.

 

IN WITNESS WHEREOF,
this Bill of Sale and General Assignment and Assumption has been executed this _____ day of ______, 2013.

 

[SIGNATURES ON FOLLOWING PAGES]

 

    	 	2	Bill of Sale (L’Auberge) – Ex. A

    	 

    

 

	ASSIGNOR:	 
	 	 
	L’AUBERGE ORCHARDS,
LLC, a Delaware	 
	 limited liability company	 
	 	 
	By:	 	 
	 	Albert B. Spector, Jr.	 
	Its:	 	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF ________________________	)	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

 

	Signature	 	 
	My Commission Expires:	 	(Space above for official notarial seal)

 

    	Bill of Sale (L’Auberge) – Signature 1

    	 

    

 

	ASSIGNEE:	 
	 	 
	L’AUBERGE NEWCO, LLC, a Delaware limited

liability company	 

 

	By:	IMH Financial Corporation, a Delaware Corporation, Sole Member	 

 

	 	By:	 	 
	 	Name:	 	 
	 	Its:	 	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 
	 	 	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 	 
	Signature	 	 
	My Commission Expires:	 	(Space above for official notarial seal)

 

    	Bill of Sale (L’Auberge) – Signature 2

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

(L’Auberge Property)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF COCONINO,

STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL NO. 1:

 

A parcel of land situated in the West half of Section 8, Township
17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, being more particularly described
as follows:

 

COMMENCING at the West quarter corner of said Section 8, as
marked by a B.L.M brass capped pipe under drain cover in sidewalk and from which the Southwest corner of said Section 8, as marked
by a B.L.M brass capped pipe in cairn, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description),
a distance of 2621.04 feet;

 

THENCE from said West quarter corner, North 12 degrees 54 minutes
17 seconds East (North 12 degrees 27 minutes 33 seconds East, record), a distance of 76.90 feet (76.90 feet record), to a point
on the Southeasterly right of way line of Arizona State Highway 89-A;

 

THENCE Northeasterly along said Southeasterly right of way line
being a non-tangent curve, concave to the Southeast, having a radius of 2150.00 feet (2,150.00 feet, record), a chord bearing of
North 23 degrees 04 minutes 02 seconds East and a central angle of 05 degrees 24 minutes 36 seconds (05 degrees 24 minutes 18 seconds,
record), an arc distance of 203.00 feet (203.00 feet, record), to a concrete nail with brass tag stamped “LS14184”
set at the position of a previously set cotton picker spindle with tag stamped “LS14184”;

 

THENCE continuing Northeasterly along said Southeasterly right
of way line, being a curve, concave to the Southeast, having a radius of 2150.00 feet (2,150.00 feet record), a chord bearing of
North 26 degrees 36 minutes 58 seconds East, a central angle of 01 degrees 41 minutes 17 seconds (01 degrees 41 minutes 39 seconds,
record), an arc distance of 63.35 feet (63.57 feet, record), to a concrete nail with brass tag stamped “LS14184” set
at the position of a previously set chiseled “+” in concrete;

 

THENCE departing said Southeasterly right of way line of Arizona
State Highway 89-A, South 89 degrees 51 minutes 31 seconds East (North 89 degrees 42 minutes 07 seconds East, record), a distance
of 3.74 feet to a point on the Northeasterly line of that certain tract of land acquired by the City of Sedona in December 2005
and described in Document No. 2005-3361777 of the Coconino County Recorder’s office in Coconino county, Arizona;

 

THENCE along the North line of the Orchards/L’Auberge
parcel, South 89 degrees 51 minutes 31 seconds East (North 89 degrees 42 minutes 07 seconds East, record), a distance of 212.10
feet to a 1⁄2” rebar with cap stamped “LS14184” (previously set);

 

THENCE along the Northerly line of the Orchards/L’Auberge
parcel, South 40 degrees 28 minutes 17 seconds East (South 41 degrees 45 minutes 00 seconds East, record), a distance of 62.25
feet to the POINT OF BEGINNING;

 

    	Bill of Sale (L’Auberge) – Ex. A

    	 

    

 

THENCE South 40 degrees 28 minutes 17 seconds East (South 41
degrees 45 minutes 00 seconds East, record), a distance of 47.00 feet to a 1⁄2” rebar with tag stamped “LS14184”
(previously set);

 

THENCE North 38 degrees 57 minutes 49 seconds East, (North 38
degrees 15 minutes 00 seconds East record), a distance of 150.75 feet (152.00 feet record) to a 1⁄2” rebar with tag
stamped “LS14184” (previously set).

 

THENCE South 50 degrees 57 minutes 03 seconds East, (South 51
degrees 45 minutes 00 seconds East record), a distance of 82.00 feet (82.00 feet record) to a 1⁄2” rebar with tag stamped
“LS14184” (previously set);

 

THENCE North 57 degrees 27 minutes 57 seconds East (North 56
degrees 40 minutes 00 seconds East record), a distance of 26.55 feet (26.5 feet record) to a 1⁄2” rebar with tag stamped
“LS14184” (previously set);

 

THENCE South 32 degrees 32 minutes 03 seconds East (South 33
degrees 20 minutes 00 seconds East record), a distance of 523.60 feet (542.50 feet record) to a point in Oak Creek that lies on
the Northwesterly boundary of the “Brewer Tract”, described in Docket 510, page 496, of the Coconino County Recorder’s
Office and from which a 1⁄2” rebar with tag stamped “LS14184” previously set as a witness corner lies, North
32 degrees 32 minutes 03 seconds West, a distance of 100.00 feet;

 

THENCE South 51 degrees 44 minutes 33 seconds West (no record)
a distance of 6.59 feet (no record) to the Westerly corner of said “Brewer Tract” being a portion in Oak Creek;

 

THENCE South 54 degrees 01 minutes 27 seconds East (no record),
a distance of 19.52 feet (no record) along the Southwesterly boundary of said “Brewer Tract” to a point in Oak Creek;

 

THENCE South 52 degrees 31 minutes 27 seconds West (South 51
degrees 43 minutes 30 seconds West, record), a distance of 11.99 feet (11.40 feet record) to a point in Oak Creek;

 

THENCE South 69 degrees 02 minutes 57 seconds West (South 68
degrees 15 minutes 00 seconds West record), a distance of 166.54 feet (166.54 feet) to a point in Oak Creek;

 

THENCE South 48 degrees 22 minutes 03 seconds East (South 49
degrees 10 minutes 00 seconds East, record), a distance of 60.39 feet (60.40 feet record), to a 1⁄2” rebar with tag
stamped “PE2924” (previously set);

 

THENCE South 63 degrees 20 minutes 02 seconds West, (South 62
degrees 02 minutes 45 seconds West, record), a distance of 835.28 feet (832.38 feet record) to a point in Oak Creek that is on
the West line of said Section 8 and lies South 01 degrees 42 minutes 03 seconds East, a distance of 624.60 feet from said West
quarter corner of Section 8;

 

THENCE North 01 degrees 42 minutes 03 seconds West (North 02
degrees 30 minutes 00 seconds West, record), a distance of 447.60 feet (447.60 feet record) along said West line of Section 8 to
a 1⁄2” rebar with tag stamped “LS14184” (previously set);

 

THENCE North 38 degrees 37 minutes 57 seconds East (North 37
degrees 50 minutes 00 seconds East, record), a distance of 207.55 feet to a 1⁄2” rebar with tag stamped “LS14184”
(previously set);

 

    	 	2	Bill of Sale (L’Auberge) – Ex. A

    	 

    

 

THENCE North 38 degrees 09 minutes 30 seconds East (North 37
degrees 50 minutes 00 seconds East, record), a distance of 109.23 feet to a 1⁄2” rebar with no identification (previously
found):

 

THENCE North 49 degrees 44 minutes 02 seconds East, a distance
of 94.50 feet;

 

THENCE North 37 degrees 42 minutes 35 seconds East, a distance
of 174.72 feet to the POINT OF BEGINNING.

 

EXCEPTING THEREFROM the following described property:

 

A parcel of land being a portion of “Parcel 1B”
as said “Parcel 1B” is shown and described on that certain ALTA/ACSM Land Title Survey map recorded as instrument number
3490268 in the Official Records of Coconino County, said parcel being situated in the West half of Section 8, Township 17 North,
Range 6 East of the Gila and Salt River Base and Meridian in Coconino County, Arizona, and being more particularly described as
follows:

 

COMMENCING
at the West quarter corner of said Section 8, as marked by a G.L.O. brass capped pipe under drain cover in sidewalk and from which
the Southwest corner of said Section 8, as marked by a B.L.M brass capped pipe in cairn, lies South 01 °
42’03” East (basis of bearings for this description), a distance of 2621.04 feet;

 

Thence
from said West quarter corner, along the West line of the Southwest quarter of said Section 8, South 01 °
42’03” East, a distance of 624.60 feet to the Southwest corner of said “Parcel 1B”;

 

Thence
along the Southerly boundary of said “Parcel 1B”, North 63 °
20’02” East a distance of 579.51 feet to the POINT OF BEGINNING;

 

Thence
continuing along said Southerly boundary of “Parcel 1B”, North 63 °
20’02” East a distance of 255.77 feet;

 

Thence
continuing along said Southerly boundary of “Parcel 1B”, North 48 °
22’03” West a distance of 60.39 feet;

 

Thence
continuing along said Southerly boundary of “Parcel 1B”, North 69 °
02’57” East a distance of 32.29 feet to the most Northerly corner of the Weckerly parcel as described in Docket 1525,
pages 007-009 of the Coconino County Recorder’s Office;

 

Thence
along a prolongation of the Northeasterly boundary of said Weckerly parcel, North 54 °
01’29” West a distance of 23.88 feet, more or less, to the centerline of Oak Creek as it may exist from time to time
in the future;

 

Thence
along said centerline of Oak Creek, as it may exist from time to time in the future, an approximate bearing of South 65 °
34’01” West a distance of 111.83 feet, more or less;

 

Thence
continuing along said centerline of Oak Creek, as it may exist from time to time in the future, an approximate bearing of South
69 ° 31’14”
West a distance of 163.52 feet, more or less, to the intersection of said centerline of Oak Creek with the Northwesterly prolongation
of the Southwesterly boundary of the Miller parcel as described in Docket 1478, pages 378 & 378A of the Coconino County Recorder’s
Office;

 

Thence in a reversed direction of said Northwesterly
prolongation of the Southwesterly

 

    	 	3	Bill of Sale (L’Auberge) – Ex. A

    	 

    

 

boundary
of the Miller parcel, South 38 °
15’58” East a distance of 98.08 feet, more or less, to the POINT OF BEGINNING.

 

PARCEL NO. 2:

 

An easement for ingress, egress and public utilities created
by instrument recorded December 22, 1982, in Docket 911, page 206, records of Coconino County, Arizona, more particularly described
as follows:

 

A strip of land 33.00 feet wide situated in the Southeast quarter
of Section 7, Township 17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, being more
particularly defined as lying 16.50 feet on each side of the following described centerline:

 

COMMENCING at the East quarter corner of said Section 7, as
marked by a GLO brass capped pipe under drain cover in sidewalk and from which the Southeast corner of said Section 7, as marked
by a B.L.M. brass capped pipe, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description), a distance
of 2621.04 feet;

 

THENCE South 01 degrees 42 minutes 03 seconds East (South 02
degrees 30 minutes 00 seconds East, recorded), a distance of 261.40 feet (261.4 feet record) along the East line of said Southeast
quarter of Section 7 to the POINT OF BEGINNING of this center line (side lines of strip of land begin on said East line);

 

THENCE South 28 degrees 37 minutes 57 seconds West (South 27
degrees 50 minutes 00 seconds West record), a distance of 500.20 feet (500.2 feet record);

 

THENCE South 37 degrees 53 minutes 57 seconds West (South 37
degrees 06 minutes 00 seconds West, record), a distance of 330.00 feet (330.00 feet record) to the terminus of center line:

 

EXCEPT therefrom all that portion thereof lying within the right
of way of Arizona Highway 89-A;

 

PARCEL NO. 3:

 

A perpetual, non-exclusive easement for ingress and egress as
set forth in that certain easement agreement recorded April 25, 2002 in instrument number 2002-3138455 and re-recorded July 18,
2005 in instrument number 2005-3332653 of Official Records, Coconino County, Arizona.

 

PARCEL NO. 4:

 

A parcel of land being a portion of the “Pacini Tract”
described in Parcel II in Docket 1711, page 863 and 864 of the Coconino County Recorders Office and situated in the West half of
Section 8, Township 17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, said parcel
being more particularly described as follows:

 

COMMENCING at the West quarter corner of said Section 8, as
marked by a B.L.M brass capped pipe under drain cover in sidewalk and from which the Southwest corner of said Section 8, as marked
by a B.L.M brass capped pipe in cairn, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description),
a distance of 2621.04

 

    	 	4	Bill of Sale (L’Auberge) – Ex. A

    	 

    

 

feet;

 

THENCE from said West quarter corner, North 21 degrees 27 minutes
04 seconds East, a distance of 342.00 feet (North 20 degrees 32 minutes East, a distance of 342 feet, record) to a 1⁄2”
rebar with tag stamped “LS14184” set at the position of a previously set chiseled “+” in concrete (previously
set) on the Southeasterly right of way line of Arizona Highway 89-A;

 

THENCE departing said Southeasterly right of way line of Arizona
Highway 89-A South 89 degrees 51 minutes 31 seconds East, a distance of 215.83 feet (North 89 degrees 10 minutes East, a distance
of 217.50 feet record), to a 1⁄2” rebar with plastic cap stamped “LS14184” (found);

 

THENCE South 40 degrees 28 minutes 17 seconds East, a distance
of 109.25 feet (South 41 degrees 45 minutes East, a distance of 110.77 feet record) to a 1⁄2” rebar with plastic cap
stamped “LS14184” (previously set);

 

THENCE North 38 degrees 57 minutes 49 seconds East, a distance
of 150.75 feet (North 38 degrees 15 minutes East, a distance of 152.0 feet record), to a 1⁄2” rebar with tag stamped
“LS14184” (previously set) at a corner of said “Pacini Tract”;

 

THENCE along the boundary of said “Pacini Tract”
South 50 degrees 57 minutes 03 seconds East, a distance of 82.00 feet (same as record) to a 1⁄2” rebar with tag stamped
“LS14184” (found) at a corner thereof;

 

THENCE continuing along the boundary of
said “Pacini Tract” North 57 degrees 27 minutes 57 seconds East, a distance of 26.55 feet (same as record) to a 1⁄2”
rebar with tag stamped “LS14184” (found) at a corner thereof;

 

THENCE continuing along the boundary of said “Pacini Tract”,
South 32 degrees 32 minutes 03 seconds East, a distance of 5.00 feet to the POINT OF BEGINNING;

 

THENCE North 57 degrees 27 minutes 57 seconds East, a distance
of 58.00 feet to a 1⁄2” rebar with tag stamped “LS14184”;

 

THENCE North 89 degrees 27 minutes 57 seconds East, a distance
of 35.39 feet to a 1⁄2” rebar with tag stamped “LS14184”;

 

THENCE South 00 degrees 32 minutes 03 seconds East, a distance
of 163.25 feet to a 1⁄2” rebar with tag stamped “LS14184”;

 

THENCE South 32 degrees 32 minutes 03 seconds East, a distance
of 215.13 feet to a 1⁄2” rebar with tag stamped “LS14184”;

 

THENCE South 31 degrees 56 minutes 49 seconds East, a distance
of 146.28 feet to a point on the Northwesterly boundary of the “Brewer Tract” as described in Docket 510, page 496
of the Coconino County Recorder’s Office and the Southwest corner of the said “Pacini Tract” and from which a
1⁄2” rebar with brass tag stamped “LS14184” (previously set as a witness corner) bears North 32 degrees
32 minutes 03 seconds West, a distance of 100.00 feet;

 

THENCE along the Westerly boundary of the said “Pacini
Tract”, North 32 degrees 32 minutes 03 seconds West, a distance of 518.60 feet to the POINT OF BEGINNING.

 

    	 	5	Bill of Sale (L’Auberge) – Ex. A

    	 

    

 

PARCEL NO. 5:

 

INTENTIONALLY DELETED.

 

    	 	6	Bill of Sale (L’Auberge) – Ex. A

    	 

    

 

EXHIBIT B

 

SCHEDULED ASSUMED LIABILITIES

 

    	Bill of Sale (L’Auberge) – Ex. B

    	 

    

 

SCHEDULE OF ASSUMED LIABILITIES

 

	1.  Advance Deposit Liabilities	 	$	1,954,171	 
	2.  Squire Sanders & Dempsey	 	$	54,000	 
	3.  Paid Time Off	 	$	111,487	 
	4.  Arizona Department of Revenue	 	$	164,877	 
	5.  RDS Payment	 	$	104,840	 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 8(b)-iii

 

BILL OF SALE AND GENERAL ASSIGNMENT
AND ASSUMPTION

 

(Orchards Inn Property )

 

This BILL OF SALE AND
GENERAL ASSIGNMENT AND ASSUMPTION (this “Bill of Sale”) is dated as of _____________, 2013, by and between L’Auberge
Orchards, LLC, a Delaware limited liability company (“Assignor”) and Orchards Newco, LLC, a Delaware limited
liability company (“Assignee”).

 

This Bill of Sale is
being executed and delivered in conjunction with a Special Warranty Deed of even date herewith from Assignor to Assignee.

 

For good and valuable
consideration, the adequacy and receipt of which are hereby acknowledged, Assignor and Assignee do hereby agree as follows:

 

1.          
Sale and Assignment of Personal Property.

 

Assignor hereby sells,
transfers, assigns, delivers, sets over and conveys to Assignee all of Assignor’s right, title and interest in and to all
tangible and intangible personal property including, without limitation, all such property referred to in the Deed of Trust owned
or leased by Assignor now existing or at any time hereafter placed in or attached to with respect to, or used in connection with
the ownership, operation, leasing, maintenance or repair of that certain real property in Coconino County, Arizona, and legally
described on Exhibit A attached hereto (the “Real Property”).

 

2.          
General Assignment and Assumption.

 

Assignor hereby sells,
transfers, assigns, delivers, sets over and conveys to Assignee all right, title and interest of Assignor, without limitation,
in and to the following:

 

a.           to
the extent they may be transferred under applicable law, all licenses, permits and authorizations presently issued in connection
with the operation of all or any part of the Real Property as it is presently being operated, including but not limited to all
such permits and licenses;

 

b.           all
warranties and guarantees (if any) issued to Assignor by any manufacturer or contractor in connection with the construction or
installation of equipment included as part of the Real Property;

 

c.           all
claims against contractors and suppliers with respect to work done on or with respect to the Real Property or materials incorporated
into the Real Property;

 

d.           all
contracts in effect as of the date hereof with respect to the Real Property;

 

e.           all
brands, trade names, trademarks, web sites, telephone numbers and listings, deposits and other general intangibles of or relating
to the Real Property, including,

 

    	 

    	 

    

 

without limitation, “Orchards Inn,”
“Orchards Inn of Sedona,” “Canyon Portal Motel,” and “Orchards Annex”;

 

f.            all
permits, licenses, and approvals applicable to the Real Property or any business conducted thereon or therefrom;

 

g.           all
engineering documents, architectural documents and other plats, plans, specifications, drawings and surveys applicable to the Real
Property;

 

h.           all
refunds of insurance premiums associated with or related to the Real Property;

 

i.            all
returns or refunds of deposits, charges, payments or taxes associated with the Real Property or business conducted thereon by Assignor,
its subsidiaries, affiliates or agents;

 

j.            all
water rights associated with or related to the Real Property;

 

k.           all
accounts, cash and cash equivalents; and

 

l.            all
other rights, privileges and appurtenances associated with the Real Property.

 

All of the foregoing items in this Section
2 are collectively referred to as the “Property Interests”).

 

3.          
Acceptance and Assumption.

 

Assignee hereby accepts
the assignment of the Property Interests and assumes the liability and obligations specifically described on Exhibit B attached
hereto (the “Scheduled Assumed Liabilities”).

 

4.          
Successors and Assigns.

 

This Bill of Sale and
General Assignment and Assumption shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns.

 

5.          
Governing Law.

 

This Bill of Sale and
General Assignment and Assumption shall be governed by and construed in accordance with the laws of the State of Arizona.

 

IN WITNESS WHEREOF,
this Bill of Sale and General Assignment and Assumption has been executed this _____ day of ______, 2013.

 

[SIGNATURES ON FOLLOWING PAGES]

 

    	2

    	 

    

 

	ASSIGNOR:
	 
	L’AUBERGE ORCHARDS LLC, a Delaware 

limited liability company
	 
	By:	 
	 	Albert B. Spector, Jr.
	 	 
	Its:	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF ________________________	)	 

 

	On ____________________, before me, ____________________________________, a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

 

    	Bill of Sale (Orchards Inn) – Signature 1

    	 

    

 

	ASSIGNEE:
	 
	ORCHARDS NEWCO, LLC, a Delaware limited

 liability company
	 
	By:	IMH Financial Corporation, a Delaware 

Corporation, Sole Member
	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 

 

	On ____________________, before me, ____________________________________, a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

  

    	Bill of Sale (Orchards Inn) – Signature 2

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

(Orchards Inn Property)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF COCONINO,

STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL NO. 1:

 

A parcel of land situated in the West half of Section 8, Township
17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, being more particularly described
as follows:

 

COMMENCING at the West quarter corner of said Section 8, as
marked by a B.L.M brass capped pipe under drain cover in sidewalk and from which the Southwest corner of said Section 8, as marked
by a B.L.M brass capped pipe in cairn, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description),
a distance of 2621.04 feet;

 

THENCE from said West quarter corner, North 12 degrees 54 minutes
17 seconds East (North 12 degrees 27 minutes 33 seconds East, record), a distance of 76.90 feet (76.90 feet, record) to a point
on the Southeasterly right-of-way line of Arizona State Highway 89-A;

 

THENCE Northeasterly along said Southeasterly right of way line
being a non-tangent curve, concave to the Southeast, having a radius of 2150.00 feet (2150.00 feet record)., a chord being of North
23 degrees 04 minutes 02 seconds East and a central angle of 05 degrees 24 minutes 36 seconds (05 degrees 24 minutes 18 seconds,
record), an arc distance of 203.00 feet (203.00 feet record), to a concrete nail with brass tag stamped “LS14184” set
at the position of a previously set cotton picker spindle with tag stamped “LS14184”;

 

THENCE departing said Southeasterly right of way line of Arizona
State Highway 89A, South 65 degrees 25 minutes 03 seconds East, a distance of 11.73 feet to the POINT OF BEGINNING, which lies
on the Southeasterly line of that certain tract of land acquired by the City of Sedona in December 2005 and described in Document
NO. 2005-3361777 of the Coconino County Recorder’s Office, Coconino County, Arizona;

 

THENCE along said Southeasterly line, North 24 degrees 46 minutes
32 seconds East, a distance of 23.47 feet;

 

THENCE continuing along said Southeasterly line, North 21 degrees
21 minutes 48 seconds East, a distance of 3.63 feet;

 

THENCE continuing along said Southeasterly line, North 20 degrees
52 minutes 26 seconds West, a distance of 8.33 feet;

 

THENCE continuing along said Southeasterly line, North 69 degrees
07 minutes 34 seconds East, a distance of 1.00 feet;

 

THENCE continuing along said Southeasterly line, North 19 degrees
27 minutes 50 seconds West, a distance of 6.81 feet;

  

    	Bill of Sale (Orchards Inn) – Ex. A

    	 

    

 

THENCE continuing along said Southeasterly line, North 26 degrees
18 minutes 08 seconds East, a distance of 19.54 feet;

 

THENCE continuing along said Southeasterly line, South 62 degrees
51 minutes 12 seconds East, a distance of 4.07 feet;

 

THENCE continuing along said Southeasterly line, North 23 degrees
53 minutes 25 seconds East, a distance of 6.93 feet;

 

THENCE continuing along said Southeasterly line of that tract
of land acquired by the City of Sedona in December 2005, North 62 degrees 35 minutes 35 seconds West, a distance of 0.55 feet to
the North line of the Orchards/L’Auberge parcel;

 

THENCE along said North line of the Orchards/L’Auberge
parcel, South 89 degrees 51 minutes 31 seconds East (North 89 degrees 42 minutes 07 seconds East, record), a distance of 212.10
feet to a 1⁄2” rebar with cap stamped “LS14184” (previously set);

 

THENCE South 40 degrees 28 minutes 17 seconds East, (South 41
degrees 45 minutes 00 seconds East, record), a distance of 62.25 feet;

 

THENCE South 37 degrees 42 minutes 35 seconds West, a distance
of 174.72 feet;

 

THENCE South 49 degrees 44 minutes 02 seconds West, a distance
of 94.50 feet to a 1⁄2” rebar with no identification (previously found);

 

THENCE North 31 degrees 49 minutes 11 seconds West (North 32
degrees 21 minutes 20 seconds West, record), a distance of 114.47 feet (113.94 feet record) to a 1⁄2” rebar with cap
stamped “LS 14184” (previously set);

 

THENCE North 22 degrees 35 minutes 10 seconds East (North 24
degrees 24 minutes 07 seconds East, record), a distance of 66.04 feet (65.00 feet, record) to a concrete nail with brass tag stamped
“LS14184”, previously set at the position of a previously set chiseled “+” in concrete;

 

THENCE North 65 degrees 25 minutes 03 seconds West, (North 65
degrees 34 minutes 02 seconds West, record), a distance of 65.96 feet to the POINT OF BEGINNING.

 

PARCEL NO. 2:

 

INTENTIONALLY DELETED.

 

PARCEL NO. 3:

 

An easement for overhead canopies and other purposes by or pursuant
to that certain Special Warranty Deed (In Lieu of Condemnation) recorded December 27, 2005 in Document No. 3361777, Official Records
of Coconino County, Arizona.

  

    	 	2	Bill of Sale (Orchards Inn) – Ex. A

    	 

    

 

EXHIBIT B

 

SCHEDULED ASSUMED LIABILITIES

  

    	Bill of Sale (Orchards Inn) – Ex. B

    	 

    

 

SCHEDULE OF ASSUMED
LIABILITIES

 

	1.  Advance Deposit Liabilities	 	$	1,954,171	 
	2.  Squire Sanders & Dempsey	 	$	54,000	 
	3.  Paid Time Off	 	$	111,487	 
	4.  Arizona Department of Revenue	 	$	164,877	 
	5.  RDS Payment	 	$	104,840	 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(c)-i

 

ESTOPPEL CERTIFICATE

 

( LaMerra Property
)

 

	 	A.	Pursuant to that certain “Sedona Agreement” dated March 29, 2013 (the “Agreement”) by and among HL LLC, an Arizona limited liability company (“Grantor”), IMH SPECIAL ASSET NT 233, LLC, an Arizona limited liability company (“Noteholder”), and HL NEWCO, LLC, a Delaware limited liability company (“Grantee”), among others, Grantor made, executed and delivered that certain Special Warranty Deed of even date herewith (the “Deed”), as Grantor, to Grantee, its successors and assigns, as Grantee, conveying the real property in Yavapai County, Arizona, commonly known as the “LaMerra Property,” and legally described on Exhibit A attached hereto and made a part hereof (the “Property”).

 

	 	B.	The Deed was executed and delivered to Grantee in lieu of Noteholder’s exercise of its rights and remedies, including possible foreclosure of its lien under that certain Construction Deed of Trust, Assignment of Rents and Security Agreement, dated June 11, 2007, from Grantor, as Trustor, to Fidelity National Title Insurance Agency of Coconino, Inc., as Trustee, for the benefit of IMH Secured Loan Fund, LLC, a Delaware limited liability company (“Original Lender”), as Beneficiary, recorded on June 11, 2007, in Book 4513, Page 768 of the Official Records of Yavapai County, Arizona (the “Deed of Trust”). The Deed of Trust and various other documents (collectively the “Loan Documents”) secure a Promissory Note made by Grantor, as Borrower, and payable to the order of Original Lender, dated June 11, 2007, evidencing a loan from Original Lender to Grantor, in the original amount of $32,000,000.00, which was later increased to $43,435,000.00 (the “Loan”). Noteholder is now the holder and owner of the Loan and the Loan Documents.

 

	 	C.	Grantee and Grantor believe that the indebtedness secured by the Deed of Trust is greater than the fair value of the (i) Property deeded, and (ii) any other personal property conveyed by Grantor to Grantee pursuant to the Agreement.

 

	 	D.	The Deed was Grantor’s free and voluntary act; Grantor in offering to execute the Deed and in executing the same, is not acting under any duress, undue influence, misapprehension, or misrepresentation by Noteholder or Grantee in the Deed, and it is Grantor’s intention as Grantor to convey and transfer, and by the Deed, Grantor did convey and transfer to the Grantee therein, all right, title and interest absolutely, in and to the Property described in the Deed.

 

	 	E.	It is the express intent of Grantor, Grantee and Noteholder that, while Noteholder is releasing Grantor from a portion, but not all, of Grantor’s personal liability under the Loan Documents, the Loan Documents, and specifically the lien of the Deed of Trust, shall not be satisfied, reconveyed, released, terminated or cancelled by conveyance of the Deed, but shall expressly survive such conveyance. Nothing contained in the Deed, the Agreement or herein shall be construed to impair the rights of Noteholder, as the holder 

 

    	 

    	 

    

 

	 	 	of the Loan Documents, with respect to the real and personal property granted as collateral under the Loan Documents, or to affect in any manner the right of the holder of the Loan Documents to foreclose, sell, or otherwise proceed against any such real and personal property and exercise any available remedies with respect thereto under the Loan Documents, including pursuing a deficiency against Grantor, as set forth in the Agreement. No merger of the fee estate conveyed by the Deed with the estate, title and security interest granted by the Loan Documents shall occur (notwithstanding the fact that title to all such interest may be vested in the same person or entity, or a controlled person or entity) until or unless the holder of all such interests shall execute an appropriate instrument effecting such merger and shall duly file the same in the Office of the Recorder of Yavapai County, Arizona.

 

	 	F.	This Estoppel Certificate is made on Grantor’s best knowledge and belief for the protection and benefit of Noteholder and Grantee in the Deed, their successors and assigns, and all other parties hereafter dealing with, or who may acquire an interest in the property described therein, and shall bind Grantor’s heirs, administrators, successors and assigns.

 

	 	G.	This Estoppel Certificate may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and all taken together shall constitute one and the same agreement.

 

This Estoppel Certificate
is dated this ____ day of __________, 2013.

 

[SIGNATURES ON FOLLOWING PAGES]

 

    	2

    	 

    

 

	GRANTOR:
	 
	
        HL LLC, an Arizona limited
liability company

	 
	By:	 
	Name:	 
	Its:	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF ________________________	)	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

 

    	Estoppel Certificate (LaMerra) – Signature 1

    	 

    

 

	GRANTEE:
	 
	HL NEWCO, LLC, a Delaware limited liability company
	 
	By:	
        IMH Financial Corporation, a

Delaware corporation, its Sole Member 

	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

 

    	 	2	Estoppel Certificate (LaMerra) – Signature 2

    	 

    

 

	NOTEHOLDER:
	 
	IMH SPECIAL ASSET NT 232, an Arizona

 limited liability company
	 
	By:	
        IMH Financial Corporation, a Delaware 

corporation,
its 

	 	 
	 	By:	 
	 	Print Name: 	 
	 	Its:	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 
	 	 	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

 

    	 	3	Estoppel Certificate (LaMerra) – Signature 3

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION
OF THE PROPERTY

 

(LaMerra Property)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF YAVAPAI, STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL NO. 1:

 

THE NORTH HALF OF THE NORTHEAST QUARTER OF SECTION 34, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

EXCEPT BEGINNING AT A POINT IN THE SOUTHERLY LINE OF SAID LAND,
WHICH POINT IS DISTANT 650 FEET EASTERLY ALONG SAID SOUTHERLY LINE FROM THE SOUTHWEST CORNER OF SAID LAND;

 

THENCE WESTERLY ALONG SAID SOUTHERLY LINE TO THE SOUTHWEST CORNER
OF SAID LAND;

 

THENCE NORTHERLY ALONG THE WESTERLY LINE OF SAID LAND, A DISTANCE
OF 670 FEET;

 

THENCE SOUTHEASTERLY IN A DIRECT LINE TO THE POINT OF BEGINNING.

 

PARCEL NO. 2:

 

THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER (BEING LOT 13)
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA.

 

PARCEL NO.3:

 

ALL THAT PORTION OF THE SOUTHEAST QUARTER OF SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, DESCRIBED AS FOLLOWS:

 

BEGINNING AT THE SOUTH QUARTER CORNER OF SAID SECTION 27, MARKED
BY A G.L.O. BRASS CAP;

 

THENCE NORTH 2 DEGREES 37 MINUTES 30 SECONDS WEST, 115.90 FEET
TO AN EXISTING FENCE;

 

THENCE NORTH 89 DEGREES 24 MINUTES 50 SECONDS EAST, ALONG SAID
FENCE, 204.31 FEET;

 

THENCE SOUTH 2 DEGREES 37 MINUTES 30 SECONDS EAST TO A POINT
ON THE SOUTH LINE OF SAID SECTION 27;

 

THENCE SOUTH 89 DEGREES 00 MINUTES WEST,
ALONG SAID SECTION LINE TO THE

 

    	Estoppel Certificate (LaMerra) –Exhibit A

    	 

    

 

ACTUAL POINT OF BEGINNING.

 

PARCEL NO.4:

 

THAT PORTION OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, LYING EASTERLY
OF A LINE LOCATED 100 FEET WEST OF AND PARALLEL TO SAID EAST LINE OF THE SOUTHWEST QUARTER, AND SOUTH OF A LINE HAVING A COURSE
OF NORTH 85 DEGREES 13 MINUTES EAST THROUGH A POINT THAT LIES NORTH 2 DEGREES 37 MINUTES 30 SECONDS WEST, 118.5 FEET FROM THE SOUTH
QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP.

 

PARCEL NO. 5:

 

ALL THAT PORTION OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, LYING SOUTHERLY
OF AND CONTIGUOUS TO THE FOLLOWING DESCRIBED BOUNDARY LINE:

 

FROM THE NORTHEAST CORNER OF THE QUIT CLAIM PARCEL OF LAND DESCRIBED
AS BOOK 938 OF OFFICIAL RECORDS, PAGE 57, YAVAPAI COUNTY RECORDERS OFFICE, THE TRUE POINT OF BEGINNING, SAID CORNER LYING ON THE
EAST-WEST BARBED WIRE FENCE AS SHOWN ON THE RECORD OF SURVEY RECORDED AS BOOK 17 OF LAND SURVEYS AT PAGE 17, AND ALSO ON THE SOUTHERLY
LINE OF THE MONTERASTELLI (SIC) BOUNDARY AS SHOWN ON RESULTS OF SURVEY BY PATRICK NEVILLE, RECORDED AS BOOK 16, AT PAGE 100, DATED
JULY 14, 1992;

 

THENCE SOUTH 89 DEGREES 53 MINUTES 02 SECONDS EAST, ALONG THE
FENCE AND ITS EASTERLY EXTENSION AND ALONG THE SOUTHERLY LINE OF THE MONTERASTELLI BOUNDARY, 791.99 FEET;

 

THENCE SOUTH 41 DEGREES 19 MINUTES 24 SECONDS EAST, 39.09 FEET
TO THE SOUTH LINE OF SECTION 27, PER THE ARIZONA ENGINEERING COMPANY RECORD OF SURVEY RECORDED AS BOOK 10 OF RECORDS OF SURVEY,
AT PAGE 99;

 

THENCE SOUTH 88 DEGREES 14 MINUTES 32 SECONDS EAST, ALONG THE
SOUTH LINE OF SECTION 27, 75.15 FEET;

 

THENCE SOUTH 73 DEGREES 27 MINUTES 42 SECONDS EAST, 55.92 FEET;

 

THENCE NORTH 22 DEGREES 46 MINUTES 34 SECONDS EAST, 11.20 FEET;

 

THENCE NORTH 87 DEGREES 02 MINUTES 45 SECONDS EAST, 21.97 FEET;

 

THENCE SOUTH 81 DEGREES 16 MINUTES 09 SECONDS EAST, 29.96 FEET;

 

THENCE SOUTH 65 DEGREES 43 MINUTES 54 SECONDS EAST, 22.05 FEET
TO THE EAST LINE OF THE NORTHWEST QUARTER OF THE NORTHEAST QUARTER OF SECTION 34, WHICH IS THE POINT OF TERMINUS OF THE BOUNDARY
LINE;

 

THE BASIS OF BEARINGS FOR THIS DESCRIPTION
IS SOUTH 88 DEGREES 14 MINUTES 32 SECONDS EAST, FROM THE SOUTH QUARTER CORNER OF SECTION 27 TO THE SOUTHEAST CORNER OF SECTION
27, ACCORDING TO THE ARIZONA ENGINEERING

 

    	 	2	Estoppel Certificate (LaMerra) – Exhibit A

    	 

    

 

COMPANY RESULTS OF SURVEY RECORDED AS BOOK 10 OF RECORDS OF
SURVEYS, AT PAGE 99, YAVAPAI COUNTY RECORDERS OFFICE.

 

PARCEL NO. 6:

 

EASEMENT FOR ROADWAY FOR INGRESS AND EGRESS FOR THE PURPOSE
OF TRAVEL AND MAINTENANCE AS CREATED IN BOOK 3833, OF OFFICIAL RECORDS, PAGE 934, BEING 50 FEET WIDE, LYING 30 FEET ON THE WESTERLY
AND SOUTHERLY SIDES AND 20 FEET ON THE EASTERLY AND NORTHERLY SIDES OF THE FOLLOWING DESCRIBED PROPERTY:

 

THE CENTERLINE OF AN EXISTING DIRT ROAD IN SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, MORE PARTICULARLY DESCRIBED BY METES
AND BOUNDS AS FOLLOWS:

 

FROM THE SOUTHWEST CORNER OF SECTION 27;

 

THENCE NORTH 86 DEGREES 13 MINUTES 45 SECONDS EAST, A DISTANCE
OF 2448.25 FEET TO A CONCRETE MONUMENT MARKED 1/4 ON THE WEST FACE, WITH AN ALUMINUM CAP MARKED LS 13010, ACCEPTED BY JOHN A. LUCKOW,
ARIZONA REGISTERED LAND SURVEYOR, AS THE TRUE LOCATION OF THE SOUTH QUARTER CORNER OF RECORD OF SURVEY DATED FEBRUARY 24, 1990,
RECORDED IN BOOK 10 OF LAND SURVEYORS, PAGE 99, YAVAPAI COUNTY RECORDERS OFFICE, WHICH IS IDENTICAL TO THE SOUTHEAST CORNER OF
THE PROPERTY AS CONVEYED TO HARRIET KOHLER (ALSO KNOWN AS HARRIET K. SEAMAN) BY INSTRUMENTS RECORDED IN THE OFFICE OF THE RECORDER
OF YAVAPAI COUNTY, ARIZONA, IN BOOK 179 OF DEEDS, PAGE 586 AND IN BOOK 357 OF OFFICIAL RECORDS, PAGE 233 AND WHICH IS ALSO IDENTICAL
TO THE NORTHEAST CORNER OF PARCEL 4 ABOVE, ACCEPTED AND UTILIZED AS THE QUARTER CORNER BETWEEN SECTIONS 27 AND 34, PRIOR TO THE
1956 GLO DEPENDENT RESURVEY OF SECTION 27 BY WHICH THE QUARTER CORNER BETWEEN SECTIONS 27 AND 35 HAS BEEN MARKED BY A STANDARD
GLO BRASS CAPPED PIPE, WHICH IS THE SAME GLO BRASS CAP ESTABLISHING THE SOUTHEAST CORNER OF THE PROPERTY DESCRIBED IN PARCEL 4
ABOVE;

 

THENCE SOUTH 85 DEGREES 13 MINUTES 00 SECONDS WEST, 15.05 FEET,
TO THE TRUE

 

POINT OF BEGINNING OF THIS DESCRIPTION:

 

THENCE NORTH 07 DEGREES 16 MINUTES 03 SECONDS
EAST, 55.48 FEET;

 

THENCE NORTH 00 DEGREES 25 MINUTES 35 SECONDS EAST, 201.21 FEET
TO THE EAST LINE OF THE KOHLER PARCEL AS DESCRIBED IN WARRANTY DEED RECORDED IN BOOK 179 OF DEEDS, PAGE 586, YAVAPAI COUNTY RECORDERS
OFFICE, STATE OF ARIZONA;

 

THENCE NORTH 00 DEGREES 25 MINUTES 35 SECONDS EAST, 283.79 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 215.00 FEET AND A CENTRAL ANGLE OF 18 DEGREES 55 MINUTES 40 SECONDS;

 

THENCE NORTHERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 71.03 FEET, TO THE EAST LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAVING A RADIUS OF 215.00 FEET AND A CENTRAL
ANGLE OF 18 DEGREES 53 MINUTES 55 SECONDS;

 

THENCE NORTHERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 70.92 FEET TO THE PT.;

  

    	 	3	Estoppel Certificate (LaMerra) – Exhibit A

    	 

    

 

THENCE NORTH 37 DEGREES 24 MINUTES 00 SECONDS WEST, 164.52 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 130.00 FEET AND A CENTRAL ANGLE OF 07 DEGREES 11 MINUTES 55 SECONDS;

 

THENCE NORTHWESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 16.33 FEET TO THE NORTH LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAVING A RADIUS OF 130.00 FEET AND A CENTRAL
ANGLE OF 32 DEGREES 59 MINUTES 56 SECONDS;

 

THENCE NORTHWESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE
OF 74.87 FEET TO THE P.T.;

 

THENCE NORTH 77 DEGREES 35 MINUTES 51 SECONDS WEST, 92.01 FEET
TO THE P.C. OF A CURVE, HAVING A RADIUS OF 250.00 FEET AND A CENTRAL ANGLE OF 10 DEGREES 44 MINUTES 58 SECONDS;

 

THENCE WESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE OF
46.90 FEET TO THE NORTH LINE OF THE KOHLER PARCEL AND THE BEGINNING OF A CURVE, HAV1NG A RADIUS OF 250.00 FEET AND A CENTRAL ANGLE
OF 10 DEGREES 51 MINUTES 24 SECONDS;

 

THENCE WESTERLY ALONG A CURVE TO THE LEFT, AN ARC DISTANCE OF
47.37 FEET TO THE P.T.;

 

THENCE SOUTH 80 DEGREES 47 MINUTES 47 SECONDS WEST, 160.95 FEET;

 

THENCE SOUTH 84 DEGREES 31 MINUTES 30 SECONDS WEST, 60.56 FEET
TO THE TERMINUS OF THIS DESCRIPTION AT THE WEST LINE OF THE KOHLER PARCEL, THE NORTHWEST CORNER OF WHICH BEARS NORTH 01 DEGREES
01 MINUTES 44 SECONDS WEST, A DISTANCE OF 116.37 FEET.

 

PARCEL NO. 7:

 

EASEMENT FOR IRRIGATION DITCH PURPOSES AS CREATED IN BOOK 2250,
OF OFFICIAL RECORDS, PAGE 382, OVER AND ACROSS THE REAL PROPERTY DESCRIBED BELOW. THE CENTERLINE OF THE EASEMENT IS THE CENTERLINE
OF THE EXISTING DITCH AND THE EASEMENT IS OF THE WIDTH REASONABLY NECESSARY FOR THE MAINTENANCE AND OPERATION OF THE DITCH.

 

REAL PROPERTY WHICH EASEMENT CROSSES IS DESCRIBED AS FOLLOWS:

 

THE FOLLOWING DESCRIBED PORTION OF THE EAST HALF OF THE SOUTHEAST
QUARTER OF THE SOUTHWEST QUARTER OF SECTION 27, TOWNSHIP 17 NORTH OF RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN,
YAVAPAI COUNTY, ARIZONA, TO WIT:

 

BEGINNING AT THE QUARTER CORNER BETWEEN SECTIONS 27 AND 34,
ABOVE TOWNSHIP AND RANGE, SAID CORNER BEING MARKED BY A STONE MONUMENT, WHICH WAS ACCEPTED BY JIM LAMPORT, SURVEYOR IN 1928, AND
BY OLD SETTLERS FOR MANY YEARS;

 

THENCE FROM SAID POINT NORTH ON THE QUARTER SECTION LINE THROUGH
THE CENTER OF SAID SECTION 27, (THIS LINE BEING ASSUMED NORTH FOR THE PURPOSE OF THIS DESCRIPTION) 774.0 FEET TO A STONE MONUMENT;

  

    	 	4	Estoppel Certificate (LaMerra) – Exhibit A

    	 

    

 

THENCE NORTH 73 DEGREES 34 MINUTES WEST, 659.6 FEET TO A STONE
MONUMENT;

 

THENCE SOUTH 03 DEGREES 45 MINUTES WEST, 1021.3 FEET TO A STONE
MONUMENT ON THE SOUTH LINE OF Said) SECTION 27;

 

THENCE NORTH 85 DEGREES 13 MINUTES EAST, 701.9 FEET ALONG SAID
SECTION LINE TO THE POINT OF BEGINNING.

 

PARCEL NO. 8:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND UTILITY PURPOSES OVER,
ACROSS AND UNDER THE FOLLOWING DESCRIBED PARCEL:

 

A PORTION OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER
OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

BEGINNING AT A POINT ON THE WEST LINE OF THE SOUTHWEST QUARTER
OF THE SOUTHEAST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 600 FEET FROM THE SOUTH
QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 01 DEGREES 29 MINUTES 54 SECONDS
WEST ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 27, A DISTANCE OF 180.05 FEET;

 

THENCE SOUTH 35 DEGREES 58 MINUTES 39 SECONDS EAST, A DISTANCE
OF 44.71 FEET;

 

THENCE SOUTH 0 DEGREES 48 MINUTES 45 SECONDS WEST, A DISTANCE
OF 143.31 FEET;

 

THENCE SOUTH 88 DEGREES 30 MINUTES 06 SECONDS WEST, A DISTANCE
OF 19.54 FEET TO THE PLACE OF BEGINNING.

 

PARCEL NO. 9:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND UTILITY PURPOSES AS
CREATED IN BOOK 938 OF OFFICIAL RECORDS, PAGE 65, OVER, ACROSS AND UNDER THE FOLLOWING DESCRIBED PARCELS:

 

PARCEL A:

 

THE FOLLOWING DESCRIBED PORTION OF THE SOUTHWEST QUARTER OF
THE SOUTHEAST QUARTER OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY,
ARIZONA;

 

BEGINNING AT A POINT ON THE WEST LINE OF THE SOUTHWEST QUARTER
OF THE SOUTHEAST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF 115.84 FEET FROM THE
SOUTH QUARTER CORNER OF SECTION 27, MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 01 DEGREES 29 MINUTES 54 SECONDS
WEST ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 27, A DISTANCE

  

    	 	5	Estoppel Certificate (LaMerra) – Exhibit A

    	 

    

 

OF 484.16 FEET;

 

THENCE NORTH 88 DEGREES 30 MINUTES 06 SECONDS EAST, A DISTANCE
OF 19.54 FEET;

 

THENCE SOUTH 0 DEGREES 48 MINUTES 45 SECONDS WEST, A DISTANCE
OF 484.55 FEET TO THE PLACE OF BEGINNING.

 

PARCEL B:

 

A PORTION OF THE EAST HALF OF THE SOUTHEAST QUARTER OF THE SOUTHWEST
QUARTER OF SECTION 27, TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA;

 

BEGINNING AT A POINT ON THE EAST LINE OF
THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 27 BEARING NORTH 01 DEGREES 29 MINUTES 54 SECONDS WEST, A DISTANCE OF
889.73 FEET FROM THE SOUTH QUARTER CORNER OF SECTION 27 MARKED BY A G.L.O. BRASS CAP;

 

THENCE NORTH 73 DEGREES 03 MINUTES 08 SECONDS WEST, A DISTANCE
OF 103.00 FEET TO THE TRUE POINT OF BEGINNING;

 

THENCE NORTH 73 DEGREES 03 MINUTES 08 SECONDS WEST, A DISTANCE
OF 303.41 FEET. (THE DIRECTION AND LOCATIONS OF THE ABOVE LINE DETERMINED BY STONE MONUMENTS AS CALLED FOR IN THAT CERTAIN DEED
OF CORRECTION OF RECORD IN THE OFFICE OF THE COUNTY RECORDER, YAVAPAI COUNTY, ARIZONA, IN BOOK 172 OF DEEDS, PAGE 495 THEREOF);

 

THENCE NORTH 82 DEGREES 32 MINUTES 53 SECONDS EAST, A DISTANCE
OF 67.32 FEET;

 

THENCE SOUTH 75 DEGREES 10 MINUTES 23 SECONDS EAST, A DISTANCE
OF 195.82 FEET;

 

THENCE SOUTH 35 DEGREES 58 MINUTES 39 SECONDS EAST, A DISTANCE
OF 58.16 FEET TO THE PLACE OF BEGINNING.

 

PARCEL NO. 10:

 

A NON-EXCLUSIVE EASEMENT FOR ROADWAY AND PUBLIC UTILITY PURPOSES
AS CREATED IN BOOK 1920 OF OFFICIAL RECORDS, PAGE 314, EMBRACING ALL OF THE FOLLOWING DESCRIBED PROPERTY:

 

A PARCEL OF LAND LYING IN THE SOUTHWEST QUARTER OF SECTION 27,
TOWNSHIP 17 NORTH, RANGE 5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA, BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

 

BEGINNING AT THE SOUTH QUARTER CORNER OF SECTION 27, TOWNSHIP
17 NORTH, RANGE 5 EAST;

 

THENCE SOUTH 88 DEGREES 53 MINUTES 57 SECONDS WEST, A DISTANCE
OF 612.24 FEET TO THE SOUTHEAST CORNER OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SECTION 27;

 

THENCE NORTH 01 DEGREES 11 MINUTES 29 SECONDS
WEST, A DISTANCE OF 946.77

  

    	 	6	Estoppel Certificate (LaMerra) – Exhibit A

    	 

    

 

FEET TO THE TRUE POINT OF BEGINNING;

 

THENCE SOUTH 85 DEGREES 55 MINUTES 21 SECONDS WEST, A DISTANCE
OF 113.99 FEET;

 

THENCE NORTH 24 DEGREES 08 MINUTES 42 SECONDS WEST, A DISTANCE
OF 61.87 FEET TO A POINT ON A CURVE HAVING A CENTRAL ANGLE OF 141 DEGREES 20 MINUTES 20 SECONDS, A RADIUS OF 131.79 FEET;

 

THENCE ALONG THE ARC OF SAID CURVE, A DISTANCE
OF 50.30 FEET;

 

THENCE SOUTH 24 DEGREES 08 MINUTES 42 SECONDS EAST, A DISTANCE
OF 26.91 FEET;

 

THENCE NORTH 85 DEGREES 55 MINUTES 21 SECONDS EAST, A DISTANCE
OF 81.55 FEET;

 

THENCE SOUTH 01 DEGREES 11 MINUTES 29 SECONDS EAST, A DISTANCE
OF 50.06 FEET TO THE TRUE POINT OF BEGINNING.

 

TOGETHER WITH THE RIGHT TO IMPROVE AND MAINTAIN THE EXISTING
ROAD AND TO RECONSTRUCT AND ENLARGE THE ROAD TO UTILIZE ALL OF THE EASEMENT PROPERTY OR ANY PART THEREOF FOR ROADWAY PURPOSES.

 

PARCEL NO. 11:

 

AN EASEMENT APPURTENANT TO PARCELS 1, 2, 3, 4 AND 5 ABOVE, FOR
ROADWAY AND PUBLIC UTILITIES CREATED IN BOOK 1920, OF OFFICIAL RECORDS, PAGE 307, OVER THAT PORTION OF THE RED ROCK LOOP ROAD DESCRIBED
IN THE ATTACHMENT TO THE INSTRUMENT OF RECORD IN BOOK 915, OF OFFICIAL RECORDS, PAGES 795-803, INCLUSIVE, RECORDS OF YAVAPAI COUNTY,
ARIZONA, LYING WITHIN THE EAST ONEHALF, WEST ONE-HALF, SOUTHEAST QUARTER, SOUTHWEST QUARTER, SECTION 27, TOWNSHIP 17 NORTH, RANGE
5 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN, YAVAPAI COUNTY, ARIZONA.

 

EXCEPTING FROM THE ABOVE PARCELS THE FOLLOWING PROPERTY:

 

Lot 11, THE RETREAT AT OAK CREEK, according to Book 59 of Maps,
pages 99 through 104, inclusive, records of Yavapai County, Arizona.

 

AND

 

Lots 2, 9, 10, 12, 13, 14, 17, 18 and 19, LAMERRA, according
to Book 61 of Maps, pages 27 through 32, inclusive, records of Yavapai County, Arizona.

 

    	 	7	Estoppel Certificate (LaMerra) – Exhibit A

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(c)-ii

ESTOPPEL CERTIFICATE

 

( L’Auberge
Property )

 

	 	A.	Pursuant to that certain Amended and Restated Sedona Agreement with an effective date of March 28, 2013 (the “Agreement”) by and among L’AUBERGE ORCHARDS, LLC, an Arizona limited liability company (“Grantor”), IMH SPECIAL ASSET NT 232, LLC, an Arizona limited liability company (“Noteholder”), and L’AUBERGE NEWCO, LLC, a Delaware limited liability company (“Grantee”), among others, Grantor made, executed and delivered that certain Special Warranty Deed of even date herewith (the “Deed”), as Grantor, to Grantee, its successors and assigns, as Grantee, conveying, in part, the real property in Coconino County, Arizona, commonly known as “L’Auberge de Sedona,” and legally described on Exhibit A attached hereto and made a part hereof (the “Property”).

 

	 	B.	The Deed was executed and delivered to Grantee in lieu of Noteholder’s exercise of its rights and remedies, including possible foreclosure of its liens under that certain Construction Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, dated May 7, 2008, from Grantor, as Trustor, to Transnation Title Insurance Company, as Trustee, for the benefit of IMH Secured Loan Fund, LLC a Delaware limited liability company (“Original Lender”), as Beneficiary, recorded on May 9, 2008, as Instrument No. 3485966, in the Official Records of Coconino County, Arizona (the “Deed of Trust”), and certain documents related thereto (collectively, the “Loan Documents”). The Loan Documents secure a Promissory Note made by Grantor, as Borrower, and payable to the order of Original Lender, dated May 7, 2008, evidencing a loan from Original Lender to Grantor, in the original amount of $72,250,000.00 (the “Loan”). Noteholder is now the holder and owner of the Loan and the Loan Documents.

 

	 	C.	Grantee and Grantor believe that the indebtedness secured by the Loan Documents is greater than the fair value of: (i) the Property deeded, (ii) the Orchards Inn Property, as defined in the Agreement, deeded to an affiliate of Grantee concurrently with the deeding of the Property, (iii) the interest in the lease being assigned to an affiliate of Grantee pursuant to the Assignment of Lease, as defined in the Agreement, (iv) the interest in the limited liability company being assigned to an affiliate of Grantee pursuant to an Assignment of Membership Interest, as defined in the Agreement, and (v) any other personal property conveyed by Grantor to Grantee pursuant to the Agreement.

 

	 	D.	The Deed was Grantor’s free and voluntary act; Grantor in offering to execute the Deed and in executing the same, is not acting under any duress, undue influence, misapprehension, or misrepresentation by Noteholder or Grantee in the Deed, and it is Grantor’s intention as Grantor to convey and transfer, and by the Deed, Grantor did convey and transfer to the Grantee therein, all right, title and interest absolutely, in and to the Property described in the Deed.

 

	 	E.	It is the express intent of Grantor, Grantee and Noteholder that, while Noteholder is releasing Grantor from personal liability under the Loan Documents, the Loan 

 

    	 

    	 

    

 

	 	 	Documents, and specifically the lien of the Deed of Trust, shall not be satisfied, reconveyed, released, terminated or cancelled by conveyance of the Deed, but shall expressly survive such conveyance. Nothing contained in the Deed, the Agreement or herein shall be construed to impair the rights of Noteholder, as the holder of the Loan Documents, with respect to the real and personal property granted as collateral under the Loan Documents, or to affect in any manner the right of the holder of the Loan Documents to foreclose, sell, or otherwise proceed against any such real and personal property and exercise any available remedies with respect thereto under the Loan Documents. No merger of the fee estate conveyed by the Deed with the estate, title and security interest granted by the Loan Documents shall occur (notwithstanding the fact that title to all such interest may be vested in the same person or entity, or a controlled person or entity) until or unless the holder of all such interests shall execute an appropriate instrument effecting such merger and shall duly file the same in the Office of the Recorder of Coconino County, Arizona.

 

	 	F.	This Estoppel Certificate is made on Grantor’s best knowledge and belief for the protection and benefit of Noteholder and Grantee in the Deed, their successors and assigns, and all other parties hereafter dealing with, or who may acquire an interest in the property described therein, and shall bind Grantor’s heirs, administrators, successors and assigns.

 

	 	G.	This Estoppel Certificate may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and all taken together shall constitute one and the same agreement.

 

This Estoppel Certificate
in Support of Deed in Lieu is dated this ____ day of ______________________, 2013.

 

[SIGNATURES ON FOLLOWING PAGES]

 

    	2

    	 

    

 

	GRANTOR:
	 
	L’AUBERGE ORCHARDS LLC, an 

Arizona limited liability company
	 
	By:	 
	Name:	 
	Its:	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF ____________________	)	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

 

    	Estoppel Certificate (L’Auberge) – Signature 1

    	 

    

 

	GRANTEE:
	 
	L’AUBERGE NEWCO, LLC, a Delaware

 limited liability company
	 
	By:	
        IMH Financial Corporation,

        a Delaware corporation, its Sole Member

	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

  

    	Estoppel Certificate (L’Auberge) – Signature 2

    	 

    

 

	NOTEHOLDER:
	 
	IMH SPECIAL ASSET NT 232, LLC, 

an Arizona limited liability company
	 	 
	By:	IMH Financial Corporation, a 

Delaware corporation, its 
	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

  

    	Estoppel Certificate (L’Auberge) – Signature 3

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION OF THE L’AUBERGE
PROPERTY

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF COCONINO,

STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL NO. 1:

 

A parcel of land situated in the West half of Section 8, Township
17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, being more particularly described
as follows:

 

COMMENCING at the West quarter corner of said Section 8, as
marked by a B.L.M brass capped pipe under drain cover in sidewalk and from which the Southwest corner of said Section 8, as marked
by a B.L.M brass capped pipe in cairn, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description),
a distance of 2621.04 feet;

 

THENCE from said West quarter corner, North 12 degrees 54 minutes
17 seconds East (North 12 degrees 27 minutes 33 seconds East, record), a distance of 76.90 feet (76.90 feet record), to a point
on the Southeasterly right of way line of Arizona State Highway 89-A;

 

THENCE Northeasterly along said Southeasterly right of way line
being a non-tangent curve, concave to the Southeast, having a radius of 2150.00 feet (2,150.00 feet, record), a chord bearing of
North 23 degrees 04 minutes 02 seconds East and a central angle of 05 degrees 24 minutes 36 seconds (05 degrees 24 minutes 18 seconds,
record), an arc distance of 203.00 feet (203.00 feet, record), to a concrete nail with brass tag stamped “LS14184”
set at the position of a previously set cotton picker spindle with tag stamped “LS14184”;

 

THENCE continuing Northeasterly along said Southeasterly right
of way line, being a curve, concave to the Southeast, having a radius of 2150.00 feet (2,150.00 feet record), a chord bearing of
North 26 degrees 36 minutes 58 seconds East, a central angle of 01 degrees 41 minutes 17 seconds (01 degrees 41 minutes 39 seconds,
record), an arc distance of 63.35 feet (63.57 feet, record), to a concrete nail with brass tag stamped “LS14184” set
at the position of a previously set chiseled “+” in concrete;

 

THENCE departing said Southeasterly right of way line of Arizona
State Highway 89-A, South 89 degrees 51 minutes 31 seconds East (North 89 degrees 42 minutes 07 seconds East, record), a distance
of 3.74 feet to a point on the Northeasterly line of that certain tract of land acquired by the City of Sedona in December 2005
and described in Document No. 2005-3361777 of the Coconino County Recorder’s office in Coconino county, Arizona;

 

THENCE along the North line of the Orchards/L’Auberge
parcel, South 89 degrees 51 minutes 31 seconds East (North 89 degrees 42 minutes 07 seconds East, record), a distance of 212.10
feet to a 1⁄2” rebar with cap stamped “LS14184” (previously set); THENCE along the Northerly line of the
Orchards/L’Auberge parcel, South 40 degrees 28 minutes 17 seconds East (South 41 degrees 45 minutes 00 seconds East, record),
a distance of 62.25 feet to the POINT OF BEGINNING;

 

    	Estoppel Certificate (L’Auberge) – Exhibit A

    	 

    

 

THENCE South 40 degrees 28 minutes 17 seconds East (South 41
degrees 45 minutes 00 seconds East, record), a distance of 47.00 feet to a 1⁄2” rebar with tag stamped “LS14184”
(previously set);

 

THENCE North 38 degrees 57 minutes 49 seconds East, (North 38
degrees 15 minutes 00 seconds East record), a distance of 150.75 feet (152.00 feet record) to a 1⁄2” rebar with tag
stamped “LS14184” (previously set).

 

THENCE South 50 degrees 57 minutes 03 seconds East, (South 51
degrees 45 minutes 00 seconds East record), a distance of 82.00 feet (82.00 feet record) to a 1⁄2” rebar with tag stamped
“LS14184” (previously set);

 

THENCE North 57 degrees 27 minutes 57 seconds East (North 56
degrees 40 minutes 00 seconds East record), a distance of 26.55 feet (26.5 feet record) to a 1⁄2” rebar with tag stamped
“LS14184” (previously set);

 

THENCE South 32 degrees 32 minutes 03 seconds East (South 33
degrees 20 minutes 00 seconds East record), a distance of 523.60 feet (542.50 feet record) to a point in Oak Creek that lies on
the Northwesterly boundary of the “Brewer Tract”, described in Docket 510, page 496, of the Coconino County Recorder’s
Office and from which a 1⁄2” rebar with tag stamped “LS14184” previously set as a witness corner lies, North
32 degrees 32 minutes 03 seconds West, a distance of 100.00 feet;

 

THENCE South 51 degrees 44 minutes 33 seconds West (no record)
a distance of 6.59 feet (no record) to the Westerly corner of said “Brewer Tract” being a portion in Oak Creek;

 

THENCE South 54 degrees 01 minutes 27 seconds East (no record),
a distance of 19.52 feet (no record) along the Southwesterly boundary of said “Brewer Tract” to a point in Oak Creek;

 

THENCE South 52 degrees 31 minutes 27 seconds West (South 51
degrees 43 minutes 30 seconds West, record), a distance of 11.99 feet (11.40 feet record) to a point in Oak Creek;

 

THENCE South 69 degrees 02 minutes 57 seconds West (South 68
degrees 15 minutes 00 seconds West record), a distance of 166.54 feet (166.54 feet) to a point in Oak Creek;

 

THENCE South 48 degrees 22 minutes 03 seconds East (South 49
degrees 10 minutes 00 seconds East, record), a distance of 60.39 feet (60.40 feet record), to a 1⁄2” rebar with tag
stamped “PE2924” (previously set);

 

THENCE South 63 degrees 20 minutes 02 seconds West, (South 62
degrees 02 minutes 45 seconds West, record), a distance of 835.28 feet (832.38 feet record) to a point in Oak Creek that is on
the West line of said Section 8 and lies South 01 degrees 42 minutes 03 seconds East, a distance of 624.60 feet from said West
quarter corner of Section 8;

 

THENCE North 01 degrees 42 minutes 03 seconds West (North 02
degrees 30 minutes 00 seconds West, record), a distance of 447.60 feet (447.60 feet record) along said West line of Section 8 to
a 1⁄2” rebar with tag stamped “LS14184” (previously set);

 

THENCE North 38 degrees 37 minutes 57 seconds East (North 37
degrees 50 minutes 00 seconds East, record), a distance of 207.55 feet to a 1⁄2” rebar with tag stamped “LS14184”
(previously set);

 

THENCE North 38 degrees 09 minutes 30 seconds East (North 37
degrees 50 minutes 00

 

    	Estoppel Certificate (L’Auberge) – Signature 2

    	 

    

 

seconds East, record), a distance of 109.23 feet to a 1⁄2”
rebar with no identification (previously found):

 

THENCE North 49 degrees 44 minutes 02 seconds East, a distance
of 94.50 feet;

 

THENCE North 37 degrees 42 minutes 35 seconds East, a distance
of 174.72 feet to the POINT OF BEGINNING.

 

EXCEPTING THEREFROM the following described property:

 

A parcel of land being a portion of “Parcel 1B”
as said “Parcel 1B” is shown and described on that certain ALTA/ACSM Land Title Survey map recorded as instrument number
3490268 in the Official Records of Coconino County, said parcel being situated in the West half of Section 8, Township 17 North,
Range 6 East of the Gila and Salt River Base and Meridian in Coconino County, Arizona, and being more particularly described as
follows:

 

COMMENCING
at the West quarter corner of said Section 8, as marked by a G.L.O. brass capped pipe under drain cover in sidewalk and from which
the Southwest corner of said Section 8, as marked by a B.L.M brass capped pipe in cairn, lies South 01 °
42’03” East (basis of bearings for this description), a distance of 2621.04 feet;

 

Thence
from said West quarter corner, along the West line of the Southwest quarter of said Section 8, South 01 °
42’03” East, a distance of 624.60 feet to the Southwest corner of said “Parcel 1B”;

 

Thence
along the Southerly boundary of said “Parcel 1B”, North 63 °
20’02” East a distance of 579.51 feet to the POINT OF BEGINNING;

 

Thence
continuing along said Southerly boundary of “Parcel 1B”, North 63 °
20’02” East a distance of 255.77 feet;

 

Thence
continuing along said Southerly boundary of “Parcel 1B”, North 48 °
22’03” West a

distance of 60.39 feet;

 

Thence
continuing along said Southerly boundary of “Parcel 1B”, North 69 °
02’57” East a distance of 32.29 feet to the most Northerly corner of the Weckerly parcel as described in Docket 1525,
pages 007-009 of the Coconino County Recorder’s Office;

 

Thence
along a prolongation of the Northeasterly boundary of said Weckerly parcel, North 54 °
01’29” West a distance of 23.88 feet, more or less, to the centerline of Oak Creek as it may exist from time to time
in the future;

 

Thence
along said centerline of Oak Creek, as it may exist from time to time in the future, an approximate bearing of South 65 °
34’01” West a distance of 111.83 feet, more or less;

 

Thence
continuing along said centerline of Oak Creek, as it may exist from time to time in the future, an approximate bearing of South
69 ° 31’14”
West a distance of 163.52 feet, more or less, to the intersection of said centerline of Oak Creek with the Northwesterly prolongation
of the Southwesterly boundary of the Miller parcel as described in Docket 1478, pages 378 & 378A of the Coconino County Recorder’s
Office;

 

Thence
in a reversed direction of said Northwesterly prolongation of the Southwesterly boundary of the Miller parcel, South 38 °
15’58” East a distance of 98.08 feet, more or

 

    	Estoppel Certificate (L’Auberge) – Signature 3

    	 

    

 

less, to the POINT OF BEGINNING.

 

PARCEL NO. 2:

 

An easement for ingress, egress and public utilities created
by instrument recorded December 22, 1982, in Docket 911, page 206, records of Coconino County, Arizona, more particularly described
as follows:

 

A strip of land 33.00 feet wide situated in the Southeast quarter
of Section 7, Township 17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, being more
particularly defined as lying 16.50 feet on each side of the following described centerline:

 

COMMENCING at the East quarter corner of said Section 7, as
marked by a GLO brass capped pipe under drain cover in sidewalk and from which the Southeast corner of said Section 7, as marked
by a B.L.M. brass capped pipe, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description), a distance
of 2621.04 feet;

 

THENCE South 01 degrees 42 minutes 03 seconds East (South 02
degrees 30 minutes 00 seconds East, recorded), a distance of 261.40 feet (261.4 feet record) along the East line of said Southeast
quarter of Section 7 to the POINT OF BEGINNING of this center line (side lines of strip of land begin on said East line);

 

THENCE South 28 degrees 37 minutes 57 seconds West (South 27
degrees 50 minutes 00 seconds West record), a distance of 500.20 feet (500.2 feet record);

 

THENCE South 37 degrees 53 minutes 57 seconds West (South 37
degrees 06 minutes 00 seconds West, record), a distance of 330.00 feet (330.00 feet record) to the terminus of center line:

 

EXCEPT therefrom all that portion thereof lying within the right
of way of Arizona Highway 89-A;

 

PARCEL NO. 3:

 

A perpetual, non-exclusive easement for ingress and egress as
set forth in that certain easement agreement recorded April 25, 2002 in instrument number 2002-3138455 and re-recorded July 18,
2005 in instrument number 2005-3332653 of Official Records, Coconino County, Arizona.

 

PARCEL NO. 4:

 

A parcel of land being a portion of the “Pacini Tract”
described in Parcel II in Docket 1711, page 863 and 864 of the Coconino County Recorders Office and situated in the West half of
Section 8, Township 17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, said parcel
being more particularly described as follows:

 

COMMENCING at the West quarter corner of said Section 8, as
marked by a B.L.M brass capped pipe under drain cover in sidewalk and from which the Southwest corner of said Section 8, as marked
by a B.L.M brass capped pipe in cairn, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description),
a distance of 2621.04 feet;

 

    	Estoppel Certificate (L’Auberge) – Signature 4

    	 

    

 

THENCE from said West quarter corner, North 21 degrees 27 minutes
04 seconds East, a distance of 342.00 feet (North 20 degrees 32 minutes East, a distance of 342 feet, record) to a 1⁄2”
rebar with tag stamped “LS14184” set at the position of a previously set chiseled “+” in concrete (previously
set) on the Southeasterly right of way line of Arizona Highway 89-A;

 

THENCE departing said Southeasterly right of way line of Arizona
Highway 89-A South 89 degrees 51 minutes 31 seconds East, a distance of 215.83 feet (North 89 degrees 10 minutes East, a distance
of 217.50 feet record), to a 1⁄2” rebar with plastic cap stamped “LS14184” (found);

 

THENCE South 40 degrees 28 minutes 17 seconds East, a distance
of 109.25 feet (South 41 degrees 45 minutes East, a distance of 110.77 feet record) to a 1⁄2” rebar with plastic cap
stamped “LS14184” (previously set);

 

THENCE North 38 degrees 57 minutes 49 seconds East, a distance
of 150.75 feet (North 38 degrees 15 minutes East, a distance of 152.0 feet record), to a 1⁄2” rebar with tag stamped
“LS14184” (previously set) at a corner of said “Pacini Tract”;

 

THENCE along the boundary of said “Pacini
Tract” South 50 degrees 57 minutes 03 seconds East, a distance of 82.00 feet (same as record) to a 1⁄2” rebar
with tag stamped “LS14184” (found) at a corner thereof;

 

THENCE continuing along the boundary of said “Pacini Tract”
North 57 degrees 27 minutes 57 seconds East, a distance of 26.55 feet (same as record) to a 1⁄2” rebar with tag stamped
“LS14184” (found) at a corner thereof;

 

THENCE continuing along the boundary of said “Pacini Tract”,
South 32 degrees 32 minutes 03 seconds East, a distance of 5.00 feet to the POINT OF BEGINNING;

 

THENCE North 57 degrees 27 minutes 57 seconds East, a distance
of 58.00 feet to a 1⁄2” rebar with tag stamped “LS14184”;

 

THENCE North 89 degrees 27 minutes 57 seconds East, a distance
of 35.39 feet to a 1⁄2” rebar with tag stamped “LS14184”;

 

THENCE South 00 degrees 32 minutes 03 seconds East, a distance
of 163.25 feet to a 1⁄2” rebar with tag stamped “LS14184”;

 

THENCE South 32 degrees 32 minutes 03 seconds East, a distance
of 215.13 feet to a 1⁄2” rebar with tag stamped “LS14184”;

 

THENCE South 31 degrees 56 minutes 49 seconds East, a distance
of 146.28 feet to a point on the Northwesterly boundary of the “Brewer Tract” as described in Docket 510, page 496
of the Coconino County Recorder’s Office and the Southwest corner of the said “Pacini Tract” and from which a
1⁄2” rebar with brass tag stamped “LS14184” (previously set as a witness corner) bears North 32 degrees
32 minutes 03 seconds West, a distance of 100.00 feet;

 

THENCE along the Westerly boundary of the said “Pacini
Tract”, North 32 degrees 32 minutes 03 seconds West, a distance of 518.60 feet to the POINT OF BEGINNING.

 

    	 		Estoppel Certificate (L’Auberge) – Signature 5

    	 

    

 

PARCEL NO. 5:

 

INTENTIONALLY DELETED.

 

    	Estoppel Certificate (L’Auberge) – Signature 6

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(c)-iii

 

ESTOPPEL CERTIFICATE 

(Orchards Inn Property)

 

	 	A.	Pursuant to that certain "Sedona Agreement" dated March 29, 2013 (the "Agreement") by and among L'AUBERGE ORCHARDS, LLC, an Arizona limited liability company ("Grantor"), IMH SPECIAL ASSET NT 232, LLC, an Arizona limited liability company ("Noteholder"), and ORCHARDS NEWCO, LLC, a Delaware limited liability company ("Grantee"), among others, Grantor made, executed and delivered that certain Special Warranty Deed of even date herewith (the "Deed"), as Grantor, to Grantee, its successors and assigns, as Grantee, conveying the real property in Coconino County, Arizona, a portion of which is legally described on Exhibit A attached hereto and made a part hereof, and is commonly known as the "Orchards Inn Property" (the "Property").

 

	 	B.	The Deed was executed and delivered to Grantee in lieu of Noteholder's exercise of its rights and remedies, including possible foreclosure of its lien under that certain Construction Deed of Trust, Assignment of Rents and Security Agreement, dated May 7, 2008, from Grantor, as Trustor, to Transaction Title Insurance Company, as Trustee, for the benefit of IMH Secured Loan Fund, LLC, a Delaware limited liability company ("Original Lender"), as Beneficiary, recorded on May 9, 2008, as Instrument No. 3485966, in the Official Records of Coconino County, Arizona (the "Deed of Trust"). The Deed of Trust and various other documents (collectively the "Loan Documents") secure a Promissory Note made by Grantor, as Borrower, and payable to the order of Original Lender, dated May 7, 2008, evidencing a loan from Original Lender to Grantor, in the original amount of $72,250,000.00 (the "Loan"). Noteholder is now the holder and owner of the Loan and the Loan Documents.

 

	 	C.	Grantee and Grantor believe that the indebtedness secured by the Deed of Trust is greater than the fair value of: (i) the Property deeded, (ii) the L'Auberge Property, and the Schnebly Hill Property, as defined in the Agreement, deeded to an affiliate of Grantee concurrently with the deeding of the Property, (iii) the interest in the lease being assigned to an affiliate of Grantee pursuant to the Assignment of Lease, as defined in the Agreement, (iv) the interest in the limited liability company being assigned to an affiliate of Grantee pursuant to an Assignment of Membership Interest, as defined in the Agreement and (v) any other personal property conveyed by Grantor to Grantee pursuant to the Agreement.

 

	 	D.	The Deed was Grantor's free and voluntary act; Grantor in offering to execute the Deed and in executing the same, is not acting under any duress, undue influence, misapprehension, or misrepresentation by Noteholder or Grantee in the Deed, and it is Grantor's intention as Grantor to convey and transfer, and by the Deed, Grantor did convey and transfer to the Grantee therein, all right, title and interest absolutely, in and to the Property described in the Deed.

 

    	 

    	 

    

 

	 	E.	It is the express intent of Grantor, Grantee and Noteholder that, while Noteholder is releasing Grantor from personal liability under the Loan Documents, the Loan Documents, and specifically the lien of the Deed of Trust, shall not be satisfied, reconveyed, released, terminated or cancelled by conveyance of the Deed, but shall expressly survive such conveyance. Nothing contained in the Deed, the Agreement or herein shall be construed to impair the rights of Noteholder, as the holder of the Loan Documents, with respect to the real and personal property granted as collateral under the Loan Documents, or to affect in any manner the right of the holder of the Loan Documents to foreclose, sell, or otherwise proceed against any such real and personal property and exercise any available remedies with respect thereto under the Loan Documents. No merger of the fee estate conveyed by the Deed with the estate, title and security interest granted by the Loan Documents shall occur (notwithstanding the fact that title to all such interest may be vested in the same person or entity or a controlled person or entity) until or unless the holder of all such interests shall execute an appropriate instrument effecting such merger and shall duly file the same in the Office of the Recorder of Coconino County, Arizona.

 

	 	F.	This Estoppel Certificate is made on Grantor's best knowledge and belief for the protection and benefit of Noteholder and Grantee in the Deed, their successors and assigns, and all other parties hereafter dealing with, or who may acquire an interest in the property described therein, and shall bind Grantor's heirs, administrators, successors and assigns.

 

	 	G.	This Estoppel Certificate may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and all taken together shall constitute one and the same agreement.

 

This Estoppel Certificate in Support of
Deed in Lieu is dated this _____ day of _______ 2013.

 

[SIGNATURES ON FOLLOWING PAGES]

 

    	2

    	 

    

 

	GRANTOR:	 
	 	 
	L’AUBERGE ORCHARDS, LLC, an Arizona

limited liability company	 
	 	 
	By:	 	 
	Name:  	 	 
	Its:	 	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF _______________________ _____	)	 
	 	 	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

 

    	Estoppel Certificate (Orchards Inn) - Signature 1

    	 

    

 

	GRANTEE:
	 
	ORCHARDS NEWCO, LLC, a Delaware

limited liability company 

 

	By:	
        IMH Financial Corporation,

        a Delaware corporation, its Sole Member
	 

 

	 	By:	 	 
	 	Name: 	 	 
	 	Its:	 	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 
	 	 	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

  

    	 	2	Estoppel Certificate (Orchards Inn) - Signature 2

    	 

    

 

	NOTEHOLDER:	 
	 	 
	IMH SPECIAL ASSET NT 232, LLC, an

Arizona limited liability company	 

 

	By:	IMH Financial Corporation, a

Delaware corporation, Sole Member	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Its:	 	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 
	 	 	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

 

	Signature	 	 
	My Commission Expires:	 	(Space above for official notarial seal)

  

    	 	3	Estoppel Certificate (Orchards Inn) - Signature 3

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION
OF THE PROPERTY

 

(Orchards Inn Property)

 

THE LAND REFERRED TO HEREIN BELOW IS SITUATED
IN THE COUNTY OF COCONINO, STATE OF ARIZONA, AND IS DESCRIBED AS FOLLOWS:

 

PARCEL NO. 1:

 

A parcel of land situated in the West half of Section 8, Township
17 North, Range 6 East, of the Gila and Salt River Base and Meridian, Coconino County, Arizona, being more particularly described
as follows:

 

COMMENCING at the West quarter corner of said Section 8, as
marked by a B.L.M brass capped pipe under drain cover in sidewalk and from which the Southwest corner of said Section 8, as marked
by a B.L.M brass capped pipe in cairn, lies South 01 degrees 42 minutes 03 seconds East (basis of bearings for this description),
a distance of 2621.04 feet;

 

THENCE from said West quarter corner, North 12 degrees 54 minutes
17 seconds East (North 12 degrees 27 minutes 33 seconds East, record), a distance of 76.90 feet (76.90 feet, record) to a point
on the Southeasterly right-of-way line of Arizona State Highway 89-A;

 

THENCE Northeasterly along said Southeasterly right of way line
being a non-tangent curve, concave to the Southeast, having a radius of 2150.00 feet (2150.00 feet record)., a chord being of North
23 degrees 04 minutes 02 seconds East and a central angle of 05 degrees 24 minutes 36 seconds (05 degrees 24 minutes 18 seconds,
record), an arc distance of 203.00 feet (203.00 feet record), to a concrete nail with brass tag stamped “LS14184” set
at the position of a previously set cotton picker spindle with tag stamped “LS14184”;

 

THENCE departing said Southeasterly right of way line of Arizona
State Highway 89A, South 65 degrees 25 minutes 03 seconds East, a distance of 11.73 feet to the POINT OF BEGINNING, which lies
on the Southeasterly line of that certain tract of land acquired by the City of Sedona in December 2005 and described in Document
NO. 2005-3361777 of the Coconino County Recorder’s Office, Coconino County, Arizona;

 

THENCE along said Southeasterly line, North 24 degrees 46 minutes
32 seconds East, a distance of 23.47 feet;

 

THENCE continuing along said Southeasterly line, North 21 degrees
21 minutes 48 seconds East, a distance of 3.63 feet;

 

THENCE continuing along said Southeasterly line, North 20 degrees
52 minutes 26 seconds West, a distance of 8.33 feet;

 

THENCE continuing along said Southeasterly line, North 69 degrees
07 minutes 34 seconds East, a distance of 1.00 feet;

 

THENCE continuing along said Southeasterly
line, North 19 degrees 27 minutes 50 seconds

 

    	Estoppel Certificate (Orchards Inn) - Exhibit A

    	 

    

 

West, a distance of 6.81 feet;

 

THENCE continuing along said Southeasterly line, North 26 degrees
18 minutes 08 seconds East, a distance of 19.54 feet;

 

THENCE continuing along said Southeasterly line, South 62 degrees
51 minutes 12 seconds East, a distance of 4.07 feet;

 

THENCE continuing along said Southeasterly line, North 23 degrees
53 minutes 25 seconds East, a distance of 6.93 feet;

 

THENCE continuing along said Southeasterly line of that tract
of land acquired by the City of Sedona in December 2005, North 62 degrees 35 minutes 35 seconds West, a distance of 0.55 feet to
the North line of the Orchards/L’Auberge parcel;

 

THENCE along said North line of the Orchards/L’Auberge
parcel, South 89 degrees 51 minutes 31 seconds East (North 89 degrees 42 minutes 07 seconds East, record), a distance of 212.10
feet to a 1⁄2” rebar with cap stamped “LS14184” (previously set);

 

THENCE South 40 degrees 28 minutes 17 seconds East, (South 41
degrees 45 minutes 00 seconds East, record), a distance of 62.25 feet;

 

THENCE South 37 degrees 42 minutes 35 seconds West, a distance
of 174.72 feet;

 

THENCE South 49 degrees 44 minutes 02 seconds West, a distance
of 94.50 feet to a 1⁄2” rebar with no identification (previously found);

 

THENCE North 31 degrees 49 minutes 11 seconds West (North 32
degrees 21 minutes 20 seconds West, record), a distance of 114.47 feet (113.94 feet record) to a 1⁄2” rebar with cap
stamped “LS 14184” (previously set);

 

THENCE North 22 degrees 35 minutes 10 seconds East (North 24
degrees 24 minutes 07 seconds East, record), a distance of 66.04 feet (65.00 feet, record) to a concrete nail with brass tag stamped
“LS14184”, previously set at the position of a previously set chiseled “+” in concrete;

 

THENCE North 65 degrees 25 minutes 03 seconds West, (North 65
degrees 34 minutes 02 seconds West, record), a distance of 65.96 feet to the POINT OF BEGINNING.

 

PARCEL NO. 2:

 

INTENTIONALLY DELETED.

 

PARCEL NO. 3:

 

An easement for overhead canopies and other purposes by or pursuant
to that certain Special Warranty Deed (In Lieu of Condemnation) recorded December 27, 2005 in Document No. 3361777, Official Records
of Coconino County, Arizona.

 

    	 	2	Estoppel Certificate (Orchards Inn) - Exhibit A

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(g)

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

(L’Auberge de Sedona LLC Assets
and Liabilities)

 

THIS ASSIGNMENT AND
ASSUMPTION AGREEMENT (“Assignment”) is made and entered into as of this _____ day of ______________, 2013 by
and between L’AUBERGE DE SEDONA LLC, an Arizona limited liability company (“Assignor”), and L’AUBERGE
NEWCO, LLC, a Delaware limited liability company (“Assignee”).

 

WHEREAS, the Assignor
and Assignee are parties to that certain “Sedona Agreement” dated March 29, 2013 whereby the Assignor, among
others, has agreed to, among other things, convey and transfer to Assignee certain assets and interests owned, held and/or controlled
by the Assignor, as identified in the Sedona Agreement and subject to the terms and conditions of the Sedona Agreement, for good
and valuable consideration,

 

WHEREAS, Assignor desires
to assign all of its assets and those certain liabilities described on Exhibit A to Assignee, and Assignee desires to accept
and assume such assets and certain liabilities,

 

WHEREAS, the parties
have agreed to execute this Assignment in order to effect such assignment, delegation and assumption on the terms and conditions
set forth herein,

 

NOW, THEREFORE, for
good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, Assignor and Assignee do hereby agree
as follows:

 

		1.	General
Assignment.

 

Assignor hereby sells,
transfers, assigns, delivers, sets over and conveys to Assignee all right, title and interest of Assignor, in and to all assets,
including without limitation all personal property owned or leased by Assignor now existing or at any time hereafter acquired,
and all right, title and interest in and to the following:

 

a.           to
the extent they may be transferred under applicable law, all licenses, permits and authorizations presently issued in connection
with the operation of all or any part of the Real Property as it is presently being operated including but not limited to all such
permits and licenses;

 

b.           all
warranties and guarantees (if any) issued to Assignor by any manufacturer or contractor in connection with the construction or
installation of equipment included as part of the Real Property;

 

c.           all
claims against contractors and suppliers with respect to work done on or with respect to the Real Property or materials incorporated
into the Real Property;

 

d.           all
contracts in effect as of the date hereof with respect to the Real Property;

 

    	 

    	 

    

 

e.           all
brands, trade names, trademarks, web sites, telephone numbers and listings, deposits and other general intangibles of or relating
to the Real Property;

 

f.            all
permits, licenses, and approvals applicable to the Real Property or any business conducted thereon or therefrom;

 

g.           all
engineering documents, architectural documents and other plats, plans, specifications, drawings and surveys applicable to the Real
Property;

 

h.           all
refunds of insurance premiums associated with or related to the Real Property;

 

i.            all
returns or refunds of deposits, charges, payments or taxes associated with the Real Property or business conducted thereon by Assignor,
its subsidiaries, affiliates or agents;

 

j.            all
water rights associated with or related to the Real Property;

 

k.           all
legal, equitable and/or administrative claims whatsoever, whether known or unknown, filed or unfiled;

 

l.            all
accounts, cash and cash equivalents; and

 

m.          all
other rights, privileges and appurtenances associated with the Real Property.

 

All of the foregoing
items in this Section are collectively referred to as the “Property Interests”.

 

		2.	Acceptance
and Assumption.

 

Assignee hereby accepts
the assignment of the Property Interests and assumes the liability and obligations specifically described on Exhibit A attached
hereto (the “Scheduled Assumed Liabilities”),to the extent the same are liabilities or obligations of the Assignor.

 

		3.	Further
Assurances.

 

The parties shall execute
such further documents and do any and all such further things as may be necessary to implement and carry out the intent of this
Assignment.

 

		4.	Successors
and Assigns.

 

This Assignment shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

		5.	Governing
Law.

 

This Assignment shall
be governed by and construed in accordance with the laws of the State of Arizona.

 

    	2

    	 

    

 

		6.	Counterparts.

 

This Assignment may
be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

 

[SIGNATURES ON FOLLOWING PAGES]

 

    	3

    	 

    

 

IN WITNESS WHEREOF,
this Assignment been executed as of the date first stated above.

 

	ASSIGNOR:	 
	 	 
	L’AUBERGE DE SEDONA LLC,	 
	an Arizona limited liability company	 
	 	 
	By:	 	 
	 	Albert B. Spector, Jr.	 
	Its:	 	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF ______________________	)	 
	 	 	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

  

    	Assignment and Assumption (L’Auberge de Sedona LLC) – Signature 1

    	 

    

 

	ASSIGNEE	 
	 	 
	L’AUBERGE NEWCO, LLC, a Delaware	 
	limited liability company	 
	 	 
	By:	IMH Financial Corporation,	 
	 	a Delaware corporation, Sole Member	 
	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Its:	 	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 
	 	 	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

 

    	Assignment and Assumption (L’Auberge de Sedona LLC) – Signature 2

    	 

    

 

EXHIBIT A

 

SCHEDULED ASSUMED LIABILITIES

 

    	Assignment and Assumption (L’Auberge de Sedona LLC) – Ex. A

    	 

    

 

SCHEDULE OF ASSUMED LIABILITIES

 

	1. Advance Deposit Liabilities	 	$	1,954,171	 
	2. Squire Sanders & Dempsey	 	$	54,000	 
	3. Paid Time Off	 	$	111,487	 
	4. Arizona Department of Revenue	 	$	164,877	 
	5. RDS Payment	 	$	104,840	 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(h)

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

(Orchards Inn & Restaurant LLC Assets
and Liabilities)

 

THIS ASSIGNMENT AND
ASSUMPTION AGREEMENT (“Assignment”) is made and entered into as of this _____ day of ______________, 2013 by
and between ORCHARDS INN & RESTAURANT LLC, an Arizona limited liability company (“Assignor”), and ORCHARDS
NEWCO, LLC, a Delaware limited liability company (“Assignee”).

 

WHEREAS, the Assignor
and Assignee are parties to that certain “Sedona Agreement” dated March 29, 2013 whereby the Assignor, among
others, has agreed to, among other things, convey and transfer to Assignee certain assets and interests owned, held and/or controlled
by the Assignor, as identified in the Sedona Agreement and subject to the terms and conditions of the Sedona Agreement, for good
and valuable consideration,

 

WHEREAS, Assignor desires
to assign all of its assets and those certain liabilities described on Exhibit A to Assignee, and Assignee desires to accept
and assume such assets and certain liabilities,

 

WHEREAS, the parties
have agreed to execute this Assignment in order to effect such assignment, delegation and assumption on the terms and conditions
set forth herein,

 

NOW, THEREFORE, for
good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, Assignor and Assignee do hereby agree
as follows:

 

1.            General
Assignment.

 

Assignor hereby sells,
transfers, assigns, delivers, sets over and conveys to Assignee all right, title and interest of Assignor, in and to all assets,
including without limitation all personal property owned or leased by Assignor now existing or at any time hereafter acquired,
and all right, title and interest in and to the following:

 

a.           to
the extent they may be transferred under applicable law, all licenses, permits and authorizations presently issued in connection
with the operation of all or any part of the Real Property as it is presently being operated including but not limited to all such
permits and licenses;

 

b.           all
warranties and guarantees (if any) issued to Assignor by any manufacturer or contractor in connection with the construction or
installation of equipment included as part of the Real Property;

 

c.           all
claims against contractors and suppliers with respect to work done on or with respect to the Real Property or materials incorporated
into the Real Property;

 

d.           all
contracts in effect as of the date hereof with respect to the Real Property;

 

    	 

    	 

    

 

e.           all
brands, trade names, trademarks, web sites, telephone numbers and listings, deposits and other general intangibles of or relating
to the Real Property, including, without limitation, Orchards Inn, Orchards Inn of Sedona and Canyon Portal Motel;

 

f.            all
permits, licenses, and approvals applicable to the Real Property or any business conducted thereon or therefrom;

 

g.           all
engineering documents, architectural documents and other plats, plans, specifications, drawings and surveys applicable to the Real
Property;

 

h.           all
refunds of insurance premiums associated with or related to the Real Property;

 

i.            all
returns or refunds of deposits, charges, payments or taxes associated with the Real Property or business conducted thereon by Assignor,
its subsidiaries, affiliates or agents;

 

j.            all
water rights associated with or related to the Real Property;

 

k.          all
legal, equitable and/or administrative claims whatsoever, whether known or unknown, filed or unfiled;

 

l.            all
accounts, cash and cash equivalents; and

 

m.          all
other rights, privileges and appurtenances associated with the Real Property.

 

All of the foregoing
items in this Section are collectively referred to as the “Property Interests”.

 

2.            Acceptance
and Assumption.

 

Assignee hereby accepts
the assignment of the Property Interests and assumes the liability and obligations specifically described on Exhibit A attached
hereto (the “Scheduled Assumed Liabilities”), to the extent the same are liabilities or obligations of the Assignor.

 

3.            Further
Assurances.

 

The parties shall execute
such further documents and do any and all such further things as may be necessary to implement and carry out the intent of this
Assignment.

 

4.            Successors
and Assigns.

 

This Assignment shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

    	2

    	 

    

 

5.            Governing
Law.

 

This Assignment shall
be governed by and construed in accordance with the laws of the State of Arizona.

 

6.            Counterparts.

 

This Assignment may
be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

 

[SIGNATURE ON THE FOLLOWING PAGE]

 

    	3

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Assignment as of the date first written above.

  

	ASSIGNOR:	 
	 	 
	ORCHARDS INN &

RESTAURANT LLC,	 
	an Arizona limited liability company	 
	 	 
	By:	 	 
	 	Albert B. Spector, Jr.	 
	Its:	 	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF ______________________	)	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

  

    	Assignment and Assumption (Orchards Inn & Restaurant LLC) – Sig.  1

    	 

    

 

	ASSIGNEE:
	 
	ORCHARDS NEWCO, LLC, a Delaware
	limited liability company
	 
	By:	IMH Financial Corporation,	 
	 	a Delaware corporation, Sole Member	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Its:	 	 

 

ACKNOWLEDGMENT

 

	STATE OF ARIZONA	)	 
	 	) ss	 
	COUNTY OF MARICOPA	)	 

 

On ____________________, before me, ____________________________________,
a Notary Public in and for the State of Arizona, personally appeared ______________________, personally known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged
to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person,
or the entity upon behalf of which _______________________________ acted, executed the instrument.

 

	 	 
	Signature	 
	My Commission Expires:	(Space above for official notarial seal)

 

    	Assignment and Assumption (Orchards Inn & Restaurant LLC) – Sig.  2

    	 

    

 

EXHIBIT A

 

SCHEDULED ASSUMED LIABILITIES

 

    	Assignment and Assumption (Orchards Inn & Restaurant LLC) – Ex. A

    	 

    

 

SCHEDULE OF ASSUMED LIABILITIES

 

	1. Advance Deposit Liabilities	 	$	1,954,171	 
	2. Squire Sanders & Dempsey	 	$	54,000	 
	3. Paid Time Off	 	$	111,487	 
	4. Arizona Department of Revenue	 	$	164,877	 
	5. RDS Payment	 	$	104,840	 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EX 8(o)-i

 

MUTUAL RELEASE OF LENDER, BORROWER
AND GUARANTOR

 

(HL Loan)

 

THIS MUTUAL RELEASE
OF LENDER, BORROWER AND GUARANTOR (“Release”) is entered into this _____ day of May, 2013 by and among IMH
SPECIAL ASSET NT 233, LLC, an Arizona limited liability company (“Lender”), HL LLC, an Arizona limited
liability company (“HL Borrower”) and Albert B. Spector, Jr. (“Guarantor,” together
with HL Borrower, the “Borrower Parties”).

 

RECITALS

 

A.           Lender
and Borrower Parties are parties to that certain “Sedona Agreement” dated as of March 29, 2013 (the “Sedona
Agreement”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Sedona Agreement.

 

B.           Pursuant
to the Sedona Agreement, Lender and Borrower Parties desire to mutually and fully release, except to the extent set forth in the
Sedona Agreement, each other from any and all liabilities and obligations arising out of or relating to the HL Loan or HL Loan
Documents.

 

AGREEMENT

 

NOW THEREFORE, f or
and in consideration of the agreements set forth in the Sedona Agreement and of Ten Dollars ($10.00) and other good and valuable
consideration in hand, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.           Release of Lender. Upon the Closing, and on the condition that the Closing occurs, without limiting any other exculpatory,
indemnification, or other rights, powers, privileges or remedies of the Released Lender Parties (defined below), each of the Borrower
Parties (including, without limitation, Guarantor) (the “Borrower Releasing Parties”), on behalf of themselves
and their heirs, successors and assigns, hereby release and discharge all claims, demands, causes of action, counterclaims, defenses
and offsets against Lender, its current and prior subsidiaries, affiliates, attorneys, directors, officers, shareholders, members,
partners, trusts, employees, agents, advisors, consultants, servicers, lenders, and any other person, corporation or entity that
might be claimed to be liable on its behalf (the “Released Lender Parties”) and do hereby release, acquit and
forever discharge the Released Lender Parties from any and all debts, obligations, promises, agreements, covenants, contracts,
controversies, suits, actions, guaranties, warranties, representations, causes of action, judgments, executions, claims and demands,
damages of any kind, liability and costs of every kind and character in law or in equity, known or unknown, that the Borrower Releasing
Parties have or hereinafter can, shall or may have against the Released Lender Parties for, upon or by reason of any matter, cause,
or thing whatsoever, whether vested or contingent, accrued or unaccrued, suspected or claimed, that any of the Borrower Releasing
Parties have heretofore had and asserted or could have asserted or which it

 

    	 

    	 

    

 

may hereafter have or assert against the
Released Lender Parties for, upon or by reason of any matter, cause, or thing whatsoever (other than fraud), which has occurred
or arisen at any time prior to the Closing, related to, or arising out of any act or omission of any of the Released Lender Parties
in connection with the HL Loan Documents or the HL Loan evidenced and secured thereby or the real and/or personal property constituting
collateral therefor (the “Released Lender Liabilities”). Each Borrower Releasing Party covenants not to sue
any of the Released Lender Parties with respect to the Released Lender Liabilities. Each Borrower Releasing Party represents and
warrants that it has not heretofore assigned or transferred or purported to have assigned or transferred to any person, firm, corporation
or any other entity any of the matters described in the release set forth herein. Each Borrower Releasing Party acknowledges that
there is a risk that, subsequent to the release contemplated hereby, the Borrower Releasing Party may discover, incur, or suffer
claims that were unknown to that Borrower Releasing Party or unanticipated at the time of signing this Release or the Closing,
including, without limitation, unknown or unanticipated claims that, had they been known, may have materially affected the decision
to provide the release contemplated hereby. Nothing in this Release is intended to limit Borrower Releasing Parties’ rights
to pursue any remedies available under the Sedona Agreement or under any document or agreement entered into or delivered pursuant
to the Sedona Agreement for any obligation or liability of the Lender which, by its terms, survives the Closing or the earlier
termination of the Sedona Agreement.

 

2.           Release of Borrower Parties.      Upon the Closing, and on the condition that the Closing
occurs, Lender, on behalf of itself and its heirs, successors, assigns and affiliates, hereby releases and discharges all claims,
demands, causes of action, liabilities, counterclaims, defenses and offsets against Borrower Parties, but not Jacob Gechman (“Gechman”),
and their current and prior subsidiaries, affiliates, advisors, consultants, attorneys, employees, agents, directors, officers,
shareholders, members, partners, trusts, and any other person, corporation or entity that might be claimed to be liable on its
behalf, other than Gechman (collectively, the “Released Borrower Parties”) and does hereby release, acquit and
forever discharge the Released Borrower Parties from any and all debts, obligations, promises, agreements, covenants, contracts,
controversies, suits, actions, guaranties, warranties, representations, causes of action, judgments, executions, claims and demands,
damages of any kind, liability and costs of every kind and character in law or in equity, known or unknown, that Lender has or
hereinafter can, shall or may have against the Released Borrower Parties for, upon or by reason of any matter, cause, or thing
whatsoever, whether vested or contingent, accrued or unaccrued, suspected or claimed, that Lender may have heretofore had and asserted
or could have asserted or which they it may hereafter have or assert against the Released Borrower Parties for, upon or by reason
of any matter, cause, or thing whatsoever (other than fraud), which has occurred or arisen at any time prior to the Closing, arising
out of or relating to the HL Loan and/or HL Loan Documents or the real and personal property constituting collateral therefor (collectively,
the “Released Borrower Liabilities”). Lender covenants not to sue any of the Released Borrower Parties with
respect to the Released Borrower Liabilities. Lender represents and warrants that it holds all applicable rights necessary to validly
release the matters set forth herein. Lender acknowledges that there is a risk that, subsequent to the release contemplated hereby,
Lender may discover, incur, or suffer claims that were unknown to the Lender or unanticipated at the time of signing of this Release
or the Closing, including without limitation, unknown or unanticipated claims that, had they been known, may have materially affected
the decision to provide the release contemplated hereby. Nothing in this Release is intended to limit Lender’s rights to
(A) pursue the post-Closing 

 

    	2

    	 

    

 

remedies described in the Sedona Agreement,
any remedies available under the Sedona Agreement or under any document or agreement entered into or delivered pursuant to the
Sedona Agreement for a failure to perform thereunder, or for any obligation or liability which, by its terms, survives the Closing
or the earlier termination of the Sedona Agreement, or (B) pursue against Gechman and/or any individual, corporation, association,
partnership, limited liability company, trust, joint venture, business trust or unincorporated organization or other entity or
organization that might be claimed to be liable on Gechman’s behalf, any claim, whether relating to the HL Loan and/or the
HL Loan Documents or otherwise.

 

3.            Successors and Assigns.  It is understood and agreed that this Release shall be binding upon and shall inure to the
benefit of the parties hereto and their respective heirs, representatives, successors and assigns.

 

4.            Construction.     If any term, covenant, or condition of this Release is held to be invalid or
unenforceable in any respect, such invalidity or unenforceability shall not affect any other provision hereof, and this Release
shall be construed as if such invalid or unenforceable provision had never been contained herein.

 

5.           
Interpretation.  Should any provision of this Release require interpretation in any judicial, administrative or other
proceeding or circumstance, it is agreed that the court, administrative body or other entity interpreting or construing the same
shall not apply a presumption that the terms hereof shall be more strictly construed against one party by reason of the rule of
construction that a document is to be construed more strictly against the party who prepared the same, it being agreed that the
parties hereto have fully participated in the preparation of this Release.

 

6.           
Counterparts. This Release may be executed in counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

 

7.           
Entire Transaction. This Release is executed and delivered in connection with the Sedona Agreement and the other documents,
releases and agreements entered into in connection therewith. To that end, all of such documents shall be construed together and
as containing mutually dependent covenants and terms.

 

8.           
Governing Law. This Release shall be governed by construed and enforced in accordance with and subject to the laws of the
State of Arizona.

 

9.            Survival. This Release shall survive the Closing and shall not terminate.

 

    	3

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Release as of the date and year first written above.

 

	 	LENDER
	 	 
	 	IMH SPECIAL ASSET NT 233, LLC,
	 	an Arizona limited liability company
	 	 
	 	By:	IMH Financial Corporation, a Delaware

corporation
	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Its:	 
	 	 
	 	BORROWER PARTIES
	 	 
	 	“HL BORROWER”
	 	 
	 	HL LLC, an Arizona limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

	 	“GUARANTOR”
	 	 
	 	 
	 	Albert B. Spector Jr., an individual

 

    	HL Release of Lender, Borrower and Guarantor – Signature Page

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EX 8(o)-ii

 

MUTUAL RELEASE OF LENDER, BORROWER
AND GUARANTOR

 

(LA Loan)

 

THIS MUTUAL RELEASE
OF LENDER, BORROWER AND GUARANTOR (“Release”) is entered into this _____ day of May, 2013 by and among IMH
SPECIAL ASSET NT 232, LLC, an Arizona limited liability company (“Lender”), L’AUBERGE ORCHARDS
LLC, an Arizona limited liability company (“LA Borrower”) and Albert B. Spector, Jr. (“Guarantor,”
together with LA Borrower, the “Borrower Parties”).

 

RECITALS

 

A.           Lender
and Borrower Parties are parties to that certain “Sedona Agreement” dated as of March 29, 2013 (the “Sedona
Agreement”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Sedona Agreement.

 

B.           Pursuant
to the Sedona Agreement, Lender and Borrower Parties desire to mutually and fully release, except to the extent set forth in the
Sedona Agreement, each other from any and all liabilities and obligations arising out of or relating to the LA Loan or LA Loan
Documents.

 

AGREEMENT

 

NOW THEREFORE, f or
and in consideration of the agreements set forth in the Sedona Agreement and of Ten Dollars ($10.00) and other good and valuable
consideration in hand, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.          
Release of Lender. Upon the Closing, and on the condition that the Closing occurs, without limiting any other exculpatory,
indemnification, or other rights, powers, privileges or remedies of the Released Lender Parties (defined below), each of the Borrower
Parties (including, without limitation, Guarantor) (the “Borrower Releasing Parties”), on behalf of themselves
and their heirs, successors and assigns, hereby release and discharge all claims, demands, causes of action, counterclaims, defenses
and offsets against Lender, its current and prior subsidiaries, affiliates, attorneys, directors, officers, shareholders, members,
partners, trusts, employees, agents, advisors, consultants, servicers, lenders, and any other person, corporation or entity that
might be claimed to be liable on its behalf (the “Released Lender Parties”) and do hereby release, acquit and
forever discharge the Released Lender Parties from any and all debts, obligations, promises, agreements, covenants, contracts,
controversies, suits, actions, guaranties, warranties, representations, causes of action, judgments, executions, claims and demands,
damages of any kind, liability and costs of every kind and character in law or in equity, known or unknown, that the Borrower Releasing
Parties have or hereinafter can, shall or may have against the Released Lender Parties for, upon or by reason of any matter, cause,
or thing whatsoever, whether vested or contingent, accrued or unaccrued, suspected or claimed, that any of the Borrower Releasing
Parties have heretofore had and asserted or could have asserted or which it

 

    	 

    	 

    

 

may hereafter have or assert against the
Released Lender Parties for, upon or by reason of any matter, cause, or thing whatsoever (other than fraud), which has occurred
or arisen at any time prior to the Closing, related to, or arising out of any act or omission of any of the Released Lender Parties
in connection with the LA Loan Documents or the LA Loan evidenced and secured thereby or the real and/or personal property constituting
collateral therefor (the “Released Lender Liabilities”). Each Borrower Releasing Party covenants not to sue
any of the Released Lender Parties with respect to the Released Lender Liabilities. Each Borrower Releasing Party represents and
warrants that it has not heretofore assigned or transferred or purported to have assigned or transferred to any person, firm, corporation
or any other entity any of the matters described in the release set forth herein. Each Borrower Releasing Party acknowledges that
there is a risk that, subsequent to the release contemplated hereby, the Borrower Releasing Party may discover, incur, or suffer
claims that were unknown to that Borrower Releasing Party or unanticipated at the time of signing this Release or the Closing,
including, without limitation, unknown or unanticipated claims that, had they been known, may have materially affected the decision
to provide the release contemplated hereby. Nothing in this Release is intended to limit Borrower Releasing Parties’ rights
to pursue any remedies available under the Sedona Agreement or under any document or agreement entered into or delivered pursuant
to the Sedona Agreement for any obligation or liability of the Lender which, by its terms, survives the Closing or the earlier
termination of the Sedona Agreement.

 

2.          
Release of Borrower Parties.     Upon the Closing, and on the condition that the Closing occurs,
Lender, on behalf of itself and its heirs, successors, assigns and affiliates, hereby releases and discharges all claims, demands,
causes of action, liabilities, counterclaims, defenses and offsets against Borrower Parties, but not Jacob Gechman (“Gechman”),
and their current and prior subsidiaries, affiliates, advisors, consultants, attorneys, employees, agents, directors, officers,
shareholders, members, partners, trusts, and any other person, corporation or entity that might be claimed to be liable on its
behalf, other than Gechman (collectively, the “Released Borrower Parties”) and does hereby release, acquit and
forever discharge the Released Borrower Parties from any and all debts, obligations, promises, agreements, covenants, contracts,
controversies, suits, actions, guaranties, warranties, representations, causes of action, judgments, executions, claims and demands,
damages of any kind, liability and costs of every kind and character in law or in equity, known or unknown, that Lender has or
hereinafter can, shall or may have against the Released Borrower Parties for, upon or by reason of any matter, cause, or thing
whatsoever, whether vested or contingent, accrued or unaccrued, suspected or claimed, that Lender may have heretofore had and asserted
or could have asserted or which it may hereafter have or assert against the Released Borrower Parties for, upon or by reason of
any matter, cause, or thing whatsoever (other than fraud), which has occurred or arisen at any time prior to the Closing, arising
out of or relating to the LA Loan and/or LA Loan Documents (collectively, the “Released Borrower Liabilities”).
Lender covenants not to sue any of the Released Borrower Parties with respect to the Released Borrower Liabilities. Lender represents
and warrants that it holds all applicable rights necessary to validly release the matters set forth herein. Lender acknowledges
that there is a risk that, subsequent to the release contemplated hereby, Lender may discover, incur, or suffer claims that were
unknown to the Lender or unanticipated at the time of signing of this Release or the Closing, including without limitation, unknown
or unanticipated claims that, had they been known, may have materially affected the decision to provide the release contemplated
hereby. Nothing in this Release is intended to limit Lender’s rights to (A) pursue the post-Closing remedies described in
the Sedona Agreement, any remedies

 

    	 

    	 

    

 

available under the Sedona Agreement or
under any document or agreement entered into or delivered pursuant to the Sedona Agreement for a failure to perform thereunder,
or for any obligation or liability which, by its terms, survives the Closing or the earlier termination of the Sedona Agreement,
or (B) pursue against Gechman and/or any individual, corporation, association, partnership, limited liability company, trust, joint
venture, business trust or unincorporated organization or other entity or organization that might be claimed to be liable on Gechman’s
behalf, any claim, whether relating to the LA Loan and/or the LA Documents or otherwise.

 

3.          
Successors and Assigns. It is understood and agreed that this Release shall be binding upon and shall inure to the benefit
of the parties hereto and their respective heirs, representatives, successors and assigns.

 

4.          
Construction.    If any term, covenant, or condition of this Release is held to be invalid or unenforceable
in any respect, such invalidity or unenforceability shall not affect any other provision hereof, and this Release shall be construed
as if such invalid or unenforceable provision had never been contained herein.

 

5.          
Interpretation. Should any provision of this Release require interpretation in any judicial, administrative or other proceeding
or circumstance, it is agreed that the court, administrative body or other entity interpreting or construing the same shall not
apply a presumption that the terms hereof shall be more strictly construed against one party by reason of the rule of construction
that a document is to be construed more strictly against the party who prepared the same, it being agreed that the parties hereto
have fully participated in the preparation of this Release.

 

6.          
Counterparts. This Release may be executed in counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

 

7.          
Entire Transaction. This Release is executed and delivered in connection with the Sedona Agreement and the other documents,
releases and agreements entered into in connection therewith. To that end, all of such documents shall be construed together and
as containing mutually dependent covenants and terms.

 

8.          
Governing Law. This Release shall be governed by construed and enforced in accordance with and subject to the laws of the
State of Arizona.

 

9.          
Survival. This Release shall survive the Closing and shall not terminate.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Release as of the date and year first written above.

 

	  	LENDER
	 	 
	 	IMH SPECIAL ASSET NT 232, LLC,
	 	an Arizona limited liability company
	 	 
	 	By:	IMH Financial Corporation, a Delaware

corporation
	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Its:	 
	 	 
	 	BORROWER PARTIES
	 	 
	 	“LA BORROWER”
	 	 
	 	L’AUBERGE ORCHARDS LLC, an Arizona

limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

	 	“GUARANTOR”
	 	 
	 	 
	 	Albert B. Spector Jr., an individual

 

    	LA Release of Lender, Borrower and Guarantor- Signature Page

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 8(p)

 

QUITCLAIM ASSIGNMENT OF RIGHTS

 

(Noble House Letter)

 

THIS QUITCLAIM ASSIGNMENT
OF RIGHTS (“Quitclaim”) is made as of this _____ day of _____, 2013 (the “Effective Date”)
by L’AUBERGE ORCHARDS, LLC, an Arizona limited liability company (“Assignor”).

 

A.           Assignor
and Orchards Newco, LLC, a Delaware limited liability company (“Assignee”) are parties to that certain “Sedona
Agreement” dated March 29, 2013 whereby the Assignor, among others, has agreed to, among other things, convey and transfer
to Assignee certain assets and interests owned, held and/or controlled by the Assignor, as identified in the Sedona Agreement and
subject to the terms and conditions of the Sedona Agreement, for good and valuable consideration.

 

B.           Noble
House Hotels & Resorts, Ltd., a Texas limited partnership (“Buyer”) and Assignor, as seller, are parties
to that certain letter of intent dated October 1, 2012 (the “Noble House Letter” ), a copy of which is attached
hereto as Exhibit A, regarding a proposal to enter into a Purchase and Sale Agreement to purchase the real property and
improvements, personal property, and the business enterprise commonly known as the L’Auberge Hotel and Resort, located at
301 L’Auberge Lane, Sedona, AZ (collectively, the “Resort”) and the real property and improvements, the
personal property, and the business enterprise commonly known as the Orchards Inn located at 254 N. Highway 89A, Sedona, AZ (collectively,
the “Motel”).

 

C.           Assignor
has not executed the Noble House Letter, and by its terms, the Noble House Letter expired automatically on November 14, 2012.

 

D.           Notwithstanding
the foregoing, Assignor desires to quitclaim its rights, if any, in, to and under the Noble House Letter to Assignee.

 

NOW, THEREFORE, for
good and valuable consideration, receipt of which is hereby acknowledged, Assignor hereby remises, releases and forever quitclaims
to Assignee any and all of Assignor’s right, title and interest in, to and under the Noble House Letter.

 

IN WITNESS WHEREOF, the undersigned has
executed this Quitclaim, effective as of the Effective Date.

 

	 	L’AUBERGE ORCHARDS, LLC,
	 	an Arizona limited liability company
	 	 
	 	By:	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Its:	 

 

    	 

    	 

    

 

EXHIBIT A

 

Copy of Noble House Letter

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(q)-i

 

REQUEST FOR ASSIGNMENT OF SURFACE
WATER APPLICATION AND CLAIM AND

ASSIGNMENT AND REISSUANCE OF PERMITS
(LAMERRA)

 

    	 

    	 

    

 

Arizona Department of Water Resources

Permitting Unit

3550 North Central Avenue, Phoenix, Arizona
85012-2105

Telephone (602) 771-8621

Fax (602) 771-8689

 

REQUEST FOR

ASSIGNMENT OF SURFACE WATER APPLICATIONS
AND CLAIMS AND

ASSIGNMENT AND REISSUANCE OF PERMITS
AND CERTIFICATED RIGHTS

 

	1.	Registry number of right or claim being assigned	See Attachment
	 	 	(Use attachment for 2 or more filings)
	2.	Request for:    (check one box only)	 

 

	 	x        Total (complete) Assignment	 ̈         Partial Assignment

 

	3.	If the request is for a partial assignment, the following information must be provided for use(s), quantity(s), and location(s) of the portion being assigned:

 

Use ______________________________________________ Quantity
____________________________

 

____1⁄4        1⁄4
       1⁄4, Section      , Township       
N/S, Range        E/W; Parcel I.D. No. ________________

 

Use ______________________________________________ Quantity
____________________________

 

____1⁄4        1⁄4
       1⁄4, Section      , Township       
N/S, Range        E/W; Parcel I.D. No. ________________

 

	4.	SELLER(S)/ASSIGNORS	 	BUYER(S)/ASSIGNEES

 

	Name	HL  LLC	 	Name	HL Newco, LLC
	Address	6900 E. Camelback Rd., Suite 830	 	Address	c/o IMH Financial Corporation

	 	 	 	7001 N. Scottsdale Road, Suite 2050
	 	Scottsdale, AZ  85351	 	Scottsdale, AZ  85253
	 	 	 	 	 

	Phone No. (480) 	941-0221, Ext. 314	 	Phone No. (480) 	840-8400

 

	 	 	 
	Signature	 	Signature
	 	 	 
	(Please print or type name of assignor or

representative)	 	(Please print or type name of assignee or

representative)
	 	 	 
	Date Signed	 	Date Signed

 

Current mailing addresses and telephone
numbers must be included.

 

ASSIGNMENTS WILL NOT BE PROCESSED WITHOUT
FEE(S), PROOF OF OWNERSHIP (MAY

INCLUDE CHAIN OF TITLE OF OWNERSHIP), ASSESSORS MAP OR ALLOTMENT MAP.

Revised 6/2011

    	(Page 1 of 3)

    	 

    

 

INSTRUCTIONS FOR COMPLETING THE REQUEST
FOR ASSIGNMENT

 

The Arizona Department of Water Resources
(Department) will process requests for assignment of surface water applications, permits, certificates, or claims listed on the
official form or its attachment only. An assignment conveys the ownership of the surface water filing from one entity to another
and in the case of permits and certificates results in re-issuance of the permit or certificate. For a surface water filing where
the water is being put to beneficial use on public land, the completion of a request for assignment shall not be construed as a
determination by the Department of whether it is the landowner, a lessee or a permittee that is entitled to hold a water right
on the public land.

 

		1.	Fill in the registry number of the right or claim being
assigned. If more than one right or claim is being assigned with this request, the attachment must be utilized. Write “see
attachment” in this space to indicate that more than one right or claim is being assigned. Photocopy the attachment sheet
as needed.

 

		2.	Indicate whether this request for assignment is for the
entire right or claim or for a portion of a right or claim. If Total Assignment is indicated, the current holder will retain no
portion of the right or claim following completion of the assignment. Partial Assignment would be selected if the current holder
intends to retain some portion of the right.

 

		NOTE:	A single Request for Assignment form cannot be utilized if a right or claim is being assigned (either
in total or partial) to multiple parties. In this case, a separate request for assignment must be completed for each buyer/assignee.
The total quantity of water being assigned to all parties cannot exceed the quantity of water listed in the original claim or right.
Photocopy additional pages if needed.

 

		3.	This portion of the request for assignment must
be completed for all partial assignments. Using the existing claim or right as a guide, complete the blanks to indicate the type
of use being assigned, the quantity of use being assigned that is associated with that particular use, and the legal location
of the place of use. If there are more than three uses associated with a right or claim, please provide the additional information
in the same form either on the attachment or on a separate sheet of paper.

 

		4.	Requests for assignments that are not signed by both the
buyer and seller will not be processed unless circumstances warrant. If the seller is not the current holder of the right or claim,
a chain of title of ownership must be provided. Please indicate if property was in lieu of foreclosure and provide documentation.

 

		5.	REQUIRED ATTACHMENTS:

 

		 ̈	Fling Fees for a REQUEST FOR ASSIGNMENT OF SURFACE WATER APPLICATIONS AND CLAIMS AND ASSIGNMENT
AND REISSUANCE OF PERMITS AND CERTIFICATED RIGHTS is $75.00 for each application, permit, certificate or claim being assigned. 
  Payment may be made by cash, check, or credit card (if you wish to pay by credit card, please contact the Permitting
Unit at 602-771-8621).  Checks should be made payable to the Arizona Department of Water Resources.  Failure to enclose
the filing fee will cause the filing to be returned.  Fees for REQUEST FOR ASSIGNMENT OF SURFACE WATER APPLICATIONS AND CLAIMS
AND ASSIGNMENT AND REISSUANCE OF PERMITS AND CERTIFICATED RIGHTS are authorized by Arizona Administrative Code (A.A.C.) R12-15-104.

 

		 ̈	Copy of recorded deed showing land ownership in the name of the buyer. If the seller is
not the current holder of the right or claim, a chain of title of ownership must be provided. If land is owned by other
than buyer, a copy of all pertinent leases or grazing permits must be included.

 

		 ̈	Copy of assessors map or allotment map with place(s) of use identified.

 

For partial assignments more detailed
land ownership information may be requested.

Revised 6/2011

    	(Page 2 of 3)

    	 

    

 

REQUEST FOR ASSIGNMENT ATTACHMENT

 

	Registry number of right or claim 	36-18397.0002	x         Entire right or claim	 ̈        Partial

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ____

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ____

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ____

 

 
 

	Registry number of right or claim 	36-18398.0002	x          Entire right or claim	 ̈        Partial

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ____

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ____

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ____

 

 
 

	Registry number of right or claim 	36-18399.0002	x          Entire right or claim	 ̈        Partial

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ____

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ____

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ____

 

Revised 6/2011

 

    	(Page 3 of 3)

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(q) -ii

 

REQUEST FOR ASSIGNMENT OF SURFACE
WATER APPLICATION AND CLAIM

AND ASSIGNMENT AND REISSUANCE OF
PERMITS (L'AUBERGE)

 

    	 

    	 

    

 

Arizona Department of Water Resources

Permitting Unit

3550 North Central Avenue, Phoenix, Arizona
85012-2105

Telephone (602) 771-8621

Fax (602) 771-8689

 

REQUEST FOR

ASSIGNMENT OF SURFACE WATER APPLICATIONS
AND CLAIMS AND

ASSIGNMENT AND REISSUANCE OF PERMITS
AND CERTIFICATED RIGHTS

 

	1.	Registry number of right or claim being assigned	See Attachment
	 	 	(Use attachment for 2 or more filings)
	2.	Request for:    (check one box only)	 

 

	 	x        Total (complete) Assignment	 ̈         Partial Assignment

 

	3.	If the request is for a partial assignment, the following information must be provided for use(s), quantity(s), and location(s) of the portion being assigned:

 

Use ______________________________________________ Quantity
__________________________

 

____1⁄4        1⁄4
       1⁄4, Section__, Township        N/S, Range
       E/W; Parcel I.D. No. ________________

 

Use ______________________________________________ Quantity
__________________________

 

____1⁄4        1⁄4
       1⁄4, Section      , Township       
N/S, Range        E/W; Parcel I.D. No. _______________

 

	4.	SELLER(S)/ASSIGNORS	 	BUYER(S)/ASSIGNEES

 

	Name	L’Auberge Orchards, LLC	 	Name	L’Auberge Newco, LLC
	Address	6900 E. Camelback Rd., Suite 830	 	Address	c/o IMH Financial Corporation

	 	 	 	7001 N. Scottsdale Road, Suite 2050
	 	Scottsdale, AZ  85351	 	Scottsdale, AZ  85253

 

	Phone No. (480) 	941-0221, Ext. 314	 	Phone No. (480) 	840-8400

 

	 	 	 
	Signature	 	Signature
	 	 	 
	(Please print or type name of assignor or

representative)	 	(Please print or type name of assignee or

representative)
	 	 	 
	Date Signed	 	Date Signed

 

Current mailing addresses and telephone
numbers must be included.

 

ASSIGNMENTS WILL NOT BE PROCESSED WITHOUT
FEE(S), PROOF OF OWNERSHIP (MAY

INCLUDE CHAIN OF TITLE OF OWNERSHIP), ASSESSORS MAP OR ALLOTMENT MAP.

 

Revised 6/2011

 

    	(Page 1 of 3)

    	 

    

 

INSTRUCTIONS FOR COMPLETING THE REQUEST
FOR ASSIGNMENT

 

The Arizona Department of Water Resources
(Department) will process requests for assignment of surface water applications, permits, certificates, or claims listed on the
official form or its attachment only. An assignment conveys the ownership of the surface water filing from one entity to another
and in the case of permits and certificates results in re-issuance of the permit or certificate. For a surface water filing where
the water is being put to beneficial use on public land, the completion of a request for assignment shall not be construed as a
determination by the Department of whether it is the landowner, a lessee or a permittee that is entitled to hold a water right
on the public land.

 

		1.	Fill in the registry number of the right or claim being
assigned. If more than one right or claim is being assigned with this request, the attachment must be utilized. Write “see
attachment” in this space to indicate that more than one right or claim is being assigned. Photocopy the attachment sheet
as needed.

 

		2.	Indicate whether this request for assignment is for the
entire right or claim or for a portion of a right or claim. If Total Assignment is indicated, the current holder will retain no
portion of the right or claim following completion of the assignment. Partial Assignment would be selected if the current holder
intends to retain some portion of the right.

 

		NOTE:	A single Request for Assignment form cannot be utilized if a right or claim is being assigned (either
in total or partial) to multiple parties. In this case, a separate request for assignment must be completed for each buyer/assignee.
The total quantity of water being assigned to all parties cannot exceed the quantity of water listed in the original claim or right.
Photocopy additional pages if needed.

 

		3.	This portion of the request for assignment must
be completed for all partial assignments. Using the existing claim or right as a guide, complete the blanks to indicate the type
of use being assigned, the quantity of use being assigned that is associated with that particular use, and the legal location
of the place of use. If there are more than three uses associated with a right or claim, please provide the additional information
in the same form either on the attachment or on a separate sheet of paper.

 

		4.	Requests for assignments that are not signed by both the
buyer and seller will not be processed unless circumstances warrant. If the seller is not the current holder of the right or claim,
a chain of title of ownership must be provided. Please indicate if property was in lieu of foreclosure and provide documentation.

 

		5.	REQUIRED ATTACHMENTS:

 

		 ̈	Fling Fees for a REQUEST FOR ASSIGNMENT OF SURFACE WATER APPLICATIONS AND CLAIMS AND ASSIGNMENT
AND REISSUANCE OF PERMITS AND CERTIFICATED RIGHTS is $75.00 for each application, permit, certificate or claim being assigned. 
  Payment may be made by cash, check, or credit card (if you wish to pay by credit card, please contact the Permitting
Unit at 602-771-8621).  Checks should be made payable to the Arizona Department of Water Resources.  Failure to enclose
the filing fee will cause the filing to be returned.  Fees for REQUEST FOR ASSIGNMENT OF SURFACE WATER APPLICATIONS AND CLAIMS
AND ASSIGNMENT AND REISSUANCE OF PERMITS AND CERTIFICATED RIGHTS are authorized by Arizona Administrative Code (A.A.C.) R12-15-104.

 

		 ̈	Copy of recorded deed showing land ownership in the name of the buyer. If the seller is
not the current holder of the right or claim, a chain of title of ownership must be provided. If land is owned by other
than buyer, a copy of all pertinent leases or grazing permits must be included.

 

		 ̈	Copy of assessors map or allotment map with place(s) of use identified.

 

For partial assignments more detailed
land ownership information may be requested.

 

Revised 6/2011

 

    	(Page 2 of 3)

    	 

    

 

REQUEST FOR ASSIGNMENT ATTACHMENT

 

	Registry number of right or claim 	36-69321.0001	x         Entire right or claim	 ̈        Partial

 

Use ____ Quantity ___ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. _____

 

Use ____Quantity ___ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. _____

 

Use ____ Quantity ___ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. _____

 

 
 

	Registry number of right or claim 	36-60294.0001	x          Entire right or claim	 ̈        Partial

 

Use ____ Quantity __ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. _____

 

Use ____Quantity ___ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ____

 

Use ____Quantity __ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. _____

 

  
 

	Registry number of right or claim 	 	 ̈         Entire right or claim	 ̈        Partial

 

Use ____Quantity __ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. _____

 

Use ____Quantity __ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. _____

 

Use ____Quantity __ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. _____

 

Revised 6/2011

 

    	(Page 3 of 3)

    	 

    

 

[INTENTIONALLY
LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(q)-iii

 

REQUEST FOR ASSIGNMENT OF SURFACE
WATER APPLICATION AND CLAIM

AND ASSIGNMENT AND
REISSUANCE OF PERMITS (ORCHARDS)

 

    	 

    	 

    

 

Arizona Department of Water Resources

Permitting Unit

3550 North Central Avenue, Phoenix, Arizona
85012-2105

Telephone (602) 771-8621

Fax (602) 771-8689

 

REQUEST FOR

ASSIGNMENT OF SURFACE WATER APPLICATIONS
AND CLAIMS AND

ASSIGNMENT AND REISSUANCE OF PERMITS
AND CERTIFICATED RIGHTS

 

	1.	Registry number of right or claim being assigned	See Attachment
	 	 	(Use attachment for 2 or more filings)
	2.	Request for:    (check one box only)	 

 

	 	x        Total (complete) Assignment	 ̈         Partial Assignment

 

	3.	If the request is for a partial assignment, the following information must be provided for use(s), quantity(s), and location(s) of the portion being assigned:

 

Use ______________________________________________ Quantity
___________________________

 

____1⁄4        1⁄4
       1⁄4, Section__, Township        N/S, Range
       E/W; Parcel I.D. No. _________________

 

Use ______________________________________________ Quantity
___________________________

 

____1⁄4        1⁄4
       1⁄4, Section      , Township       
N/S, Range        E/W; Parcel I.D. No. _______________

 

	4.	SELLER(S)/ASSIGNORS	 	BUYER(S)/ASSIGNEES

 

	Name	L’Auberge Orchards, LLC	 	Name	Orchards Newco, LLC
	Address	6900 E. Camelback Rd., Suite 830	 	Address	c/o IMH Financial Corporation

	 	 	 	7001 N. Scottsdale Road, Suite 2050
	 	Scottsdale, AZ  85351	 	Scottsdale, AZ  85253

 

	Phone No. (480) 	941-0221, Ext. 314	 	Phone No. (480) 	840-8400

 

	 	 	 
	Signature	 	Signature
	 	 	 
	(Please print or type name of assignor or

representative)	 	(Please print or type name of assignee or

representative)
	 	 	 
	Date Signed	 	Date Signed

 

Current mailing addresses and telephone
numbers must be included.

 

ASSIGNMENTS WILL NOT BE PROCESSED WITHOUT
FEE(S), PROOF OF OWNERSHIP (MAY

INCLUDE CHAIN OF TITLE OF OWNERSHIP), ASSESSORS MAP OR ALLOTMENT MAP.

 

Revised 6/2011

 

    	(Page 1 of 3)

    	 

    

 

INSTRUCTIONS FOR COMPLETING THE REQUEST
FOR ASSIGNMENT

 

The Arizona Department of Water Resources
(Department) will process requests for assignment of surface water applications, permits, certificates, or claims listed on the
official form or its attachment only. An assignment conveys the ownership of the surface water filing from one entity to another
and in the case of permits and certificates results in re-issuance of the permit or certificate. For a surface water filing where
the water is being put to beneficial use on public land, the completion of a request for assignment shall not be construed as a
determination by the Department of whether it is the landowner, a lessee or a permittee that is entitled to hold a water right
on the public land.

 

		1.	Fill in the registry number of the right or claim being
assigned. If more than one right or claim is being assigned with this request, the attachment must be utilized. Write “see
attachment” in this space to indicate that more than one right or claim is being assigned. Photocopy the attachment sheet
as needed.

 

		2.	Indicate whether this request for assignment is for the
entire right or claim or for a portion of a right or claim. If Total Assignment is indicated, the current holder will retain no
portion of the right or claim following completion of the assignment. Partial Assignment would be selected if the current holder
intends to retain some portion of the right.

 

		NOTE:	A single Request for Assignment form cannot be utilized if a right or claim is being assigned (either
in total or partial) to multiple parties. In this case, a separate request for assignment must be completed for each buyer/assignee.
The total quantity of water being assigned to all parties cannot exceed the quantity of water listed in the original claim or right.
Photocopy additional pages if needed.

 

		3.	This portion of the request for assignment must
be completed for all partial assignments. Using the existing claim or right as a guide, complete the blanks to indicate the type
of use being assigned, the quantity of use being assigned that is associated with that particular use, and the legal location
of the place of use. If there are more than three uses associated with a right or claim, please provide the additional information
in the same form either on the attachment or on a separate sheet of paper.

 

		4.	Requests for assignments that are not signed by both the
buyer and seller will not be processed unless circumstances warrant. If the seller is not the current holder of the right or claim,
a chain of title of ownership must be provided. Please indicate if property was in lieu of foreclosure and provide documentation.

 

		5.	REQUIRED ATTACHMENTS:

 

		 ̈	Fling Fees for a REQUEST FOR ASSIGNMENT OF SURFACE WATER APPLICATIONS AND CLAIMS AND ASSIGNMENT
AND REISSUANCE OF PERMITS AND CERTIFICATED RIGHTS is $75.00 for each application, permit, certificate or claim being assigned. 
  Payment may be made by cash, check, or credit card (if you wish to pay by credit card, please contact the Permitting
Unit at 602-771-8621).  Checks should be made payable to the Arizona Department of Water Resources.  Failure to enclose
the filing fee will cause the filing to be returned.  Fees for REQUEST FOR ASSIGNMENT OF SURFACE WATER APPLICATIONS AND CLAIMS
AND ASSIGNMENT AND REISSUANCE OF PERMITS AND CERTIFICATED RIGHTS are authorized by Arizona Administrative Code (A.A.C.) R12-15-104.

 

		 ̈	Copy of recorded deed showing land ownership in the name of the buyer. If the seller is
not the current holder of the right or claim, a chain of title of ownership must be provided. If land is owned by other
than buyer, a copy of all pertinent leases or grazing permits must be included.

 

		 ̈	Copy of assessors map or allotment map with place(s) of use identified.

 

For partial assignments more detailed
land ownership information may be requested.

 

Revised 6/2011

 

    	(Page 2 of 3)

    	 

    

 

REQUEST FOR ASSIGNMENT ATTACHMENT

 

	Registry number of right or claim 	36-42343.0001	x         Entire right or claim	 ̈        Partial

 

Use ___ Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ___

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ___

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ___

 

 
 

	Registry number of right or claim 	 	 ̈          Entire right or claim	 ̈        Partial

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ___

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ___

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ___

 

 
 

	Registry number of right or claim 	 	 ̈          Entire right or claim	 ̈        Partial

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ___

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ___

 

Use ___Quantity _____ 1⁄4        
1⁄4            1⁄4_____, Section      ,
Township         N/S, Range         E/W; Parcel
I.D. No. ___

 

Revised 6/2011

 

    	(Page 3 of 3)

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(q)-iv

 

ASSIGNMENT OF GILA RIVER ADJUDICATION
CLAIM (LAMERRA)

 

    	 

    	 

    

 

 

	
        STATEMENT OF CLAIMANT

         

        ASSIGNMENT

         

        Gila River Adjudication

        SUPERIOR COURT OF MARICOPA COUNTY

         

        By court order, a statement of claimant
        must be assigned whenever there is a change in ownership of land for which the claim for a water right was made, or there is a
        change in ownership of the water right that is either not appurtenant to land or that has been transferred from one parcel of land
        to another. This form is to be used to assign statements of claimant (“39s”) filed in the general adjudication of the
        Gila River System and Source, which includes the Salt River, San Pedro River, Upper Gila River, Verde River, Agua Fria River, Lower
        Gila River and Upper Santa Cruz River watersheds. After the assignment is completed, the new owner will be substituted as a party
        in the Gila River adjudication.

         

        General Instructions

         

        Each side of this form must be completed,
        signed by each buyer and seller, and notarized. The name, address and phone number for each buyer and seller must also be provided.
        If necessary, additional copies of this form may be attached.

         

        A copy of a legal document that establishes
        that a change of ownership has occurred must be submitted with this form. This requirement may be satisfied by providing either
        a copy of a duly recorded deed, a copy of the county assessor's tax parcel notice, or other similar document.

         

        More than one statement of claimant may
        be assigned on a single form if the assignors (sellers) and assignees (buyers) are identical. Otherwise, a separate form must be
        submitted. For example, if the ownership of the land or the water right is subdivided and conveyed to different buyers, then a
        separate form must be completed for each of the different buyers.

         

        After this form is completed, please submit
        it to the Arizona Department of Water Resources, Attention: Adjudications, 3550 North Central Avenue 2nd floor, Phoenix,
        AZ 85012. The Department will record the assignment and forward this form to the Superior Court of Maricopa County. If
        you have any questions regarding this form, please contact the Arizona Department of Water Resources at (602) 771-8627 or (800)
        352-8488.

         

        ASSIGNMENT

         

        The undersigned parties hereby notify the Superior Court of
        Maricopa County of the assignment of the following statements of claimant:

 

	39- 48282	filed in the	Verde River	watershed.
	 	 	 	 
	39- 48283	filed in the	Verde River	watershed.
	 	 	 	 
	39- 48284	filed in the	Verde River	watershed.

 

Rev. 7/00

 

    	 

    	 

    

 

 

	39- 48285	filed in the	Verde River	watershed.

 

	Type of legal document enclosed to establish a change of ownership:
	 
	 ̈ Recorded Deed (date, file number, county) _____________________________________________
	 
	 ̈ Tax Parcel Notice (date, county) _____________________________________________________
	 
	 ̈ Other (date, description) ___________________________________________________________

 

	ASSIGNOR (seller):	ASSIGNEE (buyer):

 

	HL LLC	 	HL Newco, LLC
	Name (printed or typed)	 	Name (printed or typed)
	 	 	 
	6900 E. Camelback Rd., Suite 830	 	c/o IMH Financial Corp.
	Address	 	Address
	Scottsdale, AZ  85251	 	7001 N. Scottsdale Road, Suite 2050

Scottsdale, AZ 85253
	 	 	 
	(480) 941-0221, Ext. 311	 	(480) 840-8400
	Telephone	 	Telephone
	 	 	 
	 	 	 
	Signature	 	Signature

 

	STATE OF ARIZONA	)	 	STATE OF ARIZONA	)
	 	)	 	 	)
	County of _____________________	)	 	County of _____________________	)

 

	The foregoing instrument was	The foregoing instrument was
	acknowledged and signed before	acknowledged and signed before
	me on this ___________ day of	me on this ___________ day of
	_____________________, 2013.	_____________________, 2013.
	by _______________________________.	by _______________________________.
	_________________________________	__________________________________
	Notary Public	Notary Public
	My commission expires:  ____________	My commission expires:  ____________

 

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

EXHIBIT 8(q)-v-A

 

ADWR REOUEST TO CHANGE WELL INFORMATION
(LAMERRA, 55-609715)

 

    	 

    	 

    

  

	Arizona
    Department of Water Resource

    Water Management Division

    P.O. Box 36020 Phoenix, Arizona 85067-6020

    (602) 771-8527 – www.azwater.gov	Request
    to Change Well Information

	v
                                                                                                                                    
                                                                                                                                   Review
                                                                                                                                   instructions
                                                                                                                                   prior
                                                                                                                                   to
                                                                                                                                   completing
                                                                                                                                   form
                                                                                                                                   in
                                                                                                                                   black
                                                                                                                                   or
                                                                                                                                   blue
                                                                                                                                   ink.

        v
          You must include with your Notice:

        Ø
        Check or money order for any required fee(s)

        v
          Authority for fee: A.R.S. § 45-113 and A.A.C. R12-15-104

        **
        PLEASE PRINT CLEARLY **
	FILE
                                                                                                                                                  NUMBER:

        A
        (17-5) 34 ABD

	WELL
                                                                              REGISTRATION NO.

        55-609715

	SECTION
    1 REGISTRATION INFORMATION

	WELL
    OWNER	Location
    of Well
	FULL
                                                                                                            NAME OF COMPANY, ORGANIZATION,
                                                                                                            OR INDIVIDUAL

         
	WELL
                                                                              LOCATION ADDRESS (IF ANY)

         

	MAILING
                                                                                                                        ADDRESS

         
	TOWNSHIP
    (N/S)	RANGE
    (E/W)	SECTION	160
                                                                                         ACRE

        

        1⁄4
	40
                                                                                         ACRE

        

        1⁄4
	10
                                                                                         ACRE

        

        1⁄4

	CITY/
                                                                                                            STATE/ ZIP CODE

         
	LATITUDE

    °

    Degrees	‚

Minutes	

    “N

    Seconds	LONGITUDE

    °

    Degrees	‚

Minutes	

    “W

    Seconds

	CONTACT
PERSON NAME AND TITLE
	METHOD OF LATITUDE/LONGITUDE
    (CHECK ONE)         ̈ * GPS: Hand-Held
	 	 	 ̈
    USGS Quad Map             ̈
    Conventional Survey                 ̈
    *GPS:  Survey-Grade
	TELEPHONE
                                                                                                 NUMBER
	FAX
	*IF GPS WAS USED,
    GEOGRAPHIC COORDINATE DATUM (CHECK ONE)

	 	 	 ̈
    NAD-83	 ̈
    Other ( please specify ):

	 	 	COUNTY
    ASSESSOR’S PARCEL ID NUMBER	COUNTY
    WHERE WELL IS LOCATED

	 	BOOK

         
	MAP

         
	PARCEL

         
	 

	Type
    of Request (Check one)
	 ̈
    Change of Well Drilling Contractor

             (Fill out Section 2)	 ̈
    Change of Well Ownership

             (Fill out Section 3)	þ
    Change of Well Information

             (location, use, etc.) (Fill out Section 4)

	SECTION
    2 REQUEST TO CHANGE WELL DRILLING CONTRACTOR	FEE
    $120 per Well

 

	v
    If drilling or abandoning a well, the Department must receive this request and issue authorization
    to the new drilling firm prior to the commencement of well drilling or abandonment.

	Current
    Well Drilling Contractor	New
    Well Drilling Contractor

	FULL
                                                                                                            NAME OF COMPANY, ORGANIZATION,
                                                                                                            OR INDIVIDUAL

         
	FULL
                                                                                          NAME OF COMPANY, ORGANIZATION, OR INDIVIDUAL

         

	DWR
                                                                                                                        LICENSE
                                                                                                                        NUMBER

         
	DWR
    LICENSE NUMBER	ROC
    LICENSE CATEGORY

	TELEPHONE
    NUMBER	FAX	TELEPHONE
    NUMBER	FAX

	SECTION
    3 STATEMENT OF CHANGE OF WELL OWNERSHIP	FEE
    $30 per Well

	v
     

	Previous
    Well Owner	New
    Well Owner
	FULL
                                                                                                            NAME OF COMPANY, ORGANIZATION,
                                                                                                            OR INDIVIDUAL

        HL
        LLC
	FULL
                                                                              NAME OF COMPANY, ORGANIZATION, OR INDIVIDUAL

        HL
        Newco, LLC

	MAILING
                                                                                                            ADDRESS

        6900
        E. Camelback Road, Suite 830
	MAILING
                                                                              ADDRESS

        c/o
        IMH Financial Corp. 7001 N. Scottsdale Rd. #2050

	CITY/STATE/ZIP
                                                                                                            CODE

        Scottsdale,
        AZ 85251
	CITY/STATE/ZIP
                                                                              CODE

        Scottsdale,
        AZ 85253

	CONTACT
                                                                                                            PERSON NAME AND TITLE

        Al
        Spector
	CONTACT
                                                                              PERSON NAME AND TITLE

        Will
        Meris

	TELEPHONE
                                                                                                                        NUMBER

        (480)
        941-0221
	FAX	TELEPHONE
                                                                                          NUMBER

        (480)
        840-8400
	FAX

        (602)
        926-0343

	SECTION
    4 CHANGE OF WELL INFORMATION (No Fee Required)
	NOTE:  Applies
    only to wells that have already been drilled.  For proposed wells, an amended Notice of Intent to Drill a Well must
    be filed.
	EXPLAIN
	SECTION
    5 OPTIONAL BY PROPERTY OWNER AND WELL OWNER ONLY
	 ̈  By
    checking this box, I hereby provide ADWR permission to enter the property for the purpose of taking water level measurements
    at this well.  ( See instructions.)
	SECTION
    6 WELL OWNER SIGNATURE
	I
    HEREBY CERTIFY that the above statements are true to the best of my knowledge and belief

	TYPE
                                                                                                                        OR PRINT
                                                                                                                        NAME AND
                                                                                                                        TITLE

         
	SIGNATURE
                                                                                          OF WELL OWNER                      
                                                                                          DATE

         

 DWR 55-71A
(REVISED 6/10) Page 1 of 1

    	 

    	 

    

 

EXHIBIT 8(q)-v-B

 

ADWR REQUEST TO CHANGE WELL INFORMATION
(LAMERRA, 55-609716)

 

    	 

    	 

    

  

	Arizona
    Department of Water Resource

    Water Management Division

    P.O. Box 36020 Phoenix, Arizona 85067-6020

    (602) 771-8527 – www.azwater.gov	Request
    to Change Well Information

	v
                                                                                                                                    
                                                                                                                                   Review
                                                                                                                                   instructions
                                                                                                                                   prior
                                                                                                                                   to
                                                                                                                                   completing
                                                                                                                                   form
                                                                                                                                   in
                                                                                                                                   black
                                                                                                                                   or
                                                                                                                                   blue
                                                                                                                                   ink.

        v
          You must include with your Notice:

        Ø
        Check or money order for any required fee(s)

        v
          Authority for fee: A.R.S. § 45-113 and A.A.C. R12-15-104

        **
        PLEASE PRINT CLEARLY **
	FILE
                                                                                                                                                  NUMBER:

        A
        (17-5) 2700 A

	WELL
                                                                              REGISTRATION NO.

        55-609716

	SECTION
    1 REGISTRATION INFORMATION

	WELL
    OWNER	Location
    of Well
	FULL
                                                                                                            NAME OF COMPANY, ORGANIZATION,
                                                                                                            OR INDIVIDUAL

         
	WELL
                                                                              LOCATION ADDRESS (IF ANY)

         

	MAILING
                                                                                                                        ADDRESS

         
	TOWNSHIP
    (N/S)	RANGE
    (E/W)	SECTION	160
                                                                                         ACRE

        

        1⁄4
	40
                                                                                         ACRE

        

        1⁄4
	10
                                                                                         ACRE

        

        1⁄4

	CITY/
                                                                                                            STATE/ ZIP CODE

         
	LATITUDE

    °

    Degrees	‚

Minutes	

    “N

    Seconds	LONGITUDE

    °

    Degrees	‚

Minutes	

    “W

    Seconds

	CONTACT
PERSON NAME AND TITLE
	METHOD OF LATITUDE/LONGITUDE
    (CHECK ONE)         ̈ * GPS: Hand-Held
	 	 	 ̈
    USGS Quad Map             ̈
    Conventional Survey                 ̈
    *GPS:  Survey-Grade
	TELEPHONE
                                                                                                 NUMBER
	FAX
	*IF GPS WAS USED,
    GEOGRAPHIC COORDINATE DATUM (CHECK ONE)

	 	 	 ̈
    NAD-83	 ̈
    Other ( please specify ):

	 	 	COUNTY
    ASSESSOR’S PARCEL ID NUMBER	COUNTY
    WHERE WELL IS LOCATED

	 	BOOK

         
	MAP

         
	PARCEL

         
	 

	Type
    of Request (Check one)
	 ̈
    Change of Well Drilling Contractor

             (Fill out Section 2)	þ
    Change of Well Ownership

             (Fill out Section 3)	£
    Change of Well Information

             (location, use, etc.) (Fill out Section 4)

	SECTION
    2 REQUEST TO CHANGE WELL DRILLING CONTRACTOR	FEE
    $120 per Well

 

	v
    If drilling or abandoning a well, the Department must receive this request and issue authorization
    to the new drilling firm prior to the commencement of well drilling or abandonment.

	Current
    Well Drilling Contractor	New
    Well Drilling Contractor

	FULL
                                                                                                            NAME OF COMPANY, ORGANIZATION,
                                                                                                            OR INDIVIDUAL

         
	FULL
                                                                                          NAME OF COMPANY, ORGANIZATION, OR INDIVIDUAL

         

	DWR
                                                                                                                        LICENSE
                                                                                                                        NUMBER

         
	DWR
    LICENSE NUMBER	ROC
    LICENSE CATEGORY

	TELEPHONE
    NUMBER	FAX	TELEPHONE
    NUMBER	FAX

	SECTION
    3 STATEMENT OF CHANGE OF WELL OWNERSHIP	FEE
    $30 per Well

	v
     

	Previous
    Well Owner	New
    Well Owner
	FULL
                                                                                                            NAME OF COMPANY, ORGANIZATION,
                                                                                                            OR INDIVIDUAL

        HL
        LLC
	FULL
                                                                              NAME OF COMPANY, ORGANIZATION, OR INDIVIDUAL

        HL
        Newco, LLC

	MAILING
                                                                                                            ADDRESS

        6900
        E. Camelback Road, Suite 830
	MAILING
                                                                              ADDRESS

        c/o
        IMH Financial Corp. 7001 N. Scottsdale Rd. #2050

	CITY/STATE/ZIP
                                                                                                            CODE

        Scottsdale,
        AZ 85251
	CITY/STATE/ZIP
                                                                              CODE

        Scottsdale,
        AZ 85253

	CONTACT
                                                                                                            PERSON NAME AND TITLE

        Al
        Spector
	CONTACT
                                                                              PERSON NAME AND TITLE

        Will
        Meris

	TELEPHONE
                                                                                                                        NUMBER

        (480)
        941-0221
	FAX	TELEPHONE
                                                                                          NUMBER

        (480)
        840-8400
	FAX

        (602)
        926-0343

	SECTION
    4 CHANGE OF WELL INFORMATION (No Fee Required)
	NOTE:  Applies
    only to wells that have already been drilled.  For proposed wells, an amended Notice of Intent to Drill a Well must
    be filed.
	EXPLAIN
	SECTION
    5 OPTIONAL BY PROPERTY OWNER AND WELL OWNER ONLY
	 ̈  By
    checking this box, I hereby provide ADWR permission to enter the property for the purpose of taking water level measurements
    at this well.  ( See instructions.)
	SECTION
    6 WELL OWNER SIGNATURE
	I
    HEREBY CERTIFY that the above statements are true to the best of my knowledge and belief

	TYPE
                                                                                                                        OR PRINT
                                                                                                                        NAME AND
                                                                                                                        TITLE

         
	SIGNATURE
                                                                                          OF WELL OWNER                      
                                                                                          DATE

         

 DWR 55-71A
(REVISED 6/10) Page 1 of 1

    	 

    	 

    

 

EXHIBIT 8(q)-v-C

 

ADWR REQUEST TO CHANGE WELL INFORMATION
(LAMERRA, 55-901602)

 

    	 

    	 

    

  

	Arizona
    Department of Water Resource

    Water Management Division

    P.O. Box 36020 Phoenix, Arizona 85067-6020

    (602) 771-8527 – www.azwater.gov	Request
    to Change Well Information

	v
                                                                                                                                    
                                                                                                                                   Review
                                                                                                                                   instructions
                                                                                                                                   prior
                                                                                                                                   to
                                                                                                                                   completing
                                                                                                                                   form
                                                                                                                                   in
                                                                                                                                   black
                                                                                                                                   or
                                                                                                                                   blue
                                                                                                                                   ink.

        v
          You must include with your Notice:

        Ø
        Check or money order for any required fee(s)

        v
          Authority for fee: A.R.S. § 45-113 and A.A.C. R12-15-104

        **
        PLEASE PRINT CLEARLY **
	FILE
                                                                                                                                                  NUMBER:

        A
        (17-5) 34 ABA

	WELL
                                                                              REGISTRATION NO.

        55-901602

	SECTION
    1 REGISTRATION INFORMATION

	WELL
    OWNER	Location
    of Well
	FULL
                                                                                                            NAME OF COMPANY, ORGANIZATION,
                                                                                                            OR INDIVIDUAL

         
	WELL
                                                                              LOCATION ADDRESS (IF ANY)

         

	MAILING
                                                                                                                        ADDRESS

         
	TOWNSHIP
    (N/S)	RANGE
    (E/W)	SECTION	160
                                                                                         ACRE

        

        1⁄4
	40
                                                                                         ACRE

        

        1⁄4
	10
                                                                                         ACRE

        

        1⁄4

	CITY/
                                                                                                            STATE/ ZIP CODE

         
	LATITUDE

    °

    Degrees	‚

Minutes	

    “N

    Seconds	LONGITUDE

    °

    Degrees	‚

Minutes	

    “W

    Seconds

	CONTACT
PERSON NAME AND TITLE
	METHOD OF LATITUDE/LONGITUDE
    (CHECK ONE)         ̈ * GPS: Hand-Held
	 	 	 ̈
    USGS Quad Map             ̈
    Conventional Survey                 ̈
    *GPS:  Survey-Grade
	TELEPHONE
                                                                                                 NUMBER
	FAX
	*IF GPS WAS USED,
    GEOGRAPHIC COORDINATE DATUM (CHECK ONE)

	 	 	 ̈
    NAD-83	 ̈
    Other ( please specify ):

	 	 	COUNTY
    ASSESSOR’S PARCEL ID NUMBER	COUNTY
    WHERE WELL IS LOCATED

	 	BOOK

         
	MAP

         
	PARCEL

         
	 

	Type
    of Request (Check one)
	 ̈
    Change of Well Drilling Contractor

             (Fill out Section 2)	 ̈
    Change of Well Ownership

             (Fill out Section 3)	þ
    Change of Well Information

             (location, use, etc.) (Fill out Section 4)

	SECTION
    2 REQUEST TO CHANGE WELL DRILLING CONTRACTOR	FEE
    $120 per Well

 

	v
    If drilling or abandoning a well, the Department must receive this request and issue authorization
    to the new drilling firm prior to the commencement of well drilling or abandonment.

	Current
    Well Drilling Contractor	New
    Well Drilling Contractor

	FULL
                                                                                                            NAME OF COMPANY, ORGANIZATION,
                                                                                                            OR INDIVIDUAL

         
	FULL
                                                                                          NAME OF COMPANY, ORGANIZATION, OR INDIVIDUAL

         

	DWR
                                                                                                                        LICENSE
                                                                                                                        NUMBER

         
	DWR
    LICENSE NUMBER	ROC
    LICENSE CATEGORY

	TELEPHONE
    NUMBER	FAX	TELEPHONE
    NUMBER	FAX

	SECTION
    3 STATEMENT OF CHANGE OF WELL OWNERSHIP	FEE
    $30 per Well

	v
     

	Previous
    Well Owner	New
    Well Owner
	FULL
                                                                                                            NAME OF COMPANY, ORGANIZATION,
                                                                                                            OR INDIVIDUAL

        HL
        LLC
	FULL
                                                                              NAME OF COMPANY, ORGANIZATION, OR INDIVIDUAL

        HL
        Newco, LLC

	MAILING
                                                                                                            ADDRESS

        6900
        E. Camelback Road, Suite 830
	MAILING
                                                                              ADDRESS

        c/o
        IMH Financial Corp. 7001 N. Scottsdale Rd. #2050

	CITY/STATE/ZIP
                                                                                                            CODE

        Scottsdale,
        AZ 85251
	CITY/STATE/ZIP
                                                                              CODE

        Scottsdale,
        AZ 85253

	CONTACT
                                                                                                            PERSON NAME AND TITLE

        Al
        Spector
	CONTACT
                                                                              PERSON NAME AND TITLE

        Will
        Meris

	TELEPHONE
                                                                                                                        NUMBER

        (480)
        941-0221
	FAX	TELEPHONE
                                                                                          NUMBER

        (480)
        840-8400
	FAX

        (602)
        926-0343

	SECTION
    4 CHANGE OF WELL INFORMATION (No Fee Required)
	NOTE:  Applies
    only to wells that have already been drilled.  For proposed wells, an amended Notice of Intent to Drill a Well must
    be filed.
	EXPLAIN
	SECTION
    5 OPTIONAL BY PROPERTY OWNER AND WELL OWNER ONLY
	 ̈  By
    checking this box, I hereby provide ADWR permission to enter the property for the purpose of taking water level measurements
    at this well.  ( See instructions.)
	SECTION
    6 WELL OWNER SIGNATURE
	I
    HEREBY CERTIFY that the above statements are true to the best of my knowledge and belief

	TYPE
                                                                                                                        OR PRINT
                                                                                                                        NAME AND
                                                                                                                        TITLE

         
	SIGNATURE
                                                                                          OF WELL OWNER                      
                                                                                          DATE

         

 DWR 55-71A
(REVISED 6/10) Page 1 of 1

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Exhibit 8(t)

 

ASSIGNMENT AND ASSUMPTION OF LIMITED
LIABILITY COMPANY

MEMBERSHIP INTEREST

 

(Canyon Portal II, L.L.C.)

 

KNOW ALL PERSONS BY
THESE PRESENTS, that, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Albert
B. Spector, Jr. (“Assignor”), hereby irrevocably assigns, sells, transfers and conveys to _____________________,
a _____________________________________ (“Assignee”), free and clear of any liens, pledges, claims, charges,
security interests or encumbrances of any nature whatsoever, all right, title and interest of Assignor in a 28.175% membership
interest (the “Interest”) in Canyon Portal II, L.L.C., an Arizona limited liability company (the “Company”)
under the Articles of Organization of the Company. This Assignment includes, without limitation, all of Assignor's Interest, percentage
interest and/or capital account in the Company, and all economic, voting, consensual and other rights relating thereto. Assignor
covenants, represents and warrants to Assignee that Assignor is the lawful owner and holder of the right, title, and interest intended
to be assigned, sold, transferred and conveyed hereby, and that Assignor has complete and unrestricted power and authority to execute
and deliver this Assignment and to make the assignment contemplated hereby, and has taken all corporate or other action necessary
or required to make this Assignment valid, binding, and enforceable. This Assignment shall be binding upon Assignor and his, her
or its heirs, successors and assigns, and shall inure to the benefit of Assignee and its successors and assigns. Assignor shall
warrant and defend the right, title, and interest hereby assigned unto Assignee forever against the claims and demands of all persons.

 

Dated: _____________ ____, 2013

 

	 	 
	 	By:	Albert B. Spector, Jr.
	 	 	Assignor

 

    	 

    	 

    

 

ACCEPTANCE OF ASSIGNMENT

 

Assignee hereby accepts
the foregoing Assignment and, in connection therewith, hereby agrees to be bound by all of the terms and conditions of the Articles
of Organization of the Company.

 

	 	_____________________,              	a
	 	 	 

 

	 	By:	IMH Financial Corporation, a Delaware limited

liability company
	 	Its:	Sole Member
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Its:	 

 

ACKNOWLEDGEMENT AND CONSENT

 

Canyon Portal II, L.L.C.,
an Arizona limited liability company, for itself as a Member of the Company and on behalf of the Company, (i) hereby acknowledges
and irrevocably approves and consents to the foregoing Assignment and represents and warrants to Assignee that all facts and other
matters stated therein are true and that the interests thereby transferred are not subject to any duties, responsibilities, or
other obligations accruing prior to the date hereof; and (ii) hereby admits Assignee as a Substitute Member of the Company in place
of Assignor with a 28.175% membership interest.

 

Dated: __________ ____, 2013

 

	 	CANYON PORTAL II, L.L.C.,
	 	an Arizona limited liability company
	 	 
	 	By:  	 
	 	 	Albert B. Spector
	 	Its:	 

 

    	Assignment of LLC Interest – Acceptance/Acknowledgement

    	 

    

 

[INTENTIONALLY LEFT BLANK] 

 

    	 

    	 

    

 

Exhibit 8(u)

 

Day of Closing Protocol

 

Exhibit not provided to Polsinelli.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

Exhibit 9(a)

 

Employees

 

See Exhibit 3(x)-i.

 

    	 

    	 

    

 

[INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

L'Auberge de Sedona Resort

Profit and Loss Statement

March 2013  

 

	 	 	Current Month

	 
	 	 	Actual	 	 	%
    to 
 Revenue	 	 	Budget	 	 	%
    to 
 Revenue	 	 	Variance	 	 	%
    to 
 Revenue	 	 	Prior
    Year	 	 	%
    to 
 Revenue	 	 	Variance	 	 	%
    to 
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	2,697	 	 	 	 	 	 	 	2,697	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	2,697	 	 	 	 	 	 	 	-	 	 	 	 	 
	Occupied Rooms	 	 	2,158	 	 	 	 	 	 	 	2,104	 	 	 	 	 	 	 	54	 	 	 	 	 	 	 	2,111	 	 	 	 	 	 	 	47	 	 	 	 	 
	Occupancy	 	 	80.0	%	 	 	 	 	 	 	78.0	%	 	 	 	 	 	 	2.6	%	 	 	 	 	 	 	78.3	%	 	 	 	 	 	 	2.2	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	391.44	 	 	 	 	 	 	$	365.00	 	 	 	 	 	 	$	26.44	 	 	 	 	 	 	$	352.40	 	 	 	 	 	 	$	39.04	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	313.21	 	 	 	 	 	 	$	284.75	 	 	 	 	 	 	$	28.47	 	 	 	 	 	 	$	275.83	 	 	 	 	 	 	$	37.38	 	 	 	 	 
	Gross Revenue/Room	 	$	676.47	 	 	 	 	 	 	$	613.32	 	 	 	 	 	 	$	63.15	 	 	 	 	 	 	$	598.29	 	 	 	 	 	 	$	78.18	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	844,731	 	 	 	57.9	%	 	 	767,960	 	 	 	59.5	%	 	 	76,771	 	 	 	45.3	%	 	 	743,916	 	 	 	58.9	%	 	 	100,815	 	 	 	51.2	%
	Food & Beverage	 	 	425,632	 	 	 	29.2	%	 	 	349,000	 	 	 	27.0	%	 	 	76,632	 	 	 	45.2	%	 	 	377,585	 	 	 	29.9	%	 	 	48,047	 	 	 	24.4	%
	Spa	 	 	95,676	 	 	 	6.6	%	 	 	92,338	 	 	 	7.2	%	 	 	3,338	 	 	 	2.0	%	 	 	85,498	 	 	 	6.8	%	 	 	10,178	 	 	 	5.2	%
	Miscellaneous	 	 	93,780	 	 	 	6.4	%	 	 	81,135	 	 	 	6.3	%	 	 	12,645	 	 	 	7.5	%	 	 	55,989	 	 	 	4.4	%	 	 	37,791	 	 	 	19.2	%
	Total Revenues	 	 	1,459,820	 	 	 	100.0	%	 	 	1,290,433	 	 	 	100.0	%	 	 	169,387	 	 	 	100.0	%	 	 	1,262,989	 	 	 	100.0	%	 	 	196,831	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	225,435	 	 	 	26.7	%	 	 	198,868	 	 	 	25.9	%	 	 	26,567	 	 	 	34.6	%	 	 	198,938	 	 	 	26.7	%	 	 	26,497	 	 	 	26.3	%
	Food & Beverage	 	 	363,126	 	 	 	85.3	%	 	 	292,553	 	 	 	83.8	%	 	 	70,573	 	 	 	92.1	%	 	 	306,062	 	 	 	81.1	%	 	 	57,064	 	 	 	118.8	%
	Spa	 	 	66,369	 	 	 	69.4	%	 	 	60,596	 	 	 	65.6	%	 	 	5,773	 	 	 	172.9	%	 	 	57,417	 	 	 	67.2	%	 	 	8,952	 	 	 	87.9	%
	Miscellaneous	 	 	18,622	 	 	 	19.9	%	 	 	26,293	 	 	 	32.4	%	 	 	(7,671	)	 	 	-60.7	%	 	 	25,527	 	 	 	45.6	%	 	 	(6,905	)	 	 	-18.3	%
	Total Department Expenses	 	 	673,552	 	 	 	46.1	%	 	 	578,310	 	 	 	44.8	%	 	 	95,242	 	 	 	56.2	%	 	 	587,945	 	 	 	46.6	%	 	 	85,607	 	 	 	43.5	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	619,296	 	 	 	73.3	%	 	 	569,092	 	 	 	74.1	%	 	 	50,204	 	 	 	65.4	%	 	 	544,978	 	 	 	73.3	%	 	 	74,318	 	 	 	73.7	%
	Food & Beverage	 	 	62,507	 	 	 	14.7	%	 	 	56,447	 	 	 	16.2	%	 	 	6,060	 	 	 	7.9	%	 	 	71,523	 	 	 	18.9	%	 	 	(9,017	)	 	 	-18.8	%
	Spa	 	 	29,307	 	 	 	30.6	%	 	 	31,742	 	 	 	34.4	%	 	 	(2,435	)	 	 	-72.9	%	 	 	28,081	 	 	 	32.8	%	 	 	1,227	 	 	 	12.1	%
	Miscellaneous	 	 	75,158	 	 	 	80.1	%	 	 	54,842	 	 	 	67.6	%	 	 	20,316	 	 	 	160.7	%	 	 	30,462	 	 	 	54.4	%	 	 	44,696	 	 	 	118.3	%
	Total Departmental Profit	 	 	786,268	 	 	 	53.9	%	 	 	712,123	 	 	 	55.2	%	 	 	74,145	 	 	 	43.8	%	 	 	675,044	 	 	 	53.4	%	 	 	111,224	 	 	 	56.5	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	21,897	 	 	 	1.5	%	 	 	19,357	 	 	 	1.5	%	 	 	2,540	 	 	 	1.5	%	 	 	18,945	 	 	 	1.5	%	 	 	2,952	 	 	 	1.5	%
	Administrative & General	 	 	93,677	 	 	 	6.4	%	 	 	118,321	 	 	 	9.2	%	 	 	(24,644	)	 	 	-14.5	%	 	 	118,191	 	 	 	9.4	%	 	 	(24,514	)	 	 	-12.5	%
	Sales & Marketing	 	 	55,453	 	 	 	3.8	%	 	 	71,079	 	 	 	5.5	%	 	 	(15,626	)	 	 	-9.2	%	 	 	69,009	 	 	 	5.5	%	 	 	(13,555	)	 	 	-6.9	%
	Engineering	 	 	74,252	 	 	 	5.1	%	 	 	84,087	 	 	 	6.5	%	 	 	(9,835	)	 	 	-5.8	%	 	 	80,083	 	 	 	6.3	%	 	 	(5,831	)	 	 	-3.0	%
	Utilities	 	 	27,970	 	 	 	1.9	%	 	 	31,272	 	 	 	2.4	%	 	 	(3,302	)	 	 	-1.9	%	 	 	30,361	 	 	 	2.4	%	 	 	(2,391	)	 	 	-1.2	%
	Total Undistributed Expenses	 	 	273,249	 	 	 	18.7	%	 	 	324,116	 	 	 	25.1	%	 	 	(50,867	)	 	 	-15.7	%	 	 	316,588	 	 	 	25.1	%	 	 	(43,339	)	 	 	-13.7	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	513,019	 	 	 	35.1	%	 	 	388,007	 	 	 	30.1	%	 	 	125,012	 	 	 	73.8	%	 	 	358,456	 	 	 	28.4	%	 	 	154,563	 	 	 	78.5	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Insurance	 	 	15,862	 	 	 	1.1	%	 	 	17,194	 	 	 	1.3	%	 	 	(1,332	)	 	 	-0.8	%	 	 	14,110	 	 	 	1.1	%	 	 	1,752	 	 	 	0.9	%
	Property Taxes	 	 	11,704	 	 	 	0.8	%	 	 	11,704	 	 	 	0.9	%	 	 	(0	)	 	 	0.0	%	 	 	10,382	 	 	 	0.8	%	 	 	1,322	 	 	 	0.7	%
	Rent	 	 	2,207	 	 	 	0.0	%	 	 	2,207	 	 	 	0.0	%	 	 	(0	)	 	 	0.0	%	 	 	900	 	 	 	0.0	%	 	 	1,307	 	 	 	0.7	%
	Total Fixed Expenses	 	 	29,772	 	 	 	2.0	%	 	 	31,105	 	 	 	2.4	%	 	 	(1,333	)	 	 	-0.8	%	 	 	25,392	 	 	 	2.0	%	 	 	3,074	 	 	 	1.6	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	483,246	 	 	 	33.1	%	 	 	356,902	 	 	 	27.7	%	 	 	126,344	 	 	 	74.6	%	 	 	333,064	 	 	 	26.4	%	 	 	150,183	 	 	 	76.3	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	58,393	 	 	 	4.0	%	 	 	51,617	 	 	 	4.0	%	 	 	6,775	 	 	 	4.0	%	 	 	50,520	 	 	 	4.0	%	 	 	7,873	 	 	 	4.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	424,854	 	 	 	29.1	%	 	 	305,285	 	 	 	23.7	%	 	 	119,569	 	 	 	70.6	%	 	 	282,544	 	 	 	22.4	%	 	 	142,309	 	 	 	72.3	%

 

    	 	 	Report continued on next page

    	 

    

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Actual	 	 	%
    to 
 Revenue	 	 	Budget	 	 	%
    to 
 Revenue	 	 	Variance	 	 	%
    to 
 Revenue	 	 	Prior
    Year	 	 	%
    to 
 Revenue	 	 	Variance	 	 	%
    to 
 Revenue	 	 	Amount	 	 	%	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	7,830	 	 	 	 	 	 	 	7,830	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	7,917	 	 	 	 	 	 	 	(87	)	 	 	 	 	 	 	31,842	 	 	 	 	 
	Occupied Rooms	 	 	4,792	 	 	 	 	 	 	 	4,750	 	 	 	 	 	 	 	42	 	 	 	 	 	 	 	5,184	 	 	 	 	 	 	 	(392	)	 	 	 	 	 	 	22,758	 	 	 	 	 
	Occupancy	 	 	61.2	%	 	 	 	 	 	 	60.7	%	 	 	 	 	 	 	0.9	%	 	 	 	 	 	 	65.5	%	 	 	 	 	 	 	-7.6	%	 	 	 	 	 	 	71.5	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	329.79	 	 	 	 	 	 	$	317.76	 	 	 	 	 	 	$	12.03	 	 	 	 	 	 	 	286.82	 	 	 	 	 	 	$	42.97	 	 	 	 	 	 	$	340.63	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	201.84	 	 	 	 	 	 	$	192.77	 	 	 	 	 	 	$	9.07	 	 	 	 	 	 	 	187.81	 	 	 	 	 	 	$	14.03	 	 	 	 	 	 	$	243.45	 	 	 	 	 
	Gross Revenue/Room	 	$	589.92	 	 	 	 	 	 	$	564.18	 	 	 	 	 	 	$	25.74	 	 	 	 	 	 	 	525.59	 	 	 	 	 	 	$	64.34	 	 	 	 	 	 	$	625.51	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	1,580,370	 	 	 	55.9	%	 	 	1,509,382	 	 	 	56.3	%	 	 	70,988	 	 	 	48.3	%	 	 	1,486,869	 	 	 	54.6	%	 	 	93,501	 	 	 	91.4	%	 	 	7,752,011	 	 	 	54.5	%
	Food & Beverage	 	 	811,580	 	 	 	28.7	%	 	 	764,053	 	 	 	28.5	%	 	 	47,527	 	 	 	32.3	%	 	 	893,940	 	 	 	32.8	%	 	 	(82,360	)	 	 	-80.5	%	 	 	4,697,733	 	 	 	33.0	%
	Spa	 	 	230,590	 	 	 	8.2	%	 	 	218,669	 	 	 	8.2	%	 	 	11,921	 	 	 	8.1	%	 	 	199,996	 	 	 	7.3	%	 	 	30,594	 	 	 	29.9	%	 	 	965,287	 	 	 	6.8	%
	Miscellaneous	 	 	204,380	 	 	 	7.2	%	 	 	187,760	 	 	 	7.0	%	 	 	16,620	 	 	 	11.3	%	 	 	143,830	 	 	 	5.3	%	 	 	60,550	 	 	 	59.2	%	 	 	820,405	 	 	 	5.8	%
	Total Revenues	 	 	2,826,920	 	 	 	100.0	%	 	 	2,679,864	 	 	 	100.0	%	 	 	147,056	 	 	 	100.0	%	 	 	2,724,635	 	 	 	100.0	%	 	 	102,286	 	 	 	100.0	%	 	 	14,235,436	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	557,151	 	 	 	35.3	%	 	 	524,774	 	 	 	34.8	%	 	 	32,377	 	 	 	45.6	%	 	 	525,029	 	 	 	35.3	%	 	 	32,122	 	 	 	34.4	%	 	 	2,349,977	 	 	 	30.3	%
	Food & Beverage	 	 	829,981	 	 	 	102.3	%	 	 	757,500	 	 	 	99.1	%	 	 	72,481	 	 	 	152.5	%	 	 	686,896	 	 	 	76.8	%	 	 	143,085	 	 	 	-173.7	%	 	 	3,677,821	 	 	 	78.3	%
	Spa	 	 	170,364	 	 	 	73.9	%	 	 	162,039	 	 	 	74.1	%	 	 	8,325	 	 	 	69.8	%	 	 	159,596	 	 	 	79.8	%	 	 	10,768	 	 	 	35.2	%	 	 	695,181	 	 	 	72.0	%
	Miscellaneous	 	 	52,160	 	 	 	25.5	%	 	 	59,322	 	 	 	31.6	%	 	 	(7,162	)	 	 	-43.1	%	 	 	61,419	 	 	 	42.7	%	 	 	(9,259	)	 	 	-15.3	%	 	 	305,617	 	 	 	37.3	%
	Total Department Expenses	 	 	1,609,657	 	 	 	56.9	%	 	 	1,503,635	 	 	 	56.1	%	 	 	106,022	 	 	 	72.1	%	 	 	1,432,940	 	 	 	52.6	%	 	 	176,716	 	 	 	172.8	%	 	 	7,028,596	 	 	 	49.4	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	1,023,219	 	 	 	64.7	%	 	 	984,608	 	 	 	65.2	%	 	 	38,611	 	 	 	54.4	%	 	 	961,840	 	 	 	64.7	%	 	 	61,379	 	 	 	65.6	%	 	 	5,402,034	 	 	 	69.7	%
	Food & Beverage	 	 	(18,401	)	 	 	-2.3	%	 	 	6,553	 	 	 	0.9	%	 	 	(24,954	)	 	 	-52.5	%	 	 	207,044	 	 	 	23.2	%	 	 	(225,445	)	 	 	273.7	%	 	 	1,019,912	 	 	 	21.7	%
	Spa	 	 	60,225	 	 	 	26.1	%	 	 	56,630	 	 	 	25.9	%	 	 	3,595	 	 	 	30.2	%	 	 	40,399	 	 	 	20.2	%	 	 	19,826	 	 	 	64.8	%	 	 	270,106	 	 	 	28.0	%
	Miscellaneous	 	 	152,220	 	 	 	74.5	%	 	 	128,438	 	 	 	68.4	%	 	 	23,782	 	 	 	143.1	%	 	 	82,411	 	 	 	57.3	%	 	 	69,809	 	 	 	115.3	%	 	 	514,788	 	 	 	62.7	%
	Total Departmental Profit	 	 	1,217,264	 	 	 	43.1	%	 	 	1,176,229	 	 	 	43.9	%	 	 	41,035	 	 	 	27.9	%	 	 	1,291,695	 	 	 	47.4	%	 	 	(74,431	)	 	 	-72.8	%	 	 	7,206,840	 	 	 	50.6	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	42,404	 	 	 	1.5	%	 	 	40,199	 	 	 	1.5	%	 	 	2,205	 	 	 	1.5	%	 	 	40,870	 	 	 	1.5	%	 	 	1,534	 	 	 	1.5	%	 	 	213,531	 	 	 	1.5	%
	Administrative & General	 	 	288,874	 	 	 	10.2	%	 	 	338,544	 	 	 	12.6	%	 	 	(49,670	)	 	 	-33.8	%	 	 	273,281	 	 	 	10.0	%	 	 	15,593	 	 	 	15.2	%	 	 	1,463,735	 	 	 	10.3	%
	Sales & Marketing	 	 	190,008	 	 	 	6.7	%	 	 	217,305	 	 	 	8.1	%	 	 	(27,298	)	 	 	-18.6	%	 	 	205,019	 	 	 	7.5	%	 	 	(15,012	)	 	 	-14.7	%	 	 	950,317	 	 	 	6.7	%
	Engineering	 	 	210,700	 	 	 	7.5	%	 	 	229,666	 	 	 	8.6	%	 	 	(18,966	)	 	 	-12.9	%	 	 	211,381	 	 	 	7.8	%	 	 	(680	)	 	 	-0.7	%	 	 	940,888	 	 	 	6.6	%
	Utilities	 	 	100,331	 	 	 	3.5	%	 	 	97,074	 	 	 	3.6	%	 	 	3,257	 	 	 	2.2	%	 	 	90,643	 	 	 	3.3	%	 	 	9,688	 	 	 	9.5	%	 	 	402,157	 	 	 	2.8	%
	Total Undistributed Expenses	 	 	832,316	 	 	 	29.4	%	 	 	922,788	 	 	 	34.4	%	 	 	(90,472	)	 	 	-9.8	%	 	 	821,193	 	 	 	30.1	%	 	 	11,123	 	 	 	1.4	%	 	 	3,970,628	 	 	 	27.9	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	384,947	 	 	 	13.6	%	 	 	253,441	 	 	 	9.5	%	 	 	131,506	 	 	 	89.4	%	 	 	470,501	 	 	 	17.3	%	 	 	(85,554	)	 	 	-83.6	%	 	 	3,236,212	 	 	 	22.7	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Insurance	 	 	50,326	 	 	 	1.8	%	 	 	50,250	 	 	 	1.9	%	 	 	76	 	 	 	0.1	%	 	 	45,650	 	 	 	1.7	%	 	 	4,676	 	 	 	4.6	%	 	 	193,596	 	 	 	1.4	%
	Property Taxes	 	 	35,112	 	 	 	1.2	%	 	 	35,112	 	 	 	1.3	%	 	 	(0	)	 	 	0.0	%	 	 	31,146	 	 	 	1.1	%	 	 	3,966	 	 	 	3.9	%	 	 	121,044	 	 	 	0.9	%
	Rent	 	 	6,620	 	 	 	0.0	%	 	 	6,621	 	 	 	0.0	%	 	 	(1	)	 	 	0.0	%	 	 	900	 	 	 	0.0	%	 	 	5,720	 	 	 	5.6	%	 	 	13,242	 	 	 	0.0	%
	Total Fixed Expenses	 	 	92,057	 	 	 	3.3	%	 	 	91,983	 	 	 	3.4	%	 	 	74	 	 	 	0.1	%	 	 	77,696	 	 	 	2.9	%	 	 	14,362	 	 	 	14.0	%	 	 	327,882	 	 	 	2.3	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	292,890	 	 	 	10.4	%	 	 	161,458	 	 	 	6.0	%	 	 	131,432	 	 	 	89.4	%	 	 	392,806	 	 	 	14.4	%	 	 	(99,916	)	 	 	-97.7	%	 	 	2,908,330	 	 	 	20.4	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	113,077	 	 	 	4.0	%	 	 	107,195	 	 	 	4.0	%	 	 	5,882	 	 	 	4.0	%	 	 	76,696	 	 	 	2.8	%	 	 	36,381	 	 	 	35.6	%	 	 	569,417	 	 	 	4.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	179,813	 	 	 	6.4	%	 	 	54,263	 	 	 	2.0	%	 	 	125,550	 	 	 	85.4	%	 	 	316,110	 	 	 	11.6	%	 	 	(136,297	)	 	 	-133.3	%	 	 	2,338,913	 	 	 	16.4	%

 

    	 	Page 1 of 23	L'Auberge_Resort March 13 Issue.xls / Report

    	 

    

 

Current Year - 2013

 

Year to Date

 

	 	 	January	 	 	February	 	 	March	 	 	Total Year	 
	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	2,697	 	 	 	 	 	 	 	2,436	 	 	 	 	 	 	 	2,697	 	 	 	 	 	 	 	7,830	 	 	 	 	 
	Occupied Rooms	 	 	1,233	 	 	 	 	 	 	 	1,401	 	 	 	 	 	 	 	2,158	 	 	 	 	 	 	 	4,792	 	 	 	 	 
	Occupancy	 	 	45.7	%	 	 	 	 	 	 	57.5	%	 	 	 	 	 	 	80.0	%	 	 	 	 	 	 	80	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	257.52	 	 	 	 	 	 	$	298.44	 	 	 	 	 	 	$	391.44	 	 	 	 	 	 	$	391.44	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	117.73	 	 	 	 	 	 	$	171.64	 	 	 	 	 	 	$	313.21	 	 	 	 	 	 	$	313.21	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	317,522	 	 	$	391.33	 	 	 	418,117	 	 	$	298.44	 	 	 	844,731	 	 	$	391.44	 	 	 	1,580,370	 	 	$	329.79	 
	Food & Beverage	 	 	165,053	 	 	$	212.41	 	 	 	220,894	 	 	$	157.67	 	 	 	425,632	 	 	$	197.23	 	 	 	811,580	 	 	$	169.36	 
	Spa	 	 	63,945	 	 	$	50.87	 	 	 	70,969	 	 	$	50.66	 	 	 	95,676	 	 	$	44.34	 	 	 	230,590	 	 	$	48.12	 
	Miscellaneous	 	 	48,801	 	 	$	53.46	 	 	 	61,799	 	 	$	44.11	 	 	 	93,780	 	 	$	43.46	 	 	 	204,380	 	 	$	42.65	 
	LA Store	 	 	-	 	 	$	-	 	 	 	-	 	 	$	-	 	 	 	-	 	 	$	-	 	 	 	0	 	 	$	-	 
	Total Revenues	 	 	595,322	 	 	$	708.08	 	 	 	771,779	 	 	$	550.88	 	 	 	1,459,820	 	 	$	676.47	 	 	 	2,826,920	 	 	$	589.92	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	165,790	 	 	$	135.19	 	 	 	165,925	 	 	$	118.43	 	 	 	225,435	 	 	$	104.46	 	 	 	557,151	 	 	$	116.27	 
	Food & Beverage	 	 	225,020	 	 	$	218.24	 	 	 	241,836	 	 	$	172.62	 	 	 	363,126	 	 	$	168.27	 	 	 	829,981	 	 	$	173.20	 
	Spa	 	 	51,140	 	 	$	39.35	 	 	 	52,856	 	 	$	37.73	 	 	 	66,369	 	 	$	30.75	 	 	 	170,364	 	 	$	35.55	 
	Miscellaneous	 	 	15,229	 	 	$	14.59	 	 	 	18,309	 	 	$	13.07	 	 	 	18,622	 	 	$	8.63	 	 	 	52,160	 	 	$	10.88	 
	LA Store	 	 	-	 	 	$	-	 	 	 	-	 	 	$	-	 	 	 	-	 	 	$	-	 	 	 	0	 	 	$	-	 
	Total Department Expenses	 	 	457,179	 	 	$	407.37	 	 	 	478,926	 	 	$	341.85	 	 	 	673,552	 	 	$	312.12	 	 	 	1,609,657	 	 	$	335.90	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	151,732	 	 	$	256.14	 	 	 	252,192	 	 	$	180.01	 	 	 	619,296	 	 	$	286.98	 	 	 	1,023,219	 	 	$	213.53	 
	Food & Beverage	 	 	(59,966	)	 	$	(5.82	)	 	 	(20,942	)	 	$	(14.95	)	 	 	62,507	 	 	$	28.97	 	 	 	(18,401	)	 	$	(3.84	)
	Spa	 	 	12,805	 	 	$	11.52	 	 	 	18,113	 	 	$	12.93	 	 	 	29,307	 	 	$	13.58	 	 	 	60,225	 	 	$	12.57	 
	Miscellaneous	 	 	33,572	 	 	$	38.87	 	 	 	43,490	 	 	$	31.04	 	 	 	75,158	 	 	$	34.83	 	 	 	152,220	 	 	$	31.77	 
	LA Store	 	 	0	 	 	$	-	 	 	 	0	 	 	$	-	 	 	 	0	 	 	$	-	 	 	 	0	 	 	$	-	 
	Total Departmental Profit	 	 	138,143	 	 	$	300.71	 	 	 	292,853	 	 	$	209.03	 	 	 	786,268	 	 	$	364.35	 	 	 	1,217,264	 	 	$	254.02	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	8,930	 	 	$	10.62	 	 	 	11,577	 	 	$	8.26	 	 	 	21,897	 	 	$	10.15	 	 	 	42,404	 	 	$	8.85	 
	Administrative & General	 	 	104,700	 	 	$	97.58	 	 	 	90,497	 	 	$	64.59	 	 	 	93,677	 	 	$	43.41	 	 	 	288,874	 	 	$	60.28	 
	Sales & Marketing	 	 	75,149	 	 	$	59.36	 	 	 	59,406	 	 	$	42.40	 	 	 	55,453	 	 	$	25.70	 	 	 	190,008	 	 	$	39.65	 
	Engineering	 	 	69,743	 	 	$	63.18	 	 	 	66,705	 	 	$	47.61	 	 	 	74,252	 	 	$	34.41	 	 	 	210,700	 	 	$	43.97	 
	Utilities	 	 	36,102	 	 	$	33.19	 	 	 	36,259	 	 	$	25.88	 	 	 	27,970	 	 	$	12.96	 	 	 	100,331	 	 	$	20.94	 
	Total Undistributed Expenses	 	 	294,624	 	 	$	263.93	 	 	 	264,443	 	 	$	188.75	 	 	 	273,249	 	 	$	126.62	 	 	 	832,316	 	 	$	173.69	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	(156,481	)	 	$	36.78	 	 	 	28,409	 	 	$	20.28	 	 	 	513,019	 	 	$	237.73	 	 	 	384,947	 	 	$	80.33	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	 	11,704	 	 	$	10.24	 	 	 	11,704	 	 	$	8.35	 	 	 	11,704	 	 	$	5.42	 	 	 	35,112	 	 	$	7.33	 
	Insurance	 	 	15,862	 	 	$	13.65	 	 	 	18,602	 	 	$	13.28	 	 	 	15,862	 	 	$	7.35	 	 	 	50,326	 	 	$	10.50	 
	Rent	 	 	2,207	 	 	$	-	 	 	 	2,207	 	 	$	1.58	 	 	 	2,207	 	 	$	1.02	 	 	 	6,620	 	 	$	1.38	 
	Total Fixed Expenses	 	 	29,772	 	 	$	23.89	 	 	 	32,513	 	 	$	23.21	 	 	 	29,772	 	 	$	13.80	 	 	 	92,057	 	 	$	19.21	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	(186,253	)	 	$	12.89	 	 	 	(4,103	)	 	$	(2.93	)	 	 	483,246	 	 	$	223.93	 	 	 	292,890	 	 	$	61.12	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	23,813	 	 	$	28.32	 	 	 	30,871	 	 	$	22.04	 	 	 	58,393	 	 	$	27.06	 	 	 	113,077	 	 	$	23.60	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	(210,066	)	 	$	(15.43	)	 	 	(34,975	)	 	$	(24.96	)	 	 	424,854	 	 	$	196.87	 	 	 	179,813	 	 	$	37.52	 

 

    	 	Page 2 of 23	L'Auberge_Resort March 13 Issue.xls / Current YTD

    	 

    

 

Prior Year - 2012

 

	 	 	Year to Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	January	 	February	 	March	 	April	 	May	 	June	 
	 	 	Amount	 	POR	 	Amount	 	POR	 	Amount	 	POR	 	Amount	 	 	POR	 	Amount	 	POR	 	Amount	 	POR	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	2,697	 	 	 	 	 	2,523	 	 	 	 	 	2,697	 	 	 	 	 	2,610	 	 	 	 	 	 	2,697	 	 	 	 	 	2,610	 	 	 	 
	Occupied Rooms	 	 	1,519	 	 	 	 	 	1,554	 	 	 	 	 	2,111	 	 	 	 	 	2,244	 	 	 	 	 	 	1,987	 	 	 	 	 	2,016	 	 	 	 
	Occupancy	 	 	56.3	%	 	 	 	 	61.6	%	 	 	 	 	78.3	%	 	 	 	 	86.0	%	 	 	 	 	 	73.7	%	 	 	 	 	77.2	%	 	 	 
	 Average Daily Rate (ADR)	 	$	220.84	 	 	 	 	$	262.23	 	 	 	 	$	352.40	 	 	 	 	$	393.88	 	 	 	 	 	$	354.94	 	 	 	 	$	312.25	 	 	 	 
	 Revenue/Available Room (REVPAR)	 	$	124.38	 	 	 	 	$	161.51	 	 	 	 	$	275.83	 	 	 	 	$	338.65	 	 	 	 	 	$	261.50	 	 	 	 	$	241.19	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	335,454	 	$	220.84	 	 	407,499	 	$	262.23	 	 	743,916	 	$	352.40	 	 	883,864	 	 	$	393.88	 	 	705,261	 	$	354.94	 	$	629,499	 	$	312	 
	Food & Beverage	 	 	217,472	 	$	143.17	 	 	298,882	 	$	192.33	 	 	377,585	 	$	178.87	 	 	517,012	 	 	$	230.40	 	 	609,232	 	$	306.61	 	$	495,772	 	$	246	 
	Spa	 	 	56,733	 	$	37.35	 	 	57,765	 	$	37.17	 	 	85,498	 	$	40.50	 	 	85,123	 	 	$	37.93	 	 	83,980	 	$	42.26	 	$	81,357	 	$	40	 
	Miscellaneous	 	 	44,756	 	$	29.46	 	 	43,086	 	$	27.73	 	 	55,989	 	$	26.52	 	 	64,122	 	 	$	28.57	 	 	58,805	 	$	29.59	 	$	58,660	 	$	29	 
	LA Store	 	 	0	 	$	-	 	 	0	 	$	-	 	 	0	 	$	-	 	 	0	 	 	$	-	 	 	0	 	$	-	 	$	-	 	$	-	 
	Total Revenues	 	 	654,414	 	 	431	 	 	807,232	 	 	519	 	 	1,262,989	 	 	598	 	 	1,550,121	 	 	 	691	 	 	1,457,277	 	 	733	 	$	1,265,289	 	$	628	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	168,296	 	$	110.79	 	 	157,795	 	$	101.54	 	 	198,938	 	$	94.24	 	 	215,258	 	 	$	95.93	 	 	211,396	 	$	106.39	 	$	203,371	 	$	101	 
	Food & Beverage	 	 	226,233	 	$	148.94	 	 	249,309	 	$	160.43	 	 	306,062	 	$	144.98	 	 	366,117	 	 	$	163.15	 	 	411,439	 	$	207.07	 	$	367,753	 	$	182	 
	Spa	 	 	52,451	 	$	34.53	 	 	49,728	 	$	32.00	 	 	57,417	 	$	27.20	 	 	58,788	 	 	$	26.20	 	 	62,376	 	$	31.39	 	$	60,183	 	$	30	 
	Miscellaneous	 	 	18,610	 	$	12.25	 	 	17,282	 	$	11.12	 	 	25,527	 	$	12.09	 	 	23,877	 	 	$	10.64	 	 	24,140	 	$	12.15	 	$	22,723	 	$	11	 
	LA Store	 	 	0	 	$	-	 	 	0	 	$	-	 	 	0	 	$	-	 	 	0	 	 	$	-	 	 	0	 	$	-	 	$	-	 	$	-	 
	Total Department Expenses	 	 	465,589	 	 	307	 	 	474,114	 	 	305	 	 	587,945	 	 	279	 	 	664,040	 	 	 	296	 	 	709,350	 	 	357	 	$	654,029	 	$	324	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	167,158	 	 	110	 	 	249,704	 	 	161	 	 	544,978	 	 	258	 	 	668,606	 	 	 	298	 	 	493,865	 	 	249	 	$	426,128	 	$	211	 
	Food & Beverage	 	 	(8,761	)	 	(6	)	 	49,573	 	 	32	 	 	71,523	 	 	34	 	 	150,896	 	 	 	67	 	 	197,793	 	 	100	 	$	128,020	 	$	64	 
	Spa	 	 	4,282	 	 	3	 	 	8,036	 	 	5	 	 	28,081	 	 	13	 	 	26,335	 	 	 	12	 	 	21,604	 	 	11	 	$	21,175	 	$	11	 
	Miscellaneous	 	 	26,146	 	 	17	 	 	25,804	 	 	17	 	 	30,462	 	 	14	 	 	40,245	 	 	 	18	 	 	34,665	 	 	17	 	$	35,937	 	$	18	 
	LA Store	 	 	0	 	$	-	 	 	0	 	$	-	 	 	0	 	$	-	 	 	0	 	 	$	-	 	 	0	 	$	-	 	$	-	 	$	-	 
	Total Departmental Profit	 	 	188,825	 	 	124	 	 	333,118	 	 	214	 	 	675,044	 	 	320	 	 	886,081	 	 	 	395	 	 	747,927	 	 	376	 	$	611,259	 	$	303	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	9,816	 	$	6.46	 	 	12,108	 	$	7.79	 	 	18,945	 	$	8.97	 	 	23,252	 	 	$	10.36	 	 	21,863	 	$	-	 	$	18,939	 	$	9	 
	Administrative & General	 	 	101,375	 	$	66.74	 	 	115,489	 	$	74.32	 	 	118,191	 	$	55.99	 	 	137,616	 	 	$	61.33	 	 	136,513	 	$	68.70	 	$	132,690	 	$	66	 
	Sales & Marketing	 	 	61,623	 	$	40.57	 	 	59,300	 	$	38.16	 	 	69,009	 	$	32.69	 	 	78,162	 	 	$	34.83	 	 	70,120	 	$	35.29	 	$	79,462	 	$	39	 
	Engineering	 	 	59,072	 	$	38.89	 	 	72,225	 	$	46.48	 	 	80,083	 	$	37.94	 	 	96,135	 	 	$	42.84	 	 	93,258	 	$	46.93	 	$	80,138	 	$	40	 
	Utilities	 	 	31,447	 	$	20.70	 	 	28,835	 	$	18.56	 	 	30,361	 	$	14.38	 	 	29,937	 	 	$	13.34	 	 	34,838	 	$	17.53	 	$	34,770	 	$	17	 
	 	 	 	263,333	 	 	173	 	 	287,957	 	 	185	 	 	316,588	 	 	150	 	 	365,101	 	 	 	163	 	 	334,728	 	 	168	 	$	345,999	 	$	172	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	(74,508	)	 	(49	)	 	45,161	 	 	29	 	 	358,456	 	 	170	 	 	520,980	 	 	 	232	 	 	413,199	 	 	208	 	$	265,261	 	$	132	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	 	10,382	 	$	6.83	 	 	10,382	 	$	6.68	 	 	10,382	 	$	4.92	 	 	22,566	 	 	$	10.06	 	 	15,442	 	$	7.77	 	$	12,622	 	$	6	 
	Insurance	 	 	17,930	 	$	11.80	 	 	13,610	 	$	8.76	 	 	14,110	 	$	6.68	 	 	13,610	 	 	$	6.06	 	 	14,110	 	$	7.10	 	$	14,110	 	$	7	 
	Rent	 	 	0	 	$	-	 	 	0	 	$	-	 	 	900	 	$	0.43	 	 	657	 	 	$	0.29	 	 	4,349	 	$	2.19	 	$	4,349	 	$	2	 
	Total Fixed Expenses	 	 	28,312	 	 	19	 	 	23,992	 	 	15	 	 	25,392	 	 	12	 	 	36,833	 	 	 	16	 	 	33,901	 	 	17	 	$	31,081	 	$	15	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	(102,820	)	$	(67.69	)	 	21,169	 	$	13.62	 	 	333,064	 	$	157.78	 	 	484,147	 	 	$	215.75	 	 	379,298	 	$	190.89	 	$	234,180	 	$	116	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	26,177	 	$	17.23	 	 	32,289	 	$	20.78	 	 	50,520	 	$	23.93	 	 	62,005	 	 	$	27.63	 	 	58,291	 	$	29.34	 	$	50,612	 	$	25	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	(128,996	)	$	(84.92	)	 	(11,120	)	$	(7.16	)	 	282,544	 	$	133.84	 	 	422,142	 	 	$	188.12	 	 	321,006	 	$	161.55	 	$	183,568	 	$	91	 

 

    	 	 	Report continued on next page

    	 

    

 

	 	 	July	 	August	 	September	 	October	 	November	 	December	 	Total
    Year	 
	 	 	Amount	 	POR	 	Amount	 	POR	 	Amount	 	POR	 	Amount	 	POR	 	Amount	 	POR	 	Amount	 	POR	 	Amount	 	POR	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	2,697	 	 	 	 	 	2,697	 	 	 	 	 	2,610	 	 	 	 	 	2,697	 	 	 	 	 	2,610	 	 	 	 	 	2,697	 	 	 	 	 	31,842	 	 	 	 
	Occupied Rooms	 	 	1,889	 	 	 	 	 	1,974	 	 	 	 	 	1,913	 	 	 	 	 	2,092	 	 	 	 	 	1,856	 	 	 	 	 	1,544	 	 	 	 	 	22,699	 	 	 	 
	Occupancy	 	 	70.0	%	 	 	 	 	73.2	%	 	 	 	 	73.3	%	 	 	 	 	77.6	%	 	 	 	 	71.1	%	 	 	 	 	57.2	%	 	 	 	 	71.3	%	 	 	 
	Average Daily Rate (ADR)	 	$	268.52	 	 	 	 	$	274.49	 	 	 	 	$	355.16	 	 	 	 	$	406.63	 	 	 	 	$	326.85	 	 	 	 	$	312.51	 	 	 	 	$	324.85	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	188.07	 	 	 	 	$	200.91	 	 	 	 	$	260.31	 	 	 	 	$	315.41	 	 	 	 	$	232.43	 	 	 	 	$	178.91	 	 	 	 	$	231.57	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	$	507,225	 	$	269	 	$	541,845	 	$	274	 	$	679,415	 	$	355	 	$	850,661	 	$	407	 	$	606,643	 	$	327	 	$	482,514	 	$	313	 	$	7,373,796	 	$	325	 
	Food & Beverage	 	$	393,126	 	$	208	 	$	359,708	 	$	182	 	$	500,279	 	$	262	 	$	600,901	 	$	287	 	$	379,722	 	$	205	 	$	261,907	 	$	170	 	$	5,011,599	 	$	221	 
	Spa	 	$	74,045	 	$	39	 	$	79,167	 	$	40	 	$	78,420	 	$	41	 	$	90,985	 	$	43	 	$	75,324	 	$	41	 	$	62,727	 	$	41	 	$	911,124	 	$	40	 
	Miscellaneous	 	$	57,844	 	$	31	 	$	55,529	 	$	28	 	$	74,521	 	$	39	 	$	88,943	 	$	43	 	$	85,401	 	$	46	 	$	65,916	 	$	43	 	$	753,572	 	$	33	 
	LA Store	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 
	Total Revenues	 	$	1,032,241	 	$	546	 	$	1,036,249	 	$	525	 	$	1,332,635	 	$	697	 	$	1,631,490	 	$	780	 	$	1,147,090	 	$	618	 	$	873,064	 	$	565	 	$	14,050,090	 	$	619	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	$	193,488	 	$	102	 	$	202,737	 	$	103	 	$	211,178	 	$	110	 	$	220,607	 	$	105	 	$	201,026	 	$	108	 	$	166,691	 	$	108	 	$	2,350,779	 	$	104	 
	Food & Beverage	 	$	333,949	 	$	177	 	$	304,538	 	$	154	 	$	362,602	 	$	190	 	$	409,031	 	$	196	 	$	295,744	 	$	159	 	$	269,088	 	$	174	 	$	3,901,863	 	$	172	 
	Spa	 	$	55,428	 	$	29	 	$	59,012	 	$	30	 	$	60,647	 	$	32	 	$	59,018	 	$	28	 	$	57,509	 	$	31	 	$	48,525	 	$	31	 	$	681,080	 	$	30	 
	Miscellaneous	 	$	23,103	 	$	12	 	$	20,084	 	$	10	 	$	19,798	 	$	10	 	$	21,509	 	$	10	 	$	21,513	 	$	12	 	$	17,985	 	$	12	 	$	256,152	 	$	11	 
	LA Store	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 
	Total Department Expenses	 	$	605,968	 	$	321	 	$	586,370	 	$	297	 	$	654,225	 	$	342	 	$	710,164	 	$	339	 	$	575,791	 	$	310	 	$	502,288	 	$	325	 	$	7,189,874	 	$	317	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	$	313,738	 	$	166	 	$	339,109	 	$	172	 	$	468,237	 	$	245	 	$	630,055	 	$	301	 	$	405,616	 	$	219	 	$	315,823	 	$	205	 	$	5,023,017	 	$	221	 
	Food & Beverage	 	$	59,177	 	$	31	 	$	55,170	 	$	28	 	$	137,676	 	$	72	 	$	191,870	 	$	92	 	$	83,978	 	$	45	 	$	(7,181	)	$	(5	)	$	1,109,736	 	$	49	 
	Spa	 	$	18,617	 	$	10	 	$	20,155	 	$	10	 	$	17,774	 	$	9	 	$	31,967	 	$	15	 	$	17,816	 	$	10	 	$	14,203	 	$	9	 	$	230,044	 	$	10	 
	Miscellaneous	 	$	34,741	 	$	18	 	$	35,445	 	$	18	 	$	54,723	 	$	29	 	$	67,434	 	$	32	 	$	63,888	 	$	34	 	$	47,931	 	$	31	 	$	497,420	 	$	22	 
	LA Store	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 	$	-	 
	Total Departmental Profit	 	$	426,273	 	$	226	 	$	449,879	 	$	228	 	$	678,410	 	$	355	 	$	921,326	 	$	440	 	$	571,298	 	$	308	 	$	370,775	 	$	240	 	$	6,860,216	 	$	302	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	$	15,484	 	$	8	 	$	15,528	 	$	8	 	$	19,934	 	$	10	 	$	24,401	 	$	12	 	$	17,183	 	$	9	 	$	13,096	 	$	8	 	$	210,550	 	$	9	 
	Administrative & General	 	$	122,242	 	$	65	 	$	113,085	 	$	57	 	$	119,808	 	$	63	 	$	131,589	 	$	63	 	$	129,915	 	$	70	 	$	120,315	 	$	78	 	$	1,478,827	 	$	65	 
	Sales & Marketing	 	$	79,819	 	$	42	 	$	80,171	 	$	41	 	$	74,933	 	$	39	 	$	91,222	 	$	44	 	$	75,322	 	$	41	 	$	73,188	 	$	47	 	$	892,330	 	$	39	 
	Engineering	 	$	85,105	 	$	45	 	$	79,916	 	$	40	 	$	86,145	 	$	45	 	$	83,217	 	$	40	 	$	74,443	 	$	40	 	$	77,897	 	$	50	 	$	967,632	 	$	43	 
	Utilities	 	$	34,228	 	$	18	 	$	31,499	 	$	16	 	$	30,705	 	$	16	 	$	30,631	 	$	15	 	$	32,838	 	$	18	 	$	40,926	 	$	27	 	$	391,015	 	$	17	 
	 	 	$	336,877	 	$	178	 	$	320,199	 	$	162	 	$	331,525	 	$	173	 	$	361,060	 	$	173	 	$	329,701	 	$	178	 	$	325,423	 	$	211	 	$	3,940,354	 	$	174	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	$	89,396	 	$	47	 	$	129,680	 	$	66	 	$	346,885	 	$	181	 	$	560,266	 	$	268	 	$	241,598	 	$	130	 	$	45,353	 	$	29	 	$	2,919,862	 	$	129	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	$	12,622	 	$	7	 	$	12,622	 	$	6	 	$	12,622	 	$	7	 	$	12,622	 	$	6	 	$	12,772	 	$	7	 	$	12,622	 	$	8	 	$	157,659	 	$	7	 
	Insurance	 	$	15,110	 	$	8	 	$	13,610	 	$	7	 	$	13,610	 	$	7	 	$	17,666	 	$	8	 	$	16,613	 	$	9	 	$	16,835	 	$	11	 	$	180,922	 	$	8	 
	Rent	 	$	4,349	 	$	2	 	$	4,349	 	$	2	 	$	4,349	 	$	2	 	$	4,349	 	$	2	 	$	4,285	 	$	2	 	$	-	 	$	-	 	$	31,938	 	$	1	 
	Total Fixed Expenses	 	$	32,081	 	$	17	 	$	30,581	 	$	15	 	$	30,581	 	$	16	 	$	34,637	 	$	17	 	$	33,670	 	$	18	 	$	29,457	 	$	19	 	$	370,519	 	$	16	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	$	57,315	 	$	30	 	$	99,099	 	$	50	 	$	316,304	 	$	165	 	$	525,629	 	$	251	 	$	207,928	 	$	112	 	$	15,895	 	$	10	 	$	2,549,343	 	$	112	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	$	41,290	 	$	22	 	$	41,450	 	$	21	 	$	53,305	 	$	28	 	$	65,260	 	$	31	 	$	45,884	 	$	25	 	$	34,923	 	$	23	 	$	562,004	 	$	25	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	$	16,025	 	$	8	 	$	57,649	 	$	29	 	$	262,998	 	$	137	 	$	460,370	 	$	220	 	$	162,044	 	$	87	 	$	(19,027	)	$	(12	)	$	1,987,339	 	$	88	 

 

    	 	Page 3 of 23	L'Auberge_Resort March 13 Issue.xls / Prior Yr YTD

    	 

    

 

Budget - 2013

 

	 	 	Year to Date	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Jan	 	 	Feb	 	 	March	 	 	April	 	 	May	 	 	June	 	 	July	 
	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	87	 	 	 	87	 	 	 	87	 	 	 	87	 	 	 	87	 	 	 	87	 	 	 	87	 
	Available Room Nights	 	 	2,697	 	 	 	2,436	 	 	 	2,697	 	 	 	2,610	 	 	 	2,697	 	 	 	2,610	 	 	 	2,697	 
	Occupied Rooms - Revenue	 	 	1,233	 	 	 	1,413	 	 	 	2,104	 	 	 	2,088	 	 	 	1,969	 	 	 	2,010	 	 	 	1,823	 
	Occupied Rooms - With Comps	 	 	1,233	 	 	 	1,413	 	 	 	2,104	 	 	 	2,088	 	 	 	1,969	 	 	 	2,010	 	 	 	1,823	 
	Occupancy	 	 	45.7	%	 	 	58.0	%	 	 	78.0	%	 	 	80.0	%	 	 	73.0	%	 	 	77.0	%	 	 	67.6	%
	Average Daily Rate (ADR)	 	$	257.52	 	 	$	300.00	 	 	$	365.00	 	 	$	425.00	 	 	$	380.00	 	 	$	325.00	 	 	$	291.18	 
	Revenue/Available Room (REVPAR)	 	$	117.74	 	 	$	174.00	 	 	$	284.74	 	 	$	340.00	 	 	$	277.44	 	 	$	250.28	 	 	$	196.82	 
	F&B POR	 	$	133.86	 	 	$	176.93	 	 	$	165.87	 	 	$	230.42	 	 	$	269.84	 	 	$	233.58	 	 	$	191.48	 
	Total Revenue Per Occupied Room	 	$	482.82	 	 	$	562.00	 	 	$	613.32	 	 	$	740.92	 	 	$	737.61	 	 	$	643.43	 	 	$	552.91	 
	Total Revenue Per Occupied Room	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	317,522	 	 	 	423,900	 	 	 	767,960	 	 	 	887,400	 	 	 	748,220	 	 	 	653,250	 	 	 	530,819	 
	Food & Beverage	 	 	165,053	 	 	 	250,000	 	 	 	349,000	 	 	 	481,120	 	 	 	531,320	 	 	 	469,500	 	 	 	349,062	 
	Spa	 	 	63,945	 	 	 	62,386	 	 	 	92,338	 	 	 	91,933	 	 	 	90,698	 	 	 	87,866	 	 	 	73,074	 
	Miscellaneous	 	 	48,801	 	 	 	57,824	 	 	 	81,135	 	 	 	86,592	 	 	 	82,116	 	 	 	82,677	 	 	 	55,002	 
	Total Revenues	 	 	595,321	 	 	 	794,110	 	 	 	1,290,433	 	 	 	1,547,045	 	 	 	1,452,354	 	 	 	1,293,293	 	 	 	1,007,957	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	165,790	 	 	 	160,116	 	 	 	198,868	 	 	 	213,621	 	 	 	211,205	 	 	 	203,305	 	 	 	194,822	 
	Food & Beverage	 	 	225,020	 	 	 	239,927	 	 	 	292,553	 	 	 	350,360	 	 	 	383,338	 	 	 	361,742	 	 	 	263,822	 
	Spa	 	 	51,140	 	 	 	50,303	 	 	 	60,596	 	 	 	61,769	 	 	 	66,023	 	 	 	60,579	 	 	 	50,560	 
	Miscellaneous	 	 	15,229	 	 	 	17,800	 	 	 	26,293	 	 	 	24,593	 	 	 	24,864	 	 	 	23,405	 	 	 	27,870	 
	Total Department Expenses	 	 	457,179	 	 	 	468,146	 	 	 	578,310	 	 	 	650,343	 	 	 	685,430	 	 	 	649,031	 	 	 	537,074	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	151,732	 	 	 	263,784	 	 	 	569,092	 	 	 	673,779	 	 	 	537,015	 	 	 	449,945	 	 	 	335,997	 
	Food & Beverage	 	 	(59,967	)	 	 	10,073	 	 	 	56,447	 	 	 	130,760	 	 	 	147,982	 	 	 	107,758	 	 	 	85,240	 
	Spa	 	 	12,805	 	 	 	12,083	 	 	 	31,742	 	 	 	30,164	 	 	 	24,675	 	 	 	27,287	 	 	 	22,514	 
	Miscellaneous	 	 	33,572	 	 	 	40,024	 	 	 	54,842	 	 	 	61,999	 	 	 	57,252	 	 	 	59,272	 	 	 	27,132	 
	Total Departmental Profit	 	 	138,142	 	 	 	325,964	 	 	 	712,123	 	 	 	896,702	 	 	 	766,924	 	 	 	644,262	 	 	 	470,883	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	8,930	 	 	 	11,912	 	 	 	19,357	 	 	 	23,206	 	 	 	21,785	 	 	 	19,399	 	 	 	15,119	 
	Administrative & General	 	 	104,700	 	 	 	115,523	 	 	 	118,321	 	 	 	138,300	 	 	 	137,161	 	 	 	133,251	 	 	 	116,231	 
	Sales & Marketing	 	 	75,149	 	 	 	71,077	 	 	 	71,079	 	 	 	80,507	 	 	 	72,223	 	 	 	81,845	 	 	 	74,041	 
	Engineering	 	 	69,743	 	 	 	75,836	 	 	 	84,087	 	 	 	100,942	 	 	 	97,920	 	 	 	84,144	 	 	 	65,238	 
	Utilities	 	 	36,102	 	 	 	29,700	 	 	 	31,272	 	 	 	30,835	 	 	 	35,883	 	 	 	35,814	 	 	 	35,585	 
	Total Undistributed Expenses	 	 	294,624	 	 	 	304,048	 	 	 	324,116	 	 	 	373,790	 	 	 	364,972	 	 	 	354,453	 	 	 	306,214	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	(156,482	)	 	 	21,916	 	 	 	388,007	 	 	 	522,912	 	 	 	401,952	 	 	 	289,809	 	 	 	164,669	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Insurance	 	 	15,862	 	 	 	17,194	 	 	 	17,194	 	 	 	17,194	 	 	 	17,194	 	 	 	17,194	 	 	 	13,169	 
	Personal Property Taxes	 	 	1,364	 	 	 	1,364	 	 	 	1,364	 	 	 	1,364	 	 	 	1,364	 	 	 	1,364	 	 	 	761	 
	Real Property Taxes	 	 	10,340	 	 	 	10,340	 	 	 	10,340	 	 	 	10,340	 	 	 	10,340	 	 	 	10,340	 	 	 	9,834	 
	Rent	 	 	2,207	 	 	 	2,207	 	 	 	2,207	 	 	 	2,207	 	 	 	2,207	 	 	 	2,207	 	 	 	0	 
	Total Fixed Expenses	 	 	29,773	 	 	 	31,105	 	 	 	31,105	 	 	 	31,105	 	 	 	31,105	 	 	 	31,105	 	 	 	23,764	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	(186,255	)	 	 	(9,189	)	 	 	356,902	 	 	 	491,807	 	 	 	370,847	 	 	 	258,704	 	 	 	140,905	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	23,813	 	 	 	31,764	 	 	 	51,617	 	 	 	61,882	 	 	 	58,094	 	 	 	51,732	 	 	 	40,318	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	(210,068	)	 	 	(40,953	)	 	 	305,285	 	 	 	429,925	 	 	 	312,753	 	 	 	206,972	 	 	 	100,587	 

 

    	 	 	Report continued on next page

    	 

    

 

	 	 	August	 	 	September	 	 	October	 	 	November	 	 	December	 	 	Total Year	 
	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	POR	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	87	 	 	 	87	 	 	 	87	 	 	 	87	 	 	 	87	 	 	 	87	 	 	 	 	 
	Available Room Nights	 	 	2,697	 	 	 	2,610	 	 	 	2,697	 	 	 	2,610	 	 	 	2,697	 	 	 	31,842	 	 	 	 	 
	Occupied Rooms - Revenue	 	 	2,017	 	 	 	2,150	 	 	 	2,273	 	 	 	1,973	 	 	 	1,705	 	 	 	22,758	 	 	 	 	 
	Occupied Rooms - With Comps	 	 	2,017	 	 	 	2,150	 	 	 	2,273	 	 	 	1,973	 	 	 	1,705	 	 	 	22,758	 	 	 	 	 
	Occupancy	 	 	74.8	%	 	 	82.4	%	 	 	84.3	%	 	 	75.6	%	 	 	63.2	%	 	 	71.5	%	 	 	 	 
	Average Daily Rate
(ADR)	 	$	285.56	 	 	$	367.19	 	 	$	386.09	 	 	$	326.45	 	 	$	314.28	 	 	$	340.63	 	 	 	 	 
	Revenue/Available
Room (REVPAR)	 	$	213.56	 	 	$	302.47	 	 	$	325.39	 	 	$	246.77	 	 	$	198.69	 	 	$	243.45	 	 	 	 	 
	F&B POR	 	$	163.29	 	 	$	233.86	 	 	$	261.40	 	 	$	214.06	 	 	$	148.98	 	 	$	206.42	 	 	 	 	 
	Total Revenue Per
Occupied Room	 	$	518.11	 	 	$	666.64	 	 	$	724.07	 	 	$	614.66	 	 	$	538.45	 	 	$	625.51	 	 	 	 	 
	Total Revenue Per
Occupied Room	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	575,975	 	 	 	789,450	 	 	 	877,582	 	 	 	644,079	 	 	 	535,854	 	 	 	7,752,011	 	 	$	340.63	 
	Food & Beverage	 	 	329,347	 	 	 	502,799	 	 	 	594,173	 	 	 	422,345	 	 	 	254,014	 	 	 	4,697,733	 	 	$	206.42	 
	Spa	 	 	78,420	 	 	 	79,960	 	 	 	101,623	 	 	 	77,945	 	 	 	65,099	 	 	 	965,287	 	 	$	42.42	 
	Miscellaneous	 	 	61,287	 	 	 	61,076	 	 	 	72,438	 	 	 	68,363	 	 	 	63,094	 	 	 	820,405	 	 	$	36.05	 
	Total Revenues	 	 	1,045,029	 	 	 	1,433,285	 	 	 	1,645,816	 	 	 	1,212,732	 	 	 	918,061	 	 	 	14,235,436	 	 	$	625.51	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	203,860	 	 	 	189,864	 	 	 	222,411	 	 	 	210,182	 	 	 	175,933	 	 	 	2,349,977	 	 	$	103.26	 
	Food & Beverage	 	 	312,203	 	 	 	354,357	 	 	 	371,331	 	 	 	281,705	 	 	 	241,464	 	 	 	3,677,821	 	 	$	161.61	 
	Spa	 	 	59,604	 	 	 	51,291	 	 	 	72,849	 	 	 	57,652	 	 	 	52,815	 	 	 	695,181	 	 	$	30.55	 
	Miscellaneous	 	 	28,946	 	 	 	29,538	 	 	 	31,293	 	 	 	28,227	 	 	 	27,559	 	 	 	305,617	 	 	$	13.43	 
	Total Department Expenses	 	 	604,613	 	 	 	625,050	 	 	 	697,884	 	 	 	577,765	 	 	 	497,771	 	 	 	7,028,596	 	 	$	308.84	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	372,115	 	 	 	599,586	 	 	 	655,171	 	 	 	433,897	 	 	 	359,921	 	 	 	5,402,034	 	 	$	237.37	 
	Food & Beverage	 	 	17,144	 	 	 	148,442	 	 	 	222,842	 	 	 	140,640	 	 	 	12,550	 	 	 	1,019,912	 	 	$	44.82	 
	Spa	 	 	18,816	 	 	 	28,669	 	 	 	28,774	 	 	 	20,293	 	 	 	12,284	 	 	 	270,106	 	 	$	11.87	 
	Miscellaneous	 	 	32,341	 	 	 	31,538	 	 	 	41,145	 	 	 	40,136	 	 	 	35,535	 	 	 	514,788	 	 	$	22.62	 
	Total Departmental Profit	 	 	440,416	 	 	 	808,235	 	 	 	947,932	 	 	 	634,967	 	 	 	420,290	 	 	 	7,206,840	 	 	$	316.67	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	15,675	 	 	 	21,499	 	 	 	24,687	 	 	 	18,191	 	 	 	13,771	 	 	 	213,531	 	 	$	9.38	 
	Administrative & General	 	 	112,674	 	 	 	105,936	 	 	 	131,099	 	 	 	119,488	 	 	 	131,051	 	 	 	1,463,735	 	 	$	64.32	 
	Sales & Marketing	 	 	80,515	 	 	 	84,624	 	 	 	99,028	 	 	 	78,783	 	 	 	81,446	 	 	 	950,317	 	 	$	41.76	 
	Engineering	 	 	64,644	 	 	 	74,203	 	 	 	81,429	 	 	 	61,674	 	 	 	81,028	 	 	 	940,888	 	 	$	41.34	 
	Utilities	 	 	35,950	 	 	 	37,301	 	 	 	32,242	 	 	 	30,526	 	 	 	30,947	 	 	 	402,157	 	 	$	17.67	 
	Total Undistributed Expenses	 	 	309,458	 	 	 	323,563	 	 	 	368,485	 	 	 	308,662	 	 	 	338,243	 	 	 	3,970,628	 	 	$	174.47	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	130,958	 	 	 	484,672	 	 	 	579,447	 	 	 	326,305	 	 	 	82,047	 	 	 	3,236,212	 	 	$	142.20	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Insurance	 	 	13,169	 	 	 	13,169	 	 	 	13,169	 	 	 	13,169	 	 	 	13,169	 	 	 	180,846	 	 	$	7.95	 
	Personal Property Taxes	 	 	761	 	 	 	761	 	 	 	761	 	 	 	761	 	 	 	761	 	 	 	12,750	 	 	$	0.56	 
	Real Property Taxes	 	 	9,834	 	 	 	9,834	 	 	 	9,834	 	 	 	9,834	 	 	 	9,834	 	 	 	121,044	 	 	$	5.32	 
	Rent	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	13,242	 	 	$	0.58	 
	Total Fixed Expenses	 	 	23,764	 	 	 	23,764	 	 	 	23,764	 	 	 	23,764	 	 	 	23,764	 	 	 	327,882	 	 	$	14.41	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	107,194	 	 	 	460,908	 	 	 	555,683	 	 	 	302,541	 	 	 	58,283	 	 	 	2,908,330	 	 	$	127.79	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	41,801	 	 	 	57,331	 	 	 	65,833	 	 	 	48,509	 	 	 	36,722	 	 	 	569,417	 	 	$	25.02	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	65,393	 	 	 	403,577	 	 	 	489,850	 	 	 	254,032	 	 	 	21,561	 	 	 	2,338,913	 	 	$	102.77	 

 

    	 	Page 4 of 23	L'Auberge_Resort March 13 Issue.xls / Budget YTD

    	 

    

 

L'Auberge de Sedona Resort

Rooms Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current
    Month	 
	 	 	Actual	 	 	% to 
 Revenue	 	 	Budget	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 	 	Prior Year	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4100 · Room Charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4110 · Transient Room charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4111 · Best Available Rate	 	$	470,338	 	 	 	55.7	%	 	$	527,311	 	 	 	68.7	%	 	$	(56,973	)	 	 	-74.2	%	 	$	510,801	 	 	 	68.7	%	 	$	(40,463	)	 	 	-40.1	%
	4112 · Complimentary	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4113 · Corporate	 	 	13,571	 	 	 	1.6	%	 	 	10,596	 	 	 	1.4	%	 	 	2,975	 	 	 	3.9	%	 	 	10,264.00	 	 	 	1.4	%	 	 	3,307	 	 	 	3.3	%
	4114 · Discount	 	 	231,980	 	 	 	27.5	%	 	 	135,419	 	 	 	17.6	%	 	 	96,561	 	 	 	125.8	%	 	 	131,178.90	 	 	 	17.6	%	 	 	100,801	 	 	 	100.0	%
	4115·FIT/Internet	 	 	61,784	 	 	 	7.3	%	 	 	67,679	 	 	 	8.8	%	 	 	(5,895	)	 	 	-7.7	%	 	 	65,560.10	 	 	 	8.8	%	 	 	(3,776	)	 	 	-3.7	%
	4116 · House	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(683.93	)	 	 	-0.1	%	 	 	684	 	 	 	0.7	%
	4117 · House Posting	 	 	-	 	 	 	0.0	%	 	 	(706	)	 	 	-0.1	%	 	 	706	 	 	 	0.9	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4110 · Transient Room charges	 	 	777,673	 	 	 	92.1	%	 	 	740,298	 	 	 	96.4	%	 	 	37,375	 	 	 	48.7	%	 	 	717,120	 	 	 	96.4	%	 	 	60,552	 	 	 	60.1	%
	4118 · No Show	 	 	622	 	 	 	0.1	%	 	 	1,979	 	 	 	0.3	%	 	 	(1,357	)	 	 	-1.8	%	 	 	1,917	 	 	 	0.3	%	 	 	(1,295	)	 	 	-1.3	%
	4150 · Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	4151 · Group Association	 	 	-	 	 	 	0.0	%	 	 	443	 	 	 	0.1	%	 	 	(443	)	 	 	-0.6	%	 	 	429	 	 	 	0.1	%	 	 	(429	)	 	 	-0.4	%
	4152 · Group Corporate	 	 	24,822	 	 	 	2.9	%	 	 	17,090	 	 	 	2.2	%	 	 	7,732	 	 	 	10.1	%	 	 	16,555	 	 	 	2.2	%	 	 	8,267	 	 	 	8.2	%
	4153 · Group Smerf	 	 	27,495	 	 	 	3.3	%	 	 	8,150	 	 	 	1.1	%	 	 	19,344	 	 	 	25.2	%	 	 	7,895	 	 	 	1.1	%	 	 	19,600	 	 	 	19.4	%
	4154 · Group Tour	 	 	14,120	 	 	 	1.7	%	 	 	-	 	 	 	0.0	%	 	 	14,120	 	 	 	18.4	%	 	 	-	 	 	 	0.0	%	 	 	14,120	 	 	 	14.0	%
	Total 4150 · Group	 	 	66,436	 	 	 	7.9	%	 	 	25,683	 	 	 	3.3	%	 	 	40,753	 	 	 	53.1	%	 	 	24,879	 	 	 	3.3	%	 	 	41,557	 	 	 	41.2	%
	Total 4100 · Room Charges	 	 	844,731	 	 	 	100.0	%	 	 	767,960	 	 	 	100.0	%	 	 	76,771	 	 	 	100.0	%	 	 	743,916	 	 	 	100.0	%	 	 	100,815	 	 	 	100.0	%
	Total Revenue	 	 	844,731	 	 	 	100.0	%	 	 	767,960	 	 	 	100.0	%	 	 	76,771	 	 	 	100.0	%	 	 	743,916	 	 	 	100.0	%	 	 	100,815	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5100 · Rooms Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111000 · Front Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111160 · Assistant Manager	 	 	3,966	 	 	 	0.5	%	 	 	11,255	 	 	 	1.5	%	 	 	(7,289	)	 	 	-9.5	%	 	 	2,422	 	 	 	0.3	%	 	 	1,544	 	 	 	1.5	%
	5111161 · Guest Service Supervisor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111170 · Rooms Manager/ Guest Service
    Ma	 	 	5,684	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	5,684	 	 	 	7.4	%	 	 	2,871	 	 	 	0.4	%	 	 	2,813	 	 	 	2.8	%
	5111190 · Director of Rooms	 	 	6,962	 	 	 	0.8	%	 	 	-	 	 	 	0.0	%	 	 	6,962	 	 	 	9.1	%	 	 	5,962	 	 	 	0.8	%	 	 	1,000	 	 	 	1.0	%
	5111199 · Rooms Shared Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111500 · PBX Operator	 	 	3,985	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	3,985	 	 	 	5.2	%	 	 	5,442	 	 	 	0.7	%	 	 	(1,456	)	 	 	-1.4	%
	5111600 · Guest Service Agent	 	 	5,704	 	 	 	0.7	%	 	 	7,444	 	 	 	1.0	%	 	 	(1,740	)	 	 	-2.3	%	 	 	4,231	 	 	 	0.6	%	 	 	1,473	 	 	 	1.5	%
	5111601 · Concierge	 	 	3,127	 	 	 	0.4	%	 	 	4,641	 	 	 	0.6	%	 	 	(1,514	)	 	 	-2.0	%	 	 	4,641	 	 	 	0.6	%	 	 	(1,514	)	 	 	-1.5	%
	5111602 · Reservationist	 	 	9,974	 	 	 	1.2	%	 	 	15,254	 	 	 	2.0	%	 	 	(5,280	)	 	 	-6.9	%	 	 	6,561	 	 	 	0.9	%	 	 	3,412	 	 	 	3.4	%
	5111603 · Reservationist - Bonus	 	 	1,375	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	1,375	 	 	 	1.8	%	 	 	1,525	 	 	 	0.2	%	 	 	(150	)	 	 	-0.1	%
	5111610 · Valet	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111612 · Valet Supervisor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111620 · Bellmen	 	 	1,956	 	 	 	0.2	%	 	 	6,299	 	 	 	0.8	%	 	 	(4,343	)	 	 	-5.7	%	 	 	6,299	 	 	 	0.8	%	 	 	(4,343	)	 	 	-4.3	%
	5111621 · Reservation Supervisor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,409	 	 	 	0.2	%	 	 	(1,409	)	 	 	-1.4	%
	5111625 · Reservationist Manager	 	 	4,808	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%	 	 	4,808	 	 	 	6.3	%	 	 	5,758	 	 	 	0.8	%	 	 	(950	)	 	 	-0.9	%
	5111640 · Night Auditor	 	 	2,532	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	2,532	 	 	 	3.3	%	 	 	3,212	 	 	 	0.4	%	 	 	(680	)	 	 	-0.7	%
	5111641 · Night Auditor Allocation	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111645 · Resort Historian	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

    	 	 	Report continued on next page

    	 

    

 

	5111699 ·
    Rooms Other Pay	 	 	-	 	 	 	0.0	%	 	 	12,038	 	 	 	1.6	%	 	 	(12,038	)	 	 	-15.7	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5111000 · Front Office	 	 	50,073	 	 	 	5.9	%	 	 	56,930	 	 	 	7.4	%	 	 	(6,857	)	 	 	-8.9	%	 	 	50,333	 	 	 	6.8	%	 	 	(261	)	 	 	-0.3	%
	5112000 · Housekeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	5112170 · Director of Housekeeping	 	 	6,790	 	 	 	0.8	%	 	 	5,286	 	 	 	0.7	%	 	 	1,504	 	 	 	2.0	%	 	 	5,286	 	 	 	0.7	%	 	 	1,504	 	 	 	1.5	%
	5112400 · Public Area Attendant	 	 	2,408	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	2,408	 	 	 	3.1	%	 	 	1,859	 	 	 	0.2	%	 	 	549	 	 	 	0.5	%
	5112500 · Room Attendent	 	 	17,626	 	 	 	2.1	%	 	 	18,662	 	 	 	2.4	%	 	 	(1,036	)	 	 	-1.3	%	 	 	18,662	 	 	 	2.5	%	 	 	(1,036	)	 	 	-1.0	%
	5112501 · Turn Down Attendant	 	 	3,663	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	3,663	 	 	 	4.8	%	 	 	2,247	 	 	 	0.3	%	 	 	1,415	 	 	 	1.4	%
	5112502 · Carpet Cleaner	 	 	1,265	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	1,265	 	 	 	1.6	%	 	 	2,490	 	 	 	0.3	%	 	 	(1,225	)	 	 	-1.2	%
	5112510 · House Attendant	 	 	5,764	 	 	 	0.7	%	 	 	5,848	 	 	 	0.8	%	 	 	(84	)	 	 	-0.1	%	 	 	5,848	 	 	 	0.8	%	 	 	(84	)	 	 	-0.1	%
	5112520 · Laundry Attendant	 	 	1,397	 	 	 	0.2	%	 	 	1,157	 	 	 	0.2	%	 	 	240	 	 	 	0.3	%	 	 	1,157	 	 	 	0.2	%	 	 	240	 	 	 	0.2	%
	5112530 · Lead Room Supervisor	 	 	7,701	 	 	 	0.9	%	 	 	8,526	 	 	 	1.1	%	 	 	(825	)	 	 	-1.1	%	 	 	8,526	 	 	 	1.1	%	 	 	(825	)	 	 	-0.8	%
	5112599 · Housekeeping
    Other Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5112000 · Housekeeping	 	 	46,613	 	 	 	5.5	%	 	 	39,478	 	 	 	5.1	%	 	 	7,135	 	 	 	9.3	%	 	 	46,075	 	 	 	6.2	%	 	 	538	 	 	 	0.5	%
	Total 5100 · Rooms Salaries & Wages	 	 	96,686	 	 	 	11.4	%	 	 	96,409	 	 	 	12.6	%	 	 	277	 	 	 	0.4	%	 	 	96,409	 	 	 	13.0	%	 	 	277	 	 	 	0.3	%
	5111050 ·  Front Office Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	5151 · Rms Payroll Taxes	 	 	4,925	 	 	 	0.6	%	 	 	14,694	 	 	 	1.9	%	 	 	(9,769	)	 	 	-12.7	%	 	 	8,051	 	 	 	1.1	%	 	 	(3,125	)	 	 	-3.1	%
	5152 · Rms Workers'  Comp	 	 	4,913	 	 	 	0.6	%	 	 	1,198	 	 	 	0.2	%	 	 	3,715	 	 	 	4.8	%	 	 	526	 	 	 	0.1	%	 	 	4,387	 	 	 	4.4	%
	5153 · Rms Employ Benefits	 	 	3,950	 	 	 	0.5	%	 	 	2,182	 	 	 	0.3	%	 	 	1,768	 	 	 	2.3	%	 	 	3,281	 	 	 	0.4	%	 	 	670	 	 	 	0.7	%
	5155 · Rms PTO	 	 	5,155	 	 	 	0.6	%	 	 	3,658	 	 	 	0.5	%	 	 	1,496	 	 	 	1.9	%	 	 	2,297	 	 	 	0.3	%	 	 	2,857	 	 	 	2.8	%
	5156 · Rms Employ Meals	 	 	2,138	 	 	 	0.3	%	 	 	3,175	 	 	 	0.4	%	 	 	(1,036	)	 	 	-1.3	%	 	 	1,394	 	 	 	0.2	%	 	 	745	 	 	 	0.7	%
	5199 · Rooms Shared Services Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111050 · Front
    Office Taxes & Benefits - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5111050 · Front Office Taxes & Benefits	 	 	21,081	 	 	 	2.5	%	 	 	24,907	 	 	 	3.2	%	 	 	(3,826	)	 	 	-5.0	%	 	 	15,548	 	 	 	2.1	%	 	 	5,534	 	 	 	5.5	%
	5112050 · Housekeeping Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	5251 · Housekeeping Payroll Taxes	 	 	6,360	 	 	 	0.8	%	 	 	-	 	 	 	0.0	%	 	 	6,360	 	 	 	8.3	%	 	 	6,644	 	 	 	0.9	%	 	 	(284	)	 	 	-0.3	%
	5252 · Housekeeping Workers' Comp	 	 	4,716	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%	 	 	4,716	 	 	 	6.1	%	 	 	672	 	 	 	0.1	%	 	 	4,044	 	 	 	4.0	%
	5253 · Housekeeping Employee Benefits	 	 	286	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	286	 	 	 	0.4	%	 	 	(1,098	)	 	 	-0.1	%	 	 	1,384	 	 	 	1.4	%
	5255 · Housekeeping PTO Expense	 	 	1,629	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	1,629	 	 	 	2.1	%	 	 	1,361	 	 	 	0.2	%	 	 	268	 	 	 	0.3	%
	5256 · Housekeeping
    Employ Meals	 	 	2,012	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	2,012	 	 	 	2.6	%	 	 	1,781	 	 	 	0.2	%	 	 	232	 	 	 	0.2	%
	Total 5112050 · Housekeeping Taxes &
    Benefits	 	 	15,004	 	 	 	1.8	%	 	 	-	 	 	 	0.0	%	 	 	15,004	 	 	 	19.5	%	 	 	9,359	 	 	 	1.3	%	 	 	5,645	 	 	 	5.6	%
	Total 5000 · Payroll & Benefits	 	 	132,771	 	 	 	15.7	%	 	 	121,316	 	 	 	15.8	%	 	 	11,455	 	 	 	14.9	%	 	 	121,316	 	 	 	16.3	%	 	 	11,455	 	 	 	11.4	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	8100 · Rooms  Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	8110 · Guest Supplies	 	 	10,878	 	 	 	1.3	%	 	 	8,480	 	 	 	1.1	%	 	 	2,399	 	 	 	3.1	%	 	 	8,480	 	 	 	1.1	%	 	 	2,399	 	 	 	2.4	%
	8111 · In-Room Equipment	 	 	36	 	 	 	0.0	%	 	 	3,248	 	 	 	0.4	%	 	 	(3,211	)	 	 	-4.2	%	 	 	3,248	 	 	 	0.4	%	 	 	(3,211	)	 	 	-3.2	%
	8112 · Guest Relations	 	 	3,761	 	 	 	0.4	%	 	 	1,913	 	 	 	0.2	%	 	 	1,847	 	 	 	2.4	%	 	 	1,913	 	 	 	0.3	%	 	 	1,847	 	 	 	1.8	%
	8113 · VIP Guest Amenities/Promotions	 	 	6,011	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	6,011	 	 	 	7.8	%	 	 	10,493	 	 	 	1.4	%	 	 	(4,482	)	 	 	-4.4	%
	8114 · Guest Amenities	 	 	1,107	 	 	 	0.1	%	 	 	12,086	 	 	 	1.6	%	 	 	(10,979	)	 	 	-14.3	%	 	 	1,593	 	 	 	0.2	%	 	 	(486	)	 	 	-0.5	%
	8115 · Operating Supplies	 	 	1,613	 	 	 	0.2	%	 	 	1,015	 	 	 	0.1	%	 	 	598	 	 	 	0.8	%	 	 	1,015	 	 	 	0.1	%	 	 	598	 	 	 	0.6	%
	8116 · Decorations	 	 	1,283	 	 	 	0.2	%	 	 	1,647	 	 	 	0.2	%	 	 	(364	)	 	 	-0.5	%	 	 	1,647	 	 	 	0.2	%	 	 	(364	)	 	 	-0.4	%
	8117 · Newspapers	 	 	1,076	 	 	 	0.1	%	 	 	1,509	 	 	 	0.2	%	 	 	(433	)	 	 	-0.6	%	 	 	1,509	 	 	 	0.2	%	 	 	(433	)	 	 	-0.4	%

 

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	8119 · Room Amenities	 	 	4,306	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	4,306	 	 	 	5.6	%	 	 	50	 	 	 	0.0	%	 	 	4,256	 	 	 	4.2	%
	8120 · Cleaning Supplies	 	 	1,226	 	 	 	0.1	%	 	 	2,910	 	 	 	0.4	%	 	 	(1,684	)	 	 	-2.2	%	 	 	2,910	 	 	 	0.4	%	 	 	(1,684	)	 	 	-1.7	%
	8129 · Linens/Terry	 	 	963	 	 	 	0.1	%	 	 	1,265	 	 	 	0.2	%	 	 	(302	)	 	 	-0.4	%	 	 	1,265	 	 	 	0.2	%	 	 	(302	)	 	 	-0.3	%
	8130 · Outside Laundry	 	 	22,013	 	 	 	2.6	%	 	 	21,037	 	 	 	2.7	%	 	 	976	 	 	 	1.3	%	 	 	21,107	 	 	 	2.8	%	 	 	906	 	 	 	0.9	%
	8135 · Uniforms	 	 	5,863	 	 	 	0.7	%	 	 	3,164	 	 	 	0.4	%	 	 	2,699	 	 	 	3.5	%	 	 	3,164	 	 	 	0.4	%	 	 	2,699	 	 	 	2.7	%
	8150 · TA Commissions	 	 	8,359	 	 	 	1.0	%	 	 	2,620	 	 	 	0.3	%	 	 	5,739	 	 	 	7.5	%	 	 	2,620	 	 	 	0.4	%	 	 	5,739	 	 	 	5.7	%
	8151 · Computer Maint. &
    Support	 	 	105	 	 	 	0.0	%	 	 	1,279	 	 	 	0.2	%	 	 	(1,174	)	 	 	-1.5	%	 	 	1,279	 	 	 	0.2	%	 	 	(1,174	)	 	 	-1.2	%
	8152 · Auto Expense	 	 	957	 	 	 	0.1	%	 	 	1,107	 	 	 	0.1	%	 	 	(150	)	 	 	-0.2	%	 	 	1,107	 	 	 	0.1	%	 	 	(150	)	 	 	-0.1	%
	8155 · Reservation Expense	 	 	8,635	 	 	 	1.0	%	 	 	2,128	 	 	 	0.3	%	 	 	6,506	 	 	 	8.5	%	 	 	2,128	 	 	 	0.3	%	 	 	6,506	 	 	 	6.5	%
	8156 · Group Commissions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8157 · Walk Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8158 · Equipment Repair	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8165 · Comp In-Room Coffee	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8170 · Contract Labor	 	 	-	 	 	 	0.0	%	 	 	450	 	 	 	0.1	%	 	 	(450	)	 	 	-0.6	%	 	 	450	 	 	 	0.1	%	 	 	(450	)	 	 	-0.4	%
	8172 · Firewood	 	 	1,000	 	 	 	0.1	%	 	 	3,616	 	 	 	0.5	%	 	 	(2,616	)	 	 	-3.4	%	 	 	3,616	 	 	 	0.5	%	 	 	(2,616	)	 	 	-2.6	%
	8174 · Music & Entertainment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8175 · Cable TV	 	 	4,111	 	 	 	0.5	%	 	 	2,354	 	 	 	0.3	%	 	 	1,757	 	 	 	2.3	%	 	 	2,354	 	 	 	0.3	%	 	 	1,757	 	 	 	1.7	%
	8178 · Express Mail	 	 	19	 	 	 	0.0	%	 	 	307	 	 	 	0.0	%	 	 	(287	)	 	 	-0.4	%	 	 	307	 	 	 	0.0	%	 	 	(287	)	 	 	-0.3	%
	8184 · Printing	 	 	4,920	 	 	 	0.6	%	 	 	777	 	 	 	0.1	%	 	 	4,142	 	 	 	5.4	%	 	 	777	 	 	 	0.1	%	 	 	4,142	 	 	 	4.1	%
	8185 · Telephone Cell &
    Radio	 	 	250	 	 	 	0.0	%	 	 	250	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	250	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8186 · Equipment Repairs	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8189 · Miscellaneous Expenses	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8190 · Office Supplies	 	 	1,109	 	 	 	0.1	%	 	 	829	 	 	 	0.1	%	 	 	281	 	 	 	0.4	%	 	 	829	 	 	 	0.1	%	 	 	281	 	 	 	0.3	%
	8191 · Employee Relations &
    Training	 	 	198	 	 	 	0.0	%	 	 	345	 	 	 	0.0	%	 	 	(148	)	 	 	-0.2	%	 	 	345	 	 	 	0.0	%	 	 	(148	)	 	 	-0.1	%
	8193 · License & Permits	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8195 · Equipment	 	 	1,738	 	 	 	0.2	%	 	 	2,760	 	 	 	0.4	%	 	 	(1,022	)	 	 	-1.3	%	 	 	2,760	 	 	 	0.4	%	 	 	(1,022	)	 	 	-1.0	%
	8196 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8197 · Business Meals	 	 	10	 	 	 	0.0	%	 	 	60	 	 	 	0.0	%	 	 	(50	)	 	 	-0.1	%	 	 	60	 	 	 	0.0	%	 	 	(50	)	 	 	0.0	%
	8198 · Guest meals-Reception	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8100 · Rooms  Expenses
    - Other	 	 	-	 	 	 	0.0	%	 	 	50	 	 	 	0.0	%	 	 	(50	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8199 · Final Room Prep - Renovated
    Rms	 	 	-	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	8199A · Final Room Prep - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8199C · Final Rm Prep - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8199 · Final Room Prep - Renovated
    Rms - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8199 · Final Room Prep
    - Renovated Rms	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8100 · Rooms  Expenses	 	 	91,546	 	 	 	10.8	%	 	 	77,205	 	 	 	10.1	%	 	 	14,341	 	 	 	18.7	%	 	 	77,275	 	 	 	10.4	%	 	 	14,271	 	 	 	14.2	%
	8200 · Laundry Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	8225 · Laundry Supplies	 	 	1,118	 	 	 	0.1	%	 	 	347	 	 	 	0.0	%	 	 	771	 	 	 	1.0	%	 	 	347	 	 	 	0.0	%	 	 	771	 	 	 	0.8	%
	8230 · Laundry Operating Equipment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8200 · Laundry Expenses	 	 	1,118	 	 	 	0.1	%	 	 	347	 	 	 	0.0	%	 	 	771	 	 	 	1.0	%	 	 	347	 	 	 	0.0	%	 	 	771	 	 	 	0.8	%
	Total Expense	 	 	225,435	 	 	 	26.7	%	 	 	198,868	 	 	 	25.9	%	 	 	26,567	 	 	 	34.6	%	 	 	198,938	 	 	 	26.7	%	 	 	26,497	 	 	 	26.3	%
	Net Income	 	 	619,296	 	 	 	73.3	%	 	 	569,092	 	 	 	74.1	%	 	 	50,204	 	 	 	65.4	%	 	 	544,978	 	 	 	73.3	%	 	 	74,318	 	 	 	73.7	%

  

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	 	 		 	 	Budget	 
	 	 	Year
    to Date	 	 	Full
    Year	 
	 	 	Actual	 	 	% to 

    Revenue	 	 	Budget	 	 	% to 

    Revenue	 	 	Variance	 	 	% to 

    Revenue	 	 	Prior Year	 	 	% to 

    Revenue	 	 	Variance	 	 	% to 

    Revenue	 	 	Amount	 	 	% to 

    Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4100 · Room Charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4110 · Transient Room charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4111 · Best Available Rate	 	$	776,540	 	 	 	49.1	%	 	$	814,822	 	 	 	54.0	%	 	$	(38,282	)	 	 	-53.9	%	 	$	773,227	 	 	 	52.0	%	 	$	3,313	 	 	 	3.5	%	 	$	3,350,029	 	 	 	44.2	%
	4112 · Complimentary	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4113 · Corporate	 	 	16,186	 	 	 	1.0	%	 	 	17,458	 	 	 	1.2	%	 	 	(1,272	)	 	 	-1.8	%	 	 	20,077	 	 	 	1.4	%	 	 	(3,890	)	 	 	-4.2	%	 	 	113,771	 	 	 	1.5	%
	4114 · Discount	 	 	520,722	 	 	 	32.9	%	 	 	435,572	 	 	 	28.9	%	 	 	85,150	 	 	 	119.9	%	 	 	473,262	 	 	 	31.8	%	 	 	47,460	 	 	 	50.8	%	 	 	2,810,300	 	 	 	37.1	%
	4115 · FIT/Internet	 	 	131,858	 	 	 	8.3	%	 	 	146,876	 	 	 	9.7	%	 	 	(15,019	)	 	 	-21.2	%	 	 	142,489	 	 	 	9.6	%	 	 	(10,632	)	 	 	-11.4	%	 	 	587,689	 	 	 	7.8	%
	4116 · House	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	849	 	 	 	0.1	%	 	 	(849	)	 	 	-0.9	%	 	 	(1,969	)	 	 	0.0	%
	4117 · House Posting	 	 	-	 	 	 	0.0	%	 	 	(521	)	 	 	0.0	%	 	 	521	 	 	 	0.7	%	 	 	150	 	 	 	0.0	%	 	 	(150	)	 	 	-0.2	%	 	 	150	 	 	 	0.0	%
	Total 4110 · Transient Room charges	 	 	1,445,306	 	 	 	91.5	%	 	 	1,414,208	 	 	 	93.7	%	 	 	31,098	 	 	 	43.8	%	 	 	1,410,053	 	 	 	94.8	%	 	 	35,252	 	 	 	37.7	%	 	 	6,859,970	 	 	 	90.6	%
	4118 · No Show	 	 	2,446	 	 	 	0.2	%	 	 	4,207	 	 	 	0.3	%	 	 	(1,761	)	 	 	-2.5	%	 	 	6,601	 	 	 	0.4	%	 	 	(4,154	)	 	 	-4.4	%	 	 	15,401	 	 	 	0.2	%
	4150 · Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	-	 	 	 	 	 
	4151 · Group Association	 	 	-	 	 	 	0.0	%	 	 	443	 	 	 	0.0	%	 	 	(443	)	 	 	-0.6	%	 	 	429	 	 	 	0.0	%	 	 	(429	)	 	 	-0.5	%	 	 	24,300	 	 	 	0.3	%
	4152 · Group Corporate	 	 	72,380	 	 	 	4.6	%	 	 	55,288	 	 	 	3.7	%	 	 	17,092	 	 	 	24.1	%	 	 	40,545	 	 	 	2.7	%	 	 	31,835	 	 	 	34.0	%	 	 	282,680	 	 	 	3.7	%
	4153 · Group Smerf	 	 	41,864	 	 	 	2.6	%	 	 	32,823	 	 	 	2.2	%	 	 	9,041	 	 	 	12.7	%	 	 	26,921	 	 	 	1.8	%	 	 	14,943	 	 	 	16.0	%	 	 	378,946	 	 	 	5.0	%
	4154 · Group Tour	 	 	18,375	 	 	 	1.2	%	 	 	2,413	 	 	 	492357.0	%	 	 	15,962	 	 	 	22.5	%	 	 	2,320	 	 	 	0.2	%	 	 	16,055	 	 	 	17.2	%	 	 	13,598	 	 	 	0.2	%
	Total 4150 · Group	 	 	132,618	 	 	 	8.4	%	 	 	90,967	 	 	 	6.0	%	 	 	41,651	 	 	 	58.7	%	 	 	70,215	 	 	 	4.7	%	 	 	62,403	 	 	 	66.7	%	 	 	699,524	 	 	 	9.2	%
	Total 4100 · Room Charges	 	 	1,580,370	 	 	 	100.0	%	 	 	1,509,382	 	 	 	100.0	%	 	 	70,988	 	 	 	100.0	%	 	 	1,486,869	 	 	 	100.0	%	 	 	93,501	 	 	 	100.0	%	 	 	7,574,894	 	 	 	100.0	%
	Total Revenue	 	 	1,580,370	 	 	 	100.0	%	 	 	1,509,382	 	 	 	100.0	%	 	 	70,988	 	 	 	100.0	%	 	 	1,486,869	 	 	 	100.0	%	 	 	93,501	 	 	 	100.0	%	 	 	7,574,894	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5100 · Rooms Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111000 · Front Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111160 · Assistant Manager	 	 	10,612	 	 	 	0.7	%	 	 	35,340	 	 	 	2.3	%	 	 	(24,729	)	 	 	-34.8	%	 	 	8,686	 	 	 	0.6	%	 	 	1,926	 	 	 	2.1	%	 	 	42,814	 	 	 	0.6	%
	5111161 · Guest Service Supervisor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111170 · Rooms Manager/ Guest Service
    Ma	 	 	12,483	 	 	 	0.8	%	 	 	-	 	 	 	0.0	%	 	 	12,483	 	 	 	17.6	%	 	 	8,885	 	 	 	0.6	%	 	 	3,599	 	 	 	3.8	%	 	 	53,316	 	 	 	0.7	%
	5111190 · Director of Rooms	 	 	18,857	 	 	 	1.2	%	 	 	-	 	 	 	0.0	%	 	 	18,857	 	 	 	26.6	%	 	 	17,500	 	 	 	1.2	%	 	 	1,357	 	 	 	1.5	%	 	 	76,055	 	 	 	1.0	%
	5111199 · Rooms Shared Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111500 · PBX Operator	 	 	15,417	 	 	 	1.0	%	 	 	-	 	 	 	0.0	%	 	 	15,417	 	 	 	21.7	%	 	 	15,995	 	 	 	1.1	%	 	 	(578	)	 	 	-0.6	%	 	 	65,470	 	 	 	0.9	%
	5111600 · Guest Service Agent	 	 	19,395	 	 	 	1.2	%	 	 	25,621	 	 	 	1.7	%	 	 	(6,226	)	 	 	-8.8	%	 	 	16,077	 	 	 	1.1	%	 	 	3,319	 	 	 	3.5	%	 	 	74,297	 	 	 	1.0	%
	5111601 · Concierge	 	 	12,143	 	 	 	0.8	%	 	 	11,968	 	 	 	0.8	%	 	 	175	 	 	 	0.2	%	 	 	12,426	 	 	 	0.8	%	 	 	(283	)	 	 	-0.3	%	 	 	60,875	 	 	 	0.8	%
	5111602 · Reservationist	 	 	28,453	 	 	 	1.8	%	 	 	42,061	 	 	 	2.8	%	 	 	(13,608	)	 	 	-19.2	%	 	 	18,847	 	 	 	1.3	%	 	 	9,605	 	 	 	10.3	%	 	 	78,632	 	 	 	1.0	%
	5111603 · Reservationist - Bonus	 	 	4,525	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	4,525	 	 	 	6.4	%	 	 	4,725	 	 	 	0.3	%	 	 	(200	)	 	 	-0.2	%	 	 	14,328	 	 	 	0.2	%
	5111610 · Valet	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	222,981	 	 	 	2.9	%
	5111612 · Valet Supervisor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111620 · Bellmen	 	 	13,689	 	 	 	0.9	%	 	 	17,650	 	 	 	1.2	%	 	 	(3,960	)	 	 	-5.6	%	 	 	18,313	 	 	 	1.2	%	 	 	(4,624	)	 	 	-4.9	%	 	 	77,051	 	 	 	1.0	%
	5111621 · Reservation Supervisor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	5,980	 	 	 	0.4	%	 	 	(5,980	)	 	 	-6.4	%	 	 	23,051	 	 	 	0.3	%
	5111625 · Reservationist Manager	 	 	10,485	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	10,485	 	 	 	14.8	%	 	 	12,654	 	 	 	0.9	%	 	 	(2,169	)	 	 	-2.3	%	 	 	51,699	 	 	 	0.7	%
	5111640 · Night Auditor	 	 	9,226	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%	 	 	9,226	 	 	 	13.0	%	 	 	9,453	 	 	 	0.6	%	 	 	(227	)	 	 	-0.2	%	 	 	40,829	 	 	 	0.5	%
	5111641 · Night Auditor Allocation	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111645 · Resort Historian	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111699 · Rooms
    Other Pay	 	 	-	 	 	 	0.0	%	 	 	33,652	 	 	 	2.2	%	 	 	(33,652	)	 	 	-47.4	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5111000 · Front Office	 	 	155,285	 	 	 	9.8	%	 	 	166,292	 	 	 	11.0	%	 	 	(11,007	)	 	 	-15.5	%	 	 	149,539	 	 	 	10.1	%	 	 	5,746	 	 	 	6.1	%	 	 	881,398	 	 	 	11.6	%
	5112000 · Housekeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	5112170 · Director of Housekeeping	 	 	18,729	 	 	 	1.2	%	 	 	15,397	 	 	 	1.0	%	 	 	3,331	 	 	 	4.7	%	 	 	15,000	 	 	 	1.0	%	 	 	3,729	 	 	 	4.0	%	 	 	65,866	 	 	 	0.9	%
	5112400 · Public Area Attendant	 	 	7,444	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	7,444	 	 	 	10.5	%	 	 	6,270	 	 	 	0.4	%	 	 	1,174	 	 	 	1.3	%	 	 	27,444	 	 	 	0.4	%
	5112500 · Room Attendent	 	 	40,251	 	 	 	2.5	%	 	 	41,762	 	 	 	2.8	%	 	 	(1,511	)	 	 	-2.1	%	 	 	43,939	 	 	 	3.0	%	 	 	(3,688	)	 	 	-3.9	%	 	 	197,719	 	 	 	2.6	%
	5112501 · Turn Down Attendant	 	 	7,863	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	7,863	 	 	 	11.1	%	 	 	3,215	 	 	 	0.2	%	 	 	4,648	 	 	 	5.0	%	 	 	39,047	 	 	 	0.5	%
	5112502 · Carpet Cleaner	 	 	4,244	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	4,244	 	 	 	6.0	%	 	 	6,118	 	 	 	0.4	%	 	 	(1,874	)	 	 	-2.0	%	 	 	13,540	 	 	 	0.2	%
	5112510 · House Attendant	 	 	14,361	 	 	 	0.9	%	 	 	14,453	 	 	 	1.0	%	 	 	(92	)	 	 	-0.1	%	 	 	14,974	 	 	 	1.0	%	 	 	(614	)	 	 	-0.7	%	 	 	76,448	 	 	 	1.0	%
	5112520 · Laundry Attendant	 	 	2,951	 	 	 	0.2	%	 	 	3,179	 	 	 	0.2	%	 	 	(228	)	 	 	-0.3	%	 	 	3,388	 	 	 	0.2	%	 	 	(437	)	 	 	-0.5	%	 	 	13,453	 	 	 	0.2	%
	5112530 · Lead Room Supervisor	 	 	20,769	 	 	 	1.3	%	 	 	22,663	 	 	 	1.5	%	 	 	(1,894	)	 	 	-2.7	%	 	 	22,684	 	 	 	1.5	%	 	 	(1,915	)	 	 	-2.0	%	 	 	100,122	 	 	 	1.3	%

 

    	 	 	Report continued on next page

    	 

    

 

	5112599 · Housekeeping
    Other Pay	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5112000 · Housekeeping	 	116,611	 	 	 	7.4	%	 	 	97,454	 	 	 	6.5	%	 	 	19,156	 	 	 	27.0	%	 	 	115,588	 	 	 	7.8	%	 	 	1,022	 	 	 	1.1	%	 	 	533,639	 	 	 	7.0	%
	Total 5100 · Rooms Salaries
    & Wages	 	271,896	 	 	 	17.2	%	 	 	263,746	 	 	 	17.5	%	 	 	8,149	 	 	 	11.5	%	 	 	265,128	 	 	 	17.8	%	 	 	6,768	 	 	 	7.2	%	 	 	1,415,038	 	 	 	18.7	%
	5111050 ·  Front Office
    Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	5151 · Rms Payroll Taxes	 	21,043	 	 	 	1.3	%	 	 	39,246	 	 	 	2.6	%	 	 	(18,203	)	 	 	-25.6	%	 	 	21,740	 	 	 	1.5	%	 	 	(697	)	 	 	-0.7	%	 	 	96,817	 	 	 	1.3	%
	5152 · Rms Workers'  Comp	 	7,301	 	 	 	0.5	%	 	 	4,830	 	 	 	0.3	%	 	 	2,471	 	 	 	3.5	%	 	 	1,758	 	 	 	0.1	%	 	 	5,544	 	 	 	5.9	%	 	 	8,426	 	 	 	0.1	%
	5153 · Rms Employ Benefits	 	13,879	 	 	 	0.9	%	 	 	10,920	 	 	 	0.7	%	 	 	2,959	 	 	 	4.2	%	 	 	8,898	 	 	 	0.6	%	 	 	4,981	 	 	 	5.3	%	 	 	62,045	 	 	 	0.8	%
	5155 · Rms PTO	 	6,755	 	 	 	0.4	%	 	 	8,474	 	 	 	0.6	%	 	 	(1,719	)	 	 	-2.4	%	 	 	5,222	 	 	 	0.4	%	 	 	1,533	 	 	 	1.6	%	 	 	24,657	 	 	 	0.3	%
	5156 · Rms Employ Meals	 	5,890	 	 	 	0.4	%	 	 	9,849	 	 	 	0.7	%	 	 	(3,959	)	 	 	-5.6	%	 	 	4,231	 	 	 	0.3	%	 	 	1,658	 	 	 	1.8	%	 	 	25,664	 	 	 	0.3	%
	5199 · Rooms Shared Services
    Fringes	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111050 · Front Office Taxes
    & Benefits - Other	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5111050 · Front Office
    Taxes & Benefits	 	54,867	 	 	 	3.5	%	 	 	73,319	 	 	 	4.9	%	 	 	(18,451	)	 	 	-26.0	%	 	 	41,848	 	 	 	2.8	%	 	 	13,019	 	 	 	13.9	%	 	 	217,609	 	 	 	2.9	%
	5112050 · Housekeeping Taxes
    & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	5251 · Housekeeping Payroll Taxes	 	16,242	 	 	 	1.0	%	 	 	-	 	 	 	0.0	%	 	 	16,242	 	 	 	22.9	%	 	 	15,504	 	 	 	1.0	%	 	 	738	 	 	 	0.8	%	 	 	58,969	 	 	 	0.8	%
	5252 · Housekeeping Workers'
    Comp	 	6,964	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	6,964	 	 	 	9.8	%	 	 	2,185	 	 	 	0.1	%	 	 	4,779	 	 	 	5.1	%	 	 	7,919	 	 	 	0.1	%
	5253 · Housekeeping Employee
    Benefits	 	1,461	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	1,461	 	 	 	2.1	%	 	 	40	 	 	 	0.0	%	 	 	1,421	 	 	 	1.5	%	 	 	1,304	 	 	 	0.0	%
	5255 · Housekeeping PTO Expense	 	3,861	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	3,861	 	 	 	5.4	%	 	 	2,702	 	 	 	0.2	%	 	 	1,159	 	 	 	1.2	%	 	 	9,740	 	 	 	0.1	%
	5256 · Housekeeping Employ Meals	 	5,543	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	5,543	 	 	 	7.8	%	 	 	5,269	 	 	 	0.4	%	 	 	274	 	 	 	0.3	%	 	 	24,154	 	 	 	0.3	%
	Total 5112050 · Housekeeping
    Taxes & Benefits	 	34,072	 	 	 	2.2	%	 	 	-	 	 	 	0.0	%	 	 	34,072	 	 	 	48.0	%	 	 	25,700	 	 	 	1.7	%	 	 	8,372	 	 	 	9.0	%	 	 	102,086	 	 	 	1.3	%
	Total 5000 · Payroll & Benefits	 	360,835	 	 	 	22.8	%	 	 	337,065	 	 	 	22.3	%	 	 	23,770	 	 	 	33.5	%	 	 	332,677	 	 	 	22.4	%	 	 	28,158	 	 	 	30.1	%	 	 	1,734,733	 	 	 	22.9	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	8100 · Rooms  Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	8110 · Guest Supplies	 	27,119	 	 	 	1.7	%	 	 	29,330	 	 	 	1.9	%	 	 	(2,211	)	 	 	-3.1	%	 	 	26,917	 	 	 	1.8	%	 	 	202	 	 	 	0.2	%	 	 	141,408	 	 	 	1.9	%
	8111 · In-Room Equipment	 	36	 	 	 	0.0	%	 	 	5,511	 	 	 	0.4	%	 	 	(5,475	)	 	 	-7.7	%	 	 	8,146	 	 	 	0.5	%	 	 	(8,110	)	 	 	-8.7	%	 	 	32,683	 	 	 	0.4	%
	8112 · Guest Relations	 	6,274	 	 	 	0.4	%	 	 	5,761	 	 	 	0.4	%	 	 	513	 	 	 	0.7	%	 	 	6,547	 	 	 	0.4	%	 	 	(273	)	 	 	-0.3	%	 	 	44,814	 	 	 	0.6	%
	8113 · VIP Guest Amenities/Promotions	 	10,025	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%	 	 	10,025	 	 	 	14.1	%	 	 	10,493	 	 	 	0.7	%	 	 	(468	)	 	 	-0.5	%	 	 	18,369	 	 	 	0.2	%
	8114 · Guest Amenities	 	2,904	 	 	 	0.2	%	 	 	14,678	 	 	 	1.0	%	 	 	(11,773	)	 	 	-16.6	%	 	 	3,223	 	 	 	0.2	%	 	 	(318	)	 	 	-0.3	%	 	 	11,694	 	 	 	0.2	%
	8115 · Operating Supplies	 	3,734	 	 	 	0.2	%	 	 	5,535	 	 	 	0.4	%	 	 	(1,801	)	 	 	-2.5	%	 	 	5,509	 	 	 	0.4	%	 	 	(1,775	)	 	 	-1.9	%	 	 	19,271	 	 	 	0.3	%
	8116 · Decorations	 	4,375	 	 	 	0.3	%	 	 	5,313	 	 	 	0.4	%	 	 	(938	)	 	 	-1.3	%	 	 	2,662	 	 	 	0.2	%	 	 	1,713	 	 	 	1.8	%	 	 	16,832	 	 	 	0.2	%
	8117 · Newspapers	 	3,163	 	 	 	0.2	%	 	 	3,193	 	 	 	0.2	%	 	 	(30	)	 	 	0.0	%	 	 	3,477	 	 	 	0.2	%	 	 	(313	)	 	 	-0.3	%	 	 	21,864	 	 	 	0.3	%
	8119 · Room Amenities	 	4,306	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	4,306	 	 	 	6.1	%	 	 	50	 	 	 	0.0	%	 	 	4,256	 	 	 	4.6	%	 	 	50	 	 	 	0.0	%
	8120 · Cleaning Supplies	 	3,358	 	 	 	0.2	%	 	 	5,031	 	 	 	0.3	%	 	 	(1,673	)	 	 	-2.4	%	 	 	4,621	 	 	 	0.3	%	 	 	(1,263	)	 	 	-1.4	%	 	 	16,765	 	 	 	0.2	%
	8129 · Linens/Terry	 	1,862	 	 	 	0.1	%	 	 	1,270	 	 	 	0.1	%	 	 	592	 	 	 	0.8	%	 	 	2,770	 	 	 	0.2	%	 	 	(908	)	 	 	-1.0	%	 	 	8,754	 	 	 	0.1	%
	8130 · Outside Laundry	 	52,691	 	 	 	3.3	%	 	 	51,918	 	 	 	3.4	%	 	 	773	 	 	 	1.1	%	 	 	53,506	 	 	 	3.6	%	 	 	(815	)	 	 	-0.9	%	 	 	240,722	 	 	 	3.2	%
	8135 · Uniforms	 	10,971	 	 	 	0.7	%	 	 	6,494	 	 	 	0.4	%	 	 	4,476	 	 	 	6.3	%	 	 	6,996	 	 	 	0.5	%	 	 	3,975	 	 	 	4.3	%	 	 	37,242	 	 	 	0.5	%
	8150 · TA Commissions	 	12,844	 	 	 	0.8	%	 	 	7,071	 	 	 	0.5	%	 	 	5,773	 	 	 	8.1	%	 	 	7,942	 	 	 	0.5	%	 	 	4,901	 	 	 	5.2	%	 	 	64,767	 	 	 	0.9	%
	8151 · Computer Maint. &
    Support	 	405	 	 	 	0.0	%	 	 	2,583	 	 	 	0.2	%	 	 	(2,178	)	 	 	-3.1	%	 	 	3,837	 	 	 	0.3	%	 	 	(3,432	)	 	 	-3.7	%	 	 	11,792	 	 	 	0.2	%
	8152 · Auto Expense	 	1,779	 	 	 	0.1	%	 	 	2,205	 	 	 	0.1	%	 	 	(425	)	 	 	-0.6	%	 	 	2,326	 	 	 	0.2	%	 	 	(547	)	 	 	-0.6	%	 	 	8,434	 	 	 	0.1	%
	8155 · Reservation Expense	 	15,871	 	 	 	1.0	%	 	 	7,988	 	 	 	0.5	%	 	 	7,882	 	 	 	11.1	%	 	 	7,814	 	 	 	0.5	%	 	 	8,057	 	 	 	8.6	%	 	 	32,504	 	 	 	0.4	%
	8156 · Group Commissions	 	-	 	 	 	0.0	%	 	 	251	 	 	 	0.0	%	 	 	(251	)	 	 	-0.4	%	 	 	3,310	 	 	 	0.2	%	 	 	(3,310	)	 	 	-3.5	%	 	 	12,836	 	 	 	0.2	%
	8157 · Walk Expense	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8158 · Equipment Repair	 	15	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	15	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	15	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8165 · Comp In-Room Coffee	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8170 · Contract Labor	 	-	 	 	 	0.0	%	 	 	450	 	 	 	0.0	%	 	 	(450	)	 	 	-0.6	%	 	 	450	 	 	 	0.0	%	 	 	(450	)	 	 	-0.5	%	 	 	450	 	 	 	0.0	%
	8172 · Firewood	 	5,986	 	 	 	0.4	%	 	 	9,868	 	 	 	0.7	%	 	 	(3,882	)	 	 	-5.5	%	 	 	9,273	 	 	 	0.6	%	 	 	(3,287	)	 	 	-3.5	%	 	 	20,488	 	 	 	0.3	%
	8174 · Music & Entertainment	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8175 · Cable TV	 	9,716	 	 	 	0.6	%	 	 	7,409	 	 	 	0.5	%	 	 	2,307	 	 	 	3.2	%	 	 	6,762	 	 	 	0.5	%	 	 	2,953	 	 	 	3.2	%	 	 	42,364	 	 	 	0.6	%
	8178 · Express Mail	 	333	 	 	 	0.0	%	 	 	667	 	 	 	0.0	%	 	 	(335	)	 	 	-0.5	%	 	 	528	 	 	 	0.0	%	 	 	(196	)	 	 	-0.2	%	 	 	2,033	 	 	 	0.0	%
	8184 · Printing	 	6,848	 	 	 	898071.0	%	 	 	1,857	 	 	 	0.1	%	 	 	4,991	 	 	 	7.0	%	 	 	2,669	 	 	 	0.2	%	 	 	4,178	 	 	 	4.5	%	 	 	20,130	 	 	 	0.3	%
	8185 · Telephone Cell & Radio	 	750	 	 	 	0.0	%	 	 	704	 	 	 	0.0	%	 	 	46	 	 	 	0.1	%	 	 	700	 	 	 	0.0	%	 	 	50	 	 	 	0.1	%	 	 	5,117	 	 	 	0.1	%
	8186 · Equipment Repairs	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8189 · Miscellaneous Expenses	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	175	 	 	 	0.0	%	 	 	(175	)	 	 	-0.2	%	 	 	497	 	 	 	0.0	%
	8190 · Office Supplies	 	2,447	 	 	 	0.2	%	 	 	3,052	 	 	 	0.2	%	 	 	(605	)	 	 	-0.9	%	 	 	3,382	 	 	 	0.2	%	 	 	(935	)	 	 	-1.0	%	 	 	11,875	 	 	 	0.2	%

 

    	 	 	Report continued on next page

    	 

    

 

	8191 · Employee Relations
    & Training	 	554	 	 	 	0.0	%	 	 	653	 	 	 	0.0	%	 	 	(98	)	 	 	-0.1	%	 	 	650	 	 	 	0.0	%	 	 	(96	)	 	 	-0.1	%	 	 	1,789	 	 	 	0.0	%
	8193 · License & Permits	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8195 · Equipment	 	5,214	 	 	 	0.3	%	 	 	6,475	 	 	 	0.4	%	 	 	(1,261	)	 	 	-1.8	%	 	 	6,436	 	 	 	0.4	%	 	 	(1,222	)	 	 	-1.3	%	 	 	38,723	 	 	 	0.5	%
	8196 · Business Travel	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8197 · Business Meals	 	33	 	 	 	0.0	%	 	 	206	 	 	 	0.0	%	 	 	(173	)	 	 	-0.2	%	 	 	180	 	 	 	0.0	%	 	 	(148	)	 	 	-0.2	%	 	 	810	 	 	 	0.0	%
	8198 · Guest meals-Reception	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8100 · Rooms  Expenses
    - Other	 	581	 	 	 	0.0	%	 	 	810	 	 	 	0.1	%	 	 	(229	)	 	 	-0.3	%	 	 	-	 	 	 	0.0	%	 	 	581	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%
	8199 · Final Room Prep - Renovated
    Rms	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	-	 	 	 	 	 
	8199A · Final Room Prep - construction	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8199C · Final Rm Prep - construction	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8199 · Final Room Prep - Renovated
    Rms - Other	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8199 · Final Room Prep
    - Renovated Rms	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8100 · Rooms  Expenses	 	194,194	 	 	 	12.3	%	 	 	186,283	 	 	 	12.3	%	 	 	7,910	 	 	 	11.1	%	 	 	191,353	 	 	 	12.9	%	 	 	2,841	 	 	 	3.0	%	 	 	885,076	 	 	 	11.7	%
	8200 · Laundry Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	8225 · Laundry Supplies	 	2,122	 	 	 	0.1	%	 	 	1,426	 	 	 	0.1	%	 	 	696	 	 	 	1.0	%	 	 	1,000	 	 	 	0.1	%	 	 	1,123	 	 	 	1.2	%	 	 	1,663	 	 	 	0.0	%
	8230 · Laundry Operating Equipment	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	791	 	 	 	0.0	%
	Total 8200 · Laundry Expenses	 	2,122	 	 	 	0.1	%	 	 	1,426	 	 	 	0.1	%	 	 	696	 	 	 	1.0	%	 	 	1,000	 	 	 	0.1	%	 	 	1,123	 	 	 	1.2	%	 	 	2,454	 	 	 	0.0	%
	Total Expense	 	557,151	 	 	 	35.3	%	 	 	524,775	 	 	 	34.8	%	 	 	32,376	 	 	 	45.6	%	 	 	525,029	 	 	 	35.3	%	 	 	32,122	 	 	 	34.4	%	 	 	2,622,264	 	 	 	34.6	%
	Net Income	 	1,023,219	 	 	 	64.7	%	 	 	984,607	 	 	 	65.2	%	 	 	38,612	 	 	 	54.4	%	 	 	961,840	 	 	 	64.7	%	 	 	61,379	 	 	 	65.6	%	 	 	4,952,631	 	 	 	65.4	%

 

    	 	Page 5 of 23	L'Auberge_Resort March 13.xls Issue

    	 

    

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TOTAL	 
	 	 	Jan
    13	 	 	%
    of

    Income	 	 	Feb
    13	 	 	%
    of

    Income	 	 	Mar
    13	 	 	%
    of

    Income	 	 	Jan
    - Mar 13	 	 	%
    of

    Income	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4100 · Room Charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4110 · Transient Room charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4111 · Best Available Rate	 	 	114,998.81	 	 	 	36.22	%	 	 	191,202.74	 	 	 	45.73	%	 	 	470,338.10	 	 	 	55.68	%	 	 	776,539.65	 	 	 	49.14	%
	4113 · Corporate	 	 	1,706.20	 	 	 	0.54	%	 	 	909.15	 	 	 	0.22	%	 	 	13,571.00	 	 	 	1.61	%	 	 	16,186.35	 	 	 	1.02	%
	4114 · Discount	 	 	117,710.60	 	 	 	37.07	%	 	 	171,031.55	 	 	 	40.91	%	 	 	231,980.01	 	 	 	27.46	%	 	 	520,722.16	 	 	 	32.95	%
	4115 · FIT/Internet	 	 	33,309.63	 	 	 	10.49	%	 	 	36,764.37	 	 	 	8.79	%	 	 	61,783.66	 	 	 	7.31	%	 	 	131,857.66	 	 	 	8.34	%
	Total 4110 · Transient Room
    charges	 	 	267,725.24	 	 	 	84.32	%	 	 	399,907.81	 	 	 	95.65	%	 	 	777,672.77	 	 	 	92.06	%	 	 	1,445,305.82	 	 	 	91.45	%
	4118 · No Show	 	 	954.00	 	 	 	0.3	%	 	 	870.00	 	 	 	0.21	%	 	 	622.15	 	 	 	0.07	%	 	 	2,446.15	 	 	 	0.16	%
	4150 · Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4152 · Group Corporate	 	 	38,198.00	 	 	 	12.03	%	 	 	9,360.00	 	 	 	2.24	%	 	 	24,821.60	 	 	 	2.94	%	 	 	72,379.60	 	 	 	4.58	%
	4153 · Group Smerf	 	 	10,645.00	 	 	 	3.35	%	 	 	3,724.00	 	 	 	0.89	%	 	 	27,494.60	 	 	 	3.26	%	 	 	41,863.60	 	 	 	2.65	%
	4154 · Group Tour	 	 	0.00	 	 	 	0.0	%	 	 	4,255.00	 	 	 	1.02	%	 	 	14,120.00	 	 	 	1.67	%	 	 	18,375.00	 	 	 	1.16	%
	Total 4150 · Group	 	 	48,843.00	 	 	 	15.38	%	 	 	17,339.00	 	 	 	4.15	%	 	 	66,436.20	 	 	 	7.87	%	 	 	132,618.20	 	 	 	8.39	%
	Total 4100 · Room Charges	 	 	317,522.24	 	 	 	100.0	%	 	 	418,116.81	 	 	 	100.0	%	 	 	844,731.12	 	 	 	100.0	%	 	 	1,580,370.17	 	 	 	100.0	%
	Total Income	 	 	317,522.24	 	 	 	100.0	%	 	 	418,116.81	 	 	 	100.0	%	 	 	844,731.12	 	 	 	100.0	%	 	 	1,580,370.17	 	 	 	100.0	%
	Gross Profit	 	 	317,522.24	 	 	 	100.0	%	 	 	418,116.81	 	 	 	100.0	%	 	 	844,731.12	 	 	 	100.0	%	 	 	1,580,370.17	 	 	 	100.0	%
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5100 · Rooms Salaries &
    Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111000 · Front Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111160 · Assistant Manager	 	 	3,415.24	 	 	 	1.08	%	 	 	3,230.78	 	 	 	0.77	%	 	 	3,965.63	 	 	 	0.47	%	 	 	10,611.65	 	 	 	0.67	%
	5111170 · Rooms Manager/ Guest
    Service Ma	 	 	4,683.78	 	 	 	1.48	%	 	 	2,115.39	 	 	 	0.51	%	 	 	5,684.17	 	 	 	0.67	%	 	 	12,483.34	 	 	 	0.79	%
	5111190 · Director of Rooms	 	 	5,755.62	 	 	 	1.81	%	 	 	6,139.62	 	 	 	1.47	%	 	 	6,961.93	 	 	 	0.82	%	 	 	18,857.17	 	 	 	1.19	%
	5111500 · PBX Operator	 	 	5,108.64	 	 	 	1.61	%	 	 	6,322.79	 	 	 	1.51	%	 	 	3,985.32	 	 	 	0.47	%	 	 	15,416.75	 	 	 	0.98	%
	5111600 · Guest Service Agent	 	 	5,919.13	 	 	 	1.86	%	 	 	7,772.32	 	 	 	1.86	%	 	 	5,703.69	 	 	 	0.68	%	 	 	19,395.14	 	 	 	1.23	%
	5111601 · Concierge	 	 	3,388.02	 	 	 	1.07	%	 	 	5,628.31	 	 	 	1.35	%	 	 	3,126.95	 	 	 	0.37	%	 	 	12,143.28	 	 	 	0.77	%
	5111602 · Reservationist	 	 	10,021.76	 	 	 	3.16	%	 	 	8,457.21	 	 	 	2.02	%	 	 	9,973.66	 	 	 	1.18	%	 	 	28,452.63	 	 	 	1.8	%
	5111603 · Reservationist -
    Bonus	 	 	1,675.00	 	 	 	0.53	%	 	 	1,475.00	 	 	 	0.35	%	 	 	1,375.00	 	 	 	0.16	%	 	 	4,525.00	 	 	 	0.29	%
	5111620 · Bellmen	 	 	5,195.51	 	 	 	1.64	%	 	 	6,537.48	 	 	 	1.56	%	 	 	1,956.17	 	 	 	0.23	%	 	 	13,689.16	 	 	 	0.87	%
	5111625 · Reservationist Manager	 	 	2,446.00	 	 	 	0.77	%	 	 	3,230.78	 	 	 	0.77	%	 	 	4,807.93	 	 	 	0.57	%	 	 	10,484.71	 	 	 	0.66	%
	5111640 · Night Auditor	 	 	3,273.84	 	 	 	1.03	%	 	 	3,420.03	 	 	 	0.82	%	 	 	2,532.29	 	 	 	0.3	%	 	 	9,226.16	 	 	 	0.58	%
	Total 5111000 · Front Office	 	 	50,882.54	 	 	 	16.03	%	 	 	54,329.71	 	 	 	12.99	%	 	 	50,072.74	 	 	 	5.93	%	 	 	155,284.99	 	 	 	9.83	%
	5112000 · Housekeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5112170 · Director of Housekeeping	 	 	5,035.00	 	 	 	1.59	%	 	 	6,903.85	 	 	 	1.65	%	 	 	6,789.86	 	 	 	0.8	%	 	 	18,728.71	 	 	 	1.19	%
	5112400 · Public Area Attendant	 	 	2,819.57	 	 	 	0.89	%	 	 	2,215.99	 	 	 	0.53	%	 	 	2,408.13	 	 	 	0.29	%	 	 	7,443.69	 	 	 	0.47	%
	5112500 · Room Attendent	 	 	10,518.81	 	 	 	3.31	%	 	 	12,106.09	 	 	 	2.9	%	 	 	17,626.03	 	 	 	2.09	%	 	 	40,250.93	 	 	 	2.55	%
	5112501 · Turn Down Attendant	 	 	1,650.88	 	 	 	0.52	%	 	 	2,549.04	 	 	 	0.61	%	 	 	3,662.72	 	 	 	0.43	%	 	 	7,862.64	 	 	 	0.5	%
	5112502 · Carpet Cleaner	 	 	1,579.63	 	 	 	0.5	%	 	 	1,398.70	 	 	 	0.34	%	 	 	1,265.18	 	 	 	0.15	%	 	 	4,243.51	 	 	 	0.27	%

 

    	 	 	Report continued on next page

    	 

    

 

	5112510 · House
    Attendant	 	 	3,980.26	 	 	 	1.25	%	 	 	4,616.32	 	 	 	1.1	%	 	 	5,763.93	 	 	 	0.68	%	 	 	14,360.51	 	 	 	0.91	%
	5112520 · Laundry Attendant	 	 	847.38	 	 	 	0.27	%	 	 	707.13	 	 	 	0.17	%	 	 	1,396.64	 	 	 	0.17	%	 	 	2,951.15	 	 	 	0.19	%
	5112530 · Lead Room Supervisor	 	 	7,024.63	 	 	 	2.21	%	 	 	6,044.18	 	 	 	1.45	%	 	 	7,700.64	 	 	 	0.91	%	 	 	20,769.45	 	 	 	1.31	%
	Total 5112000 · Housekeeping	 	 	33,456.16	 	 	 	10.54	%	 	 	36,541.30	 	 	 	8.74	%	 	 	46,613.13	 	 	 	5.52	%	 	 	116,610.59	 	 	 	7.38	%
	Total 5100 · Rooms Salaries
    & Wages	 	 	84,338.70	 	 	 	26.56	%	 	 	90,871.01	 	 	 	21.73	%	 	 	96,685.87	 	 	 	11.45	%	 	 	271,895.58	 	 	 	17.21	%
	5111050 · Front Office Taxes
    & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5151 · Rms Payroll Taxes	 	 	7,771.24	 	 	 	2.45	%	 	 	8,346.08	 	 	 	2.0	%	 	 	4,925.26	 	 	 	0.58	%	 	 	21,042.58	 	 	 	1.33	%
	5152 · Rms Workers'  Comp	 	 	1,194.00	 	 	 	0.38	%	 	 	1,194.00	 	 	 	0.29	%	 	 	4,913.29	 	 	 	0.58	%	 	 	7,301.29	 	 	 	0.46	%
	5153 · Rms Employ Benefits	 	 	4,861.62	 	 	 	1.53	%	 	 	5,067.32	 	 	 	1.21	%	 	 	3,950.14	 	 	 	0.47	%	 	 	13,879.08	 	 	 	0.88	%
	5155 · Rms PTO	 	 	1,600.48	 	 	 	0.5	%	 	 	0.00	 	 	 	0.0	%	 	 	5,154.50	 	 	 	0.61	%	 	 	6,754.98	 	 	 	0.43	%
	5156 · Rms Employ Meals	 	 	1,823.14	 	 	 	0.57	%	 	 	1,928.15	 	 	 	0.46	%	 	 	2,138.23	 	 	 	0.25	%	 	 	5,889.52	 	 	 	0.37	%
	Total 5111050 · Front Office
    Taxes & Benefits	 	 	17,250.48	 	 	 	5.43	%	 	 	16,535.55	 	 	 	3.96	%	 	 	21,081.42	 	 	 	2.5	%	 	 	54,867.45	 	 	 	3.47	%
	5112050 · Housekeeping Taxes
    & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5251 · Housekeeping Payroll
    Taxes	 	 	5,708.14	 	 	 	1.8	%	 	 	4,174.08	 	 	 	1.0	%	 	 	6,360.10	 	 	 	0.75	%	 	 	16,242.32	 	 	 	1.03	%
	5252 · Housekeeping Workers'
    Comp	 	 	1,124.00	 	 	 	0.35	%	 	 	1,124.00	 	 	 	0.27	%	 	 	4,716.11	 	 	 	0.56	%	 	 	6,964.11	 	 	 	0.44	%
	5253 · Housekeeping Employee
    Benefits	 	 	370.65	 	 	 	0.12	%	 	 	804.44	 	 	 	0.19	%	 	 	286.08	 	 	 	0.03	%	 	 	1,461.17	 	 	 	0.09	%
	5255 · Housekeeping PTO Expense	 	 	1,044.50	 	 	 	0.33	%	 	 	1,187.35	 	 	 	0.28	%	 	 	1,629.41	 	 	 	0.19	%	 	 	3,861.26	 	 	 	0.24	%
	5256 · Housekeeping Employ
    Meals	 	 	1,715.89	 	 	 	0.54	%	 	 	1,814.73	 	 	 	0.43	%	 	 	2,012.45	 	 	 	0.24	%	 	 	5,543.07	 	 	 	0.35	%
	Total 5112050 · Housekeeping
    Taxes & Benefits	 	 	9,963.18	 	 	 	3.14	%	 	 	9,104.60	 	 	 	2.18	%	 	 	15,004.15	 	 	 	1.78	%	 	 	34,071.93	 	 	 	2.16	%
	Total 5000 · Payroll &
    Benefits	 	 	111,552.36	 	 	 	35.13	%	 	 	116,511.16	 	 	 	27.87	%	 	 	132,771.44	 	 	 	15.72	%	 	 	360,834.96	 	 	 	22.83	%
	8100 · Rooms  Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8110 · Guest Supplies	 	 	9,851.30	 	 	 	3.1	%	 	 	6,389.49	 	 	 	1.53	%	 	 	10,878.46	 	 	 	1.29	%	 	 	27,119.25	 	 	 	1.72	%
	8111 · In-Room Equipment	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	36.39	 	 	 	0.0	%	 	 	36.39	 	 	 	0.0	%
	8112 · Guest Relations	 	 	1,162.47	 	 	 	0.37	%	 	 	1,350.88	 	 	 	0.32	%	 	 	3,760.52	 	 	 	0.45	%	 	 	6,273.87	 	 	 	0.4	%
	8113 · VIP Guest Amenities/Promotions	 	 	1,731.75	 	 	 	0.55	%	 	 	2,282.00	 	 	 	0.55	%	 	 	6,011.40	 	 	 	0.71	%	 	 	10,025.15	 	 	 	0.63	%
	8114 · Guest Amenities	 	 	210.38	 	 	 	0.07	%	 	 	1,586.90	 	 	 	0.38	%	 	 	1,107.17	 	 	 	0.13	%	 	 	2,904.45	 	 	 	0.18	%
	8115 · Operating Supplies	 	 	1,386.87	 	 	 	0.44	%	 	 	733.42	 	 	 	0.18	%	 	 	1,613.21	 	 	 	0.19	%	 	 	3,733.50	 	 	 	0.24	%
	8116 · Decorations	 	 	2,725.25	 	 	 	0.86	%	 	 	367.72	 	 	 	0.09	%	 	 	1,282.51	 	 	 	0.15	%	 	 	4,375.48	 	 	 	0.28	%
	8117 · Newspapers	 	 	763.17	 	 	 	0.24	%	 	 	1,324.38	 	 	 	0.32	%	 	 	1,075.57	 	 	 	0.13	%	 	 	3,163.12	 	 	 	0.2	%
	8119 · Room Amenities	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	4,306.14	 	 	 	0.51	%	 	 	4,306.14	 	 	 	0.27	%
	8120 · Cleaning Supplies	 	 	1,257.20	 	 	 	0.4	%	 	 	874.82	 	 	 	0.21	%	 	 	1,225.69	 	 	 	0.15	%	 	 	3,357.71	 	 	 	0.21	%
	8129 · Linens/Terry	 	 	0.00	 	 	 	0.0	%	 	 	898.87	 	 	 	0.22	%	 	 	963.41	 	 	 	0.11	%	 	 	1,862.28	 	 	 	0.12	%
	8130 · Outside Laundry	 	 	16,094.95	 	 	 	5.07	%	 	 	14,583.21	 	 	 	3.49	%	 	 	22,013.09	 	 	 	2.61	%	 	 	52,691.25	 	 	 	3.33	%
	8135 · Uniforms	 	 	1,176.83	 	 	 	0.37	%	 	 	3,931.28	 	 	 	0.94	%	 	 	5,862.78	 	 	 	0.69	%	 	 	10,970.89	 	 	 	0.69	%
	8150 · TA Commissions	 	 	2,874.96	 	 	 	0.91	%	 	 	1,609.97	 	 	 	0.39	%	 	 	8,358.68	 	 	 	0.99	%	 	 	12,843.61	 	 	 	0.81	%
	8151 · Computer Maint. &
    Support	 	 	0.00	 	 	 	0.0	%	 	 	300.00	 	 	 	0.07	%	 	 	105.00	 	 	 	0.01	%	 	 	405.00	 	 	 	0.03	%
	8152 · Auto Expense	 	 	402.29	 	 	 	0.13	%	 	 	420.51	 	 	 	0.1	%	 	 	956.61	 	 	 	0.11	%	 	 	1,779.41	 	 	 	0.11	%
	8155 · Reservation Expense	 	 	3,144.70	 	 	 	0.99	%	 	 	4,091.18	 	 	 	0.98	%	 	 	8,634.66	 	 	 	1.02	%	 	 	15,870.54	 	 	 	1.0	%
	8158 · Equipment Repair	 	 	0.00	 	 	 	0.0	%	 	 	14.76	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	14.76	 	 	 	0.0	%
	8172 · Firewood	 	 	3,582.00	 	 	 	1.13	%	 	 	1,404.00	 	 	 	0.34	%	 	 	1,000.00	 	 	 	0.12	%	 	 	5,986.00	 	 	 	0.38	%
	8175 · Cable TV	 	 	2,798.25	 	 	 	0.88	%	 	 	2,806.69	 	 	 	0.67	%	 	 	4,110.69	 	 	 	0.49	%	 	 	9,715.63	 	 	 	0.62	%
	8178 · Express Mail	 	 	313.17	 	 	 	0.1	%	 	 	0.00	 	 	 	0.0	%	 	 	19.42	 	 	 	0.0	%	 	 	332.59	 	 	 	0.02	%
	8184 · Printing	 	 	780.05	 	 	 	0.25	%	 	 	1,148.22	 	 	 	0.28	%	 	 	4,919.58	 	 	 	0.58	%	 	 	6,847.85	 	 	 	0.43	%
	8185 · Telephone Cell &
    Radio	 	 	250.00	 	 	 	0.08	%	 	 	250.00	 	 	 	0.06	%	 	 	250.00	 	 	 	0.03	%	 	 	750.00	 	 	 	0.05	%

 

    	 	 	Report continued on next page

    	 

    

 

	8190 · Office Supplies	 	 	660.43	 	 	 	0.21	%	 	 	677.23	 	 	 	0.16	%	 	 	1,109.29	 	 	 	0.13	%	 	 	2,446.95	 	 	 	0.16	%
	8191 · Employee Relations &
    Training	 	 	23.24	 	 	 	0.01	%	 	 	333.62	 	 	 	0.08	%	 	 	197.56	 	 	 	0.02	%	 	 	554.42	 	 	 	0.04	%
	8195 · Equipment	 	 	1,737.89	 	 	 	0.55	%	 	 	1,737.89	 	 	 	0.42	%	 	 	1,737.89	 	 	 	0.21	%	 	 	5,213.67	 	 	 	0.33	%
	8197 · Business Meals	 	 	22.80	 	 	 	0.01	%	 	 	0.00	 	 	 	0.0	%	 	 	10.00	 	 	 	0.0	%	 	 	32.80	 	 	 	0.0	%
	8100 · Rooms  Expenses
    - Other	 	 	580.91	 	 	 	0.18	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	580.91	 	 	 	0.04	%
	Total 8100 · Rooms  Expenses	 	 	53,530.86	 	 	 	16.86	%	 	 	49,117.04	 	 	 	11.75	%	 	 	91,545.72	 	 	 	10.84	%	 	 	194,193.62	 	 	 	12.29	%
	8200 · Laundry Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8225 · Laundry Supplies	 	 	707.24	 	 	 	0.22	%	 	 	297.00	 	 	 	0.07	%	 	 	1,118.07	 	 	 	0.13	%	 	 	2,122.31	 	 	 	0.13	%
	Total 8200 · Laundry Expenses	 	 	707.24	 	 	 	0.22	%	 	 	297.00	 	 	 	0.07	%	 	 	1,118.07	 	 	 	0.13	%	 	 	2,122.31	 	 	 	0.13	%
	Total Expense	 	 	165,790.46	 	 	 	52.21	%	 	 	165,925.20	 	 	 	39.68	%	 	 	225,435.23	 	 	 	26.69	%	 	 	557,150.89	 	 	 	35.25	%
	Net Ordinary Income	 	 	151,731.78	 	 	 	47.79	%	 	 	252,191.61	 	 	 	60.32	%	 	 	619,295.89	 	 	 	73.31	%	 	 	1,023,219.28	 	 	 	64.75	%
	Net Income	 	 	151,731.78	 	 	 	47.79	%	 	 	252,191.61	 	 	 	60.32	%	 	 	619,295.89	 	 	 	73.31	%	 	 	1,023,219.28	 	 	 	64.75	%

 

    	 	Page 6 of 23	L'Auberge_Resort March 13.xls Issue Rooms

    	 

    

 

L'Auberge de Sedona Resort

Food and Beverage Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to 
 Revenue	 	 	Budget	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 	 	Prior 
 Year	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4300 · Food & Beverage
    Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Food Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4311 · Restaurant Breakfast	 	$	30,026	 	 	 	7.1	%	 	$	21,304	 	 	 	6.1	%	 	$	8,722	 	 	 	11.4	%	 	$	23,049	 	 	 	6.1	%	 	$	6,977	 	 	 	14.5	%
	4311v · Veranda Breakfast	 	 	-	 	 	 	0.0	%	 	$	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	$	-	 	 	 	0.0	%	 	$	-	 	 	 	0.0	%
	4312 · Restaurant Lunch	 	 	74,366	 	 	 	17.5	%	 	$	57,313	 	 	 	16.4	%	 	 	17,053	 	 	 	22.3	%	 	$	51,538	 	 	 	13.6	%	 	$	22,828	 	 	 	47.5	%
	4312v · Veranda Lunch	 	 	8,464	 	 	 	2.0	%	 	$	-	 	 	 	0.0	%	 	 	8,464	 	 	 	11.0	%	 	$	10,469	 	 	 	2.8	%	 	$	(2,005	)	 	 	-4.2	%
	4313 · Restaurant Dinner	 	 	134,856	 	 	 	31.7	%	 	$	115,926	 	 	 	33.2	%	 	 	18,929	 	 	 	24.7	%	 	$	109,427	 	 	 	29.0	%	 	$	25,429	 	 	 	52.9	%
	4313v · Veranda Dinner	 	 	18,175	 	 	 	4.3	%	 	$	-	 	 	 	0.0	%	 	 	18,175	 	 	 	23.7	%	 	$	15,995	 	 	 	4.2	%	 	$	2,180	 	 	 	4.5	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4321 · Banquet Coffee Break	 	 	749	 	 	 	0.2	%	 	 	1,715	 	 	 	0.5	%	 	 	(966	)	 	 	-1.3	%	 	 	1,855	 	 	 	0.5	%	 	 	(1,106	)	 	 	-2.3	%
	4322 · Banquet Breakfast	 	 	832	 	 	 	0.2	%	 	 	1,841	 	 	 	0.5	%	 	 	(1,009	)	 	 	-1.3	%	 	 	1,992	 	 	 	0.5	%	 	 	(1,160	)	 	 	-2.4	%
	4323 · Banquet Lunch	 	 	3,656	 	 	 	0.9	%	 	 	665	 	 	 	0.2	%	 	 	2,991	 	 	 	3.9	%	 	 	720	 	 	 	0.2	%	 	 	2,936	 	 	 	6.1	%
	4324 · Banquet Dinner	 	 	3,498	 	 	 	0.8	%	 	 	1,771	 	 	 	0.5	%	 	 	1,727	 	 	 	2.3	%	 	 	1,916	 	 	 	0.5	%	 	 	1,582	 	 	 	3.3	%
	4327 · Banquet Reception	 	 	1,060	 	 	 	0.2	%	 	 	340	 	 	 	0.1	%	 	 	720	 	 	 	0.9	%	 	 	368	 	 	 	0.1	%	 	 	692	 	 	 	1.4	%
	4341 · Catering Reception	 	 	480	 	 	 	0.1	%	 	 	4,403	 	 	 	1.3	%	 	 	(3,923	)	 	 	-5.1	%	 	 	4,764	 	 	 	1.3	%	 	 	(4,284	)	 	 	-8.9	%
	4342 · Catering Lunch	 	 	-	 	 	 	0.0	%	 	 	5,972	 	 	 	1.7	%	 	 	(5,972	)	 	 	-7.8	%	 	 	6,461	 	 	 	1.7	%	 	 	(6,461	)	 	 	-13.4	%
	4344 · Catering Coffee Break	 	 	-	 	 	 	0.0	%	 	 	1,188	 	 	 	0.3	%	 	 	(1,188	)	 	 	-1.5	%	 	 	1,285	 	 	 	0.3	%	 	 	(1,285	)	 	 	-2.7	%
	4346 · Catering Dinner	 	 	2,321	 	 	 	0.5	%	 	 	7,595	 	 	 	2.2	%	 	 	(5,274	)	 	 	-6.9	%	 	 	8,217	 	 	 	2.2	%	 	 	(5,896	)	 	 	-12.3	%
	4352 · Catering Breakfast	 	 	-	 	 	 	0.0	%	 	 	832	 	 	 	0.2	%	 	 	(832	)	 	 	-1.1	%	 	 	900	 	 	 	0.2	%	 	 	(900	)	 	 	-1.9	%
	4357 · Catering Pastry Wedding
    Cake	 	 	550	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	550	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	550	 	 	 	1.1	%
	4361 · Room Service Breakfast	 	 	11,069	 	 	 	2.6	%	 	 	5,994	 	 	 	1.7	%	 	 	5,075	 	 	 	6.6	%	 	 	6,485	 	 	 	1.7	%	 	 	4,584	 	 	 	9.5	%
	4362 · Room Service Lunch	 	 	4,257	 	 	 	1.0	%	 	 	5,526	 	 	 	1.6	%	 	 	(1,269	)	 	 	-1.7	%	 	 	5,979	 	 	 	1.6	%	 	 	(1,722	)	 	 	-3.6	%
	4363 · Room Service Dinner	 	 	9,378	 	 	 	2.2	%	 	 	8,930	 	 	 	2.6	%	 	 	448	 	 	 	0.6	%	 	 	9,661	 	 	 	2.6	%	 	 	(283	)	 	 	-0.6	%
	4367 · Room Service Delivery	 	 	1,068	 	 	 	0.3	%	 	 	3,122	 	 	 	0.9	%	 	 	(2,054	)	 	 	-2.7	%	 	 	3,378	 	 	 	0.9	%	 	 	(2,310	)	 	 	-4.8	%
	Total Food Revenue	 	 	304,805	 	 	 	71.6	%	 	 	244,438	 	 	 	70.0	%	 	 	60,368	 	 	 	78.8	%	 	 	264,459	 	 	 	70.0	%	 	 	40,347	 	 	 	84.0	%
	Food Revenue Summary	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  Restaurant	 	 	239,248	 	 	 	56.2	%	 	 	194,544	 	 	 	55.7	%	 	 	44,704	 	 	 	58.3	%	 	 	184,014	 	 	 	48.7	%	 	 	55,234	 	 	 	115.0	%
	  Veranda	 	 	26,639	 	 	 	6.3	%	 	 	-	 	 	 	0.0	%	 	 	26,639	 	 	 	34.8	%	 	 	26,464	 	 	 	7.0	%	 	 	175	 	 	 	0.4	%
	  Banquets	 	 	9,795	 	 	 	2.3	%	 	 	6,332	 	 	 	1.8	%	 	 	3,463	 	 	 	4.5	%	 	 	6,851	 	 	 	1.8	%	 	 	2,944	 	 	 	6.1	%
	  Catering	 	 	3,351	 	 	 	0.8	%	 	 	19,990	 	 	 	5.7	%	 	 	(16,639	)	 	 	-21.7	%	 	 	21,627	 	 	 	5.7	%	 	 	(18,276	)	 	 	-38.0	%
	  Room Service	 	 	25,772	 	 	 	6.1	%	 	 	23,572	 	 	 	6.8	%	 	 	2,200	 	 	 	2.9	%	 	 	25,503	 	 	 	6.8	%	 	 	269	 	 	 	0.6	%
	Total Food Revenue	 	 	304,805	 	 	 	71.6	%	 	 	244,438	 	 	 	70.0	%	 	 	60,368	 	 	 	78.8	%	 	 	264,459	 	 	 	70.0	%	 	 	40,347	 	 	 	84.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beverage Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beer Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4314 · Restaurant Beer Sales	 	 	1,349	 	 	 	0.3	%	 	$	2,766	 	 	 	0.8	%	 	 	(1,418	)	 	 	-1.9	%	 	$	1,219	 	 	 	0.3	%	 	$	130	 	 	 	0.3	%
	4314v · Veranda Beer Sales	 	 	1,777	 	 	 	0.4	%	 	$	-	 	 	 	0.0	%	 	 	1,777	 	 	 	2.3	%	 	$	1,774	 	 	 	0.5	%	 	$	3	 	 	 	0.0	%
	4366 · Room Service Beer
    Sales	 	 	145	 	 	 	0.0	%	 	 	129	 	 	 	0.0	%	 	 	16	 	 	 	0.0	%	 	 	140	 	 	 	0.0	%	 	 	5	 	 	 	0.0	%
	4329 · Banquet Beer Sales	 	 	18	 	 	 	0.0	%	 	 	291	 	 	 	0.1	%	 	 	(273	)	 	 	-0.4	%	 	 	315	 	 	 	0.1	%	 	 	(297	)	 	 	-0.6	%
	4350 · Catering Beer	 	 	362	 	 	 	0.1	%	 	 	1,152	 	 	 	0.3	%	 	 	(790	)	 	 	-1.0	%	 	 	1,246	 	 	 	0.3	%	 	 	(884	)	 	 	-1.8	%
	Subtotal - Beer Revenue	 	 	3,651	 	 	 	0.9	%	 	 	4,338	 	 	 	1.2	%	 	 	(687	)	 	 	-0.9	%	 	 	4,694	 	 	 	1.2	%	 	 	(1,043	)	 	 	-2.2	%
	Liquor Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4316 · Restaurant Liquor
    Sales	 	 	11,037	 	 	 	2.6	%	 	$	18,469	 	 	 	5.3	%	 	 	(7,432	)	 	 	-9.7	%	 	$	7,952	 	 	 	2.1	%	 	$	3,084	 	 	 	6.4	%
	4316v · Veranda Liquor Sales	 	 	14,876	 	 	 	3.5	%	 	$	-	 	 	 	0.0	%	 	 	14,876	 	 	 	19.4	%	 	$	12,029	 	 	 	3.2	%	 	$	2,847	 	 	 	5.9	%
	4325 · Banquet Liquor	 	 	817	 	 	 	0.2	%	 	 	306	 	 	 	0.1	%	 	 	510	 	 	 	0.7	%	 	 	332	 	 	 	0.1	%	 	 	485	 	 	 	1.0	%
	4364 · Room Service Liquor
    Sales	 	 	388	 	 	 	0.1	%	 	 	390	 	 	 	0.1	%	 	 	(2	)	 	 	0.0	%	 	 	422	 	 	 	0.1	%	 	 	(34	)	 	 	-0.1	%
	4343 · Catering Liquor Sales	 	 	265	 	 	 	0.1	%	 	 	1,434	 	 	 	0.4	%	 	 	(1,168	)	 	 	-1.5	%	 	 	1,551	 	 	 	0.4	%	 	 	(1,286	)	 	 	-2.7	%
	Subtotal - Liquor Revenue	 	 	27,382	 	 	 	6.4	%	 	 	20,599	 	 	 	5.9	%	 	 	6,784	 	 	 	8.9	%	 	 	22,286	 	 	 	5.9	%	 	 	5,096	 	 	 	10.6	%
	Wine Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4315 · Restaurant Wine Sales	 	 	55,183	 	 	 	13.0	%	 	$	56,926	 	 	 	16.3	%	 	 	(1,743	)	 	 	-2.3	%	 	$	43,067	 	 	 	11.4	%	 	$	12,117	 	 	 	25.2	%
	4315v · Veranda Wine Sales	 	 	19,843	 	 	 	4.7	%	 	$	-	 	 	 	0.0	%	 	 	19,843	 	 	 	25.9	%	 	$	18,522	 	 	 	4.9	%	 	$	1,320	 	 	 	2.7	%
	4326 · Banquet Wine Sales	 	 	1,080	 	 	 	0.3	%	 	 	1,521	 	 	 	0.4	%	 	 	(441	)	 	 	-0.6	%	 	 	1,646	 	 	 	0.4	%	 	 	(566	)	 	 	-1.2	%
	4351 · Catering Wine	 	 	1,883	 	 	 	0.4	%	 	 	2,213	 	 	 	0.6	%	 	 	(330	)	 	 	-0.4	%	 	 	2,394	 	 	 	0.6	%	 	 	(511	)	 	 	-1.1	%
	4365 · Room Service Wine
    Sales	 	 	2,458	 	 	 	0.6	%	 	 	4,389	 	 	 	1.3	%	 	 	(1,931	)	 	 	-2.5	%	 	 	4,749	 	 	 	1.3	%	 	 	(2,291	)	 	 	-4.8	%
	Subtotal - Wine Revenue	 	 	80,447	 	 	 	18.9	%	 	 	65,050	 	 	 	18.6	%	 	 	15,397	 	 	 	20.1	%	 	 	70,378	 	 	 	18.6	%	 	 	10,069	 	 	 	21.0	%
	Total Beverage Revenue	 	 	111,480	 	 	 	26.2	%	 	 	89,987	 	 	 	25.8	%	 	 	21,493	 	 	 	28.0	%	 	 	97,358	 	 	 	25.8	%	 	 	14,123	 	 	 	29.4	%

 

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	Miscellaneous Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4319 · Resteraunt Complimentary
    Accoun	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4328 · Banquet Miscellaneous	 	 	1,355	 	 	 	0.3	%	 	 	1,444	 	 	 	0.4	%	 	 	(89	)	 	 	-0.1	%	 	 	1,563	 	 	 	0.4	%	 	 	(208	)	 	 	-0.4	%
	4330 · Banquet Equipment
    Rental	 	 	325	 	 	 	0.1	%	 	 	1,872	 	 	 	0.5	%	 	 	(1,547	)	 	 	-2.0	%	 	 	2,025	 	 	 	0.5	%	 	 	(1,700	)	 	 	-3.5	%
	4331 · Banquet Meeting Room	 	 	2,150	 	 	 	0.5	%	 	 	171	 	 	 	0.0	%	 	 	1,979	 	 	 	2.6	%	 	 	185	 	 	 	0.0	%	 	 	1,965	 	 	 	4.1	%
	4345 · Catering Miscellaneous	 	 	1,270	 	 	 	0.3	%	 	 	3,210	 	 	 	0.9	%	 	 	(1,941	)	 	 	-2.5	%	 	 	3,473	 	 	 	0.9	%	 	 	(2,204	)	 	 	-4.6	%
	4347 · Catering Equipment
    Rental	 	 	300	 	 	 	0.1	%	 	 	855	 	 	 	0.2	%	 	 	(555	)	 	 	-0.7	%	 	 	925	 	 	 	0.2	%	 	 	(625	)	 	 	-1.3	%
	4348 · Catering Meeting Room	 	 	3,948	 	 	 	0.9	%	 	 	7,023	 	 	 	2.0	%	 	 	(3,076	)	 	 	-4.0	%	 	 	7,598	 	 	 	2.0	%	 	 	(3,651	)	 	 	-7.6	%
	4370 · Micros Interface Issues	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total Miscellaneous Revenue	 	 	9,347	 	 	 	2.2	%	 	 	14,575	 	 	 	4.2	%	 	 	(5,228	)	 	 	-6.8	%	 	 	15,769	 	 	 	4.2	%	 	 	(6,422	)	 	 	-13.4	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Food & Beverage Revenue	 	 	425,632	 	 	 	100.0	%	 	 	349,000	 	 	 	100.0	%	 	 	76,632	 	 	 	100.0	%	 	 	377,585	 	 	 	100.0	%	 	 	48,047	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6300 · Cost of Food &
    Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6310 · Cost of Sales-Food	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	63100P · Pastry food supplies	 	 	645	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	645	 	 	 	1.1	%	 	 	1,989	 	 	 	0.8	%	 	 	(1,344	)	 	 	-3.3	%
	631001 · Meat	 	 	23,040	 	 	 	7.6	%	 	 	-	 	 	 	0.0	%	 	 	23,040	 	 	 	38.2	%	 	 	20,212	 	 	 	7.6	%	 	 	2,828	 	 	 	7.0	%
	631002 · Seafood	 	 	18,251	 	 	 	6.0	%	 	 	-	 	 	 	0.0	%	 	 	18,251	 	 	 	30.2	%	 	 	10,245	 	 	 	3.9	%	 	 	8,006	 	 	 	19.8	%
	631003 · Poultry	 	 	2,705	 	 	 	0.9	%	 	 	-	 	 	 	0.0	%	 	 	2,705	 	 	 	4.5	%	 	 	1,175	 	 	 	0.4	%	 	 	1,530	 	 	 	3.8	%
	631004 · Produce	 	 	19,616	 	 	 	6.4	%	 	 	-	 	 	 	0.0	%	 	 	19,616	 	 	 	32.5	%	 	 	12,862	 	 	 	4.9	%	 	 	6,754	 	 	 	16.7	%
	631005 · Dairy	 	 	7,773	 	 	 	2.6	%	 	 	-	 	 	 	0.0	%	 	 	7,773	 	 	 	12.9	%	 	 	7,172	 	 	 	2.7	%	 	 	601	 	 	 	1.5	%
	631006 · Bread	 	 	2,065	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	2,065	 	 	 	3.4	%	 	 	1,765	 	 	 	0.7	%	 	 	300	 	 	 	0.7	%
	631007 · Other Food	 	 	18,616	 	 	 	6.1	%	 	 	-	 	 	 	0.0	%	 	 	18,616	 	 	 	30.8	%	 	 	6,514	 	 	 	2.5	%	 	 	12,102	 	 	 	30.0	%
	631007S · Shamrock Delinquent	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	631009 · Cost Of Goods Sold-EDR	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	9,158	 	 	 	3.5	%	 	 	(9,158	)	 	 	-22.7	%
	6310 · Restaurant Cost of
    Sales-Food - Other	 	 	-	 	 	 	0.0	%	 	 	59,936	 	 	 	24.5	%	 	 	(59,936	)	 	 	-99.3	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 6310 · Cost of Sales-Food	 	 	92,711	 	 	 	30.4	%	 	 	59,936	 	 	 	24.5	%	 	 	32,775	 	 	 	54.3	%	 	 	71,092	 	 	 	26.9	%	 	 	21,620	 	 	 	53.6	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Sales - Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6311 · Cost of Goods - Liquor	 	 	4,940	 	 	 	18.0	%	 	 	3,977	 	 	 	19.3	%	 	 	963	 	 	 	14.2	%	 	 	4,303	 	 	 	19.3	%	 	 	637	 	 	 	12.5	%
	6312 · Cost of Goods-Wine	 	 	24,901	 	 	 	31.0	%	 	 	20,108	 	 	 	30.9	%	 	 	4,793	 	 	 	31.1	%	 	 	21,755	 	 	 	30.9	%	 	 	3,146	 	 	 	31.2	%
	6313 · Cost of Goods-Beer	 	 	886	 	 	 	24.3	%	 	 	2,486	 	 	 	57.3	%	 	 	(1,600	)	 	 	232.8	%	 	 	2,690	 	 	 	57.3	%	 	 	(1,804	)	 	 	173.0	%
	Cost of Sales - Beverage	 	 	30,727	 	 	 	27.6	%	 	 	26,571	 	 	 	29.5	%	 	 	4,155	 	 	 	19.3	%	 	 	28,748	 	 	 	29.5	%	 	 	1,979	 	 	 	14.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Miscellaneous	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6554 · Cost of Goods B&C	 	 	2,809	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	2,809	 	 	 	-53.7	%	 	 	2,349	 	 	 	0.6	%	 	 	460	 	 	 	-7.2	%
	6300 · Cost of Food &
    Beverage - Other	 	 	-	 	 	 	0.0	%	 	 	2,171	 	 	 	0.6	%	 	 	(2,171	)	 	 	41.5	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total Miscellaneous	 	 	2,809	 	 	 	0.7	%	 	 	2,171	 	 	 	0.6	%	 	 	638	 	 	 	-12.2	%	 	 	2,349	 	 	 	0.6	%	 	 	460	 	 	 	-7.2	%
	Total COGS	 	 	126,247	 	 	 	29.7	%	 	 	88,679	 	 	 	25.4	%	 	 	37,568	 	 	 	49.0	%	 	 	102,188	 	 	 	27.1	%	 	 	24,059	 	 	 	50.1	%
	Gross Profit	 	 	299,386	 	 	 	70.3	%	 	 	260,321	 	 	 	74.6	%	 	 	39,065	 	 	 	51.0	%	 	 	275,397	 	 	 	72.9	%	 	 	23,989	 	 	 	49.9	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5300000 · F&B Salaries
    & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5363000 · Restaurant Salary
    & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5363150 · Restaurant Supervisor	 	 	935	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	935	 	 	 	1.2	%	 	 	-	 	 	 	0.0	%	 	 	935	 	 	 	1.9	%
	5363160 · Restaurant Chef	 	 	20,130	 	 	 	4.7	%	 	 	24,429	 	 	 	7.0	%	 	 	(4,299	)	 	 	-5.6	%	 	 	18,993	 	 	 	5.0	%	 	 	1,137	 	 	 	2.4	%
	5363170 · Manager, Restauant	 	 	20,750	 	 	 	4.9	%	 	 	17,066	 	 	 	4.9	%	 	 	3,684	 	 	 	4.8	%	 	 	17,066	 	 	 	4.5	%	 	 	3,684	 	 	 	7.7	%
	5363199 · F&B Shared
    Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5363300 · Restaurant Server	 	 	5,777	 	 	 	1.4	%	 	 	5,062	 	 	 	1.5	%	 	 	715	 	 	 	0.9	%	 	 	5,062	 	 	 	1.3	%	 	 	715	 	 	 	1.5	%
	5363305 · Restaurant Expeditor	 	 	6,896	 	 	 	1.6	%	 	 	7,618	 	 	 	2.2	%	 	 	(722	)	 	 	-0.9	%	 	 	3,616	 	 	 	1.0	%	 	 	3,280	 	 	 	6.8	%
	5363306 · Room Service Coordinator	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	728	 	 	 	0.2	%	 	 	(728	)	 	 	-1.5	%
	5363310 · Restaurant Busser	 	 	7,003	 	 	 	1.6	%	 	 	-	 	 	 	0.0	%	 	 	7,003	 	 	 	9.1	%	 	 	7,618	 	 	 	2.0	%	 	 	(615	)	 	 	-1.3	%
	5363320 · Restaurant Bartendar	 	 	4,466	 	 	 	1.0	%	 	 	4,557	 	 	 	1.3	%	 	 	(91	)	 	 	-0.1	%	 	 	4,557	 	 	 	1.2	%	 	 	(91	)	 	 	-0.2	%
	5363330 · Restaurant Cashier/Hostess	 	 	6,984	 	 	 	1.6	%	 	 	6,200	 	 	 	1.8	%	 	 	784	 	 	 	1.0	%	 	 	6,200	 	 	 	1.6	%	 	 	784	 	 	 	1.6	%
	5363400 · Warewasher/Dishwasher	 	 	12,212	 	 	 	2.9	%	 	 	9,086	 	 	 	2.6	%	 	 	3,126	 	 	 	4.1	%	 	 	9,086	 	 	 	2.4	%	 	 	3,126	 	 	 	6.5	%
	5363420 · Cook	 	 	38,070	 	 	 	8.9	%	 	 	32,237	 	 	 	9.2	%	 	 	5,833	 	 	 	7.6	%	 	 	32,237	 	 	 	8.5	%	 	 	5,833	 	 	 	12.1	%
	5363430 · Pastry Chef	 	 	7,158	 	 	 	1.7	%	 	 	4,343	 	 	 	1.2	%	 	 	2,815	 	 	 	3.7	%	 	 	5,436	 	 	 	1.4	%	 	 	1,722	 	 	 	3.6	%
	5363440 · EDR Cook	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5363450 · EDR Chef	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5363610 · Valet	 	 	9,336	 	 	 	2.2	%	 	 	9,005	 	 	 	2.6	%	 	 	331	 	 	 	0.4	%	 	 	9,005	 	 	 	2.4	%	 	 	331	 	 	 	0.7	%
	5363999 · Restaurant Other
    Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

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	5300000 · F&B
    Salaries & Wages - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5363000 · Restaurant
    Salary & Wages	 	 	139,716	 	 	 	32.8	%	 	 	119,603	 	 	 	34.3	%	 	 	20,113	 	 	 	26.2	%	 	 	119,603	 	 	 	31.7	%	 	 	20,113	 	 	 	41.9	%
	5363050 · Restaurant Taxes
    & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5351 · F&B Payroll Taxes	 	 	22,368	 	 	 	5.3	%	 	 	23,086	 	 	 	6.6	%	 	 	(718	)	 	 	-0.9	%	 	 	20,886	 	 	 	5.5	%	 	 	1,482	 	 	 	3.1	%
	5352 · F&B Workers' Comp	 	 	9,206	 	 	 	2.2	%	 	 	1,690	 	 	 	0.5	%	 	 	7,516	 	 	 	9.8	%	 	 	1,354	 	 	 	0.4	%	 	 	7,852	 	 	 	16.3	%
	5353 · F&B Employ Benefits	 	 	10,308	 	 	 	2.4	%	 	 	7,117	 	 	 	2.0	%	 	 	3,191	 	 	 	4.2	%	 	 	7,538	 	 	 	2.0	%	 	 	2,770	 	 	 	5.8	%
	5355 · F&B PTO	 	 	4,483	 	 	 	1.1	%	 	 	7,120	 	 	 	2.0	%	 	 	(2,637	)	 	 	-3.4	%	 	 	6,975	 	 	 	1.8	%	 	 	(2,492	)	 	 	-5.2	%
	5356 · F&B Employ Meals	 	 	3,773	 	 	 	0.9	%	 	 	4,506	 	 	 	1.3	%	 	 	(732	)	 	 	-1.0	%	 	 	3,589	 	 	 	1.0	%	 	 	185	 	 	 	0.4	%
	5399 · F&B Shared Services
    Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5363050 · Restaurant
    Taxes & Benefits	 	 	50,139	 	 	 	11.8	%	 	 	43,518	 	 	 	12.5	%	 	 	6,621	 	 	 	8.6	%	 	 	40,342	 	 	 	10.7	%	 	 	9,796	 	 	 	20.4	%
	5368000 · Banquets Salary
    & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5368150 · Banquet Captain/Supervisor	 	 	1,277	 	 	 	0.3	%	 	 	2,018	 	 	 	0.6	%	 	 	(741	)	 	 	-1.0	%	 	 	2,018	 	 	 	0.5	%	 	 	(741	)	 	 	-1.5	%
	5368170 · Manager, Banquet	 	 	4,258	 	 	 	1.0	%	 	 	4,258	 	 	 	1.2	%	 	 	(0	)	 	 	0.0	%	 	 	4,258	 	 	 	1.1	%	 	 	(0	)	 	 	0.0	%
	5368300 · Banquet Server	 	 	1,250	 	 	 	0.3	%	 	 	1,251	 	 	 	0.4	%	 	 	(1	)	 	 	0.0	%	 	 	1,251	 	 	 	0.3	%	 	 	(1	)	 	 	0.0	%
	5368320 · Banquet Bartender	 	 	-	 	 	 	0.0	%	 	 	363	 	 	 	0.1	%	 	 	(363	)	 	 	-0.5	%	 	 	363	 	 	 	0.1	%	 	 	(363	)	 	 	-0.8	%
	5368560 · Banquet House Attendant	 	 	636	 	 	 	0.1	%	 	 	1,268	 	 	 	0.4	%	 	 	(633	)	 	 	-0.8	%	 	 	1,268	 	 	 	0.3	%	 	 	(633	)	 	 	-1.3	%
	Total 5368000 · Banquets
    Salary & Wages	 	 	7,420	 	 	 	1.7	%	 	 	9,158	 	 	 	2.6	%	 	 	(1,737	)	 	 	-2.3	%	 	 	9,158	 	 	 	2.4	%	 	 	(1,737	)	 	 	-3.6	%
	5368050 · Banquet Taxes &
    Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	53655 · Banquets PTO	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	53681 · Banquet PR Taxes	 	 	1,281	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	1,281	 	 	 	1.7	%	 	 	2,200	 	 	 	0.6	%	 	 	(919	)	 	 	-1.9	%
	53682 · Banquet Workers'
    Comp	 	 	2,270	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	2,270	 	 	 	3.0	%	 	 	336	 	 	 	0.1	%	 	 	1,934	 	 	 	4.0	%
	53683 · Banquet Employ Benefits	 	 	304	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	304	 	 	 	0.4	%	 	 	(422	)	 	 	-0.1	%	 	 	726	 	 	 	1.5	%
	53685 · Banquet Employee
    PTO	 	 	412	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	412	 	 	 	0.5	%	 	 	144	 	 	 	0.0	%	 	 	267	 	 	 	0.6	%
	53686 · Banquet Employ Meals	 	 	1,006	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	1,006	 	 	 	1.3	%	 	 	917	 	 	 	0.2	%	 	 	89	 	 	 	0.2	%
	Total 5368050 · Banquet Taxes
    & Benefits	 	 	5,273	 	 	 	1.2	%	 	 	-	 	 	 	0.0	%	 	 	5,273	 	 	 	6.9	%	 	 	3,176	 	 	 	0.8	%	 	 	2,097	 	 	 	4.4	%
	Total 5300000 · F&B Salaries
    & Wages	 	 	202,548	 	 	 	47.6	%	 	 	172,278	 	 	 	49.4	%	 	 	30,270	 	 	 	39.5	%	 	 	172,278	 	 	 	45.6	%	 	 	30,270	 	 	 	63.0	%
	Total 5000 · Payroll &
    Benefits	 	 	202,548	 	 	 	47.6	%	 	 	172,278	 	 	 	49.4	%	 	 	30,270	 	 	 	39.5	%	 	 	172,278	 	 	 	45.6	%	 	 	30,270	 	 	 	63.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8300 · Food & Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8300 · Food & Beverage
    - Other	 	 	-	 	 	 	0.0	%	 	 	623	 	 	 	0.2	%	 	 	(623	)	 	 	-0.8	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8312 · Guest Satisfaction	 	 	1,550	 	 	 	0.4	%	 	 	1,321	 	 	 	0.4	%	 	 	229	 	 	 	0.3	%	 	 	1,321	 	 	 	0.3	%	 	 	229	 	 	 	0.5	%
	8313 · Operating Supplies	 	 	1,800	 	 	 	0.4	%	 	 	1,061	 	 	 	0.3	%	 	 	739	 	 	 	1.0	%	 	 	1,061	 	 	 	0.3	%	 	 	739	 	 	 	1.5	%
	8314 · Beverage Operating
    Supplies	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8318 · Business Meetings	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8320 · Menu Testing	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8326 · Equipment Repair	 	 	131	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	131	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	131	 	 	 	0.3	%
	8327 · Equipment Rental	 	 	1,158	 	 	 	0.3	%	 	 	480	 	 	 	0.1	%	 	 	677	 	 	 	0.9	%	 	 	480	 	 	 	0.1	%	 	 	677	 	 	 	1.4	%
	8330 · Outside Laundry	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8335 · Uniforms	 	 	3,161	 	 	 	0.7	%	 	 	3,715	 	 	 	1.1	%	 	 	(554	)	 	 	-0.7	%	 	 	3,715	 	 	 	1.0	%	 	 	(554	)	 	 	-1.2	%
	8343 · Linens	 	 	10,337	 	 	 	2.4	%	 	 	7,084	 	 	 	2.0	%	 	 	3,252	 	 	 	4.2	%	 	 	7,084	 	 	 	1.9	%	 	 	3,252	 	 	 	6.8	%
	8344 · Linens- Banquet	 	 	-	 	 	 	0.0	%	 	 	1,194	 	 	 	0.3	%	 	 	(1,194	)	 	 	-1.6	%	 	 	1,194	 	 	 	0.3	%	 	 	(1,194	)	 	 	-2.5	%
	8351 · Cleaning Supplies	 	 	1,893	 	 	 	0.4	%	 	 	1,610	 	 	 	0.5	%	 	 	282	 	 	 	0.4	%	 	 	1,610	 	 	 	0.4	%	 	 	282	 	 	 	0.6	%
	8359 · Small Equipment	 	 	410	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	410	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	410	 	 	 	0.9	%
	8359P · Pastry Operating
    Small Equipmen	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8361 · Computer Maint. &
    Support	 	 	2,967	 	 	 	0.7	%	 	 	946	 	 	 	0.3	%	 	 	2,021	 	 	 	2.6	%	 	 	946	 	 	 	0.3	%	 	 	2,021	 	 	 	4.2	%
	8362 · Glassware/Utensils/Silverware	 	 	3,770	 	 	 	0.9	%	 	 	4,160	 	 	 	1.2	%	 	 	(390	)	 	 	-0.5	%	 	 	4,160	 	 	 	1.1	%	 	 	(390	)	 	 	-0.8	%
	8363 · Paper Supplies	 	 	3,169	 	 	 	0.7	%	 	 	2,064	 	 	 	0.6	%	 	 	1,104	 	 	 	1.4	%	 	 	2,064	 	 	 	0.5	%	 	 	1,104	 	 	 	2.3	%
	8364 · Decorations	 	 	1,562	 	 	 	0.4	%	 	 	1,483	 	 	 	0.4	%	 	 	78	 	 	 	0.1	%	 	 	1,483	 	 	 	0.4	%	 	 	78	 	 	 	0.2	%
	8367 · Propane	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8370 · Contract Labor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8371 · Food Promotion	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8372 · Firewood	 	 	140	 	 	 	0.0	%	 	 	340	 	 	 	0.1	%	 	 	(200	)	 	 	-0.3	%	 	 	340	 	 	 	0.1	%	 	 	(200	)	 	 	-0.4	%
	8374 · Music/Entertainment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8375 · Cable TV	 	 	186	 	 	 	0.0	%	 	 	1,332	 	 	 	0.4	%	 	 	(1,146	)	 	 	-1.5	%	 	 	1,332	 	 	 	0.4	%	 	 	(1,146	)	 	 	-2.4	%
	8377 · Menus	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8378 · Express Mail	 	 	-	 	 	 	0.0	%	 	 	252	 	 	 	0.1	%	 	 	(252	)	 	 	-0.3	%	 	 	252	 	 	 	0.1	%	 	 	(252	)	 	 	-0.5	%
	8380 · Postage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8381 · Dues & Subscriptions	 	 	275	 	 	 	0.1	%	 	 	41	 	 	 	0.0	%	 	 	234	 	 	 	0.3	%	 	 	41	 	 	 	0.0	%	 	 	234	 	 	 	0.5	%
	8384 · Printing	 	 	-	 	 	 	0.0	%	 	 	105	 	 	 	0.0	%	 	 	(105	)	 	 	-0.1	%	 	 	105	 	 	 	0.0	%	 	 	(105	)	 	 	-0.2	%
	8385 · Telephone Cell &
    Radio	 	 	350	 	 	 	0.1	%	 	 	400	 	 	 	0.1	%	 	 	(50	)	 	 	-0.1	%	 	 	400	 	 	 	0.1	%	 	 	(50	)	 	 	-0.1	%

 

    	 	 	Report continued on next page

    	 

    

 

	8387 · Employee
    Recruitment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8388 · Signage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8389 · Miscellaneous Expenses	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8390 · Office Supplies	 	 	410	 	 	 	0.1	%	 	 	792	 	 	 	0.2	%	 	 	(381	)	 	 	-0.5	%	 	 	792	 	 	 	0.2	%	 	 	(381	)	 	 	-0.8	%
	8391 · Employee Relations
    & Training	 	 	-	 	 	 	0.0	%	 	 	10	 	 	 	0.0	%	 	 	(10	)	 	 	0.0	%	 	 	10	 	 	 	0.0	%	 	 	(10	)	 	 	0.0	%
	8393 · Licenses & Permits	 	 	-	 	 	 	0.0	%	 	 	(113	)	 	 	0.0	%	 	 	113	 	 	 	0.1	%	 	 	(113	)	 	 	0.0	%	 	 	113	 	 	 	0.2	%
	8394P · Van expense-P	 	 	623	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	623	 	 	 	0.8	%	 	 	623	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%
	8395 · Equipment	 	 	440	 	 	 	0.1	%	 	 	2,579	 	 	 	0.7	%	 	 	(2,139	)	 	 	-2.8	%	 	 	2,579	 	 	 	0.7	%	 	 	(2,139	)	 	 	-4.5	%
	8396 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8397 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	116	 	 	 	0.0	%	 	 	(116	)	 	 	-0.2	%	 	 	116	 	 	 	0.0	%	 	 	(116	)	 	 	-0.2	%
	8399 · Oper cost related
    to renovation	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8399A · Op cost renovation-construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8399C · Op costs - renov
    - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8398 · Consultants	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8399 · Oper cost related
    to renovation - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8399 · Oper cost related
    to renovation	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8300 · Food & Beverage	 	 	34,331	 	 	 	8.1	%	 	 	31,596	 	 	 	9.1	%	 	 	2,735	 	 	 	3.6	%	 	 	31,596	 	 	 	8.4	%	 	 	2,735	 	 	 	5.7	%
	Total Expense	 	 	236,879	 	 	 	55.7	%	 	 	203,874	 	 	 	58.4	%	 	 	33,005	 	 	 	43.1	%	 	 	203,874	 	 	 	54.0	%	 	 	33,005	 	 	 	68.7	%
	Net Income	 	 	62,507	 	 	 	14.7	%	 	 	56,447	 	 	 	16.2	%	 	 	6,060	 	 	 	7.9	%	 	 	71,523	 	 	 	18.9	%	 	 	(9,017	)	 	 	-18.8	%

  

	 	 		 	 	Budget	 
	 	 	Year
    to Date	 	 	Full
    Year	 
	 	 	Actual	 	 	% to 

    Revenue	 	 	Budget	 	 	% to 

    Revenue	 	 	Variance	 	 	% to 

    Revenue	 	 	Prior 

    Year	 	 	% to 

    Revenue	 	 	Variance	 	 	% to 

    Revenue	 	 	Amount	 	 	% to 

    Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4300 · Food & Beverage Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Food Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4311 · Restaurant Breakfast	 	$	54,122	 	 	 	6.7	%	 	$	43,901	 	 	 	5.7	%	 	$	10,222	 	 	 	21.5	%	 	$	51,731	 	 	 	5.8	%	 	$	2,391	 	 	 	-2.9	%	 	$	328,245	 	 	 	6.8	%
	4311v · Veranda Breakfast	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4312 · Restaurant Lunch	 	 	118,107	 	 	 	14.6	%	 	 	111,824	 	 	 	14.6	%	 	 	6,284	 	 	 	13.2	%	 	 	104,979	 	 	 	11.7	%	 	 	13,129	 	 	 	-15.9	%	 	 	592,951.35	 	 	 	12.2	%
	4312v · Veranda Lunch	 	 	21,234	 	 	 	2.6	%	 	 	-	 	 	 	0.0	%	 	 	21,234	 	 	 	44.7	%	 	 	27,389	 	 	 	3.1	%	 	 	(6,155	)	 	 	7.5	%	 	 	69,321.24	 	 	 	1.4	%
	4313 · Restaurant Dinner	 	 	265,194	 	 	 	32.7	%	 	 	248,504	 	 	 	32.5	%	 	 	16,690	 	 	 	35.1	%	 	 	260,433	 	 	 	29.1	%	 	 	4,761	 	 	 	-5.8	%	 	 	1,469,564.13	 	 	 	30.2	%
	4313v · Veranda Dinner	 	 	31,512	 	 	 	3.9	%	 	 	-	 	 	 	0.0	%	 	 	31,512	 	 	 	66.3	%	 	 	33,703	 	 	 	3.8	%	 	 	(2,191	)	 	 	2.7	%	 	 	195,890.68	 	 	 	4.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4321 · Banquet Coffee Break	 	 	2,774	 	 	 	0.3	%	 	 	3,423	 	 	 	0.4	%	 	 	(648	)	 	 	-1.4	%	 	 	3,905	 	 	 	0.4	%	 	 	(1,130	)	 	 	1.4	%	 	 	10,690.41	 	 	 	0.2	%
	4322 · Banquet Breakfast	 	 	832	 	 	 	0.1	%	 	 	1,841	 	 	 	0.2	%	 	 	(1,009	)	 	 	-2.1	%	 	 	5,804	 	 	 	0.6	%	 	 	(4,972	)	 	 	6.0	%	 	 	22,370.00	 	 	 	0.5	%
	4323 · Banquet Lunch	 	 	4,760	 	 	 	0.6	%	 	 	1,449	 	 	 	0.2	%	 	 	3,311	 	 	 	7.0	%	 	 	5,756	 	 	 	0.6	%	 	 	(996	)	 	 	1.2	%	 	 	14,055.00	 	 	 	0.3	%
	4324 · Banquet Dinner	 	 	6,195	 	 	 	0.8	%	 	 	3,283	 	 	 	0.4	%	 	 	2,912	 	 	 	6.1	%	 	 	5,336	 	 	 	0.6	%	 	 	859	 	 	 	-1.0	%	 	 	24,739.00	 	 	 	0.5	%
	4327 · Banquet Reception	 	 	1,060	 	 	 	0.1	%	 	 	6,079	 	 	 	0.8	%	 	 	(5,019	)	 	 	-10.6	%	 	 	8,857	 	 	 	1.0	%	 	 	(7,797	)	 	 	9.5	%	 	 	18,163.56	 	 	 	0.4	%
	4341 · Catering Reception	 	 	480	 	 	 	0.1	%	 	 	9,370	 	 	 	1.2	%	 	 	(8,890	)	 	 	-18.7	%	 	 	11,662	 	 	 	1.3	%	 	 	(11,182	)	 	 	13.6	%	 	 	85,725.84	 	 	 	1.8	%
	4342 · Catering Lunch	 	 	-	 	 	 	0.0	%	 	 	9,422	 	 	 	1.2	%	 	 	(9,422	)	 	 	-19.8	%	 	 	11,141	 	 	 	1.2	%	 	 	(11,141	)	 	 	13.5	%	 	 	28,670.89	 	 	 	0.6	%
	4344 · Catering Coffee Break	 	 	383	 	 	 	0.0	%	 	 	2,529	 	 	 	0.3	%	 	 	(2,146	)	 	 	-4.5	%	 	 	3,487	 	 	 	0.4	%	 	 	(3,104	)	 	 	3.8	%	 	 	12,433.85	 	 	 	0.3	%
	4346 · Catering Dinner	 	 	4,117	 	 	 	0.5	%	 	 	29,203	 	 	 	3.8	%	 	 	(25,086	)	 	 	-52.8	%	 	 	35,113	 	 	 	3.9	%	 	 	(30,996	)	 	 	37.6	%	 	 	279,568.19	 	 	 	5.7	%
	4352 · Catering Breakfast	 	 	242	 	 	 	0.0	%	 	 	1,592	 	 	 	0.2	%	 	 	(1,350	)	 	 	-2.8	%	 	 	1,776	 	 	 	0.2	%	 	 	(1,534	)	 	 	1.9	%	 	 	8,601.03	 	 	 	0.2	%
	4357 · Catering Pastry Wedding Cake	 	 	610	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	610	 	 	 	1.3	%	 	 	-	 	 	 	0.0	%	 	 	610	 	 	 	-0.7	%	 	 	-	 	 	 	0.0	%
	4361 · Room Service Breakfast	 	 	23,889	 	 	 	2.9	%	 	 	16,442	 	 	 	2.2	%	 	 	7,447	 	 	 	15.7	%	 	 	18,645	 	 	 	2.1	%	 	 	5,244	 	 	 	-6.4	%	 	 	90,365.00	 	 	 	1.9	%
	4362 · Room Service Lunch	 	 	7,000	 	 	 	0.9	%	 	 	9,514	 	 	 	1.2	%	 	 	(2,515	)	 	 	-5.3	%	 	 	10,789	 	 	 	1.2	%	 	 	(3,789	)	 	 	4.6	%	 	 	56,219.55	 	 	 	1.2	%
	4363 · Room Service Dinner	 	 	23,385	 	 	 	2.9	%	 	 	21,405	 	 	 	2.8	%	 	 	1,981	 	 	 	4.2	%	 	 	26,820	 	 	 	3.0	%	 	 	(3,434	)	 	 	4.2	%	 	 	113,432.05	 	 	 	2.3	%
	4367 · Room Service
    Delivery	 	 	2,898	 	 	 	0.4	%	 	 	5,978	 	 	 	0.8	%	 	 	(3,081	)	 	 	-6.5	%	 	 	8,236	 	 	 	0.9	%	 	 	(5,338	)	 	 	6.5	%	 	 	34,318.00	 	 	 	0.7	%
	Total Food Revenue	 	 	568,795	 	 	 	70.1	%	 	 	525,760	 	 	 	68.8	%	 	 	43,034	 	 	 	90.5	%	 	 	635,561	 	 	 	71.1	%	 	 	(66,767	)	 	 	81.1	%	 	 	3,455,324	 	 	 	71.1	%
	Food Revenue Summary	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  Restaurant	 	 	437,424	 	 	 	53.9	%	 	 	404,228	 	 	 	52.9	%	 	 	33,196	 	 	 	69.8	%	 	 	417,143	 	 	 	46.7	%	 	 	20,281	 	 	 	-24.6	%	 	 	2,390,760	 	 	 	49.2	%
	  Veranda	 	 	52,746	 	 	 	6.5	%	 	 	-	 	 	 	0.0	%	 	 	52,746	 	 	 	111.0	%	 	 	61,092	 	 	 	6.8	%	 	 	(8,346	)	 	 	10.1	%	 	 	265,212	 	 	 	5.5	%
	  Banquets	 	 	15,622	 	 	 	1.9	%	 	 	16,076	 	 	 	2.1	%	 	 	(454	)	 	 	-1.0	%	 	 	29,657	 	 	 	3.3	%	 	 	(14,036	)	 	 	17.0	%	 	 	90,018	 	 	 	1.9	%
	  Catering	 	 	5,832	 	 	 	0.7	%	 	 	52,117	 	 	 	6.8	%	 	 	(46,285	)	 	 	-97.4	%	 	 	63,180	 	 	 	7.1	%	 	 	(57,348	)	 	 	69.6	%	 	 	415,000	 	 	 	8.5	%
	  Room Service	 	 	57,171	 	 	 	7.0	%	 	 	53,339	 	 	 	7.0	%	 	 	3,832	 	 	 	8.1	%	 	 	64,490	 	 	 	7.2	%	 	 	(7,318	)	 	 	8.9	%	 	 	294,335	 	 	 	6.1	%
	Total Food Revenue	 	 	568,795	 	 	 	70.1	%	 	 	525,760	 	 	 	68.8	%	 	 	43,034	 	 	 	90.5	%	 	 	635,561	 	 	 	71.1	%	 	 	(66,767	)	 	 	81.1	%	 	 	3,455,324	 	 	 	71.1	%

 

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	Beverage Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beer Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4314 · Restaurant Beer Sales	 	 	2,078	 	 	 	0.3	%	 	 	5,764	 	 	 	0.8	%	 	 	(3,686	)	 	 	-7.8	%	 	 	2,040	 	 	 	0.2	%	 	 	38	 	 	 	0.0	%	 	 	13,121	 	 	 	0.3	%
	4314v · Veranda Beer Sales	 	 	4,238	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	4,238	 	 	 	8.9	%	 	 	4,302	 	 	 	0.5	%	 	 	(64	)	 	 	0.1	%	 	 	21,175	 	 	 	0.4	%
	4366 · Room Service Beer Sales	 	 	402	 	 	 	0.0	%	 	 	379	 	 	 	0.0	%	 	 	24	 	 	 	0.0	%	 	 	465	 	 	 	0.1	%	 	 	(63	)	 	 	0.1	%	 	 	2,189	 	 	 	0.0	%
	4329 · Banquet Beer Sales	 	 	103	 	 	 	0.0	%	 	 	387	 	 	 	0.1	%	 	 	(284	)	 	 	-0.6	%	 	 	967	 	 	 	0.1	%	 	 	(864	)	 	 	1.0	%	 	 	3,027	 	 	 	0.1	%
	4350 · Catering Beer	 	 	402	 	 	 	0.0	%	 	 	3,450	 	 	 	0.5	%	 	 	(3,048	)	 	 	-6.4	%	 	 	4,381	 	 	 	0.5	%	 	 	(3,979	)	 	 	4.8	%	 	 	39,004	 	 	 	0.8	%
	Subtotal - Beer Revenue	 	 	7,223	 	 	 	0.9	%	 	 	9,979	 	 	 	1.3	%	 	 	(2,756	)	 	 	-5.8	%	 	 	12,154	 	 	 	1.4	%	 	 	(4,932	)	 	 	6.0	%	 	 	78,516	 	 	 	1.6	%
	Liquor Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4316 · Restaurant Liquor Sales	 	 	20,509	 	 	 	2.5	%	 	 	42,844	 	 	 	5.6	%	 	 	(22,336	)	 	 	-47.0	%	 	 	18,108	 	 	 	2.0	%	 	 	2,400	 	 	 	-2.9	%	 	 	86,717	 	 	 	1.8	%
	4316v · Veranda Liquor Sales	 	 	30,348	 	 	 	3.7	%	 	 	-	 	 	 	0.0	%	 	 	30,348	 	 	 	63.9	%	 	 	26,740	 	 	 	3.0	%	 	 	3,608	 	 	 	-4.4	%	 	 	109,987	 	 	 	2.3	%
	4325 · Banquet Liquor	 	 	907	 	 	 	0.1	%	 	 	490	 	 	 	0.1	%	 	 	416	 	 	 	0.9	%	 	 	746	 	 	 	0.1	%	 	 	161	 	 	 	-0.2	%	 	 	2,099	 	 	 	0.0	%
	4364 · Room Service Liquor Sales	 	 	1,251	 	 	 	0.2	%	 	 	1,110	 	 	 	0.1	%	 	 	141	 	 	 	0.3	%	 	 	976	 	 	 	0.1	%	 	 	275	 	 	 	-0.3	%	 	 	2,828	 	 	 	0.1	%
	4343 · Catering Liquor
    Sales	 	 	418	 	 	 	0.1	%	 	 	3,072	 	 	 	0.4	%	 	 	(2,654	)	 	 	-5.6	%	 	 	4,042	 	 	 	0.5	%	 	 	(3,624	)	 	 	4.4	%	 	 	63,135	 	 	 	1.3	%
	Subtotal - Liquor Revenue	 	 	53,432	 	 	 	6.6	%	 	 	47,517	 	 	 	6.2	%	 	 	5,916	 	 	 	12.4	%	 	 	50,611	 	 	 	5.7	%	 	 	2,821	 	 	 	-3.4	%	 	 	264,766	 	 	 	5.4	%
	Wine Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4315 · Restaurant Wine Sales	 	 	111,505	 	 	 	13.7	%	 	 	131,236	 	 	 	17.2	%	 	 	(19,731	)	 	 	-41.5	%	 	 	100,454	 	 	 	11.2	%	 	 	11,051	 	 	 	-13.4	%	 	 	481,867	 	 	 	9.9	%
	4315v · Veranda Wine Sales	 	 	40,195	 	 	 	5.0	%	 	 	-	 	 	 	0.0	%	 	 	40,195	 	 	 	84.6	%	 	 	41,280	 	 	 	4.6	%	 	 	(1,085	)	 	 	1.3	%	 	 	214,605	 	 	 	4.4	%
	4326 · Banquet Wine Sales	 	 	2,851	 	 	 	0.4	%	 	 	3,001	 	 	 	0.4	%	 	 	(150	)	 	 	-0.3	%	 	 	2,366	 	 	 	0.3	%	 	 	485	 	 	 	-0.6	%	 	 	7,369	 	 	 	0.2	%
	4351 · Catering Wine	 	 	2,332	 	 	 	0.3	%	 	 	12,552	 	 	 	1.6	%	 	 	(10,220	)	 	 	-21.5	%	 	 	14,855	 	 	 	1.7	%	 	 	(12,523	)	 	 	15.2	%	 	 	87,817	 	 	 	1.8	%
	4365 · Room Service
    Wine Sales	 	 	7,882	 	 	 	1.0	%	 	 	8,462	 	 	 	1.1	%	 	 	(580	)	 	 	-1.2	%	 	 	11,313	 	 	 	1.3	%	 	 	(3,431	)	 	 	4.2	%	 	 	41,716	 	 	 	0.9	%
	Subtotal - Wine Revenue	 	 	164,766	 	 	 	20.3	%	 	 	155,252	 	 	 	20.3	%	 	 	9,514	 	 	 	20.0	%	 	 	170,268	 	 	 	19.0	%	 	 	(5,502	)	 	 	6.7	%	 	 	833,374	 	 	 	17.1	%
	Total Beverage Revenue	 	 	225,421	 	 	 	27.8	%	 	 	212,747	 	 	 	27.8	%	 	 	12,674	 	 	 	26.7	%	 	 	233,033	 	 	 	26.1	%	 	 	(7,612	)	 	 	9.2	%	 	 	1,176,656	 	 	 	24.2	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Miscellaneous Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4319 · Resteraunt Complimentary Accoun	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4328 · Banquet Miscellaneous	 	 	1,355	 	 	 	0.2	%	 	 	1,879	 	 	 	0.2	%	 	 	(524	)	 	 	-1.1	%	 	 	2,145	 	 	 	0.2	%	 	 	(790	)	 	 	1.0	%	 	 	11,602	 	 	 	0.2	%
	4330 · Banquet Equipment Rental	 	 	3,146	 	 	 	0.4	%	 	 	3,822	 	 	 	0.5	%	 	 	(676	)	 	 	-1.4	%	 	 	2,545	 	 	 	0.3	%	 	 	601	 	 	 	-0.7	%	 	 	10,094	 	 	 	0.2	%
	4331 · Banquet Meeting Room	 	 	2,650	 	 	 	0.3	%	 	 	671	 	 	 	0.1	%	 	 	1,979	 	 	 	4.2	%	 	 	185	 	 	 	0.0	%	 	 	2,465	 	 	 	-3.0	%	 	 	4,206	 	 	 	0.1	%
	4345 · Catering Miscellaneous	 	 	2,528	 	 	 	0.3	%	 	 	6,081	 	 	 	0.8	%	 	 	(3,553	)	 	 	-7.5	%	 	 	6,736	 	 	 	0.8	%	 	 	(4,209	)	 	 	5.1	%	 	 	89,661	 	 	 	1.8	%
	4347 · Catering Equipment Rental	 	 	560	 	 	 	0.1	%	 	 	1,542	 	 	 	0.2	%	 	 	(982	)	 	 	-2.1	%	 	 	1,435	 	 	 	0.2	%	 	 	(875	)	 	 	1.1	%	 	 	5,827	 	 	 	0.1	%
	4348 · Catering Meeting Room	 	 	7,126	 	 	 	0.9	%	 	 	11,551	 	 	 	1.5	%	 	 	(4,425	)	 	 	-9.3	%	 	 	12,298	 	 	 	1.4	%	 	 	(5,172	)	 	 	6.3	%	 	 	108,765	 	 	 	2.2	%
	4370 · Micros Interface Issues	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total Miscellaneous Revenue	 	 	17,364	 	 	 	2.1	%	 	 	25,546	 	 	 	3.3	%	 	 	(8,182	)	 	 	-17.2	%	 	 	25,345	 	 	 	2.8	%	 	 	(7,981	)	 	 	9.7	%	 	 	230,155	 	 	 	4.7	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Food & Beverage Revenue	 	 	811,580	 	 	 	100.0	%	 	 	764,053	 	 	 	100.0	%	 	 	47,527	 	 	 	100.0	%	 	 	893,940	 	 	 	100.0	%	 	 	(82,359	)	 	 	100.0	%	 	 	4,862,136	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6300 · Cost of Food & Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6310 · Cost of Sales-Food	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	63100P · Pastry food supplies	 	 	(1,460	)	 	 	-0.3	%	 	 	-	 	 	 	0.0	%	 	 	(1,460	)	 	 	-3.4	%	 	 	5,454	 	 	 	0.9	%	 	 	(6,914	)	 	 	10.4	%	 	 	20,846	 	 	 	0.6	%
	631001 · Meat	 	 	46,628	 	 	 	8.2	%	 	 	-	 	 	 	0.0	%	 	 	46,628	 	 	 	108.4	%	 	 	52,738	 	 	 	8.3	%	 	 	(6,110	)	 	 	9.2	%	 	 	227,075	 	 	 	6.6	%
	631002 · Seafood	 	 	36,835	 	 	 	6.5	%	 	 	-	 	 	 	0.0	%	 	 	36,835	 	 	 	85.6	%	 	 	33,283	 	 	 	5.2	%	 	 	3,551	 	 	 	-5.3	%	 	 	206,858	 	 	 	6.0	%
	631003 · Poultry	 	 	6,766	 	 	 	1.2	%	 	 	-	 	 	 	0.0	%	 	 	6,766	 	 	 	15.7	%	 	 	2,601	 	 	 	0.4	%	 	 	4,164	 	 	 	-6.2	%	 	 	8,505	 	 	 	0.2	%
	631004 · Produce	 	 	42,313	 	 	 	7.4	%	 	 	-	 	 	 	0.0	%	 	 	42,313	 	 	 	98.3	%	 	 	33,415	 	 	 	5.3	%	 	 	8,898	 	 	 	-13.3	%	 	 	187,814	 	 	 	5.4	%
	631005 · Dairy	 	 	18,288	 	 	 	3.2	%	 	 	-	 	 	 	0.0	%	 	 	18,288	 	 	 	42.5	%	 	 	17,586	 	 	 	2.8	%	 	 	702	 	 	 	-1.1	%	 	 	88,889	 	 	 	2.6	%
	631006 · Bread	 	 	4,547	 	 	 	0.8	%	 	 	-	 	 	 	0.0	%	 	 	4,547	 	 	 	10.6	%	 	 	4,387	 	 	 	0.7	%	 	 	159	 	 	 	-0.2	%	 	 	23,332	 	 	 	0.7	%
	631007 · Other Food	 	 	45,450	 	 	 	8.0	%	 	 	-	 	 	 	0.0	%	 	 	45,450	 	 	 	105.6	%	 	 	33,012	 	 	 	5.2	%	 	 	12,438	 	 	 	-18.6	%	 	 	229,194	 	 	 	6.6	%
	631007S · Shamrock Delinquent	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	631009 · Cost Of Goods Sold-EDR	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	9,158	 	 	 	1.4	%	 	 	(9,158	)	 	 	13.7	%	 	 	0	 	 	 	0.0	%
	6310 · Restaurant
    Cost of Sales-Food - Other	 	 	-	 	 	 	0.0	%	 	 	156,079	 	 	 	29.7	%	 	 	(156,079	)	 	 	-362.7	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

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	Total 6310 · Cost of Sales-Food	 	 	199,367	 	 	 	35.1	%	 	 	156,079	 	 	 	29.7	%	 	 	43,288	 	 	 	100.6	%	 	 	191,636	 	 	 	30.2	%	 	 	7,731	 	 	 	-11.6	%	 	 	992,514	 	 	 	28.7	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Sales - Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6311 · Cost of Goods - Liquor	 	 	10,008	 	 	 	18.7	%	 	 	7,487	 	 	 	15.8	%	 	 	2,521	 	 	 	42.6	%	 	 	8,173	 	 	 	16.1	%	 	 	1,835	 	 	 	65.1	%	 	 	48,607	 	 	 	18.4	%
	6312 · Cost of Goods-Wine	 	 	54,693	 	 	 	33.2	%	 	 	49,752	 	 	 	32.0	%	 	 	4,942	 	 	 	51.9	%	 	 	47,410	 	 	 	27.8	%	 	 	7,283	 	 	 	-132.4	%	 	 	220,959	 	 	 	26.5	%
	6313 · Cost of Goods-Beer	 	 	1,554	 	 	 	21.5	%	 	 	3,561	 	 	 	35.7	%	 	 	(2,007	)	 	 	72.8	%	 	 	3,895	 	 	 	32.0	%	 	 	(2,342	)	 	 	47.5	%	 	 	12,592	 	 	 	16.0	%
	Cost of Sales - Beverage	 	 	66,255	 	 	 	29.4	%	 	 	60,799	 	 	 	28.6	%	 	 	5,456	 	 	 	43.0	%	 	 	59,478	 	 	 	25.5	%	 	 	6,777	 	 	 	-89.0	%	 	 	282,157	 	 	 	24.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Miscellaneous	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6554 · Cost of Goods B&C	 	 	3,415	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	3,415	 	 	 	-41.7	%	 	 	4,378	 	 	 	0.5	%	 	 	(963	)	 	 	12.1	%	 	 	73,013	 	 	 	1.5	%
	6300 · Cost of Food
    & Beverage - Other	 	 	-	 	 	 	0.0	%	 	 	3,421	 	 	 	0.4	%	 	 	(3,421	)	 	 	41.8	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total Miscellaneous	 	 	3,415	 	 	 	0.4	%	 	 	3,421	 	 	 	0.4	%	 	 	(5	)	 	 	0.1	%	 	 	4,378	 	 	 	0.5	%	 	 	(963	)	 	 	12.1	%	 	 	73,013	 	 	 	1.5	%
	Total COGS	 	 	269,037	 	 	 	33.1	%	 	 	220,299	 	 	 	28.8	%	 	 	48,738	 	 	 	102.5	%	 	 	255,492	 	 	 	28.6	%	 	 	13,546	 	 	 	-16.4	%	 	 	1,347,684	 	 	 	27.7	%
	Gross Profit	 	 	542,543	 	 	 	66.9	%	 	 	543,754	 	 	 	71.2	%	 	 	(1,211	)	 	 	-2.5	%	 	 	638,448	 	 	 	71.4	%	 	 	(95,905	)	 	 	116.4	%	 	 	3,514,452	 	 	 	72.3	%
	 	 	 	 	 	 	 	898071.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5300000 · F&B Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5363000 · Restaurant Salary & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5363150 · Restaurant Supervisor	 	 	935	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	935	 	 	 	2.0	%	 	 	-	 	 	 	0.0	%	 	 	935	 	 	 	-1.1	%	 	 	2,331	 	 	 	0.0	%
	5363160 · Restaurant Chef	 	 	44,829	 	 	 	5.5	%	 	 	66,499	 	 	 	8.7	%	 	 	(21,670	)	 	 	-45.6	%	 	 	54,107	 	 	 	6.1	%	 	 	(9,279	)	 	 	11.3	%	 	 	210,613	 	 	 	4.3	%
	5363170 · Manager, Restauant	 	 	54,500	 	 	 	6.7	%	 	 	47,661	 	 	 	6.2	%	 	 	6,840	 	 	 	14.4	%	 	 	42,603	 	 	 	4.8	%	 	 	11,898	 	 	 	-14.4	%	 	 	194,044	 	 	 	4.0	%
	5363199 · F&B Shared Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	493	 	 	 	0.0	%
	5363300 · Restaurant Server	 	 	14,263	 	 	 	492357.0	%	 	 	13,433	 	 	 	1.8	%	 	 	829	 	 	 	1.7	%	 	 	13,089	 	 	 	1.5	%	 	 	1,174	 	 	 	-1.4	%	 	 	65,071	 	 	 	1.3	%
	5363305 · Restaurant Expeditor	 	 	16,157	 	 	 	2.0	%	 	 	17,120	 	 	 	2.2	%	 	 	(964	)	 	 	-2.0	%	 	 	11,839	 	 	 	1.3	%	 	 	4,317	 	 	 	-5.2	%	 	 	53,278	 	 	 	1.1	%
	5363306 · Room Service Coordinator	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	2,625	 	 	 	0.3	%	 	 	(2,625	)	 	 	3.2	%	 	 	25,957	 	 	 	0.5	%
	5363310 · Restaurant Busser	 	 	14,960	 	 	 	1.8	%	 	 	-	 	 	 	0.0	%	 	 	14,960	 	 	 	31.5	%	 	 	16,550	 	 	 	1.9	%	 	 	(1,590	)	 	 	1.9	%	 	 	79,732	 	 	 	1.6	%
	5363320 · Restaurant Bartendar	 	 	10,575	 	 	 	1.3	%	 	 	10,017	 	 	 	1.3	%	 	 	559	 	 	 	1.2	%	 	 	9,581	 	 	 	1.1	%	 	 	994	 	 	 	-1.2	%	 	 	45,512	 	 	 	0.9	%
	5363330 · Restaurant Cashier/Hostess	 	 	15,467	 	 	 	1.9	%	 	 	15,524	 	 	 	2.0	%	 	 	(57	)	 	 	-0.1	%	 	 	14,398	 	 	 	1.6	%	 	 	1,069	 	 	 	-1.3	%	 	 	68,848	 	 	 	1.4	%
	5363400·Warewasher/Dishwasher	 	 	29,215	 	 	 	3.6	%	 	 	22,822	 	 	 	3.0	%	 	 	6,393	 	 	 	13.5	%	 	 	20,075	 	 	 	2.2	%	 	 	9,140	 	 	 	-11.1	%	 	 	101,362	 	 	 	2.1	%
	5363420 · Cook	 	 	93,186	 	 	 	11.5	%	 	 	85,368	 	 	 	11.2	%	 	 	7,818	 	 	 	16.5	%	 	 	80,404	 	 	 	9.0	%	 	 	12,782	 	 	 	-15.5	%	 	 	371,293	 	 	 	7.6	%
	5363430 · Pastry Chef	 	 	17,817	 	 	 	2.2	%	 	 	13,675	 	 	 	1.8	%	 	 	4,142	 	 	 	8.7	%	 	 	18,501	 	 	 	2.1	%	 	 	(683	)	 	 	0.8	%	 	 	85,214	 	 	 	1.8	%
	5363440 · EDR Cook	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5363450 · EDR Chef	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	634	 	 	 	0.1	%	 	 	(634	)	 	 	0.8	%	 	 	2,195	 	 	 	0.0	%
	5363610 · Valet	 	 	24,838	 	 	 	3.1	%	 	 	23,391	 	 	 	3.1	%	 	 	1,447	 	 	 	3.0	%	 	 	24,157	 	 	 	2.7	%	 	 	681	 	 	 	-0.8	%	 	 	-	 	 	 	0.0	%
	5363999 · Restaurant Other Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5300000 · F&B
    Salaries & Wages - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5363000 · Restaurant Salary &
    Wages	 	 	336,741	 	 	 	41.5	%	 	 	315,510	 	 	 	41.3	%	 	 	21,231	 	 	 	44.7	%	 	 	308,561	 	 	 	34.5	%	 	 	28,180	 	 	 	-34.2	%	 	 	1,305,943	 	 	 	26.9	%
	5363050 · Restaurant Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5351 · F&B Payroll Taxes	 	 	56,997	 	 	 	7.0	%	 	 	61,558	 	 	 	8.1	%	 	 	(4,560	)	 	 	-9.6	%	 	 	52,197	 	 	 	5.8	%	 	 	4,800	 	 	 	-5.8	%	 	 	186,027	 	 	 	3.8	%
	5352 · F&B Workers' Comp	 	 	13,418	 	 	 	1.7	%	 	 	6,218	 	 	 	0.8	%	 	 	7,200	 	 	 	15.2	%	 	 	4,380	 	 	 	0.5	%	 	 	9,038	 	 	 	-11.0	%	 	 	13,382	 	 	 	0.3	%
	5353 · F&B Employ Benefits	 	 	30,888	 	 	 	3.8	%	 	 	27,544	 	 	 	3.6	%	 	 	3,344	 	 	 	7.0	%	 	 	29,390	 	 	 	3.3	%	 	 	1,498	 	 	 	-1.8	%	 	 	131,580	 	 	 	2.7	%
	5355 · F&B PTO	 	 	10,022	 	 	 	1.2	%	 	 	13,544	 	 	 	1.8	%	 	 	(3,522	)	 	 	-7.4	%	 	 	14,252	 	 	 	1.6	%	 	 	(4,230	)	 	 	5.1	%	 	 	39,620	 	 	 	0.8	%
	5356 · F&B Employ Meals	 	 	10,393	 	 	 	1.3	%	 	 	13,217	 	 	 	1.7	%	 	 	(2,823	)	 	 	-5.9	%	 	 	10,753	 	 	 	1.2	%	 	 	(360	)	 	 	0.4	%	 	 	42,435	 	 	 	0.9	%
	5399 · F&B Shared
    Services Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	209	 	 	 	0.0	%
	Total 5363050 · Restaurant Taxes &
    Benefits	 	 	121,719	 	 	 	15.0	%	 	 	122,080	 	 	 	16.0	%	 	 	(361	)	 	 	-0.8	%	 	 	110,972	 	 	 	12.4	%	 	 	10,747	 	 	 	-13.0	%	 	 	413,254	 	 	 	8.5	%
	5368000 · Banquets Salary & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5368150 · Banquet Captain/Supervisor	 	 	2,567	 	 	 	0.3	%	 	 	4,802	 	 	 	0.6	%	 	 	(2,235	)	 	 	-4.7	%	 	 	5,973	 	 	 	0.7	%	 	 	(3,406	)	 	 	4.1	%	 	 	22,945	 	 	 	0.5	%
	5368170 · Manager, Banquet	 	 	12,363	 	 	 	1.5	%	 	 	13,992	 	 	 	1.8	%	 	 	(1,629	)	 	 	-3.4	%	 	 	9,478	 	 	 	1.1	%	 	 	2,885	 	 	 	-3.5	%	 	 	37,387	 	 	 	0.8	%

 

    	 	 	Report continued on next page

    	 

    

 

	5368300 · Banquet
    Server	 	 	1,772	 	 	 	0.2	%	 	 	3,623	 	 	 	0.5	%	 	 	(1,851	)	 	 	-3.9	%	 	 	4,207	 	 	 	0.5	%	 	 	(2,435	)	 	 	3.0	%	 	 	22,202	 	 	 	0.5	%
	5368320 · Banquet Bartender	 	 	-	 	 	 	0.0	%	 	 	803	 	 	 	0.1	%	 	 	(803	)	 	 	-1.7	%	 	 	989	 	 	 	0.1	%	 	 	(989	)	 	 	1.2	%	 	 	4,738	 	 	 	0.1	%
	5368560 · Banquet House Attendant	 	 	427	 	 	 	0.1	%	 	 	1,779	 	 	 	0.2	%	 	 	(1,353	)	 	 	-2.8	%	 	 	2,027	 	 	 	0.2	%	 	 	(1,600	)	 	 	1.9	%	 	 	21,323	 	 	 	0.4	%
	Total 5368000 · Banquets
    Salary & Wages	 	 	17,128	 	 	 	2.1	%	 	 	25,000	 	 	 	3.3	%	 	 	(7,872	)	 	 	-16.6	%	 	 	22,674	 	 	 	2.5	%	 	 	(5,545	)	 	 	6.7	%	 	 	108,594	 	 	 	2.2	%
	5368050 · Banquet Taxes &
    Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	53655 · Banquets PTO	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	53681 · Banquet PR Taxes	 	 	3,510	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	3,510	 	 	 	7.4	%	 	 	5,398	 	 	 	0.6	%	 	 	(1,888	)	 	 	2.3	%	 	 	22,902	 	 	 	0.5	%
	53682 · Banquet Workers'
    Comp	 	 	3,394	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	3,394	 	 	 	7.1	%	 	 	1,093	 	 	 	0.1	%	 	 	2,302	 	 	 	-2.8	%	 	 	3,665	 	 	 	0.1	%
	53683 · Banquet Employ Benefits	 	 	1,315	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	1,315	 	 	 	2.8	%	 	 	(860	)	 	 	-0.1	%	 	 	2,175	 	 	 	-2.6	%	 	 	2,834	 	 	 	0.1	%
	53685 · Banquet Employee
    PTO	 	 	908	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	908	 	 	 	1.9	%	 	 	273	 	 	 	0.0	%	 	 	635	 	 	 	-0.8	%	 	 	2,214	 	 	 	0.0	%
	53686 · Banquet Employ Meals	 	 	2,772	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	2,772	 	 	 	5.8	%	 	 	2,661	 	 	 	0.3	%	 	 	110	 	 	 	-0.1	%	 	 	11,304	 	 	 	0.2	%
	Total 5368050 · Banquet Taxes
    & Benefits	 	 	11,898	 	 	 	1.5	%	 	 	-	 	 	 	0.0	%	 	 	11,898	 	 	 	25.0	%	 	 	8,565	 	 	 	1.0	%	 	 	3,333	 	 	 	-4.0	%	 	 	42,918	 	 	 	0.9	%
	Total 5300000 · F&B Salaries
    & Wages	 	 	487,486	 	 	 	60.1	%	 	 	462,590	 	 	 	60.5	%	 	 	24,897	 	 	 	52.4	%	 	 	450,772	 	 	 	50.4	%	 	 	36,714	 	 	 	-44.6	%	 	 	1,870,709	 	 	 	38.5	%
	Total 5000 · Payroll &
    Benefits	 	 	487,486	 	 	 	60.1	%	 	 	462,590	 	 	 	60.5	%	 	 	24,897	 	 	 	52.4	%	 	 	450,772	 	 	 	50.4	%	 	 	36,714	 	 	 	-44.6	%	 	 	1,870,709	 	 	 	38.5	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8300 · Food & Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8300 · Food & Beverage
    - Other	 	 	-	 	 	 	0.0	%	 	 	2,322	 	 	 	0.3	%	 	 	(2,322	)	 	 	-4.9	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8312 · Guest Satisfaction	 	 	3,105	 	 	 	0.4	%	 	 	3,340	 	 	 	0.4	%	 	 	(235	)	 	 	-0.5	%	 	 	3,120	 	 	 	0.3	%	 	 	(15	)	 	 	0.0	%	 	 	21,312	 	 	 	0.4	%
	8313 · Operating Supplies	 	 	3,082	 	 	 	0.4	%	 	 	2,936	 	 	 	0.4	%	 	 	146	 	 	 	0.3	%	 	 	3,754	 	 	 	0.4	%	 	 	(672	)	 	 	0.8	%	 	 	18,621	 	 	 	0.4	%
	8314 · Beverage Operating
    Supplies	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	86	 	 	 	0.0	%
	8318 · Business Meetings	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	107	 	 	 	0.0	%	 	 	(107	)	 	 	0.1	%	 	 	107	 	 	 	0.0	%
	8320 · Menu Testing	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	245	 	 	 	0.0	%
	8326 · Equipment Repair	 	 	131	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	131	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	131	 	 	 	-0.2	%	 	 	1,179	 	 	 	0.0	%
	8327 · Equipment Rental	 	 	2,409	 	 	 	0.3	%	 	 	2,210	 	 	 	0.3	%	 	 	199	 	 	 	0.4	%	 	 	2,024	 	 	 	0.2	%	 	 	384	 	 	 	-0.5	%	 	 	11,349	 	 	 	0.2	%
	8330 · Outside Laundry	 	 	356	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	356	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	356	 	 	 	-0.4	%	 	 	112	 	 	 	0.0	%
	8335 · Uniforms	 	 	5,651	 	 	 	0.7	%	 	 	7,124	 	 	 	0.9	%	 	 	(1,473	)	 	 	-3.1	%	 	 	7,174	 	 	 	0.8	%	 	 	(1,523	)	 	 	1.8	%	 	 	27,114	 	 	 	0.6	%
	8343 · Linens	 	 	23,466	 	 	 	2.9	%	 	 	18,009	 	 	 	2.4	%	 	 	5,457	 	 	 	11.5	%	 	 	17,157	 	 	 	1.9	%	 	 	6,309	 	 	 	-7.7	%	 	 	68,080	 	 	 	1.4	%
	8344 · Linens- Banquet	 	 	-	 	 	 	0.0	%	 	 	3,672	 	 	 	0.5	%	 	 	(3,672	)	 	 	-7.7	%	 	 	4,333	 	 	 	0.5	%	 	 	(4,333	)	 	 	5.3	%	 	 	20,528	 	 	 	0.4	%
	8351 · Cleaning Supplies	 	 	4,069	 	 	 	0.5	%	 	 	2,744	 	 	 	0.4	%	 	 	1,326	 	 	 	2.8	%	 	 	3,307	 	 	 	0.4	%	 	 	762	 	 	 	-0.9	%	 	 	14,523	 	 	 	0.3	%
	8359 · Small Equipment	 	 	1,082	 	 	 	0.1	%	 	 	1,577	 	 	 	0.2	%	 	 	(495	)	 	 	-1.0	%	 	 	1,592	 	 	 	0.2	%	 	 	(510	)	 	 	0.6	%	 	 	4,110	 	 	 	0.1	%
	8359P · Pastry Operating
    Small Equipmen	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	113	 	 	 	0.0	%	 	 	(113	)	 	 	0.1	%	 	 	2,590	 	 	 	0.1	%
	8361 · Computer Maint. &
    Support	 	 	8,512	 	 	 	1.0	%	 	 	3,214	 	 	 	0.4	%	 	 	5,298	 	 	 	11.1	%	 	 	2,116	 	 	 	0.2	%	 	 	6,396	 	 	 	-7.8	%	 	 	10,747	 	 	 	0.2	%
	8362 ·
    Glassware/Utensils/Silverware	 	 	4,980	 	 	 	0.6	%	 	 	7,509	 	 	 	1.0	%	 	 	(2,529	)	 	 	-5.3	%	 	 	7,629	 	 	 	0.9	%	 	 	(2,649	)	 	 	3.2	%	 	 	32,882	 	 	 	0.7	%
	8363 · Paper Supplies	 	 	7,367	 	 	 	0.9	%	 	 	4,804	 	 	 	0.6	%	 	 	2,563	 	 	 	5.4	%	 	 	5,076	 	 	 	0.6	%	 	 	2,290	 	 	 	-2.8	%	 	 	20,946	 	 	 	0.4	%
	8364 · Decorations	 	 	4,512	 	 	 	0.6	%	 	 	4,612	 	 	 	0.6	%	 	 	(100	)	 	 	-0.2	%	 	 	3,850	 	 	 	0.4	%	 	 	661	 	 	 	-0.8	%	 	 	21,852	 	 	 	0.4	%
	8367 · Propane	 	 	-	 	 	 	0.0	%	 	 	209	 	 	 	0.0	%	 	 	(209	)	 	 	-0.4	%	 	 	199	 	 	 	0.0	%	 	 	(199	)	 	 	0.2	%	 	 	6,144	 	 	 	0.1	%
	8370 · Contract Labor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	4,075	 	 	 	0.1	%
	8371 · Food Promotion	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	883	 	 	 	0.0	%
	8372 · Firewood	 	 	694	 	 	 	0.1	%	 	 	1,157	 	 	 	0.2	%	 	 	(463	)	 	 	-1.0	%	 	 	1,319	 	 	 	0.1	%	 	 	(625	)	 	 	0.8	%	 	 	3,719	 	 	 	0.1	%
	8374 ·
    Music/Entertainment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	500	 	 	 	0.0	%
	8375 · Cable TV	 	 	565	 	 	 	0.1	%	 	 	1,668	 	 	 	0.2	%	 	 	(1,103	)	 	 	-2.3	%	 	 	1,620	 	 	 	0.2	%	 	 	(1,055	)	 	 	1.3	%	 	 	2,750	 	 	 	0.1	%
	8377 · Menus	 	 	551	 	 	 	0.1	%	 	 	551	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	551	 	 	 	-0.7	%	 	 	4,213	 	 	 	0.1	%
	8378 · Express Mail	 	 	18	 	 	 	0.0	%	 	 	270	 	 	 	0.0	%	 	 	(252	)	 	 	-0.5	%	 	 	252	 	 	 	0.0	%	 	 	(233	)	 	 	0.3	%	 	 	727	 	 	 	0.0	%
	8380 · Postage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	117	 	 	 	0.0	%
	8381 · Dues & Subscriptions	 	 	605	 	 	 	0.1	%	 	 	651	 	 	 	0.1	%	 	 	(46	)	 	 	-0.1	%	 	 	416	 	 	 	0.0	%	 	 	189	 	 	 	-0.2	%	 	 	512	 	 	 	0.0	%
	8384 · Printing	 	 	547	 	 	 	0.1	%	 	 	322	 	 	 	0.0	%	 	 	225	 	 	 	0.5	%	 	 	840	 	 	 	0.1	%	 	 	(294	)	 	 	0.4	%	 	 	2,781	 	 	 	0.1	%
	8385 · Telephone Cell &
    Radio	 	 	950	 	 	 	0.1	%	 	 	1,093	 	 	 	0.1	%	 	 	(143	)	 	 	-0.3	%	 	 	1,125	 	 	 	0.1	%	 	 	(175	)	 	 	0.2	%	 	 	4,415	 	 	 	0.1	%
	8387 · Employee Recruitment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8388 · Signage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8389 · Miscellaneous Expenses	 	 	-	 	 	 	0.0	%	 	 	241	 	 	 	0.0	%	 	 	(241	)	 	 	-0.5	%	 	 	230	 	 	 	0.0	%	 	 	(230	)	 	 	0.3	%	 	 	953	 	 	 	0.0	%
	8390 · Office Supplies	 	 	954	 	 	 	0.1	%	 	 	1,227	 	 	 	0.2	%	 	 	(273	)	 	 	-0.6	%	 	 	1,409	 	 	 	0.2	%	 	 	(455	)	 	 	0.6	%	 	 	5,016	 	 	 	0.1	%
	8391 · Employee Relations
    & Training	 	 	-	 	 	 	0.0	%	 	 	10	 	 	 	0.0	%	 	 	(10	)	 	 	0.0	%	 	 	10	 	 	 	0.0	%	 	 	(10	)	 	 	0.0	%	 	 	1,681	 	 	 	0.0	%
	8393 · Licenses & Permits	 	 	228	 	 	 	0.0	%	 	 	(113	)	 	 	0.0	%	 	 	341	 	 	 	0.7	%	 	 	(131	)	 	 	0.0	%	 	 	359	 	 	 	-0.4	%	 	 	(347	)	 	 	0.0	%
	8394P · Van expense-P	 	 	1,899	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	1,899	 	 	 	4.0	%	 	 	2,942	 	 	 	0.3	%	 	 	(1,043	)	 	 	1.3	%	 	 	6,561	 	 	 	0.1	%

 

    	 	 	Report continued on next page

    	 

    

 

	8395 · Equipment	 	 	440	 	 	 	0.1	%	 	 	3,135	 	 	 	0.4	%	 	 	(2,695	)	 	 	-5.7	%	 	 	3,639	 	 	 	0.4	%	 	 	(3,198	)	 	 	3.9	%	 	 	32,786	 	 	 	0.7	%
	8396 · Business Travel	 	 	192	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	192	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	192	 	 	 	-0.2	%	 	 	553	 	 	 	0.0	%
	8397 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	116	 	 	 	0.0	%	 	 	(116	)	 	 	-0.2	%	 	 	116	 	 	 	0.0	%	 	 	(116	)	 	 	0.1	%	 	 	551	 	 	 	0.0	%
	8399 · Oper cost related
    to renovation	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8399A · Op cost renovation-construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8399C · Op costs - renov
    - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8398 · Consultants	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8399 · Oper cost related
    to renovation - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8399 · Oper cost related
    to renovation	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8300 · Food & Beverage	 	 	76,364	 	 	 	9.4	%	 	 	74,610	 	 	 	9.8	%	 	 	1,753	 	 	 	3.7	%	 	 	75,340	 	 	 	8.4	%	 	 	1,024	 	 	 	-1.2	%	 	 	354,974	 	 	 	7.3	%
	Total Expense	 	 	563,850	 	 	 	69.5	%	 	 	537,200	 	 	 	70.3	%	 	 	26,650	 	 	 	56.1	%	 	 	526,112	 	 	 	58.9	%	 	 	37,738	 	 	 	-45.8	%	 	 	2,225,683	 	 	 	45.8	%
	Net Income	 	 	(21,307	)	 	 	-2.6	%	 	 	6,554	 	 	 	0.9	%	 	 	(27,861	)	 	 	-58.6	%	 	 	112,336	 	 	 	12.6	%	 	 	(133,643	)	 	 	162.3	%	 	 	1,288,769	 	 	 	26.5	%

 

    	 	Page 7 of 23	L'Auberge_Resort March 13 Issue.xls

    	 

    

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TOTAL	 
	 	 	Jan
    13	 	 	%
    of 

    Income	 	 	Feb
    13	 	 	%
    of 

    Income	 	 	Mar
    13	 	 	%
    of 

    Income	 	 	Jan
    - Mar 13	 	 	%
    of 

    Income	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4300 · Food &
    Beverage Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4310 · Restaurant
    Sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4311 ·
    Restaurant Breakfast	 	 	10,739.97	 	 	 	6.51	%	 	 	13,356.38	 	 	 	6.05	%	 	 	30,026.03	 	 	 	7.05	%	 	 	54,122.38	 	 	 	6.67	%
	4312 · Restaurant
    Lunch	 	 	19,331.20	 	 	 	11.71	%	 	 	24,410.02	 	 	 	11.05	%	 	 	74,366.25	 	 	 	17.47	%	 	 	118,107.47	 	 	 	14.55	%
	4312v · Veranda
    Lunch	 	 	3,111.50	 	 	 	1.89	%	 	 	9,658.70	 	 	 	4.37	%	 	 	8,464.25	 	 	 	1.99	%	 	 	21,234.45	 	 	 	2.62	%
	4313 · Restaurant
    Dinner	 	 	53,091.99	 	 	 	32.17	%	 	 	77,246.51	 	 	 	34.97	%	 	 	134,855.70	 	 	 	31.68	%	 	 	265,194.20	 	 	 	32.68	%
	4313v · Veranda
    Dinner	 	 	4,355.75	 	 	 	2.64	%	 	 	8,980.60	 	 	 	4.07	%	 	 	18,175.16	 	 	 	4.27	%	 	 	31,511.51	 	 	 	3.88	%
	4314 · Restaurant
    Beer Sales	 	 	319.05	 	 	 	0.19	%	 	 	410.07	 	 	 	0.19	%	 	 	1,348.63	 	 	 	0.32	%	 	 	2,077.75	 	 	 	0.26	%
	4314v · Veranda
    Beer Sales	 	 	1,137.00	 	 	 	0.69	%	 	 	1,324.00	 	 	 	0.6	%	 	 	1,777.01	 	 	 	0.42	%	 	 	4,238.01	 	 	 	0.52	%
	4315 · Restaurant
    Wine Sales	 	 	24,413.39	 	 	 	14.79	%	 	 	31,908.78	 	 	 	14.45	%	 	 	55,183.10	 	 	 	12.97	%	 	 	111,505.27	 	 	 	13.74	%
	4315v · Veranda
    Wine Sales	 	 	8,945.00	 	 	 	5.42	%	 	 	11,407.75	 	 	 	5.16	%	 	 	19,842.52	 	 	 	4.66	%	 	 	40,195.27	 	 	 	4.95	%
	4316 · Restaurant
    Liquor Sales	 	 	3,859.76	 	 	 	2.34	%	 	 	5,612.34	 	 	 	2.54	%	 	 	11,036.59	 	 	 	2.59	%	 	 	20,508.69	 	 	 	2.53	%
	4316v
    · Veranda Liquor Sales	 	 	6,887.00	 	 	 	4.17	%	 	 	8,585.00	 	 	 	3.89	%	 	 	14,876.22	 	 	 	3.5	%	 	 	30,348.22	 	 	 	3.74	%
	Total 4310 · Restaurant
    Sales	 	 	136,191.61	 	 	 	82.51	%	 	 	192,900.15	 	 	 	87.33	%	 	 	369,951.46	 	 	 	86.92	%	 	 	699,043.22	 	 	 	86.13	%
	4320 · Banquet Sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4321 · Banquet Coffee
    Break	 	 	1,645.50	 	 	 	1.0	%	 	 	380.00	 	 	 	0.17	%	 	 	748.98	 	 	 	0.18	%	 	 	2,774.48	 	 	 	0.34	%
	4322 · Banquet Breakfast	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	832.00	 	 	 	0.2	%	 	 	832.00	 	 	 	0.1	%
	4323 · Banquet Lunch	 	 	784.00	 	 	 	0.48	%	 	 	320.00	 	 	 	0.15	%	 	 	3,656.21	 	 	 	0.86	%	 	 	4,760.21	 	 	 	0.59	%
	4324 · Banquet Dinner	 	 	1,512.00	 	 	 	0.92	%	 	 	1,185.00	 	 	 	0.54	%	 	 	3,497.82	 	 	 	0.82	%	 	 	6,194.82	 	 	 	0.76	%
	4325 · Banquet Liquor	 	 	0.00	 	 	 	0.0	%	 	 	90.00	 	 	 	0.04	%	 	 	816.50	 	 	 	0.19	%	 	 	906.50	 	 	 	0.11	%
	4326 · Banquet Wine
    Sales	 	 	1,264.00	 	 	 	0.77	%	 	 	507.00	 	 	 	0.23	%	 	 	1,080.40	 	 	 	0.25	%	 	 	2,851.40	 	 	 	0.35	%
	4327 · Banquet Reception	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	1,060.00	 	 	 	0.25	%	 	 	1,060.00	 	 	 	0.13	%
	4328 · Banquet Miscellaneous	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	1,355.00	 	 	 	0.32	%	 	 	1,355.00	 	 	 	0.17	%
	4329 · Banquet Beer
    Sales	 	 	18.00	 	 	 	0.01	%	 	 	67.00	 	 	 	0.03	%	 	 	18.00	 	 	 	0.0	%	 	 	103.00	 	 	 	0.01	%
	4330 · Banquet Equipment
    Rental	 	 	1,950.00	 	 	 	1.18	%	 	 	870.50	 	 	 	0.39	%	 	 	325.00	 	 	 	0.08	%	 	 	3,145.50	 	 	 	0.39	%
	4331
    · Banquet Meeting Room	 	 	500.00	 	 	 	0.3	%	 	 	0.00	 	 	 	0.0	%	 	 	2,150.00	 	 	 	0.51	%	 	 	2,650.00	 	 	 	0.33	%
	Total 4320 · Banquet
    Sales	 	 	7,673.50	 	 	 	4.65	%	 	 	3,419.50	 	 	 	1.55	%	 	 	15,539.91	 	 	 	3.65	%	 	 	26,632.91	 	 	 	3.28	%
	4340 · Catering	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4341 · Catering
    Reception	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	480.00	 	 	 	0.11	%	 	 	480.00	 	 	 	0.06	%
	4343 · Catering
    Liquor Sales	 	 	153.00	 	 	 	0.09	%	 	 	0.00	 	 	 	0.0	%	 	 	265.07	 	 	 	0.06	%	 	 	418.07	 	 	 	0.05	%
	4344 · Catering
    Coffee Break	 	 	383.00	 	 	 	0.23	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	383.00	 	 	 	0.05	%
	4345 · Catering
    Miscellaneous	 	 	714.00	 	 	 	0.43	%	 	 	544.00	 	 	 	0.25	%	 	 	1,269.50	 	 	 	0.3	%	 	 	2,527.50	 	 	 	0.31	%
	4346 · Catering
    Dinner	 	 	1,796.00	 	 	 	1.09	%	 	 	0.00	 	 	 	0.0	%	 	 	2,320.82	 	 	 	0.55	%	 	 	4,116.82	 	 	 	0.51	%
	4347 · Catering
    Equipment Rental	 	 	260.00	 	 	 	0.16	%	 	 	0.00	 	 	 	0.0	%	 	 	300.00	 	 	 	0.07	%	 	 	560.00	 	 	 	0.07	%
	4348 · Catering
    Meeting Room	 	 	1,475.18	 	 	 	0.89	%	 	 	1,703.18	 	 	 	0.77	%	 	 	3,947.54	 	 	 	0.93	%	 	 	7,125.90	 	 	 	0.88	%
	4350 · Catering
    Beer	 	 	40.00	 	 	 	0.02	%	 	 	0.00	 	 	 	0.0	%	 	 	362.18	 	 	 	0.09	%	 	 	402.18	 	 	 	0.05	%
	4351 · Catering
    Wine	 	 	375.00	 	 	 	0.23	%	 	 	74.00	 	 	 	0.03	%	 	 	1,883.00	 	 	 	0.44	%	 	 	2,332.00	 	 	 	0.29	%
	4352 · Catering
    Breakfast	 	 	242.00	 	 	 	0.15	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	242.00	 	 	 	0.03	%
	4357
    · Catering Pastry Wedding Cake	 	 	0.00	 	 	 	0.0	%	 	 	60.00	 	 	 	0.03	%	 	 	550.00	 	 	 	0.13	%	 	 	610.00	 	 	 	0.08	%
	Total 4340 · Catering	 	 	5,438.18	 	 	 	3.3	%	 	 	2,381.18	 	 	 	1.08	%	 	 	11,378.11	 	 	 	2.67	%	 	 	19,197.47	 	 	 	2.37	%
	4360 · Room Service	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4361 · Room Service
    Breakfast	 	 	6,065.00	 	 	 	3.68	%	 	 	6,754.81	 	 	 	3.06	%	 	 	11,069.00	 	 	 	2.6	%	 	 	23,888.81	 	 	 	2.94	%
	4362 · Room Service
    Lunch	 	 	1,524.00	 	 	 	0.92	%	 	 	1,219.00	 	 	 	0.55	%	 	 	4,256.75	 	 	 	1.0	%	 	 	6,999.75	 	 	 	0.86	%
	4363 · Room Service
    Dinner	 	 	5,239.00	 	 	 	3.17	%	 	 	8,768.00	 	 	 	3.97	%	 	 	9,378.25	 	 	 	2.2	%	 	 	23,385.25	 	 	 	2.88	%
	4364 · Room Service
    Liquor Sales	 	 	380.00	 	 	 	0.23	%	 	 	483.00	 	 	 	0.22	%	 	 	388.00	 	 	 	0.09	%	 	 	1,251.00	 	 	 	0.15	%
	4365 · Room Service
    Wine Sales	 	 	1,590.00	 	 	 	0.96	%	 	 	3,834.00	 	 	 	1.74	%	 	 	2,458.00	 	 	 	0.58	%	 	 	7,882.00	 	 	 	0.97	%
	4366 · Room Service
    Beer Sales	 	 	132.00	 	 	 	0.08	%	 	 	125.00	 	 	 	0.06	%	 	 	145.00	 	 	 	0.03	%	 	 	402.00	 	 	 	0.05	%
	4367
    · Room Service Delivery	 	 	820.00	 	 	 	0.5	%	 	 	1,009.60	 	 	 	0.46	%	 	 	1,068.00	 	 	 	0.25	%	 	 	2,897.60	 	 	 	0.36	%
	Total
    4360 · Room Service	 	 	15,750.00	 	 	 	9.54	%	 	 	22,193.41	 	 	 	10.05	%	 	 	28,763.00	 	 	 	6.76	%	 	 	66,706.41	 	 	 	8.22	%
	Total
    4300 · Food & Beverage Revenue	 	 	165,053.29	 	 	 	100.0	%	 	 	220,894.24	 	 	 	100.0	%	 	 	425,632.48	 	 	 	100.0	%	 	 	811,580.01	 	 	 	100.0	%
	Total
    Income	 	 	165,053.29	 	 	 	100.0	%	 	 	220,894.24	 	 	 	100.0	%	 	 	425,632.48	 	 	 	100.0	%	 	 	811,580.01	 	 	 	100.0	%
	Revenue Summary:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Food	 	 	110,640.91	 	 	 	67.03	%	 	 	153,288.62	 	 	 	69.39	%	 	 	304,255.22	 	 	 	71.48	%	 	 	568,184.75	 	 	 	70.01	%
	Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Liquor	 	 	11,279.76	 	 	 	6.83	%	 	 	14,770.34	 	 	 	6.69	%	 	 	27,382.38	 	 	 	6.43	%	 	 	53,432.48	 	 	 	6.58	%
	Beer	 	 	1,646.05	 	 	 	1.0	%	 	 	1,926.07	 	 	 	0.87	%	 	 	3,650.82	 	 	 	0.86	%	 	 	7,222.94	 	 	 	0.89	%
	Wine	 	 	36,587.39	 	 	 	22.17	%	 	 	47,731.53	 	 	 	21.61	%	 	 	80,447.02	 	 	 	18.9	%	 	 	164,765.94	 	 	 	20.3	%
	Total Beverage	 	 	49,513.20	 	 	 	30.0	%	 	 	64,427.94	 	 	 	29.17	%	 	 	111,480.22	 	 	 	26.19	%	 	 	225,421.36	 	 	 	27.78	%
	Other	 	 	4,899.18	 	 	 	2.97	%	 	 	3,177.68	 	 	 	1.44	%	 	 	9,897.04	 	 	 	2.33	%	 	 	17,973.90	 	 	 	2.21	%
	Total
    Food & Beverage Revenue	 	 	165,053.29	 	 	 	100.0	%	 	 	220,894.24	 	 	 	100.0	%	 	 	425,632.48	 	 	 	100.0	%	 	 	811,580.01	 	 	 	100.0	%
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6300 · Cost of
    Food & Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6310 · Restaurant Cost of Sales-Food	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	631001 · Meat	 	 	10,545.49	 	 	 	9.53	%	 	 	13,042.77	 	 	 	8.51	%	 	 	23,040.22	 	 	 	7.57	%	 	 	46,628.48	 	 	 	8.21	%
	631002 · Seafood	 	 	8,615.13	 	 	 	7.79	%	 	 	9,968.93	 	 	 	6.5	%	 	 	18,250.89	 	 	 	6.0	%	 	 	36,834.95	 	 	 	6.48	%
	631003 · Poultry	 	 	1,034.17	 	 	 	0.93	%	 	 	3,026.69	 	 	 	1.97	%	 	 	2,704.99	 	 	 	0.89	%	 	 	6,765.85	 	 	 	1.19	%

 

    	 	 	Report continued on next page

    	 

    

 

	631004 · Produce	 	 	10,253.14	 	 	 	9.27	%	 	 	12,444.23	 	 	 	8.12	%	 	 	19,615.92	 	 	 	6.45	%	 	 	42,313.29	 	 	 	7.45	%
	631005 · Dairy	 	 	4,921.59	 	 	 	4.45	%	 	 	5,593.00	 	 	 	3.65	%	 	 	7,773.37	 	 	 	2.55	%	 	 	18,287.96	 	 	 	3.22	%
	631006 · Bread	 	 	1,148.45	 	 	 	1.04	%	 	 	1,333.24	 	 	 	0.87	%	 	 	2,064.97	 	 	 	0.68	%	 	 	4,546.66	 	 	 	0.8	%
	631007 · Other Food	 	 	9,214.96	 	 	 	8.33	%	 	 	17,619.45	 	 	 	11.49	%	 	 	18,615.96	 	 	 	6.12	%	 	 	45,450.37	 	 	 	8.0	%
	631009 · Cost Of Goods Sold-EDR	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%
	63100P
    · Pastry food supplies	 	 	-1,099.66	 	 	 	-0.99	%	 	 	-1,005.75	 	 	 	-0.66	%	 	 	644.96	 	 	 	0.21	%	 	 	-1,460.45	 	 	 	-0.26	%
	Total 6310 · Restaurant
    Cost of Sales-Food	 	 	44,633.27	 	 	 	40.34	%	 	 	62,022.56	 	 	 	40.46	%	 	 	92,711.28	 	 	 	30.47	%	 	 	199,367.11	 	 	 	35.09	%
	6311 · Cost of Goods
    - Liquor	 	 	2,725.65	 	 	 	24.16	%	 	 	2,342.30	 	 	 	15.86	%	 	 	4,940.11	 	 	 	18.04	%	 	 	10,008.06	 	 	 	18.73	%
	6312 · Cost of Goods-Wine	 	 	16,409.10	 	 	 	44.85	%	 	 	13,383.17	 	 	 	28.04	%	 	 	24,900.82	 	 	 	30.95	%	 	 	54,693.09	 	 	 	33.19	%
	6313 · Cost of
    Goods-Beer	 	 	431.24	 	 	 	26.2	%	 	 	236.63	 	 	 	12.29	%	 	 	885.78	 	 	 	24.26	%	 	 	1,553.65	 	 	 	21.51	%
	 	 	 	19,565.99	 	 	 	39.52	%	 	 	15,962.10	 	 	 	24.78	%	 	 	30,726.71	 	 	 	27.56	%	 	 	66,254.80	 	 	 	29.39	%
	6554 · Cost of
    Goods B&C	 	 	0.00	 	 	 	0.0	%	 	 	606.51	 	 	 	0.28	%	 	 	2,808.67	 	 	 	0.66	%	 	 	3,415.18	 	 	 	0.42	%
	Total
    6300 · Cost of Food & Beverage	 	 	64,199.26	 	 	 	38.9	%	 	 	78,591.17	 	 	 	35.58	%	 	 	126,246.66	 	 	 	29.66	%	 	 	269,037.09	 	 	 	33.15	%
	Total
    COGS	 	 	64,199.26	 	 	 	38.9	%	 	 	78,591.17	 	 	 	35.58	%	 	 	126,246.66	 	 	 	29.66	%	 	 	269,037.09	 	 	 	33.15	%
	Gross Profit	 	 	100,854.03	 	 	 	61.1	%	 	 	142,303.07	 	 	 	64.42	%	 	 	299,385.82	 	 	 	70.34	%	 	 	542,542.92	 	 	 	66.85	%
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll
    & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5300000 · F&B
    Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5363000 · Restaurant
    Salary & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5363150 · Restaurant
    Supervisor	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	935.00	 	 	 	0.22	%	 	 	935.00	 	 	 	0.12	%
	5363160 · Restaurant
    Chef	 	 	15,714.80	 	 	 	9.52	%	 	 	8,984.22	 	 	 	4.07	%	 	 	20,129.63	 	 	 	4.73	%	 	 	44,828.65	 	 	 	5.52	%
	5363170 · Manager,
    Restauant	 	 	17,884.86	 	 	 	10.84	%	 	 	15,865.40	 	 	 	7.18	%	 	 	20,750.20	 	 	 	4.88	%	 	 	54,500.46	 	 	 	6.72	%
	5363300 · Restaurant
    Server	 	 	4,199.93	 	 	 	2.55	%	 	 	4,285.93	 	 	 	1.94	%	 	 	5,776.84	 	 	 	1.36	%	 	 	14,262.70	 	 	 	1.76	%
	5363305 · Restaurant
    Expeditor	 	 	4,050.48	 	 	 	2.45	%	 	 	5,210.55	 	 	 	2.36	%	 	 	6,895.65	 	 	 	1.62	%	 	 	16,156.68	 	 	 	1.99	%
	5363310 · Restaurant
    Busser	 	 	3,957.16	 	 	 	2.4	%	 	 	3,999.66	 	 	 	1.81	%	 	 	7,002.98	 	 	 	1.65	%	 	 	14,959.80	 	 	 	1.84	%
	5363320 · Restaurant
    Bartendar	 	 	3,266.32	 	 	 	1.98	%	 	 	2,843.15	 	 	 	1.29	%	 	 	4,465.71	 	 	 	1.05	%	 	 	10,575.18	 	 	 	1.3	%
	5363330 · Restaurant Cashier/Hostess	 	 	4,643.00	 	 	 	2.81	%	 	 	3,840.00	 	 	 	1.74	%	 	 	6,984.00	 	 	 	1.64	%	 	 	15,467.00	 	 	 	1.91	%
	5363400·Warewasher/Dishwasher	 	 	8,517.51	 	 	 	5.16	%	 	 	8,485.38	 	 	 	3.84	%	 	 	12,211.64	 	 	 	2.87	%	 	 	29,214.53	 	 	 	3.6	%
	5363420 · Cook	 	 	25,876.17	 	 	 	15.68	%	 	 	29,239.80	 	 	 	13.24	%	 	 	38,070.19	 	 	 	8.94	%	 	 	93,186.16	 	 	 	11.48	%
	5363430 · Pastry
    Chef	 	 	4,878.67	 	 	 	2.96	%	 	 	5,780.35	 	 	 	2.62	%	 	 	7,158.13	 	 	 	1.68	%	 	 	17,817.15	 	 	 	2.2	%
	5363450 · EDR Chef	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%
	5363610 · Valet	 	 	6,684.03	 	 	 	4.05	%	 	 	8,818.22	 	 	 	3.99	%	 	 	9,335.61	 	 	 	2.19	%	 	 	24,837.86	 	 	 	3.06	%
	Total 5363000 ·
    Restaurant Salary & Wages	 	 	99,672.93	 	 	 	60.39	%	 	 	97,352.66	 	 	 	44.07	%	 	 	139,715.58	 	 	 	32.83	%	 	 	336,741.17	 	 	 	41.49	%
	5363050 · Restaurant
    Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5351 · F&B
    Payroll Taxes	 	 	19,096.77	 	 	 	11.57	%	 	 	15,532.48	 	 	 	7.03	%	 	 	22,367.84	 	 	 	5.26	%	 	 	56,997.09	 	 	 	7.02	%
	5352 · F&B
    Workers' Comp	 	 	2,106.00	 	 	 	1.28	%	 	 	2,106.00	 	 	 	0.95	%	 	 	9,206.39	 	 	 	2.16	%	 	 	13,418.39	 	 	 	1.65	%
	5353 · F&B
    Employ Benefits	 	 	7,200.99	 	 	 	4.36	%	 	 	13,379.16	 	 	 	6.06	%	 	 	10,307.82	 	 	 	2.42	%	 	 	30,887.97	 	 	 	3.81	%
	5355 · F&B PTO	 	 	2,435.87	 	 	 	1.48	%	 	 	3,102.92	 	 	 	1.41	%	 	 	4,483.13	 	 	 	1.05	%	 	 	10,021.92	 	 	 	1.24	%
	5356
    · F&B Employ Meals	 	 	3,217.31	 	 	 	1.95	%	 	 	3,402.62	 	 	 	1.54	%	 	 	3,773.34	 	 	 	0.89	%	 	 	10,393.27	 	 	 	1.28	%
	Total 5363050 ·
    Restaurant Taxes & Benefits	 	 	34,056.94	 	 	 	20.63	%	 	 	37,523.18	 	 	 	16.99	%	 	 	50,138.52	 	 	 	11.78	%	 	 	121,718.64	 	 	 	15.0	%
	5368000 · Banquets
    Salary & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5368150 · Banquet Captain/Supervisor	 	 	674.50	 	 	 	0.41	%	 	 	615.50	 	 	 	0.28	%	 	 	1,277.00	 	 	 	0.3	%	 	 	2,567.00	 	 	 	0.32	%
	5368170 · Manager,
    Banquet	 	 	4,258.16	 	 	 	2.58	%	 	 	3,846.16	 	 	 	1.74	%	 	 	4,258.24	 	 	 	1.0	%	 	 	12,362.56	 	 	 	1.52	%
	5368300 · Banquet
    Server	 	 	278.00	 	 	 	0.17	%	 	 	244.50	 	 	 	0.11	%	 	 	1,249.60	 	 	 	0.29	%	 	 	1,772.10	 	 	 	0.22	%
	5368560
    · Banquet House Attendant	 	 	-209.08	 	 	 	-0.13	%	 	 	0.00	 	 	 	0.0	%	 	 	635.62	 	 	 	0.15	%	 	 	426.54	 	 	 	0.05	%
	Total 5368000 ·
    Banquets Salary & Wages	 	 	5,001.58	 	 	 	3.03	%	 	 	4,706.16	 	 	 	2.13	%	 	 	7,420.46	 	 	 	1.74	%	 	 	17,128.20	 	 	 	2.11	%
	5368050 · Banquet
    Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	53681 · Banquet
    PR Taxes	 	 	1,603.88	 	 	 	0.97	%	 	 	624.87	 	 	 	0.28	%	 	 	1,281.04	 	 	 	0.3	%	 	 	3,509.79	 	 	 	0.43	%
	53682 · Banquet
    Workers' Comp	 	 	562.00	 	 	 	0.34	%	 	 	562.00	 	 	 	0.25	%	 	 	2,270.39	 	 	 	0.53	%	 	 	3,394.39	 	 	 	0.42	%
	53683 · Banquet
    Employ Benefits	 	 	513.08	 	 	 	0.31	%	 	 	497.80	 	 	 	0.23	%	 	 	304.07	 	 	 	0.07	%	 	 	1,314.95	 	 	 	0.16	%
	53685 · Banquet
    Employee PTO	 	 	212.88	 	 	 	0.13	%	 	 	283.19	 	 	 	0.13	%	 	 	411.68	 	 	 	0.1	%	 	 	907.75	 	 	 	0.11	%
	53686
    · Banquet Employ Meals	 	 	857.95	 	 	 	0.52	%	 	 	907.36	 	 	 	0.41	%	 	 	1,006.22	 	 	 	0.24	%	 	 	2,771.53	 	 	 	0.34	%
	Total
    5368050 · Banquet Taxes & Benefits	 	 	3,749.79	 	 	 	2.27	%	 	 	2,875.22	 	 	 	1.3	%	 	 	5,273.40	 	 	 	1.24	%	 	 	11,898.41	 	 	 	1.47	%
	Total
    5300000 · F&B Salaries & Wages	 	 	142,481.24	 	 	 	86.32	%	 	 	142,457.22	 	 	 	64.49	%	 	 	202,547.96	 	 	 	47.59	%	 	 	487,486.42	 	 	 	60.07	%
	Total 5000 · Payroll
    & Benefits	 	 	142,481.24	 	 	 	86.32	%	 	 	142,457.22	 	 	 	64.49	%	 	 	202,547.96	 	 	 	47.59	%	 	 	487,486.42	 	 	 	60.07	%
	8300 · Food &
    Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8312 · Guest Satisfaction	 	 	881.33	 	 	 	0.53	%	 	 	674.00	 	 	 	0.31	%	 	 	1,549.95	 	 	 	0.36	%	 	 	3,105.28	 	 	 	0.38	%
	8313 · Operating
    Supplies	 	 	407.04	 	 	 	0.25	%	 	 	875.40	 	 	 	0.4	%	 	 	1,799.89	 	 	 	0.42	%	 	 	3,082.33	 	 	 	0.38	%

 

    	 	 	Report continued on next page

    	 

    

 

	8326 ·
    Equipment Repair	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	131.01	 	 	 	0.03	%	 	 	131.01	 	 	 	0.02	%
	8327 · Equipment
    Rental	 	 	675.73	 	 	 	0.41	%	 	 	575.44	 	 	 	0.26	%	 	 	1,157.54	 	 	 	0.27	%	 	 	2,408.71	 	 	 	0.3	%
	8330 · Outside Laundry	 	 	0.00	 	 	 	0.0	%	 	 	355.77	 	 	 	0.16	%	 	 	0.00	 	 	 	0.0	%	 	 	355.77	 	 	 	0.04	%
	8335 · Uniforms	 	 	1,142.90	 	 	 	0.69	%	 	 	1,346.71	 	 	 	0.61	%	 	 	3,161.02	 	 	 	0.74	%	 	 	5,650.63	 	 	 	0.7	%
	8343 · Linens	 	 	6,343.98	 	 	 	3.84	%	 	 	6,785.38	 	 	 	3.07	%	 	 	10,336.79	 	 	 	2.43	%	 	 	23,466.15	 	 	 	2.89	%
	8351 · Cleaning
    Supplies	 	 	474.39	 	 	 	0.29	%	 	 	1,701.84	 	 	 	0.77	%	 	 	1,892.80	 	 	 	0.45	%	 	 	4,069.03	 	 	 	0.5	%
	8359 · Small Equipment	 	 	671.56	 	 	 	0.41	%	 	 	0.00	 	 	 	0.0	%	 	 	410.05	 	 	 	0.1	%	 	 	1,081.61	 	 	 	0.13	%
	8361 · Computer
    Maint. & Support	 	 	1,762.88	 	 	 	1.07	%	 	 	3,781.77	 	 	 	1.71	%	 	 	2,967.26	 	 	 	0.7	%	 	 	8,511.91	 	 	 	1.05	%
	8362·Glassware/Utensils/Silverware	 	 	418.88	 	 	 	0.25	%	 	 	791.50	 	 	 	0.36	%	 	 	3,769.96	 	 	 	0.89	%	 	 	4,980.34	 	 	 	0.61	%
	8363 · Paper Supplies	 	 	1,362.97	 	 	 	0.83	%	 	 	2,835.32	 	 	 	1.28	%	 	 	3,168.52	 	 	 	0.74	%	 	 	7,366.81	 	 	 	0.91	%
	8364 · Decorations	 	 	1,561.75	 	 	 	0.95	%	 	 	1,388.20	 	 	 	0.63	%	 	 	1,561.70	 	 	 	0.37	%	 	 	4,511.65	 	 	 	0.56	%
	8372 · Firewood	 	 	398.00	 	 	 	0.24	%	 	 	156.00	 	 	 	0.07	%	 	 	140.00	 	 	 	0.03	%	 	 	694.00	 	 	 	0.09	%
	8375 · Cable TV	 	 	183.00	 	 	 	0.11	%	 	 	195.96	 	 	 	0.09	%	 	 	185.98	 	 	 	0.04	%	 	 	564.94	 	 	 	0.07	%
	8377 · Menus	 	 	550.65	 	 	 	0.33	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	550.65	 	 	 	0.07	%
	8378 · Express Mail	 	 	18.48	 	 	 	0.01	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	18.48	 	 	 	0.0	%
	8381 · Dues &
    Subscriptions	 	 	291.86	 	 	 	0.18	%	 	 	38.61	 	 	 	0.02	%	 	 	274.77	 	 	 	0.07	%	 	 	605.24	 	 	 	0.08	%
	8384 · Printing	 	 	0.00	 	 	 	0.0	%	 	 	546.57	 	 	 	0.25	%	 	 	0.00	 	 	 	0.0	%	 	 	546.57	 	 	 	0.07	%
	8385 · Telephone
    Cell & Radio	 	 	300.00	 	 	 	0.18	%	 	 	300.00	 	 	 	0.14	%	 	 	350.00	 	 	 	0.08	%	 	 	950.00	 	 	 	0.12	%
	8390 · Office Supplies	 	 	79.21	 	 	 	0.05	%	 	 	464.41	 	 	 	0.21	%	 	 	410.45	 	 	 	0.1	%	 	 	954.07	 	 	 	0.12	%
	8393 · Licenses
    & Permits	 	 	0.00	 	 	 	0.0	%	 	 	227.53	 	 	 	0.1	%	 	 	0.00	 	 	 	0.0	%	 	 	227.53	 	 	 	0.03	%
	8394P · Van expense-P	 	 	623.03	 	 	 	0.38	%	 	 	653.02	 	 	 	0.3	%	 	 	623.03	 	 	 	0.15	%	 	 	1,899.08	 	 	 	0.23	%
	8395 · Equipment	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	440.31	 	 	 	0.1	%	 	 	440.31	 	 	 	0.05	%
	8396
    · Business Travel	 	 	191.50	 	 	 	0.12	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	191.50	 	 	 	0.02	%
	Total
    8300 · Food & Beverage	 	 	18,339.14	 	 	 	11.11	%	 	 	23,693.43	 	 	 	10.73	%	 	 	34,331.03	 	 	 	8.07	%	 	 	76,363.60	 	 	 	9.41	%
	Total
    Expense	 	 	160,820.38	 	 	 	97.44	%	 	 	166,150.65	 	 	 	75.22	%	 	 	236,878.99	 	 	 	55.65	%	 	 	563,850.02	 	 	 	69.48	%
	Net
    Ordinary Income	 	 	-59,966.35	 	 	 	-36.33	%	 	 	-23,847.58	 	 	 	-10.8	%	 	 	62,506.83	 	 	 	14.69	%	 	 	-21,307.10	 	 	 	-2.63	%
	Net Income	 	 	-59,966.35	 	 	 	-36.33	%	 	 	-23,847.58	 	 	 	-10.8	%	 	 	62,506.83	 	 	 	14.69	%	 	 	-21,307.10	 	 	 	-2.63	%

 

    	 	Page 8 of 23	L'Auberge_Resort March 13 Issue.xls F&B

    	 

    

 

L'Auberge de Sedona Resort

Spa Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current
    Month	 
	 	 	Actual	 	 	%
    to
 Revenue	 	 	Budget	 	 	%
    to
 Revenue	 	 	Variance	 	 	%
    to
 Revenue	 	 	Prior
    Year	 	 	%
    to
 Revenue	 	 	Variance	 	 	%
    to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4900 · Spa Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4905 · Facial &
    Waxing	 	 	13,962	 	 	 	14.6	%	 	 	10,349	 	 	 	11.2	%	 	 	3,613	 	 	 	113.7	%	 	 	9,582	 	 	 	11.2	%	 	 	4,380	 	 	 	43.0	%
	4915 · Manicure &
    Pedicure	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4920 · Massage &
    Body	 	 	74,853	 	 	 	78.2	%	 	 	79,103	 	 	 	85.5	%	 	 	(4,251	)	 	 	-133.8	%	 	 	73,244	 	 	 	85.7	%	 	 	1,609	 	 	 	15.8	%
	4921 · Spa Massage
    & Body In Room	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(150	)	 	 	-0.2	%	 	 	150	 	 	 	1.5	%
	4925 · Salon Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4926 · Spa Miscellaneous	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4930 · Packages	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4940
    · Retail Sales	 	 	6,862	 	 	 	7.2	%	 	 	3,047	 	 	 	3.3	%	 	 	3,815	 	 	 	120.1	%	 	 	2,822	 	 	 	3.3	%	 	 	4,040	 	 	 	39.7	%
	Total 4900 · Spa
    Revenue	 	 	95,676	 	 	 	100.0	%	 	 	92,499	 	 	 	100.0	%	 	 	3,177	 	 	 	100.0	%	 	 	85,498	 	 	 	100.0	%	 	 	10,178	 	 	 	100.0	%
	Total Revenue	 	 	95,676	 	 	 	100.0	%	 	 	92,499	 	 	 	100.0	%	 	 	3,177	 	 	 	100.0	%	 	 	85,498	 	 	 	100.0	%	 	 	10,178	 	 	 	100.0	%
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6900 · COGS Spa	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6905 · Facial &
    Waxing COGS	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6920 · Massage &
    Body COGS	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6940
    · Retail Sales COGS	 	 	2,595	 	 	 	2.7	%	 	 	1,524	 	 	 	1.6	%	 	 	1,071	 	 	 	28.1	%	 	 	927	 	 	 	1.1	%	 	 	1,668	 	 	 	41.3	%
	Total 6900 · COGS
    Spa	 	 	2,595	 	 	 	2.7	%	 	 	1,524	 	 	 	1.6	%	 	 	1,071	 	 	 	33.7	%	 	 	927	 	 	 	1.1	%	 	 	1,668	 	 	 	16.4	%
	Total COGS	 	 	2,595	 	 	 	2.7	%	 	 	1,524	 	 	 	1.6	%	 	 	1,071	 	 	 	33.7	%	 	 	927	 	 	 	1.1	%	 	 	1,668	 	 	 	16.4	%
	Gross Profit	 	 	93,081	 	 	 	97.3	%	 	 	90,976	 	 	 	98.4	%	 	 	2,106	 	 	 	66.3	%	 	 	84,571	 	 	 	98.9	%	 	 	8,510	 	 	 	83.6	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4950 · Spa Commissions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4951 · Treatment Commissions	 	 	14,208	 	 	 	14.8	%	 	 	14,462	 	 	 	15.6	%	 	 	(255	)	 	 	-8.0	%	 	 	13,179	 	 	 	15.4	%	 	 	1,028	 	 	 	10.1	%
	4952 · Retail Commissions	 	 	465	 	 	 	0.5	%	 	 	129	 	 	 	0.1	%	 	 	336	 	 	 	10.6	%	 	 	125	 	 	 	0.1	%	 	 	340	 	 	 	3.3	%
	4953 · Front Desk 1%
    Treatment	 	 	1,229	 	 	 	1.3	%	 	 	1,106	 	 	 	1.2	%	 	 	123	 	 	 	3.9	%	 	 	1,074	 	 	 	1.3	%	 	 	155	 	 	 	1.5	%
	4954 · Treatment Commissions-In
    Room	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4955 · In Room 5% Treatment
    Commission	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4950
    · Spa Commissions - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4950 · Spa Commissions	 	 	15,902	 	 	 	16.6	%	 	 	15,697	 	 	 	17.0	%	 	 	81	 	 	 	2.6	%	 	 	14,378	 	 	 	16.8	%	 	 	1,368	 	 	 	13.4	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5990000 · Spa Salary & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5906 · Yoga Classes	 	 	2,160	 	 	 	2.3	%	 	 	2,081	 	 	 	2.3	%	 	 	78	 	 	 	2.5	%	 	 	2,021	 	 	 	2.4	%	 	 	139	 	 	 	1.4	%
	5990130 · Spa Therapist	 	 	6,071	 	 	 	6.3	%	 	 	6,069	 	 	 	6.6	%	 	 	2	 	 	 	0.1	%	 	 	5,893	 	 	 	6.9	%	 	 	179	 	 	 	1.8	%
	5990140 · Lead Spa
    Therapist	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5990145 · Spa Trainer	 	 	68	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	68	 	 	 	2.1	%	 	 	44	 	 	 	0.1	%	 	 	24	 	 	 	0.2	%
	5990150 · Spa Supervisor	 	 	2,207	 	 	 	2.3	%	 	 	-	 	 	 	0.0	%	 	 	2,207	 	 	 	69.5	%	 	 	-	 	 	 	0.0	%	 	 	2,207	 	 	 	21.7	%

 

    	 	 	Report continued on next page

    	 

    

 

	5990170 ·
    Spa Manager	 	 	7,643	 	 	 	8.0	%	 	 	6,842	 	 	 	7.4	%	 	 	801	 	 	 	25.2	%	 	 	6,643	 	 	 	7.8	%	 	 	1,000	 	 	 	9.8	%
	5990330 · Spa Front
    Desk	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5990600 · Spa Guest
    Service Agent	 	 	3,603	 	 	 	3.8	%	 	 	6,951	 	 	 	7.5	%	 	 	(3,348	)	 	 	-105.4	%	 	 	6,749	 	 	 	7.9	%	 	 	(3,146	)	 	 	-30.9	%
	5990601 · Spa Laundry
    Attendant	 	 	3,924	 	 	 	4.1	%	 	 	-	 	 	 	0.0	%	 	 	3,924	 	 	 	123.5	%	 	 	4,088	 	 	 	4.8	%	 	 	(163	)	 	 	-1.6	%
	5990602 · Spa Shared
    Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5990603
    · Spa Other Pay	 	 	-	 	 	 	0.0	%	 	 	4,256	 	 	 	4.6	%	 	 	(4,256	)	 	 	-134.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5990000 · Spa Salary & Wages	 	 	25,677	 	 	 	26.8	%	 	 	26,200	 	 	 	28.3	%	 	 	(192	)	 	 	-6.0	%	 	 	25,437	 	 	 	29.8	%	 	 	404	 	 	 	4.0	%
	5999050 · Spa Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5951 · Spa Payroll
    Taxes	 	 	6,274	 	 	 	6.6	%	 	 	6,684	 	 	 	7.2	%	 	 	(410	)	 	 	-12.9	%	 	 	6,489	 	 	 	7.6	%	 	 	(215	)	 	 	-2.1	%
	5952 · Spa Workers'
    Comp	 	 	3,519	 	 	 	3.7	%	 	 	774	 	 	 	0.8	%	 	 	2,745	 	 	 	86.4	%	 	 	751	 	 	 	0.9	%	 	 	2,768	 	 	 	27.2	%
	5953 · Spa Employee
    Benefits	 	 	1,243	 	 	 	1.3	%	 	 	1,665	 	 	 	1.8	%	 	 	(422	)	 	 	-13.3	%	 	 	1,616	 	 	 	1.9	%	 	 	(373	)	 	 	-3.7	%
	5955 · Spa PTO	 	 	481	 	 	 	0.5	%	 	 	607	 	 	 	0.7	%	 	 	(126	)	 	 	-4.0	%	 	 	590	 	 	 	0.7	%	 	 	(108	)	 	 	-1.1	%
	5956
    · Spa Employ Meals	 	 	1,384	 	 	 	1.4	%	 	 	1,261	 	 	 	1.4	%	 	 	122	 	 	 	3.9	%	 	 	1,224	 	 	 	1.4	%	 	 	159	 	 	 	1.6	%
	Total 5999050 · Spa
    Taxes & Benefits	 	 	12,900	 	 	 	13.5	%	 	 	10,990	 	 	 	11.9	%	 	 	1,909	 	 	 	60.1	%	 	 	10,670	 	 	 	12.5	%	 	 	2,230	 	 	 	21.9	%
	Total 5000 · Payroll & Benefits	 	 	38,577	 	 	 	40.3	%	 	 	37,190	 	 	 	40.2	%	 	 	1,718	 	 	 	54.1	%	 	 	36,107	 	 	 	42.2	%	 	 	2,633	 	 	 	25.9	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8900 · Spa Direct Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8901 · Advertising
    & Promotion	 	 	162	 	 	 	0.2	%	 	 	34	 	 	 	0.0	%	 	 	128	 	 	 	4.0	%	 	 	33	 	 	 	0.0	%	 	 	129	 	 	 	1.3	%
	8907 · Bank Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8912 · Guest Relations	 	 	-	 	 	 	0.0	%	 	 	82	 	 	 	0.1	%	 	 	(82	)	 	 	-2.6	%	 	 	80	 	 	 	0.1	%	 	 	(80	)	 	 	-0.8	%
	8913 · Spa Payroll
    Processing Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8914 · Guest Amenities	 	 	1,336	 	 	 	1.4	%	 	 	519	 	 	 	0.6	%	 	 	817	 	 	 	25.7	%	 	 	504	 	 	 	0.6	%	 	 	833	 	 	 	8.2	%
	8915 · Operating
    Supply	 	 	75	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	75	 	 	 	2.3	%	 	 	-	 	 	 	0.0	%	 	 	75	 	 	 	0.7	%
	8917 · Business
    Meals & Entertainment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8922 · Cleaning
    & Janitorial	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8925 · Contract
    Labor	 	 	94	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	94	 	 	 	2.9	%	 	 	-	 	 	 	0.0	%	 	 	94	 	 	 	0.9	%
	8928 · Credit Card
    Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8934 · Dues &
    Subscriptions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8936 · Other Miscellaneous	 	 	-	 	 	 	0.0	%	 	 	43	 	 	 	0.0	%	 	 	(43	)	 	 	-1.3	%	 	 	42	 	 	 	0.0	%	 	 	(42	)	 	 	-0.4	%
	8939 · Employee
    Relations & Training	 	 	290	 	 	 	0.3	%	 	 	389	 	 	 	0.4	%	 	 	(99	)	 	 	-3.1	%	 	 	378	 	 	 	0.4	%	 	 	(88	)	 	 	-0.9	%
	8949 · Insurance	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8952 · Computer
    Main. & Support	 	 	289	 	 	 	0.3	%	 	 	66	 	 	 	0.1	%	 	 	223	 	 	 	7.0	%	 	 	64	 	 	 	0.1	%	 	 	225	 	 	 	2.2	%
	8955 · Laundry &
    Dry Cleaning	 	 	-	 	 	 	0.0	%	 	 	174	 	 	 	0.2	%	 	 	(174	)	 	 	-5.5	%	 	 	169	 	 	 	0.2	%	 	 	(169	)	 	 	-1.7	%
	8961 · Licenses
    & Permits	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8963 · AP &
    AG - Promotions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8964 · Linen Supply	 	 	2,313	 	 	 	2.4	%	 	 	3,353	 	 	 	3.6	%	 	 	(1,041	)	 	 	-32.8	%	 	 	3,256	 	 	 	3.8	%	 	 	(943	)	 	 	-9.3	%
	8967 · Office Supplies	 	 	187	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	187	 	 	 	5.9	%	 	 	-	 	 	 	0.0	%	 	 	187	 	 	 	1.8	%
	8968 · Spa Supplies	 	 	1,500	 	 	 	1.6	%	 	 	883	 	 	 	1.0	%	 	 	617	 	 	 	19.4	%	 	 	857	 	 	 	1.0	%	 	 	643	 	 	 	6.3	%
	8970 · Treatment
    Supplies	 	 	1,438	 	 	 	1.5	%	 	 	575	 	 	 	0.6	%	 	 	863	 	 	 	27.2	%	 	 	558	 	 	 	0.7	%	 	 	880	 	 	 	8.6	%

 

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	8976 · Postage
    & Delivery	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8978 · Express Mail	 	 	-	 	 	 	0.0	%	 	 	16	 	 	 	0.0	%	 	 	(16	)	 	 	-0.5	%	 	 	15	 	 	 	0.0	%	 	 	(15	)	 	 	-0.2	%
	8979 · Printing	 	 	1,483	 	 	 	1.6	%	 	 	-	 	 	 	0.0	%	 	 	1,483	 	 	 	46.7	%	 	 	-	 	 	 	0.0	%	 	 	1,483	 	 	 	14.6	%
	8985 · Repairs & Maintenance	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8988 · Telephone Cell &
    Radio	 	 	50	 	 	 	0.1	%	 	 	52	 	 	 	0.1	%	 	 	(2	)	 	 	0.0	%	 	 	50	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%
	8991 · Uniforms	 	 	79	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	79	 	 	 	2.5	%	 	 	-	 	 	 	0.0	%	 	 	79	 	 	 	0.8	%
	8996 · Rent Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8997 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8998 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8999 · Management Fee	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8900 · Spa Direct Expense	 	 	9,295	 	 	 	9.7	%	 	 	6,185	 	 	 	6.7	%	 	 	3,110	 	 	 	97.9	%	 	 	6,005	 	 	 	7.0	%	 	 	3,290	 	 	 	32.3	%
	Total Expense	 	 	63,774	 	 	 	66.7	%	 	 	59,073	 	 	 	63.9	%	 	 	4,701	 	 	 	148.0	%	 	 	56,490	 	 	 	66.1	%	 	 	7,284	 	 	 	71.6	%
	Net Income	 	 	29,307	 	 	 	30.6	%	 	 	31,903	 	 	 	34.5	%	 	 	(2,596	)	 	 	-81.7	%	 	 	28,081	 	 	 	32.8	%	 	 	1,227	 	 	 	12.1	%

 

	 	 	 	 	 	Budget	 
	 	 	Year
    to Date	 	 	Full
    Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4900 · Spa Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4905 ·
    Facial & Waxing	 	 	34,090	 	 	 	14.8	%	 	 	25,307	 	 	 	11.6	%	 	 	8,783	 	 	 	74.7	%	 	 	21,400	 	 	 	10.7	%	 	 	12,690	 	 	 	41.5	%	 	 	112,457	 	 	 	12.2	%
	4915 · Manicure &
    Pedicure	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	557	 	 	 	0.3	%	 	 	(557	)	 	 	-1.8	%	 	 	23,111	 	 	 	2.5	%
	4920 · Massage &
    Body	 	 	178,475	 	 	 	77.4	%	 	 	182,196	 	 	 	83.3	%	 	 	(3,721	)	 	 	-31.6	%	 	 	170,699	 	 	 	85.4	%	 	 	7,776	 	 	 	25.4	%	 	 	742,043	 	 	 	80.4	%
	4921 · Spa Massage
    & Body In Room	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(150	)	 	 	-0.1	%	 	 	150	 	 	 	0.5	%	 	 	(150	)	 	 	0.0	%
	4925 · Salon Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4926 · Spa Miscellaneous	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4930 · Packages	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4940
    · Retail Sales	 	 	18,025	 	 	 	7.8	%	 	 	11,328	 	 	 	5.2	%	 	 	6,697	 	 	 	57.0	%	 	 	7,490	 	 	 	3.7	%	 	 	10,535	 	 	 	34.4	%	 	 	45,558	 	 	 	4.9	%
	Total 4900 · Spa
    Revenue	 	 	230,590	 	 	 	100.0	%	 	 	218,830	 	 	 	100.0	%	 	 	11,760	 	 	 	100.0	%	 	 	199,996	 	 	 	100.0	%	 	 	30,594	 	 	 	100.0	%	 	 	923,018	 	 	 	100.0	%
	Total Revenue	 	 	230,590	 	 	 	100.0	%	 	 	218,830	 	 	 	100.0	%	 	 	11,760	 	 	 	100.0	%	 	 	199,996	 	 	 	100.0	%	 	 	30,594	 	 	 	100.0	%	 	 	923,018	 	 	 	100.0	%
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6900 · COGS Spa	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6905 · Facial &
    Waxing COGS	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6920 · Massage &
    Body COGS	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6940
    · Retail Sales COGS	 	 	8,665	 	 	 	48.1	%	 	 	6,268	 	 	 	2.7	%	 	 	2,397	 	 	 	35.8	%	 	 	4,155	 	 	 	55.5	%	 	 	4,509	 	 	 	42.8	%	 	 	22,204	 	 	 	2.4	%
	Total 6900 · COGS
    Spa	 	 	8,665	 	 	 	3.8	%	 	 	6,268	 	 	 	2.9	%	 	 	2,397	 	 	 	20.4	%	 	 	4,155	 	 	 	2.1	%	 	 	4,509	 	 	 	14.7	%	 	 	22,204	 	 	 	2.4	%
	Total COGS	 	 	8,665	 	 	 	3.8	%	 	 	6,268	 	 	 	2.9	%	 	 	2,397	 	 	 	20.4	%	 	 	4,155	 	 	 	2.1	%	 	 	4,509	 	 	 	14.7	%	 	 	22,204	 	 	 	2.4	%
	Gross Profit	 	 	221,925	 	 	 	96.2	%	 	 	212,562	 	 	 	97.1	%	 	 	9,363	 	 	 	79.6	%	 	 	195,840	 	 	 	97.9	%	 	 	26,085	 	 	 	85.3	%	 	 	900,814	 	 	 	97.6	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4950 · Spa Commissions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4951 · Treatment Commissions	 	 	34,221	 	 	 	14.8	%	 	 	34,136	 	 	 	15.6	%	 	 	85	 	 	 	0.7	%	 	 	32,170	 	 	 	16.1	%	 	 	2,051	 	 	 	6.7	%	 	 	138,549	 	 	 	15.0	%
	4952 · Retail Commissions	 	 	1,251	 	 	 	0.5	%	 	 	597	 	 	 	0.3	%	 	 	654	 	 	 	5.6	%	 	 	333	 	 	 	0.2	%	 	 	917	 	 	 	3.0	%	 	 	1,824	 	 	 	0.2	%
	4953 · Front Desk 1%
    Treatment	 	 	2,540	 	 	 	1.1	%	 	 	2,324	 	 	 	1.1	%	 	 	215	 	 	 	1.8	%	 	 	2,190	 	 	 	1.1	%	 	 	349	 	 	 	1.1	%	 	 	8,655	 	 	 	0.9	%
	4954 · Treatment Commissions-In
    Room	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

    	 	 	Report continued on next page

    	 

    

 

	4955 ·
    In Room 5% Treatment Commission	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	60	 	 	 	0.0	%	 	 	(60	)	 	 	-0.2	%	 	 	1,599	 	 	 	0.2	%
	4950
    · Spa Commissions - Other	 	 	-	 	 	 	0.0	%	 	 	206	 	 	 	0.1	%	 	 	(206	)	 	 	-1.8	%	 	 	398	 	 	 	0.2	%	 	 	(398	)	 	 	-1.3	%	 	 	2,488	 	 	 	0.3	%
	Total 4950 · Spa Commissions	 	 	38,011	 	 	 	16.5	%	 	 	37,263	 	 	 	17.0	%	 	 	739	 	 	 	6.3	%	 	 	35,152	 	 	 	17.6	%	 	 	2,968	 	 	 	9.7	%	 	 	153,114	 	 	 	16.6	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5990000 · Spa Salary & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5906 · Yoga Classes	 	 	6,067	 	 	 	2.6	%	 	 	5,320	 	 	 	2.4	%	 	 	747	 	 	 	6.4	%	 	 	5,000	 	 	 	2.5	%	 	 	1,067	 	 	 	3.5	%	 	 	22,873	 	 	 	2.5	%
	5990130 · Spa Therapist	 	 	15,747	 	 	 	6.8	%	 	 	15,665	 	 	 	7.2	%	 	 	82	 	 	 	0.7	%	 	 	14,918	 	 	 	7.5	%	 	 	829	 	 	 	2.7	%	 	 	81,944	 	 	 	8.9	%
	5990140 · Lead Spa
    Therapist	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5990145 · Spa Trainer	 	 	68	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	68	 	 	 	0.6	%	 	 	44	 	 	 	0.0	%	 	 	24	 	 	 	0.1	%	 	 	483	 	 	 	0.1	%
	5990150 · Spa Supervisor	 	 	6,101	 	 	 	2.6	%	 	 	-	 	 	 	0.0	%	 	 	6,101	 	 	 	51.9	%	 	 	1,396	 	 	 	0.7	%	 	 	4,705	 	 	 	15.4	%	 	 	13,247	 	 	 	1.4	%
	5990170 · Spa Manager	 	 	18,486	 	 	 	8.0	%	 	 	20,369	 	 	 	9.3	%	 	 	(1,883	)	 	 	-16.0	%	 	 	19,434	 	 	 	9.7	%	 	 	(948	)	 	 	-3.1	%	 	 	69,364	 	 	 	7.5	%
	5990330 · Spa Front
    Desk	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5990600 · Spa Guest
    Service Agent	 	 	10,212	 	 	 	4.4	%	 	 	15,568	 	 	 	7.1	%	 	 	(5,356	)	 	 	-45.5	%	 	 	17,783	 	 	 	8.9	%	 	 	(7,571	)	 	 	-24.7	%	 	 	68,948	 	 	 	7.5	%
	5990601 · Spa Laundry
    Attendant	 	 	12,070	 	 	 	5.2	%	 	 	-	 	 	 	0.0	%	 	 	12,070	 	 	 	102.6	%	 	 	12,865	 	 	 	6.4	%	 	 	(796	)	 	 	-2.6	%	 	 	50,516	 	 	 	5.5	%
	5990602 · Spa Shared
    Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5990603
    · Spa Other Pay	 	 	-	 	 	 	0.0	%	 	 	13,003	 	 	 	5.9	%	 	 	(13,003	)	 	 	-110.6	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5990000 · Spa Salary & Wages	 	 	68,751	 	 	 	29.8	%	 	 	69,925	 	 	 	32.0	%	 	 	(241	)	 	 	-2.1	%	 	 	71,440	 	 	 	35.7	%	 	 	(1,893	)	 	 	-6.2	%	 	 	307,375	 	 	 	33.3	%
	5999050 · Spa Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5951 · Spa Payroll
    Taxes	 	 	17,011	 	 	 	7.4	%	 	 	17,254	 	 	 	7.9	%	 	 	(243	)	 	 	-2.1	%	 	 	16,018	 	 	 	8.0	%	 	 	993	 	 	 	3.2	%	 	 	57,122	 	 	 	6.2	%
	5952 · Spa Workers'
    Comp	 	 	5,065	 	 	 	2.2	%	 	 	2,048	 	 	 	0.9	%	 	 	3,017	 	 	 	25.7	%	 	 	1,792	 	 	 	0.9	%	 	 	3,273	 	 	 	10.7	%	 	 	7,153	 	 	 	0.8	%
	5953 · Spa Employee
    Benefits	 	 	2,973	 	 	 	1.3	%	 	 	3,017	 	 	 	1.4	%	 	 	(44	)	 	 	-0.4	%	 	 	2,864	 	 	 	1.4	%	 	 	109	 	 	 	0.4	%	 	 	7,575	 	 	 	0.8	%
	5955 · Spa PTO	 	 	1,100	 	 	 	0.5	%	 	 	1,143	 	 	 	0.5	%	 	 	(43	)	 	 	-0.4	%	 	 	1,169	 	 	 	0.6	%	 	 	(69	)	 	 	-0.2	%	 	 	4,065	 	 	 	0.4	%
	5956
    · Spa Employ Meals	 	 	3,811	 	 	 	1.7	%	 	 	3,636	 	 	 	1.7	%	 	 	175	 	 	 	1.5	%	 	 	3,622	 	 	 	1.8	%	 	 	188	 	 	 	0.6	%	 	 	16,865	 	 	 	1.8	%
	Total 5999050 · Spa
    Taxes & Benefits	 	 	29,960	 	 	 	13.0	%	 	 	27,098	 	 	 	12.4	%	 	 	2,861	 	 	 	24.3	%	 	 	25,465	 	 	 	12.7	%	 	 	4,494	 	 	 	14.7	%	 	 	92,779	 	 	 	10.1	%
	Total 5000 · Payroll & Benefits	 	 	98,711	 	 	 	42.8	%	 	 	97,024	 	 	 	44.3	%	 	 	2,620	 	 	 	22.3	%	 	 	96,905	 	 	 	48.5	%	 	 	2,601	 	 	 	8.5	%	 	 	400,154	 	 	 	43.4	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8900 · Spa Direct Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8901 · Advertising
    & Promotion	 	 	2,562	 	 	 	1.1	%	 	 	416	 	 	 	0.2	%	 	 	2,146	 	 	 	18.2	%	 	 	437	 	 	 	0.2	%	 	 	2,125	 	 	 	6.9	%	 	 	2,601	 	 	 	0.3	%
	8907 · Bank Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8912 · Guest Relations	 	 	145	 	 	 	0.1	%	 	 	227	 	 	 	0.1	%	 	 	(82	)	 	 	-0.7	%	 	 	102	 	 	 	0.1	%	 	 	43	 	 	 	0.1	%	 	 	1,040	 	 	 	0.1	%
	8913 · Spa Payroll
    Processing Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8914 · Guest Amenities	 	 	2,894	 	 	 	1.3	%	 	 	1,516	 	 	 	0.7	%	 	 	1,378	 	 	 	11.7	%	 	 	2,749	 	 	 	1.4	%	 	 	145	 	 	 	0.5	%	 	 	10,199	 	 	 	1.1	%
	8915 · Operating
    Supply	 	 	164	 	 	 	0.1	%	 	 	9	 	 	 	0.0	%	 	 	155	 	 	 	1.3	%	 	 	146	 	 	 	0.1	%	 	 	18	 	 	 	0.1	%	 	 	862	 	 	 	0.1	%
	8917 · Business
    Meals & Entertainment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8922 · Cleaning
    & Janitorial	 	 	20	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	20	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	20	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%
	8925 · Contract
    Labor	 	 	94	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	94	 	 	 	0.8	%	 	 	-	 	 	 	0.0	%	 	 	94	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%
	8928 · Credit Card
    Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

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	8934 ·
    Dues & Subscriptions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8936 · Other Miscellaneous	 	 	-	 	 	 	0.0	%	 	 	67	 	 	 	0.0	%	 	 	(67	)	 	 	-0.6	%	 	 	88	 	 	 	0.0	%	 	 	(88	)	 	 	-0.3	%	 	 	1,525	 	 	 	0.2	%
	8939 · Employee
    Relations & Training	 	 	624	 	 	 	0.3	%	 	 	1,810	 	 	 	0.8	%	 	 	(1,187	)	 	 	-10.1	%	 	 	1,923	 	 	 	1.0	%	 	 	(1,300	)	 	 	-4.2	%	 	 	4,113	 	 	 	0.4	%
	8949 · Insurance	 	 	80	 	 	 	0.0	%	 	 	316	 	 	 	0.1	%	 	 	(236	)	 	 	-2.0	%	 	 	229	 	 	 	0.1	%	 	 	(149	)	 	 	-0.5	%	 	 	249	 	 	 	0.0	%
	8952 · Computer
    Main. & Support	 	 	867	 	 	 	0.4	%	 	 	1,007	 	 	 	0.5	%	 	 	(140	)	 	 	-1.2	%	 	 	1,058	 	 	 	0.5	%	 	 	(191	)	 	 	-0.6	%	 	 	3,133	 	 	 	0.3	%
	8955 · Laundry &
    Dry Cleaning	 	 	-	 	 	 	0.0	%	 	 	307	 	 	 	0.1	%	 	 	(307	)	 	 	-2.6	%	 	 	444	 	 	 	0.2	%	 	 	(444	)	 	 	-1.5	%	 	 	581	 	 	 	0.1	%
	8961 · Licenses
    & Permits	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8963 · AP &
    AG - Promotions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8964 · Linen Supply	 	 	6,596	 	 	 	2.9	%	 	 	8,567	 	 	 	3.9	%	 	 	(1,971	)	 	 	-16.8	%	 	 	9,222	 	 	 	4.6	%	 	 	(2,626	)	 	 	-8.6	%	 	 	41,084	 	 	 	4.5	%
	8967 · Office Supplies	 	 	193	 	 	 	0.1	%	 	 	279	 	 	 	0.1	%	 	 	(85	)	 	 	-0.7	%	 	 	492	 	 	 	0.2	%	 	 	(298	)	 	 	-1.0	%	 	 	2,870	 	 	 	0.3	%
	8968 · Spa Supplies	 	 	2,169	 	 	 	0.9	%	 	 	1,757	 	 	 	0.8	%	 	 	411	 	 	 	3.5	%	 	 	2,207	 	 	 	1.1	%	 	 	(39	)	 	 	-0.1	%	 	 	10,170	 	 	 	1.1	%
	8970 · Treatment
    Supplies	 	 	3,734	 	 	 	1.6	%	 	 	3,420	 	 	 	1.6	%	 	 	314	 	 	 	2.7	%	 	 	3,781	 	 	 	1.9	%	 	 	(47	)	 	 	-0.2	%	 	 	18,858	 	 	 	2.0	%
	8976 · Postage &
    Delivery	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8978 · Express Mail	 	 	104	 	 	 	0.0	%	 	 	141	 	 	 	0.1	%	 	 	(37	)	 	 	-0.3	%	 	 	54	 	 	 	0.0	%	 	 	50	 	 	 	0.2	%	 	 	275	 	 	 	0.0	%
	8979 · Printing	 	 	4,450	 	 	 	1.9	%	 	 	1,483	 	 	 	0.7	%	 	 	2,967	 	 	 	25.2	%	 	 	300	 	 	 	0.2	%	 	 	4,150	 	 	 	13.6	%	 	 	755	 	 	 	0.1	%
	8985 · Repairs &
    Maintenance	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8988 · Telephone
    Cell & Radio	 	 	150	 	 	 	0.1	%	 	 	153	 	 	 	0.1	%	 	 	(3	)	 	 	0.0	%	 	 	150	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	752	 	 	 	0.1	%
	8991 · Uniforms	 	 	133	 	 	 	0.1	%	 	 	8	 	 	 	0.0	%	 	 	125	 	 	 	1.1	%	 	 	-	 	 	 	0.0	%	 	 	133	 	 	 	0.4	%	 	 	729	 	 	 	0.1	%
	8996 · Rent Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8997 · Business
    Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8998 · Business
    Meals	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8999
    · Management Fee	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8900 · Spa
    Direct Expense	 	 	24,978	 	 	 	10.8	%	 	 	21,483	 	 	 	9.8	%	 	 	3,494	 	 	 	29.7	%	 	 	23,384	 	 	 	11.7	%	 	 	1,594	 	 	 	5.2	%	 	 	99,796	 	 	 	10.8	%
	Total Expense	 	 	161,700	 	 	 	70.1	%	 	 	155,770	 	 	 	71.2	%	 	 	5,929	 	 	 	50.4	%	 	 	155,441	 	 	 	77.7	%	 	 	6,259	 	 	 	20.5	%	 	 	653,064	 	 	 	70.8	%
	Net Income	 	 	60,225	 	 	 	26.1	%	 	 	56,792	 	 	 	26.0	%	 	 	3,434	 	 	 	29.2	%	 	 	40,399	 	 	 	20.2	%	 	 	19,826	 	 	 	64.8	%	 	 	247,750	 	 	 	26.8	%

 

    	 	Page 9 of 23	L'Auberge_Resort March 13 Issue.xls

    	 

    

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TOTAL	 
	 	 	Jan
    13	 	 	%
    of

    Income	 	 	Feb
    13	 	 	%
    of

    Income	 	 	Mar
    13	 	 	%
    of

    Income	 	 	Jan
    - Mar 13	 	 	%
    of 

    Income	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4900 · Spa Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4905 ·
    Facial & Waxing	 	 	8,681.00	 	 	 	13.58	%	 	 	11,447.50	 	 	 	16.13	%	 	 	13,961.50	 	 	 	14.59	%	 	 	34,090.00	 	 	 	14.78	%
	4920 · Massage &
    Body	 	 	50,107.37	 	 	 	78.36	%	 	 	53,514.58	 	 	 	75.41	%	 	 	74,852.79	 	 	 	78.24	%	 	 	178,474.74	 	 	 	77.4	%
	4940 · Retail Sales	 	 	5,156.50	 	 	 	8.06	%	 	 	6,006.50	 	 	 	8.46	%	 	 	6,862.00	 	 	 	7.17	%	 	 	18,025.00	 	 	 	7.82	%
	Total
    4900 · Spa Revenue	 	 	63,944.87	 	 	 	100.0	%	 	 	70,968.58	 	 	 	100.0	%	 	 	95,676.29	 	 	 	100.0	%	 	 	230,589.74	 	 	 	100.0	%
	Total
    Income	 	 	63,944.87	 	 	 	100.0	%	 	 	70,968.58	 	 	 	100.0	%	 	 	95,676.29	 	 	 	100.0	%	 	 	230,589.74	 	 	 	100.0	%
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6900 · COGS Spa	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6940
    · Retail Sales COGS	 	 	3,182.44	 	 	 	4.98	%	 	 	2,887.27	 	 	 	4.07	%	 	 	2,595.02	 	 	 	2.71	%	 	 	8,664.73	 	 	 	3.76	%
	Total
    6900 · COGS Spa	 	 	3,182.44	 	 	 	4.98	%	 	 	2,887.27	 	 	 	4.07	%	 	 	2,595.02	 	 	 	2.71	%	 	 	8,664.73	 	 	 	3.76	%
	Total
    COGS	 	 	3,182.44	 	 	 	4.98	%	 	 	2,887.27	 	 	 	4.07	%	 	 	2,595.02	 	 	 	2.71	%	 	 	8,664.73	 	 	 	3.76	%
	Gross Profit	 	 	60,762.43	 	 	 	95.02	%	 	 	68,081.31	 	 	 	95.93	%	 	 	93,081.27	 	 	 	97.29	%	 	 	221,925.01	 	 	 	96.24	%
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4950 · Spa Commissions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4951 · Treatment
    Commissions	 	 	9,954.55	 	 	 	15.57	%	 	 	10,058.81	 	 	 	14.17	%	 	 	14,207.55	 	 	 	14.85	%	 	 	34,220.91	 	 	 	14.84	%
	4952 · Retail Commissions	 	 	358.30	 	 	 	0.56	%	 	 	427.20	 	 	 	0.6	%	 	 	465.15	 	 	 	0.49	%	 	 	1,250.65	 	 	 	0.54	%
	4953
    · Front Desk 1% Treatment	 	 	647.51	 	 	 	1.01	%	 	 	663.04	 	 	 	0.93	%	 	 	1,229.25	 	 	 	1.29	%	 	 	2,539.80	 	 	 	1.1	%
	Total 4950 · Spa
    Commissions	 	 	10,960.36	 	 	 	17.14	%	 	 	11,149.05	 	 	 	15.71	%	 	 	15,901.95	 	 	 	16.62	%	 	 	38,011.36	 	 	 	16.48	%
	5000 · Payroll
    & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5990000 · Spa Salary
    & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5906 · Yoga Classes	 	 	2,082.75	 	 	 	3.26	%	 	 	1,824.50	 	 	 	2.57	%	 	 	2,159.75	 	 	 	2.26	%	 	 	6,067.00	 	 	 	2.63	%
	5990130 · Spa Therapist	 	 	4,889.00	 	 	 	7.65	%	 	 	4,786.50	 	 	 	6.75	%	 	 	6,071.39	 	 	 	6.35	%	 	 	15,746.89	 	 	 	6.83	%
	5990145 · Spa Trainer	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	68.00	 	 	 	0.07	%	 	 	68.00	 	 	 	0.03	%
	5990150 · Spa Supervisor	 	 	2,160.00	 	 	 	3.38	%	 	 	1,734.00	 	 	 	2.44	%	 	 	2,207.25	 	 	 	2.31	%	 	 	6,101.25	 	 	 	2.65	%
	5990170 · Spa Manager	 	 	4,843.00	 	 	 	7.57	%	 	 	6,000.00	 	 	 	8.45	%	 	 	7,643.00	 	 	 	7.99	%	 	 	18,486.00	 	 	 	8.02	%
	5990600 · Spa Guest
    Service Agent	 	 	3,446.25	 	 	 	5.39	%	 	 	3,162.50	 	 	 	4.46	%	 	 	3,603.38	 	 	 	3.77	%	 	 	10,212.13	 	 	 	4.43	%

 

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	5990601 · Spa
    Laundry Attendant	 	 	4,234.76	 	 	 	6.62	%	 	 	3,910.64	 	 	 	5.51	%	 	 	3,924.27	 	 	 	4.1	%	 	 	12,069.67	 	 	 	5.23	%
	Total 5990000 · Spa Salary
    & Wages	 	 	21,655.76	 	 	 	33.87	%	 	 	21,418.14	 	 	 	30.18	%	 	 	25,677.04	 	 	 	26.84	%	 	 	68,750.94	 	 	 	29.82	%
	5999050 · Spa Taxes &
    Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5951 · Spa Payroll Taxes	 	 	5,905.15	 	 	 	9.24	%	 	 	4,831.95	 	 	 	6.81	%	 	 	6,273.75	 	 	 	6.56	%	 	 	17,010.85	 	 	 	7.38	%
	5952 · Spa Workers' Comp	 	 	773.00	 	 	 	1.21	%	 	 	773.00	 	 	 	1.09	%	 	 	3,518.51	 	 	 	3.68	%	 	 	5,064.51	 	 	 	2.2	%
	5953 · Spa Employee Benefits	 	 	418.76	 	 	 	0.66	%	 	 	1,311.79	 	 	 	1.85	%	 	 	1,242.63	 	 	 	1.3	%	 	 	2,973.18	 	 	 	1.29	%
	5955 · Spa PTO	 	 	262.99	 	 	 	0.41	%	 	 	356.03	 	 	 	0.5	%	 	 	481.17	 	 	 	0.5	%	 	 	1,100.19	 	 	 	0.48	%
	5956 · Spa Employ Meals	 	 	1,179.68	 	 	 	1.85	%	 	 	1,247.63	 	 	 	1.76	%	 	 	1,383.56	 	 	 	1.45	%	 	 	3,810.87	 	 	 	1.65	%
	Total 5999050 · Spa Taxes
    & Benefits	 	 	8,539.58	 	 	 	13.36	%	 	 	8,520.40	 	 	 	12.01	%	 	 	12,899.62	 	 	 	13.48	%	 	 	29,959.60	 	 	 	12.99	%
	Total 5000 · Payroll &
    Benefits	 	 	30,195.34	 	 	 	47.22	%	 	 	29,938.54	 	 	 	42.19	%	 	 	38,576.66	 	 	 	40.32	%	 	 	98,710.54	 	 	 	42.81	%
	8900 · Spa Direct Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8901 · Advertising & Promotion	 	 	0.00	 	 	 	0.0	%	 	 	2,400.00	 	 	 	3.38	%	 	 	162.00	 	 	 	0.17	%	 	 	2,562.00	 	 	 	1.11	%
	8912 · Guest Relations	 	 	145.00	 	 	 	0.23	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	145.00	 	 	 	0.06	%
	8914 · Guest Amenities	 	 	675.76	 	 	 	1.06	%	 	 	882.00	 	 	 	1.24	%	 	 	1,336.44	 	 	 	1.4	%	 	 	2,894.20	 	 	 	1.26	%
	8915 · Operating Supply	 	 	8.83	 	 	 	0.01	%	 	 	80.60	 	 	 	0.11	%	 	 	74.54	 	 	 	0.08	%	 	 	163.97	 	 	 	0.07	%
	8922 · Cleaning & Janitorial	 	 	0.00	 	 	 	0.0	%	 	 	19.98	 	 	 	0.03	%	 	 	0.00	 	 	 	0.0	%	 	 	19.98	 	 	 	0.01	%
	8925 · Contract Labor	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	93.53	 	 	 	0.1	%	 	 	93.53	 	 	 	0.04	%
	8939 · Employee Relations
    & Training	 	 	239.00	 	 	 	0.37	%	 	 	94.50	 	 	 	0.13	%	 	 	290.00	 	 	 	0.3	%	 	 	623.50	 	 	 	0.27	%
	8949 · Insurance	 	 	80.00	 	 	 	0.13	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	80.00	 	 	 	0.04	%
	8952 · Computer Main. &
    Support	 	 	578.00	 	 	 	0.9	%	 	 	0.00	 	 	 	0.0	%	 	 	289.00	 	 	 	0.3	%	 	 	867.00	 	 	 	0.38	%
	8964 · Linen Supply	 	 	2,153.84	 	 	 	3.37	%	 	 	2,129.50	 	 	 	3.0	%	 	 	2,312.76	 	 	 	2.42	%	 	 	6,596.10	 	 	 	2.86	%
	8967 · Office Supplies	 	 	6.17	 	 	 	0.01	%	 	 	0.00	 	 	 	0.0	%	 	 	187.21	 	 	 	0.2	%	 	 	193.38	 	 	 	0.08	%
	8968 · Spa Supplies	 	 	167.54	 	 	 	0.26	%	 	 	501.48	 	 	 	0.71	%	 	 	1,499.60	 	 	 	1.57	%	 	 	2,168.62	 	 	 	0.94	%

 

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	8970 · Treatment
    Supplies	 	 	1,101.97	 	 	 	1.72	%	 	 	1,193.98	 	 	 	1.68	%	 	 	1,437.77	 	 	 	1.5	%	 	 	3,733.72	 	 	 	1.62	%
	8978 · Express Mail	 	 	104.01	 	 	 	0.16	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	104.01	 	 	 	0.05	%
	8979 · Printing	 	 	1,483.33	 	 	 	2.32	%	 	 	1,483.33	 	 	 	2.09	%	 	 	1,483.33	 	 	 	1.55	%	 	 	4,449.99	 	 	 	1.93	%
	8988 · Telephone Cell &
    Radio	 	 	50.00	 	 	 	0.08	%	 	 	50.00	 	 	 	0.07	%	 	 	50.00	 	 	 	0.05	%	 	 	150.00	 	 	 	0.07	%
	8991 · Uniforms	 	 	7.94	 	 	 	0.01	%	 	 	45.60	 	 	 	0.06	%	 	 	79.20	 	 	 	0.08	%	 	 	132.74	 	 	 	0.06	%
	Total 8900 · Spa Direct
    Expense	 	 	6,801.39	 	 	 	10.64	%	 	 	8,880.97	 	 	 	12.51	%	 	 	9,295.38	 	 	 	9.72	%	 	 	24,977.74	 	 	 	10.83	%
	Total Expense	 	 	47,957.09	 	 	 	75.0	%	 	 	49,968.56	 	 	 	70.41	%	 	 	63,773.99	 	 	 	66.66	%	 	 	161,699.64	 	 	 	70.12	%
	Net Ordinary Income	 	 	12,805.34	 	 	 	20.03	%	 	 	18,112.75	 	 	 	25.52	%	 	 	29,307.28	 	 	 	30.63	%	 	 	60,225.37	 	 	 	26.12	%
	Net Income	 	 	12,805.34	 	 	 	20.03	%	 	 	18,112.75	 	 	 	25.52	%	 	 	29,307.28	 	 	 	30.63	%	 	 	60,225.37	 	 	 	26.12	%

 

    	 	Page 10 of 23	L'Auberge_Resort March 13 Issue.xls / Spa

    	 

    

 

L'Auberge de Sedona
Resort

Miscellaneous Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current
    Month	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4400 · Telephone Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4401 ·
    Local Phone Charges	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4402
    · Long Distance Charges	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4400 · Telephone Revenue	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4500 · Miscellaneous Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4500 · Miscellaneous
    Revenue - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4501 · Laundry Charges	 	 	376	 	 	 	0.4	%	 	 	442	 	 	 	0.5	%	 	 	(65	)	 	 	-0.5	%	 	 	443	 	 	 	0.8	%	 	 	(67	)	 	 	-0.2	%
	4502 · UPS/Postage Charges	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4503 · Ticket Sales
    Tour	 	 	125	 	 	 	0.1	%	 	 	204	 	 	 	0.3	%	 	 	(79	)	 	 	-0.6	%	 	 	205	 	 	 	0.4	%	 	 	(80	)	 	 	-0.2	%
	4505 · Resort Fee	 	 	54,515	 	 	 	58.1	%	 	 	49,847	 	 	 	61.4	%	 	 	4,668	 	 	 	36.9	%	 	 	50,013	 	 	 	89.3	%	 	 	4,502	 	 	 	11.9	%
	4506 · Commissions
    Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4507 · House Grats	 	 	877	 	 	 	0.9	%	 	 	-	 	 	 	0.0	%	 	 	877	 	 	 	6.9	%	 	 	-	 	 	 	0.0	%	 	 	877	 	 	 	2.3	%
	4508 · Nightly Parking	 	 	27,280	 	 	 	29.1	%	 	 	25,332	 	 	 	31.2	%	 	 	1,948	 	 	 	15.4	%	 	 	-	 	 	 	0.0	%	 	 	27,280	 	 	 	72.2	%
	4510 · Pet Fees	 	 	2,450	 	 	 	2.6	%	 	 	2,821	 	 	 	3.5	%	 	 	(371	)	 	 	-2.9	%	 	 	2,830	 	 	 	5.1	%	 	 	(380	)	 	 	-1.0	%
	4511 · Package Charges	 	 	6,866	 	 	 	7.3	%	 	 	2,387	 	 	 	2.9	%	 	 	4,479	 	 	 	35.4	%	 	 	2,395	 	 	 	4.3	%	 	 	4,471	 	 	 	11.8	%
	4516 · Music CD Sales	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4517 · Amenity Fee	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4520 · Other Miscellaneous	 	 	1,290	 	 	 	1.4	%	 	 	103	 	 	 	0.1	%	 	 	1,187	 	 	 	9.4	%	 	 	103	 	 	 	0.2	%	 	 	1,187	 	 	 	3.1	%
	4525 · Transient No
    show	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4530
    · 2008 Consultant Reconcilliation	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4500 · Miscellaneous
    Revenue	 	 	93,780	 	 	 	100.0	%	 	 	81,135	 	 	 	100.0	%	 	 	12,644	 	 	 	100.0	%	 	 	55,989	 	 	 	100.0	%	 	 	37,791	 	 	 	100.0	%
	Total Revenue	 	 	93,780	 	 	 	100.0	%	 	 	81,135	 	 	 	100.0	%	 	 	12,644	 	 	 	100.0	%	 	 	55,989	 	 	 	100.0	%	 	 	37,791	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6400 · Cost of Telephone	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6401 · Local Phone
    Costs	 	 	2,803	 	 	 	3.0	%	 	 	1,365	 	 	 	1.7	%	 	 	1,438	 	 	 	11.4	%	 	 	1,326	 	 	 	2.4	%	 	 	1,478	 	 	 	3.9	%
	6402
    · Long Distance Phone Costs	 	 	-	 	 	 	0.0	%	 	 	1,407	 	 	 	1.7	%	 	 	(1,407	)	 	 	-11.1	%	 	 	1,366	 	 	 	2.4	%	 	 	(1,366	)	 	 	-3.6	%
	Total 6400 · Cost of Telephone	 	 	2,803	 	 	 	3.0	%	 	 	2,772	 	 	 	3.4	%	 	 	31	 	 	 	0.2	%	 	 	2,691	 	 	 	4.8	%	 	 	112	 	 	 	0.3	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6500 · Cost of Other Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6500 · Cost of Other
    Revenue - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6506 · Cost of Guest
    Valet	 	 	296	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	296	 	 	 	2.3	%	 	 	-	 	 	 	0.0	%	 	 	296	 	 	 	0.8	%
	6510 · Cost of Packages,
    Misc.	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6516 · Cost of Guest
    Meals - Reception	 	 	4,388	 	 	 	4.7	%	 	 	4,674	 	 	 	5.8	%	 	 	(286	)	 	 	-2.3	%	 	 	4,538	 	 	 	8.1	%	 	 	(150	)	 	 	-0.4	%

 

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	6517 ·
    Romance Boutique Package	 	 	(171	)	 	 	-0.2	%	 	 	-	 	 	 	0.0	%	 	 	(171	)	 	 	-1.4	%	 	 	-	 	 	 	0.0	%	 	 	(171	)	 	 	-0.5	%
	6520 · Cost of Misc.
    Revenue	 	 	(302	)	 	 	-0.3	%	 	 	2,072	 	 	 	2.6	%	 	 	(2,374	)	 	 	-18.8	%	 	 	2,011	 	 	 	3.6	%	 	 	(2,314	)	 	 	-6.1	%
	6551 · Cost of Resort
    Fee-F & B	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6553 · Cost of Resort Fee-StarGazer	 	 	1,770	 	 	 	1.9	%	 	 	2,750	 	 	 	3.4	%	 	 	(980	)	 	 	-7.8	%	 	 	2,670	 	 	 	4.8	%	 	 	(900	)	 	 	-2.4	%
	6556 · Cost of Resort
    Fee - Photograph	 	 	500	 	 	 	0.5	%	 	 	644	 	 	 	0.8	%	 	 	(144	)	 	 	-1.1	%	 	 	625	 	 	 	1.1	%	 	 	(125	)	 	 	-0.3	%
	6557 · Cost of Resort
    Fee-Story Teller	 	 	350	 	 	 	0.4	%	 	 	695	 	 	 	0.9	%	 	 	(345	)	 	 	-2.7	%	 	 	675	 	 	 	1.2	%	 	 	(325	)	 	 	-0.9	%
	6558 · Cost of Resort
    Fee-Guided Image	 	 	675	 	 	 	0.7	%	 	 	541	 	 	 	0.7	%	 	 	134	 	 	 	1.1	%	 	 	525	 	 	 	0.9	%	 	 	150	 	 	 	0.4	%
	6561 · Cost of Resort
    Fee-Guest Svcs	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6562 · Cost of Resort
    Fee-Yoga Instr	 	 	-	 	 	 	0.0	%	 	 	5	 	 	 	0.0	%	 	 	(5	)	 	 	0.0	%	 	 	5	 	 	 	0.0	%	 	 	(5	)	 	 	0.0	%
	Total 6500 · Cost
    of Other Revenue	 	 	7,506	 	 	 	8.0	%	 	 	11,381	 	 	 	14.0	%	 	 	(3,875	)	 	 	-30.6	%	 	 	11,049	 	 	 	19.7	%	 	 	(3,543	)	 	 	-9.4	%
	Total COGS	 	 	10,309	 	 	 	11.0	%	 	 	14,153	 	 	 	17.4	%	 	 	(3,844	)	 	 	-30.4	%	 	 	13,741	 	 	 	24.5	%	 	 	(3,432	)	 	 	-9.1	%
	Gross Profit	 	 	83,471	 	 	 	89.0	%	 	 	66,982	 	 	 	82.6	%	 	 	16,488	 	 	 	130.4	%	 	 	42,248	 	 	 	75.5	%	 	 	41,222	 	 	 	109.1	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5500000 · Misc Salary & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5500610 · Valet	 	 	6,508	 	 	 	6.9	%	 	 	9,275	 	 	 	11.4	%	 	 	(2,767	)	 	 	-21.9	%	 	 	9,005	 	 	 	16.1	%	 	 	(2,497	)	 	 	-6.6	%
	Total 5500000 · Valet Salary & Wages	 	 	6,508	 	 	 	6.9	%	 	 	9,275	 	 	 	11.4	%	 	 	(2,767	)	 	 	-21.9	%	 	 	9,005	 	 	 	16.1	%	 	 	(2,497	)	 	 	-6.6	%
	5500050 · Misc Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5551 · Misc Payroll
    Taxes	 	 	1,975	 	 	 	2.1	%	 	 	1,484	 	 	 	1.8	%	 	 	492	 	 	 	3.9	%	 	 	1,440	 	 	 	2.6	%	 	 	535	 	 	 	1.4	%
	5552 · Misc Workers
    Comp	 	 	-	 	 	 	0.0	%	 	 	97	 	 	 	0.1	%	 	 	(97	)	 	 	-0.8	%	 	 	94	 	 	 	0.2	%	 	 	(94	)	 	 	-0.2	%
	5553 · Misc Employ
    Benefits	 	 	(269	)	 	 	-0.3	%	 	 	605	 	 	 	0.7	%	 	 	(874	)	 	 	-6.9	%	 	 	587	 	 	 	1.0	%	 	 	(856	)	 	 	-2.3	%
	5555 · Misc PTO	 	 	98	 	 	 	0.1	%	 	 	423	 	 	 	0.5	%	 	 	(325	)	 	 	-2.6	%	 	 	411	 	 	 	0.7	%	 	 	(313	)	 	 	-0.8	%
	5556
    · Misc Employ Meals	 	 	-	 	 	 	0.0	%	 	 	257	 	 	 	0.3	%	 	 	(257	)	 	 	-2.0	%	 	 	249	 	 	 	0.4	%	 	 	(249	)	 	 	-0.7	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 5999050 · Valet
    Taxes & Benefits	 	 	1,805	 	 	 	1.9	%	 	 	2,865	 	 	 	3.5	%	 	 	(1,060	)	 	 	-8.4	%	 	 	2,782	 	 	 	5.0	%	 	 	(977	)	 	 	-2.6	%
	Total 5000 · Payroll
    & Benefits	 	 	8,313	 	 	 	8.9	%	 	 	12,140	 	 	 	15.0	%	 	 	(3,828	)	 	 	-30.3	%	 	 	11,786	 	 	 	21.1	%	 	 	(3,474	)	 	 	-9.2	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	8,313	 	 	 	8.9	%	 	 	12,140	 	 	 	15.0	%	 	 	(3,828	)	 	 	-30.3	%	 	 	11,786	 	 	 	21.1	%	 	 	(3,474	)	 	 	-9.2	%
	Net Income	 	 	75,158	 	 	 	80.1	%	 	 	54,842	 	 	 	67.6	%	 	 	20,316	 	 	 	160.7	%	 	 	30,462	 	 	 	54.4	%	 	 	44,696	 	 	 	118.3	%

 

	 	 	 	 	 	Budget	 
	 	 	Year
    to Date	 	 	Full
    Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4400 · Telephone Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4401 ·
    Local Phone Charges	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4402
    · Long Distance Charges	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(83	)	 	 	0.0	%
	Total 4400 · Telephone Revenue	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(83	)	 	 	0.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4500 · Miscellaneous Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4500 · Miscellaneous
    Revenue - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

    	 	 	Report continued on next page

    	 

    

 

	4501 · Laundry Charges	 	 	660	 	 	 	0.3	%	 	 	759	 	 	 	0.4	%	 	 	(99	)	 	 	-0.6	%	 	 	836	 	 	 	1.5	%	 	 	(176	)	 	 	-0.3	%	 	 	5,197	 	 	 	0.7	%
	4502 · UPS/Postage Charges	 	 	-	 	 	 	0.0	%	 	 	2	 	 	 	0.0	%	 	 	(2	)	 	 	0.0	%	 	 	2	 	 	 	0.0	%	 	 	(2	)	 	 	0.0	%	 	 	88	 	 	 	0.0	%
	4503 · Ticket Sales Tour	 	 	125	 	 	 	0.1	%	 	 	(5	)	 	 	0.0	%	 	 	130	 	 	 	0.8	%	 	 	575	 	 	 	1.0	%	 	 	(450	)	 	 	-0.7	%	 	 	3,226	 	 	 	0.5	%
	4505 · Resort Fee	 	 	109,510	 	 	 	53.6	%	 	 	104,092	 	 	 	55.4	%	 	 	5,417	 	 	 	32.6	%	 	 	111,921	 	 	 	199.9	%	 	 	(2,411	)	 	 	-4.0	%	 	 	570,872	 	 	 	80.9	%
	4506 · Commissions Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	260	 	 	 	0.0	%
	4507 · House Grats	 	 	877	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	877	 	 	 	5.3	%	 	 	-	 	 	 	0.0	%	 	 	877	 	 	 	1.4	%	 	 	5,098	 	 	 	0.7	%
	4508 · Nightly Parking	 	 	59,585	 	 	 	29.2	%	 	 	57,565	 	 	 	30.7	%	 	 	2,020	 	 	 	12.2	%	 	 	-	 	 	 	0.0	%	 	 	59,585	 	 	 	98.4	%	 	 	-	 	 	 	0.0	%
	4510 · Pet Fees	 	 	6,273	 	 	 	3.1	%	 	 	6,174	 	 	 	3.3	%	 	 	100	 	 	 	0.6	%	 	 	7,305	 	 	 	13.0	%	 	 	(1,032	)	 	 	-1.7	%	 	 	36,008	 	 	 	5.1	%
	4511 · Package Charges	 	 	25,131	 	 	 	12.3	%	 	 	17,969	 	 	 	9.6	%	 	 	7,162	 	 	 	43.1	%	 	 	22,751	 	 	 	40.6	%	 	 	2,380	 	 	 	3.9	%	 	 	83,548	 	 	 	11.8	%
	4516 · Music CD Sales	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	492357.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4517 · Amenity Fee	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4520 · Other Miscellaneous	 	 	2,220	 	 	 	1.1	%	 	 	1,205	 	 	 	0.6	%	 	 	1,014	 	 	 	6.1	%	 	 	441	 	 	 	0.8	%	 	 	1,779	 	 	 	2.9	%	 	 	1,736	 	 	 	0.2	%
	4525 · Transient No show	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4530 · 2008 Consultant Reconcilliation	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4500 · Miscellaneous
    Revenue	 	 	204,380	 	 	 	100.0	%	 	 	187,761	 	 	 	100.0	%	 	 	16,619	 	 	 	100.0	%	 	 	143,830	 	 	 	256.9	%	 	 	60,550	 	 	 	100.0	%	 	 	706,033	 	 	 	100.0	%
	Total Revenue	 	 	204,380	 	 	 	100.0	%	 	 	187,761	 	 	 	100.0	%	 	 	16,619	 	 	 	100.0	%	 	 	143,830	 	 	 	256.9	%	 	 	60,550	 	 	 	100.0	%	 	 	705,950	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6400 · Cost of Telephone	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6401 · Local Phone Costs	 	 	6,320	 	 	 	3.1	%	 	 	3,765	 	 	 	2.0	%	 	 	2,556	 	 	 	15.4	%	 	 	3,582	 	 	 	6.4	%	 	 	2,738	 	 	 	4.5	%	 	 	20,465	 	 	 	2.9	%
	6402 · Long Distance Phone Costs	 	 	51	 	 	 	0.0	%	 	 	1,432	 	 	 	0.8	%	 	 	(1,382	)	 	 	-8.3	%	 	 	1,544	 	 	 	2.8	%	 	 	(1,493	)	 	 	-2.5	%	 	 	11,310	 	 	 	1.6	%
	Total 6400 · Cost of Telephone	 	 	6,371	 	 	 	3.1	%	 	 	5,197	 	 	 	2.8	%	 	 	1,174	 	 	 	7.1	%	 	 	5,126	 	 	 	9.2	%	 	 	1,245	 	 	 	2.1	%	 	 	31,775	 	 	 	4.5	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6500 · Cost of Other Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6500 · Cost of Other Revenue
    - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6506 · Cost of Guest Valet	 	 	444	 	 	 	0.2	%	 	 	24	 	 	 	0.0	%	 	 	420	 	 	 	2.5	%	 	 	-	 	 	 	0.0	%	 	 	444	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%
	6510 · Cost of Packages, Misc.	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6516 · Cost of Guest Meals -
    Reception	 	 	6,896	 	 	 	3.4	%	 	 	10,710	 	 	 	5.7	%	 	 	(3,814	)	 	 	-22.9	%	 	 	11,230	 	 	 	20.1	%	 	 	(4,334	)	 	 	-7.2	%	 	 	83,412	 	 	 	11.8	%
	6517 · Romance Boutique Package	 	 	(436	)	 	 	-0.2	%	 	 	-	 	 	 	0.0	%	 	 	(436	)	 	 	-2.6	%	 	 	-	 	 	 	0.0	%	 	 	(436	)	 	 	-0.7	%	 	 	-	 	 	 	0.0	%
	6520 · Cost of Misc. Revenue	 	 	(32	)	 	 	0.0	%	 	 	2,628	 	 	 	1.4	%	 	 	(2,660	)	 	 	-16.0	%	 	 	2,916	 	 	 	5.2	%	 	 	(2,948	)	 	 	-4.9	%	 	 	18,968	 	 	 	2.7	%
	6551 · Cost of Resort Fee-F
    & B	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6553 · Cost of Resort Fee-StarGazer	 	 	5,095	 	 	 	2.5	%	 	 	5,332	 	 	 	2.8	%	 	 	(237	)	 	 	-1.4	%	 	 	5,500	 	 	 	9.8	%	 	 	(405	)	 	 	-0.7	%	 	 	20,009	 	 	 	2.8	%
	6556 · Cost of Resort Fee -
    Photograph	 	 	1,725	 	 	 	0.8	%	 	 	1,630	 	 	 	0.9	%	 	 	95	 	 	 	0.6	%	 	 	1,625	 	 	 	2.9	%	 	 	100	 	 	 	0.2	%	 	 	7,206	 	 	 	1.0	%
	6557 · Cost of Resort Fee-Story
    Teller	 	 	800	 	 	 	0.4	%	 	 	1,924	 	 	 	1.0	%	 	 	(1,124	)	 	 	-6.8	%	 	 	2,325	 	 	 	4.2	%	 	 	(1,525	)	 	 	-2.5	%	 	 	9,046	 	 	 	1.3	%
	6558 · Cost of Resort Fee-Guided
    Image	 	 	1,875	 	 	 	0.9	%	 	 	1,759	 	 	 	0.9	%	 	 	116	 	 	 	0.7	%	 	 	1,725	 	 	 	3.1	%	 	 	150	 	 	 	0.2	%	 	 	5,780	 	 	 	0.8	%
	6561 · Cost of Resort Fee-Guest
    Svcs	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

    	 	 	Report continued on next page

    	 

    

 

	6562 · Cost of Resort
    Fee-Yoga Instr	 	 	100	 	 	 	0.0	%	 	 	105	 	 	 	0.1	%	 	 	(5	)	 	 	0.0	%	 	 	5	 	 	 	0.0	%	 	 	95	 	 	 	0.2	%	 	 	571	 	 	 	0.1	%
	Total 6500 · Cost of Other
    Revenue	 	 	16,467	 	 	 	8.1	%	 	 	24,110	 	 	 	12.8	%	 	 	(7,644	)	 	 	-46.0	%	 	 	25,326	 	 	 	45.2	%	 	 	(8,860	)	 	 	-14.6	%	 	 	144,992	 	 	 	20.5	%
	Total COGS	 	 	22,838	 	 	 	11.2	%	 	 	29,307	 	 	 	15.6	%	 	 	(6,470	)	 	 	-38.9	%	 	 	30,452	 	 	 	54.4	%	 	 	(7,615	)	 	 	-12.6	%	 	 	176,767	 	 	 	25.0	%
	Gross Profit	 	 	181,543	 	 	 	88.8	%	 	 	158,454	 	 	 	84.4	%	 	 	23,089	 	 	 	138.9	%	 	 	113,378	 	 	 	202.5	%	 	 	68,165	 	 	 	112.6	%	 	 	529,183	 	 	 	75.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5500000 · Misc Salary &
    Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5500610 · Valet	 	 	22,010	 	 	 	10.8	%	 	 	23,522	 	 	 	12.5	%	 	 	(1,512	)	 	 	-9.1	%	 	 	24,157	 	 	 	43.1	%	 	 	(2,147	)	 	 	-3.5	%	 	 	-	 	 	 	0.0	%
	Total 5500000 · Valet Salary
    & Wages	 	 	22,010	 	 	 	10.8	%	 	 	23,522	 	 	 	12.5	%	 	 	(1,512	)	 	 	-9.1	%	 	 	24,157	 	 	 	43.1	%	 	 	(2,147	)	 	 	-3.5	%	 	 	-	 	 	 	0.0	%
	5500050 · Misc Taxes &
    Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5551 · Misc Payroll Taxes	 	 	4,222	 	 	 	2.1	%	 	 	3,815	 	 	 	2.0	%	 	 	406	 	 	 	2.4	%	 	 	3,533	 	 	 	6.3	%	 	 	688	 	 	 	1.1	%	 	 	-	 	 	 	0.0	%
	5552 · Misc Workers Comp	 	 	-	 	 	 	0.0	%	 	 	192	 	 	 	0.1	%	 	 	(192	)	 	 	-1.2	%	 	 	282	 	 	 	0.5	%	 	 	(282	)	 	 	-0.5	%	 	 	-	 	 	 	0.0	%
	5553 · Misc Employ Benefits	 	 	(84	)	 	 	0.0	%	 	 	1,348	 	 	 	0.7	%	 	 	(1,432	)	 	 	-8.6	%	 	 	1,452	 	 	 	2.6	%	 	 	(1,536	)	 	 	-2.5	%	 	 	-	 	 	 	0.0	%
	5555 · Misc PTO	 	 	269	 	 	 	0.1	%	 	 	656	 	 	 	0.3	%	 	 	(387	)	 	 	-2.3	%	 	 	859	 	 	 	1.5	%	 	 	(589	)	 	 	-1.0	%	 	 	-	 	 	 	0.0	%
	5556 · Misc Employ Meals	 	 	-	 	 	 	0.0	%	 	 	483	 	 	 	0.3	%	 	 	(483	)	 	 	-2.9	%	 	 	684	 	 	 	1.2	%	 	 	(684	)	 	 	-1.1	%	 	 	-	 	 	 	0.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 5999050 · Valet Taxes
    & Benefits	 	 	4,407	 	 	 	2.2	%	 	 	6,494	 	 	 	3.5	%	 	 	(2,087	)	 	 	-12.6	%	 	 	6,810	 	 	 	12.2	%	 	 	(2,403	)	 	 	-4.0	%	 	 	-	 	 	 	0.0	%
	Total 5000 · Payroll &
    Benefits	 	 	26,417	 	 	 	12.9	%	 	 	30,015	 	 	 	16.0	%	 	 	(3,599	)	 	 	-21.7	%	 	 	30,967	 	 	 	55.3	%	 	 	(4,550	)	 	 	-7.5	%	 	 	-	 	 	 	0.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	26,417	 	 	 	12.9	%	 	 	30,015	 	 	 	16.0	%	 	 	(3,599	)	 	 	-21.7	%	 	 	30,967	 	 	 	55.3	%	 	 	(4,550	)	 	 	-7.5	%	 	 	-	 	 	 	0.0	%
	Net Income	 	 	155,126	 	 	 	75.9	%	 	 	128,438	 	 	 	68.4	%	 	 	26,688	 	 	 	160.6	%	 	 	82,411	 	 	 	147.2	%	 	 	72,715	 	 	 	120.1	%	 	 	529,183	 	 	 	75.0	%

 

    	 	Page 11 of 23	L'Auberge_Resort March 13 Issue.xls/Misc-AvB

    	 

    

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TOTAL	 
	 	 	Jan 13	 	 	% of Income	 	 	Feb 13	 	 	% of Income	 	 	Mar 13	 	 	% of Income	 	 	Jan - Mar 13	 	 	% of Income	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4500 · Miscellaneous
    Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4501 ·
    Laundry Charges	 	 	112.25	 	 	 	0.23	%	 	 	171.50	 	 	 	0.28	%	 	 	376.40	 	 	 	0.4	%	 	 	660.15	 	 	 	0.32	%
	4503 · Ticket Sales
    Tour	 	 	-300.00	 	 	 	-0.62	%	 	 	300.00	 	 	 	0.49	%	 	 	125.00	 	 	 	0.13	%	 	 	125.00	 	 	 	0.06	%
	4505 · Resort Fee	 	 	24,690.91	 	 	 	50.6	%	 	 	30,303.65	 	 	 	49.04	%	 	 	54,515.01	 	 	 	58.13	%	 	 	109,509.57	 	 	 	53.58	%
	4507 · House Grats	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	876.73	 	 	 	0.94	%	 	 	876.73	 	 	 	0.43	%
	4508 · Nightly
    Parking	 	 	13,585.00	 	 	 	27.84	%	 	 	18,720.00	 	 	 	30.29	%	 	 	27,280.00	 	 	 	29.09	%	 	 	59,585.00	 	 	 	29.15	%
	4510 · Pet Fees	 	 	1,630.00	 	 	 	3.34	%	 	 	2,193.42	 	 	 	3.55	%	 	 	2,450.00	 	 	 	2.61	%	 	 	6,273.42	 	 	 	3.07	%
	4511 · Package
    Charges	 	 	8,268.00	 	 	 	16.94	%	 	 	9,996.67	 	 	 	16.18	%	 	 	6,866.13	 	 	 	7.32	%	 	 	25,130.80	 	 	 	12.3	%
	4520
    · Other Miscellaneous	 	 	814.97	 	 	 	1.67	%	 	 	114.17	 	 	 	0.19	%	 	 	1,290.40	 	 	 	1.38	%	 	 	2,219.54	 	 	 	1.09	%
	Total
    4500 · Miscellaneous Revenue	 	 	48,801.13	 	 	 	100.0	%	 	 	61,799.41	 	 	 	100.0	%	 	 	93,779.67	 	 	 	100.0	%	 	 	204,380.21	 	 	 	100.0	%
	Total Income	 	 	48,801.13	 	 	 	100.0	%	 	 	61,799.41	 	 	 	100.0	%	 	 	93,779.67	 	 	 	100.0	%	 	 	204,380.21	 	 	 	100.0	%
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6400 · Cost of Telephone	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6401 · Local Phone
    Costs	 	 	1,256.52	 	 	 	2.58	%	 	 	2,260.64	 	 	 	3.66	%	 	 	2,803.33	 	 	 	2.99	%	 	 	6,320.49	 	 	 	3.09	%
	6402
    · Long Distance Phone Costs	 	 	25.26	 	 	 	0.05	%	 	 	25.26	 	 	 	0.04	%	 	 	0.00	 	 	 	0.0	%	 	 	50.52	 	 	 	0.03	%
	Total 6400 · Cost
    of Telephone	 	 	1,281.78	 	 	 	2.63	%	 	 	2,285.90	 	 	 	3.7	%	 	 	2,803.33	 	 	 	2.99	%	 	 	6,371.01	 	 	 	3.12	%
	6500 · Cost of Other
    Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6506 · Cost of
    Guest Valet	 	 	23.75	 	 	 	0.05	%	 	 	123.80	 	 	 	0.2	%	 	 	296.45	 	 	 	0.32	%	 	 	444.00	 	 	 	0.22	%
	6516 · Cost of
    Guest Meals - Reception	 	 	2,508.00	 	 	 	5.14	%	 	 	0.00	 	 	 	0.0	%	 	 	4,388.00	 	 	 	4.68	%	 	 	6,896.00	 	 	 	3.37	%
	6517 · Romance
    Boutique Package	 	 	0.00	 	 	 	0.0	%	 	 	-264.80	 	 	 	-0.43	%	 	 	-171.30	 	 	 	-0.18	%	 	 	-436.10	 	 	 	-0.21	%
	6520 · Cost of
    Misc. Revenue	 	 	0.00	 	 	 	0.0	%	 	 	270.00	 	 	 	0.44	%	 	 	-302.37	 	 	 	-0.32	%	 	 	-32.37	 	 	 	-0.02	%
	6553 · Cost of Resort Fee-StarGazer	 	 	1,675.00	 	 	 	3.43	%	 	 	1,650.00	 	 	 	2.67	%	 	 	1,770.00	 	 	 	1.89	%	 	 	5,095.00	 	 	 	2.49	%
	6556 · Cost of
    Resort Fee - Photograph	 	 	600.00	 	 	 	1.23	%	 	 	625.00	 	 	 	1.01	%	 	 	500.00	 	 	 	0.53	%	 	 	1,725.00	 	 	 	0.84	%
	6557 · Cost of
    Resort Fee-Story Teller	 	 	250.00	 	 	 	0.51	%	 	 	200.00	 	 	 	0.32	%	 	 	350.00	 	 	 	0.37	%	 	 	800.00	 	 	 	0.39	%
	6558 · Cost of
    Resort Fee-Guided Image	 	 	600.00	 	 	 	1.23	%	 	 	600.00	 	 	 	0.97	%	 	 	675.00	 	 	 	0.72	%	 	 	1,875.00	 	 	 	0.92	%
	6562
    · Cost of Resort Fee-Yoga Instr	 	 	100.00	 	 	 	0.21	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	100.00	 	 	 	0.05	%
	Total
    6500 · Cost of Other Revenue	 	 	5,756.75	 	 	 	11.8	%	 	 	3,204.00	 	 	 	5.19	%	 	 	7,505.78	 	 	 	8.0	%	 	 	16,466.53	 	 	 	8.06	%
	Total
    COGS	 	 	7,038.53	 	 	 	14.42	%	 	 	5,489.90	 	 	 	8.88	%	 	 	10,309.11	 	 	 	10.99	%	 	 	22,837.54	 	 	 	11.17	%
	Gross Profit	 	 	41,762.60	 	 	 	85.58	%	 	 	56,309.51	 	 	 	91.12	%	 	 	83,470.56	 	 	 	89.01	%	 	 	181,542.67	 	 	 	88.83	%
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll &
    Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5500000 · Misc
    Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5500050 · Misc
    Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5551 · Misc Payroll
    Taxes	 	 	1,265.47	 	 	 	2.59	%	 	 	980.62	 	 	 	1.59	%	 	 	1,975.49	 	 	 	2.11	%	 	 	4,221.58	 	 	 	2.07	%
	5553 · Misc Employ
    Benefits	 	 	241.15	 	 	 	0.49	%	 	 	-56.28	 	 	 	-0.09	%	 	 	-269.04	 	 	 	-0.29	%	 	 	-84.17	 	 	 	-0.04	%
	5555
    · Misc PTO	 	 	0.00	 	 	 	0.0	%	 	 	170.96	 	 	 	0.28	%	 	 	98.45	 	 	 	0.11	%	 	 	269.41	 	 	 	0.13	%
	Total 5500050 ·
    Misc Taxes & Benefits	 	 	1,506.62	 	 	 	3.09	%	 	 	1,095.30	 	 	 	1.77	%	 	 	1,804.90	 	 	 	1.93	%	 	 	4,406.82	 	 	 	2.16	%
	5500610 · Valet	 	 	6,684.01	 	 	 	13.7	%	 	 	8,818.19	 	 	 	14.27	%	 	 	6,507.63	 	 	 	6.94	%	 	 	22,009.83	 	 	 	10.77	%
	Total
    5500000 · Misc Salaries & Wages	 	 	8,190.63	 	 	 	16.78	%	 	 	9,913.49	 	 	 	16.04	%	 	 	8,312.53	 	 	 	8.86	%	 	 	26,416.65	 	 	 	12.93	%
	Total
    5000 · Payroll & Benefits	 	 	8,190.63	 	 	 	16.78	%	 	 	9,913.49	 	 	 	16.04	%	 	 	8,312.53	 	 	 	8.86	%	 	 	26,416.65	 	 	 	12.93	%
	Total
    Expense	 	 	8,190.63	 	 	 	16.78	%	 	 	9,913.49	 	 	 	16.04	%	 	 	8,312.53	 	 	 	8.86	%	 	 	26,416.65	 	 	 	12.93	%
	Net
    Ordinary Income	 	 	33,571.97	 	 	 	68.79	%	 	 	46,396.02	 	 	 	75.08	%	 	 	75,158.03	 	 	 	80.14	%	 	 	155,126.02	 	 	 	75.9	%
	Net Income	 	 	33,571.97	 	 	 	68.79	%	 	 	46,396.02	 	 	 	75.08	%	 	 	75,158.03	 	 	 	80.14	%	 	 	155,126.02	 	 	 	75.9	%

 

    	 	Page 12 of 23	L'Auberge_Resort March 13 Issue.xls/Misc

    	 

    

 

L'Auberge de Sedona, LLC.

Management Fee Expenses

January through March 2013

 

	  
	 	Type	 	Date	 	Num	 	Name	 	Memo	 	Amount	 
	9500 ·
    Management Fees	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Bill	 	01/04/2013	 	Jan Man Fee	 	Spector Offices/Management
    Account	 	 	 	8,929.83	 
	 	 	Bill	 	02/01/2013	 	Feb Man Fee	 	Spector Offices/Management
    Account	 	Pre Paid Mgmt
    Fee	 	15,000.00	 
	 	 	Credit	 	02/28/2013	 	Feb Mgmt Fee	 	Spector Offices/Management
    Account	 	Feb Management
    Fee Adjust to Actual of $11,576.68	 	-3,423.32	 
	 	 	Bill	 	03/01/2013	 	Managment Fee	 	Spector Offices/Management
    Account	 	 	 	20,000.00	 
	 	 	General Journal	 	03/31/2013	 	Mgmt Fee	 	 	 	March Mgmt
    Fee 1.5% on $1,459,819.56 = $21,897.29 less $20,000 advance	 	1,897.29	 
	Total 9500 ·
    Management Fees	 	 	 	 	 	 	 	 	 	 	 	42,403.80	 
	TOTAL	 	 	 	 	 	 	 	 	 	 	 	42,403.80	 

 

    	 	Page 13 of 23	L'Auberge_Resort March 13 Issue.xls / Mgmt Fees

    	 

    

 

L'Auberge de Sedona Resort

Administrative and General Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to 

Revenue	 	 	Budget	 	 	% to 

Revenue	 	 	Variance	 	 	% to 

Revenue	 	 	Prior Year	 	 	% to 

Revenue	 	 	Variance	 	 	% to 

Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686000 · G & A Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684000 · Controller	 	 	(4,913	)	 	 	-0.3	%	 	 	-	 	 	 	0.0	%	 	 	(4,913	)	 	 	-2.9	%	 	 	4,510	 	 	 	0.4	%	 	 	(9,423	)	 	 	-4.8	%
	5684130 · Coordinators	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5685600 · Security	 	 	3,489	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	3,489	 	 	 	2.1	%	 	 	5,904	 	 	 	0.5	%	 	 	(2,416	)	 	 	-1.2	%
	5686130 · G & A
    Accounting  Coordinator	 	 	5,464	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	5,464	 	 	 	3.2	%	 	 	5,762	 	 	 	0.5	%	 	 	(297	)	 	 	-0.2	%
	5686150 · G & A
    Supervisor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(43	)	 	 	0.0	%	 	 	43	 	 	 	0.0	%
	5686170 · G & A
    Asst. Controller	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	3,594	 	 	 	0.3	%	 	 	(3,594	)	 	 	-1.8	%
	5686180 · G
& A Human Resource Director	 	 	3,495	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	3,495	 	 	 	2.1	%	 	 	3,393	 	 	 	0.3	%	 	 	102	 	 	 	0.1	%
	5686190 · G & A
    General Manager	 	 	13,547	 	 	 	0.9	%	 	 	-	 	 	 	0.0	%	 	 	13,547	 	 	 	8.0	%	 	 	11,497	 	 	 	0.9	%	 	 	2,050	 	 	 	1.0	%
	5686199 · G & A
    Shared Services	 	 	10,878	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	10,878	 	 	 	6.4	%	 	 	1,823	 	 	 	0.1	%	 	 	9,055	 	 	 	4.6	%
	5686400 · HR Coordinator	 	 	1,811	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	1,811	 	 	 	1.1	%	 	 	2,568	 	 	 	0.2	%	 	 	(757	)	 	 	-0.4	%
	5686430 · HR EDR Cook	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5686430 · HR Specialist	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,369	 	 	 	0.1	%	 	 	(1,369	)	 	 	-0.7	%
	5686999
    · G&A Other Pay	 	 	-	 	 	 	0.0	%	 	 	38,172	 	 	 	3.0	%	 	 	(38,172	)	 	 	-22.5	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5686000 · G & A Salaries &
    Wages	 	 	33,771	 	 	 	2.3	%	 	 	38,172	 	 	 	3.0	%	 	 	(4,401	)	 	 	-2.6	%	 	 	40,377	 	 	 	3.2	%	 	 	(6,606	)	 	 	-3.4	%
	5686050 · G & A Taxes and Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5651 · G & A Payroll
    Taxes	 	 	867	 	 	 	0.1	%	 	 	3,514	 	 	 	0.3	%	 	 	(2,648	)	 	 	-1.6	%	 	 	3,412	 	 	 	0.3	%	 	 	(2,545	)	 	 	-1.3	%
	5652 · G & A Workmens
    Compensation	 	 	1,442	 	 	 	0.1	%	 	 	173	 	 	 	0.0	%	 	 	1,269	 	 	 	0.7	%	 	 	168	 	 	 	0.0	%	 	 	1,274	 	 	 	0.6	%
	5653 · G & A Employee
    Benefits	 	 	2,214	 	 	 	0.2	%	 	 	5,555	 	 	 	0.4	%	 	 	(3,342	)	 	 	-2.0	%	 	 	5,394	 	 	 	0.4	%	 	 	(3,180	)	 	 	-1.6	%
	5655 · G & A PTO	 	 	4,279	 	 	 	0.3	%	 	 	5,677	 	 	 	0.4	%	 	 	(1,398	)	 	 	-0.8	%	 	 	5,512	 	 	 	0.4	%	 	 	(1,233	)	 	 	-0.6	%
	5656 · G & A Empoy
    Meals	 	 	650	 	 	 	0.0	%	 	 	715	 	 	 	0.1	%	 	 	(64	)	 	 	0.0	%	 	 	694	 	 	 	0.1	%	 	 	(43	)	 	 	0.0	%
	5699
    · G & A Shared Services Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5686050 · G
    & A Taxes and Benefits	 	 	9,452	 	 	 	0.6	%	 	 	15,635	 	 	 	1.2	%	 	 	(6,182	)	 	 	-3.6	%	 	 	15,179	 	 	 	1.2	%	 	 	(5,727	)	 	 	-2.9	%
	Total 5000 · Payroll & Benefits	 	 	43,223	 	 	 	3.0	%	 	 	53,807	 	 	 	4.2	%	 	 	(10,583	)	 	 	-6.2	%	 	 	55,556	 	 	 	4.4	%	 	 	(12,333	)	 	 	-6.3	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8600 · General & Administrative	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8601 · Workers' Comp
    Adjustments	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8602 · Sales Tax (Credit)
    Penalties	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8604 · Sales Tax Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8605 · Legal Fees	 	 	-	 	 	 	0.0	%	 	 	(104	)	 	 	0.0	%	 	 	104	 	 	 	0.1	%	 	 	(101	)	 	 	0.0	%	 	 	101	 	 	 	0.1	%
	8610 · IT Support	 	 	3,199	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	3,199	 	 	 	1.9	%	 	 	4,952	 	 	 	0.4	%	 	 	(1,753	)	 	 	-0.9	%
	8630 · Outside Laundry	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8635 · Uniforms	 	 	576	 	 	 	0.0	%	 	 	607	 	 	 	0.0	%	 	 	(31	)	 	 	0.0	%	 	 	589	 	 	 	0.0	%	 	 	(14	)	 	 	0.0	%
	8650 · Maint/Service Contract	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8651 · Computer Maint.
    & Support	 	 	55	 	 	 	0.0	%	 	 	5,471	 	 	 	0.4	%	 	 	(5,415	)	 	 	-3.2	%	 	 	360	 	 	 	0.0	%	 	 	(304	)	 	 	-0.2	%
	8660 · Charitable Contributions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8665 · Affordable Housing
    Subsidy	 	 	(825	)	 	 	-0.1	%	 	 	(2,575	)	 	 	-0.2	%	 	 	1,750	 	 	 	1.0	%	 	 	(2,500	)	 	 	-0.2	%	 	 	1,675	 	 	 	0.9	%

 

    	 	 	Report continued on next page

    	 

    

 

	8670 · Armored Car
    Service	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8672 · Accounting Fees	 	 	-	 	 	 	0.0	%	 	 	1,082	 	 	 	0.1	%	 	 	(1,082	)	 	 	-0.6	%	 	 	1,050	 	 	 	0.1	%	 	 	(1,050	)	 	 	-0.5	%
	8673 · Gift Certificates	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	475	 	 	 	0.0	%	 	 	(475	)	 	 	-0.2	%
	8674 · Guest Lost/Damaged Property	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8675 · Bad Debt Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8676 · Preopening expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8678 · Express Mail	 	 	-	 	 	 	0.0	%	 	 	432	 	 	 	0.0	%	 	 	(432	)	 	 	-0.3	%	 	 	420	 	 	 	0.0	%	 	 	(420	)	 	 	-0.2	%
	8679 · Payroll Processing Fees	 	 	2,480	 	 	 	0.2	%	 	 	4,856	 	 	 	0.4	%	 	 	(2,376	)	 	 	-1.4	%	 	 	4,714	 	 	 	0.4	%	 	 	(2,234	)	 	 	-1.1	%
	8680 · Postage	 	 	-	 	 	 	0.0	%	 	 	336	 	 	 	0.0	%	 	 	(336	)	 	 	-0.2	%	 	 	327	 	 	 	0.0	%	 	 	(327	)	 	 	-0.2	%
	8681 · Dues & Subscriptions	 	 	250	 	 	 	0.0	%	 	 	268	 	 	 	0.0	%	 	 	(18	)	 	 	0.0	%	 	 	260	 	 	 	0.0	%	 	 	(10	)	 	 	0.0	%
	8682 · Printing	 	 	-	 	 	 	0.0	%	 	 	(233	)	 	 	0.0	%	 	 	233	 	 	 	0.1	%	 	 	(226	)	 	 	0.0	%	 	 	226	 	 	 	0.1	%
	8683 · Credit Card Fees	 	 	27,545	 	 	 	1.9	%	 	 	31,717	 	 	 	2.5	%	 	 	(4,172	)	 	 	-2.5	%	 	 	30,793	 	 	 	2.4	%	 	 	(3,248	)	 	 	-1.7	%
	8684 · Bank Fees	 	 	1,100	 	 	 	0.1	%	 	 	48	 	 	 	0.0	%	 	 	1,052	 	 	 	0.6	%	 	 	47	 	 	 	0.0	%	 	 	1,053	 	 	 	0.5	%
	8685 · Telephone Cell &
    Radio	 	 	200	 	 	 	0.0	%	 	 	1,269	 	 	 	0.1	%	 	 	(1,069	)	 	 	-0.6	%	 	 	1,232	 	 	 	0.1	%	 	 	(1,032	)	 	 	-0.5	%
	8686 · Security	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8687 · Employee Recruitment	 	 	2,170	 	 	 	0.1	%	 	 	4,084	 	 	 	0.3	%	 	 	(1,914	)	 	 	-1.1	%	 	 	3,965	 	 	 	0.3	%	 	 	(1,795	)	 	 	-0.9	%
	8688 · Employee Relations &
    Training	 	 	1,519	 	 	 	0.1	%	 	 	2,693	 	 	 	0.2	%	 	 	(1,174	)	 	 	-0.7	%	 	 	2,614	 	 	 	0.2	%	 	 	(1,095	)	 	 	-0.6	%
	8689 · Miscellaneous Expenses	 	 	4,716	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	4,716	 	 	 	2.8	%	 	 	162	 	 	 	0.0	%	 	 	4,554	 	 	 	2.3	%
	8690 · Office Supplies	 	 	459	 	 	 	0.0	%	 	 	1,700	 	 	 	0.1	%	 	 	(1,241	)	 	 	-0.7	%	 	 	1,651	 	 	 	0.1	%	 	 	(1,192	)	 	 	-0.6	%
	8691 · Employee Relocation	 	 	-	 	 	 	0.0	%	 	 	4,068	 	 	 	0.3	%	 	 	(4,068	)	 	 	-2.4	%	 	 	3,950	 	 	 	0.3	%	 	 	(3,950	)	 	 	-2.0	%
	8692 · Cash over/short	 	 	(35	)	 	 	0.0	%	 	 	203	 	 	 	0.0	%	 	 	(238	)	 	 	-0.1	%	 	 	197	 	 	 	0.0	%	 	 	(232	)	 	 	-0.1	%
	8693 · Licenses & Permits	 	 	275	 	 	 	0.0	%	 	 	283	 	 	 	0.0	%	 	 	(8	)	 	 	0.0	%	 	 	275	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8694 · Student Housing	 	 	2,502	 	 	 	0.2	%	 	 	1,563	 	 	 	0.1	%	 	 	939	 	 	 	0.6	%	 	 	1,517	 	 	 	0.1	%	 	 	985	 	 	 	0.5	%
	8695 · Equipment	 	 	878	 	 	 	0.1	%	 	 	2,344	 	 	 	0.2	%	 	 	(1,467	)	 	 	-0.9	%	 	 	2,276	 	 	 	0.2	%	 	 	(1,398	)	 	 	-0.7	%
	8696 · Business Meetings..	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8697 · Business Meals	 	 	558	 	 	 	0.0	%	 	 	1,209	 	 	 	0.1	%	 	 	(651	)	 	 	-0.4	%	 	 	1,173	 	 	 	0.1	%	 	 	(615	)	 	 	-0.3	%
	8698 · Consultants	 	 	2,831	 	 	 	0.2	%	 	 	2,537	 	 	 	0.2	%	 	 	294	 	 	 	0.2	%	 	 	2,463	 	 	 	0.2	%	 	 	368	 	 	 	0.2	%
	8600 · General & Administrative
    - Other	 	 	-	 	 	 	0.0	%	 	 	656	 	 	 	0.1	%	 	 	(656	)	 	 	-0.4	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8699 · PY Consultant Reconciliation	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	9900 · Intercompany balance
    write offs	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8600 · General &
    Administrative	 	 	50,453	 	 	 	3.5	%	 	 	64,514	 	 	 	5.0	%	 	 	(14,061	)	 	 	-8.3	%	 	 	62,635	 	 	 	5.0	%	 	 	(12,182	)	 	 	-6.2	%
	Total Expense	 	 	93,677	 	 	 	6.4	%	 	 	118,321	 	 	 	9.2	%	 	 	(24,644	)	 	 	-14.5	%	 	 	118,191	 	 	 	9.4	%	 	 	(24,514	)	 	 	-12.5	%
	Net Income	 	 	(93,677	)	 	 	-6.4	%	 	 	(118,321	)	 	 	-9.2	%	 	 	24,644	 	 	 	14.5	%	 	 	(118,191	)	 	 	-9.4	%	 	 	24,514	 	 	 	12.5	%

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to 

Revenue	 	 	Budget	 	 	% to 

Revenue	 	 	Variance	 	 	% to

    Revenue	 	 	Prior Year	 	 	% to Revenue	 	 	Variance	 	 	% to

    Revenue	 	 	Amount	 	 	% to 

Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686000 · G & A Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684000 · Controller	 	 	(3,573	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%	 	 	(3,573	)	 	 	-2.4	%	 	 	14,706	 	 	 	0.5	%	 	 	(18,279	)	 	 	-17.9	%	 	 	79,237	 	 	 	0.5	%
	5684130 · Coordinators	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5685600 · Security	 	 	10,214	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	10,214	 	 	 	6.9	%	 	 	17,539	 	 	 	0.6	%	 	 	(7,324	)	 	 	-7.2	%	 	 	75,335	 	 	 	0.5	%
	5686130 · G &
    A Accounting  Coordinator	 	 	16,817	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%	 	 	16,817	 	 	 	11.4	%	 	 	17,109	 	 	 	0.6	%	 	 	(293	)	 	 	-0.3	%	 	 	66,287	 	 	 	0.4	%
	5686150 · G &
    A Supervisor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(43	)	 	 	0.0	%	 	 	43	 	 	 	0.0	%	 	 	(177	)	 	 	0.0	%
	5686170 · G &
    A Asst. Controller	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	12,120	 	 	 	0.4	%	 	 	(12,120	)	 	 	-11.8	%	 	 	49,881	 	 	 	0.3	%
	5686180 · G &
    A Human Resource Director	 	 	18,591	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	18,591	 	 	 	12.6	%	 	 	10,410	 	 	 	0.4	%	 	 	8,181	 	 	 	8.0	%	 	 	49,518	 	 	 	0.3	%
	5686190 · G &
    A General Manager	 	 	36,017	 	 	 	1.3	%	 	 	-	 	 	 	0.0	%	 	 	36,017	 	 	 	24.5	%	 	 	33,379	 	 	 	1.2	%	 	 	2,638	 	 	 	2.6	%	 	 	141,165	 	 	 	0.9	%
	5686199 · G &
    A Shared Services	 	 	32,634	 	 	 	1.2	%	 	 	-	 	 	 	0.0	%	 	 	32,634	 	 	 	22.2	%	 	 	3,038	 	 	 	0.1	%	 	 	29,596	 	 	 	28.9	%	 	 	16,497	 	 	 	0.1	%
	5686400 · HR Coordinator	 	 	4,747	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	4,747	 	 	 	3.2	%	 	 	4,381	 	 	 	0.2	%	 	 	366	 	 	 	0.4	%	 	 	12,844	 	 	 	0.1	%
	5686430 · HR EDR
    Cook	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5686430 · HR Specialist	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	6,139	 	 	 	0.2	%	 	 	(6,139	)	 	 	-6.0	%	 	 	19,378	 	 	 	0.1	%
	5686999
    · G&A Other Pay	 	 	-	 	 	 	0.0	%	 	 	115,214	 	 	 	4.3	%	 	 	(115,214	)	 	 	-78.3	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5686000 · G & A Salaries &
    Wages	 	 	115,448	 	 	 	4.1	%	 	 	115,214	 	 	 	4.3	%	 	 	234	 	 	 	0.2	%	 	 	118,779	 	 	 	4.4	%	 	 	(3,330	)	 	 	-3.3	%	 	 	509,965	 	 	 	3.2	%

 

    	 	 	Report continued on next page

    	 

    

 

	5686050 · G &
    A Taxes and Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	492357.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5651 · G & A Payroll Taxes	 	 	6,519	 	 	 	0.2	%	 	 	10,984	 	 	 	0.4	%	 	 	(4,465	)	 	 	-3.0	%	 	 	11,626	 	 	 	0.4	%	 	 	(5,107	)	 	 	-5.0	%	 	 	41,137	 	 	 	0.3	%
	5652 · G & A Workmens
    Compensation	 	 	2,004	 	 	 	0.1	%	 	 	636	 	 	 	0.0	%	 	 	1,368	 	 	 	0.9	%	 	 	546	 	 	 	0.0	%	 	 	1,457	 	 	 	1.4	%	 	 	2,792	 	 	 	0.0	%
	5653 · G & A Employee
    Benefits	 	 	2,612	 	 	 	0.1	%	 	 	6,989	 	 	 	0.3	%	 	 	(4,377	)	 	 	-3.0	%	 	 	12,611	 	 	 	0.5	%	 	 	(9,999	)	 	 	-9.8	%	 	 	47,793	 	 	 	0.3	%
	5655 · G & A PTO	 	 	10,114	 	 	 	0.4	%	 	 	11,148	 	 	 	0.4	%	 	 	(1,034	)	 	 	-0.7	%	 	 	11,021	 	 	 	0.4	%	 	 	(907	)	 	 	-0.9	%	 	 	35,235	 	 	 	0.2	%
	5656 · G & A Empoy Meals	 	 	1,919	 	 	 	0.1	%	 	 	2,121	 	 	 	0.1	%	 	 	(202	)	 	 	-0.1	%	 	 	2,134	 	 	 	0.1	%	 	 	(215	)	 	 	-0.2	%	 	 	8,871	 	 	 	0.1	%
	5699 · G & A Shared Services
    Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5686050 · G & A
    Taxes and Benefits	 	 	23,168	 	 	 	0.8	%	 	 	31,878	 	 	 	1.2	%	 	 	(8,710	)	 	 	-5.9	%	 	 	37,938	 	 	 	1.4	%	 	 	(14,770	)	 	 	-14.4	%	 	 	135,828	 	 	 	0.9	%
	Total 5000 · Payroll &
    Benefits	 	 	138,616	 	 	 	4.9	%	 	 	147,093	 	 	 	5.5	%	 	 	(8,477	)	 	 	-5.8	%	 	 	156,716	 	 	 	5.8	%	 	 	(18,100	)	 	 	-17.7	%	 	 	645,794	 	 	 	4.1	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8600 · General & Administrative	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8601 · Workers' Comp Adjustments	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8602 · Sales Tax (Credit)
    Penalties	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8604 · Sales Tax Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8605 · Legal Fees	 	 	-	 	 	 	0.0	%	 	 	1,749	 	 	 	0.1	%	 	 	(1,749	)	 	 	-1.2	%	 	 	1,698	 	 	 	0.1	%	 	 	(1,698	)	 	 	-1.7	%	 	 	4,400	 	 	 	0.0	%
	8610 · IT Support	 	 	9,596	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	9,596	 	 	 	6.5	%	 	 	13,462	 	 	 	0.5	%	 	 	(3,866	)	 	 	-3.8	%	 	 	46,027	 	 	 	0.3	%
	8630 · Outside Laundry	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8635 · Uniforms	 	 	1,522	 	 	 	0.1	%	 	 	1,475	 	 	 	0.1	%	 	 	46	 	 	 	0.0	%	 	 	1,281	 	 	 	0.0	%	 	 	241	 	 	 	0.2	%	 	 	6,388	 	 	 	0.0	%
	8650 · Maint/Service Contract	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8651 · Computer Maint. &
    Support	 	 	913	 	 	 	0.0	%	 	 	13,573	 	 	 	0.5	%	 	 	(12,660	)	 	 	-8.6	%	 	 	1,320	 	 	 	0.0	%	 	 	(407	)	 	 	-0.4	%	 	 	6,329	 	 	 	0.0	%
	8660 · Charitable Contributions	 	 	100	 	 	 	0.0	%	 	 	100	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	100	 	 	 	0.1	%	 	 	1,531	 	 	 	0.0	%
	8665 · Affordable Housing
    Subsidy	 	 	(1,617	)	 	 	-0.1	%	 	 	(5,340	)	 	 	-0.2	%	 	 	3,722	 	 	 	2.5	%	 	 	(7,150	)	 	 	-0.3	%	 	 	5,533	 	 	 	5.4	%	 	 	(31,999	)	 	 	-0.2	%
	8670 · Armored Car Service	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	121	 	 	 	0.0	%	 	 	(121	)	 	 	-0.1	%	 	 	121	 	 	 	0.0	%
	8672 · Accounting Fees	 	 	-	 	 	 	0.0	%	 	 	3,028	 	 	 	0.1	%	 	 	(3,028	)	 	 	-2.1	%	 	 	4,735	 	 	 	0.2	%	 	 	(4,735	)	 	 	-4.6	%	 	 	18,595	 	 	 	0.1	%
	8673 · Gift Certificates	 	 	950	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	950	 	 	 	0.6	%	 	 	1,425	 	 	 	0.1	%	 	 	(475	)	 	 	-0.5	%	 	 	5,883	 	 	 	0.0	%
	8674 · Guest Lost/Damaged
    Property	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8675 · Bad Debt Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8676 · Preopening expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8678 · Express Mail	 	 	1,464	 	 	 	0.1	%	 	 	2,230	 	 	 	0.1	%	 	 	(767	)	 	 	-0.5	%	 	 	1,068	 	 	 	0.0	%	 	 	396	 	 	 	0.4	%	 	 	3,436	 	 	 	0.0	%
	8679 · Payroll Processing
    Fees	 	 	10,801	 	 	 	0.4	%	 	 	14,021	 	 	 	0.5	%	 	 	(3,220	)	 	 	-2.2	%	 	 	12,413	 	 	 	0.5	%	 	 	(1,612	)	 	 	-1.6	%	 	 	36,044	 	 	 	0.2	%
	8680 · Postage	 	 	334	 	 	 	0.0	%	 	 	534	 	 	 	0.0	%	 	 	(201	)	 	 	-0.1	%	 	 	767	 	 	 	0.0	%	 	 	(433	)	 	 	-0.4	%	 	 	1,525	 	 	 	0.0	%
	8681 · Dues & Subscriptions	 	 	759	 	 	 	0.0	%	 	 	2,103	 	 	 	0.1	%	 	 	(1,345	)	 	 	-0.9	%	 	 	1,975	 	 	 	0.1	%	 	 	(1,217	)	 	 	-1.2	%	 	 	2,714	 	 	 	0.0	%
	8682 · Printing	 	 	406	 	 	 	0.0	%	 	 	163	 	 	 	0.0	%	 	 	243	 	 	 	0.2	%	 	 	(130	)	 	 	0.0	%	 	 	535	 	 	 	0.5	%	 	 	275	 	 	 	0.0	%
	8683 · Credit Card Fees	 	 	92,303	 	 	 	3.3	%	 	 	101,080	 	 	 	3.8	%	 	 	(8,777	)	 	 	-6.0	%	 	 	92,838	 	 	 	3.4	%	 	 	(535	)	 	 	-0.5	%	 	 	475,751	 	 	 	3.0	%
	8684 · Bank Fees	 	 	2,945	 	 	 	0.1	%	 	 	1,755	 	 	 	0.1	%	 	 	1,190	 	 	 	0.8	%	 	 	378	 	 	 	0.0	%	 	 	2,568	 	 	 	2.5	%	 	 	2,518	 	 	 	0.0	%
	8685 · Telephone Cell &
    Radio	 	 	600	 	 	 	0.0	%	 	 	2,844	 	 	 	0.1	%	 	 	(2,244	)	 	 	-1.5	%	 	 	3,014	 	 	 	0.1	%	 	 	(2,414	)	 	 	-2.4	%	 	 	12,676	 	 	 	0.1	%
	8686 · Security	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8687 · Employee Recruitment	 	 	2,170	 	 	 	0.1	%	 	 	6,543	 	 	 	0.2	%	 	 	(4,373	)	 	 	-3.0	%	 	 	7,721	 	 	 	0.3	%	 	 	(5,551	)	 	 	-5.4	%	 	 	14,619	 	 	 	0.1	%
	8688 · Employee Relations
    & Training	 	 	5,159	 	 	 	0.2	%	 	 	7,059	 	 	 	0.3	%	 	 	(1,900	)	 	 	-1.3	%	 	 	7,841	 	 	 	0.3	%	 	 	(2,682	)	 	 	-2.6	%	 	 	29,349	 	 	 	0.2	%
	8689 · Miscellaneous Expenses	 	 	(6,150	)	 	 	-0.2	%	 	 	-	 	 	 	0.0	%	 	 	(6,150	)	 	 	-4.2	%	 	 	3,242	 	 	 	0.1	%	 	 	(9,393	)	 	 	-9.2	%	 	 	18,423	 	 	 	0.1	%
	8690 · Office Supplies	 	 	1,932	 	 	 	0.1	%	 	 	3,609	 	 	 	0.1	%	 	 	(1,677	)	 	 	-1.1	%	 	 	3,886	 	 	 	0.1	%	 	 	(1,954	)	 	 	-1.9	%	 	 	12,190	 	 	 	0.1	%
	8691 · Employee Relocation	 	 	50	 	 	 	0.0	%	 	 	4,778	 	 	 	0.2	%	 	 	(4,728	)	 	 	-3.2	%	 	 	4,639	 	 	 	0.2	%	 	 	(4,589	)	 	 	-4.5	%	 	 	8,578	 	 	 	0.1	%
	8692 · Cash over/short	 	 	98	 	 	 	0.0	%	 	 	184	 	 	 	0.0	%	 	 	(86	)	 	 	-0.1	%	 	 	70	 	 	 	0.0	%	 	 	27	 	 	 	0.0	%	 	 	(147	)	 	 	0.0	%
	8693 · Licenses & Permits	 	 	830	 	 	 	0.0	%	 	 	877	 	 	 	0.0	%	 	 	(47	)	 	 	0.0	%	 	 	854	 	 	 	0.0	%	 	 	(24	)	 	 	0.0	%	 	 	4,283	 	 	 	0.0	%
	8694 · Student Housing	 	 	8,977	 	 	 	0.3	%	 	 	6,498	 	 	 	0.2	%	 	 	2,479	 	 	 	1.7	%	 	 	4,452	 	 	 	0.2	%	 	 	4,524	 	 	 	4.4	%	 	 	27,879	 	 	 	0.2	%
	8695 · Equipment	 	 	3,643	 	 	 	0.1	%	 	 	6,908	 	 	 	0.3	%	 	 	(3,264	)	 	 	-2.2	%	 	 	6,800	 	 	 	0.2	%	 	 	(3,156	)	 	 	-3.1	%	 	 	30,030	 	 	 	0.2	%
	8696 · Business Meetings..	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,249	 	 	 	0.0	%
	8697 · Business Meals	 	 	4,369	 	 	 	0.2	%	 	 	4,859	 	 	 	0.2	%	 	 	(490	)	 	 	-0.3	%	 	 	4,578	 	 	 	0.2	%	 	 	(210	)	 	 	-0.2	%	 	 	33,663	 	 	 	0.2	%
	8698 · Consultants	 	 	8,106	 	 	 	0.3	%	 	 	8,072	 	 	 	0.3	%	 	 	34	 	 	 	0.0	%	 	 	6,633	 	 	 	0.2	%	 	 	1,473	 	 	 	1.4	%	 	 	24,637	 	 	 	0.2	%
	8600 · General & Administrative
    - Other	 	 	-	 	 	 	0.0	%	 	 	2,749	 	 	 	0.1	%	 	 	(2,749	)	 	 	-1.9	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8699 · PY Consultant Reconciliation	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(1,771	)	 	 	-0.1	%	 	 	1,771	 	 	 	1.7	%	 	 	16,470	 	 	 	0.1	%
	9900 · Intercompany balance
    write offs	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	176	 	 	 	0.0	%	 	 	(176	)	 	 	-0.2	%	 	 	(1,057	)	 	 	0.0	%
	Total 8600 · General &
    Administrative	 	 	150,258	 	 	 	5.3	%	 	 	191,451	 	 	 	7.1	%	 	 	(41,193	)	 	 	-28.0	%	 	 	178,338	 	 	 	6.5	%	 	 	(27,904	)	 	 	-27.3	%	 	 	812,380	 	 	 	5.2	%
	Total Expense	 	 	288,874	 	 	 	10.2	%	 	 	338,544	 	 	 	12.6	%	 	 	(49,670	)	 	 	-33.8	%	 	 	335,054	 	 	 	12.3	%	 	 	(46,004	)	 	 	-45.0	%	 	 	1,458,174	 	 	 	9.3	%
	Net Income	 	 	(288,874	)	 	 	-10.2	%	 	 	(338,544	)	 	 	-12.6	%	 	 	49,670	 	 	 	33.8	%	 	 	(335,054	)	 	 	-12.3	%	 	 	46,004	 	 	 	45.0	%	 	 	(1,458,174	)	 	 	-9.3	%

 

    	 	Page 14 of 23	L'Auberge_Resort March 13 Issue.xls / A&G-AvB

    	 

    

 

L'Auberge de Sedona, LLC.

Administrative and General Department

January through March 2013

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686000 · G & A Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684000 · Controller	 	 	1,340.00	 	 	 	0.00	 	 	 	4,913.00-	 	 	 	3,573.00-	 
	5685600 · Security	 	 	3,364.54	 	 	 	3,361.35	 	 	 	3,488.51	 	 	 	10,214.40	 
	5686130 · G & A Accounting  Coordinator	 	 	6,021.78	 	 	 	5,330.78	 	 	 	5,464.17	 	 	 	16,816.73	 
	5686180 · G & A Human Resource Director	 	 	6,138.85	 	 	 	8,957.69	 	 	 	3,494.91	 	 	 	18,591.45	 
	5686190 · G & A General Manager	 	 	12,093.08	 	 	 	10,376.93	 	 	 	13,547.47	 	 	 	36,017.48	 
	5686199 · G & A Shared Services	 	 	10,878.00	 	 	 	10,878.00	 	 	 	10,878.00	 	 	 	32,634.00	 
	5686400 · HR Coordinator	 	 	1,440.00	 	 	 	1,496.00	 	 	 	1,811.00	 	 	 	4,747.00	 
	Total 5686000 · G & A Salaries & Wages	 	 	41,276.25	 	 	 	40,400.75	 	 	 	33,771.06	 	 	 	115,448.06	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686050 · G & A Taxes and Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5651 · G & A Payroll Taxes	 	 	3,617.07	 	 	 	2,035.52	 	 	 	866.72	 	 	 	6,519.31	 
	5652 · G & A Workmens Compensation	 	 	281.00	 	 	 	281.00	 	 	 	1,441.84	 	 	 	2,003.84	 
	5653 · G & A Employee Benefits	 	 	2,146.79-	 	 	 	2,544.55	 	 	 	2,213.95	 	 	 	2,611.71	 
	5655 · G & A PTO	 	 	2,472.92	 	 	 	3,361.91	 	 	 	4,279.32	 	 	 	10,114.15	 
	5656 · G & A Empoy Meals	 	 	659.56	 	 	 	608.92	 	 	 	650.43	 	 	 	1,918.91	 
	Total 5686050 · G & A Taxes and Benefits	 	 	4,883.76	 	 	 	8,831.90	 	 	 	9,452.26	 	 	 	23,167.92	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 5000 · Payroll & Benefits	 	 	46,160.01	 	 	 	49,232.65	 	 	 	43,223.32	 	 	 	138,615.98	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8600 · General & Administrative	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8610 · IT Support	 	 	3,198.75	 	 	 	3,198.75	 	 	 	3,198.75	 	 	 	9,596.25	 
	8635 · Uniforms	 	 	474.57	 	 	 	471.13	 	 	 	575.86	 	 	 	1,521.56	 
	8651 · Computer Maint. & Support	 	 	55.36	 	 	 	802.21	 	 	 	55.36	 	 	 	912.93	 
	8660 · Charitable Contributions	 	 	100.00	 	 	 	0.00	 	 	 	0.00	 	 	 	100.00	 
	8665 · Affordable Housing Subsidy	 	 	550.00-	 	 	 	242.12-	 	 	 	825.00-	 	 	 	1,617.12-	 
	8673 · Gift Certificates	 	 	474.94	 	 	 	474.94	 	 	 	0.00	 	 	 	949.88	 
	8678 · Express Mail	 	 	1,463.85	 	 	 	0.00	 	 	 	0.00	 	 	 	1,463.85	 
	8679 · Payroll Processing Fees	 	 	3,643.02	 	 	 	4,678.16	 	 	 	2,480.02	 	 	 	10,801.20	 
	8680 · Postage	 	 	143.83	 	 	 	189.95	 	 	 	0.00	 	 	 	333.78	 
	8681 · Dues & Subscriptions	 	 	68.52	 	 	 	440.00	 	 	 	250.00	 	 	 	758.52	 
	8682 · Printing	 	 	405.75	 	 	 	0.00	 	 	 	0.00	 	 	 	405.75	 
	8683 · Credit Card Fees	 	 	32,831.65	 	 	 	31,926.96	 	 	 	27,544.65	 	 	 	92,303.26	 
	8684 · Bank Fees	 	 	1,487.23	 	 	 	357.99	 	 	 	1,100.13	 	 	 	2,945.35	 
	8685 · Telephone Cell & Radio	 	 	200.00	 	 	 	200.00	 	 	 	200.00	 	 	 	600.00	 
	8687 · Employee Recruitment	 	 	0.00	 	 	 	0.00	 	 	 	2,169.53	 	 	 	2,169.53	 
	8688 · Employee Relations & Training	 	 	1,355.56	 	 	 	2,284.64	 	 	 	1,518.81	 	 	 	5,159.01	 
	8689 · Miscellaneous Expenses	 	 	1,392.84	 	 	 	12,259.74-	 	 	 	4,716.44	 	 	 	6,150.46-	 
	8690 · Office Supplies	 	 	1,151.48	 	 	 	321.37	 	 	 	459.24	 	 	 	1,932.09	 
	8691 · Employee Relocation	 	 	0.00	 	 	 	50.00	 	 	 	0.00	 	 	 	50.00	 
	8692 · Cash over/short	 	 	25.09	 	 	 	107.58	 	 	 	35.17-	 	 	 	97.50	 
	8693 · Licenses & Permits	 	 	279.95	 	 	 	274.95	 	 	 	274.95	 	 	 	829.85	 
	8694 · Student Housing	 	 	3,268.50	 	 	 	3,206.00	 	 	 	2,502.41	 	 	 	8,976.91	 
	8695 · Equipment	 	 	2,472.22	 	 	 	293.17	 	 	 	877.81	 	 	 	3,643.20	 
	8697 · Business Meals	 	 	1,209.45	 	 	 	2,601.05	 	 	 	558.12	 	 	 	4,368.62	 
	8698 · Consultants	 	 	3,387.52	 	 	 	1,887.52	 	 	 	2,831.28	 	 	 	8,106.32	 
	Total 8600 · General & Administrative	 	 	58,540.08	 	 	 	41,264.51	 	 	 	50,453.19	 	 	 	150,257.78	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	104,700.09	 	 	 	90,497.16	 	 	 	93,676.51	 	 	 	288,873.76	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	104,700.09-	 	 	 	90,497.16-	 	 	 	93,676.51-	 	 	 	288,873.76-	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	104,700.09-	 	 	 	90,497.16-	 	 	 	93,676.51-	 	 	 	288,873.76-	 

 

    	 	Page 15 of 23	 L'Auberge_Resort March 13 Issue.xls / A&G

    	 

    

 

L'Auberge de Sedona Resort

Sales and Marketing Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787000 · Sales Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787130 · Sales Coordinator	 	 	5,244	 	 	 	0.4	%	 	 	4,770	 	 	 	0.4	%	 	 	474	 	 	 	0.3	%	 	 	4,631	 	 	 	0.4	%	 	 	613	 	 	 	0.3	%
	5787150 · Graphic Designer	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5787170 · Sales Manager	 	 	21,822	 	 	 	1.5	%	 	 	16,340	 	 	 	1.3	%	 	 	5,482	 	 	 	3.2	%	 	 	15,864	 	 	 	1.3	%	 	 	5,958	 	 	 	3.0	%
	5787180 · Director of Sales	 	 	-	 	 	 	0.0	%	 	 	11,475	 	 	 	0.9	%	 	 	(11,475	)	 	 	-6.8	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5787190 · Director of Marketing	 	 	(497	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(497	)	 	 	-0.3	%	 	 	11,140	 	 	 	0.9	%	 	 	(11,637	)	 	 	-5.9	%
	5787999 · Sales Other Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5787000 · Sales Salaries & Wages	 	 	26,570	 	 	 	1.8	%	 	 	32,585	 	 	 	2.5	%	 	 	(6,015	)	 	 	-3.6	%	 	 	31,636	 	 	 	2.5	%	 	 	(5,066	)	 	 	-2.6	%
	5787050 · Sales Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5751 · Sales Payroll Taxes	 	 	1,357	 	 	 	0.1	%	 	 	2,568	 	 	 	0.2	%	 	 	(1,210	)	 	 	-0.7	%	 	 	2,493	 	 	 	0.2	%	 	 	(1,136	)	 	 	-0.6	%
	5752 · Sales Workers' Comp	 	 	1,282	 	 	 	0.1	%	 	 	173	 	 	 	0.0	%	 	 	1,109	 	 	 	0.7	%	 	 	168	 	 	 	0.0	%	 	 	1,114	 	 	 	0.6	%
	5753 · Sales Employ Benefits	 	 	2,470	 	 	 	0.2	%	 	 	2,879	 	 	 	0.2	%	 	 	(410	)	 	 	-0.2	%	 	 	2,796	 	 	 	0.2	%	 	 	(326	)	 	 	-0.2	%
	5755 · Sales PTO	 	 	1,269	 	 	 	0.1	%	 	 	2,360	 	 	 	0.2	%	 	 	(1,090	)	 	 	-0.6	%	 	 	2,291	 	 	 	0.2	%	 	 	(1,021	)	 	 	-0.5	%
	5756 · Sales Employ Meals	 	 	503	 	 	 	0.0	%	 	 	459	 	 	 	0.0	%	 	 	45	 	 	 	0.0	%	 	 	445	 	 	 	0.0	%	 	 	58	 	 	 	0.0	%
	Total 5787050 · Sales Taxes & Benefits	 	 	6,881	 	 	 	0.5	%	 	 	8,439	 	 	 	0.7	%	 	 	(1,557	)	 	 	-0.9	%	 	 	8,193	 	 	 	0.6	%	 	 	(1,312	)	 	 	-0.7	%
	Total 5000 · Payroll & Benefits	 	 	33,451	 	 	 	2.3	%	 	 	41,024	 	 	 	3.2	%	 	 	(7,573	)	 	 	-4.5	%	 	 	39,829	 	 	 	3.2	%	 	 	(6,378	)	 	 	-3.2	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8700 · Sales & Marketing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8730 · Outside Laundry	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8735 · Uniforms	 	 	306	 	 	 	0.0	%	 	 	602	 	 	 	0.0	%	 	 	(296	)	 	 	-0.2	%	 	 	585	 	 	 	0.0	%	 	 	(279	)	 	 	-0.1	%
	8751 · Computer Maintenance & Support	 	 	1,145	 	 	 	0.1	%	 	 	695	 	 	 	0.1	%	 	 	450	 	 	 	0.3	%	 	 	675	 	 	 	0.1	%	 	 	470	 	 	 	0.2	%
	8760 · Advertising	 	 	499	 	 	 	0.0	%	 	 	1,939	 	 	 	0.2	%	 	 	(1,440	)	 	 	-0.9	%	 	 	1,882	 	 	 	0.1	%	 	 	(1,384	)	 	 	-0.7	%
	8761 · Brochures	 	 	12	 	 	 	0.0	%	 	 	241	 	 	 	0.0	%	 	 	(229	)	 	 	-0.1	%	 	 	234	 	 	 	0.0	%	 	 	(222	)	 	 	-0.1	%
	8762 · Production	 	 	63	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	63	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	63	 	 	 	0.0	%
	8763 · Direct/Bulk Mail	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8764 · Promotions	 	 	2,310	 	 	 	0.2	%	 	 	5,604	 	 	 	0.4	%	 	 	(3,294	)	 	 	-1.9	%	 	 	5,440	 	 	 	0.4	%	 	 	(3,131	)	 	 	-1.6	%
	8765 · Public Relations	 	 	8,075	 	 	 	0.6	%	 	 	9,003	 	 	 	0.7	%	 	 	(928	)	 	 	-0.5	%	 	 	8,740	 	 	 	0.7	%	 	 	(665	)	 	 	-0.3	%
	8766 · Print Media	 	 	(7,702	)	 	 	-0.5	%	 	 	1,030	 	 	 	0.1	%	 	 	(8,732	)	 	 	-5.2	%	 	 	1,000	 	 	 	0.1	%	 	 	(8,702	)	 	 	-4.4	%
	8767 · Trade Show	 	 	3,500	 	 	 	0.2	%	 	 	993	 	 	 	0.1	%	 	 	2,507	 	 	 	1.5	%	 	 	964	 	 	 	0.1	%	 	 	2,536	 	 	 	1.3	%
	8768 · Trade	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8770 · Media	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8776 · Photography	 	 	1,746	 	 	 	0.1	%	 	 	644	 	 	 	0.0	%	 	 	1,102	 	 	 	0.7	%	 	 	625	 	 	 	0.0	%	 	 	1,121	 	 	 	0.6	%
	8779 · Express Mail	 	 	178	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	178	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	178	 	 	 	0.1	%
	8780 · Postage	 	 	-	 	 	 	0.0	%	 	 	9	 	 	 	0.0	%	 	 	(9	)	 	 	0.0	%	 	 	9	 	 	 	0.0	%	 	 	(9	)	 	 	0.0	%
	8781 · Dues & Subscriptions	 	 	2,293	 	 	 	0.2	%	 	 	1,416	 	 	 	0.1	%	 	 	877	 	 	 	0.5	%	 	 	1,375	 	 	 	0.1	%	 	 	918	 	 	 	0.5	%

 

    	 	 	Report continued on next page

    	 

    

 

	8782 · Website	 	 	3,019	 	 	 	0.2	%	 	 	3,430	 	 	 	0.3	%	 	 	(410	)	 	 	-0.2	%	 	 	3,330	 	 	 	0.3	%	 	 	(311	)	 	 	-0.2	%
	8783 · Internet Advertising	 	 	3,077	 	 	 	0.2	%	 	 	1,206	 	 	 	0.1	%	 	 	1,871	 	 	 	1.1	%	 	 	1,171	 	 	 	0.1	%	 	 	1,906	 	 	 	1.0	%
	8784 · Printing	 	 	50	 	 	 	0.0	%	 	 	549	 	 	 	0.0	%	 	 	(499	)	 	 	-0.3	%	 	 	533	 	 	 	0.0	%	 	 	(483	)	 	 	-0.2	%
	8785 · Telephone Cell & Radio	 	 	250	 	 	 	0.0	%	 	 	283	 	 	 	0.0	%	 	 	(33	)	 	 	0.0	%	 	 	275	 	 	 	0.0	%	 	 	(25	)	 	 	0.0	%
	8786 · Donations	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8787·Radio/TV	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8788 · Employee Relations & Training	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8789 · Miscellaneous Expenses	 	 	81	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	81	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	81	 	 	 	0.0	%
	8790 · Office Supplies	 	 	395	 	 	 	0.0	%	 	 	587	 	 	 	0.0	%	 	 	(192	)	 	 	-0.1	%	 	 	570	 	 	 	0.0	%	 	 	(175	)	 	 	-0.1	%
	8792 · Visitors Center	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8796 · Business Meetings	 	 	2,706	 	 	 	0.2	%	 	 	1,173	 	 	 	0.1	%	 	 	1,534	 	 	 	0.9	%	 	 	1,138	 	 	 	0.1	%	 	 	1,568	 	 	 	0.8	%
	8797 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	529	 	 	 	0.0	%	 	 	(529	)	 	 	-0.3	%	 	 	513	 	 	 	0.0	%	 	 	(513	)	 	 	-0.3	%
	8798 · Consultants	 	 	-	 	 	 	0.0	%	 	 	124	 	 	 	0.0	%	 	 	(124	)	 	 	-0.1	%	 	 	120	 	 	 	0.0	%	 	 	(120	)	 	 	-0.1	%
	8799 · Tarsadia Annual Intelligence Fe	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8700 · Sales & Marketing - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8700 · Sales & Marketing	 	 	22,002	 	 	 	1.5	%	 	 	30,055	 	 	 	2.3	%	 	 	(8,053	)	 	 	-4.8	%	 	 	29,180	 	 	 	2.3	%	 	 	(7,178	)	 	 	-3.6	%
	Total Expense	 	 	55,453	 	 	 	3.8	%	 	 	71,079	 	 	 	5.5	%	 	 	(15,626	)	 	 	-9.2	%	 	 	69,009	 	 	 	5.5	%	 	 	(13,555	)	 	 	-6.9	%
	Net Income	 	 	(55,453	)	 	 	-3.8	%	 	 	(71,079	)	 	 	-5.5	%	 	 	15,626	 	 	 	9.2	%	 	 	(69,009	)	 	 	-5.5	%	 	 	13,555	 	 	 	6.9	%

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787000 · Sales Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787130 · Sales Coordinator	 	 	14,780	 	 	 	0.5	%	 	 	17,840	 	 	 	0.7	%	 	 	(3,060	)	 	 	-2.1	%	 	 	16,050	 	 	 	0.6	%	 	 	(1,270	)	 	 	-1.2	%	 	 	78,755	 	 	 	0.5	%
	5787150 · Graphic Designer	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5787170 · Sales Manager	 	 	57,281	 	 	 	2.0	%	 	 	50,792	 	 	 	1.9	%	 	 	6,489	 	 	 	4.4	%	 	 	41,930	 	 	 	1.5	%	 	 	15,351	 	 	 	15.0	%	 	 	157,988	 	 	 	1.0	%
	5787180 · Director of Sales	 	 	-	 	 	 	0.0	%	 	 	32,465	 	 	 	1.2	%	 	 	(32,465	)	 	 	-22.1	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5787190 · Director of Marketing	 	 	16,085	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%	 	 	16,085	 	 	 	10.9	%	 	 	32,824	 	 	 	1.2	%	 	 	(16,739	)	 	 	-16.4	%	 	 	139,309	 	 	 	0.9	%
	5787999 · Sales Other Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	2,581	 	 	 	0.0	%
	Total 5787000 · Sales Salaries & Wages	 	 	88,146	 	 	 	3.1	%	 	 	101,097	 	 	 	3.8	%	 	 	(12,951	)	 	 	-8.8	%	 	 	90,804	 	 	 	3.3	%	 	 	(2,658	)	 	 	-2.6	%	 	 	378,633	 	 	 	2.4	%
	5787050 · Sales Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5751 · Sales Payroll Taxes	 	 	8,628	 	 	 	0.3	%	 	 	10,864	 	 	 	0.4	%	 	 	(2,236	)	 	 	-1.5	%	 	 	8,669	 	 	 	0.3	%	 	 	(41	)	 	 	0.0	%	 	 	31,001	 	 	 	0.2	%
	5752 · Sales Workers' Comp	 	 	1,844	 	 	 	0.1	%	 	 	666	 	 	 	0.0	%	 	 	1,178	 	 	 	0.8	%	 	 	546	 	 	 	0.0	%	 	 	1,297	 	 	 	1.3	%	 	 	3,167	 	 	 	0.0	%
	5753 · Sales Employ Benefits	 	 	6,679	 	 	 	0.2	%	 	 	8,015	 	 	 	0.3	%	 	 	(1,336	)	 	 	-0.9	%	 	 	8,789	 	 	 	0.3	%	 	 	(2,110	)	 	 	-2.1	%	 	 	38,007	 	 	 	0.2	%
	5755 · Sales PTO	 	 	3,373	 	 	 	0.1	%	 	 	4,781	 	 	 	0.2	%	 	 	(1,408	)	 	 	-1.0	%	 	 	4,565	 	 	 	0.2	%	 	 	(1,191	)	 	 	-1.2	%	 	 	13,973	 	 	 	0.1	%
	5756 · Sales Employ Meals	 	 	1,386	 	 	 	0.0	%	 	 	1,393	 	 	 	0.1	%	 	 	(8	)	 	 	0.0	%	 	 	1,317	 	 	 	0.0	%	 	 	69	 	 	 	0.1	%	 	 	6,440	 	 	 	0.0	%
	Total 5787050 · Sales Taxes & Benefits	 	 	21,910	 	 	 	0.8	%	 	 	25,720	 	 	 	1.0	%	 	 	(3,810	)	 	 	-2.6	%	 	 	23,886	 	 	 	0.9	%	 	 	(1,976	)	 	 	-1.9	%	 	 	92,588	 	 	 	0.6	%
	Total 5000 · Payroll & Benefits	 	 	110,056	 	 	 	3.9	%	 	 	126,817	 	 	 	492357.0	%	 	 	(16,761	)	 	 	-11.4	%	 	 	114,691	 	 	 	4.2	%	 	 	(4,635	)	 	 	-4.5	%	 	 	471,220	 	 	 	3.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8700 · Sales & Marketing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8730 · Outside Laundry	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

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	8735 · Uniforms	 	 	1,110	 	 	 	0.0	%	 	 	1,494	 	 	 	0.1	%	 	 	(384	)	 	 	-0.3	%	 	 	1,246	 	 	 	0.0	%	 	 	(136	)	 	 	-0.1	%	 	 	5,304	 	 	 	0.0	%
	8751 · Computer Maintenance & Support	 	 	3,435	 	 	 	0.1	%	 	 	2,649	 	 	 	0.1	%	 	 	786	 	 	 	0.5	%	 	 	2,025	 	 	 	0.1	%	 	 	1,410	 	 	 	1.4	%	 	 	8,250	 	 	 	0.1	%
	8760 · Advertising	 	 	2,486	 	 	 	0.1	%	 	 	6,011	 	 	 	0.2	%	 	 	(3,525	)	 	 	-2.4	%	 	 	7,234	 	 	 	0.3	%	 	 	(4,749	)	 	 	-4.6	%	 	 	52,258	 	 	 	0.3	%
	8761 · Brochures	 	 	28	 	 	 	0.0	%	 	 	241	 	 	 	0.0	%	 	 	(213	)	 	 	-0.1	%	 	 	156	 	 	 	0.0	%	 	 	(129	)	 	 	-0.1	%	 	 	4,759	 	 	 	0.0	%
	8762 · Production	 	 	1,265	 	 	 	0.0	%	 	 	1,140	 	 	 	0.0	%	 	 	125	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	1,265	 	 	 	1.2	%	 	 	-	 	 	 	0.0	%
	8763 · Direct/Bulk Mail	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8764 · Promotions	 	 	6,267	 	 	 	0.2	%	 	 	13,712	 	 	 	0.5	%	 	 	(7,445	)	 	 	-5.1	%	 	 	13,168	 	 	 	0.5	%	 	 	(6,901	)	 	 	-6.7	%	 	 	79,727	 	 	 	0.5	%
	8765 · Public Relations	 	 	23,357	 	 	 	0.8	%	 	 	26,158	 	 	 	1.0	%	 	 	(2,801	)	 	 	-1.9	%	 	 	24,184	 	 	 	0.9	%	 	 	(827	)	 	 	-0.8	%	 	 	110,650	 	 	 	0.7	%
	8766 · Print Media	 	 	(4,706	)	 	 	-0.2	%	 	 	4,026	 	 	 	0.2	%	 	 	(8,732	)	 	 	-5.9	%	 	 	1,000	 	 	 	0.0	%	 	 	(5,706	)	 	 	-5.6	%	 	 	1,000	 	 	 	0.0	%
	8767 · Trade Show	 	 	3,831	 	 	 	0.1	%	 	 	1,538	 	 	 	0.1	%	 	 	2,293	 	 	 	1.6	%	 	 	2,019	 	 	 	0.1	%	 	 	1,812	 	 	 	1.8	%	 	 	6,135	 	 	 	0.0	%
	8768 · Trade	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8770 · Media	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8776 · Photography	 	 	5,342	 	 	 	0.2	%	 	 	2,390	 	 	 	0.1	%	 	 	2,953	 	 	 	2.0	%	 	 	1,125	 	 	 	0.0	%	 	 	4,217	 	 	 	4.1	%	 	 	11,309	 	 	 	0.1	%
	8779 · Express Mail	 	 	217	 	 	 	0.0	%	 	 	39	 	 	 	0.0	%	 	 	178	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	217	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%
	8780 · Postage	 	 	56	 	 	 	0.0	%	 	 	19	 	 	 	0.0	%	 	 	37	 	 	 	0.0	%	 	 	9	 	 	 	0.0	%	 	 	47	 	 	 	0.0	%	 	 	854	 	 	 	0.0	%
	8781 · Dues & Subscriptions	 	 	5,966	 	 	 	0.2	%	 	 	4,435	 	 	 	0.2	%	 	 	1,531	 	 	 	1.0	%	 	 	2,930	 	 	 	0.1	%	 	 	3,036	 	 	 	3.0	%	 	 	9,013	 	 	 	0.1	%
	8782 · Website	 	 	13,109	 	 	 	0.5	%	 	 	14,071	 	 	 	0.5	%	 	 	(962	)	 	 	-0.7	%	 	 	10,328	 	 	 	0.4	%	 	 	2,781	 	 	 	2.7	%	 	 	55,869	 	 	 	0.4	%
	8783 · Internet Advertising	 	 	12,164	 	 	 	0.4	%	 	 	5,491	 	 	 	0.2	%	 	 	6,673	 	 	 	4.5	%	 	 	1,455	 	 	 	0.1	%	 	 	10,710	 	 	 	10.5	%	 	 	59,173	 	 	 	0.4	%
	8784 · Printing	 	 	128	 	 	 	0.0	%	 	 	1,265	 	 	 	0.0	%	 	 	(1,137	)	 	 	-0.8	%	 	 	3,523	 	 	 	0.1	%	 	 	(3,395	)	 	 	-3.3	%	 	 	8,412	 	 	 	0.1	%
	8785 · Telephone Cell & Radio	 	 	925	 	 	 	0.0	%	 	 	913	 	 	 	0.0	%	 	 	12	 	 	 	0.0	%	 	 	825	 	 	 	0.0	%	 	 	100	 	 	 	0.1	%	 	 	3,856	 	 	 	0.0	%
	8786 · Donations	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8787·Radio/TV	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8788 · Employee Relations & Training	 	 	520	 	 	 	0.0	%	 	 	355	 	 	 	0.0	%	 	 	165	 	 	 	0.1	%	 	 	158	 	 	 	0.0	%	 	 	363	 	 	 	0.4	%	 	 	2,404	 	 	 	0.0	%
	8789 · Miscellaneous Expenses	 	 	109	 	 	 	0.0	%	 	 	109	 	 	 	0.0	%	 	 	(1	)	 	 	0.0	%	 	 	183	 	 	 	0.0	%	 	 	(74	)	 	 	-0.1	%	 	 	635	 	 	 	0.0	%
	8790 · Office Supplies	 	 	902	 	 	 	0.0	%	 	 	1,825	 	 	 	0.1	%	 	 	(924	)	 	 	-0.6	%	 	 	1,612	 	 	 	0.1	%	 	 	(710	)	 	 	-0.7	%	 	 	5,594	 	 	 	0.0	%
	8792 · Visitors Center	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8796 · Business Meetings	 	 	3,101	 	 	 	0.1	%	 	 	1,417	 	 	 	0.1	%	 	 	1,684	 	 	 	1.1	%	 	 	1,138	 	 	 	0.0	%	 	 	1,963	 	 	 	1.9	%	 	 	5,712	 	 	 	0.0	%
	8797 · Business Meals	 	 	340	 	 	 	0.0	%	 	 	924	 	 	 	0.0	%	 	 	(584	)	 	 	-0.4	%	 	 	595	 	 	 	0.0	%	 	 	(255	)	 	 	-0.2	%	 	 	3,710	 	 	 	0.0	%
	8798 · Consultants	 	 	-	 	 	 	0.0	%	 	 	267	 	 	 	0.0	%	 	 	(267	)	 	 	-0.2	%	 	 	330	 	 	 	0.0	%	 	 	(330	)	 	 	-0.3	%	 	 	11,032	 	 	 	0.1	%
	8799 · Tarsadia Annual Intelligence Fe	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8700 · Sales & Marketing - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8700 · Sales & Marketing	 	 	79,952	 	 	 	2.8	%	 	 	90,488	 	 	 	3.4	%	 	 	(10,537	)	 	 	-7.2	%	 	 	75,241	 	 	 	2.8	%	 	 	4,710	 	 	 	4.6	%	 	 	445,656	 	 	 	2.8	%
	Total Expense	 	 	190,008	 	 	 	6.7	%	 	 	217,305	 	 	 	8.1	%	 	 	(27,297	)	 	 	-18.6	%	 	 	189,932	 	 	 	7.0	%	 	 	75	 	 	 	0.1	%	 	 	916,876	 	 	 	5.8	%
	Net Income	 	 	(190,008	)	 	 	-6.7	%	 	 	(217,305	)	 	 	-8.1	%	 	 	27,297	 	 	 	18.6	%	 	 	(189,932	)	 	 	-7.0	%	 	 	(75	)	 	 	-0.1	%	 	 	(916,876	)	 	 	-5.8	%

 

    	 	Page 16 of 23	 L'Auberge_Resort March 13 Issue.xls/Sales-AvB

    	 

    

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787000 · Sales Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787130 · Sales Coordinator	 	 	6,476.65	 	 	 	3,059.06	 	 	 	5,244.42	 	 	 	14,780.13	 
	5787170 · Sales Manager	 	 	19,357.26	 	 	 	16,100.95	 	 	 	21,822.48	 	 	 	57,280.69	 
	5787190 · Director of Marketing	 	 	8,736.16	 	 	 	7,846.16	 	 	 	-497.08	 	 	 	16,085.24	 
	Total 5787000 · Sales Salaries & Wages	 	 	34,570.07	 	 	 	27,006.17	 	 	 	26,569.82	 	 	 	88,146.06	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787050 · Sales Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5751 · Sales Payroll Taxes	 	 	4,829.56	 	 	 	2,441.04	 	 	 	1,357.37	 	 	 	8,627.97	 
	5752 · Sales Workers' Comp	 	 	281.00	 	 	 	281.00	 	 	 	1,281.66	 	 	 	1,843.66	 
	5753 · Sales Employ Benefits	 	 	1,879.41	 	 	 	2,329.99	 	 	 	2,469.57	 	 	 	6,678.97	 
	5755 · Sales PTO	 	 	985.24	 	 	 	1,118.69	 	 	 	1,269.48	 	 	 	3,373.41	 
	5756 · Sales Employ Meals	 	 	428.97	 	 	 	453.68	 	 	 	503.11	 	 	 	1,385.76	 
	Total 5787050 · Sales Taxes & Benefits	 	 	8,404.18	 	 	 	6,624.40	 	 	 	6,881.19	 	 	 	21,909.77	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 5000 · Payroll & Benefits	 	 	42,974.25	 	 	 	33,630.57	 	 	 	33,451.01	 	 	 	110,055.83	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8700 · Sales & Marketing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8735 · Uniforms	 	 	497.56	 	 	 	306.70	 	 	 	305.72	 	 	 	1,109.98	 
	8751 · Computer Maintenance & Support	 	 	1,145.00	 	 	 	1,145.00	 	 	 	1,145.00	 	 	 	3,435.00	 
	8760 · Advertising	 	 	598.51	 	 	 	1,388.51	 	 	 	498.51	 	 	 	2,485.53	 
	8761 · Brochures	 	 	0.00	 	 	 	15.26	 	 	 	12.48	 	 	 	27.74	 
	8762 · Production	 	 	1,139.67	 	 	 	62.50	 	 	 	62.50	 	 	 	1,264.67	 
	8764 · Promotions	 	 	2,577.40	 	 	 	1,380.29	 	 	 	2,309.55	 	 	 	6,267.24	 
	8765 · Public Relations	 	 	7,523.86	 	 	 	7,757.82	 	 	 	8,075.05	 	 	 	23,356.73	 
	8766 · Print Media	 	 	2,996.00	 	 	 	0.00	 	 	 	-7,702.00	 	 	 	-4,706.00	 
	8767 · Trade Show	 	 	140.17	 	 	 	190.48	 	 	 	3,500.00	 	 	 	3,830.65	 
	8776 · Photography	 	 	1,745.83	 	 	 	1,850.63	 	 	 	1,745.83	 	 	 	5,342.29	 
	8779 · Express Mail	 	 	39.40	 	 	 	0.00	 	 	 	177.81	 	 	 	217.21	 
	8780 · Postage	 	 	9.92	 	 	 	46.49	 	 	 	0.00	 	 	 	56.41	 
	8781 · Dues & Subscriptions	 	 	1,909.59	 	 	 	1,763.21	 	 	 	2,293.21	 	 	 	5,966.01	 
	8782 · Website	 	 	6,378.37	 	 	 	3,710.97	 	 	 	3,019.21	 	 	 	13,108.55	 
	8783 · Internet Advertising	 	 	3,944.96	 	 	 	5,142.50	 	 	 	3,077.00	 	 	 	12,164.46	 
	8784 · Printing	 	 	78.06	 	 	 	0.00	 	 	 	50.00	 	 	 	128.06	 
	8785 · Telephone Cell & Radio	 	 	300.00	 	 	 	375.00	 	 	 	250.00	 	 	 	925.00	 
	8788 · Employee Relations & Training	 	 	166.06	 	 	 	354.24	 	 	 	0.00	 	 	 	520.30	 
	8789 · Miscellaneous Expenses	 	 	27.75	 	 	 	0.00	 	 	 	80.91	 	 	 	108.66	 
	8790 · Office Supplies	 	 	381.39	 	 	 	125.34	 	 	 	394.98	 	 	 	901.71	 
	8796 · Business Meetings	 	 	244.90	 	 	 	150.00	 	 	 	2,706.37	 	 	 	3,101.27	 
	8797 · Business Meals	 	 	330.00	 	 	 	10.20	 	 	 	0.00	 	 	 	340.20	 
	Total 8700 · Sales & Marketing	 	 	32,174.40	 	 	 	25,775.14	 	 	 	22,002.13	 	 	 	79,951.67	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	75,148.65	 	 	 	59,405.71	 	 	 	55,453.14	 	 	 	190,007.50	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	-75,148.65	 	 	 	-59,405.71	 	 	 	-55,453.14	 	 	 	-190,007.50	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-75,148.65	 	 	 	-59,405.71	 	 	 	-55,453.14	 	 	 	-190,007.50	 

 

    	 	Page 17 of 23	L'Auberge_Resort March 13 Issue.xls / Sales

    	 

    

 

L'Auberge de Sedona Resort

Maintenance Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888000 · Engineering	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888150 · Lead Groundsmen	 	 	2,792	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	2,792	 	 	 	1.6	%	 	 	2,393	 	 	 	0.2	%	 	 	399	 	 	 	0.2	%
	5888160 · Engineering Supervisor	 	 	3,209	 	 	 	0.2	%	 	 	3,497	 	 	 	0.3	%	 	 	(288	)	 	 	-0.2	%	 	 	3,330	 	 	 	0.3	%	 	 	(121	)	 	 	-0.1	%
	5888180 · Chief Engineer	 	 	7,912	 	 	 	0.5	%	 	 	5,247	 	 	 	0.4	%	 	 	2,664	 	 	 	1.6	%	 	 	4,998	 	 	 	0.4	%	 	 	2,914	 	 	 	1.5	%
	5888190 · Director of Engineering	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5888600 · Groundsmen	 	 	7,475	 	 	 	0.5	%	 	 	17,027	 	 	 	1.3	%	 	 	(9,553	)	 	 	-5.6	%	 	 	13,824	 	 	 	1.1	%	 	 	(6,349	)	 	 	-3.2	%
	588600C · Groundsmen - Special	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5888700 · Engineer I	 	 	12,105	 	 	 	0.8	%	 	 	21,262	 	 	 	1.6	%	 	 	(9,157	)	 	 	-5.4	%	 	 	11,610	 	 	 	0.9	%	 	 	494	 	 	 	0.3	%
	5888710 · Engineer II	 	 	8,269	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%	 	 	8,269	 	 	 	4.9	%	 	 	8,639	 	 	 	0.7	%	 	 	(370	)	 	 	-0.2	%
	5888999 · Engineering Other Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5888000 · Engineering	 	 	41,761	 	 	 	2.9	%	 	 	47,033	 	 	 	3.6	%	 	 	(5,273	)	 	 	-3.1	%	 	 	44,794	 	 	 	3.5	%	 	 	(3,033	)	 	 	-1.5	%
	5888050 · Engineering Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5851 · Prop Ops Payroll Taxes	 	 	4,141	 	 	 	0.3	%	 	 	5,209	 	 	 	0.4	%	 	 	(1,069	)	 	 	-0.6	%	 	 	4,961	 	 	 	0.4	%	 	 	(821	)	 	 	-0.4	%
	5852 · Prop Ops Workers' Comp	 	 	2,742	 	 	 	0.2	%	 	 	441	 	 	 	0.0	%	 	 	2,301	 	 	 	1.4	%	 	 	420	 	 	 	0.0	%	 	 	2,322	 	 	 	1.2	%
	5853 · Prop Ops Employ Benefits	 	 	3,004	 	 	 	0.2	%	 	 	585	 	 	 	0.0	%	 	 	2,419	 	 	 	1.4	%	 	 	557	 	 	 	0.0	%	 	 	2,447	 	 	 	1.2	%
	5855 · Prop Ops PTO	 	 	1,654	 	 	 	0.1	%	 	 	1,165	 	 	 	0.1	%	 	 	489	 	 	 	0.3	%	 	 	1,110	 	 	 	0.1	%	 	 	545	 	 	 	0.3	%
	5856 · Prop Ops Employ Meals	 	 	1,258	 	 	 	0.1	%	 	 	1,286	 	 	 	0.1	%	 	 	(28	)	 	 	0.0	%	 	 	1,225	 	 	 	0.1	%	 	 	33	 	 	 	0.0	%
	5857 · Shared PTO Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5888050 · Engineering Taxes & Benefits	 	 	12,799	 	 	 	0.9	%	 	 	8,687	 	 	 	0.7	%	 	 	4,112	 	 	 	2.4	%	 	 	8,273	 	 	 	0.7	%	 	 	4,526	 	 	 	2.3	%
	Total 5000 · Payroll & Benefits	 	 	54,560	 	 	 	3.7	%	 	 	55,720	 	 	 	4.3	%	 	 	(1,161	)	 	 	-0.7	%	 	 	53,067	 	 	 	4.2	%	 	 	1,493	 	 	 	0.8	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8800 · Repairs & Maintenance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8825 · Maintenance Supplies	 	 	1,565	 	 	 	0.1	%	 	 	3,535	 	 	 	0.3	%	 	 	(1,970	)	 	 	-1.2	%	 	 	3,367	 	 	 	0.3	%	 	 	(1,802	)	 	 	-0.9	%
	8826 · Paint Supplies	 	 	1,327	 	 	 	0.1	%	 	 	1,097	 	 	 	0.1	%	 	 	230	 	 	 	0.1	%	 	 	1,045	 	 	 	0.1	%	 	 	282	 	 	 	0.1	%
	8827 · Small Tools & Equipment	 	 	-	 	 	 	0.0	%	 	 	49	 	 	 	0.0	%	 	 	(49	)	 	 	0.0	%	 	 	47	 	 	 	0.0	%	 	 	(47	)	 	 	0.0	%
	8835 · Uniforms	 	 	(140	)	 	 	0.0	%	 	 	646	 	 	 	0.1	%	 	 	(786	)	 	 	-0.5	%	 	 	615	 	 	 	0.0	%	 	 	(755	)	 	 	-0.4	%
	8843 · Linens	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8850 · Plumbing	 	 	1,442	 	 	 	0.1	%	 	 	1,647	 	 	 	0.1	%	 	 	(205	)	 	 	-0.1	%	 	 	1,569	 	 	 	0.1	%	 	 	(127	)	 	 	-0.1	%
	8851·AC/Refrigeration	 	 	37	 	 	 	0.0	%	 	 	(160	)	 	 	0.0	%	 	 	197	 	 	 	0.1	%	 	 	(153	)	 	 	0.0	%	 	 	190	 	 	 	0.1	%
	8852 · Auto Expense	 	 	1,298	 	 	 	0.1	%	 	 	1,846	 	 	 	0.1	%	 	 	(548	)	 	 	-0.3	%	 	 	1,759	 	 	 	0.1	%	 	 	(460	)	 	 	-0.2	%
	8853 · Buildings	 	 	2,235	 	 	 	0.2	%	 	 	114	 	 	 	0.0	%	 	 	2,121	 	 	 	1.3	%	 	 	108	 	 	 	0.0	%	 	 	2,126	 	 	 	1.1	%
	8855·Electrical/Mechanical	 	 	41	 	 	 	0.0	%	 	 	537	 	 	 	0.0	%	 	 	(496	)	 	 	-0.3	%	 	 	511	 	 	 	0.0	%	 	 	(470	)	 	 	-0.2	%
	8856 · Equipment Repair	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8857 · HVAC	 	 	188	 	 	 	0.0	%	 	 	1,515	 	 	 	0.1	%	 	 	(1,327	)	 	 	-0.8	%	 	 	1,443	 	 	 	0.1	%	 	 	(1,255	)	 	 	-0.6	%
	8858 · Grounds	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8858C · Grounds - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8858 · Grounds - Other	 	 	1,246	 	 	 	0.1	%	 	 	6,724	 	 	 	0.5	%	 	 	(5,478	)	 	 	-3.2	%	 	 	6,404	 	 	 	0.5	%	 	 	(5,158	)	 	 	-2.6	%
	8859 · Lighting	 	 	1,537	 	 	 	0.1	%	 	 	787	 	 	 	0.1	%	 	 	750	 	 	 	0.4	%	 	 	750	 	 	 	0.1	%	 	 	788	 	 	 	0.4	%

 

    	 	 	Report continued on next page

    	 

    

 

	8860 · Rental Equipment	 	 	-	 	 	 	0.0	%	 	 	469	 	 	 	0.0	%	 	 	(469	)	 	 	-0.3	%	 	 	447	 	 	 	0.0	%	 	 	(447	)	 	 	-0.2	%
	8861 · Locks & Keys	 	 	43	 	 	 	0.0	%	 	 	764	 	 	 	0.1	%	 	 	(721	)	 	 	-0.4	%	 	 	727	 	 	 	0.1	%	 	 	(685	)	 	 	-0.3	%
	8862 · Pest Control	 	 	684	 	 	 	0.0	%	 	 	2,081	 	 	 	0.2	%	 	 	(1,397	)	 	 	-0.8	%	 	 	1,982	 	 	 	0.2	%	 	 	(1,298	)	 	 	-0.7	%
	8864 · Pool & Spa	 	 	398	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	398	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	398	 	 	 	0.2	%
	8867 · Propane	 	 	692	 	 	 	0.0	%	 	 	1,546	 	 	 	0.1	%	 	 	(854	)	 	 	-0.5	%	 	 	1,473	 	 	 	0.1	%	 	 	(781	)	 	 	-0.4	%
	8868 · Fire Prevention	 	 	273	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	273	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	273	 	 	 	0.1	%
	8878 · Express Mail	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8880 · Postage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8883 · Service Contracts	 	 	2,676	 	 	 	0.2	%	 	 	2,901	 	 	 	0.2	%	 	 	(226	)	 	 	-0.1	%	 	 	2,763	 	 	 	0.2	%	 	 	(88	)	 	 	0.0	%
	8885 · Telephone Cell & Radio	 	 	50	 	 	 	0.0	%	 	 	53	 	 	 	0.0	%	 	 	(3	)	 	 	0.0	%	 	 	50	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8886 · Contract Labor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8887 · Storage Rental	 	 	2,450	 	 	 	0.2	%	 	 	239	 	 	 	0.0	%	 	 	2,211	 	 	 	1.3	%	 	 	228	 	 	 	0.0	%	 	 	2,222	 	 	 	1.1	%
	8888 · Signage	 	 	-	 	 	 	0.0	%	 	 	117	 	 	 	0.0	%	 	 	(117	)	 	 	-0.1	%	 	 	112	 	 	 	0.0	%	 	 	(112	)	 	 	-0.1	%
	8889 · Miscellaneous Expenses	 	 	1,649	 	 	 	0.1	%	 	 	798	 	 	 	0.1	%	 	 	851	 	 	 	0.5	%	 	 	760	 	 	 	0.1	%	 	 	889	 	 	 	0.5	%
	8890 · Office Supplies	 	 	-	 	 	 	0.0	%	 	 	1,061	 	 	 	0.1	%	 	 	(1,061	)	 	 	-0.6	%	 	 	1,010	 	 	 	0.1	%	 	 	(1,010	)	 	 	-0.5	%
	8891 · Employee Relations & Training	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8896 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8897 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8899A · Final Rm Prep - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8899C · Final Rms prep - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8899 · Final Room Prep - Renovated Rms - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8800 · Repairs & Maintenance - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8800 · Repairs & Maintenance	 	 	19,692	 	 	 	1.3	%	 	 	28,367	 	 	 	2.2	%	 	 	(8,675	)	 	 	-5.1	%	 	 	27,016	 	 	 	2.1	%	 	 	(7,324	)	 	 	-3.7	%
	Total Expense	 	 	74,252	 	 	 	5.1	%	 	 	84,087	 	 	 	6.5	%	 	 	(9,835	)	 	 	-5.8	%	 	 	80,083	 	 	 	6.3	%	 	 	(5,831	)	 	 	-3.0	%
	Net Income	 	 	(74,252	)	 	 	-5.1	%	 	 	(84,087	)	 	 	-6.5	%	 	 	9,835	 	 	 	5.8	%	 	 	(80,083	)	 	 	-6.3	%	 	 	5,831	 	 	 	3.0	%

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888000 · Engineering	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888150 · Lead Groundsmen	 	 	8,203	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	8,203	 	 	 	5.6	%	 	 	5,347	 	 	 	0.2	%	 	 	2,856	 	 	 	2.8	%	 	 	21,938	 	 	 	0.1	%
	5888160 · Engineering Supervisor	 	 	9,113	 	 	 	0.3	%	 	 	10,501	 	 	 	0.4	%	 	 	(1,388	)	 	 	-0.9	%	 	 	10,208	 	 	 	0.4	%	 	 	(1,096	)	 	 	-1.1	%	 	 	22,158	 	 	 	0.1	%
	5888180 · Chief Engineer	 	 	21,363	 	 	 	0.8	%	 	 	16,357	 	 	 	0.6	%	 	 	5,006	 	 	 	3.4	%	 	 	12,430	 	 	 	0.5	%	 	 	8,933	 	 	 	8.7	%	 	 	56,999	 	 	 	0.4	%
	5888190 · Director of Engineering	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	12,256	 	 	 	0.1	%
	5888600 · Groundsmen	 	 	23,276	 	 	 	0.8	%	 	 	41,443	 	 	 	1.5	%	 	 	(18,167	)	 	 	-12.4	%	 	 	32,764	 	 	 	1.2	%	 	 	(9,488	)	 	 	-9.3	%	 	 	96,138	 	 	 	0.6	%
	588600C · Groundsmen - Special	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5888700 · Engineer I	 	 	38,424	 	 	 	1.4	%	 	 	62,820	 	 	 	2.3	%	 	 	(24,396	)	 	 	-16.6	%	 	 	33,100	 	 	 	1.2	%	 	 	5,324	 	 	 	5.2	%	 	 	135,676	 	 	 	0.9	%
	5888710 · Engineer II	 	 	20,979	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	20,979	 	 	 	14.3	%	 	 	30,232	 	 	 	1.1	%	 	 	(9,253	)	 	 	-9.0	%	 	 	123,855	 	 	 	0.8	%
	5888999 · Engineering Other Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5888000 · Engineering	 	 	121,358	 	 	 	4.3	%	 	 	131,122	 	 	 	4.9	%	 	 	(9,764	)	 	 	-6.6	%	 	 	124,081	 	 	 	4.6	%	 	 	(2,724	)	 	 	-2.7	%	 	 	469,021	 	 	 	3.0	%
	5888050 · Engineering Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5851 · Prop Ops Payroll Taxes	 	 	13,525	 	 	 	0.5	%	 	 	15,814	 	 	 	0.6	%	 	 	(2,289	)	 	 	-1.6	%	 	 	14,025	 	 	 	0.5	%	 	 	(500	)	 	 	-0.5	%	 	 	46,566	 	 	 	0.3	%
	5852 · Prop Ops Workers' Comp	 	 	4,146	 	 	 	0.1	%	 	 	1,608	 	 	 	0.1	%	 	 	2,539	 	 	 	1.7	%	 	 	1,366	 	 	 	0.1	%	 	 	2,780	 	 	 	2.7	%	 	 	6,180	 	 	 	0.0	%
	5853 · Prop Ops Employ Benefits	 	 	9,425	 	 	 	0.3	%	 	 	7,416	 	 	 	492357.0	%	 	 	2,009	 	 	 	1.4	%	 	 	5,601	 	 	 	0.2	%	 	 	3,825	 	 	 	3.7	%	 	 	22,874	 	 	 	0.1	%
	5855 · Prop Ops PTO	 	 	3,778	 	 	 	0.1	%	 	 	2,828	 	 	 	0.1	%	 	 	949	 	 	 	0.6	%	 	 	2,554	 	 	 	0.1	%	 	 	1,223	 	 	 	1.2	%	 	 	12,268	 	 	 	0.1	%
	5856 · Prop Ops Employ Meals	 	 	3,464	 	 	 	0.1	%	 	 	3,467	 	 	 	0.1	%	 	 	(2	)	 	 	0.0	%	 	 	3,543	 	 	 	0.1	%	 	 	(79	)	 	 	-0.1	%	 	 	16,341	 	 	 	0.1	%
	5857 · Shared PTO Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5888050 · Engineering Taxes & Benefits	 	 	34,338	 	 	 	1.2	%	 	 	31,132	 	 	 	1.2	%	 	 	3,206	 	 	 	2.2	%	 	 	27,089	 	 	 	1.0	%	 	 	7,249	 	 	 	7.1	%	 	 	104,229	 	 	 	0.7	%
	Total 5000 · Payroll & Benefits	 	 	155,696	 	 	 	5.5	%	 	 	162,254	 	 	 	6.1	%	 	 	(6,558	)	 	 	-4.5	%	 	 	151,171	 	 	 	5.5	%	 	 	4,525	 	 	 	4.4	%	 	 	573,250	 	 	 	3.6	%

 

    	 	 	Report continued on next page

    	 

    

 

	8800 · Repairs & Maintenance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8825 · Maintenance Supplies	 	 	6,373	 	 	 	0.2	%	 	 	9,902	 	 	 	0.4	%	 	 	(3,529	)	 	 	-2.4	%	 	 	9,452	 	 	 	0.3	%	 	 	(3,079	)	 	 	-3.0	%	 	 	35,323	 	 	 	0.2	%
	8826 · Paint Supplies	 	 	2,203	 	 	 	0.1	%	 	 	3,018	 	 	 	0.1	%	 	 	(815	)	 	 	-0.6	%	 	 	3,012	 	 	 	0.1	%	 	 	(809	)	 	 	-0.8	%	 	 	14,033	 	 	 	0.1	%
	8827 · Small Tools & Equipment	 	 	28	 	 	 	0.0	%	 	 	96	 	 	 	0.0	%	 	 	(69	)	 	 	0.0	%	 	 	66	 	 	 	0.0	%	 	 	(38	)	 	 	0.0	%	 	 	2,042	 	 	 	0.0	%
	8835 · Uniforms	 	 	(10	)	 	 	0.0	%	 	 	1,316	 	 	 	0.0	%	 	 	(1,326	)	 	 	-0.9	%	 	 	1,846	 	 	 	0.1	%	 	 	(1,856	)	 	 	-1.8	%	 	 	3,581	 	 	 	0.0	%
	8843 · Linens	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8850 · Plumbing	 	 	4,711	 	 	 	0.2	%	 	 	4,907	 	 	 	0.2	%	 	 	(196	)	 	 	-0.1	%	 	 	1,747	 	 	 	0.1	%	 	 	2,965	 	 	 	2.9	%	 	 	12,159	 	 	 	0.1	%
	8851·AC/Refrigeration	 	 	1,353	 	 	 	0.0	%	 	 	468	 	 	 	0.0	%	 	 	886	 	 	 	0.6	%	 	 	96	 	 	 	0.0	%	 	 	1,257	 	 	 	1.2	%	 	 	7,203	 	 	 	0.0	%
	8852 · Auto Expense	 	 	2,900	 	 	 	0.1	%	 	 	5,210	 	 	 	0.2	%	 	 	(2,309	)	 	 	-1.6	%	 	 	766	 	 	 	0.0	%	 	 	2,135	 	 	 	2.1	%	 	 	25,966	 	 	 	0.2	%
	8853 · Buildings	 	 	4,274	 	 	 	0.2	%	 	 	607	 	 	 	0.0	%	 	 	3,666	 	 	 	2.5	%	 	 	390	 	 	 	0.0	%	 	 	3,884	 	 	 	3.8	%	 	 	3,161	 	 	 	0.0	%
	8855·Electrical/Mechanical	 	 	1,601	 	 	 	0.1	%	 	 	1,440	 	 	 	0.1	%	 	 	161	 	 	 	0.1	%	 	 	106	 	 	 	0.0	%	 	 	1,495	 	 	 	1.5	%	 	 	4,867	 	 	 	0.0	%
	8856 · Equipment Repair	 	 	222	 	 	 	0.0	%	 	 	1,478	 	 	 	0.1	%	 	 	(1,256	)	 	 	-0.9	%	 	 	1,467	 	 	 	0.1	%	 	 	(1,245	)	 	 	-1.2	%	 	 	9,485	 	 	 	0.1	%
	8857 · HVAC	 	 	2,529	 	 	 	0.1	%	 	 	2,652	 	 	 	0.1	%	 	 	(123	)	 	 	-0.1	%	 	 	2,407	 	 	 	0.1	%	 	 	122	 	 	 	0.1	%	 	 	11,161	 	 	 	0.1	%
	8858 · Grounds	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8858C · Grounds - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	94	 	 	 	0.0	%	 	 	(94	)	 	 	-0.1	%	 	 	94	 	 	 	0.0	%
	8858 · Grounds - Other	 	 	5,385	 	 	 	0.2	%	 	 	15,941	 	 	 	0.6	%	 	 	(10,556	)	 	 	-7.2	%	 	 	16,321	 	 	 	0.6	%	 	 	(10,936	)	 	 	-10.7	%	 	 	51,227	 	 	 	0.3	%
	8859 · Lighting	 	 	3,905	 	 	 	0.1	%	 	 	2,606	 	 	 	0.1	%	 	 	1,299	 	 	 	0.9	%	 	 	2,254	 	 	 	0.1	%	 	 	1,651	 	 	 	1.6	%	 	 	10,406	 	 	 	0.1	%
	8860 · Rental Equipment	 	 	-	 	 	 	0.0	%	 	 	(505	)	 	 	0.0	%	 	 	505	 	 	 	0.3	%	 	 	(380	)	 	 	0.0	%	 	 	380	 	 	 	0.4	%	 	 	2,487	 	 	 	0.0	%
	8861 · Locks & Keys	 	 	243	 	 	 	0.0	%	 	 	1,254	 	 	 	0.0	%	 	 	(1,010	)	 	 	-0.7	%	 	 	1,487	 	 	 	0.1	%	 	 	(1,243	)	 	 	-1.2	%	 	 	8,797	 	 	 	0.1	%
	8862 · Pest Control	 	 	1,992	 	 	 	0.1	%	 	 	3,102	 	 	 	0.1	%	 	 	(1,110	)	 	 	-0.8	%	 	 	3,281	 	 	 	0.1	%	 	 	(1,289	)	 	 	-1.3	%	 	 	17,167	 	 	 	0.1	%
	8864 · Pool & Spa	 	 	535	 	 	 	0.0	%	 	 	33	 	 	 	0.0	%	 	 	502	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	535	 	 	 	0.5	%	 	 	3,527	 	 	 	0.0	%
	8867 · Propane	 	 	1,345	 	 	 	0.0	%	 	 	2,398	 	 	 	0.1	%	 	 	(1,053	)	 	 	-0.7	%	 	 	3,467	 	 	 	0.1	%	 	 	(2,121	)	 	 	-2.1	%	 	 	9,946	 	 	 	0.1	%
	8868 · Fire Prevention	 	 	(504	)	 	 	0.0	%	 	 	(1,104	)	 	 	0.0	%	 	 	600	 	 	 	0.4	%	 	 	146	 	 	 	0.0	%	 	 	(649	)	 	 	-0.6	%	 	 	5,042	 	 	 	0.0	%
	8878 · Express Mail	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8880 · Postage	 	 	5	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	5	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	5	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8883 · Service Contracts	 	 	5,746	 	 	 	0.2	%	 	 	6,428	 	 	 	0.2	%	 	 	(682	)	 	 	-0.5	%	 	 	6,736	 	 	 	0.2	%	 	 	(990	)	 	 	-1.0	%	 	 	25,963	 	 	 	0.2	%
	8885 · Telephone Cell & Radio	 	 	502	 	 	 	0.0	%	 	 	454	 	 	 	0.0	%	 	 	48	 	 	 	0.0	%	 	 	50	 	 	 	0.0	%	 	 	452	 	 	 	0.4	%	 	 	1,711	 	 	 	0.0	%
	8886 · Contract Labor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,314	 	 	 	0.0	%	 	 	(1,314	)	 	 	-1.3	%	 	 	1,952	 	 	 	0.0	%
	8887 · Storage Rental	 	 	7,107	 	 	 	0.3	%	 	 	3,276	 	 	 	0.1	%	 	 	3,831	 	 	 	2.6	%	 	 	1,945	 	 	 	0.1	%	 	 	5,162	 	 	 	5.0	%	 	 	11,076	 	 	 	0.1	%
	8888 · Signage	 	 	-	 	 	 	0.0	%	 	 	117	 	 	 	0.0	%	 	 	(117	)	 	 	-0.1	%	 	 	112	 	 	 	0.0	%	 	 	(112	)	 	 	-0.1	%	 	 	966	 	 	 	0.0	%
	8889 · Miscellaneous Expenses	 	 	2,216	 	 	 	0.1	%	 	 	821	 	 	 	0.0	%	 	 	1,395	 	 	 	0.9	%	 	 	773	 	 	 	0.0	%	 	 	1,443	 	 	 	1.4	%	 	 	1,114	 	 	 	0.0	%
	8890 · Office Supplies	 	 	68	 	 	 	0.0	%	 	 	1,061	 	 	 	0.0	%	 	 	(993	)	 	 	-0.7	%	 	 	1,058	 	 	 	0.0	%	 	 	(990	)	 	 	-1.0	%	 	 	2,073	 	 	 	0.0	%
	8891 · Employee Relations & Training	 	 	-	 	 	 	0.0	%	 	 	210	 	 	 	0.0	%	 	 	(210	)	 	 	-0.1	%	 	 	200	 	 	 	0.0	%	 	 	(200	)	 	 	-0.2	%	 	 	461	 	 	 	0.0	%
	8896 · Business Travel	 	 	275	 	 	 	0.0	%	 	 	227	 	 	 	0.0	%	 	 	48	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	275	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%
	8897 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8899A · Final Rm Prep - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8899C · Final Rms prep - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8899 · Final Room Prep - Renovated Rms - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8800 · Repairs & Maintenance - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8800 · Repairs & Maintenance	 	 	55,005	 	 	 	1.9	%	 	 	67,413	 	 	 	2.5	%	 	 	(12,408	)	 	 	-8.4	%	 	 	60,210	 	 	 	2.2	%	 	 	(5,205	)	 	 	-5.1	%	 	 	282,989	 	 	 	1.8	%
	Total Expense	 	 	210,700	 	 	 	7.5	%	 	 	229,667	 	 	 	8.6	%	 	 	(18,966	)	 	 	-12.9	%	 	 	211,380.51	 	 	 	7.8	%	 	 	(680	)	 	 	-0.7	%	 	 	856,238	 	 	 	5.4	%
	Net Income	 	 	(210,700	)	 	 	-7.5	%	 	 	(229,667	)	 	 	-8.6	%	 	 	18,966	 	 	 	12.9	%	 	 	(211,381	)	 	 	-7.8	%	 	 	680	 	 	 	0.7	%	 	 	(856,238	)	 	 	-5.4	%

 

    	 	Page 18 of 23	L'Auberge_Resort March 13 Issue.xls/R&M-AvB

    	 

    

 

L'Auberge de Sedona, LLC.

Maintenance Department

January through March 2013

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888000 · Engineering	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888150 · Lead Groundsmen	 	 	2,826.13	 	 	 	2,584.71	 	 	 	2,791.92	 	 	 	8,202.76	 
	5888160 · Engineering Supervisor	 	 	3,238.75	 	 	 	2,665.21	 	 	 	3,208.79	 	 	 	9,112.75	 
	5888180 · Chief Engineer	 	 	6,912.54	 	 	 	6,538.46	 	 	 	7,911.77	 	 	 	21,362.77	 
	5888600 · Groundsmen	 	 	8,328.88	 	 	 	7,472.86	 	 	 	7,474.72	 	 	 	23,276.46	 
	5888700 · Engineer I	 	 	13,935.51	 	 	 	12,383.71	 	 	 	12,104.79	 	 	 	38,424.01	 
	5888710 · Engineer II	 	 	5,390.25	 	 	 	7,319.76	 	 	 	8,268.74	 	 	 	20,978.75	 
	Total 5888000 · Engineering	 	 	40,632.06	 	 	 	38,964.71	 	 	 	41,760.73	 	 	 	121,357.50	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888050 · Engineering Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5851 · Prop Ops Payroll Taxes	 	 	5,700.55	 	 	 	3,683.79	 	 	 	4,140.60	 	 	 	13,524.94	 
	5852 · Prop Ops Workers' Comp	 	 	702.00	 	 	 	702.00	 	 	 	2,742.05	 	 	 	4,146.05	 
	5853 · Prop Ops Employ Benefits	 	 	2,793.73	 	 	 	3,627.44	 	 	 	3,004.29	 	 	 	9,425.46	 
	5855 · Prop Ops PTO	 	 	888.58	 	 	 	1,234.55	 	 	 	1,654.45	 	 	 	3,777.58	 
	5856 · Prop Ops Employ Meals	 	 	1,072.43	 	 	 	1,134.20	 	 	 	1,257.78	 	 	 	3,464.41	 
	Total 5888050 · Engineering Taxes & Benefits	 	 	11,157.29	 	 	 	10,381.98	 	 	 	12,799.17	 	 	 	34,338.44	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 5000 · Payroll & Benefits	 	 	51,789.35	 	 	 	49,346.69	 	 	 	54,559.90	 	 	 	155,695.94	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8800 · Repairs & Maintenance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8825 · Maintenance Supplies	 	 	2,574.57	 	 	 	2,232.98	 	 	 	1,565.49	 	 	 	6,373.04	 
	8826 · Paint Supplies	 	 	365.66	 	 	 	510.07	 	 	 	1,327.24	 	 	 	2,202.97	 
	8827 · Small Tools & Equipment	 	 	27.57	 	 	 	0.00	 	 	 	0.00	 	 	 	27.57	 
	8835 · Uniforms	 	 	23.81	 	 	 	106.00	 	 	 	-139.79	 	 	 	-9.98	 
	8850 · Plumbing	 	 	3,142.11	 	 	 	127.52	 	 	 	1,441.66	 	 	 	4,711.29	 
	8851·AC/Refrigeration	 	 	262.23	 	 	 	1,054.35	 	 	 	36.88	 	 	 	1,353.46	 
	8852 · Auto Expense	 	 	1,471.87	 	 	 	130.00	 	 	 	1,298.25	 	 	 	2,900.12	 
	8853 · Buildings	 	 	493.93	 	 	 	1,545.38	 	 	 	2,234.51	 	 	 	4,273.82	 
	8855·Electrical/Mechanical	 	 	845.97	 	 	 	713.92	 	 	 	41.14	 	 	 	1,601.03	 
	8856 · Equipment Repair	 	 	221.82	 	 	 	0.00	 	 	 	0.00	 	 	 	221.82	 
	8857 · HVAC	 	 	400.37	 	 	 	1,940.92	 	 	 	187.93	 	 	 	2,529.22	 
	8858 · Grounds	 	 	3,198.15	 	 	 	940.36	 	 	 	1,246.12	 	 	 	5,384.63	 
	8859 · Lighting	 	 	1,245.69	 	 	 	1,122.18	 	 	 	1,537.40	 	 	 	3,905.27	 
	8861 · Locks & Keys	 	 	3.98	 	 	 	196.78	 	 	 	42.71	 	 	 	243.47	 
	8862 · Pest Control	 	 	654.00	 	 	 	654.00	 	 	 	683.78	 	 	 	1,991.78	 
	8864 · Pool & Spa	 	 	33.06	 	 	 	103.18	 	 	 	398.41	 	 	 	534.65	 
	8867 · Propane	 	 	135.20	 	 	 	518.03	 	 	 	692.04	 	 	 	1,345.27	 
	8868 · Fire Prevention	 	 	-1,256.96	 	 	 	480.36	 	 	 	273.00	 	 	 	-503.60	 
	8880 · Postage	 	 	0.00	 	 	 	5.05	 	 	 	0.00	 	 	 	5.05	 
	8883 · Service Contracts	 	 	1,267.00	 	 	 	1,803.35	 	 	 	2,675.74	 	 	 	5,746.09	 
	8885 · Telephone Cell & Radio	 	 	401.68	 	 	 	50.00	 	 	 	50.00	 	 	 	501.68	 
	8887 · Storage Rental	 	 	2,206.67	 	 	 	2,450.20	 	 	 	2,450.20	 	 	 	7,107.07	 
	8889 · Miscellaneous Expenses	 	 	8.86	 	 	 	557.88	 	 	 	1,649.34	 	 	 	2,216.08	 
	8890 · Office Supplies	 	 	0.00	 	 	 	67.75	 	 	 	0.00	 	 	 	67.75	 
	8896 · Business Travel	 	 	226.60	 	 	 	48.40	 	 	 	0.00	 	 	 	275.00	 
	Total 8800 · Repairs & Maintenance	 	 	17,953.84	 	 	 	17,358.66	 	 	 	19,692.05	 	 	 	55,004.55	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	69,743.19	 	 	 	66,705.35	 	 	 	74,251.95	 	 	 	210,700.49	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	-69,743.19	 	 	 	-66,705.35	 	 	 	-74,251.95	 	 	 	-210,700.49	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-69,743.19	 	 	 	-66,705.35	 	 	 	-74,251.95	 	 	 	-210,700.49	 

 

    	 	Page 19 of 23	 L'Auberge_Resort March 13 Issue.xls / R&M

    	 

    

 

L'Auberge de Sedona Resort

Utilities Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8500 · Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8501 · Gas	 	 	4,919	 	 	 	0.3	%	 	 	5,780	 	 	 	0.4	%	 	 	(861	)	 	 	-0.5	%	 	 	5,611	 	 	 	0.4	%	 	 	(693	)	 	 	-0.4	%
	8501.1 · Gas- Affordable Housing	 	 	406	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	406	 	 	 	0.2	%	 	 	(96	)	 	 	0.0	%	 	 	502	 	 	 	0.3	%
	8502 · Electricity	 	 	12,114	 	 	 	0.8	%	 	 	12,579	 	 	 	1.0	%	 	 	(466	)	 	 	-0.3	%	 	 	12,213	 	 	 	1.0	%	 	 	(99	)	 	 	-0.1	%
	8502.1 · Electricity-Affordable Housing	 	 	276	 	 	 	0.0	%	 	 	201	 	 	 	0.0	%	 	 	75	 	 	 	0.0	%	 	 	291	 	 	 	0.0	%	 	 	(15	)	 	 	0.0	%
	8503 · Water	 	 	5,230	 	 	 	0.4	%	 	 	6,593	 	 	 	0.5	%	 	 	(1,363	)	 	 	-0.8	%	 	 	6,401	 	 	 	0.5	%	 	 	(1,171	)	 	 	-0.6	%
	8503.1 · Water- Affordable Housing	 	 	223	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	223	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	223	 	 	 	0.1	%
	8504 · Sewer	 	 	3,459	 	 	 	0.2	%	 	 	4,896	 	 	 	0.4	%	 	 	(1,438	)	 	 	-0.8	%	 	 	4,754	 	 	 	0.4	%	 	 	(1,295	)	 	 	-0.7	%
	8504.1 · Sewer- Affordable Housing	 	 	146	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	146	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	146	 	 	 	0.1	%
	8866 · Trash Removal	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,187	 	 	 	0.1	%	 	 	(1,187	)	 	 	-0.6	%
	8866C · Trash removal - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8866 · Trash Removal - Other	 	 	1,199	 	 	 	0.1	%	 	 	1,223	 	 	 	0.1	%	 	 	(24	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,199	 	 	 	0.6	%
	Total 8866 · Trash Removal	 	 	1,199	 	 	 	0.1	%	 	 	1,223	 	 	 	0.1	%	 	 	(24	)	 	 	0.0	%	 	 	1,187	 	 	 	0.1	%	 	 	12	 	 	 	0.0	%
	Total 8500 · Utilities	 	 	27,970	 	 	 	1.9	%	 	 	31,272	 	 	 	2.4	%	 	 	(3,301	)	 	 	-1.9	%	 	 	30,361	 	 	 	2.4	%	 	 	(2,391	)	 	 	-1.2	%
	Total Expense	 	 	27,970	 	 	 	1.9	%	 	 	31,272	 	 	 	2.4	%	 	 	(3,301	)	 	 	-1.9	%	 	 	30,361	 	 	 	2.4	%	 	 	(2,391	)	 	 	-1.2	%
	Net Income	 	 	(27,970	)	 	 	-1.9	%	 	 	(31,272	)	 	 	-2.4	%	 	 	3,301	 	 	 	1.9	%	 	 	(30,361	)	 	 	-2.4	%	 	 	2,391	 	 	 	1.2	%

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8500 · Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8501 · Gas	 	 	17,361	 	 	 	0.6	%	 	 	18,336	 	 	 	0.7	%	 	 	(976	)	 	 	-0.7	%	 	 	18,789	 	 	 	0.7	%	 	 	(1,428	)	 	 	-1.4	%	 	 	59,761	 	 	 	0.4	%
	8501.1 · Gas- Affordable Housing	 	 	642	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	642	 	 	 	0.4	%	 	 	336	 	 	 	0.0	%	 	 	307	 	 	 	0.3	%	 	 	720	 	 	 	0.0	%
	8502 · Electricity	 	 	45,444	 	 	 	1.6	%	 	 	41,120	 	 	 	1.5	%	 	 	4,324	 	 	 	2.9	%	 	 	36,594	 	 	 	1.3	%	 	 	8,850	 	 	 	8.7	%	 	 	168,568	 	 	 	1.1	%
	8502.1 · Electricity-Affordable Housing	 	 	930	 	 	 	0.0	%	 	 	1,984	 	 	 	0.1	%	 	 	(1,053	)	 	 	-0.7	%	 	 	898	 	 	 	0.0	%	 	 	33	 	 	 	0.0	%	 	 	5,474	 	 	 	0.0	%
	8503 · Water	 	 	15,829	 	 	 	0.6	%	 	 	16,517	 	 	 	0.6	%	 	 	(687	)	 	 	-0.5	%	 	 	15,515	 	 	 	0.6	%	 	 	314	 	 	 	0.3	%	 	 	72,406	 	 	 	0.5	%
	8503.1 · Water- Affordable Housing	 	 	362	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	362	 	 	 	0.2	%	 	 	91	 	 	 	0.0	%	 	 	271	 	 	 	0.3	%	 	 	602	 	 	 	0.0	%
	8504 · Sewer	 	 	15,296	 	 	 	0.5	%	 	 	14,784	 	 	 	0.6	%	 	 	512	 	 	 	0.3	%	 	 	14,003	 	 	 	0.5	%	 	 	1,293	 	 	 	1.3	%	 	 	56,468	 	 	 	0.4	%
	8504.1 · Sewer- Affordable Housing	 	 	438	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	438	 	 	 	0.3	%	 	 	266	 	 	 	0.0	%	 	 	172	 	 	 	0.2	%	 	 	1,259	 	 	 	0.0	%
	8866 · Trash Removal	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	4,151	 	 	 	0.2	%	 	 	(4,151	)	 	 	-4.1	%	 	 	21,296	 	 	 	0.1	%
	8866C · Trash removal - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8866 · Trash Removal - Other	 	 	4,028	 	 	 	0.1	%	 	 	4,332	 	 	 	0.2	%	 	 	(305	)	 	 	-0.2	%	 	 	-	 	 	 	0.0	%	 	 	4,028	 	 	 	3.9	%	 	 	-	 	 	 	0.0	%
	Total 8866 · Trash Removal	 	 	4,028	 	 	 	0.1	%	 	 	4,332	 	 	 	0.2	%	 	 	(305	)	 	 	-0.2	%	 	 	4,151	 	 	 	0.2	%	 	 	(124	)	 	 	-0.1	%	 	 	21,296	 	 	 	0.1	%
	Total 8500 · Utilities	 	 	100,331	 	 	 	3.5	%	 	 	97,073	 	 	 	3.6	%	 	 	3,257	 	 	 	2.2	%	 	 	90,643	 	 	 	3.3	%	 	 	9,688	 	 	 	9.5	%	 	 	386,553	 	 	 	2.5	%
	Total Expense	 	 	100,331	 	 	 	3.5	%	 	 	97,073	 	 	 	3.6	%	 	 	3,257	 	 	 	2.2	%	 	 	90,643	 	 	 	3.3	%	 	 	9,688	 	 	 	9.5	%	 	 	386,553	 	 	 	2.5	%
	Net Income	 	 	(100,331	)	 	 	-3.5	%	 	 	(97,073	)	 	 	492357.0	%	 	 	(3,257	)	 	 	-2.2	%	 	 	(90,643	)	 	 	-3.3	%	 	 	(9,688	)	 	 	-9.5	%	 	 	(386,553	)	 	 	-2.5	%

 

    	 	Page 20 of 23	L'Auberge_Resort March 13 Issue.xls/Utilities-AvB

    	 

    

 

L'Auberge de Sedona, LLC.

Utilities Department

January through March 2013

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8500 · Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8501 · Gas	 	 	6,667.15	 	 	 	5,775.11	 	 	 	4,918.55	 	 	 	17,360.81	 
	8501.1 · Gas- Affordable Housing	 	 	236.63	 	 	 	0.00	 	 	 	405.65	 	 	 	642.28	 
	8502 · Electricity	 	 	16,937.16	 	 	 	16,393.51	 	 	 	12,113.59	 	 	 	45,444.26	 
	8502.1 · Electricity-Affordable Housing	 	 	417.94	 	 	 	236.12	 	 	 	276.42	 	 	 	930.48	 
	8503 · Water	 	 	5,223.26	 	 	 	5,376.39	 	 	 	5,229.55	 	 	 	15,829.20	 
	8503.1 · Water- Affordable Housing	 	 	139.37	 	 	 	0.00	 	 	 	222.72	 	 	 	362.09	 
	8504 · Sewer	 	 	5,124.33	 	 	 	6,712.93	 	 	 	3,458.78	 	 	 	15,296.04	 
	8504.1 · Sewer- Affordable Housing	 	 	145.98	 	 	 	145.98	 	 	 	145.98	 	 	 	437.94	 
	8866 · Trash Removal	 	 	1,209.93	 	 	 	1,618.51	 	 	 	1,199.12	 	 	 	4,027.56	 
	Total 8500 · Utilities	 	 	36,101.75	 	 	 	36,258.55	 	 	 	27,970.36	 	 	 	100,330.66	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	36,101.75	 	 	 	36,258.55	 	 	 	27,970.36	 	 	 	100,330.66	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	-36,101.75	 	 	 	-36,258.55	 	 	 	-27,970.36	 	 	 	-100,330.66	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-36,101.75	 	 	 	-36,258.55	 	 	 	-27,970.36	 	 	 	-100,330.66	 

 

    	 	Page 21 of 23	L'Auberge_Resort March 13 Issue.xls/Utilities

    	 

    

 

L'Auberge de Sedona Resort

Fixed Expenses Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9100 · Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9101 · Property Taxes	 	 	10,340	 	 	 	0.7	%	 	 	10,340	 	 	 	0.8	%	 	 	-	 	 	 	0.0	%	 	 	9,621	 	 	 	0.8	%	 	 	719	 	 	 	0.4	%
	9102 · Rent	 	 	2,207	 	 	 	0.2	%	 	 	2,207	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	900	 	 	 	0.1	%	 	 	1,307	 	 	 	0.7	%
	9103 · Personal Property Tax	 	 	1,364	 	 	 	0.1	%	 	 	1,364	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	761	 	 	 	0.1	%	 	 	603	 	 	 	0.3	%
	9104 · Insurance	 	 	15,862	 	 	 	1.1	%	 	 	17,194	 	 	 	1.3	%	 	 	(1,332	)	 	 	-0.8	%	 	 	13,752	 	 	 	1.1	%	 	 	2,110	 	 	 	1.1	%
	9104.1 · Insurance- Affordable Housing	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	358	 	 	 	0.0	%	 	 	(358	)	 	 	-0.2	%
	9105 · Equipment Lease Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 9100 · Fixed Expenses	 	 	29,772	 	 	 	2.0	%	 	 	31,104	 	 	 	2.4	%	 	 	(1,332	)	 	 	-0.8	%	 	 	25,392	 	 	 	2.0	%	 	 	4,381	 	 	 	2.2	%
	Total Other Expense	 	 	29,772	 	 	 	2.0	%	 	 	31,104	 	 	 	2.4	%	 	 	(1,332	)	 	 	-0.8	%	 	 	25,392	 	 	 	2.0	%	 	 	4,381	 	 	 	2.2	%
	Net Income	 	 	(29,772	)	 	 	-2.0	%	 	 	(31,104	)	 	 	-2.4	%	 	 	1,332	 	 	 	0.8	%	 	 	(25,392	)	 	 	-2.0	%	 	 	(4,381	)	 	 	-2.2	%

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9100 · Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9101 · Property Taxes	 	 	31,020	 	 	 	1.1	%	 	 	31,020	 	 	 	1.2	%	 	 	-	 	 	 	0.0	%	 	 	28,863	 	 	 	1.1	%	 	 	2,157	 	 	 	2.1	%	 	 	129,340	 	 	 	0.8	%
	9102 · Rent	 	 	6,620	 	 	 	0.2	%	 	 	6,620	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	900	 	 	 	0.0	%	 	 	5,720	 	 	 	5.6	%	 	 	1,557	 	 	 	0.0	%
	9103 · Personal Property Tax	 	 	4,092	 	 	 	0.1	%	 	 	4,092	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	2,283	 	 	 	0.1	%	 	 	1,809	 	 	 	1.8	%	 	 	9,132	 	 	 	0.1	%
	9104 · Insurance	 	 	50,326	 	 	 	1.8	%	 	 	50,249	 	 	 	1.9	%	 	 	77	 	 	 	0.1	%	 	 	44,575	 	 	 	1.6	%	 	 	5,751	 	 	 	5.6	%	 	 	160,313	 	 	 	1.0	%
	9104.1 · Insurance- Affordable Housing	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,074	 	 	 	0.0	%	 	 	(1,074	)	 	 	-1.1	%	 	 	4,298	 	 	 	0.0	%
	9105 · Equipment Lease Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 9100 · Fixed Expenses	 	 	92,057	 	 	 	3.3	%	 	 	91,981	 	 	 	3.4	%	 	 	77	 	 	 	0.1	%	 	 	77,696	 	 	 	2.9	%	 	 	14,362	 	 	 	14.0	%	 	 	304,640	 	 	 	1.9	%
	Total Other Expense	 	 	92,057	 	 	 	3.3	%	 	 	91,981	 	 	 	3.4	%	 	 	77	 	 	 	0.1	%	 	 	77,696	 	 	 	2.9	%	 	 	14,362	 	 	 	14.0	%	 	 	304,640	 	 	 	1.9	%
	Net Income	 	 	(92,057	)	 	 	-3.3	%	 	 	(91,981	)	 	 	-3.4	%	 	 	(77	)	 	 	-0.1	%	 	 	(77,696	)	 	 	-2.9	%	 	 	(14,362	)	 	 	-14.0	%	 	 	(304,640	)	 	 	-1.9	%

 

    	 	Page 22 of 23	L'Auberge_Resort March 13 Issue.xls/Fixed-AvB

    	 

    

 

L'Auberge de Sedona, LLC.

Fixed Expenses

January through March 2013

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Other Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9000 · Owners Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9050 · Life Insurance - Al Spector	 	 	12,271.25	 	 	 	12,271.25	 	 	 	12,271.25	 	 	 	36,813.75	 
	Total 9000 · Owners Expense	 	 	12,271.25	 	 	 	12,271.25	 	 	 	12,271.25	 	 	 	36,813.75	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9100 · Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9101 · Property Taxes	 	 	10,339.95	 	 	 	10,339.95	 	 	 	10,339.95	 	 	 	31,019.85	 
	9102 · Rent	 	 	2,206.67	 	 	 	2,206.67	 	 	 	2,206.67	 	 	 	6,620.01	 
	9103 · Personal Property Tax	 	 	1,363.95	 	 	 	1,363.95	 	 	 	1,363.95	 	 	 	4,091.85	 
	9104 · Insurance	 	 	15,861.57	 	 	 	18,602.21	 	 	 	15,861.87	 	 	 	50,325.65	 
	Total 9100 · Fixed Expenses	 	 	29,772.14	 	 	 	32,512.78	 	 	 	29,772.44	 	 	 	92,057.36	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Other Expense	 	 	42,043.39	 	 	 	44,784.03	 	 	 	42,043.69	 	 	 	128,871.11	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Other Income	 	 	-42,043.39	 	 	 	-44,784.03	 	 	 	-42,043.69	 	 	 	-128,871.11	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-42,043.39	 	 	 	-44,784.03	 	 	 	-42,043.69	 	 	 	-128,871.11	 

 

    	 	Page 23 of 23	L'Auberge_Resort March 13 Issue.xls/Fixed

    	 

    

 

Orchards Inn and Restaurant

Profit and Loss Statement

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	1,302	 	 	 	 	 	 	 	1,302	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	1,302	 	 	 	 	 	 	 	-	 	 	 	 	 
	Occupied Rooms	 	 	1,246	 	 	 	 	 	 	 	1,211	 	 	 	 	 	 	 	35	 	 	 	 	 	 	 	1,248	 	 	 	 	 	 	 	(2	)	 	 	 	 
	Occupancy	 	 	95.7	%	 	 	 	 	 	 	93.0	%	 	 	 	 	 	 	2.9	%	 	 	 	 	 	 	95.9	%	 	 	 	 	 	 	-0.2	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	163.18	 	 	 	 	 	 	$	165.00	 	 	 	 	 	 	$	(1.82	)	 	 	 	 	 	$	155.07	 	 	 	 	 	 	$	8.10	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	156.16	 	 	 	 	 	 	$	153.47	 	 	 	 	 	 	$	2.69	 	 	 	 	 	 	$	148.64	 	 	 	 	 	 	$	7.52	 	 	 	 	 
	Gross Revenue/Room	 	$	412.36	 	 	 	 	 	 	$	359.69	 	 	 	 	 	 	$	52.67	 	 	 	 	 	 	$	331.08	 	 	 	 	 	 	$	81.27	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	203,317	 	 	 	39.6	%	 	 	199,815	 	 	 	45.9	%	 	 	3,502	 	 	 	4.5	%	 	 	193,532	 	 	 	46.8	%	 	 	9,785	 	 	 	9.7	%
	Food & Beverage	 	 	309,641	 	 	 	60.3	%	 	 	235,000	 	 	 	54.0	%	 	 	74,641	 	 	 	95.4	%	 	 	218,915	 	 	 	53.0	%	 	 	90,725	 	 	 	90.2	%
	Miscellaneous	 	 	841	 	 	 	0.2	%	 	 	768	 	 	 	0.2	%	 	 	73	 	 	 	0.1	%	 	 	746	 	 	 	0.2	%	 	 	96	 	 	 	0.1	%
	Total Revenues	 	 	513,799	 	 	 	100.0	%	 	 	435,583	 	 	 	100.0	%	 	 	78,216	 	 	 	100.0	%	 	 	413,193	 	 	 	100.0	%	 	 	100,606	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	65,323	 	 	 	32.1	%	 	 	56,414	 	 	 	28.2	%	 	 	8,909	 	 	 	254.4	%	 	 	53,891	 	 	 	27.8	%	 	 	11,432	 	 	 	116.8	%
	Food & Beverage	 	 	181,040	 	 	 	58.5	%	 	 	152,574	 	 	 	64.9	%	 	 	28,466	 	 	 	38.1	%	 	 	124,162	 	 	 	56.7	%	 	 	56,878	 	 	 	62.7	%
	Miscellaneous	 	 	417	 	 	 	49.6	%	 	 	660	 	 	 	85.9	%	 	 	(243	)	 	 	-330.6	%	 	 	641	 	 	 	85.9	%	 	 	(223	)	 	 	-233.1	%
	Total Department Expenses	 	 	246,780	 	 	 	48.0	%	 	 	209,648	 	 	 	48.1	%	 	 	37,132	 	 	 	47.5	%	 	 	178,693	 	 	 	43.2	%	 	 	68,086	 	 	 	67.7	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	137,994	 	 	 	67.9	%	 	 	143,401	 	 	 	71.8	%	 	 	(5,407	)	 	 	-154.4	%	 	 	139,641	 	 	 	72.2	%	 	 	(1,647	)	 	 	-16.8	%
	Food & Beverage	 	 	128,601	 	 	 	41.5	%	 	 	82,426	 	 	 	35.1	%	 	 	46,175	 	 	 	61.9	%	 	 	94,753	 	 	 	43.3	%	 	 	33,848	 	 	 	37.3	%
	Miscellaneous	 	 	424	 	 	 	50.4	%	 	 	108	 	 	 	14.1	%	 	 	316	 	 	 	430.6	%	 	 	105	 	 	 	14.1	%	 	 	319	 	 	 	333.1	%
	Total Departmental Profit	 	 	267,019	 	 	 	52.0	%	 	 	225,935	 	 	 	51.9	%	 	 	41,084	 	 	 	52.5	%	 	 	234,499	 	 	 	56.8	%	 	 	32,520	 	 	 	32.3	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	10,276	 	 	 	2.0	%	 	 	8,712	 	 	 	2.0	%	 	 	1,564	 	 	 	2.0	%	 	 	8,222	 	 	 	2.0	%	 	 	2,054	 	 	 	2.0	%
	Administrative & General	 	 	20,182	 	 	 	3.9	%	 	 	22,338	 	 	 	5.1	%	 	 	(2,156	)	 	 	-2.8	%	 	 	24,550	 	 	 	5.9	%	 	 	(4,367	)	 	 	-4.3	%
	Sales & Marketing	 	 	1,947	 	 	 	0.4	%	 	 	4,086	 	 	 	0.9	%	 	 	(2,139	)	 	 	-2.7	%	 	 	3,891	 	 	 	0.9	%	 	 	(1,944	)	 	 	-1.9	%
	Engineering	 	 	17,721	 	 	 	3.4	%	 	 	12,505	 	 	 	2.9	%	 	 	5,216	 	 	 	6.7	%	 	 	15,524	 	 	 	3.8	%	 	 	2,197	 	 	 	2.2	%
	Utilities	 	 	11,397	 	 	 	2.2	%	 	 	13,610	 	 	 	3.1	%	 	 	(2,213	)	 	 	-2.8	%	 	 	12,962	 	 	 	3.1	%	 	 	(1,565	)	 	 	-1.6	%
	Total Undistributed Expenses	 	 	61,522	 	 	 	12.0	%	 	 	61,251	 	 	 	14.1	%	 	 	271	 	 	 	0.3	%	 	 	65,148	 	 	 	15.8	%	 	 	(3,626	)	 	 	-3.6	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	205,497	 	 	 	40.0	%	 	 	164,684	 	 	 	37.8	%	 	 	40,813	 	 	 	52.2	%	 	 	169,351	 	 	 	41.0	%	 	 	36,146	 	 	 	35.9	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	 	3,858	 	 	 	0.8	%	 	 	3,858	 	 	 	0.9	%	 	 	0	 	 	 	0.0	%	 	 	5,669	 	 	 	1.4	%	 	 	(1,811	)	 	 	-1.8	%
	Rent	 	 	4,009	 	 	 	0.8	%	 	 	4,114	 	 	 	0.9	%	 	 	(105	)	 	 	-0.1	%	 	 	1,464	 	 	 	0.4	%	 	 	2,545	 	 	 	2.5	%
	Insurance	 	 	2,678	 	 	 	0.5	%	 	 	2,678	 	 	 	0.6	%	 	 	(0	)	 	 	0.0	%	 	 	2,167	 	 	 	0.5	%	 	 	511	 	 	 	0.5	%
	Total Fixed Expenses	 	 	10,545	 	 	 	2.1	%	 	 	10,650	 	 	 	2.4	%	 	 	(105	)	 	 	-0.1	%	 	 	9,299	 	 	 	2.3	%	 	 	1,245	 	 	 	1.2	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	194,952	 	 	 	37.9	%	 	 	154,034	 	 	 	35.4	%	 	 	40,918	 	 	 	52.3	%	 	 	160,052	 	 	 	38.7	%	 	 	34,900	 	 	 	34.7	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	20,552	 	 	 	4.0	%	 	 	17,423	 	 	 	4.0	%	 	 	3,129	 	 	 	4.0	%	 	 	16,528	 	 	 	4.0	%	 	 	4,024	 	 	 	4.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	174,400	 	 	 	33.9	%	 	 	136,611	 	 	 	31.4	%	 	 	37,789	 	 	 	48.3	%	 	 	143,524	 	 	 	34.7	%	 	 	30,876	 	 	 	30.7	%

 

    	 	 	Report continued on next page

    	 

    

 

	 	 	Year to Date	 	 	Budget
 Full Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	%	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	3,780	 	 	 	 	 	 	 	3,780	 	 	 	 	 	 	 	-	 	 	 	 	 	 	 	3,822	 	 	 	 	 	 	 	(42	)	 	 	 	 	 	 	15,330	 	 	 	 	 
	Occupied Rooms	 	 	3,062	 	 	 	 	 	 	 	2,999	 	 	 	 	 	 	 	63	 	 	 	 	 	 	 	3,372	 	 	 	 	 	 	 	(310	)	 	 	 	 	 	 	12,707	 	 	 	 	 
	Occupancy	 	 	81.0	%	 	 	 	 	 	 	79.3	%	 	 	 	 	 	 	2.1	%	 	 	 	 	 	 	88.2	%	 	 	 	 	 	 	-9.2	%	 	 	 	 	 	 	82.9	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	141.68	 	 	 	 	 	 	$	141.94	 	 	 	 	 	 	$	(0.26	)	 	 	 	 	 	$	131.41	 	 	 	 	 	 	$	10.27	 	 	 	 	 	 	$	149.22	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	114.77	 	 	 	 	 	 	$	112.61	 	 	 	 	 	 	$	2.15	 	 	 	 	 	 	$	115.93	 	 	 	 	 	 	$	(1.17	)	 	 	 	 	 	$	123.68	 	 	 	 	 
	Gross Revenue/Room	 	$	320.42	 	 	 	 	 	 	$	296.66	 	 	 	 	 	 	$	23.76	 	 	 	 	 	 	$	251.39	 	 	 	 	 	 	$	69.03	 	 	 	 	 	 	$	330.15	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	433,824	 	 	 	44.2	%	 	 	425,684	 	 	 	47.8	%	 	 	8,140	 	 	 	8.9	%	 	 	443,103	 	 	 	52.3	%	 	 	(9,279	)	 	 	-7.0	%	 	 	1,896,084	 	 	 	45.2	%
	Food & Beverage	 	 	543,914	 	 	 	55.4	%	 	 	460,203	 	 	 	51.7	%	 	 	83,711	 	 	 	91.5	%	 	 	401,884	 	 	 	47.4	%	 	 	142,030	 	 	 	106.4	%	 	 	2,283,158	 	 	 	54.4	%
	Miscellaneous	 	 	3,402	 	 	 	0.3	%	 	 	3,800	 	 	 	0.4	%	 	 	(398	)	 	 	-0.4	%	 	 	2,701	 	 	 	0.3	%	 	 	701	 	 	 	0.5	%	 	 	15,921	 	 	 	0.4	%
	Total Revenues	 	 	981,140	 	 	 	100.0	%	 	 	889,687	 	 	 	100.0	%	 	 	91,453	 	 	 	100.0	%	 	 	847,688	 	 	 	100.0	%	 	 	133,452	 	 	 	100.0	%	 	 	4,195,163	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	156,471	 	 	 	36.1	%	 	 	148,905	 	 	 	35.0	%	 	 	7,566	 	 	 	92.9	%	 	 	144,261	 	 	 	32.6	%	 	 	12,210	 	 	 	-131.6	%	 	 	578,522	 	 	 	30.5	%
	Food & Beverage	 	 	371,012	 	 	 	68.2	%	 	 	333,149	 	 	 	72.4	%	 	 	37,863	 	 	 	45.2	%	 	 	261,556	 	 	 	65.1	%	 	 	109,456	 	 	 	77.1	%	 	 	1,546,429	 	 	 	67.7	%
	Miscellaneous	 	 	1,027	 	 	 	30.2	%	 	 	1,454	 	 	 	38.3	%	 	 	(427	)	 	 	107.3	%	 	 	1,734	 	 	 	64.2	%	 	 	(707	)	 	 	-100.8	%	 	 	8,189	 	 	 	51.4	%
	Total Department Expenses	 	 	528,510	 	 	 	53.9	%	 	 	483,508	 	 	 	54.3	%	 	 	45,002	 	 	 	49.2	%	 	 	407,551	 	 	 	48.1	%	 	 	120,959	 	 	 	90.6	%	 	 	2,133,140	 	 	 	50.8	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	277,353	 	 	 	63.9	%	 	 	276,779	 	 	 	65.0	%	 	 	574	 	 	 	7.1	%	 	 	298,842	 	 	 	67.4	%	 	 	(21,489	)	 	 	231.6	%	 	 	1,317,561	 	 	 	69.5	%
	Food & Beverage	 	 	172,902	 	 	 	31.8	%	 	 	127,054	 	 	 	27.6	%	 	 	45,848	 	 	 	54.8	%	 	 	140,328	 	 	 	34.9	%	 	 	32,573	 	 	 	22.9	%	 	 	736,729	 	 	 	32.3	%
	Miscellaneous	 	 	2,375	 	 	 	69.8	%	 	 	2,346	 	 	 	61.7	%	 	 	29	 	 	 	-7.3	%	 	 	967	 	 	 	35.8	%	 	 	1,408	 	 	 	200.8	%	 	 	7,732	 	 	 	48.6	%
	Total Departmental Profit	 	 	452,630	 	 	 	46.1	%	 	 	406,179	 	 	 	45.7	%	 	 	46,451	 	 	 	50.8	%	 	 	440,137	 	 	 	51.9	%	 	 	12,493	 	 	 	9.4	%	 	 	2,062,023	 	 	 	49.2	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	19,623	 	 	 	2.0	%	 	 	17,794	 	 	 	2.0	%	 	 	1,829	 	 	 	2.0	%	 	 	16,912	 	 	 	2.0	%	 	 	2,711	 	 	 	2.0	%	 	 	83,903	 	 	 	2.0	%
	Administrative & General	 	 	54,855	 	 	 	5.6	%	 	 	59,688	 	 	 	6.7	%	 	 	(4,833	)	 	 	-5.3	%	 	 	56,821	 	 	 	6.7	%	 	 	(1,966	)	 	 	-1.5	%	 	 	234,112	 	 	 	5.6	%
	Sales & Marketing	 	 	6,048	 	 	 	0.6	%	 	 	8,212	 	 	 	0.9	%	 	 	(2,164	)	 	 	-2.4	%	 	 	7,184	 	 	 	0.8	%	 	 	(1,136	)	 	 	-0.9	%	 	 	39,667	 	 	 	0.9	%
	Engineering	 	 	48,929	 	 	 	5.0	%	 	 	41,834	 	 	 	4.7	%	 	 	7,095	 	 	 	7.8	%	 	 	41,388	 	 	 	4.9	%	 	 	7,540	 	 	 	5.7	%	 	 	173,817	 	 	 	4.1	%
	Utilities	 	 	35,810	 	 	 	3.6	%	 	 	40,731	 	 	 	4.6	%	 	 	(4,921	)	 	 	-5.4	%	 	 	38,807	 	 	 	4.6	%	 	 	(2,997	)	 	 	-2.2	%	 	 	151,447	 	 	 	3.6	%
	Total Undistributed Expenses	 	 	165,265	 	 	 	16.8	%	 	 	168,259	 	 	 	18.9	%	 	 	(2,994	)	 	 	-3.3	%	 	 	161,112	 	 	 	19.0	%	 	 	4,153	 	 	 	3.1	%	 	 	682,946	 	 	 	16.3	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	287,365	 	 	 	29.3	%	 	 	237,920	 	 	 	26.7	%	 	 	49,445	 	 	 	54.1	%	 	 	279,024	 	 	 	32.9	%	 	 	8,340	 	 	 	6.2	%	 	 	1,379,077	 	 	 	32.9	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	 	11,574	 	 	 	1.2	%	 	 	11,574	 	 	 	1.3	%	 	 	0	 	 	 	0.0	%	 	 	17,007	 	 	 	2.0	%	 	 	(5,433	)	 	 	-4.1	%	 	 	94,416	 	 	 	2.3	%
	Rent	 	 	12,237	 	 	 	1.2	%	 	 	12,342	 	 	 	1.4	%	 	 	(106	)	 	 	-0.1	%	 	 	2,404	 	 	 	0.3	%	 	 	9,832	 	 	 	7.4	%	 	 	-	 	 	 	0.0	%
	Insurance	 	 	8,034	 	 	 	0.8	%	 	 	8,034	 	 	 	0.9	%	 	 	(0	)	 	 	0.0	%	 	 	6,500	 	 	 	0.8	%	 	 	1,534	 	 	 	1.1	%	 	 	32,136	 	 	 	0.8	%
	Total Fixed Expenses	 	 	31,845	 	 	 	3.2	%	 	 	31,950	 	 	 	3.6	%	 	 	(105	)	 	 	-0.1	%	 	 	25,911	 	 	 	3.1	%	 	 	5,933	 	 	 	4.4	%	 	 	126,552	 	 	 	3.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	255,520	 	 	 	26.0	%	 	 	205,970	 	 	 	23.2	%	 	 	49,550	 	 	 	54.2	%	 	 	253,113	 	 	 	29.9	%	 	 	2,407	 	 	 	1.8	%	 	 	1,252,525	 	 	 	29.9	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	39,246	 	 	 	4.0	%	 	 	35,587	 	 	 	4.0	%	 	 	3,659	 	 	 	4.0	%	 	 	33,908	 	 	 	4.0	%	 	 	5,338	 	 	 	4.0	%	 	 	167,806	 	 	 	4.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	216,274	 	 	 	22.0	%	 	 	170,383	 	 	 	19.2	%	 	 	45,891	 	 	 	50.2	%	 	 	219,206	 	 	 	25.9	%	 	 	(2,931	)	 	 	-2.2	%	 	 	1,084,719	 	 	 	25.9	%

 

    	 	Page 1 of 32	Orchards Inn March 13 Issue.xls / Report

    	 

    

 

	Current Year - 2013	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year to Date	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	January	 	 	February	 	 	March	 	 	Total Year	 
	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	1,302	 	 	 	 	 	 	 	1,176	 	 	 	 	 	 	 	1,302	 	 	 	 	 	 	 	3,780	 	 	 	 	 
	Occupied Rooms	 	 	824	 	 	 	 	 	 	 	992	 	 	 	 	 	 	 	1,246	 	 	 	 	 	 	 	3,062	 	 	 	 	 
	Occupancy	 	 	63.3	%	 	 	 	 	 	 	84.4	%	 	 	 	 	 	 	95.7	%	 	 	 	 	 	 	81.0	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	122.03	 	 	 	 	 	 	$	131.01	 	 	 	 	 	 	$	163.18	 	 	 	 	 	 	$	141.68	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	77.23	 	 	 	 	 	 	$	110.51	 	 	 	 	 	 	$	156.16	 	 	 	 	 	 	$	114.77	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	100,549	 	 	$	170.95	 	 	 	129,959	 	 	$	131.01	 	 	 	203,317	 	 	$	163.18	 	 	 	433,824	 	 	$	141.68	 
	Food & Beverage	 	 	95,203	 	 	$	139.99	 	 	 	139,070	 	 	$	140.19	 	 	 	309,641	 	 	$	248.51	 	 	 	543,914	 	 	$	177.63	 
	Miscellaneous	 	 	2,032	 	 	$	1.92	 	 	 	529	 	 	$	0.53	 	 	 	841	 	 	$	0.68	 	 	 	3,402	 	 	$	1.11	 
	Total Revenues	 	 	197,784	 	 	$	312.86	 	 	 	269,558	 	 	$	271.73	 	 	 	513,799	 	 	$	412.36	 	 	 	981,140	 	 	$	320.42	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	44,035	 	 	$	58.52	 	 	 	47,114	 	 	$	47.49	 	 	 	65,323	 	 	$	52.43	 	 	 	156,471	 	 	$	51.10	 
	Food & Beverage	 	 	85,178	 	 	$	115.06	 	 	 	104,795	 	 	$	105.64	 	 	 	181,040	 	 	$	145.30	 	 	 	371,012	 	 	$	121.17	 
	Miscellaneous	 	 	294	 	 	$	0.62	 	 	 	316	 	 	$	0.32	 	 	 	417	 	 	$	0.33	 	 	 	1,027	 	 	$	0.34	 
	Total Department Expenses	 	 	129,506	 	 	$	174.21	 	 	 	152,225	 	 	$	153.45	 	 	 	246,780	 	 	$	198.06	 	 	 	528,510	 	 	$	172.60	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	56,514	 	 	$	112.43	 	 	 	82,845	 	 	$	83.51	 	 	 	137,994	 	 	$	110.75	 	 	 	277,353	 	 	$	90.58	 
	Food & Beverage	 	 	10,025	 	 	$	24.93	 	 	 	34,275	 	 	$	34.55	 	 	 	128,601	 	 	$	103.21	 	 	 	172,902	 	 	$	56.47	 
	Miscellaneous	 	 	1,738	 	 	$	1.30	 	 	 	213	 	 	$	0.21	 	 	 	424	 	 	$	0.34	 	 	 	2,375	 	 	$	0.78	 
	Total Departmental Profit	 	 	68,277	 	 	$	138.65	 	 	 	117,334	 	 	$	118.28	 	 	 	267,019	 	 	$	214.30	 	 	 	452,630	 	 	$	147.82	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	3,956	 	 	$	6.26	 	 	 	5,391	 	 	$	5.43	 	 	 	10,276	 	 	$	8.25	 	 	 	19,623	 	 	$	6.41	 
	Administrative & General	 	 	17,935	 	 	$	20.89	 	 	 	16,737	 	 	$	16.87	 	 	 	20,182	 	 	$	16.20	 	 	 	54,855	 	 	$	17.91	 
	Sales & Marketing	 	 	2,207	 	 	$	3.51	 	 	 	1,895	 	 	$	1.91	 	 	 	1,947	 	 	$	1.56	 	 	 	6,048	 	 	$	1.98	 
	Engineering	 	 	16,188	 	 	$	16.36	 	 	 	15,020	 	 	$	15.14	 	 	 	17,721	 	 	$	14.22	 	 	 	48,929	 	 	$	15.98	 
	Utilities	 	 	14,015	 	 	$	17.69	 	 	 	10,398	 	 	$	10.48	 	 	 	11,397	 	 	$	9.15	 	 	 	35,810	 	 	$	11.70	 
	Total Undistributed Expenses	 	 	54,301	 	 	$	64.71	 	 	 	49,442	 	 	$	49.84	 	 	 	61,522	 	 	$	49.38	 	 	 	165,265	 	 	$	53.97	 

 

    	 	Page 2 of 32	Orchards Inn March 13 Issue .xls/ Current YTD

    	 

    

 

	Gross Operating Profit	 	 	13,976	 	 	$	73.94	 	 	 	67,892	 	 	$	68.44	 	 	 	205,497	 	 	$	164.93	 	 	 	287,365	 	 	$	93.85	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	 	3,858	 	 	$	3.88	 	 	 	3,858	 	 	$	3.89	 	 	 	3,858	 	 	$	3.10	 	 	 	11,574	 	 	$	3.78	 
	Rent	 	 	4,114	 	 	$	4.71	 	 	 	4,114	 	 	$	4.15	 	 	 	4,009	 	 	$	3.22	 	 	 	12,237	 	 	$	4.00	 
	Insurance	 	 	2,678	 	 	$	6.32	 	 	 	2,678	 	 	$	2.70	 	 	 	2,678	 	 	$	2.15	 	 	 	8,034	 	 	$	2.62	 
	Total Fixed Expenses	 	 	10,650	 	 	$	14.91	 	 	 	10,650	 	 	$	10.74	 	 	 	10,545	 	 	$	8.46	 	 	 	31,845	 	 	$	10.40	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	3,326	 	 	$	59.03	 	 	 	57,242	 	 	$	57.70	 	 	 	194,952	 	 	$	156.46	 	 	 	255,520	 	 	$	83.45	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	7,911	 	 	$	12.51	 	 	 	10,782	 	 	$	10.87	 	 	 	20,552	 	 	$	16.49	 	 	 	39,246	 	 	$	12.82	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	(4,585	)	 	$	46.52	 	 	 	46,459	 	 	$	46.83	 	 	 	174,400	 	 	$	139.97	 	 	 	216,274	 	 	$	70.63	 

 

    	 	Page 3 of 32	Orchards Inn March 13 Issue .xls/ Current YTD

    	 

    

 

	Budget - 2013	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Year to Date	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	January	 	 	February	 	 	March	 	 	April	 	 	May	 	 	June	 	 	July	 
	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Available Room Nights	 	 	1,302	 	 	 	1,176	 	 	 	1,302	 	 	 	1,260	 	 	 	1,302	 	 	 	1,260	 	 	 	1,302	 
	Occupied Rooms - Revenue	 	 	824	 	 	 	964	 	 	 	1,211	 	 	 	1,172	 	 	 	1,211	 	 	 	1,109	 	 	 	1,041	 
	Occupied Rooms - With Comps	 	 	824	 	 	 	964	 	 	 	1,211	 	 	 	1,172	 	 	 	1,211	 	 	 	1,109	 	 	 	1,041	 
	Occupancy	 	 	63.3	%	 	 	82.0	%	 	 	93.0	%	 	 	93.0	%	 	 	93.0	%	 	 	88.0	%	 	 	80.0	%
	Average Daily Rate (ADR)	 	$	110.13	 	 	$	120.01	 	 	$	160.04	 	 	$	175.00	 	 	$	170.00	 	 	$	155.00	 	 	$	130.07	 
	Revenue/Available Room (REVPAR)	 	$	60.56	 	 	$	83.99	 	 	$	136.07	 	 	$	162.78	 	 	$	158.12	 	 	$	136.42	 	 	$	104.00	 
	F&B POR	 	$	99.00	 	 	$	122.50	 	 	$	172.50	 	 	$	226.11	 	 	$	214.70	 	 	$	216.41	 	 	$	190.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	100,549	 	 	 	125,320	 	 	 	199,815	 	 	 	205,100	 	 	 	205,870	 	 	 	171,895	 	 	 	135,404	 
	Food & Beverage	 	 	95,203	 	 	 	130,000	 	 	 	235,000	 	 	 	265,000	 	 	 	260,000	 	 	 	240,000	 	 	 	197,790	 
	Miscellaneous	 	 	2,032	 	 	 	1,000	 	 	 	768	 	 	 	1,172	 	 	 	931	 	 	 	1,525	 	 	 	1,422	 
	Total Revenues	 	 	197,784	 	 	 	256,320	 	 	 	435,583	 	 	 	471,272	 	 	 	466,801	 	 	 	413,420	 	 	 	334,616	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	44,035	 	 	 	48,456	 	 	 	56,414	 	 	 	58,778	 	 	 	52,217	 	 	 	56,744	 	 	 	44,121	 
	Food & Beverage	 	 	85,178	 	 	 	95,397	 	 	 	152,574	 	 	 	168,535	 	 	 	167,209	 	 	 	174,737	 	 	 	126,363	 
	Miscellaneous	 	 	294	 	 	 	500	 	 	 	660	 	 	 	588	 	 	 	488	 	 	 	551	 	 	 	851	 
	Total Department Expenses	 	 	129,507	 	 	 	144,353	 	 	 	209,648	 	 	 	227,901	 	 	 	219,914	 	 	 	232,032	 	 	 	171,335	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	56,514	 	 	 	76,864	 	 	 	143,401	 	 	 	146,322	 	 	 	153,653	 	 	 	115,151	 	 	 	91,283	 
	Food & Beverage	 	 	10,025	 	 	 	34,603	 	 	 	82,426	 	 	 	96,465	 	 	 	92,791	 	 	 	65,263	 	 	 	71,427	 
	Miscellaneous	 	 	1,738	 	 	 	500	 	 	 	108	 	 	 	584	 	 	 	443	 	 	 	974	 	 	 	571	 
	Total Departmental Profit	 	 	68,277	 	 	 	111,967	 	 	 	225,935	 	 	 	243,371	 	 	 	246,887	 	 	 	181,388	 	 	 	163,281	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Base Management Fee	 	 	3,956	 	 	 	5,126	 	 	 	8,712	 	 	 	9,425	 	 	 	9,336	 	 	 	8,268	 	 	 	6,692	 
	Administrative & General	 	 	17,935	 	 	 	19,415	 	 	 	22,338	 	 	 	27,454	 	 	 	23,208	 	 	 	24,066	 	 	 	17,540	 
	Sales & Marketing	 	 	2,207	 	 	 	1,919	 	 	 	4,086	 	 	 	2,823	 	 	 	4,419	 	 	 	2,729	 	 	 	3,962	 
	Engineering	 	 	16,188	 	 	 	13,141	 	 	 	12,505	 	 	 	18,964	 	 	 	22,772	 	 	 	21,876	 	 	 	12,051	 
	Utilities	 	 	14,015	 	 	 	13,106	 	 	 	13,610	 	 	 	13,881	 	 	 	15,220	 	 	 	15,605	 	 	 	11,785	 
	Total Undistributed Expenses	 	 	54,301	 	 	 	52,707	 	 	 	61,251	 	 	 	72,547	 	 	 	74,955	 	 	 	72,544	 	 	 	52,031	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	13,976	 	 	 	59,260	 	 	 	164,684	 	 	 	170,824	 	 	 	171,932	 	 	 	108,844	 	 	 	111,250	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Real Property Taxes	 	 	3,858	 	 	 	3,858	 	 	 	3,858	 	 	 	3,858	 	 	 	3,858	 	 	 	3,858	 	 	 	3,650	 
	Rent	 	 	4,114	 	 	 	4,114	 	 	 	4,114	 	 	 	4,114	 	 	 	4,114	 	 	 	4,114	 	 	 	4,114	 
	Insurance	 	 	2,678	 	 	 	2,678	 	 	 	2,678	 	 	 	2,678	 	 	 	2,678	 	 	 	2,678	 	 	 	2,678	 
	Total Fixed Expenses	 	 	10,650	 	 	 	10,650	 	 	 	10,650	 	 	 	10,650	 	 	 	10,650	 	 	 	10,650	 	 	 	10,442	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	3,326	 	 	 	48,610	 	 	 	154,034	 	 	 	160,174	 	 	 	161,282	 	 	 	98,194	 	 	 	100,808	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	7,911	 	 	 	10,253	 	 	 	17,423	 	 	 	18,851	 	 	 	18,672	 	 	 	16,537	 	 	 	13,385	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	(4,585	)	 	 	38,357	 	 	 	136,611	 	 	 	141,323	 	 	 	142,610	 	 	 	81,657	 	 	 	87,423	 

 

Report continued on next page

 

    	 	Page 4 of 32	Orchards Inn March 13 Issue.xls / Budget YTD

    	 

    

 

	 	 	August	 	 	September	 	 	October	 	 	November	 	 	December	 	 	Total Year	 
	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Available Room Nights	 	 	1,302	 	 	 	1,260	 	 	 	1,302	 	 	 	1,260	 	 	 	1,302	 	 	 	15,330	 
	Occupied Rooms - Revenue	 	 	1,041	 	 	 	1,109	 	 	 	1,146	 	 	 	1,033	 	 	 	846	 	 	 	12,707	 
	Occupied Rooms - With Comps	 	 	1,041	 	 	 	1,109	 	 	 	1,146	 	 	 	1,033	 	 	 	846	 	 	 	12,707	 
	Occupancy	 	 	80.0	%	 	 	88.0	%	 	 	88.0	%	 	 	82.0	%	 	 	65.0	%	 	 	82.9	%
	Average Daily Rate (ADR)	 	$	125.04	 	 	$	160.04	 	 	$	170.10	 	 	$	135.07	 	 	$	130.04	 	 	$	149.22	 
	Revenue/Available Room (REVPAR)	 	$	99.97	 	 	$	140.86	 	 	$	149.72	 	 	$	110.74	 	 	$	84.50	 	 	$	123.68	 
	F&B POR	 	$	180.00	 	 	$	185.00	 	 	$	190.00	 	 	$	160.00	 	 	$	100.00	 	 	$	179.68	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	130,167	 	 	 	177,487	 	 	 	194,930	 	 	 	139,532	 	 	 	110,015	 	 	 	1,896,084	 
	Food & Beverage	 	 	187,380	 	 	 	205,165	 	 	 	217,740	 	 	 	165,280	 	 	 	84,600	 	 	 	2,283,158	 
	Miscellaneous	 	 	1,422	 	 	 	1,515	 	 	 	1,566	 	 	 	1,411	 	 	 	1,156	 	 	 	15,921	 
	Total Revenues	 	 	318,969	 	 	 	384,167	 	 	 	414,236	 	 	 	306,223	 	 	 	195,771	 	 	 	4,195,163	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	44,091	 	 	 	45,975	 	 	 	46,703	 	 	 	42,650	 	 	 	38,338	 	 	 	578,522	 
	Food & Beverage	 	 	122,792	 	 	 	128,664	 	 	 	132,949	 	 	 	112,994	 	 	 	79,037	 	 	 	1,546,429	 
	Miscellaneous	 	 	851	 	 	 	851	 	 	 	851	 	 	 	851	 	 	 	851	 	 	 	8,189	 
	Total Department Expenses	 	 	167,735	 	 	 	175,490	 	 	 	180,504	 	 	 	156,496	 	 	 	118,226	 	 	 	2,133,140	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	86,076	 	 	 	131,513	 	 	 	148,227	 	 	 	96,881	 	 	 	71,677	 	 	 	1,317,561	 
	Food & Beverage	 	 	64,588	 	 	 	76,501	 	 	 	84,791	 	 	 	52,286	 	 	 	5,563	 	 	 	736,729	 
	Miscellaneous	 	 	571	 	 	 	664	 	 	 	714	 	 	 	560	 	 	 	305	 	 	 	7,732	 
	Total Departmental Profit	 	 	151,234	 	 	 	208,678	 	 	 	233,732	 	 	 	149,727	 	 	 	77,545	 	 	 	2,062,023	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Base Management Fee	 	 	6,379	 	 	 	7,683	 	 	 	8,285	 	 	 	6,124	 	 	 	3,915	 	 	 	83,903	 
	Administrative & General	 	 	17,252	 	 	 	18,542	 	 	 	19,150	 	 	 	14,662	 	 	 	12,549	 	 	 	234,112	 
	Sales & Marketing	 	 	3,051	 	 	 	3,687	 	 	 	5,197	 	 	 	2,388	 	 	 	3,200	 	 	 	39,667	 
	Engineering	 	 	11,301	 	 	 	12,203	 	 	 	12,363	 	 	 	10,504	 	 	 	9,949	 	 	 	173,817	 
	Utilities	 	 	11,685	 	 	 	11,785	 	 	 	10,885	 	 	 	10,185	 	 	 	9,685	 	 	 	151,447	 
	Total Undistributed Expenses	 	 	49,669	 	 	 	53,900	 	 	 	55,879	 	 	 	43,864	 	 	 	39,298	 	 	 	682,946	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	101,566	 	 	 	154,777	 	 	 	177,854	 	 	 	105,864	 	 	 	38,247	 	 	 	1,379,077	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Real Property Taxes	 	 	3,650	 	 	 	3,650	 	 	 	3,650	 	 	 	3,650	 	 	 	3,650	 	 	 	45,048	 
	Rent	 	 	4,114	 	 	 	4,114	 	 	 	4,114	 	 	 	4,114	 	 	 	4,114	 	 	 	49,368	 
	Insurance	 	 	2,678	 	 	 	2,678	 	 	 	2,678	 	 	 	2,678	 	 	 	2,678	 	 	 	32,136	 
	Total Fixed Expenses	 	 	10,442	 	 	 	10,442	 	 	 	10,442	 	 	 	10,442	 	 	 	10,442	 	 	 	126,552	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	91,124	 	 	 	144,335	 	 	 	167,412	 	 	 	95,422	 	 	 	27,805	 	 	 	1,252,525	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	12,759	 	 	 	15,367	 	 	 	16,569	 	 	 	12,249	 	 	 	7,831	 	 	 	167,806	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	78,365	 	 	 	128,968	 	 	 	150,842	 	 	 	83,173	 	 	 	19,974	 	 	 	1,084,719	 

 

    	 	Page 5 of 32	 Orchards Inn March 13 Issue.xls / Budget YTD

    	 

    

 

	Prior Year - 2012	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Year to Date	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	January	 	 	February	 	 	March	 	 	April	 	 	May	 	 	June	 	 	July	 
	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	1,302	 	 	 	 	 	 	 	1,218	 	 	 	 	 	 	 	1,302	 	 	 	 	 	 	 	1,260	 	 	 	 	 	 	 	1,302	 	 	 	 	 	 	 	1,260	 	 	 	 	 	 	 	1,302	 	 	 	 	 
	Occupied Rooms	 	 	1,062	 	 	 	 	 	 	 	1,062	 	 	 	 	 	 	 	1,248	 	 	 	 	 	 	 	1,239	 	 	 	 	 	 	 	1,219	 	 	 	 	 	 	 	1,141	 	 	 	 	 	 	 	1,190	 	 	 	 	 
	Occupancy	 	 	81.6	%	 	 	 	 	 	 	87.2	%	 	 	 	 	 	 	95.9	%	 	 	 	 	 	 	98.3	%	 	 	 	 	 	 	93.6	%	 	 	 	 	 	 	90.6	%	 	 	 	 	 	 	91.4	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	110.13	 	 	 	 	 	 	$	124.87	 	 	 	 	 	 	$	155.07	 	 	 	 	 	 	$	165.96	 	 	 	 	 	 	$	163.31	 	 	 	 	 	 	$	148.00	 	 	 	 	 	 	$	134.54	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	89.83	 	 	 	 	 	 	$	108.88	 	 	 	 	 	 	$	148.64	 	 	 	 	 	 	$	163.19	 	 	 	 	 	 	$	152.90	 	 	 	 	 	 	$	134.02	 	 	 	 	 	 	$	122.96	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	116,959	 	 	$	110.13	 	 	 	132,613	 	 	$	124.87	 	 	 	193,532	 	 	$	155.07	 	 	 	205,623	 	 	$	165.96	 	 	 	199,074	 	 	$	163.31	 	 	 	168,863	 	 	$	148.00	 	 	 	160,097	 	 	$	134.54	 
	Food & Beverage	 	 	75,237	 	 	$	70.84	 	 	 	107,732	 	 	$	101.44	 	 	 	218,915	 	 	$	175.41	 	 	 	247,374	 	 	$	199.66	 	 	 	230,841	 	 	$	189.37	 	 	 	225,969	 	 	$	198.04	 	 	 	217,850	 	 	$	183.07	 
	Miscellaneous	 	 	984	 	 	$	0.93	 	 	 	971	 	 	$	0.91	 	 	 	746	 	 	$	0.60	 	 	 	1,138	 	 	$	0.92	 	 	 	904	 	 	$	0.74	 	 	 	1,480	 	 	$	1.30	 	 	 	5,131	 	 	$	4.31	 
	 	 	 	193,180	 	 	$	181.90	 	 	 	241,315	 	 	$	227.23	 	 	 	413,193	 	 	$	331.08	 	 	 	454,135	 	 	$	366.53	 	 	 	430,819	 	 	$	353.42	 	 	 	396,312	 	 	$	347.34	 	 	 	383,078	 	 	$	321.91	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	46,947	 	 	$	44.21	 	 	 	43,423	 	 	$	40.89	 	 	 	53,891	 	 	$	43.18	 	 	 	59,621	 	 	$	48.12	 	 	 	52,535	 	 	$	43.10	 	 	 	56,534	 	 	$	49.55	 	 	 	56,905	 	 	$	47.82	 
	Food & Beverage	 	 	62,454	 	 	$	58.81	 	 	 	74,940	 	 	$	70.56	 	 	 	124,162	 	 	$	99.49	 	 	 	132,562	 	 	$	106.99	 	 	 	132,298	 	 	$	108.53	 	 	 	141,693	 	 	$	124.18	 	 	 	140,513	 	 	$	118.08	 
	Miscellaneous	 	 	609	 	 	$	0.57	 	 	 	485	 	 	$	0.46	 	 	 	641	 	 	$	0.51	 	 	 	571	 	 	$	0.46	 	 	 	473	 	 	$	0.39	 	 	 	535	 	 	$	0.47	 	 	 	425	 	 	$	0.36	 
	Total Department Expenses	 	 	110,010	 	 	$	103.59	 	 	 	118,848	 	 	$	111.91	 	 	 	178,693	 	 	$	143.18	 	 	 	192,754	 	 	$	155.57	 	 	 	185,306	 	 	$	152.01	 	 	 	198,763	 	 	$	174.20	 	 	 	197,843	 	 	$	166.25	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	70,012	 	 	$	65.92	 	 	 	89,189	 	 	$	83.98	 	 	 	139,641	 	 	$	111.89	 	 	 	146,003	 	 	$	117.84	 	 	 	146,539	 	 	$	120.21	 	 	 	112,329	 	 	$	98.45	 	 	 	103,192	 	 	$	86.72	 
	Food & Beverage	 	 	12,783	 	 	$	12.04	 	 	 	32,792	 	 	$	30.88	 	 	 	94,753	 	 	$	75.92	 	 	 	114,811	 	 	$	92.66	 	 	 	98,543	 	 	$	80.84	 	 	 	84,275	 	 	$	73.86	 	 	 	77,337	 	 	$	64.99	 
	Miscellaneous	 	 	376	 	 	$	0.35	 	 	 	486	 	 	$	0.46	 	 	 	105	 	 	$	0.08	 	 	 	567	 	 	$	0.46	 	 	 	431	 	 	$	0.35	 	 	 	945	 	 	$	0.83	 	 	 	4,706	 	 	$	3.95	 
	Total Departmental Profit	 	 	83,170	 	 	$	78.31	 	 	 	122,467	 	 	$	115.32	 	 	 	234,499	 	 	$	187.90	 	 	 	261,381	 	 	$	210.96	 	 	 	245,513	 	 	$	201.41	 	 	 	197,549	 	 	$	173.14	 	 	 	185,235	 	 	$	155.66	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	3,864	 	 	$	3.64	 	 	 	4,826	 	 	$	4.54	 	 	 	8,222	 	 	$	6.59	 	 	 	9,079	 	 	$	7.33	 	 	 	8,616	 	 	$	7.07	 	 	 	7,910	 	 	$	6.93	 	 	 	7,646	 	 	$	6.43	 
	Administrative & General	 	 	14,558	 	 	$	13.71	 	 	 	17,713	 	 	$	16.68	 	 	 	24,550	 	 	$	19.67	 	 	 	28,564	 	 	$	23.05	 	 	 	25,156	 	 	$	20.64	 	 	 	24,063	 	 	$	21.09	 	 	 	20,561	 	 	$	17.28	 
	Sales & Marketing	 	 	1,466	 	 	$	1.38	 	 	 	1,827	 	 	$	1.72	 	 	 	3,891	 	 	$	3.12	 	 	 	2,688	 	 	$	2.17	 	 	 	4,208	 	 	$	3.45	 	 	 	2,599	 	 	$	2.28	 	 	 	2,005	 	 	$	1.69	 
	Engineering	 	 	15,341	 	 	$	14.45	 	 	 	10,524	 	 	$	9.91	 	 	 	15,524	 	 	$	12.44	 	 	 	22,612	 	 	$	18.25	 	 	 	21,755	 	 	$	17.85	 	 	 	28,636	 	 	$	25.10	 	 	 	28,900	 	 	$	24.29	 
	Utilities	 	 	13,363	 	 	$	12.58	 	 	 	12,482	 	 	$	11.75	 	 	 	12,962	 	 	$	10.39	 	 	 	13,220	 	 	$	10.67	 	 	 	14,495	 	 	$	11.89	 	 	 	14,862	 	 	$	13.03	 	 	 	14,479	 	 	$	12.17	 
	Total Undistributed Expenses	 	 	48,591	 	 	$	45.75	 	 	 	47,373	 	 	$	44.61	 	 	 	65,148	 	 	$	52.20	 	 	 	76,164	 	 	$	61.47	 	 	 	74,230	 	 	$	60.89	 	 	 	78,069	 	 	$	68.42	 	 	 	73,591	 	 	$	61.84	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	34,579	 	 	$	32.56	 	 	 	75,095	 	 	$	70.71	 	 	 	169,351	 	 	$	135.70	 	 	 	185,218	 	 	$	149.49	 	 	 	171,283	 	 	$	140.51	 	 	 	119,481	 	 	$	104.72	 	 	 	111,644	 	 	$	93.82	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	 	5,669	 	 	$	5.34	 	 	 	5,669	 	 	$	5.34	 	 	 	5,669	 	 	$	4.54	 	 	 	(2,676	)	 	$	(2.16	)	 	 	3,200	 	 	$	2.63	 	 	 	3,200	 	 	$	2.80	 	 	 	3,200	 	 	$	2.69	 
	Leases (Rent)	 	 	(1,301	)	 	$	(1.23	)	 	 	2,241	 	 	$	2.11	 	 	 	1,464	 	 	$	1.17	 	 	 	(920	)	 	$	(0.74	)	 	 	10,494	 	 	$	8.61	 	 	 	2,187	 	 	$	1.92	 	 	 	8,393	 	 	$	7.05	 
	Insurance	 	 	2,167	 	 	$	2.04	 	 	 	2,167	 	 	$	2.04	 	 	 	2,167	 	 	$	1.74	 	 	 	2,167	 	 	$	1.75	 	 	 	2,167	 	 	$	1.78	 	 	 	2,167	 	 	$	1.90	 	 	 	111	 	 	$	0.09	 
	Total Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	28,044	 	 	$	26.41	 	 	 	65,017	 	 	$	61.22	 	 	 	160,052	 	 	$	128.25	 	 	 	186,647	 	 	$	150.64	 	 	 	155,422	 	 	$	127.50	 	 	 	111,927	 	 	$	98.10	 	 	 	99,940	 	 	$	83.98	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	7,727	 	 	$	7.28	 	 	 	9,653	 	 	$	9.09	 	 	 	16,528	 	 	$	13.24	 	 	 	18,165	 	 	$	14.66	 	 	 	17,233	 	 	$	14.14	 	 	 	15,852	 	 	$	13.89	 	 	 	15,323	 	 	$	12.88	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	20,317	 	 	$	19.13	 	 	 	55,365	 	 	$	52.13	 	 	 	143,524	 	 	$	115.00	 	 	 	168,482	 	 	$	135.98	 	 	 	138,190	 	 	$	113.36	 	 	 	96,074	 	 	$	84.20	 	 	 	84,617	 	 	$	71.11	 

 

	 	 	August	 	 	September	 	 	October	 	 	November	 	 	December	 	 	Total Year	 
	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	1,302	 	 	 		 	 	 	1,260	 	 	 		 	 	 	1,302	 	 	 		 	 	 	1,260	 	 	 		 	 	 	1,246	 	 	 		 	 	 	15,316	 	 	 		 
	Occupied Rooms	 	 	1,190	 	 	 	 	 	 	 	1,144	 	 	 	 	 	 	 	1,225	 	 	 	 	 	 	 	1,062	 	 	 	 	 	 	 	1	 	 	 	 	 	 	 	12,783	 	 	 	 	 
	Occupancy	 	 	91.4	%	 	 	 	 	 	 	90.8	%	 	 	 	 	 	 	94.1	%	 	 	 	 	 	 	84.3	%	 	 	 	 	 	 	0.1	%	 	 	 	 	 	 	83.5	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	132.26	 	 	 	 	 	 	$	165.52	 	 	 	 	 	 	$	175.06	 	 	 	 	 	 	$	145.51	 	 	 	 	 	 	$	323,557.23	 	 	 	 	 	 	$	172.27	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	120.89	 	 	 	 	 	 	$	150.28	 	 	 	 	 	 	$	164.71	 	 	 	 	 	 	$	122.64	 	 	 	 	 	 	$	248.51	 	 	 	 	 	 	$	143.78	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	Report continued on next page

    	 

    

 

	Rooms	 	 	157,394	 	 	$	132.26	 	 	 	189,351	 	 	$	165.52	 	 	 	214,452	 	 	$	175.06	 	 	 	154,530	 	 	$	145.51	 	 	 	309,641	 	 	$	248.51	 	 	 	2,202,128	 	 	$	143.78	 
	Food & Beverage	 	 	200,907	 	 	$	168.83	 	 	 	220,637	 	 	$	192.86	 	 	 	235,806	 	 	$	192.49	 	 	 	166,461	 	 	$	156.74	 	 	 	841	 	 	$	0.68	 	 	 	2,148,570	 	 	$	140.28	 
	Miscellaneous	 	 	3,324	 	 	$	2.79	 	 	 	811	 	 	$	0.71	 	 	 	627	 	 	$	0.51	 	 	 	2,912	 	 	$	2.74	 	 	 	513,799	 	 	$	412.36	 	 	 	532,826	 	 	$	34.79	 
	 	 	 	361,625	 	 	$	303.89	 	 	 	410,800	 	 	$	359.09	 	 	 	450,885	 	 	$	368.07	 	 	 	323,902	 	 	$	304.99	 	 	 	824,281	 	 	$	661.54	 	 	 	4,883,525	 	 	$	318.85	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	58,046	 	 	$	48.78	 	 	 	49,877	 	 	$	43.60	 	 	 	57,276	 	 	$	46.76	 	 	 	47,567	 	 	$	44.79	 	 	 	181,040	 	 	$	145.30	 	 	 	763,662	 	 	$	49.86	 
	Food & Beverage	 	 	128,621	 	 	$	108.09	 	 	 	132,341	 	 	$	115.68	 	 	 	141,436	 	 	$	115.46	 	 	 	115,664	 	 	$	108.91	 	 	 	417	 	 	$	0.33	 	 	 	1,327,103	 	 	$	86.65	 
	Miscellaneous	 	 	374	 	 	$	0.31	 	 	 	1,445	 	 	$	1.26	 	 	 	342	 	 	$	0.28	 	 	 	461	 	 	$	0.43	 	 	 	246,780	 	 	$	198.06	 	 	 	253,140	 	 	$	16.53	 
	Total Department Expenses	 	 	187,042	 	 	$	157.18	 	 	 	183,664	 	 	$	160.55	 	 	 	199,054	 	 	$	162.49	 	 	 	163,692	 	 	$	154.14	 	 	 	428,237	 	 	$	343.69	 	 	 	2,343,905	 	 	$	153.04	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	99,348	 	 	$	83.49	 	 	 	139,474	 	 	$	121.92	 	 	 	157,175	 	 	$	128.31	 	 	 	106,963	 	 	$	100.72	 	 	 	128,601	 	 	$	103.21	 	 	 	1,438,466	 	 	$	93.92	 
	Food & Beverage	 	 	72,286	 	 	$	60.74	 	 	 	88,296	 	 	$	77.18	 	 	 	94,371	 	 	$	77.04	 	 	 	50,797	 	 	$	47.83	 	 	 	424	 	 	$	0.34	 	 	 	821,468	 	 	$	53.63	 
	Miscellaneous	 	 	2,949	 	 	$	2.48	 	 	 	(634	)	 	$	(0.55	)	 	 	285	 	 	$	0.23	 	 	 	2,451	 	 	$	2.31	 	 	 	267,019	 	 	$	214.30	 	 	 	279,686	 	 	$	18.26	 
	Total Departmental Profit	 	 	174,583	 	 	$	146.71	 	 	 	227,136	 	 	$	198.55	 	 	 	251,831	 	 	$	205.58	 	 	 	160,210	 	 	$	150.86	 	 	 	396,044	 	 	$	317.85	 	 	 	2,539,619	 	 	$	165.81	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	7,233	 	 	$	6.08	 	 	 	9,534	 	 	$	8.33	 	 	 	9,021	 	 	$	7.36	 	 	 	6,478	 	 	$	6.10	 	 	 	20,182	 	 	$	16.20	 	 	 	102,611	 	 	$	6.70	 
	Administrative & General	 	 	26,732	 	 	$	22.46	 	 	 	23,985	 	 	$	20.97	 	 	 	24,856	 	 	$	20.29	 	 	 	22,605	 	 	$	21.29	 	 	 	1,947	 	 	$	1.56	 	 	 	255,289	 	 	$	16.67	 
	Sales & Marketing	 	 	5,813	 	 	$	4.88	 	 	 	6,047	 	 	$	5.29	 	 	 	3,845	 	 	$	3.14	 	 	 	2,358	 	 	$	2.22	 	 	 	17,721	 	 	$	14.22	 	 	 	54,469	 	 	$	3.56	 
	Engineering	 	 	26,885	 	 	$	22.59	 	 	 	23,582	 	 	$	20.61	 	 	 	25,491	 	 	$	20.81	 	 	 	12,734	 	 	$	11.99	 	 	 	11,397	 	 	$	9.15	 	 	 	243,380	 	 	$	15.89	 
	Utilities	 	 	12,785	 	 	$	10.74	 	 	 	13,275	 	 	$	11.60	 	 	 	13,662	 	 	$	11.15	 	 	 	12,448	 	 	$	11.72	 	 	 	61,522	 	 	$	49.38	 	 	 	209,556	 	 	$	13.68	 
	Total Undistributed Expenses	 	 	79,448	 	 	$	66.76	 	 	 	76,423	 	 	$	66.80	 	 	 	76,875	 	 	$	62.76	 	 	 	56,623	 	 	$	53.32	 	 	 	112,768	 	 	$	90.50	 	 	 	865,303	 	 	$	56.50	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	95,134	 	 	$	79.94	 	 	 	150,713	 	 	$	131.74	 	 	 	174,956	 	 	$	142.82	 	 	 	103,587	 	 	$	97.54	 	 	 	283,276	 	 	$	227.35	 	 	 	1,674,316	 	 	$	109.32	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	 	3,200	 	 	$	2.69	 	 	 	3,200	 	 	$	2.80	 	 	 	3,200	 	 	$	2.61	 	 	 	3,262	 	 	$	3.07	 	 	 	4,009	 	 	$	3.22	 	 	 	40,802	 	 	$	2.66	 
	Leases (Rent)	 	 	6,024	 	 	$	5.06	 	 	 	6,024	 	 	$	5.27	 	 	 	6,213	 	 	$	5.07	 	 	 	3,880	 	 	$	3.65	 	 	 	2,678	 	 	$	2.15	 	 	 	47,376	 	 	$	3.09	 
	Insurance	 	 	2,167	 	 	$	1.82	 	 	 	2,167	 	 	$	1.89	 	 	 	1,596	 	 	$	1.30	 	 	 	2,678	 	 	$	2.52	 	 	 	10,545	 	 	$	8.46	 	 	 	32,264	 	 	$	2.11	 
	Total Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	83,744	 	 	$	70.37	 	 	 	139,322	 	 	$	121.78	 	 	 	163,947	 	 	$	133.83	 	 	 	93,768	 	 	$	88.29	 	 	 	266,044	 	 	$	213.52	 	 	 	1,553,874	 	 	$	101.45	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	14,465	 	 	$	12.16	 	 	 	16,432	 	 	$	14.36	 	 	 	18,035	 	 	$	14.72	 	 	 	12,956	 	 	$	12.20	 	 	 	32,971	 	 	$	26.46	 	 	 	195,341	 	 	$	12.75	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	69,279	 	 	$	58.22	 	 	 	122,890	 	 	$	107.42	 	 	 	145,911	 	 	$	119.11	 	 	 	80,812	 	 	$	76.09	 	 	 	233,073	 	 	$	187.06	 	 	 	1,358,533	 	 	$	88.70	 

 

    	 	Page 6 of 32	Orchards Inn March 13 Issue.xls / Prior Yr YTD

    	 

    

 

Orchards Inn and Restaurant

Rooms Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4100 · Room Charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4110 · Transient Room charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4111 · Best Available Rate	 	$	47,335	 	 	 	23.3	%	 	$	53,957	 	 	 	27.0	%	 	$	(6,622	)	 	 	-189.1	%	 	$	52,260	 	 	 	27.0	%	 	$	(4,925	)	 	 	-50.3	%
	4113 · Corporate	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4114 · Discount	 	 	122,912	 	 	 	60.5	%	 	 	118,001	 	 	 	59.1	%	 	 	4,911	 	 	 	140.3	%	 	 	113,986	 	 	 	58.9	%	 	 	8,926	 	 	 	91.2	%
	4115·FIT/Internet	 	 	27,271	 	 	 	13.4	%	 	 	18,690	 	 	 	9.4	%	 	 	8,581	 	 	 	245.0	%	 	 	18,103	 	 	 	9.4	%	 	 	9,168	 	 	 	93.7	%
	4116 · House	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(21	)	 	 	0.0	%	 	 	21	 	 	 	0.2	%
	4117 · House Posting	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4118 · Room Gift Certificates	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4110 · Transient Room charges	 	 	197,518	 	 	 	97.1	%	 	 	190,648	 	 	 	95.4	%	 	 	6,870	 	 	 	196.2	%	 	 	184,328	 	 	 	95.2	%	 	 	13,190	 	 	 	134.8	%
	4119 · No Show	 	 	621	 	 	 	34.6	%	 	 	-	 	 	 	#DIV/0!	 	 	 	621	 	 	 	17.7	%	 	 	325	 	 	 	17.9	%	 	 	297	 	 	 	3.0	%
	4120 · Crib Rental	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	#DIV/0!	 	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4150 · Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	4151 · Group Association	 	 	1,640	 	 	 	91.3	%	 	 	-	 	 	 	#DIV/0!	 	 	 	1,640	 	 	 	46.8	%	 	 	-	 	 	 	0.0	%	 	 	1,640	 	 	 	16.8	%
	4152 · Group Corporate	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	#DIV/0!	 	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4153 · Group Smerf	 	 	-	 	 	 	0.0	%	 	 	861	 	 	 	#DIV/0!	 	 	 	(861	)	 	 	-24.6	%	 	 	834	 	 	 	46.1	%	 	 	(834	)	 	 	-8.5	%
	4154·Group-Tour	 	 	3,537	 	 	 	197.0	%	 	 	8,306	 	 	 	#DIV/0!	 	 	 	(4,769	)	 	 	-136.2	%	 	 	8,045	 	 	 	444.8	%	 	 	(4,508	)	 	 	-46.1	%
	Total 4150 · Group	 	 	5,177	 	 	 	288.3	%	 	 	9,167	 	 	 	#DIV/0!	 	 	 	(3,990	)	 	 	-113.9	%	 	 	8,879	 	 	 	490.9	%	 	 	(3,702	)	 	 	-37.8	%
	Total Revenue	 	 	203,317	 	 	 	100.0	%	 	 	199,815	 	 	 	100.0	%	 	 	3,502	 	 	 	100.0	%	 	 	193,532	 	 	 	100.0	%	 	 	9,785	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5100 · Rooms Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111000 · Front Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111170 · Rooms Manager	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111160 · Assistant Manager	 	 	2,587	 	 	 	1.3	%	 	 	1,868	 	 	 	0.9	%	 	 	719	 	 	 	20.5	%	 	 	-	 	 	 	0.0	%	 	 	2,587	 	 	 	26.4	%
	5111199 · Rooms Shared Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111600 · Guest Service Agents	 	 	5,425	 	 	 	2.7	%	 	 	-	 	 	 	0.0	%	 	 	5,425	 	 	 	154.9	%	 	 	3,454	 	 	 	1.8	%	 	 	1,971	 	 	 	20.1	%
	5111601 · Front Office Bonus-	 	 	-	 	 	 	0.0	%	 	 	5,361	 	 	 	2.7	%	 	 	(5,361	)	 	 	-153.1	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111605 · Reservationist	 	 	1,544	 	 	 	0.8	%	 	 	1,304	 	 	 	0.7	%	 	 	240	 	 	 	6.9	%	 	 	1,070	 	 	 	0.6	%	 	 	474	 	 	 	4.8	%
	5111606 · Reservationist - Bonus	 	 	196	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	196	 	 	 	5.6	%	 	 	196	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%
	5111610 · Supervisor	 	 	(700	)	 	 	-0.3	%	 	 	-	 	 	 	0.0	%	 	 	(700	)	 	 	-20.0	%	 	 	1,813	 	 	 	0.9	%	 	 	(2,513	)	 	 	-25.7	%
	5111640 · Night Auditor	 	 	3,332	 	 	 	1.6	%	 	 	-	 	 	 	0.0	%	 	 	3,332	 	 	 	95.2	%	 	 	1,751	 	 	 	0.9	%	 	 	1,581	 	 	 	16.2	%
	Total 5111000 · Front Office	 	 	12,384	 	 	 	6.1	%	 	 	8,532	 	 	 	4.3	%	 	 	3,851	 	 	 	110.0	%	 	 	8,284	 	 	 	4.3	%	 	 	4,100	 	 	 	41.9	%
	5111050 · Front Office Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5151 · Rms Payroll Taxes	 	 	1,249	 	 	 	0.6	%	 	 	1,638	 	 	 	0.8	%	 	 	(389	)	 	 	-11.1	%	 	 	963	 	 	 	0.5	%	 	 	286	 	 	 	2.9	%
	5152 · Rms Workers'  Comp	 	 	128	 	 	 	0.1	%	 	 	195	 	 	 	0.1	%	 	 	(67	)	 	 	-1.9	%	 	 	82	 	 	 	0.0	%	 	 	46	 	 	 	0.5	%
	5153 · Rms Employ Benefits	 	 	573	 	 	 	0.3	%	 	 	276	 	 	 	0.1	%	 	 	296	 	 	 	8.5	%	 	 	268	 	 	 	0.1	%	 	 	305	 	 	 	3.1	%
	5155 · Rms PTO	 	 	142	 	 	 	0.1	%	 	 	284	 	 	 	0.1	%	 	 	(142	)	 	 	-4.0	%	 	 	271	 	 	 	0.1	%	 	 	(129	)	 	 	-1.3	%
	5156 · Rms Employ Meals	 	 	106	 	 	 	0.1	%	 	 	207	 	 	 	0.1	%	 	 	(101	)	 	 	-2.9	%	 	 	59	 	 	 	0.0	%	 	 	48	 	 	 	0.5	%
	5199 · Rooms Shared Services Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5111050 · Front Office Taxes & Benefits	 	 	2,198	 	 	 	1.1	%	 	 	2,600	 	 	 	1.3	%	 	 	(402	)	 	 	-11.5	%	 	 	1,643	 	 	 	0.8	%	 	 	554	 	 	 	5.7	%
	5112000 · Housekeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5112050 · Housekeeping	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

    	 	 	Report continued on next page

    	 

    

 

	5112170 · Housekeeping Manager	 	 	2,646	 	 	 	1.3	%	 	 	-	 	 	 	0.0	%	 	 	2,646	 	 	 	75.6	%	 	 	1,426	 	 	 	0.7	%	 	 	1,220	 	 	 	12.5	%
	5112500 · Room Attendent	 	 	5,957	 	 	 	2.9	%	 	 	6,472	 	 	 	3.2	%	 	 	(516	)	 	 	-14.7	%	 	 	6,284	 	 	 	3.2	%	 	 	(327	)	 	 	-3.3	%
	5112510 · House Attendant	 	 	2,131	 	 	 	1.0	%	 	 	2,003	 	 	 	1.0	%	 	 	128	 	 	 	3.7	%	 	 	1,945	 	 	 	1.0	%	 	 	187	 	 	 	1.9	%
	5112520 · Laundry Attendant	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5112530 · Lead Room Supervisor	 	 	1,796	 	 	 	0.9	%	 	 	-	 	 	 	0.0	%	 	 	1,796	 	 	 	51.3	%	 	 	1,809	 	 	 	0.9	%	 	 	(13	)	 	 	-0.1	%
	5112540 · Housekeeping Supervisor	 	 	-	 	 	 	0.0	%	 	 	3,332	 	 	 	1.7	%	 	 	(3,332	)	 	 	-95.1	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5112599 · Housekeeping - Other pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5112000 · Housekeeping	 	 	12,530	 	 	 	6.2	%	 	 	11,807	 	 	 	5.9	%	 	 	723	 	 	 	20.6	%	 	 	11,463	 	 	 	5.9	%	 	 	1,067	 	 	 	10.9	%
	5112050 · Housekeeping Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5112050 · Housekeeping Taxes & Benefits - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5251 · Housekeeping Payroll Taxes	 	 	459	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	459	 	 	 	13.1	%	 	 	627	 	 	 	0.3	%	 	 	(167	)	 	 	-1.7	%
	5252 · Housekeeping Workers' Comp	 	 	131	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	131	 	 	 	3.7	%	 	 	107	 	 	 	0.1	%	 	 	24	 	 	 	0.2	%
	5253 · Housekeeping Employee Benefits	 	 	87	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	87	 	 	 	2.5	%	 	 	-	 	 	 	0.0	%	 	 	87	 	 	 	0.9	%
	5255 · Housekeeping PTO Expense	 	 	128	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	128	 	 	 	3.6	%	 	 	4	 	 	 	0.0	%	 	 	123	 	 	 	1.3	%
	5256 · Hskpg-Employee Meals	 	 	149	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	149	 	 	 	4.3	%	 	 	142	 	 	 	0.1	%	 	 	7	 	 	 	0.1	%
	5257 · Shared PTO Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5112050 · Housekeeping Taxes & Benefits	 	 	954	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	954	 	 	 	27.2	%	 	 	881	 	 	 	0.5	%	 	 	73	 	 	 	0.7	%
	Total 5100 · Rooms Salaries & Wages	 	 	28,065	 	 	 	13.8	%	 	 	22,939	 	 	 	11.5	%	 	 	5,126	 	 	 	146.4	%	 	 	22,271	 	 	 	11.5	%	 	 	5,794	 	 	 	59.2	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8100 · Rooms  Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8100 · Rooms  Expenses - Other	 	 	-	 	 	 	0.0	%	 	 	2,167	 	 	 	1.1	%	 	 	(2,167	)	 	 	-61.9	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8101 · Comp Breakfast	 	 	17,219	 	 	 	8.5	%	 	 	15,743	 	 	 	7.9	%	 	 	1,476	 	 	 	42.1	%	 	 	14,404	 	 	 	7.4	%	 	 	2,815	 	 	 	28.8	%
	8110 · Guest Supplies	 	 	2,129	 	 	 	1.0	%	 	 	1,617	 	 	 	0.8	%	 	 	512	 	 	 	14.6	%	 	 	1,570	 	 	 	0.8	%	 	 	559	 	 	 	5.7	%
	8111 · In-Room Equipment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8112 · Guest Relations	 	 	26	 	 	 	0.0	%	 	 	38	 	 	 	0.0	%	 	 	(12	)	 	 	-0.4	%	 	 	37	 	 	 	0.0	%	 	 	(11	)	 	 	-0.1	%
	8114 · Guest Amenities	 	 	36	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	36	 	 	 	1.0	%	 	 	-	 	 	 	0.0	%	 	 	36	 	 	 	0.4	%
	8115 · Operating Supplies	 	 	257	 	 	 	0.1	%	 	 	29	 	 	 	0.0	%	 	 	228	 	 	 	6.5	%	 	 	28	 	 	 	0.0	%	 	 	229	 	 	 	2.3	%
	8117 · Newspapers	 	 	106	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	106	 	 	 	3.0	%	 	 	223	 	 	 	0.1	%	 	 	(117	)	 	 	-1.2	%
	8120 · Cleaning Supplies	 	 	88	 	 	 	0.0	%	 	 	123	 	 	 	0.1	%	 	 	(35	)	 	 	-1.0	%	 	 	120	 	 	 	0.1	%	 	 	(32	)	 	 	-0.3	%
	8129 · Linens	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8130 · Outside Laundry	 	 	9,739	 	 	 	4.8	%	 	 	7,438	 	 	 	3.7	%	 	 	2,301	 	 	 	65.7	%	 	 	7,221	 	 	 	3.7	%	 	 	2,518	 	 	 	25.7	%
	8135 · Uniforms	 	 	104	 	 	 	0.1	%	 	 	819	 	 	 	0.4	%	 	 	(716	)	 	 	-20.4	%	 	 	796	 	 	 	0.4	%	 	 	(692	)	 	 	-7.1	%
	8149 · Group Commissions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8150 · TA Commissions	 	 	469	 	 	 	0.2	%	 	 	640	 	 	 	0.3	%	 	 	(171	)	 	 	-4.9	%	 	 	621	 	 	 	0.3	%	 	 	(152	)	 	 	-1.6	%
	8152 · Auto Expense (van)	 	 	123	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	123	 	 	 	3.5	%	 	 	-	 	 	 	0.0	%	 	 	123	 	 	 	1.3	%
	8151 · Computer Maint. & Support	 	 	684	 	 	 	0.3	%	 	 	1,197	 	 	 	0.6	%	 	 	(512	)	 	 	-14.6	%	 	 	1,162	 	 	 	0.6	%	 	 	(478	)	 	 	-4.9	%
	8155 · Reservation Expense	 	 	4,746	 	 	 	2.3	%	 	 	1,195	 	 	 	0.6	%	 	 	3,552	 	 	 	101.4	%	 	 	1,160	 	 	 	0.6	%	 	 	3,586	 	 	 	36.7	%
	8156 · Concierge Expenses	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8157 · Walk Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8158 · Equipment Repair	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8164 · Decorations	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	97	 	 	 	0.1	%	 	 	(97	)	 	 	-1.0	%
	8165 · Comp In-Room Coffee	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8170 · Contract Labor	 	 	67	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	67	 	 	 	1.9	%	 	 	-	 	 	 	0.0	%	 	 	67	 	 	 	0.7	%
	8174 · Music & Entertainment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8175 · Cable TV	 	 	1,086	 	 	 	0.5	%	 	 	1,909	 	 	 	1.0	%	 	 	(823	)	 	 	-23.5	%	 	 	1,853	 	 	 	1.0	%	 	 	(767	)	 	 	-7.8	%
	8178 · Express Mail	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8184 · Printing	 	 	49	 	 	 	0.0	%	 	 	415	 	 	 	0.2	%	 	 	(366	)	 	 	-10.4	%	 	 	403	 	 	 	0.2	%	 	 	(354	)	 	 	-3.6	%
	8185 · Telephone Cell & Radio	 	 	62	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	62	 	 	 	1.8	%	 	 	76	 	 	 	0.0	%	 	 	(14	)	 	 	-0.1	%

 

    	 	 	Report continued on next page

    	 

    

 

	8190 · Office Supplies	 	 	229	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	229	 	 	 	6.5	%	 	 	202	 	 	 	0.1	%	 	 	27	 	 	 	0.3	%
	8191 · Employee Relations & Training	 	 	38	 	 	 	0.0	%	 	 	50	 	 	 	0.0	%	 	 	(12	)	 	 	-0.3	%	 	 	48	 	 	 	0.0	%	 	 	(10	)	 	 	-0.1	%
	8192 · Building Rent - Housekeeping	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,301	 	 	 	0.7	%	 	 	(1,301	)	 	 	-13.3	%
	8193 · License & Permits	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8195 · Equipment Lease	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	205	 	 	 	0.1	%	 	 	(205	)	 	 	-2.1	%
	8196 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8197 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	96	 	 	 	0.0	%	 	 	(96	)	 	 	-2.7	%	 	 	93	 	 	 	0.0	%	 	 	(93	)	 	 	-1.0	%
	8199 · Final Room Prep - Renovated Rms	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8225 · Laundry Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8100 · Rooms  Expenses	 	 	37,258	 	 	 	18.3	%	 	 	33,476	 	 	 	16.8	%	 	 	3,782	 	 	 	108.0	%	 	 	31,620	 	 	 	16.3	%	 	 	5,638	 	 	 	57.6	%
	Total Expense	 	 	65,323	 	 	 	32.1	%	 	 	56,414	 	 	 	28.2	%	 	 	8,908	 	 	 	254.4	%	 	 	53,891	 	 	 	27.8	%	 	 	11,432	 	 	 	116.8	%
	Net Income	 	$	137,994	 	 	 	67.9	%	 	$	143,401	 	 	 	71.8	%	 	$	(5,407	)	 	 	-154.4	%	 	$	139,641	 	 	 	72.2	%	 	$	(1,647	)	 	 	-16.8	%

 

	 	 	Year to Date	 	 	Budget
 Full Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4100 · Room Charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4110 · Transient Room charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4111 · Best Available Rate	 	$	84,572	 	 	 	19.5	%	 	$	102,730	 	 	 	24.1	%	 	$	(18,158	)	 	 	-223.1	%	 	$	143,120	 	 	 	32.3	%	 	$	(58,548	)	 	 	631.0	%	 	$	600,818	 	 	 	33.8	%
	4113 · Corporate	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4114 · Discount	 	 	270,047	 	 	 	62.2	%	 	 	254,647	 	 	 	59.8	%	 	 	15,400	 	 	 	189.2	%	 	 	226,870	 	 	 	51.2	%	 	 	43,177	 	 	 	-465.3	%	 	 	634,106	 	 	 	35.7	%
	4115·FIT/Internet	 	 	61,156	 	 	 	14.1	%	 	 	55,591	 	 	 	13.1	%	 	 	5,565	 	 	 	68.4	%	 	 	59,751	 	 	 	13.5	%	 	 	1,405	 	 	 	-15.1	%	 	 	378,067	 	 	 	21.3	%
	4116 · House	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(350	)	 	 	-0.1	%	 	 	350	 	 	 	-3.8	%	 	 	-	 	 	 	0.0	%
	4117 · House Posting	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4118 · Room Gift Certificates	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4110 · Transient Room charges	 	 	415,775	 	 	 	95.8	%	 	 	412,968	 	 	 	97.0	%	 	 	2,807	 	 	 	34.5	%	 	 	429,391	 	 	 	96.9	%	 	 	(13,616	)	 	 	146.7	%	 	 	1,612,991	 	 	 	90.8	%
	4119 · No Show	 	 	2,821	 	 	 	74.4	%	 	 	-	 	 	 	0.0	%	 	 	2,821	 	 	 	34.6	%	 	 	745	 	 	 	17.4	%	 	 	2,076	 	 	 	-22.4	%	 	 	-	 	 	 	0.0	%
	4120 · Crib Rental	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4150 · Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	4151 · Group Association	 	 	2,445	 	 	 	64.5	%	 	 	-	 	 	 	0.0	%	 	 	2,445	 	 	 	30.0	%	 	 	-	 	 	 	0.0	%	 	 	2,445	 	 	 	-26.4	%	 	 	-	 	 	 	0.0	%
	4152 · Group Corporate	 	 	1,385	 	 	 	36.6	%	 	 	135	 	 	 	0.0	%	 	 	1,250	 	 	 	15.4	%	 	 	-	 	 	 	0.0	%	 	 	1,385	 	 	 	-14.9	%	 	 	4,770	 	 	 	22.2	%
	4153 · Group Smerf	 	 	-	 	 	 	0.0	%	 	 	4,274	 	 	 	1.0	%	 	 	(4,274	)	 	 	-52.5	%	 	 	4,922	 	 	 	114.8	%	 	 	(4,922	)	 	 	53.0	%	 	 	29,642	 	 	 	138.2	%
	4154·Group-Tour	 	 	11,398	 	 	 	300.8	%	 	 	8,306	 	 	 	2.0	%	 	 	3,092	 	 	 	38.0	%	 	 	8,045	 	 	 	187.6	%	 	 	3,353	 	 	 	-36.1	%	 	 	128,758	 	 	 	600.1	%
	Total 4150 · Group	 	 	15,228	 	 	 	401.9	%	 	 	12,715	 	 	 	3.0	%	 	 	2,513	 	 	 	30.9	%	 	 	12,967	 	 	 	302.4	%	 	 	2,261	 	 	 	-24.4	%	 	 	163,170	 	 	 	760.5	%
	Total Revenue	 	 	433,824	 	 	 	100.0	%	 	 	425,684	 	 	 	100.0	%	 	 	8,140	 	 	 	100.0	%	 	 	443,103	 	 	 	100.0	%	 	 	(9,279	)	 	 	100.0	%	 	 	1,776,161	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5100 · Rooms Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111000 · Front Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111170 · Rooms Manager	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111160 · Assistant Manager	 	 	5,754	 	 	 	1.3	%	 	 	4,534	 	 	 	1.1	%	 	 	1,220	 	 	 	15.0	%	 	 	-	 	 	 	0.0	%	 	 	5,754	 	 	 	-62.0	%	 	 	-	 	 	 	0.0	%
	5111199 · Rooms Shared Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111600 · Guest Service Agents	 	 	11,860	 	 	 	2.7	%	 	 	-	 	 	 	0.0	%	 	 	11,860	 	 	 	145.7	%	 	 	10,238	 	 	 	2.3	%	 	 	1,622	 	 	 	-17.5	%	 	 	40,704	 	 	 	2.3	%
	5111601 · Front Office Bonus-	 	 	-	 	 	 	0.0	%	 	 	15,943	 	 	 	3.7	%	 	 	(15,943	)	 	 	-195.8	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111605 · Reservationist	 	 	3,335	 	 	 	0.8	%	 	 	3,965	 	 	 	0.9	%	 	 	(630	)	 	 	-7.7	%	 	 	3,429	 	 	 	0.8	%	 	 	(94	)	 	 	1.0	%	 	 	26,016	 	 	 	1.5	%
	5111606 · Reservationist - Bonus	 	 	672	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	672	 	 	 	8.3	%	 	 	756	 	 	 	0.2	%	 	 	(84	)	 	 	0.9	%	 	 	-	 	 	 	0.0	%
	5111610 · Supervisor	 	 	(259	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%	 	 	(259	)	 	 	-3.2	%	 	 	4,335	 	 	 	1.0	%	 	 	(4,594	)	 	 	49.5	%	 	 	16,224	 	 	 	0.9	%
	5111640 · Night Auditor	 	 	7,693	 	 	 	1.8	%	 	 	-	 	 	 	0.0	%	 	 	7,693	 	 	 	94.5	%	 	 	5,399	 	 	 	1.2	%	 	 	2,293	 	 	 	-24.7	%	 	 	16,920	 	 	 	1.0	%
	Total 5111000 · Front Office	 	 	29,055	 	 	 	6.7	%	 	 	24,442	 	 	 	5.7	%	 	 	4,613	 	 	 	56.7	%	 	 	24,157	 	 	 	5.5	%	 	 	4,898	 	 	 	-52.8	%	 	 	99,864	 	 	 	5.6	%
	5111050 · Front Office Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	Report continued on next page

    	 

    

 

	5151 · Rms Payroll Taxes	 	 	3,411	 	 	 	0.8	%	 	 	5,891	 	 	 	1.4	%	 	 	(2,480	)	 	 	-30.5	%	 	 	2,797	 	 	 	0.6	%	 	 	613	 	 	 	-6.6	%	 	 	9,420	 	 	 	0.5	%
	5152 · Rms Workers'  Comp	 	 	384	 	 	 	0.1	%	 	 	225	 	 	 	0.1	%	 	 	159	 	 	 	2.0	%	 	 	557	 	 	 	0.1	%	 	 	(173	)	 	 	1.9	%	 	 	1,883	 	 	 	0.1	%
	5153 · Rms Employ Benefits	 	 	1,223	 	 	 	0.3	%	 	 	2,964	 	 	 	0.7	%	 	 	(1,741	)	 	 	-21.4	%	 	 	4,114	 	 	 	0.9	%	 	 	(2,891	)	 	 	31.2	%	 	 	6,000	 	 	 	0.3	%
	5155 · Rms PTO	 	 	1,286	 	 	 	0.3	%	 	 	1,693	 	 	 	0.4	%	 	 	(408	)	 	 	-5.0	%	 	 	491	 	 	 	0.1	%	 	 	795	 	 	 	-8.6	%	 	 	1,883	 	 	 	0.1	%
	5156 · Rms Employ Meals	 	 	249	 	 	 	0.1	%	 	 	718	 	 	 	0.2	%	 	 	(469	)	 	 	-5.8	%	 	 	359	 	 	 	0.1	%	 	 	(110	)	 	 	1.2	%	 	 	7,536	 	 	 	0.4	%
	5199 · Rooms Shared Services Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5111050 · Front Office Taxes & Benefits	 	 	6,552	 	 	 	1.5	%	 	 	11,492	 	 	 	2.7	%	 	 	(4,940	)	 	 	-60.7	%	 	 	8,318	 	 	 	1.9	%	 	 	(1,765	)	 	 	19.0	%	 	 	26,722	 	 	 	1.5	%
	5112000 · Housekeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5112050 · Housekeeping	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5112170 · Housekeeping Manager	 	 	6,613	 	 	 	1.5	%	 	 	-	 	 	 	0.0	%	 	 	6,613	 	 	 	81.2	%	 	 	4,580	 	 	 	1.0	%	 	 	2,033	 	 	 	-21.9	%	 	 	21,000	 	 	 	1.2	%
	5112500 · Room Attendent	 	 	14,847	 	 	 	3.4	%	 	 	16,683	 	 	 	3.9	%	 	 	(1,836	)	 	 	-22.6	%	 	 	17,110	 	 	 	3.9	%	 	 	(2,263	)	 	 	24.4	%	 	 	41,840	 	 	 	2.4	%
	5112510 · House Attendant	 	 	5,229	 	 	 	1.2	%	 	 	4,755	 	 	 	1.1	%	 	 	473	 	 	 	5.8	%	 	 	4,218	 	 	 	1.0	%	 	 	1,011	 	 	 	-10.9	%	 	 	8,772	 	 	 	0.5	%
	5112520 · Laundry Attendant	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5112530 · Lead Room Supervisor	 	 	3,789	 	 	 	0.9	%	 	 	-	 	 	 	0.0	%	 	 	3,789	 	 	 	46.5	%	 	 	4,287	 	 	 	1.0	%	 	 	(498	)	 	 	5.4	%	 	 	21,456	 	 	 	1.2	%
	5112540 · Housekeeping Supervisor	 	 	-	 	 	 	0.0	%	 	 	9,345	 	 	 	2.2	%	 	 	(9,345	)	 	 	-114.8	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5112599 · Housekeeping - Other pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,760	 	 	 	0.1	%
	Total 5112000 · Housekeeping	 	 	30,478	 	 	 	7.0	%	 	 	30,783	 	 	 	7.2	%	 	 	(305	)	 	 	-3.8	%	 	 	30,195	 	 	 	6.8	%	 	 	283	 	 	 	-3.0	%	 	 	94,828	 	 	 	5.3	%
	5112050 · Housekeeping Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5112050 · Housekeeping Taxes & Benefits - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5251 · Housekeeping Payroll Taxes	 	 	2,013	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	2,013	 	 	 	24.7	%	 	 	2,157	 	 	 	0.5	%	 	 	(144	)	 	 	1.6	%	 	 	9,485	 	 	 	0.5	%
	5252 · Housekeeping Workers' Comp	 	 	427	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	427	 	 	 	5.2	%	 	 	335	 	 	 	0.1	%	 	 	92	 	 	 	-1.0	%	 	 	2,372	 	 	 	0.1	%
	5253 · Housekeeping Employee Benefits	 	 	343	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	343	 	 	 	4.2	%	 	 	-	 	 	 	0.0	%	 	 	343	 	 	 	-3.7	%	 	 	2,400	 	 	 	0.1	%
	5255 · Housekeeping PTO Expense	 	 	880	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	880	 	 	 	10.8	%	 	 	208	 	 	 	0.0	%	 	 	672	 	 	 	-7.2	%	 	 	2,846	 	 	 	0.2	%
	5256 · Hskpg-Employee Meals	 	 	376	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	376	 	 	 	4.6	%	 	 	598	 	 	 	0.1	%	 	 	(222	)	 	 	2.4	%	 	 	2,654	 	 	 	0.1	%
	5257 · Shared PTO Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5112050 · Housekeeping Taxes & Benefits	 	 	4,039	 	 	 	0.9	%	 	 	-	 	 	 	0.0	%	 	 	4,039	 	 	 	49.6	%	 	 	3,298	 	 	 	0.7	%	 	 	741	 	 	 	-8.0	%	 	 	19,757	 	 	 	1.1	%
	Total 5100 · Rooms Salaries & Wages	 	 	70,124	 	 	 	16.2	%	 	 	66,718	 	 	 	15.7	%	 	 	3,407	 	 	 	41.8	%	 	 	65,967	 	 	 	14.9	%	 	 	4,157	 	 	 	-44.8	%	 	 	241,171	 	 	 	13.6	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8100 · Rooms  Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8100 · Rooms  Expenses - Other	 	 	-	 	 	 	0.0	%	 	 	4,648	 	 	 	1.1	%	 	 	(4,648	)	 	 	-57.1	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8101 · Comp Breakfast	 	 	36,863	 	 	 	8.5	%	 	 	37,675	 	 	 	8.9	%	 	 	(812	)	 	 	-10.0	%	 	 	30,550	 	 	 	6.9	%	 	 	6,314	 	 	 	-68.0	%	 	 	58,689	 	 	 	3.3	%
	8110 · Guest Supplies	 	 	5,163	 	 	 	1.2	%	 	 	4,119	 	 	 	1.0	%	 	 	1,044	 	 	 	12.8	%	 	 	4,372	 	 	 	1.0	%	 	 	790	 	 	 	-8.5	%	 	 	28,417	 	 	 	1.6	%
	8111 · In-Room Equipment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8112 · Guest Relations	 	 	113	 	 	 	0.0	%	 	 	122	 	 	 	0.0	%	 	 	(9	)	 	 	-0.1	%	 	 	185	 	 	 	0.0	%	 	 	(72	)	 	 	0.8	%	 	 	-	 	 	 	0.0	%
	8114 · Guest Amenities	 	 	73	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	73	 	 	 	0.9	%	 	 	-	 	 	 	0.0	%	 	 	73	 	 	 	-0.8	%	 	 	-	 	 	 	0.0	%
	8115 · Operating Supplies	 	 	1,174	 	 	 	0.3	%	 	 	1,071	 	 	 	0.3	%	 	 	103	 	 	 	1.3	%	 	 	1,620	 	 	 	0.4	%	 	 	(447	)	 	 	4.8	%	 	 	6,664	 	 	 	0.4	%
	8117 · Newspapers	 	 	353	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	353	 	 	 	4.3	%	 	 	464	 	 	 	0.1	%	 	 	(111	)	 	 	1.2	%	 	 	1,142	 	 	 	0.1	%
	8120 · Cleaning Supplies	 	 	397	 	 	 	0.1	%	 	 	361	 	 	 	0.1	%	 	 	36	 	 	 	0.4	%	 	 	414	 	 	 	0.1	%	 	 	(18	)	 	 	0.2	%	 	 	2,739	 	 	 	0.2	%
	8129 · Linens	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8130 · Outside Laundry	 	 	24,092	 	 	 	5.6	%	 	 	19,555	 	 	 	4.6	%	 	 	4,537	 	 	 	55.7	%	 	 	18,880	 	 	 	4.3	%	 	 	5,213	 	 	 	-56.2	%	 	 	107,488	 	 	 	6.1	%
	8135 · Uniforms	 	 	556	 	 	 	0.1	%	 	 	1,221	 	 	 	0.3	%	 	 	(665	)	 	 	-8.2	%	 	 	1,012	 	 	 	0.2	%	 	 	(457	)	 	 	4.9	%	 	 	4,316	 	 	 	0.2	%

 

    	 	 	Report continued on next page

    	 

    

 

	8149 · Group Commissions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8150 · TA Commissions	 	 	1,353	 	 	 	0.3	%	 	 	1,512	 	 	 	0.4	%	 	 	(159	)	 	 	-2.0	%	 	 	1,539	 	 	 	0.3	%	 	 	(186	)	 	 	2.0	%	 	 	10,095	 	 	 	0.6	%
	8152 · Auto Expense (van)	 	 	350	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	350	 	 	 	4.3	%	 	 	-	 	 	 	0.0	%	 	 	350	 	 	 	-3.8	%	 	 	1,200	 	 	 	0.1	%
	8151 · Computer Maint. & Support	 	 	2,202	 	 	 	0.5	%	 	 	2,670	 	 	 	0.6	%	 	 	(468	)	 	 	-5.7	%	 	 	2,982	 	 	 	0.7	%	 	 	(780	)	 	 	8.4	%	 	 	4,800	 	 	 	0.3	%
	8155 · Reservation Expense	 	 	9,375	 	 	 	2.2	%	 	 	4,926	 	 	 	1.2	%	 	 	4,450	 	 	 	54.7	%	 	 	4,918	 	 	 	1.1	%	 	 	4,458	 	 	 	-48.0	%	 	 	24,000	 	 	 	1.4	%
	8156 · Concierge Expenses	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8157 · Walk Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8158 · Equipment Repair	 	 	66	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	66	 	 	 	0.8	%	 	 	-	 	 	 	0.0	%	 	 	66	 	 	 	-0.7	%	 	 	618	 	 	 	0.0	%
	8164 · Decorations	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(254	)	 	 	-0.1	%	 	 	254	 	 	 	-2.7	%	 	 	600	 	 	 	0.0	%
	8165 · Comp In-Room Coffee	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8170 · Contract Labor	 	 	67	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	67	 	 	 	0.8	%	 	 	-	 	 	 	0.0	%	 	 	67	 	 	 	-0.7	%	 	 	-	 	 	 	0.0	%
	8174 · Music & Entertainment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8175 · Cable TV	 	 	2,630	 	 	 	0.6	%	 	 	3,624	 	 	 	0.9	%	 	 	(995	)	 	 	-12.2	%	 	 	4,445	 	 	 	1.0	%	 	 	(1,815	)	 	 	19.6	%	 	 	10,200	 	 	 	0.6	%
	8178 · Express Mail	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8184 · Printing	 	 	438	 	 	 	0.1	%	 	 	442	 	 	 	0.1	%	 	 	(4	)	 	 	0.0	%	 	 	440	 	 	 	0.1	%	 	 	(2	)	 	 	0.0	%	 	 	1,200	 	 	 	0.1	%
	8185 · Telephone Cell & Radio	 	 	224	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	224	 	 	 	2.8	%	 	 	386	 	 	 	0.1	%	 	 	(161	)	 	 	1.7	%	 	 	600	 	 	 	0.0	%
	8190 · Office Supplies	 	 	786	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	786	 	 	 	9.7	%	 	 	1,146	 	 	 	0.3	%	 	 	(360	)	 	 	3.9	%	 	 	2,400	 	 	 	0.1	%
	8191 · Employee Relations & Training	 	 	61	 	 	 	0.0	%	 	 	118	 	 	 	0.0	%	 	 	(57	)	 	 	-0.7	%	 	 	96	 	 	 	0.0	%	 	 	(35	)	 	 	0.4	%	 	 	1,500	 	 	 	0.1	%
	8192 · Building Rent - Housekeeping	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	4,755	 	 	 	1.1	%	 	 	(4,755	)	 	 	51.2	%	 	 	12,000	 	 	 	0.7	%
	8193 · License & Permits	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	600	 	 	 	0.0	%
	8195 · Equipment Lease	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	205	 	 	 	0.0	%	 	 	(205	)	 	 	2.2	%	 	 	600	 	 	 	0.0	%
	8196 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8197 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	101	 	 	 	0.0	%	 	 	(101	)	 	 	-1.2	%	 	 	125	 	 	 	0.0	%	 	 	(125	)	 	 	1.3	%	 	 	-	 	 	 	0.0	%
	8199 · Final Room Prep - Renovated Rms	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8225 · Laundry Expense	 	 	9	 	 	 	0.0	%	 	 	22	 	 	 	0.0	%	 	 	(14	)	 	 	-0.2	%	 	 	13	 	 	 	0.0	%	 	 	(5	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8100 · Rooms  Expenses	 	 	86,347	 	 	 	19.9	%	 	 	82,187	 	 	 	19.3	%	 	 	4,160	 	 	 	51.1	%	 	 	78,294	 	 	 	17.7	%	 	 	8,053	 	 	 	-86.8	%	 	 	279,868	 	 	 	15.8	%
	Total Expense	 	 	156,471	 	 	 	36.1	%	 	 	148,905	 	 	 	35.0	%	 	 	7,566	 	 	 	92.9	%	 	 	144,261	 	 	 	32.6	%	 	 	12,210	 	 	 	-131.6	%	 	 	521,039	 	 	 	29.3	%
	Net Income	 	$	277,353	 	 	 	63.9	%	 	$	276,779	 	 	 	65.0	%	 	 	574	 	 	 	7.1	%	 	$	298,842	 	 	 	67.4	%	 	$	(21,489	)	 	 	231.6	%	 	$	1,255,122	 	 	 	70.7	%

 

    	 	Page 8 of 32	Orchards Inn March 13 Issue.xls / Rooms - AvB

    	 

    

 

Orchards Inn & Restaurant, LLC.

Rooms Department

January through March 2013

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TOTAL	 
	 	 	Jan 13	 	 	% of
 Income	 	 	Feb 13	 	 	% of
 Income	 	 	Mar 13	 	 	% of
 Income	 	 	Jan - Mar
 13	 	 	% of
 Income	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ordinary Income/Expense Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4100 · Room Charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4110 · Transient Room charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4111 · Best Available Rate	 	 	8,793.75	 	 	 	8.75	%	 	 	28,443.55	 	 	 	21.89	%	 	 	47,335.00	 	 	 	23.28	%	 	 	84,572.30	 	 	 	19.5	%
	4114 · Discount	 	 	73,728.65	 	 	 	73.33	%	 	 	73,406.60	 	 	 	56.48	%	 	 	122,912.08	 	 	 	60.45	%	 	 	270,047.33	 	 	 	62.25	%
	4115·FIT/Internet	 	 	16,816.85	 	 	 	16.73	%	 	 	17,067.75	 	 	 	13.13	%	 	 	27,270.97	 	 	 	13.41	%	 	 	61,155.57	 	 	 	14.1	%
	Total 4110 · Transient Room charges	 	 	99,339.25	 	 	 	98.8	%	 	 	118,917.90	 	 	 	91.5	%	 	 	197,518.05	 	 	 	97.15	%	 	 	415,775.20	 	 	 	95.84	%
	4119 · No Show	 	 	1,074.35	 	 	 	1.07	%	 	 	1,125.00	 	 	 	0.87	%	 	 	621.28	 	 	 	0.31	%	 	 	2,820.63	 	 	 	0.65	%
	4150 · Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4151 · Group Association	 	 	0.00	 	 	 	0.0	%	 	 	805.00	 	 	 	0.62	%	 	 	1,640.00	 	 	 	0.81	%	 	 	2,445.00	 	 	 	0.56	%
	4152 · Group Corporate	 	 	135.00	 	 	 	0.13	%	 	 	1,250.00	 	 	 	0.96	%	 	 	0.00	 	 	 	0.0	%	 	 	1,385.00	 	 	 	0.32	%
	4153 · Group Smerf	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%
	4154·Group-Tour	 	 	0.00	 	 	 	0.0	%	 	 	7,861.00	 	 	 	6.05	%	 	 	3,537.24	 	 	 	1.74	%	 	 	11,398.24	 	 	 	2.63	%
	Total 4150 · Group	 	 	135.00	 	 	 	0.13	%	 	 	9,916.00	 	 	 	7.63	%	 	 	5,177.24	 	 	 	2.55	%	 	 	15,228.24	 	 	 	3.51	%
	Total 4100 · Room Charges	 	 	100,548.60	 	 	 	100.0	%	 	 	129,958.90	 	 	 	100.0	%	 	 	203,316.57	 	 	 	100.0	%	 	 	433,824.07	 	 	 	100.0	%
	Total Income	 	 	100,548.60	 	 	 	100.0	%	 	 	129,958.90	 	 	 	100.0	%	 	 	203,316.57	 	 	 	100.0	%	 	 	433,824.07	 	 	 	100.0	%
	Gross Profit	 	 	100,548.60	 	 	 	100.0	%	 	 	129,958.90	 	 	 	100.0	%	 	 	203,316.57	 	 	 	100.0	%	 	 	433,824.07	 	 	 	100.0	%
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5100 · Rooms Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111000 · Front Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111160 · Assistant Manager	 	 	1,507.70	 	 	 	1.5	%	 	 	1,659.64	 	 	 	1.28	%	 	 	2,586.77	 	 	 	1.27	%	 	 	5,754.11	 	 	 	1.33	%
	5111600 · Guest Service Agents	 	 	2,789.62	 	 	 	2.77	%	 	 	3,644.87	 	 	 	2.81	%	 	 	5,425.23	 	 	 	2.67	%	 	 	11,859.72	 	 	 	2.73	%
	5111605 · Reservationist	 	 	1,003.53	 	 	 	1.0	%	 	 	788.27	 	 	 	0.61	%	 	 	1,543.58	 	 	 	0.76	%	 	 	3,335.38	 	 	 	0.77	%
	5111606 · Reservationist - Bonus	 	 	196.00	 	 	 	0.2	%	 	 	280.00	 	 	 	0.22	%	 	 	196.00	 	 	 	0.1	%	 	 	672.00	 	 	 	0.16	%
	5111610 · Supervisor	 	 	96.69	 	 	 	0.1	%	 	 	344.59	 	 	 	0.27	%	 	 	-700.00	 	 	 	-0.34	%	 	 	-258.72	 	 	 	-0.06	%
	5111640 · Night Auditor	 	 	2,204.12	 	 	 	2.19	%	 	 	2,156.32	 	 	 	1.66	%	 	 	3,332.09	 	 	 	1.64	%	 	 	7,692.53	 	 	 	1.77	%
	Total 5111000 · Front Office	 	 	7,797.66	 	 	 	7.76	%	 	 	8,873.69	 	 	 	6.83	%	 	 	12,383.67	 	 	 	6.09	%	 	 	29,055.02	 	 	 	6.7	%
	5111050 · Front Office Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5151 · Rms Payroll Taxes	 	 	1,231.68	 	 	 	1.23	%	 	 	930.25	 	 	 	0.72	%	 	 	1,248.91	 	 	 	0.61	%	 	 	3,410.84	 	 	 	0.79	%
	5152 · Rms Workers'  Comp	 	 	127.95	 	 	 	0.13	%	 	 	127.95	 	 	 	0.1	%	 	 	127.95	 	 	 	0.06	%	 	 	383.85	 	 	 	0.09	%
	5153 · Rms Employ Benefits	 	 	409.03	 	 	 	0.41	%	 	 	241.34	 	 	 	0.19	%	 	 	572.63	 	 	 	0.28	%	 	 	1,223.00	 	 	 	0.28	%
	5155 · Rms PTO	 	 	874.65	 	 	 	0.87	%	 	 	269.35	 	 	 	0.21	%	 	 	141.83	 	 	 	0.07	%	 	 	1,285.83	 	 	 	0.3	%
	5156 · Rms Employ Meals	 	 	76.61	 	 	 	0.08	%	 	 	65.73	 	 	 	0.05	%	 	 	106.41	 	 	 	0.05	%	 	 	248.75	 	 	 	0.06	%
	Total 5111050 · Front Office Taxes & Benefits	 	 	2,719.92	 	 	 	2.71	%	 	 	1,634.62	 	 	 	1.26	%	 	 	2,197.73	 	 	 	1.08	%	 	 	6,552.27	 	 	 	1.51	%
	5112000 · Housekeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5112150 · Annex - Room Attendant Supervis	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	3,025.95	 	 	 	1.49	%	 	 	3,025.95	 	 	 	0.7	%
	5112170 · Housekeeping Manager	 	 	1,671.73	 	 	 	1.66	%	 	 	2,295.13	 	 	 	1.77	%	 	 	2,645.84	 	 	 	1.3	%	 	 	6,612.70	 	 	 	1.52	%

 

    	 	 	Report continued on next page

    	 

    

 

	5112500 · Room Attendent	 	 	4,405.76	 	 	 	4.38	%	 	 	4,484.63	 	 	 	3.45	%	 	 	5,956.78	 	 	 	2.93	%	 	 	14,847.17	 	 	 	3.42	%
	5112510 · House Attendant	 	 	1,532.38	 	 	 	1.52	%	 	 	1,565.13	 	 	 	1.2	%	 	 	2,131.18	 	 	 	1.05	%	 	 	5,228.69	 	 	 	1.21	%
	5112530 · Lead Room Supervisor	 	 	1,344.50	 	 	 	1.34	%	 	 	649.00	 	 	 	0.5	%	 	 	1,795.75	 	 	 	0.88	%	 	 	3,789.25	 	 	 	0.87	%
	5112550 · Annex - Room Attendant	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%
	5112560 · Annex - House Attendant	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%
	5112570 · Annex - Lead Room Attendant	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-3,025.95	 	 	 	-1.49	%	 	 	-3,025.95	 	 	 	-0.7	%
	Total 5112000 · Housekeeping	 	 	8,954.37	 	 	 	8.91	%	 	 	8,993.89	 	 	 	6.92	%	 	 	12,529.55	 	 	 	6.16	%	 	 	30,477.81	 	 	 	7.03	%
	5112050 · Housekeeping Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5251 · Housekeeping Payroll Taxes	 	 	1,025.50	 	 	 	1.02	%	 	 	528.54	 	 	 	0.41	%	 	 	459.16	 	 	 	0.23	%	 	 	2,013.20	 	 	 	0.46	%
	5252 · Housekeeping Workers' Comp	 	 	152.08	 	 	 	0.15	%	 	 	144.03	 	 	 	0.11	%	 	 	130.89	 	 	 	0.06	%	 	 	427.00	 	 	 	0.1	%
	5253 · Housekeeping Employee Benefits	 	 	131.59	 	 	 	0.13	%	 	 	124.63	 	 	 	0.1	%	 	 	86.64	 	 	 	0.04	%	 	 	342.86	 	 	 	0.08	%
	5255 · Housekeeping PTO Expense	 	 	571.21	 	 	 	0.57	%	 	 	181.04	 	 	 	0.14	%	 	 	127.68	 	 	 	0.06	%	 	 	879.93	 	 	 	0.2	%
	5256 · Hskpg-Employee Meals	 	 	124.99	 	 	 	0.12	%	 	 	101.57	 	 	 	0.08	%	 	 	149.42	 	 	 	0.07	%	 	 	375.98	 	 	 	0.09	%
	Total 5112050 · Housekeeping Taxes & Benefits	 	 	2,005.37	 	 	 	1.99	%	 	 	1,079.81	 	 	 	0.83	%	 	 	953.79	 	 	 	0.47	%	 	 	4,038.97	 	 	 	0.93	%
	Total 5100 · Rooms Salaries & Wages	 	 	21,477.32	 	 	 	21.36	%	 	 	20,582.01	 	 	 	15.84	%	 	 	28,064.74	 	 	 	13.8	%	 	 	70,124.07	 	 	 	16.16	%
	Total 5000 · Payroll & Benefits	 	 	21,477.32	 	 	 	21.36	%	 	 	20,582.01	 	 	 	15.84	%	 	 	28,064.74	 	 	 	13.8	%	 	 	70,124.07	 	 	 	16.16	%

 

    	 	Page 10 of 32	 Orchards Inn March 13 Issue.xls / Rooms

    	 

    

 

	 	 	Jan 13	 	 	% of
 Income	 	 	Feb 13	 	 	% of
 Income	 	 	Mar 13	 	 	% of
 Income	 	 	Jan - Mar
 13	 	 	% of
 Income	 
	8100 · Rooms  Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8101 · Comp Breakfast	 	 	9,400.08	 	 	 	9.35	%	 	 	10,244.71	 	 	 	7.88	%	 	 	17,218.51	 	 	 	8.47	%	 	 	36,863.30	 	 	 	8.5	%
	8110 · Guest Supplies	 	 	1,158.13	 	 	 	1.15	%	 	 	1,875.24	 	 	 	1.44	%	 	 	2,129.47	 	 	 	1.05	%	 	 	5,162.84	 	 	 	1.19	%
	8112 · Guest Relations	 	 	44.83	 	 	 	0.05	%	 	 	41.79	 	 	 	0.03	%	 	 	25.98	 	 	 	0.01	%	 	 	112.60	 	 	 	0.03	%
	8114 · Guest Amenities	 	 	0.00	 	 	 	0.0	%	 	 	37.51	 	 	 	0.03	%	 	 	35.86	 	 	 	0.02	%	 	 	73.37	 	 	 	0.02	%
	8115 · Operating Supplies	 	 	696.79	 	 	 	0.69	%	 	 	220.06	 	 	 	0.17	%	 	 	256.84	 	 	 	0.13	%	 	 	1,173.69	 	 	 	0.27	%
	8117 · Newspapers	 	 	0.00	 	 	 	0.0	%	 	 	246.68	 	 	 	0.19	%	 	 	106.46	 	 	 	0.05	%	 	 	353.14	 	 	 	0.08	%
	8120 · Cleaning Supplies	 	 	0.00	 	 	 	0.0	%	 	 	309.00	 	 	 	0.24	%	 	 	87.96	 	 	 	0.04	%	 	 	396.96	 	 	 	0.09	%
	8130 · Outside Laundry	 	 	6,643.52	 	 	 	6.61	%	 	 	7,710.06	 	 	 	5.93	%	 	 	9,738.79	 	 	 	4.79	%	 	 	24,092.37	 	 	 	5.55	%
	8135 · Uniforms	 	 	267.89	 	 	 	0.27	%	 	 	184.25	 	 	 	0.14	%	 	 	103.72	 	 	 	0.05	%	 	 	555.86	 	 	 	0.13	%
	8150 · TA Commissions	 	 	204.08	 	 	 	0.2	%	 	 	679.83	 	 	 	0.52	%	 	 	469.35	 	 	 	0.23	%	 	 	1,353.26	 	 	 	0.31	%
	8151 · Computer Maint. & Support	 	 	801.41	 	 	 	0.8	%	 	 	715.99	 	 	 	0.55	%	 	 	684.46	 	 	 	0.34	%	 	 	2,201.86	 	 	 	0.51	%
	8152 · Auto Expense (van)	 	 	66.13	 	 	 	0.07	%	 	 	160.99	 	 	 	0.12	%	 	 	123.12	 	 	 	0.06	%	 	 	350.24	 	 	 	0.08	%
	8155 · Reservation Expense	 	 	2,123.36	 	 	 	2.11	%	 	 	2,505.70	 	 	 	1.93	%	 	 	4,746.43	 	 	 	2.34	%	 	 	9,375.49	 	 	 	2.16	%
	8158 · Equipment Repair	 	 	66.13	 	 	 	0.07	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	66.13	 	 	 	0.02	%
	8170 · Contract Labor	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	67.46	 	 	 	0.03	%	 	 	67.46	 	 	 	0.02	%
	8175 · Cable TV	 	 	774.22	 	 	 	0.77	%	 	 	769.92	 	 	 	0.59	%	 	 	1,085.67	 	 	 	0.53	%	 	 	2,629.81	 	 	 	0.61	%
	8184 · Printing	 	 	26.80	 	 	 	0.03	%	 	 	362.22	 	 	 	0.28	%	 	 	49.24	 	 	 	0.02	%	 	 	438.26	 	 	 	0.1	%
	8185 · Telephone Cell & Radio	 	 	66.13	 	 	 	0.07	%	 	 	96.60	 	 	 	0.07	%	 	 	61.56	 	 	 	0.03	%	 	 	224.29	 	 	 	0.05	%
	8190 · Office Supplies	 	 	186.08	 	 	 	0.19	%	 	 	371.08	 	 	 	0.29	%	 	 	228.89	 	 	 	0.11	%	 	 	786.05	 	 	 	0.18	%
	8191 · Employee Relations & Training	 	 	23.15	 	 	 	0.02	%	 	 	0.00	 	 	 	0.0	%	 	 	38.17	 	 	 	0.02	%	 	 	61.32	 	 	 	0.01	%
	8225 · Laundry Expense	 	 	8.60	 	 	 	0.01	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	8.60	 	 	 	0.0	%
	Total 8100 · Rooms  Expenses	 	 	22,557.33	 	 	 	22.43	%	 	 	26,531.63	 	 	 	20.42	%	 	 	37,257.94	 	 	 	18.33	%	 	 	86,346.90	 	 	 	19.9	%
	Total Expense	 	 	44,034.65	 	 	 	43.79	%	 	 	47,113.64	 	 	 	36.25	%	 	 	65,322.68	 	 	 	32.13	%	 	 	156,470.97	 	 	 	36.07	%
	Net Ordinary Income	 	 	56,513.95	 	 	 	56.21	%	 	 	82,845.26	 	 	 	63.75	%	 	 	137,993.89	 	 	 	67.87	%	 	 	277,353.10	 	 	 	63.93	%
	Net Income	 	 	56,513.95	 	 	 	56.21	%	 	 	82,845.26	 	 	 	63.75	%	 	 	137,993.89	 	 	 	67.87	%	 	 	277,353.10	 	 	 	63.93	%

 

    	 	Page 11 of 32	 Orchards Inn March 13 Issue.xls / Rooms

    	 

    

 

Orchards Inn and Restaurant

F&B Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to 
 Revenue	 	 	Budget	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 	 	Prior Year	 	 	% to 
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4300 · Food & Beverage Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Food Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4311 · Restaurant Breakfast	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4312 · Restaurant Lunch	 	 	127,071	 	 	 	41.0	%	 	 	103,984	 	 	 	44.2	%	 	 	23,086	 	 	 	30.9	%	 	 	96,867	 	 	 	44.2	%	 	 	30,204	 	 	 	33.3	%
	4313 · Restaurant Dinner	 	 	96,762	 	 	 	31.2	%	 	 	65,947	 	 	 	28.1	%	 	 	30,815	 	 	 	41.3	%	 	 	61,434	 	 	 	28.1	%	 	 	35,329	 	 	 	38.9	%
	Total Food Revenue	 	 	223,833	 	 	 	72.3	%	 	 	169,932	 	 	 	54.9	%	 	 	53,902	 	 	 	72.2	%	 	 	158,301	 	 	 	51.1	%	 	 	65,533	 	 	 	72.2	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beverage Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4314 · Restaurant Beer Sales	 	 	26,165	 	 	 	8.5	%	 	 	19,956	 	 	 	8.5	%	 	 	6,209	 	 	 	8.3	%	 	 	18,590	 	 	 	8.5	%	 	 	7,575	 	 	 	8.3	%
	4315 · Restaurant Wine Sales	 	 	6,482	 	 	 	2.1	%	 	 	3,955	 	 	 	1.7	%	 	 	2,527	 	 	 	3.4	%	 	 	3,684	 	 	 	1.7	%	 	 	2,798	 	 	 	3.1	%
	4316 · Restaurant Liquor Sales	 	 	53,161	 	 	 	17.2	%	 	 	41,158	 	 	 	17.5	%	 	 	12,003	 	 	 	16.1	%	 	 	38,341	 	 	 	17.5	%	 	 	14,820	 	 	 	16.3	%
	Total Beverage Revenue	 	 	85,808	 	 	 	27.7	%	 	 	65,068	 	 	 	27.7	%	 	 	20,739	 	 	 	27.8	%	 	 	60,615	 	 	 	27.7	%	 	 	25,193	 	 	 	27.8	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 4310 · Restaurant Sales	 	 	309,641	 	 	 	100.0	%	 	 	235,000	 	 	 	100.0	%	 	 	74,641	 	 	 	100.0	%	 	 	218,915	 	 	 	100.0	%	 	 	90,725	 	 	 	100.0	%
	Banquet Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4324 · Banquet Dinner	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4331 · Banquet Meeting Room	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4320 · Banquet Revenue	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4300 · Food & Beverage Revenue	 	 	309,641	 	 	 	100.0	%	 	 	235,000	 	 	 	100.0	%	 	 	74,641	 	 	 	100.0	%	 	 	218,915	 	 	 	100.0	%	 	 	90,725	 	 	 	100.0	%
	Total Revenue	 	 	309,641	 	 	 	100.0	%	 	 	235,000	 	 	 	100.0	%	 	 	74,641	 	 	 	100.0	%	 	 	218,915	 	 	 	100.0	%	 	 	90,725	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6300 · Cost of Food & Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6310 · Restaurant Cost of Sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	631001 · Meat	 	 	8,160	 	 	 	3.6	%	 	 	-	 	 	 	0.0	%	 	 	8,160	 	 	 	15.1	%	 	 	6,531	 	 	 	4.1	%	 	 	1,629	 	 	 	2.5	%
	631002 · Seafood	 	 	4,998	 	 	 	2.2	%	 	 	-	 	 	 	0.0	%	 	 	4,998	 	 	 	9.3	%	 	 	3,472	 	 	 	2.2	%	 	 	1,526	 	 	 	2.3	%
	631003 · Poultry	 	 	4,641	 	 	 	2.1	%	 	 	-	 	 	 	0.0	%	 	 	4,641	 	 	 	8.6	%	 	 	3,566	 	 	 	2.3	%	 	 	1,075	 	 	 	1.6	%
	631004 · Produce	 	 	11,329	 	 	 	5.1	%	 	 	-	 	 	 	0.0	%	 	 	11,329	 	 	 	21.0	%	 	 	7,837	 	 	 	5.0	%	 	 	3,493	 	 	 	5.3	%
	631005 · Dairy	 	 	5,062	 	 	 	2.3	%	 	 	-	 	 	 	0.0	%	 	 	5,062	 	 	 	9.4	%	 	 	4,444	 	 	 	2.8	%	 	 	618	 	 	 	0.9	%
	631006 · Bread	 	 	6,837	 	 	 	3.1	%	 	 	-	 	 	 	0.0	%	 	 	6,837	 	 	 	12.7	%	 	 	5,568	 	 	 	3.5	%	 	 	1,269	 	 	 	1.9	%
	631007 · Other Food	 	 	5,298	 	 	 	2.4	%	 	 	-	 	 	 	0.0	%	 	 	5,298	 	 	 	9.8	%	 	 	7,076	 	 	 	4.5	%	 	 	(1,778	)	 	 	-2.7	%
	631008 · Comp Breakfast Food	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	631009 · Cost of Goods Sold-EDR	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	631010 · Taos - Grand Opening, Food	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6310 · Restaurant Cost of Sales - Other	 	 	-	 	 	 	0.0	%	 	 	42,483	 	 	 	25.0	%	 	 	(42,483	)	 	 	-78.8	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Cost of Sales - Food	 	 	46,324	 	 	 	20.7	%	 	 	42,483	 	 	 	25.0	%	 	 	3,842	 	 	 	7.1	%	 	 	38,492	 	 	 	24.3	%	 	 	7,832	 	 	 	12.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6311 · Cost of Goods-Liquor	 	 	6,236	 	 	 	11.7	%	 	 	6,585	 	 	 	16.0	%	 	 	(349	)	 	 	-2.9	%	 	 	3,978	 	 	 	10.4	%	 	 	2,258	 	 	 	15.2	%
	6312 · Cost of Goods - Wine	 	 	1,972	 	 	 	30.4	%	 	 	1,186	 	 	 	30.0	%	 	 	785	 	 	 	31.1	%	 	 	1,179	 	 	 	32.0	%	 	 	793	 	 	 	28.3	%
	6313 · Cost of Goods-Beer	 	 	5,071	 	 	 	19.4	%	 	 	3,991	 	 	 	20.0	%	 	 	1,080	 	 	 	17.4	%	 	 	1,555	 	 	 	8.4	%	 	 	3,516	 	 	 	46.4	%
	Cost of Sales - Beverage	 	 	13,279	 	 	 	15.5	%	 	 	11,763	 	 	 	18.1	%	 	 	1,516	 	 	 	7.3	%	 	 	6,712	 	 	 	11.1	%	 	 	6,567	 	 	 	26.1	%
	Total COGS	 	 	59,604	 	 	 	19.2	%	 	 	54,246	 	 	 	23.1	%	 	 	5,358	 	 	 	7.2	%	 	 	45,204	 	 	 	20.6	%	 	 	14,399	 	 	 	15.9	%
	Gross Profit	 	 	250,037	 	 	 	80.8	%	 	 	180,754	 	 	 	76.9	%	 	 	69,283	 	 	 	92.8	%	 	 	173,711	 	 	 	79.4	%	 	 	76,326	 	 	 	84.1	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5300000 · F&B Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5363000 · Restaurant Salary & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5300000 · F&B Salaries & Wages - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5363150 · Restaurant Supervisor	 	 	367	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	367	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	367	 	 	 	0.4	%
	5363160 · Kitchen Manager	 	 	244	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	244	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	244	 	 	 	0.3	%
	5363170 · Restaurant Manager	 	 	6,962	 	 	 	2.2	%	 	 	7,920	 	 	 	3.4	%	 	 	(958	)	 	 	-1.3	%	 	 	5,885	 	 	 	2.7	%	 	 	1,077	 	 	 	1.2	%
	5363171 · Asst Restaurant Manager	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5363180 · Restaurant Assistant Manager	 	 	5,684	 	 	 	1.8	%	 	 	-	 	 	 	0.0	%	 	 	5,684	 	 	 	7.6	%	 	 	371	 	 	 	0.2	%	 	 	5,313	 	 	 	5.9	%

 

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	5363199 · F&B Shared Services	 	 	(1,786	)	 	 	-0.6	%	 	 	-	 	 	 	0.0	%	 	 	(1,786	)	 	 	-2.4	%	 	 	344	 	 	 	0.2	%	 	 	(2,130	)	 	 	-2.3	%
	5363300 · Server	 	 	9,308	 	 	 	3.0	%	 	 	8,410	 	 	 	3.6	%	 	 	898	 	 	 	1.2	%	 	 	6,643	 	 	 	3.0	%	 	 	2,665	 	 	 	2.9	%
	5363305 · Expeditor	 	 	2,717	 	 	 	0.9	%	 	 	2,123	 	 	 	0.9	%	 	 	593	 	 	 	0.8	%	 	 	776	 	 	 	0.4	%	 	 	1,940	 	 	 	2.1	%
	5363310 · Busser	 	 	2,000	 	 	 	0.6	%	 	 	2,454	 	 	 	1.0	%	 	 	(454	)	 	 	-0.6	%	 	 	1,938	 	 	 	0.9	%	 	 	62	 	 	 	0.1	%
	5363320 · Bartender	 	 	3,824	 	 	 	1.2	%	 	 	3,726	 	 	 	1.6	%	 	 	98	 	 	 	0.1	%	 	 	2,943	 	 	 	1.3	%	 	 	881	 	 	 	1.0	%
	5363330·Cashier/Hostess	 	 	4,847	 	 	 	1.6	%	 	 	4,850	 	 	 	2.1	%	 	 	(4	)	 	 	0.0	%	 	 	3,831	 	 	 	1.7	%	 	 	1,016	 	 	 	1.1	%
	5363400·Warewasher/Dishwasher	 	 	7,038	 	 	 	2.3	%	 	 	6,243	 	 	 	2.7	%	 	 	795	 	 	 	1.1	%	 	 	4,931	 	 	 	2.3	%	 	 	2,106	 	 	 	2.3	%
	5363420 · Cook I	 	 	14,450	 	 	 	4.7	%	 	 	20,475	 	 	 	8.7	%	 	 	(6,025	)	 	 	-8.1	%	 	 	12,208	 	 	 	5.6	%	 	 	2,243	 	 	 	2.5	%
	5363430 · Cook II	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,749	 	 	 	0.8	%	 	 	(1,749	)	 	 	-1.9	%
	5363440 · Cook III	 	 	5,758	 	 	 	1.9	%	 	 	-	 	 	 	0.0	%	 	 	5,758	 	 	 	7.7	%	 	 	2,216	 	 	 	1.0	%	 	 	3,542	 	 	 	3.9	%
	5363450 · Chef	 	 	4,758	 	 	 	1.5	%	 	 	10,977	 	 	 	4.7	%	 	 	(6,218	)	 	 	-8.3	%	 	 	1,912	 	 	 	0.9	%	 	 	2,846	 	 	 	3.1	%
	5363460 · Head Chef	 	 	3,779	 	 	 	1.2	%	 	 	-	 	 	 	0.0	%	 	 	3,779	 	 	 	5.1	%	 	 	6,758	 	 	 	3.1	%	 	 	(2,979	)	 	 	-3.3	%
	5363598 · Staff Incentives-	 	 	1,764	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%	 	 	1,764	 	 	 	2.4	%	 	 	557	 	 	 	0.3	%	 	 	1,206	 	 	 	1.3	%
	5369000 · Taos Grand Opening, Labor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5363000 · Restaurant Salary & Wages	 	 	71,712	 	 	 	23.2	%	 	 	67,179	 	 	 	28.6	%	 	 	4,534	 	 	 	6.1	%	 	 	53,064	 	 	 	24.2	%	 	 	18,649	 	 	 	20.6	%
	5363050 · Restaurant Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5351 · F&B Payroll Taxes	 	 	12,427	 	 	 	4.0	%	 	 	10,860	 	 	 	4.6	%	 	 	1,567	 	 	 	2.1	%	 	 	9,609	 	 	 	4.4	%	 	 	2,818	 	 	 	3.1	%
	5352 · F&B Workers' Comp	 	 	793	 	 	 	0.3	%	 	 	645	 	 	 	0.3	%	 	 	148	 	 	 	0.2	%	 	 	510	 	 	 	0.2	%	 	 	283	 	 	 	0.3	%
	5353 · F&B Employ Benefits	 	 	3,203	 	 	 	1.0	%	 	 	790	 	 	 	0.3	%	 	 	2,413	 	 	 	3.2	%	 	 	624	 	 	 	0.3	%	 	 	2,579	 	 	 	2.8	%
	5355 · F&B PTO	 	 	-	 	 	 	0.0	%	 	 	1,511	 	 	 	0.6	%	 	 	(1,511	)	 	 	-2.0	%	 	 	1,193	 	 	 	0.5	%	 	 	(1,193	)	 	 	-1.3	%
	5356 · F&B Employ Meals	 	 	950	 	 	 	0.3	%	 	 	1,813	 	 	 	0.8	%	 	 	(863	)	 	 	-1.2	%	 	 	1,432	 	 	 	0.7	%	 	 	(482	)	 	 	-0.5	%
	5399 · F&B Shared Services Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5363050 · Restaurant Taxes & Benefits	 	 	17,373	 	 	 	5.6	%	 	 	15,619	 	 	 	6.6	%	 	 	1,754	 	 	 	2.3	%	 	 	13,368	 	 	 	6.1	%	 	 	4,005	 	 	 	4.4	%
	Total 5300000 · F&B Salaries & Wages	 	 	89,086	 	 	 	28.8	%	 	 	82,798	 	 	 	35.2	%	 	 	6,288	 	 	 	8.4	%	 	 	66,432	 	 	 	30.3	%	 	 	22,653	 	 	 	25.0	%
	8300 · Food & Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8312 · Guest Relations/issues	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,046	 	 	 	0.5	%	 	 	(1,046	)	 	 	-1.2	%
	8313 · Food Operating Supplies	 	 	2,761	 	 	 	0.9	%	 	 	3,354	 	 	 	1.4	%	 	 	(593	)	 	 	-0.8	%	 	 	2,795	 	 	 	1.3	%	 	 	(34	)	 	 	0.0	%
	8314 · Beverage Operating Supplies	 	 	2,614	 	 	 	0.8	%	 	 	1,047	 	 	 	0.4	%	 	 	1,567	 	 	 	2.1	%	 	 	873	 	 	 	0.4	%	 	 	1,742	 	 	 	1.9	%
	8320 · Menu Testing - Preopening	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8325 · F&B Misc Operating Supplies	 	 	192	 	 	 	0.1	%	 	 	261	 	 	 	0.1	%	 	 	(69	)	 	 	-0.1	%	 	 	218	 	 	 	0.1	%	 	 	(25	)	 	 	0.0	%
	8326 · Equipment Repair	 	 	291	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	291	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	291	 	 	 	0.3	%
	8327 · Equipment Rental	 	 	175	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	175	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	175	 	 	 	0.2	%
	8335 · Uniforms	 	 	1,389	 	 	 	0.4	%	 	 	1,298	 	 	 	0.6	%	 	 	90	 	 	 	0.1	%	 	 	1,082	 	 	 	0.5	%	 	 	307	 	 	 	0.3	%
	8343 · Linens	 	 	3,220	 	 	 	1.0	%	 	 	2,545	 	 	 	1.1	%	 	 	675	 	 	 	0.9	%	 	 	2,121	 	 	 	1.0	%	 	 	1,099	 	 	 	1.2	%
	8344 · Linens- Banquet	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8351 · Cleaning Supplies	 	 	1,878	 	 	 	0.6	%	 	 	1,409	 	 	 	0.6	%	 	 	469	 	 	 	0.6	%	 	 	1,174	 	 	 	0.5	%	 	 	704	 	 	 	0.8	%
	8359 · Operating Equipment	 	 	2,692	 	 	 	0.9	%	 	 	2,036	 	 	 	0.9	%	 	 	656	 	 	 	0.9	%	 	 	1,280	 	 	 	0.6	%	 	 	1,412	 	 	 	1.6	%
	8361 · Computer Maint. & Support	 	 	522	 	 	 	0.2	%	 	 	(300	)	 	 	-0.1	%	 	 	822	 	 	 	1.1	%	 	 	(250	)	 	 	-0.1	%	 	 	772	 	 	 	0.9	%
	8362·Glassware/Utensils/Silverware	 	 	1,477	 	 	 	0.5	%	 	 	503	 	 	 	0.2	%	 	 	974	 	 	 	1.3	%	 	 	419	 	 	 	0.2	%	 	 	1,058	 	 	 	1.2	%
	8363 · Paper Supplies	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8364 · Decorations	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	28	 	 	 	0.0	%	 	 	(28	)	 	 	0.0	%
	8367 · Propane	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8369 · Shared Expenses	 	 	7,932	 	 	 	2.6	%	 	 	-	 	 	 	0.0	%	 	 	7,932	 	 	 	10.6	%	 	 	-	 	 	 	0.0	%	 	 	7,932	 	 	 	8.7	%
	8370 · Contract Labor	 	 	-	 	 	 	0.0	%	 	 	392	 	 	 	0.2	%	 	 	(392	)	 	 	-0.5	%	 	 	327	 	 	 	0.1	%	 	 	(327	)	 	 	-0.4	%
	8371 · Food Promotion	 	 	5,151	 	 	 	1.7	%	 	 	1,886	 	 	 	0.8	%	 	 	3,265	 	 	 	4.4	%	 	 	114	 	 	 	0.1	%	 	 	5,037	 	 	 	5.6	%
	8374·Music/Entertainment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8375 · Cable TV	 	 	457	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	457	 	 	 	0.6	%	 	 	546	 	 	 	0.2	%	 	 	(89	)	 	 	-0.1	%
	8377 · Menus	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8380 · Postage	 	 	325	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	325	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	325	 	 	 	0.4	%
	8381 · Dues & Subscriptions	 	 	27	 	 	 	0.0	%	 	 	32	 	 	 	0.0	%	 	 	(5	)	 	 	0.0	%	 	 	26	 	 	 	0.0	%	 	 	0	 	 	 	0.0	%
	8384 · Printing	 	 	875	 	 	 	0.3	%	 	 	569	 	 	 	0.2	%	 	 	305	 	 	 	0.4	%	 	 	474	 	 	 	0.2	%	 	 	400	 	 	 	0.4	%
	8385 · Telephone Cell & Radio	 	 	175	 	 	 	0.1	%	 	 	180	 	 	 	0.1	%	 	 	(5	)	 	 	0.0	%	 	 	150	 	 	 	0.1	%	 	 	25	 	 	 	0.0	%
	8388 · Signage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8387 · Employee Recruitment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8390 · Office Supplies	 	 	84	 	 	 	0.0	%	 	 	207	 	 	 	0.1	%	 	 	(123	)	 	 	-0.2	%	 	 	172	 	 	 	0.1	%	 	 	(88	)	 	 	-0.1	%
	8391 · Employee Relations & Training	 	 	78	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	78	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	78	 	 	 	0.1	%
	8392 · Rent-Barrett for Dir of F&B	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8393 · Licenses & Permits	 	 	36	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	36	 	 	 	0.0	%	 	 	(162	)	 	 	-0.1	%	 	 	198	 	 	 	0.2	%
	8395 · Equipment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8397 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	112	 	 	 	0.0	%	 	 	(112	)	 	 	-0.1	%	 	 	93	 	 	 	0.0	%	 	 	(93	)	 	 	-0.1	%
	8398 · Consultants	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8300 · Food & Beverage	 	 	32,351	 	 	 	10.4	%	 	 	15,531	 	 	 	6.6	%	 	 	16,820	 	 	 	22.5	%	 	 	12,525	 	 	 	5.7	%	 	 	20,871	 	 	 	23.0	%
	Total Expense	 	 	121,436	 	 	 	39.2	%	 	 	98,328	 	 	 	41.8	%	 	 	23,108	 	 	 	31.0	%	 	 	78,958	 	 	 	36.1	%	 	 	42,478	 	 	 	46.8	%
	Net Income	 	$	128,601	 	 	 	41.5	%	 	$	82,426	 	 	 	35.1	%	 	$	46,175	 	 	 	61.9	%	 	$	94,753	 	 	 	43.3	%	 	$	33,848	 	 	 	37.3	%

 

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	 	 	Year to Date	 	 	Budget
 Full Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4300 · Food & Beverage Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Food Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4311 · Restaurant Breakfast	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	69,842	 	 	 	3.4	%
	4312 · Restaurant Lunch	 	 	222,275	 	 	 	40.9	%	 	 	197,135	 	 	 	42.8	%	 	 	25,141	 	 	 	30.0	%	 	 	166,657	 	 	 	41.5	%	 	 	55,618	 	 	 	39.2	%	 	 	853,112	 	 	 	41.5	%
	4313 · Restaurant Dinner	 	 	161,583	 	 	 	29.7	%	 	 	128,323	 	 	 	27.9	%	 	 	33,259	 	 	 	39.7	%	 	 	118,843	 	 	 	29.6	%	 	 	42,740	 	 	 	30.1	%	 	 	569,863	 	 	 	27.8	%
	Total Food Revenue	 	 	383,858	 	 	 	70.6	%	 	 	325,458	 	 	 	59.8	%	 	 	58,400	 	 	 	69.8	%	 	 	285,500	 	 	 	52.5	%	 	 	98,358	 	 	 	69.3	%	 	 	1,492,817	 	 	 	72.7	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beverage Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4314 · Restaurant Beer Sales	 	 	47,177	 	 	 	8.7	%	 	 	40,300	 	 	 	8.8	%	 	 	6,877	 	 	 	8.2	%	 	 	34,962	 	 	 	8.7	%	 	 	12,215	 	 	 	8.6	%	 	 	197,400	 	 	 	9.6	%
	4315 · Restaurant Wine Sales	 	 	12,051	 	 	 	2.2	%	 	 	8,841	 	 	 	1.9	%	 	 	3,210	 	 	 	3.8	%	 	 	7,533	 	 	 	1.9	%	 	 	4,518	 	 	 	3.2	%	 	 	163,372	 	 	 	8.0	%
	4316 · Restaurant Liquor Sales	 	 	100,828	 	 	 	18.5	%	 	 	85,604	 	 	 	18.6	%	 	 	15,224	 	 	 	18.2	%	 	 	73,889	 	 	 	18.4	%	 	 	26,939	 	 	 	19.0	%	 	 	199,950	 	 	 	9.7	%
	Total Beverage Revenue	 	 	160,056	 	 	 	29.4	%	 	 	134,745	 	 	 	29.3	%	 	 	25,311	 	 	 	30.2	%	 	 	116,385	 	 	 	29.0	%	 	 	43,671	 	 	 	30.7	%	 	 	560,722	 	 	 	27.3	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 4310 · Restaurant Sales	 	 	543,914	 	 	 	100.0	%	 	 	460,203	 	 	 	100.0	%	 	 	83,711	 	 	 	100.0	%	 	 	401,884	 	 	 	100.0	%	 	 	142,030	 	 	 	100.0	%	 	 	2,053,539	 	 	 	100.0	%
	Banquet Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4324 · Banquet Dinner	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4331 · Banquet Meeting Room	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4320 · Banquet Revenue	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4300 · Food & Beverage Revenue	 	 	543,914	 	 	 	100.0	%	 	 	460,203	 	 	 	100.0	%	 	 	83,711	 	 	 	100.0	%	 	 	401,884	 	 	 	100.0	%	 	 	142,030	 	 	 	100.0	%	 	 	2,053,539	 	 	 	100.0	%
	Total Revenue	 	 	543,914	 	 	 	100.0	%	 	 	460,203	 	 	 	100.0	%	 	 	83,711	 	 	 	100.0	%	 	 	401,884	 	 	 	100.0	%	 	 	142,030	 	 	 	100.0	%	 	 	2,053,539	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6300 · Cost of Food & Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6310 · Restaurant Cost of Sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	631001 · Meat	 	 	14,861	 	 	 	3.9	%	 	 	-	 	 	 	0.0	%	 	 	14,861	 	 	 	25.4	%	 	 	11,992	 	 	 	4.2	%	 	 	2,869	 	 	 	2.9	%	 	 	-	 	 	 	0.0	%
	631002 · Seafood	 	 	8,544	 	 	 	2.2	%	 	 	-	 	 	 	0.0	%	 	 	8,544	 	 	 	14.6	%	 	 	6,565	 	 	 	2.3	%	 	 	1,979	 	 	 	2.0	%	 	 	-	 	 	 	0.0	%
	631003 · Poultry	 	 	8,618	 	 	 	2.2	%	 	 	-	 	 	 	0.0	%	 	 	8,618	 	 	 	14.8	%	 	 	7,305	 	 	 	2.6	%	 	 	1,313	 	 	 	1.3	%	 	 	-	 	 	 	0.0	%
	631004 · Produce	 	 	19,628	 	 	 	5.1	%	 	 	-	 	 	 	0.0	%	 	 	19,628	 	 	 	33.6	%	 	 	15,993	 	 	 	5.6	%	 	 	3,635	 	 	 	3.7	%	 	 	-	 	 	 	0.0	%
	631005 · Dairy	 	 	9,712	 	 	 	2.5	%	 	 	-	 	 	 	0.0	%	 	 	9,712	 	 	 	16.6	%	 	 	9,970	 	 	 	3.5	%	 	 	(257	)	 	 	-0.3	%	 	 	-	 	 	 	0.0	%
	631006 · Bread	 	 	10,923	 	 	 	2.8	%	 	 	-	 	 	 	0.0	%	 	 	10,923	 	 	 	18.7	%	 	 	8,172	 	 	 	2.9	%	 	 	2,751	 	 	 	2.8	%	 	 	-	 	 	 	0.0	%
	631007 · Other Food	 	 	8,268	 	 	 	2.2	%	 	 	-	 	 	 	0.0	%	 	 	8,268	 	 	 	14.2	%	 	 	16,721	 	 	 	5.9	%	 	 	(8,453	)	 	 	-8.6	%	 	 	418,203	 	 	 	28.0	%
	631008 · Comp Breakfast Food	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	631009 · Cost of Goods Sold-EDR	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	631010 · Taos - Grand Opening, Food	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6310 · Restaurant Cost of Sales - Other	 	 	-	 	 	 	0.0	%	 	 	78,558	 	 	 	24.1	%	 	 	(78,558	)	 	 	-134.5	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Cost of Sales - Food	 	 	80,555	 	 	 	21.0	%	 	 	78,558	 	 	 	24.1	%	 	 	1,997	 	 	 	3.4	%	 	 	76,718	 	 	 	26.9	%	 	 	3,837	 	 	 	3.9	%	 	 	418,203	 	 	 	28.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6311 · Cost of Goods-Liquor	 	 	12,426	 	 	 	12.3	%	 	 	13,346	 	 	 	15.6	%	 	 	(921	)	 	 	-6.0	%	 	 	13,069	 	 	 	17.7	%	 	 	(643	)	 	 	-2.4	%	 	 	43,427	 	 	 	21.7	%
	6312 · Cost of Goods - Wine	 	 	3,273	 	 	 	27.2	%	 	 	2,636	 	 	 	29.8	%	 	 	637	 	 	 	19.8	%	 	 	2,152	 	 	 	28.6	%	 	 	1,121	 	 	 	24.8	%	 	 	57,181	 	 	 	35.0	%
	6313 · Cost of Goods-Beer	 	 	9,529	 	 	 	20.2	%	 	 	8,352	 	 	 	20.7	%	 	 	1,177	 	 	 	17.1	%	 	 	4,921	 	 	 	14.1	%	 	 	4,608	 	 	 	37.7	%	 	 	41,992	 	 	 	21.3	%
	Cost of Sales - Beverage	 	 	25,228	 	 	 	15.8	%	 	 	24,334	 	 	 	18.1	%	 	 	893	 	 	 	3.5	%	 	 	20,142	 	 	 	17.3	%	 	 	5,086	 	 	 	11.6	%	 	 	142,600	 	 	 	25.4	%
	Total COGS	 	 	105,782	 	 	 	19.4	%	 	 	102,892	 	 	 	22.4	%	 	 	2,890	 	 	 	3.5	%	 	 	96,860	 	 	 	24.1	%	 	 	8,923	 	 	 	6.3	%	 	 	560,803	 	 	 	27.3	%
	Gross Profit	 	 	438,132	 	 	 	80.6	%	 	 	357,311	 	 	 	77.6	%	 	 	80,821	 	 	 	96.5	%	 	 	305,025	 	 	 	75.9	%	 	 	133,107	 	 	 	93.7	%	 	 	1,492,736	 	 	 	72.7	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5300000 · F&B Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5363000 · Restaurant Salary & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5300000 · F&B Salaries & Wages - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5363150 · Restaurant Supervisor	 	 	1,309	 	 	 	0.2	%	 	 	942	 	 	 	0.2	%	 	 	367	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	1,309	 	 	 	0.9	%	 	 	17,730	 	 	 	0.9	%
	5363160 · Kitchen Manager	 	 	637	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	637	 	 	 	0.8	%	 	 	-	 	 	 	0.0	%	 	 	637	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%
	5363170 · Restaurant Manager	 	 	22,040	 	 	 	4.1	%	 	 	24,352	 	 	 	5.3	%	 	 	(2,312	)	 	 	-2.8	%	 	 	14,402	 	 	 	3.6	%	 	 	7,639	 	 	 	5.4	%	 	 	64,212	 	 	 	3.1	%
	5363171 · Asst Restaurant Manager	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5363180 · Restaurant Assistant Manager	 	 	6,712	 	 	 	1.2	%	 	 	-	 	 	 	0.0	%	 	 	6,712	 	 	 	8.0	%	 	 	6,609	 	 	 	1.6	%	 	 	103	 	 	 	0.1	%	 	 	33,456	 	 	 	1.6	%
	5363199 · F&B Shared Services	 	 	(3,943	)	 	 	-0.7	%	 	 	-	 	 	 	0.0	%	 	 	(3,943	)	 	 	-4.7	%	 	 	844	 	 	 	0.2	%	 	 	(4,787	)	 	 	-3.4	%	 	 	37,296	 	 	 	1.8	%
	5363300 · Server	 	 	18,570	 	 	 	3.4	%	 	 	19,294	 	 	 	4.2	%	 	 	(725	)	 	 	-0.9	%	 	 	14,099	 	 	 	3.5	%	 	 	4,471	 	 	 	3.1	%	 	 	67,161	 	 	 	3.3	%
	5363305 · Expeditor	 	 	4,002	 	 	 	0.7	%	 	 	3,419	 	 	 	0.7	%	 	 	583	 	 	 	0.7	%	 	 	880	 	 	 	0.2	%	 	 	3,122	 	 	 	2.2	%	 	 	-	 	 	 	0.0	%
	5363310 · Busser	 	 	2,995	 	 	 	0.6	%	 	 	2,635	 	 	 	0.6	%	 	 	360	 	 	 	0.4	%	 	 	1,938	 	 	 	0.5	%	 	 	1,056	 	 	 	0.7	%	 	 	21,546	 	 	 	1.0	%
	5363320 · Bartender	 	 	9,120	 	 	 	1.7	%	 	 	9,062	 	 	 	2.0	%	 	 	59	 	 	 	0.1	%	 	 	6,619	 	 	 	1.6	%	 	 	2,502	 	 	 	1.8	%	 	 	36,774	 	 	 	1.8	%
	5363330·Cashier/Hostess	 	 	7,404	 	 	 	1.4	%	 	 	6,882	 	 	 	1.5	%	 	 	522	 	 	 	0.6	%	 	 	4,908	 	 	 	1.2	%	 	 	2,496	 	 	 	1.8	%	 	 	30,324	 	 	 	1.5	%
	5363400·Warewasher/Dishwasher	 	 	11,719	 	 	 	2.2	%	 	 	10,277	 	 	 	2.2	%	 	 	1,442	 	 	 	1.7	%	 	 	8,400	 	 	 	2.1	%	 	 	3,319	 	 	 	2.3	%	 	 	36,393	 	 	 	1.8	%
	5363420 · Cook I	 	 	28,402	 	 	 	5.2	%	 	 	42,863	 	 	 	9.3	%	 	 	(14,461	)	 	 	-17.3	%	 	 	25,191	 	 	 	6.3	%	 	 	3,211	 	 	 	2.3	%	 	 	36,024	 	 	 	1.8	%
	5363430 · Cook II	 	 	1,179	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	1,179	 	 	 	1.4	%	 	 	5,686	 	 	 	1.4	%	 	 	(4,507	)	 	 	-3.2	%	 	 	55,278	 	 	 	2.7	%
	5363440 · Cook III	 	 	11,379	 	 	 	2.1	%	 	 	-	 	 	 	0.0	%	 	 	11,379	 	 	 	13.6	%	 	 	5,922	 	 	 	1.5	%	 	 	5,458	 	 	 	3.8	%	 	 	39,422	 	 	 	1.9	%
	5363450 · Chef	 	 	15,839	 	 	 	2.9	%	 	 	29,079	 	 	 	6.3	%	 	 	(13,240	)	 	 	-15.8	%	 	 	8,176	 	 	 	2.0	%	 	 	7,663	 	 	 	5.4	%	 	 	-	 	 	 	0.0	%
	5363460 · Head Chef	 	 	10,346	 	 	 	1.9	%	 	 	-	 	 	 	0.0	%	 	 	10,346	 	 	 	12.4	%	 	 	6,758	 	 	 	1.7	%	 	 	3,588	 	 	 	2.5	%	 	 	55,524	 	 	 	2.7	%
	5363598 · Staff Incentives-	 	 	2,524	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	2,524	 	 	 	3.0	%	 	 	1,106	 	 	 	0.3	%	 	 	1,418	 	 	 	1.0	%	 	 	-	 	 	 	0.0	%
	5369000 · Taos Grand Opening, Labor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5363000 · Restaurant Salary & Wages	 	 	150,235	 	 	 	27.6	%	 	 	148,806	 	 	 	32.3	%	 	 	1,429	 	 	 	1.7	%	 	 	111,537	 	 	 	27.8	%	 	 	38,697	 	 	 	27.2	%	 	 	531,140	 	 	 	25.9	%
	5363050 · Restaurant Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5351 · F&B Payroll Taxes	 	 	25,273	 	 	 	4.6	%	 	 	25,178	 	 	 	5.5	%	 	 	96	 	 	 	0.1	%	 	 	18,604	 	 	 	4.6	%	 	 	6,669	 	 	 	4.7	%	 	 	60,550	 	 	 	2.9	%
	5352 · F&B Workers' Comp	 	 	2,379	 	 	 	0.4	%	 	 	1,151	 	 	 	0.3	%	 	 	1,228	 	 	 	1.5	%	 	 	1,865	 	 	 	0.5	%	 	 	514	 	 	 	0.4	%	 	 	7,437	 	 	 	0.4	%
	5353 · F&B Employ Benefits	 	 	13,309	 	 	 	2.4	%	 	 	8,487	 	 	 	1.8	%	 	 	4,821	 	 	 	5.8	%	 	 	3,148	 	 	 	0.8	%	 	 	10,161	 	 	 	7.2	%	 	 	28,254	 	 	 	1.4	%
	5355 · F&B PTO	 	 	2,023	 	 	 	0.4	%	 	 	3,701	 	 	 	0.8	%	 	 	(1,678	)	 	 	-2.0	%	 	 	2,274	 	 	 	0.6	%	 	 	(251	)	 	 	-0.2	%	 	 	14,040	 	 	 	0.7	%
	5356 · F&B Employ Meals	 	 	2,221	 	 	 	0.4	%	 	 	3,207	 	 	 	0.7	%	 	 	(986	)	 	 	-1.2	%	 	 	2,487	 	 	 	0.6	%	 	 	(267	)	 	 	-0.2	%	 	 	34,909	 	 	 	1.7	%
	5399 · F&B Shared Services Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	2,840	 	 	 	0.1	%
	Total 5363050 · Restaurant Taxes & Benefits	 	 	45,204	 	 	 	8.3	%	 	 	41,724	 	 	 	9.1	%	 	 	3,481	 	 	 	4.2	%	 	 	28,378	 	 	 	7.1	%	 	 	16,826	 	 	 	11.8	%	 	 	148,030	 	 	 	7.2	%
	Total 5300000 · F&B Salaries & Wages	 	 	195,439	 	 	 	35.9	%	 	 	190,530	 	 	 	41.4	%	 	 	4,909	 	 	 	5.9	%	 	 	139,916	 	 	 	34.8	%	 	 	55,523	 	 	 	39.1	%	 	 	679,170	 	 	 	33.1	%
	8300 · Food & Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	 	Report continued on next page

    	 

    

 

	8312 · Guest Relations/issues	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,216	 	 	 	0.3	%	 	 	(1,216	)	 	 	-0.9	%	 	 	-	 	 	 	0.0	%
	8313 · Food Operating Supplies	 	 	4,539	 	 	 	0.8	%	 	 	5,141	 	 	 	1.1	%	 	 	(602	)	 	 	-0.7	%	 	 	6,120	 	 	 	1.5	%	 	 	(1,581	)	 	 	-1.1	%	 	 	14,376	 	 	 	0.7	%
	8314 · Beverage Operating Supplies	 	 	4,857	 	 	 	0.9	%	 	 	1,950	 	 	 	0.4	%	 	 	2,907	 	 	 	3.5	%	 	 	873	 	 	 	0.2	%	 	 	3,985	 	 	 	2.8	%	 	 	4,107	 	 	 	0.2	%
	8320 · Menu Testing - Preopening	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8325 · F&B Misc Operating Supplies	 	 	461	 	 	 	0.1	%	 	 	350	 	 	 	0.1	%	 	 	111	 	 	 	0.1	%	 	 	218	 	 	 	0.1	%	 	 	243	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%
	8326 · Equipment Repair	 	 	291	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	291	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	291	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%
	8327 · Equipment Rental	 	 	463	 	 	 	0.1	%	 	 	139	 	 	 	0.0	%	 	 	323	 	 	 	0.4	%	 	 	45	 	 	 	0.0	%	 	 	418	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%
	8335 · Uniforms	 	 	1,972	 	 	 	0.4	%	 	 	1,759	 	 	 	0.4	%	 	 	213	 	 	 	0.3	%	 	 	1,591	 	 	 	0.4	%	 	 	382	 	 	 	0.3	%	 	 	6,776	 	 	 	0.3	%
	8343 · Linens	 	 	7,000	 	 	 	1.3	%	 	 	5,982	 	 	 	1.3	%	 	 	1,018	 	 	 	1.2	%	 	 	4,428	 	 	 	1.1	%	 	 	2,572	 	 	 	1.8	%	 	 	16,017	 	 	 	0.8	%
	8344 · Linens- Banquet	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8351 · Cleaning Supplies	 	 	3,579	 	 	 	0.7	%	 	 	2,602	 	 	 	0.6	%	 	 	977	 	 	 	1.2	%	 	 	2,598	 	 	 	0.6	%	 	 	981	 	 	 	0.7	%	 	 	9,241	 	 	 	0.5	%
	8359 · Operating Equipment	 	 	3,384	 	 	 	0.6	%	 	 	3,674	 	 	 	0.8	%	 	 	(290	)	 	 	-0.3	%	 	 	1,395	 	 	 	0.3	%	 	 	1,989	 	 	 	1.4	%	 	 	6,160	 	 	 	0.3	%
	8361 · Computer Maint. & Support	 	 	806	 	 	 	0.1	%	 	 	142	 	 	 	0.0	%	 	 	664	 	 	 	0.8	%	 	 	250	 	 	 	0.1	%	 	 	556	 	 	 	0.4	%	 	 	8,215	 	 	 	0.4	%
	8362·Glassware/Utensils/Silverware	 	 	1,942	 	 	 	0.4	%	 	 	710	 	 	 	0.2	%	 	 	1,232	 	 	 	1.5	%	 	 	803	 	 	 	0.2	%	 	 	1,139	 	 	 	0.8	%	 	 	4,107	 	 	 	0.2	%
	8363 · Paper Supplies	 	 	1,076	 	 	 	0.2	%	 	 	1,401	 	 	 	0.3	%	 	 	(324	)	 	 	-0.4	%	 	 	295	 	 	 	0.1	%	 	 	781	 	 	 	0.5	%	 	 	18,480	 	 	 	0.9	%
	8364 · Decorations	 	 	90	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	90	 	 	 	0.1	%	 	 	28	 	 	 	0.0	%	 	 	62	 	 	 	0.0	%	 	 	4,744	 	 	 	0.2	%
	8367 · Propane	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8369 · Shared Expenses	 	 	22,056	 	 	 	4.1	%	 	 	6,192	 	 	 	1.3	%	 	 	15,864	 	 	 	19.0	%	 	 	-	 	 	 	0.0	%	 	 	22,056	 	 	 	15.5	%	 	 	-	 	 	 	0.0	%
	8370 · Contract Labor	 	 	965	 	 	 	0.2	%	 	 	892	 	 	 	0.2	%	 	 	73	 	 	 	0.1	%	 	 	327	 	 	 	0.1	%	 	 	638	 	 	 	0.4	%	 	 	26,400	 	 	 	1.3	%
	8371 · Food Promotion	 	 	11,107	 	 	 	2.0	%	 	 	5,998	 	 	 	1.3	%	 	 	5,109	 	 	 	6.1	%	 	 	174	 	 	 	0.0	%	 	 	10,933	 	 	 	7.7	%	 	 	-	 	 	 	0.0	%
	8374·Music/Entertainment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	6,000	 	 	 	0.3	%
	8375 · Cable TV	 	 	1,036	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	1,036	 	 	 	1.2	%	 	 	2,507	 	 	 	0.6	%	 	 	(1,471	)	 	 	-1.0	%	 	 	-	 	 	 	0.0	%
	8377 · Menus	 	 	839	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	839	 	 	 	1.0	%	 	 	-	 	 	 	0.0	%	 	 	839	 	 	 	0.6	%	 	 	1,849	 	 	 	0.1	%
	8380 · Postage	 	 	384	 	 	 	0.1	%	 	 	59	 	 	 	0.0	%	 	 	325	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	384	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%
	8381 · Dues & Subscriptions	 	 	83	 	 	 	0.0	%	 	 	355	 	 	 	0.1	%	 	 	(271	)	 	 	-0.3	%	 	 	289	 	 	 	0.1	%	 	 	(205	)	 	 	-0.1	%	 	 	150	 	 	 	0.0	%
	8384 · Printing	 	 	1,080	 	 	 	0.2	%	 	 	1,069	 	 	 	0.2	%	 	 	11	 	 	 	0.0	%	 	 	704	 	 	 	0.2	%	 	 	376	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%
	8385 · Telephone Cell & Radio	 	 	375	 	 	 	0.1	%	 	 	435	 	 	 	0.1	%	 	 	(60	)	 	 	-0.1	%	 	 	450	 	 	 	0.1	%	 	 	(75	)	 	 	-0.1	%	 	 	840	 	 	 	0.0	%
	8388 · Signage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8387 · Employee Recruitment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8390 · Office Supplies	 	 	421	 	 	 	0.1	%	 	 	475	 	 	 	0.1	%	 	 	(54	)	 	 	-0.1	%	 	 	571	 	 	 	0.1	%	 	 	(151	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%
	8391 · Employee Relations & Training	 	 	125	 	 	 	0.0	%	 	 	47	 	 	 	0.0	%	 	 	78	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	125	 	 	 	0.1	%	 	 	295	 	 	 	0.0	%
	8392 · Rent-Barrett for Dir of F&B	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8393 · Licenses & Permits	 	 	(41	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(41	)	 	 	0.0	%	 	 	(396	)	 	 	-0.1	%	 	 	355	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%
	8395 · Equipment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8397 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	355	 	 	 	0.1	%	 	 	(355	)	 	 	-0.4	%	 	 	296	 	 	 	0.1	%	 	 	(296	)	 	 	-0.2	%	 	 	100	 	 	 	0.0	%
	8398 · Consultants	 	 	900	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	900	 	 	 	1.1	%	 	 	-	 	 	 	0.0	%	 	 	900	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%
	Total 8300 · Food & Beverage	 	 	69,791	 	 	 	12.8	%	 	 	39,727	 	 	 	8.6	%	 	 	30,063	 	 	 	35.9	%	 	 	24,780	 	 	 	6.2	%	 	 	46,226	 	 	 	32.5	%	 	 	127,857	 	 	 	6.2	%
	Total Expense	 	 	265,230	 	 	 	48.8	%	 	 	230,257	 	 	 	50.0	%	 	 	34,973	 	 	 	41.8	%	 	 	164,696	 	 	 	41.0	%	 	 	100,534	 	 	 	70.8	%	 	 	807,027	 	 	 	39.3	%
	Net Income	 	$	172,902	 	 	 	31.8	%	 	$	127,054	 	 	 	27.6	%	 	 	45,848	 	 	 	54.8	%	 	$	140,328	 	 	 	34.9	%	 	$	32,574	 	 	 	22.9	%	 	$	685,709	 	 	 	33.4	%

 

    	 	Page 13 of 32	Orchards Inn March 13 Issue.xls / F&B - AvB

    	 

    

 

Orchards Inn & Restaurant, LLC.

Food and Beverage Department

January through March 2013

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TOTAL	 
	 	 	Jan 13	 	 	% of Income	 	 	Feb 13	 	 	% of Income	 	 	Mar 13	 	 	% of Income	 	 	Jan - Mar 13	 	 	% of Income	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4300 · Food & Beverage Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4310 · Restaurant Sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4312 · Restaurant Lunch	 	 	39,488.18	 	 	 	41.48	%	 	 	55,716.46	 	 	 	40.06	%	 	 	127,070.79	 	 	 	41.04	%	 	 	222,275.43	 	 	 	40.87	%
	4313 · Restaurant Dinner	 	 	27,015.50	 	 	 	28.38	%	 	 	37,804.67	 	 	 	27.18	%	 	 	96,762.49	 	 	 	31.25	%	 	 	161,582.66	 	 	 	29.71	%
	4314 · Restaurant Beer Sales	 	 	8,601.00	 	 	 	9.03	%	 	 	12,411.00	 	 	 	8.92	%	 	 	26,165.00	 	 	 	8.45	%	 	 	47,177.00	 	 	 	8.67	%
	4315 · Restaurant Wine Sales	 	 	1,935.00	 	 	 	2.03	%	 	 	3,634.00	 	 	 	2.61	%	 	 	6,482.00	 	 	 	2.09	%	 	 	12,051.00	 	 	 	2.22	%
	4316 · Restaurant Liquor Sales	 	 	18,163.61	 	 	 	19.08	%	 	 	29,504.00	 	 	 	21.22	%	 	 	53,160.51	 	 	 	17.17	%	 	 	100,828.12	 	 	 	18.54	%
	Total 4310 · Restaurant Sales	 	 	95,203.29	 	 	 	100.0	%	 	 	139,070.13	 	 	 	100.0	%	 	 	309,640.79	 	 	 	100.0	%	 	 	543,914.21	 	 	 	100.0	%
	Total 4300 · Food & Beverage Revenue	 	 	95,203.29	 	 	 	100.0	%	 	 	139,070.13	 	 	 	100.0	%	 	 	309,640.79	 	 	 	100.0	%	 	 	543,914.21	 	 	 	100.0	%
	Total Income	 	 	95,203.29	 	 	 	100.0	%	 	 	139,070.13	 	 	 	100.0	%	 	 	309,640.79	 	 	 	100.0	%	 	 	543,914.21	 	 	 	100.0	%
	Revenue Summary	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Food	 	 	66,503.68	 	 	 	69.85	%	 	 	93,521.13	 	 	 	67.25	%	 	 	223,833.28	 	 	 	72.29	%	 	 	383,858.09	 	 	 	70.57	%
	Beverage	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%
	Beer	 	 	8,601.00	 	 	 	9.03	%	 	 	12,411.00	 	 	 	8.92	%	 	 	26,165.00	 	 	 	8.45	%	 	 	47,177.00	 	 	 	8.67	%
	Wine	 	 	1,935.00	 	 	 	2.03	%	 	 	3,634.00	 	 	 	2.61	%	 	 	6,482.00	 	 	 	2.09	%	 	 	12,051.00	 	 	 	2.22	%
	Liquor	 	 	18,163.61	 	 	 	19.08	%	 	 	29,504.00	 	 	 	21.22	%	 	 	53,160.51	 	 	 	17.17	%	 	 	100,828.12	 	 	 	18.54	%
	Total Beverage	 	 	28,699.61	 	 	 	30.15	%	 	 	45,549.00	 	 	 	32.75	%	 	 	85,807.51	 	 	 	27.71	%	 	 	160,056.12	 	 	 	29.43	%
	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%
	Total Food & Beverage Revenue	 	 	95,203.29	 	 	 	100.0	%	 	 	139,070.13	 	 	 	100.0	%	 	 	309,640.79	 	 	 	100.0	%	 	 	543,914.21	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6300 · Cost of Food & Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6310 · Restaurant Cost of Sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	631001 · Meat	 	 	2,913.69	 	 	 	4.38	%	 	 	3,787.47	 	 	 	4.05	%	 	 	8,159.65	 	 	 	3.65	%	 	 	14,860.81	 	 	 	3.87	%
	631002 · Seafood	 	 	1,603.19	 	 	 	2.41	%	 	 	1,943.07	 	 	 	2.08	%	 	 	4,998.11	 	 	 	2.23	%	 	 	8,544.37	 	 	 	2.23	%
	631003 · Poultry	 	 	1,643.69	 	 	 	2.47	%	 	 	2,333.40	 	 	 	2.5	%	 	 	4,640.76	 	 	 	2.07	%	 	 	8,617.85	 	 	 	2.25	%
	631004 · Produce	 	 	3,827.19	 	 	 	5.75	%	 	 	4,471.84	 	 	 	4.78	%	 	 	11,329.08	 	 	 	5.06	%	 	 	19,628.11	 	 	 	5.11	%
	631005 · Dairy	 	 	1,751.99	 	 	 	2.63	%	 	 	2,898.19	 	 	 	3.1	%	 	 	5,061.98	 	 	 	2.26	%	 	 	9,712.16	 	 	 	2.53	%
	631006 · Bread	 	 	1,637.01	 	 	 	2.46	%	 	 	2,449.49	 	 	 	2.62	%	 	 	6,836.80	 	 	 	3.05	%	 	 	10,923.30	 	 	 	2.85	%
	631007 · Other Food	 	 	442.65	 	 	 	0.67	%	 	 	2,527.60	 	 	 	2.7	%	 	 	5,298.07	 	 	 	2.37	%	 	 	8,268.32	 	 	 	2.15	%
	Total 6310 · Restaurant Cost of Sales	 	 	13,819.41	 	 	 	20.78	%	 	 	20,411.06	 	 	 	21.83	%	 	 	46,324.45	 	 	 	20.7	%	 	 	80,554.92	 	 	 	20.99	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6311 · Cost of Goods-Liquor	 	 	2,555.82	 	 	 	14.07	%	 	 	3,633.45	 	 	 	12.32	%	 	 	6,236.30	 	 	 	11.73	%	 	 	12,425.57	 	 	 	12.32	%
	6312 · Cost of Goods - Wine	 	 	563.92	 	 	 	29.14	%	 	 	737.13	 	 	 	20.28	%	 	 	1,971.87	 	 	 	30.42	%	 	 	3,272.92	 	 	 	27.16	%
	6313 · Cost of Goods-Beer	 	 	2,012.32	 	 	 	23.4	%	 	 	2,445.71	 	 	 	19.71	%	 	 	5,071.02	 	 	 	19.38	%	 	 	9,529.05	 	 	 	20.2	%
	 	 	 	5,132.06	 	 	 	17.88	%	 	 	6,816.29	 	 	 	14.96	%	 	 	13,279.19	 	 	 	15.48	%	 	 	25,227.54	 	 	 	15.76	%
	Total 6300 · Cost of Food & Beverage	 	 	18,951.47	 	 	 	19.91	%	 	 	27,227.35	 	 	 	19.58	%	 	 	59,603.64	 	 	 	19.25	%	 	 	105,782.46	 	 	 	19.45	%
	Total COGS	 	 	18,951.47	 	 	 	19.91	%	 	 	27,227.35	 	 	 	19.58	%	 	 	59,603.64	 	 	 	19.25	%	 	 	105,782.46	 	 	 	19.45	%
	Gross Profit	 	 	76,251.82	 	 	 	80.09	%	 	 	111,842.78	 	 	 	80.42	%	 	 	250,037.15	 	 	 	80.75	%	 	 	438,131.75	 	 	 	80.55	%
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5300000 · F&B Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5363000 · Restaurant Salary & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5363150 · Restaurant Supervisor	 	 	942.07	 	 	 	0.99	%	 	 	0.00	 	 	 	0.0	%	 	 	366.70	 	 	 	0.12	%	 	 	1,308.77	 	 	 	0.24	%
	5363160 · Kitchen Manager	 	 	393.50	 	 	 	0.41	%	 	 	0.00	 	 	 	0.0	%	 	 	243.75	 	 	 	0.08	%	 	 	637.25	 	 	 	0.12	%
	5363170 · Restaurant Manager	 	 	6,578.65	 	 	 	6.91	%	 	 	8,499.92	 	 	 	6.11	%	 	 	6,961.63	 	 	 	2.25	%	 	 	22,040.20	 	 	 	4.05	%
	5363180 · Restaurant Assistant Manager	 	 	0.00	 	 	 	0.0	%	 	 	1,027.46	 	 	 	0.74	%	 	 	5,684.18	 	 	 	1.84	%	 	 	6,711.64	 	 	 	1.23	%
	5363199 · F&B Shared Services	 	 	-661.80	 	 	 	-0.7	%	 	 	-1,495.24	 	 	 	-1.08	%	 	 	-1,785.85	 	 	 	-0.58	%	 	 	-3,942.89	 	 	 	-0.73	%
	5363300 · Server	 	 	3,742.90	 	 	 	3.93	%	 	 	5,518.55	 	 	 	3.97	%	 	 	9,308.07	 	 	 	3.01	%	 	 	18,569.52	 	 	 	3.41	%
	5363305 · Expeditor	 	 	171.78	 	 	 	0.18	%	 	 	1,113.45	 	 	 	0.8	%	 	 	2,716.82	 	 	 	0.88	%	 	 	4,002.05	 	 	 	0.74	%
	5363310 · Busser	 	 	181.00	 	 	 	0.19	%	 	 	813.45	 	 	 	0.59	%	 	 	2,000.25	 	 	 	0.65	%	 	 	2,994.70	 	 	 	0.55	%
	5363320 · Bartender	 	 	2,144.90	 	 	 	2.25	%	 	 	3,151.80	 	 	 	2.27	%	 	 	3,823.76	 	 	 	1.24	%	 	 	9,120.46	 	 	 	1.68	%
	5363330·Cashier/Hostess	 	 	510.00	 	 	 	0.54	%	 	 	2,047.50	 	 	 	1.47	%	 	 	4,846.50	 	 	 	1.57	%	 	 	7,404.00	 	 	 	1.36	%
	5363400·Warewasher/Dishwasher	 	 	1,037.50	 	 	 	1.09	%	 	 	3,643.75	 	 	 	2.62	%	 	 	7,037.56	 	 	 	2.27	%	 	 	11,718.81	 	 	 	2.16	%
	5363420 · Cook I	 	 	6,543.76	 	 	 	6.87	%	 	 	7,408.26	 	 	 	5.33	%	 	 	14,450.28	 	 	 	4.67	%	 	 	28,402.30	 	 	 	5.22	%
	5363430 · Cook II	 	 	558.00	 	 	 	0.59	%	 	 	621.00	 	 	 	0.45	%	 	 	0.00	 	 	 	0.0	%	 	 	1,179.00	 	 	 	0.22	%
	5363440 · Cook III	 	 	1,851.00	 	 	 	1.94	%	 	 	3,770.32	 	 	 	2.71	%	 	 	5,758.11	 	 	 	1.86	%	 	 	11,379.43	 	 	 	2.09	%
	5363450 · Chef	 	 	4,642.37	 	 	 	4.88	%	 	 	6,438.69	 	 	 	4.63	%	 	 	4,758.28	 	 	 	1.54	%	 	 	15,839.34	 	 	 	2.91	%
	5363460 · Head Chef	 	 	4,609.51	 	 	 	4.84	%	 	 	1,957.62	 	 	 	1.41	%	 	 	3,778.95	 	 	 	1.22	%	 	 	10,346.08	 	 	 	1.9	%

 

    	 	 	Report continued on next page

    	 

    

 

	5363598 · Staff Incentives-	 	 	389.50	 	 	 	0.41	%	 	 	371.01	 	 	 	0.27	%	 	 	1,763.50	 	 	 	0.57	%	 	 	2,524.01	 	 	 	0.46	%
	Total 5363000 · Restaurant Salary & Wages	 	 	33,634.64	 	 	 	35.33	%	 	 	44,887.54	 	 	 	32.28	%	 	 	71,712.49	 	 	 	23.16	%	 	 	150,234.67	 	 	 	27.62	%
	5363050 · Restaurant Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5351 · F&B Payroll Taxes	 	 	6,178.40	 	 	 	6.49	%	 	 	6,668.32	 	 	 	4.8	%	 	 	12,426.71	 	 	 	4.01	%	 	 	25,273.43	 	 	 	4.65	%
	5352 · F&B Workers' Comp	 	 	792.96	 	 	 	0.83	%	 	 	792.96	 	 	 	0.57	%	 	 	792.96	 	 	 	0.26	%	 	 	2,378.88	 	 	 	0.44	%
	5353 · F&B Employ Benefits	 	 	5,268.49	 	 	 	5.53	%	 	 	4,836.68	 	 	 	3.48	%	 	 	3,203.34	 	 	 	1.04	%	 	 	13,308.51	 	 	 	2.45	%
	5355 · F&B PTO	 	 	2,022.66	 	 	 	2.13	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	2,022.66	 	 	 	0.37	%
	5356 · F&B Employ Meals	 	 	684.04	 	 	 	0.72	%	 	 	586.85	 	 	 	0.42	%	 	 	950.06	 	 	 	0.31	%	 	 	2,220.95	 	 	 	0.41	%
	Total 5363050 · Restaurant Taxes & Benefits	 	 	14,946.55	 	 	 	15.7	%	 	 	12,884.81	 	 	 	9.27	%	 	 	17,373.07	 	 	 	5.61	%	 	 	45,204.43	 	 	 	8.31	%
	Total 5300000 · F&B Salaries & Wages	 	 	48,581.19	 	 	 	51.03	%	 	 	57,772.35	 	 	 	41.54	%	 	 	89,085.56	 	 	 	28.77	%	 	 	195,439.10	 	 	 	35.93	%
	Total 5000 · Payroll & Benefits	 	 	48,581.19	 	 	 	51.03	%	 	 	57,772.35	 	 	 	41.54	%	 	 	89,085.56	 	 	 	28.77	%	 	 	195,439.10	 	 	 	35.93	%
	8300 · Food & Beverage	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8313 · Food Operating Supplies	 	 	911.86	 	 	 	0.96	%	 	 	865.76	 	 	 	0.62	%	 	 	2,760.92	 	 	 	0.89	%	 	 	4,538.54	 	 	 	0.83	%
	8314 · Beverage Operating Supplies	 	 	903.30	 	 	 	0.95	%	 	 	1,339.61	 	 	 	0.96	%	 	 	2,614.34	 	 	 	0.84	%	 	 	4,857.25	 	 	 	0.89	%
	8325 · F&B Misc Operating Supplies	 	 	89.08	 	 	 	0.09	%	 	 	179.32	 	 	 	0.13	%	 	 	192.47	 	 	 	0.06	%	 	 	460.87	 	 	 	0.09	%
	8326 · Equipment Repair	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	291.45	 	 	 	0.09	%	 	 	291.45	 	 	 	0.05	%
	8327 · Equipment Rental	 	 	113.06	 	 	 	0.12	%	 	 	174.82	 	 	 	0.13	%	 	 	174.82	 	 	 	0.06	%	 	 	462.70	 	 	 	0.09	%
	8335 · Uniforms	 	 	229.17	 	 	 	0.24	%	 	 	354.09	 	 	 	0.26	%	 	 	1,388.89	 	 	 	0.45	%	 	 	1,972.15	 	 	 	0.36	%
	8343 · Linens	 	 	2,060.60	 	 	 	2.16	%	 	 	1,719.56	 	 	 	1.24	%	 	 	3,219.94	 	 	 	1.04	%	 	 	7,000.10	 	 	 	1.29	%
	8351 · Cleaning Supplies	 	 	943.28	 	 	 	0.99	%	 	 	757.77	 	 	 	0.55	%	 	 	1,877.89	 	 	 	0.61	%	 	 	3,578.94	 	 	 	0.66	%
	8359 · Operating Equipment	 	 	0.00	 	 	 	0.0	%	 	 	691.69	 	 	 	0.5	%	 	 	2,692.12	 	 	 	0.87	%	 	 	3,383.81	 	 	 	0.62	%
	8361 · Computer Maint. & Support	 	 	142.00	 	 	 	0.15	%	 	 	142.00	 	 	 	0.1	%	 	 	522.00	 	 	 	0.17	%	 	 	806.00	 	 	 	0.15	%
	8362·Glassware/Utensils/Silverware	 	 	78.60	 	 	 	0.08	%	 	 	386.53	 	 	 	0.28	%	 	 	1,476.86	 	 	 	0.48	%	 	 	1,941.99	 	 	 	0.36	%
	8363 · Paper Supplies	 	 	1,046.08	 	 	 	1.1	%	 	 	30.17	 	 	 	0.02	%	 	 	0.00	 	 	 	0.0	%	 	 	1,076.25	 	 	 	0.2	%
	8364 · Decorations	 	 	0.00	 	 	 	0.0	%	 	 	90.26	 	 	 	0.07	%	 	 	0.00	 	 	 	0.0	%	 	 	90.26	 	 	 	0.02	%
	8369 · Shared Expenses	 	 	6,192.00	 	 	 	6.5	%	 	 	7,932.00	 	 	 	5.7	%	 	 	7,932.00	 	 	 	2.56	%	 	 	22,056.00	 	 	 	4.06	%
	8370 · Contract Labor	 	 	500.00	 	 	 	0.53	%	 	 	465.00	 	 	 	0.33	%	 	 	0.00	 	 	 	0.0	%	 	 	965.00	 	 	 	0.18	%
	8371 · Food Promotion	 	 	3,090.87	 	 	 	3.25	%	 	 	2,865.53	 	 	 	2.06	%	 	 	5,150.54	 	 	 	1.66	%	 	 	11,106.94	 	 	 	2.04	%
	8375 · Cable TV	 	 	927.97	 	 	 	0.98	%	 	 	-349.03	 	 	 	-0.25	%	 	 	456.94	 	 	 	0.15	%	 	 	1,035.88	 	 	 	0.19	%
	8377 · Menus	 	 	0.00	 	 	 	0.0	%	 	 	839.21	 	 	 	0.6	%	 	 	0.00	 	 	 	0.0	%	 	 	839.21	 	 	 	0.15	%
	8380 · Postage	 	 	59.43	 	 	 	0.06	%	 	 	0.00	 	 	 	0.0	%	 	 	325.06	 	 	 	0.11	%	 	 	384.49	 	 	 	0.07	%
	8381 · Dues & Subscriptions	 	 	26.72	 	 	 	0.03	%	 	 	29.70	 	 	 	0.02	%	 	 	26.73	 	 	 	0.01	%	 	 	83.15	 	 	 	0.02	%
	8384 · Printing	 	 	0.00	 	 	 	0.0	%	 	 	205.44	 	 	 	0.15	%	 	 	874.53	 	 	 	0.28	%	 	 	1,079.97	 	 	 	0.2	%
	8385 · Telephone Cell & Radio	 	 	75.00	 	 	 	0.08	%	 	 	125.00	 	 	 	0.09	%	 	 	175.00	 	 	 	0.06	%	 	 	375.00	 	 	 	0.07	%
	8390 · Office Supplies	 	 	267.82	 	 	 	0.28	%	 	 	68.52	 	 	 	0.05	%	 	 	84.35	 	 	 	0.03	%	 	 	420.69	 	 	 	0.08	%
	8391 · Employee Relations & Training	 	 	47.35	 	 	 	0.05	%	 	 	0.00	 	 	 	0.0	%	 	 	77.77	 	 	 	0.03	%	 	 	125.12	 	 	 	0.02	%
	8393 · Licenses & Permits	 	 	-59.00	 	 	 	-0.06	%	 	 	-18.00	 	 	 	-0.01	%	 	 	36.00	 	 	 	0.01	%	 	 	-41.00	 	 	 	-0.01	%
	8398 · Consultants	 	 	0.00	 	 	 	0.0	%	 	 	900.00	 	 	 	0.65	%	 	 	0.00	 	 	 	0.0	%	 	 	900.00	 	 	 	0.17	%
	Total 8300 · Food & Beverage	 	 	17,645.19	 	 	 	18.53	%	 	 	19,794.95	 	 	 	14.23	%	 	 	32,350.62	 	 	 	10.45	%	 	 	69,790.76	 	 	 	12.83	%
	Total Expense	 	 	66,226.38	 	 	 	69.56	%	 	 	77,567.30	 	 	 	55.78	%	 	 	121,436.18	 	 	 	39.22	%	 	 	265,229.86	 	 	 	48.76	%
	Net Ordinary Income	 	 	10,025.44	 	 	 	10.53	%	 	 	34,275.48	 	 	 	24.65	%	 	 	128,600.97	 	 	 	41.53	%	 	 	172,901.89	 	 	 	31.79	%
	Net Income	 	 	10,025.44	 	 	 	10.53	%	 	 	34,275.48	 	 	 	24.65	%	 	 	128,600.97	 	 	 	41.53	%	 	 	172,901.89	 	 	 	31.79	%

 

    	 	Page 16 of 32	Orchards Inn March 13 Issue.xls/F&B

    	 

    

 

Orchards Inn and Restaurant

Miscellaneous Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior 
Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4400 · Telephone Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4401 · Local Phone Charges	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4402 · Long Distance Charges	 	 	52	 	 	 	6.2	%	 	 	-	 	 	 	0.0	%	 	 	52	 	 	 	70.9	%	 	 	-	 	 	 	0.0	%	 	 	52	 	 	 	54.4	%
	4403 · Fax Charges	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4400 · Telephone Revenue	 	 	52	 	 	 	6.2	%	 	 	-	 	 	 	0.0	%	 	 	52	 	 	 	70.9	%	 	 	-	 	 	 	0.0	%	 	 	52	 	 	 	54.4	%
	4500 · Miscellaneous Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4501 · Laundry Charges	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4502 · UPS/Postage Charges	 	 	26	 	 	 	3.1	%	 	 	-	 	 	 	0.0	%	 	 	26	 	 	 	35.0	%	 	 	-	 	 	 	0.0	%	 	 	26	 	 	 	26.9	%
	4503 · Ticket Sales Tour	 	 	95	 	 	 	11.3	%	 	 	-	 	 	 	0.0	%	 	 	95	 	 	 	129.3	%	 	 	60	 	 	 	8.0	%	 	 	35	 	 	 	36.5	%
	4506 · Commissions Other	 	 	287	 	 	 	34.1	%	 	 	-	 	 	 	0.0	%	 	 	287	 	 	 	390.7	%	 	 	126	 	 	 	16.8	%	 	 	162	 	 	 	168.5	%
	4510 · Pet Fees	 	 	520	 	 	 	61.8	%	 	 	644	 	 	 	83.9	%	 	 	(124	)	 	 	-169.2	%	 	 	440	 	 	 	59.0	%	 	 	80	 	 	 	83.5	%
	4511 · Package Charges	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4515 · Baggage Fees	 	 	(235	)	 	 	-27.9	%	 	 	103	 	 	 	13.4	%	 	 	(338	)	 	 	-460.1	%	 	 	100	 	 	 	13.4	%	 	 	(335	)	 	 	-349.5	%
	4520 · Other Miscellaneous	 	 	97	 	 	 	11.5	%	 	 	21	 	 	 	2.7	%	 	 	76	 	 	 	103.3	%	 	 	20	 	 	 	2.7	%	 	 	77	 	 	 	79.8	%
	4525 · Transient No show	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4590 · Management Fee	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4500 · Miscellaneous Revenue	 	 	789	 	 	 	93.8	%	 	 	768	 	 	 	100.0	%	 	 	21	 	 	 	29.1	%	 	 	746	 	 	 	100.0	%	 	 	44	 	 	 	45.6	%
	Total Revenue	 	 	841	 	 	 	100.0	%	 	 	768	 	 	 	100.0	%	 	 	73	 	 	 	100.0	%	 	 	746	 	 	 	100.0	%	 	 	96	 	 	 	100.0	%
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6400 · Cost of Telephone	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6401 · Long Distance	 	 	27	 	 	 	3.2	%	 	 	497	 	 	 	64.7	%	 	 	(470	)	 	 	-640.0	%	 	 	482	 	 	 	64.7	%	 	 	(456	)	 	 	-475.6	%
	6402 · Local Phone Calls	 	 	351	 	 	 	41.7	%	 	 	127	 	 	 	16.5	%	 	 	224	 	 	 	304.4	%	 	 	123	 	 	 	16.5	%	 	 	227	 	 	 	237.2	%
	Total 6400 · Cost of Telephone	 	 	377	 	 	 	44.9	%	 	 	624	 	 	 	81.3	%	 	 	(247	)	 	 	-335.6	%	 	 	606	 	 	 	81.3	%	 	 	(228	)	 	 	-238.3	%
	6500 · Cost of Other Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6506 · Cost of guest Valet	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6520 · Cost of Misc. Revenue	 	 	40	 	 	 	4.8	%	 	 	36	 	 	 	4.7	%	 	 	4	 	 	 	5.4	%	 	 	35	 	 	 	4.7	%	 	 	5	 	 	 	5.2	%
	Total 6500 · Cost of Other Revenue	 	 	40	 	 	 	4.8	%	 	 	36	 	 	 	4.7	%	 	 	4	 	 	 	5.4	%	 	 	35	 	 	 	4.7	%	 	 	5	 	 	 	5.2	%
	Total COGS	 	 	417	 	 	 	49.6	%	 	 	660	 	 	 	85.9	%	 	 	(243	)	 	 	-330.3	%	 	 	641	 	 	 	85.9	%	 	 	(223	)	 	 	-233.1	%
	Gross Profit	 	 	424	 	 	 	50.4	%	 	 	108	 	 	 	14.1	%	 	 	316	 	 	 	430.3	%	 	 	105	 	 	 	14.1	%	 	 	319	 	 	 	333.1	%
	Net Income	 	$	424	 	 	 	50.4	%	 	$	108	 	 	 	14.1	%	 	$	316	 	 	 	430.3	%	 	$	105	 	 	 	14.1	%	 	$	319	 	 	 	333.1	%

 

    	 	 	Report continued on next page

    	 

    

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior 
Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Amount	 	 	% to 
Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4400 · Telephone Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4401 · Local Phone Charges	 	 	-	 	 	 	0.0	%	 	 	404	 	 	 	10.6	%	 	 	(404	)	 	 	101.5	%	 	 	426	 	 	 	15.8	%	 	 	(426	)	 	 	-60.8	%	 	 	80	 	 	 	0.5	%
	4402 · Long Distance Charges	 	 	52	 	 	 	1.5	%	 	 	-	 	 	 	0.0	%	 	 	52	 	 	 	-13.1	%	 	 	46	 	 	 	1.7	%	 	 	6	 	 	 	0.9	%	 	 	1,031	 	 	 	6.1	%
	4403 · Fax Charges	 	 	-	 	 	 	0.0	%	 	 	10	 	 	 	0.3	%	 	 	(10	)	 	 	2.6	%	 	 	10	 	 	 	0.4	%	 	 	(10	)	 	 	-1.4	%	 	 	-	 	 	 	0.0	%
	Total 4400 · Telephone Revenue	 	 	52	 	 	 	1.5	%	 	 	414	 	 	 	10.9	%	 	 	(362	)	 	 	91.0	%	 	 	482	 	 	 	17.8	%	 	 	(430	)	 	 	-61.3	%	 	 	1,111	 	 	 	6.5	%
	4500 · Miscellaneous Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4501 · Laundry Charges	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	22	 	 	 	0.8	%	 	 	(22	)	 	 	-3.1	%	 	 	31	 	 	 	0.2	%
	4502 · UPS/Postage Charges	 	 	145	 	 	 	4.3	%	 	 	-	 	 	 	0.0	%	 	 	145	 	 	 	-36.4	%	 	 	-	 	 	 	0.0	%	 	 	145	 	 	 	20.6	%	 	 	-	 	 	 	0.0	%
	4503 · Ticket Sales Tour	 	 	145	 	 	 	4.3	%	 	 	-	 	 	 	0.0	%	 	 	145	 	 	 	-36.5	%	 	 	125	 	 	 	4.6	%	 	 	20	 	 	 	2.9	%	 	 	-	 	 	 	0.0	%
	4506 · Commissions Other	 	 	1,221	 	 	 	35.9	%	 	 	-	 	 	 	0.0	%	 	 	1,221	 	 	 	-307.1	%	 	 	197	 	 	 	7.3	%	 	 	1,024	 	 	 	146.0	%	 	 	-	 	 	 	0.0	%
	4510 · Pet Fees	 	 	1,520	 	 	 	44.7	%	 	 	2,784	 	 	 	73.3	%	 	 	(1,264	)	 	 	317.9	%	 	 	1,540	 	 	 	57.0	%	 	 	(20	)	 	 	-2.9	%	 	 	-	 	 	 	0.0	%
	4511 · Package Charges	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	4,208	 	 	 	24.8	%
	4515 · Baggage Fees	 	 	(235	)	 	 	-6.9	%	 	 	103	 	 	 	2.7	%	 	 	(338	)	 	 	85.0	%	 	 	100	 	 	 	3.7	%	 	 	(335	)	 	 	-47.8	%	 	 	685	 	 	 	4.0	%
	4520 · Other Miscellaneous	 	 	554	 	 	 	16.3	%	 	 	499	 	 	 	13.1	%	 	 	55	 	 	 	-13.9	%	 	 	235	 	 	 	8.7	%	 	 	319	 	 	 	45.5	%	 	 	10,932	 	 	 	64.4	%
	4525 · Transient No show	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4590 · Management Fee	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4500 · Miscellaneous Revenue	 	 	3,350	 	 	 	98.5	%	 	 	3,386	 	 	 	89.1	%	 	 	(36	)	 	 	9.0	%	 	 	2,219	 	 	 	82.2	%	 	 	1,131	 	 	 	161.3	%	 	 	15,856	 	 	 	93.5	%
	Total Revenue	 	 	3,402	 	 	 	100.0	%	 	 	3,800	 	 	 	100.0	%	 	 	(398	)	 	 	100.0	%	 	 	2,701	 	 	 	100.0	%	 	 	701	 	 	 	100.0	%	 	 	16,967	 	 	 	100.0	%
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6400 · Cost of Telephone	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6401 · Long Distance	 	 	(49	)	 	 	-1.4	%	 	 	927	 	 	 	24.4	%	 	 	(976	)	 	 	245.3	%	 	 	1,086	 	 	 	40.2	%	 	 	(1,134	)	 	 	-161.8	%	 	 	8,400	 	 	 	49.5	%
	6402 · Local Phone Calls	 	 	1,026	 	 	 	30.2	%	 	 	480	 	 	 	12.6	%	 	 	546	 	 	 	-137.2	%	 	 	614	 	 	 	22.7	%	 	 	412	 	 	 	58.8	%	 	 	1,800	 	 	 	10.6	%
	Total 6400 · Cost of Telephone	 	 	977	 	 	 	28.7	%	 	 	1,407	 	 	 	37.0	%	 	 	(430	)	 	 	108.1	%	 	 	1,699	 	 	 	62.9	%	 	 	(722	)	 	 	-103.0	%	 	 	10,200	 	 	 	60.1	%
	6500 · Cost of Other Revenue	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	-	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	-	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	6506 · Cost of guest Valet	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	6520 · Cost of Misc. Revenue	 	 	50	 	 	 	1.5	%	 	 	46	 	 	 	1.2	%	 	 	4	 	 	 	-1.0	%	 	 	35	 	 	 	1.3	%	 	 	15	 	 	 	2.1	%	 	 	11	 	 	 	0.1	%
	Total 6500 · Cost of Other Revenue	 	 	50	 	 	 	1.5	%	 	 	46	 	 	 	1.2	%	 	 	4	 	 	 	-1.0	%	 	 	35	 	 	 	1.3	%	 	 	15	 	 	 	2.1	%	 	 	11	 	 	 	0.1	%
	Total COGS	 	 	1,027	 	 	 	30.2	%	 	 	1,453	 	 	 	38.2	%	 	 	(426	)	 	 	107.1	%	 	 	1,734	 	 	 	64.2	%	 	 	(707	)	 	 	-100.8	%	 	 	10,211	 	 	 	60.2	%
	Gross Profit	 	 	2,375	 	 	 	69.8	%	 	 	2,347	 	 	 	61.8	%	 	 	28	 	 	 	-7.1	%	 	 	967	 	 	 	35.8	%	 	 	1,408	 	 	 	200.8	%	 	 	6,756	 	 	 	39.8	%
	Net Income	 	$	2,375	 	 	 	69.8	%	 	$	2,347	 	 	 	61.8	%	 	$	28	 	 	 	-7.1	%	 	$	967	 	 	 	35.8	%	 	$	1,408	 	 	 	200.8	%	 	$	6,756	 	 	 	39.8	%

 

    	 	Page 17 of 32	Orchards Inn March 13 Issue.xls / Misc - AvB

    	 

    

 

Orchards Inn & Restaurant,
LLC.

Miscellaneous Department

January through March 2013

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	TOTAL	 
	 	 	Jan 13	 	 	% of Income	 	 	Feb 13	 	 	% of Income	 	 	Mar 13	 	 	% of Income	 	 	Jan - Mar 13	 	 	% of Income	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4400 · Telephone Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4402 · Long Distance Charges	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	52.09	 	 	 	6.19	%	 	 	52.09	 	 	 	1.53	%
	Total 4400 · Telephone Revenue	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	52.09	 	 	 	6.19	%	 	 	52.09	 	 	 	1.53	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4500 · Miscellaneous Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4502 · UPS/Postage Charges	 	 	59.95	 	 	 	2.95	%	 	 	59.10	 	 	 	11.17	%	 	 	25.75	 	 	 	3.06	%	 	 	144.80	 	 	 	4.26	%
	4503 · Ticket Sales Tour	 	 	40.00	 	 	 	1.97	%	 	 	10.00	 	 	 	1.89	%	 	 	95.00	 	 	 	11.29	%	 	 	145.00	 	 	 	4.26	%
	4506 · Commissions Other	 	 	934.19	 	 	 	45.98	%	 	 	0.00	 	 	 	0.0	%	 	 	287.06	 	 	 	34.12	%	 	 	1,221.25	 	 	 	35.9	%
	4510 · Pet Fees	 	 	540.00	 	 	 	26.58	%	 	 	460.00	 	 	 	86.94	%	 	 	520.00	 	 	 	61.8	%	 	 	1,520.00	 	 	 	44.68	%
	4511 · Package Charges	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%
	4515 · Baggage Fees	 	 	0.00	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-235.00	 	 	 	-27.93	%	 	 	-235.00	 	 	 	-6.91	%
	4520 · Other Miscellaneous	 	 	457.47	 	 	 	22.52	%	 	 	0.00	 	 	 	0.0	%	 	 	96.50	 	 	 	11.47	%	 	 	553.97	 	 	 	16.28	%
	Total 4500 · Miscellaneous Revenue	 	 	2,031.61	 	 	 	100.0	%	 	 	529.10	 	 	 	100.0	%	 	 	789.31	 	 	 	93.81	%	 	 	3,350.02	 	 	 	98.47	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Income	 	 	2,031.61	 	 	 	100.0	%	 	 	529.10	 	 	 	100.0	%	 	 	841.40	 	 	 	100.0	%	 	 	3,402.11	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6400 · Cost of Telephone	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6401 · Long Distance	 	 	-69.36	 	 	 	-3.41	%	 	 	-5.93	 	 	 	-1.12	%	 	 	26.70	 	 	 	3.17	%	 	 	-48.59	 	 	 	-1.43	%
	6402 · Local Phone Calls	 	 	352.93	 	 	 	17.37	%	 	 	322.18	 	 	 	60.89	%	 	 	350.67	 	 	 	41.68	%	 	 	1,025.78	 	 	 	30.15	%
	Total 6400 · Cost of Telephone	 	 	283.57	 	 	 	13.96	%	 	 	316.25	 	 	 	59.77	%	 	 	377.37	 	 	 	44.85	%	 	 	977.19	 	 	 	28.72	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6500 · Cost of Other Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6520 · Cost of Misc. Revenue	 	 	10.00	 	 	 	0.49	%	 	 	0.00	 	 	 	0.0	%	 	 	40.00	 	 	 	4.75	%	 	 	50.00	 	 	 	1.47	%
	Total 6500 · Cost of Other Revenue	 	 	10.00	 	 	 	0.49	%	 	 	0.00	 	 	 	0.0	%	 	 	40.00	 	 	 	4.75	%	 	 	50.00	 	 	 	1.47	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total COGS	 	 	293.57	 	 	 	14.45	%	 	 	316.25	 	 	 	59.77	%	 	 	417.37	 	 	 	49.6	%	 	 	1,027.19	 	 	 	30.19	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Profit	 	 	1,738.04	 	 	 	85.55	%	 	 	212.85	 	 	 	40.23	%	 	 	424.03	 	 	 	50.4	%	 	 	2,374.92	 	 	 	69.81	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	1,738.04	 	 	 	85.55	%	 	 	212.85	 	 	 	40.23	%	 	 	424.03	 	 	 	50.4	%	 	 	2,374.92	 	 	 	69.81	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	1,738.04	 	 	 	85.55	%	 	 	212.85	 	 	 	40.23	%	 	 	424.03	 	 	 	50.4	%	 	 	2,374.92	 	 	 	69.81	%

   

    	 	Page 18 of 32	Orchards Inn March 13 Issue.xls/Misc

    	 

    

 

	 	 	Type	 	Date	 	Num	 	Name	 	Memo	 	Amount	 
	9500 · Management Fees	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Bill	 	01/04/2013	 	Jan MF	 	Spector Office/Management Account	 	 	 	 	3,955.67	 
	 	 	Bill	 	02/01/2013	 	Feb Man Fee	 	Spector Office/Management Account	 	 	 	 	7,000.00	 
	 	 	Credit	 	02/28/2013	 	Feb Man Fee	 	Spector Office/Management Account	 	Adjust Feb Man Fee to 2%  actual for Feb Income of $269,558.13	 	 	-1,608.83	 
	 	 	Bill	 	03/01/2013	 	Mangnt Fees	 	Spector Office/Management Account	 	March Management Fees	 	 	8,000.00	 
	 	 	General Journal	 	03/31/2013	 	Mgmt Fee	 	 	 	Record March mgmt Fee 2% - Revenue $513,798.77 = $10,275.97 less advance $8,000	 	 	2,275.97	 
	Total 9500 · Management Fees	 	 	 	 	 	 	 	 	 	 	 	 	19,622.81	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	 	 	 	 	 	 	 	 	 	 	 	19,622.81	 

 

    	 	Page 19 of 32	Orchards Inn March 13 Issue.xls/Mgmt Fees

    	 

    

 

Orchards Inn and Restaurant

Admin and General Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686000 · G&A Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684000 · Finance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684100 · Controller	 	 	(824	)	 	 	-0.2	%	 	 	1,552	 	 	 	0.4	%	 	 	(2,376	)	 	 	-3.0	%	 	 	1,366	 	 	 	0.3	%	 	 	(2,190	)	 	 	-2.2	%
	5684110 · Assistant Controller	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	614	 	 	 	0.1	%	 	 	(614	)	 	 	-0.6	%
	5684130 · Finance Coordinators	 	 	2,222	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	2,222	 	 	 	2.8	%	 	 	3,087	 	 	 	0.7	%	 	 	(865	)	 	 	-0.9	%
	Total 5684000 · Finance	 	 	1,398	 	 	 	0.3	%	 	 	1,552	 	 	 	0.4	%	 	 	(154	)	 	 	-0.2	%	 	 	5,067	 	 	 	1.2	%	 	 	(3,669	)	 	 	-3.6	%
	5686130 · G & A Coordinator	 	 	147	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	147	 	 	 	0.2	%	 	 	442	 	 	 	0.1	%	 	 	(295	)	 	 	-0.3	%
	5686150 · G & A Supervisor	 	 	355	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	355	 	 	 	0.5	%	 	 	392	 	 	 	0.1	%	 	 	(37	)	 	 	0.0	%
	5686160 · G & A Assistant Manager	 	 	(183	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(183	)	 	 	-0.2	%	 	 	(30	)	 	 	0.0	%	 	 	(153	)	 	 	-0.2	%
	5686170 · G & A Manager	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5686180 · G & A Director	 	 	559	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	559	 	 	 	0.7	%	 	 	464	 	 	 	0.1	%	 	 	95	 	 	 	0.1	%
	5686190 · G & A General Manager	 	 	3,583	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	3,583	 	 	 	4.6	%	 	 	2,771	 	 	 	0.7	%	 	 	812	 	 	 	0.8	%
	5686199 · G & A Shared Services	 	 	-	 	 	 	0.0	%	 	 	4,240	 	 	 	1.0	%	 	 	(4,240	)	 	 	-5.4	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5686999 · G&A Other Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5686000 · G&A Salaries & Wages	 	 	5,858	 	 	 	1.1	%	 	 	5,792	 	 	 	1.3	%	 	 	220	 	 	 	0.3	%	 	 	9,106	 	 	 	2.2	%	 	 	(3,247	)	 	 	-3.2	%
	5686050 · G&A Taxes and Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5651 · G&A Payroll Taxes	 	 	236	 	 	 	0.0	%	 	 	716	 	 	 	0.2	%	 	 	(480	)	 	 	-0.6	%	 	 	682	 	 	 	0.2	%	 	 	(446	)	 	 	-0.4	%
	5652 · G&A Workers' Comp	 	 	7	 	 	 	0.0	%	 	 	5	 	 	 	0.0	%	 	 	2	 	 	 	0.0	%	 	 	4	 	 	 	0.0	%	 	 	2	 	 	 	0.0	%
	5653 · G&A Employ Benefits	 	 	110	 	 	 	0.0	%	 	 	213	 	 	 	0.0	%	 	 	(104	)	 	 	-0.1	%	 	 	203	 	 	 	0.0	%	 	 	(94	)	 	 	-0.1	%
	5655 · G&A PTO	 	 	59	 	 	 	0.0	%	 	 	103	 	 	 	0.0	%	 	 	(44	)	 	 	-0.1	%	 	 	98	 	 	 	0.0	%	 	 	(39	)	 	 	0.0	%
	5656 · G&A Empoy Meals	 	 	14	 	 	 	0.0	%	 	 	531	 	 	 	0.1	%	 	 	(517	)	 	 	-0.7	%	 	 	506	 	 	 	0.1	%	 	 	(492	)	 	 	-0.5	%
	5699 · G&A Shared Services Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5686050 · G&A Taxes and Benefits	 	 	425	 	 	 	0.1	%	 	 	1,569	 	 	 	0.4	%	 	 	(1,143	)	 	 	-1.5	%	 	 	1,494	 	 	 	0.4	%	 	 	(1,069	)	 	 	-1.1	%
	Total 5000 · Payroll & Benefits	 	 	6,284	 	 	 	1.2	%	 	 	7,361	 	 	 	1.7	%	 	 	(1,077	)	 	 	-1.4	%	 	 	10,600	 	 	 	2.6	%	 	 	(4,316	)	 	 	-4.3	%
	8600 · General & Administrative	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8601 · Workers' Comp Adjustments	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8602 · Sales Tax Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8604 · Tax Penalties & Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8610 · IT Support	 	 	804	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	804	 	 	 	1.0	%	 	 	82	 	 	 	0.0	%	 	 	722	 	 	 	0.7	%

  

    	 	 	Report continued on next page

    	 

    

 

	8635 · Uniforms	 	 	50	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	50	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	50	 	 	 	0.0	%
	8650 · Maint/Service Contract	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8651 · Computer Maint. & Support	 	 	28	 	 	 	0.0	%	 	 	2,000	 	 	 	0.5	%	 	 	(1,972	)	 	 	-2.5	%	 	 	1,787	 	 	 	0.4	%	 	 	(1,759	)	 	 	-1.7	%
	8660 · Legal Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8661 · Charitable Contributions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8672 · Accounting Fees	 	 	-	 	 	 	0.0	%	 	 	420	 	 	 	0.1	%	 	 	(420	)	 	 	-0.5	%	 	 	393	 	 	 	0.1	%	 	 	(393	)	 	 	-0.4	%
	8674 · Guest Lost/Damaged Property	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8675 · Bad Debt Expense	 	 	-	 	 	 	0.0	%	 	 	115	 	 	 	0.0	%	 	 	(115	)	 	 	-0.1	%	 	 	108	 	 	 	0.0	%	 	 	(108	)	 	 	-0.1	%
	8676 · Uncollectible Charges - Amara	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8678 · Express Mail	 	 	-	 	 	 	0.0	%	 	 	50	 	 	 	0.0	%	 	 	(50	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8679 · Payroll Processing Fees	 	 	1,489	 	 	 	0.3	%	 	 	895	 	 	 	0.2	%	 	 	594	 	 	 	0.8	%	 	 	837	 	 	 	0.2	%	 	 	653	 	 	 	0.6	%
	8680 · Postage	 	 	47	 	 	 	0.0	%	 	 	7	 	 	 	0.0	%	 	 	40	 	 	 	0.1	%	 	 	7	 	 	 	0.0	%	 	 	40	 	 	 	0.0	%
	8681 · Dues & Subscriptions	 	 	-	 	 	 	0.0	%	 	 	25	 	 	 	0.0	%	 	 	(25	)	 	 	0.0	%	 	 	24	 	 	 	0.0	%	 	 	(24	)	 	 	0.0	%
	8682 · Printing	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8683 · Credit Card Fees	 	 	9,618	 	 	 	1.9	%	 	 	5,693	 	 	 	1.3	%	 	 	3,925	 	 	 	5.0	%	 	 	5,321	 	 	 	1.3	%	 	 	4,297	 	 	 	4.3	%
	8684 · Bank Fees	 	 	50	 	 	 	0.0	%	 	 	27	 	 	 	0.0	%	 	 	23	 	 	 	0.0	%	 	 	25	 	 	 	0.0	%	 	 	25	 	 	 	0.0	%
	8685 · Telephone Cell & Radio	 	 	89	 	 	 	0.0	%	 	 	295	 	 	 	0.1	%	 	 	(205	)	 	 	-0.3	%	 	 	275	 	 	 	0.1	%	 	 	(186	)	 	 	-0.2	%
	8686 · Security	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8687 · Employee Recruitment	 	 	219	 	 	 	0.0	%	 	 	270	 	 	 	0.1	%	 	 	(51	)	 	 	-0.1	%	 	 	252	 	 	 	0.1	%	 	 	(33	)	 	 	0.0	%
	8688 · Employee Relations & Training	 	 	168	 	 	 	0.0	%	 	 	203	 	 	 	0.0	%	 	 	(36	)	 	 	0.0	%	 	 	190	 	 	 	0.0	%	 	 	(22	)	 	 	0.0	%
	8690 · Office Supplies	 	 	-	 	 	 	0.0	%	 	 	595	 	 	 	0.1	%	 	 	(595	)	 	 	-0.8	%	 	 	556	 	 	 	0.1	%	 	 	(556	)	 	 	-0.6	%
	8691 · Employee Relocation	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,219	 	 	 	0.3	%	 	 	(1,219	)	 	 	-1.2	%
	8692 · Cash over/short	 	 	1	 	 	 	0.0	%	 	 	(8	)	 	 	0.0	%	 	 	9	 	 	 	0.0	%	 	 	(7	)	 	 	0.0	%	 	 	8	 	 	 	0.0	%
	8693 · Licenses & Permits	 	 	296	 	 	 	0.1	%	 	 	1,583	 	 	 	0.4	%	 	 	(1,287	)	 	 	-1.6	%	 	 	1,479	 	 	 	0.4	%	 	 	(1,183	)	 	 	-1.2	%
	8694 · Student Housing	 	 	166	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	166	 	 	 	0.2	%	 	 	319	 	 	 	0.1	%	 	 	(153	)	 	 	-0.2	%
	8695 · Equipment Lease	 	 	254	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	254	 	 	 	0.3	%	 	 	302	 	 	 	0.1	%	 	 	(49	)	 	 	0.0	%
	8696 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8697 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	314	 	 	 	0.1	%	 	 	(314	)	 	 	-0.4	%	 	 	293	 	 	 	0.1	%	 	 	(293	)	 	 	-0.3	%
	8698 · Consultants	 	 	619	 	 	 	0.1	%	 	 	522	 	 	 	0.1	%	 	 	96	 	 	 	0.1	%	 	 	488	 	 	 	0.1	%	 	 	131	 	 	 	0.1	%
	8699 · Miscellaneous	 	 	-	 	 	 	0.0	%	 	 	1,969	 	 	 	0.5	%	 	 	(1,969	)	 	 	-2.5	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8600 · General & Administrative	 	 	13,899	 	 	 	2.7	%	 	 	14,977	 	 	 	3.4	%	 	 	(1,078	)	 	 	-1.4	%	 	 	13,950	 	 	 	3.4	%	 	 	(51	)	 	 	-0.1	%
	Total Expense	 	 	20,182	 	 	 	3.9	%	 	 	22,338	 	 	 	5.1	%	 	 	(2,155	)	 	 	-2.8	%	 	 	24,550	 	 	 	5.9	%	 	 	(4,367	)	 	 	-4.3	%
	Net Income	 	$	(20,182	)	 	 	-3.9	%	 	$	(22,338	)	 	 	-5.1	%	 	$	2,155	 	 	 	2.8	%	 	$	(24,550	)	 	 	-5.9	%	 	$	4,367	 	 	 	4.3	%

  

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	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Amount	 	 	% to 
Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686000 · G&A Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684000 · Finance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684100 · Controller	 	 	(870	)	 	 	-0.1	%	 	 	2,811	 	 	 	0.3	%	 	 	(3,681	)	 	 	-4.0	%	 	 	4,087	 	 	 	0.5	%	 	 	(4,957	)	 	 	-3.7	%	 	 	14,400	 	 	 	0.4	%
	5684110 · Assistant Controller	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,130	 	 	 	0.1	%	 	 	(1,130	)	 	 	-0.8	%	 	 	2,880	 	 	 	0.1	%
	5684130 · Finance Coordinators	 	 	6,977	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	6,977	 	 	 	7.6	%	 	 	3,092	 	 	 	0.4	%	 	 	3,885	 	 	 	2.9	%	 	 	5,892	 	 	 	0.2	%
	Total 5684000 · Finance	 	 	6,107	 	 	 	0.6	%	 	 	2,811	 	 	 	0.3	%	 	 	3,296	 	 	 	3.6	%	 	 	8,308	 	 	 	1.0	%	 	 	(2,201	)	 	 	-1.6	%	 	 	23,172	 	 	 	0.6	%
	5686130 · G & A Coordinator	 	 	441	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	441	 	 	 	0.5	%	 	 	1,202	 	 	 	0.1	%	 	 	(762	)	 	 	-0.6	%	 	 	1,560	 	 	 	0.0	%
	5686150 · G & A Supervisor	 	 	1,379	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	1,379	 	 	 	1.5	%	 	 	1,038	 	 	 	0.1	%	 	 	340	 	 	 	0.3	%	 	 	4,428	 	 	 	0.1	%
	5686160 · G & A Assistant Manager	 	 	(349	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(349	)	 	 	-0.4	%	 	 	(30	)	 	 	0.0	%	 	 	(319	)	 	 	-0.2	%	 	 	-	 	 	 	0.0	%
	5686170 · G & A Manager	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5686180 · G & A Director	 	 	1,549	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	1,549	 	 	 	1.7	%	 	 	2,444	 	 	 	0.3	%	 	 	(895	)	 	 	-0.7	%	 	 	8,676	 	 	 	0.2	%
	5686190 · G & A General Manager	 	 	9,899	 	 	 	1.0	%	 	 	-	 	 	 	0.0	%	 	 	9,899	 	 	 	10.8	%	 	 	7,755	 	 	 	0.9	%	 	 	2,144	 	 	 	1.6	%	 	 	30,600	 	 	 	0.8	%
	5686199 · G & A Shared Services	 	 	-	 	 	 	0.0	%	 	 	13,332	 	 	 	1.5	%	 	 	(13,332	)	 	 	-14.6	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	3,612	 	 	 	0.1	%
	5686999 · G&A Other Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	16,960	 	 	 	0.5	%
	Total 5686000 · G&A Salaries & Wages	 	 	19,026	 	 	 	1.9	%	 	 	16,142	 	 	 	1.8	%	 	 	(413	)	 	 	-0.5	%	 	 	20,718	 	 	 	2.4	%	 	 	509	 	 	 	0.4	%	 	 	89,008	 	 	 	2.4	%
	5686050 · G&A Taxes and Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	5651 · G&A Payroll Taxes	 	 	1,200	 	 	 	0.1	%	 	 	1,882	 	 	 	0.2	%	 	 	(681	)	 	 	-0.7	%	 	 	2,024	 	 	 	0.2	%	 	 	(824	)	 	 	-0.6	%	 	 	7,120	 	 	 	0.2	%
	5652 · G&A Workers' Comp	 	 	21	 	 	 	0.0	%	 	 	10	 	 	 	0.0	%	 	 	11	 	 	 	0.0	%	 	 	24	 	 	 	0.0	%	 	 	(3	)	 	 	0.0	%	 	 	820	 	 	 	0.0	%
	5653 · G&A Employ Benefits	 	 	388	 	 	 	0.0	%	 	 	233	 	 	 	0.0	%	 	 	155	 	 	 	0.2	%	 	 	189	 	 	 	0.0	%	 	 	199	 	 	 	0.1	%	 	 	2,400	 	 	 	0.1	%
	5655 · G&A PTO	 	 	388	 	 	 	0.0	%	 	 	371	 	 	 	0.0	%	 	 	17	 	 	 	0.0	%	 	 	146	 	 	 	0.0	%	 	 	242	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%
	5656 · G&A Empoy Meals	 	 	76	 	 	 	0.0	%	 	 	1,963	 	 	 	0.2	%	 	 	(1,886	)	 	 	-2.1	%	 	 	1,935	 	 	 	0.2	%	 	 	(1,859	)	 	 	-1.4	%	 	 	-	 	 	 	0.0	%
	5699 · G&A Shared Services Fringes	 	 	-	 	 	 	0.0	%	 	 	887	 	 	 	0.1	%	 	 	(887	)	 	 	-1.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5686050 · G&A Taxes and Benefits	 	 	2,074	 	 	 	0.2	%	 	 	5,345	 	 	 	0.6	%	 	 	(3,271	)	 	 	-3.6	%	 	 	4,318	 	 	 	0.5	%	 	 	(2,244	)	 	 	-1.7	%	 	 	10,340	 	 	 	0.3	%
	Total 5000 · Payroll & Benefits	 	 	21,099	 	 	 	2.2	%	 	 	21,487	 	 	 	2.4	%	 	 	(388	)	 	 	-0.4	%	 	 	25,036	 	 	 	3.0	%	 	 	(3,937	)	 	 	-2.9	%	 	 	99,348	 	 	 	2.6	%
	8600 · General & Administrative	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8601 · Workers' Comp Adjustments	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8602 · Sales Tax Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	6,000	 	 	 	0.2	%
	8604 · Tax Penalties & Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8610 · IT Support	 	 	1,300	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	1,300	 	 	 	1.4	%	 	 	869	 	 	 	0.1	%	 	 	432	 	 	 	0.3	%	 	 	4,200	 	 	 	0.1	%

  

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	8635 · Uniforms	 	 	91	 	 	 	0.0	%	 	 	41	 	 	 	0.0	%	 	 	50	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	91	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%
	8650 · Maint/Service Contract	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	600	 	 	 	0.0	%
	8651 · Computer Maint. & Support	 	 	465	 	 	 	0.0	%	 	 	2,585	 	 	 	0.3	%	 	 	(2,120	)	 	 	-2.3	%	 	 	1,926	 	 	 	0.2	%	 	 	(1,461	)	 	 	-1.1	%	 	 	600	 	 	 	0.0	%
	8660 · Legal Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8661 · Charitable Contributions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	17	 	 	 	0.0	%	 	 	(17	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8672 · Accounting Fees	 	 	-	 	 	 	0.0	%	 	 	1,299	 	 	 	0.1	%	 	 	(1,299	)	 	 	-1.4	%	 	 	1,607	 	 	 	0.2	%	 	 	(1,607	)	 	 	-1.2	%	 	 	6,600	 	 	 	0.2	%
	8674 · Guest Lost/Damaged Property	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8675 · Bad Debt Expense	 	 	-	 	 	 	0.0	%	 	 	115	 	 	 	0.0	%	 	 	(115	)	 	 	-0.1	%	 	 	108	 	 	 	0.0	%	 	 	(108	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%
	8676 · Uncollectible Charges - Amara	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8678 · Express Mail	 	 	152	 	 	 	0.0	%	 	 	252	 	 	 	0.0	%	 	 	(100	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%	 	 	152	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%
	8679 · Payroll Processing Fees	 	 	3,127	 	 	 	0.3	%	 	 	2,519	 	 	 	0.3	%	 	 	608	 	 	 	0.7	%	 	 	2,154	 	 	 	0.3	%	 	 	974	 	 	 	0.7	%	 	 	5,100	 	 	 	0.1	%
	8680 · Postage	 	 	82	 	 	 	0.0	%	 	 	67	 	 	 	0.0	%	 	 	15	 	 	 	0.0	%	 	 	52	 	 	 	0.0	%	 	 	30	 	 	 	0.0	%	 	 	100	 	 	 	0.0	%
	8681 · Dues & Subscriptions	 	 	30	 	 	 	0.0	%	 	 	55	 	 	 	0.0	%	 	 	(25	)	 	 	0.0	%	 	 	24	 	 	 	0.0	%	 	 	6	 	 	 	0.0	%	 	 	1,572	 	 	 	0.0	%
	8682 · Printing	 	 	-	 	 	 	0.0	%	 	 	27	 	 	 	0.0	%	 	 	(27	)	 	 	0.0	%	 	 	25	 	 	 	0.0	%	 	 	(25	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8683 · Credit Card Fees	 	 	26,902	 	 	 	2.7	%	 	 	20,820	 	 	 	2.3	%	 	 	6,082	 	 	 	6.7	%	 	 	16,115	 	 	 	1.9	%	 	 	10,787	 	 	 	8.1	%	 	 	75,132	 	 	 	2.0	%
	8684 · Bank Fees	 	 	400	 	 	 	0.0	%	 	 	327	 	 	 	0.0	%	 	 	73	 	 	 	0.1	%	 	 	25	 	 	 	0.0	%	 	 	375	 	 	 	0.3	%	 	 	1,977	 	 	 	0.1	%
	8685 · Telephone Cell & Radio	 	 	140	 	 	 	0.0	%	 	 	750	 	 	 	0.1	%	 	 	(610	)	 	 	-0.7	%	 	 	665	 	 	 	0.1	%	 	 	(525	)	 	 	-0.4	%	 	 	600	 	 	 	0.0	%
	8686 · Security	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8687 · Employee Recruitment	 	 	219	 	 	 	0.0	%	 	 	270	 	 	 	0.0	%	 	 	(51	)	 	 	-0.1	%	 	 	399	 	 	 	0.0	%	 	 	(180	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%
	8688 · Employee Relations & Training	 	 	168	 	 	 	0.0	%	 	 	392	 	 	 	0.0	%	 	 	(224	)	 	 	-0.2	%	 	 	366	 	 	 	0.0	%	 	 	(198	)	 	 	-0.1	%	 	 	1,200	 	 	 	0.0	%
	8690 · Office Supplies	 	 	2	 	 	 	0.0	%	 	 	814	 	 	 	0.1	%	 	 	(813	)	 	 	-0.9	%	 	 	1,077	 	 	 	0.1	%	 	 	(1,075	)	 	 	-0.8	%	 	 	1,224	 	 	 	0.0	%
	8691 · Employee Relocation	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,219	 	 	 	0.1	%	 	 	(1,219	)	 	 	-0.9	%	 	 	-	 	 	 	0.0	%
	8692 · Cash over/short	 	 	1	 	 	 	0.0	%	 	 	(8	)	 	 	0.0	%	 	 	9	 	 	 	0.0	%	 	 	(32	)	 	 	0.0	%	 	 	33	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8693 · Licenses & Permits	 	 	363	 	 	 	0.0	%	 	 	1,944	 	 	 	0.2	%	 	 	(1,581	)	 	 	-1.7	%	 	 	1,780	 	 	 	0.2	%	 	 	(1,417	)	 	 	-1.1	%	 	 	200	 	 	 	0.0	%
	8694 · Student Housing	 	 	918	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	918	 	 	 	1.0	%	 	 	1,084	 	 	 	0.1	%	 	 	(166	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%
	8695 · Equipment Lease	 	 	617	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	617	 	 	 	0.7	%	 	 	302	 	 	 	0.0	%	 	 	315	 	 	 	0.2	%	 	 	900	 	 	 	0.0	%
	8696 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8697 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	395	 	 	 	0.0	%	 	 	(395	)	 	 	-0.4	%	 	 	468	 	 	 	0.1	%	 	 	(468	)	 	 	-0.4	%	 	 	-	 	 	 	0.0	%
	8698 · Consultants	 	 	2,058	 	 	 	0.2	%	 	 	1,866	 	 	 	0.2	%	 	 	193	 	 	 	0.2	%	 	 	1,538	 	 	 	0.2	%	 	 	521	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%
	8699 · Miscellaneous	 	 	(3,280	)	 	 	-0.3	%	 	 	3,671	 	 	 	0.4	%	 	 	(6,951	)	 	 	-7.6	%	 	 	-	 	 	 	0.0	%	 	 	(3,280	)	 	 	-2.5	%	 	 	-	 	 	 	0.0	%
	Total 8600 · General & Administrative	 	 	33,756	 	 	 	3.4	%	 	 	38,201	 	 	 	4.3	%	 	 	(4,445	)	 	 	-4.9	%	 	 	31,785	 	 	 	3.7	%	 	 	1,971	 	 	 	1.5	%	 	 	106,005	 	 	 	2.8	%
	Total Expense	 	 	54,855	 	 	 	5.6	%	 	 	59,688	 	 	 	6.7	%	 	 	(4,833	)	 	 	-5.3	%	 	 	56,821	 	 	 	6.7	%	 	 	(1,966	)	 	 	-1.5	%	 	 	205,353	 	 	 	5.5	%
	Net Income	 	$	(54,855	)	 	 	-5.6	%	 	$	(59,688	)	 	 	-6.7	%	 	 	4,833	 	 	 	5.3	%	 	$	(56,821	)	 	 	-6.7	%	 	$	1,966	 	 	 	1.5	%	 	$	(205,353	)	 	 	-5.5	%

 

    	 	Page 20 of 32	 Orchards Inn March 13 Issue.xls / A&G - AvB

    	 

    

 

Orchards Inn & Restaurant, LLC.

Administrative and General Department

January through March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 
	          	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Amount	 	 	% to 
Revenue	 
	          	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	Page 21 of 32	 Orchards Inn March 13 Issue.xls / A&G-AvB

    	 

    

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686000 · G&A Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684000 · Finance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684100 · Controller	 	 	-870.00	 	 	 	824.16	 	 	 	-824.16	 	 	 	-870.00	 
	5684130 · Finance Coordinators	 	 	2,821.21	 	 	 	1,933.81	 	 	 	2,222.16	 	 	 	6,977.18	 
	Total 5684000 · Finance	 	 	1,951.21	 	 	 	2,757.97	 	 	 	1,398.00	 	 	 	6,107.18	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686130 · G & A Coordinator	 	 	146.88	 	 	 	146.88	 	 	 	146.88	 	 	 	440.64	 
	5686150 · G & A Supervisor	 	 	630.00	 	 	 	394.12	 	 	 	354.56	 	 	 	1,378.68	 
	5686160 · G & A Assistant Manager	 	 	-205.00	 	 	 	39.23	 	 	 	-183.09	 	 	 	-348.86	 
	5686180 · G & A Director	 	 	617.01	 	 	 	372.70	 	 	 	559.05	 	 	 	1,548.76	 
	5686190 · G & A General Manager	 	 	2,203.99	 	 	 	4,112.36	 	 	 	3,582.75	 	 	 	9,899.10	 
	Total 5686000 · G&A Salaries & Wages	 	 	5,344.09	 	 	 	7,823.26	 	 	 	5,858.15	 	 	 	19,025.50	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686050 · G&A Taxes and Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5651 · G&A Payroll Taxes	 	 	442.48	 	 	 	521.96	 	 	 	236.03	 	 	 	1,200.47	 
	5652 · G&A Workers' Comp	 	 	6.85	 	 	 	6.85	 	 	 	6.85	 	 	 	20.55	 
	5653 · G&A Employ Benefits	 	 	139.36	 	 	 	139.36	 	 	 	109.50	 	 	 	388.22	 
	5655 · G&A PTO	 	 	259.72	 	 	 	69.16	 	 	 	59.14	 	 	 	388.02	 
	5656 · G&A Empoy Meals	 	 	9.97	 	 	 	52.54	 	 	 	13.84	 	 	 	76.35	 
	Total 5686050 · G&A Taxes and Benefits	 	 	858.38	 	 	 	789.87	 	 	 	425.36	 	 	 	2,073.61	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 5000 · Payroll & Benefits	 	 	6,202.47	 	 	 	8,613.13	 	 	 	6,283.51	 	 	 	21,099.11	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8600 · General & Administrative	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8610 · IT Support	 	 	58.01	 	 	 	438.47	 	 	 	804.01	 	 	 	1,300.49	 
	8635 · Uniforms	 	 	40.88	 	 	 	0.00	 	 	 	50.10	 	 	 	90.98	 
	8651 · Computer Maint. & Support	 	 	408.69	 	 	 	28.23	 	 	 	28.23	 	 	 	465.15	 
	8678 · Express Mail	 	 	151.65	 	 	 	0.00	 	 	 	0.00	 	 	 	151.65	 
	8679 · Payroll Processing Fees	 	 	638.34	 	 	 	999.31	 	 	 	1,489.44	 	 	 	3,127.09	 
	8680 · Postage	 	 	35.57	 	 	 	0.00	 	 	 	46.92	 	 	 	82.49	 
	8681 · Dues & Subscriptions	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 
	8683 · Credit Card Fees	 	 	7,863.71	 	 	 	9,420.03	 	 	 	9,618.15	 	 	 	26,901.89	 
	8684 · Bank Fees	 	 	299.95	 	 	 	49.95	 	 	 	49.95	 	 	 	399.85	 
	8685 · Telephone Cell & Radio	 	 	38.25	 	 	 	12.75	 	 	 	89.25	 	 	 	140.25	 
	8687 · Employee Recruitment	 	 	0.00	 	 	 	0.00	 	 	 	219.45	 	 	 	219.45	 
	8688 · Employee Relations & Training	 	 	0.00	 	 	 	0.00	 	 	 	167.79	 	 	 	167.79	 
	8690 · Office Supplies	 	 	1.69	 	 	 	0.00	 	 	 	0.00	 	 	 	1.69	 
	8692 · Cash over/short	 	 	-0.12	 	 	 	-0.27	 	 	 	1.29	 	 	 	0.90	 
	8693 · Licenses & Permits	 	 	39.27	 	 	 	27.54	 	 	 	295.80	 	 	 	362.61	 
	8694 · Student Housing	 	 	395.25	 	 	 	357.00	 	 	 	165.75	 	 	 	918.00	 
	8695 · Equipment Lease	 	 	286.30	 	 	 	77.26	 	 	 	253.72	 	 	 	617.28	 
	8698 · Consultants	 	 	820.56	 	 	 	618.84	 	 	 	618.84	 	 	 	2,058.24	 
	8699 · Miscellaneous	 	 	625.00	 	 	 	-3,904.84	 	 	 	0.00	 	 	 	-3,279.84	 
	Total 8600 · General & Administrative	 	 	11,733.00	 	 	 	8,124.27	 	 	 	13,898.69	 	 	 	33,755.96	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	17,935.47	 	 	 	16,737.40	 	 	 	20,182.20	 	 	 	54,855.07	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	-17,935.47	 	 	 	-16,737.40	 	 	 	-20,182.20	 	 	 	-54,855.07	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-17,935.47	 	 	 	-16,737.40	 	 	 	-20,182.20	 	 	 	-54,855.07	 

 

    	 	Page 23 of 32	Orchards Inn March 13 Issue.xls / A&G

    	 

    

 

Orchards Inn and Restaurant

Sales and Marketing Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787000 · .Sales Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787170 · Marketing Manager	 	 	969	 	 	 	0.2	%	 	 	70	 	 	 	0.0	%	 	 	900	 	 	 	1.2	%	 	 	66	 	 	 	0.0	%	 	 	903	 	 	 	0.9	%
	5787180 · DO Marketing	 	 	462	 	 	 	0.1	%	 	 	506	 	 	 	0.1	%	 	 	(45	)	 	 	-0.1	%	 	 	482	 	 	 	0.1	%	 	 	(21	)	 	 	0.0	%
	Total 5787000 · .Sales Salaries & Wages	 	 	1,431	 	 	 	0	%	 	 	576	 	 	 	0.1	%	 	 	900	 	 	 	1.2	%	 	 	548	 	 	 	0.1	%	 	 	903	 	 	 	0.9	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787050 · Sales Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5751 · Sales Payroll & Taxes	 	 	271	 	 	 	0.1	%	 	 	58	 	 	 	0.0	%	 	 	212	 	 	 	0.3	%	 	 	56	 	 	 	0.0	%	 	 	215	 	 	 	0.2	%
	Total 5787050 · Sales Taxes & Benefits	 	 	271	 	 	 	0.1	%	 	 	58	 	 	 	0.0	%	 	 	212	 	 	 	0.3	%	 	 	56	 	 	 	0.0	%	 	 	215	 	 	 	0.2	%
	Total 5000 · Payroll & Benefits	 	 	1,702	 	 	 	0.3	%	 	 	634	 	 	 	0.1	%	 	 	1,112	 	 	 	1.4	%	 	 	604	 	 	 	0.1	%	 	 	1,118	 	 	 	1.1	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	8700 · Sales & Marketing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	8700 · Sales & Marketing - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8751 · Computer Maintenance & Support	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8760 · Advertising	 	 	19	 	 	 	0.0	%	 	 	2,579	 	 	 	0.6	%	 	 	(2,560	)	 	 	-3.3	%	 	 	2,457	 	 	 	0.6	%	 	 	(2,438	)	 	 	-2.4	%
	8764 · Promotions	 	 	(153	)	 	 	0.0	%	 	 	14	 	 	 	0.0	%	 	 	(167	)	 	 	-0.2	%	 	 	13	 	 	 	0.0	%	 	 	(166	)	 	 	-0.2	%
	8765 · Public Relations	 	 	-	 	 	 	0.0	%	 	 	268	 	 	 	0.1	%	 	 	(268	)	 	 	-0.3	%	 	 	255	 	 	 	0.1	%	 	 	(255	)	 	 	-0.3	%
	8768 · Tradeshow	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8776 · Photography	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8781 · Dues & Subscriptions	 	 	87	 	 	 	0.0	%	 	 	536	 	 	 	0.1	%	 	 	(449	)	 	 	-0.6	%	 	 	511	 	 	 	0.1	%	 	 	(424	)	 	 	-0.4	%
	8782 · Website	 	 	96	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	96	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	96	 	 	 	0.1	%
	8783 · Internet Advertising	 	 	196	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	196	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	196	 	 	 	0.2	%
	8784 · Printing	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8785 · Telephone Cell & Radio	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8790 · Office Supplies	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8792 · Visitors Center	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8797 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	54	 	 	 	0.0	%	 	 	(54	)	 	 	-0.1	%	 	 	52	 	 	 	0.0	%	 	 	(52	)	 	 	-0.1	%
	8798 · Consultants	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8799 · Tarsadia Intellegence Annual Am	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8700 · Sales & Marketing	 	 	245	 	 	 	0.0	%	 	 	3,452	 	 	 	0.8	%	 	 	(3,206	)	 	 	-4.1	%	 	 	3,287	 	 	 	0.8	%	 	 	(3,042	)	 	 	-3.0	%
	Total Expense	 	 	1,947	 	 	 	0.4	%	 	 	4,086	 	 	 	0.9	%	 	 	(2,139	)	 	 	-2.7	%	 	 	3,891	 	 	 	0.9	%	 	 	(1,944	)	 	 	-1.9	%
	Net Income	 	$	(1,947	)	 	 	-0.4	%	 	$	(4,086	)	 	 	-0.9	%	 	$	2,139	 	 	 	2.7	%	 	$	(3,891	)	 	 	-0.9	%	 	$	1,944	 	 	 	1.9	%

  

    	 	 	Report continued on next page

    	 

    

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Amount	 	 	% to 
Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787000 · .Sales Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787170 · Marketing Manager	 	 	2,166	 	 	 	0.2	%	 	 	1,016	 	 	 	0.1	%	 	 	1,149	 	 	 	1.3	%	 	 	669	 	 	 	0.1	%	 	 	1,496	 	 	 	1.1	%	 	 	-	 	 	 	0.0	%
	5787180 · DO Marketing	 	 	2,308	 	 	 	0.2	%	 	 	1,429	 	 	 	0.2	%	 	 	878	 	 	 	1.0	%	 	 	482	 	 	 	0.1	%	 	 	1,826	 	 	 	1.4	%	 	 	-	 	 	 	0.0	%
	Total 5787000 · .Sales Salaries & Wages	 	 	4,473	 	 	 	0	 	 	 	2,446	 	 	 	0.6	%	 	 	1,149	 	 	 	1.3	%	 	 	1,151	 	 	 	0.3	%	 	 	1,496	 	 	 	1.1	%	 	 	-	 	 	 	0.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787050 · Sales Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5751 · Sales Payroll & Taxes	 	 	621	 	 	 	0.1	%	 	 	478	 	 	 	0.1	%	 	 	143	 	 	 	0.2	%	 	 	79	 	 	 	0.0	%	 	 	542	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%
	Total 5787050 · Sales Taxes & Benefits	 	 	621	 	 	 	0.1	%	 	 	478	 	 	 	0.1	%	 	 	143	 	 	 	0.2	%	 	 	79	 	 	 	0.0	%	 	 	542	 	 	 	0.4	%	 	 	2125.9	%	 	 	3.9	%
	Total 5000 · Payroll & Benefits	 	 	5,094	 	 	 	1.0	%	 	 	2,923	 	 	 	0.7	%	 	 	1,292	 	 	 	1.4	%	 	 	1,230	 	 	 	0.3	%	 	 	2,038	 	 	 	1.5	%	 	 	512.8	%	 	 	0.3	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	8700 · Sales & Marketing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	8700 · Sales & Marketing - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(7,867	)	 	 	-0.2	%
	8751 · Computer Maintenance & Support	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	200	 	 	 	0.0	%
	8760 · Advertising	 	 	465	 	 	 	0.0	%	 	 	2,680	 	 	 	0.3	%	 	 	(2,215	)	 	 	-2.4	%	 	 	2,552	 	 	 	0.3	%	 	 	(2,087	)	 	 	-1.6	%	 	 	22,460	 	 	 	0.6	%
	8764 · Promotions	 	 	(255	)	 	 	0.0	%	 	 	1,008	 	 	 	0.1	%	 	 	(1,263	)	 	 	-1.4	%	 	 	1,101	 	 	 	0.1	%	 	 	(1,356	)	 	 	-1.0	%	 	 	1,500	 	 	 	0.0	%
	8765 · Public Relations	 	 	-	 	 	 	0.0	%	 	 	536	 	 	 	0.1	%	 	 	(536	)	 	 	-0.6	%	 	 	1,010	 	 	 	0.1	%	 	 	(1,010	)	 	 	-0.8	%	 	 	1,200	 	 	 	0.0	%
	8768 · Tradeshow	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8776 · Photography	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	2,000	 	 	 	0.1	%
	8781 · Dues & Subscriptions	 	 	262	 	 	 	0.0	%	 	 	734	 	 	 	0.1	%	 	 	(473	)	 	 	-0.5	%	 	 	823	 	 	 	0.1	%	 	 	(562	)	 	 	-0.4	%	 	 	1,596	 	 	 	0.0	%
	8782 · Website	 	 	287	 	 	 	0.0	%	 	 	277	 	 	 	0.0	%	 	 	10	 	 	 	0.0	%	 	 	416	 	 	 	0.0	%	 	 	(130	)	 	 	-0.1	%	 	 	3,060	 	 	 	0.1	%
	8783 · Internet Advertising	 	 	196	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	196	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	196	 	 	 	0.1	%	 	 	16,800	 	 	 	0.4	%
	8784 · Printing	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	600	 	 	 	0.0	%
	8785 · Telephone Cell & Radio	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8790 · Office Supplies	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8792 · Visitors Center	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8797 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	54	 	 	 	0.0	%	 	 	(54	)	 	 	-0.1	%	 	 	52	 	 	 	0.0	%	 	 	(52	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8798 · Consultants	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	2,000	 	 	 	0.1	%
	8799 · Tarsadia Intellegence Annual Am	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8700 · Sales & Marketing	 	 	955	 	 	 	0.1	%	 	 	5,288	 	 	 	0.6	%	 	 	(4,334	)	 	 	-4.7	%	 	 	5,954	 	 	 	0.7	%	 	 	(4,999	)	 	 	-3.7	%	 	 	43,549	 	 	 	1.2	%
	Total Expense	 	 	6,048	 	 	 	0.6	%	 	 	8,211	 	 	 	0.9	%	 	 	(2,163	)	 	 	-2.4	%	 	 	7,184	 	 	 	0.8	%	 	 	(1,136	)	 	 	-0.9	%	 	 	43,554	 	 	 	1.2	%
	Net Income	 	$	(6,048	)	 	 	-0.6	%	 	$	(8,211	)	 	 	-0.9	%	 	$	(2,163	)	 	 	-2.4	%	 	$	(7,184	)	 	 	-0.8	%	 	$	1,136	 	 	 	0.9	%	 	$	(43,554	)	 	 	-1.2	%

 

    	 	Page 24 of 32	 Orchards Inn March 13 Issue.xls / Sales - AvB

    	 

    

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787000 · .Sales Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787170 · Marketing Manager	 	 	681.61	 	 	 	514.71	 	 	 	969.24	 	 	 	2,165.56	 
	5787180 · DO Marketing	 	 	923.08	 	 	 	923.08	 	 	 	461.54	 	 	 	2,307.70	 
	Total 5787000 · .Sales Salaries & Wages	 	 	1,604.69	 	 	 	1,437.79	 	 	 	1,430.78	 	 	 	4,473.26	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787050 · Sales Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5751 · Sales Payroll & Taxes	 	 	419.36	 	 	 	-69.44	 	 	 	270.72	 	 	 	620.64	 
	Total 5787050 · Sales Taxes & Benefits	 	 	419.36	 	 	 	-69.44	 	 	 	270.72	 	 	 	620.64	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 5000 · Payroll & Benefits	 	 	2,024.05	 	 	 	1,368.35	 	 	 	1,701.50	 	 	 	5,093.90	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8700 · Sales & Marketing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8760 · Advertising	 	 	0.00	 	 	 	445.73	 	 	 	19.11	 	 	 	464.84	 
	8764 · Promotions	 	 	0.00	 	 	 	-102.00	 	 	 	-153.00	 	 	 	-255.00	 
	8781 · Dues & Subscriptions	 	 	87.17	 	 	 	87.17	 	 	 	87.17	 	 	 	261.51	 
	8782 · Website	 	 	95.62	 	 	 	95.62	 	 	 	95.62	 	 	 	286.86	 
	8783 · Internet Advertising	 	 	0.00	 	 	 	0.00	 	 	 	196.35	 	 	 	196.35	 
	Total 8700 · Sales & Marketing	 	 	182.79	 	 	 	526.52	 	 	 	245.25	 	 	 	954.56	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	2,206.84	 	 	 	1,894.87	 	 	 	1,946.75	 	 	 	6,048.46	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	-2,206.84	 	 	 	-1,894.87	 	 	 	-1,946.75	 	 	 	-6,048.46	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-2,206.84	 	 	 	-1,894.87	 	 	 	-1,946.75	 	 	 	-6,048.46	 

 

    	 	Page 25 of 32	Orchards Inn March 13 Issue.xls / Sales

    	 

    

 

Orchards Inn and Restaurant

Repair and Maintenance Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior 
Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888000 · Engineering	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888150 · Lead Groundsman	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	212	 	 	 	0.1	%	 	 	(212	)	 	 	-0.2	%
	5888160 · Assistant Chief Engineer	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5888180 · Chief Engineer	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,193	 	 	 	0.3	%	 	 	(1,193	)	 	 	-1.2	%
	5888600 · Groundsmen	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,010	 	 	 	0.2	%	 	 	(1,010	)	 	 	-1.0	%
	5888700 · Engineer I	 	 	-	 	 	 	0.0	%	 	 	10,180	 	 	 	2.3	%	 	 	(10,180	)	 	 	-13.0	%	 	 	7,919	 	 	 	1.9	%	 	 	(7,919	)	 	 	-7.9	%
	5888710 · Engineer II	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5888999 · Engineering Other Pay	 	 	10,180	 	 	 	2.0	%	 	 	-	 	 	 	0.0	%	 	 	10,180	 	 	 	13.0	%	 	 	-	 	 	 	0.0	%	 	 	10,180	 	 	 	10.1	%
	Total 5888000 · Engineering	 	 	10,180	 	 	 	2.0	%	 	 	10,180	 	 	 	2.3	%	 	 	-	 	 	 	0.0	%	 	 	10,334	 	 	 	2.5	%	 	 	(154	)	 	 	-0.2	%
	5888050 · Engineering Taxes & Benefits	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	5851 · Prop Ops Payroll Taxes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,229	 	 	 	0.3	%	 	 	(1,229	)	 	 	-1.2	%
	5852 · Prop Ops Workers' Comp	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5853 · Prop Ops Employ Benefits	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,314	 	 	 	0.3	%	 	 	(1,314	)	 	 	-1.3	%
	5855 · Prop Ops PTO	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5856 · Prop Ops Employ Meals	 	 	114	 	 	 	0.0	%	 	 	100	 	 	 	0.0	%	 	 	14	 	 	 	0.0	%	 	 	528	 	 	 	0.1	%	 	 	(414	)	 	 	-0.4	%
	5857 · Shared PTO Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5888050 · Engineering Taxes & Benefits	 	 	114	 	 	 	0.0	%	 	 	100	 	 	 	0.0	%	 	 	14	 	 	 	0.0	%	 	 	3,071	 	 	 	0.7	%	 	 	(2,957	)	 	 	-2.9	%
	Total 5000 · Payroll & Benefits	 	 	10,294	 	 	 	2.0	%	 	 	10,280	 	 	 	2.4	%	 	 	14	 	 	 	0.0	%	 	 	13,405	 	 	 	3.2	%	 	 	(3,111	)	 	 	-3.1	%
	8800 · Repairs & Maintenance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8825 · Maintenance Supplies	 	 	1,072	 	 	 	0.2	%	 	 	139	 	 	 	0.0	%	 	 	933	 	 	 	1.2	%	 	 	132	 	 	 	0.0	%	 	 	940	 	 	 	0.9	%
	8826 · Paint Supplies	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8827 · Small Tools & Equuipment	 	 	314	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	314	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	314	 	 	 	0.3	%
	8835 · Uniforms	 	 	-	 	 	 	0.0	%	 	 	224	 	 	 	0.1	%	 	 	(224	)	 	 	-0.3	%	 	 	213	 	 	 	0.1	%	 	 	(213	)	 	 	-0.2	%
	8850 · Plumbing	 	 	1,265	 	 	 	0.2	%	 	 	153	 	 	 	0.0	%	 	 	1,112	 	 	 	1.4	%	 	 	146	 	 	 	0.0	%	 	 	1,120	 	 	 	1.1	%
	8850C · Plumbing - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8851·AC/Refrigeration	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8852 · Auto Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	150	 	 	 	0.0	%	 	 	(150	)	 	 	-0.1	%
	8853 · Buildings	 	 	90	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	90	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	90	 	 	 	0.1	%
	8855·Electrical/Mechanical	 	 	211	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	211	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	211	 	 	 	0.2	%
	8855C · Electrical/Mech - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8856 · Equipment Repair	 	 	46	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	46	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	46	 	 	 	0.0	%
	8857 · HVAC	 	 	2,014	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	2,014	 	 	 	2.6	%	 	 	-	 	 	 	0.0	%	 	 	2,014	 	 	 	2.0	%
	8857C · HVAC - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8858 · Grounds	 	 	224	 	 	 	0.0	%	 	 	224	 	 	 	0.1	%	 	 	(1	)	 	 	0.0	%	 	 	214	 	 	 	0.1	%	 	 	10	 	 	 	0.0	%
	8859 · Lighting	 	 	275	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	275	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	275	 	 	 	0.3	%
	8861 · Locks & Keys	 	 	99	 	 	 	0.0	%	 	 	26	 	 	 	0.0	%	 	 	73	 	 	 	0.1	%	 	 	24	 	 	 	0.0	%	 	 	74	 	 	 	0.1	%
	8862 · Pest Control	 	 	772	 	 	 	0.2	%	 	 	207	 	 	 	0.0	%	 	 	565	 	 	 	0.7	%	 	 	198	 	 	 	0.0	%	 	 	575	 	 	 	0.6	%
	8864 · Pool & Spa	 	 	134	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	134	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	134	 	 	 	0.1	%
	8867 · Propane	 	 	242	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	242	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	242	 	 	 	0.2	%
	8868 · Fire Prevention	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8883 · Service Contracts	 	 	636	 	 	 	0.1	%	 	 	1,094	 	 	 	0.3	%	 	 	(458	)	 	 	-0.6	%	 	 	1,042	 	 	 	0.3	%	 	 	(406	)	 	 	-0.4	%
	8885 · Telephone Cell & Radio	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8886 · Contract Labor	 	 	-	 	 	 	0.0	%	 	 	158	 	 	 	0.0	%	 	 	(158	)	 	 	-0.2	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8887 · Storage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8888 · Signage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

    	 	 	Report continued on next page

    	 

    

 

	8890 · Office Supplies	 	 	34	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	34	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	34	 	 	 	0.0	%
	8896 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8897 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8899 · Final Room Prep - Renovated Rms	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8800 · Repairs & Maintenance	 	 	7,427	 	 	 	1.4	%	 	 	2,225	 	 	 	0.5	%	 	 	5,202	 	 	 	6.7	%	 	 	2,119	 	 	 	0.5	%	 	 	5,308	 	 	 	5.3	%
	Total Expense	 	 	17,721	 	 	 	3.4	%	 	 	12,505	 	 	 	2.9	%	 	 	5,216	 	 	 	6.7	%	 	 	15,524	 	 	 	3.8	%	 	 	2,197	 	 	 	2.2	%
	Net Income	 	$	(17,721	)	 	 	-3.4	%	 	$	(12,505	)	 	 	-2.9	%	 	$	(5,216	)	 	 	-6.7	%	 	$	(15,524	)	 	 	-3.8	%	 	$	(2,197	)	 	 	-2.2	%

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior 
Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Amount	 	 	% to 
Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888000 · Engineering	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888150 · Lead Groundsman	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	456	 	 	 	0.1	%	 	 	(456	)	 	 	-0.3	%	 	 	-	 	 	 	0.0	%
	5888160 · Assistant Chief Engineer	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5888180 · Chief Engineer	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	3,038	 	 	 	0.4	%	 	 	(3,038	)	 	 	-2.3	%	 	 	17,868	 	 	 	0.5	%
	5888600 · Groundsmen	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	4,281	 	 	 	0.5	%	 	 	(4,281	)	 	 	-3.2	%	 	 	6,120	 	 	 	0.2	%
	5888700 · Engineer I	 	 	-	 	 	 	0.0	%	 	 	30,540	 	 	 	3.4	%	 	 	(30,540	)	 	 	-33.4	%	 	 	19,257	 	 	 	2.3	%	 	 	(19,257	)	 	 	-14.4	%	 	 	41,616	 	 	 	1.1	%
	5888710 · Engineer II	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5888999 · Engineering Other Pay	 	 	30,540	 	 	 	3.1	%	 	 	-	 	 	 	0.0	%	 	 	30,540	 	 	 	33.4	%	 	 	-	 	 	 	0.0	%	 	 	30,540	 	 	 	22.9	%	 	 	5,680	 	 	 	0.2	%
	Total 5888000 · Engineering	 	 	30,540	 	 	 	3.1	%	 	 	30,540	 	 	 	3.4	%	 	 	-	 	 	 	0.0	%	 	 	27,031	 	 	 	3.2	%	 	 	3,509	 	 	 	2.6	%	 	 	71,284	 	 	 	1.9	%
	5888050 · Engineering Taxes & Benefits	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	5851 · Prop Ops Payroll Taxes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	3,102	 	 	 	0.4	%	 	 	(3,102	)	 	 	-2.3	%	 	 	5,421	 	 	 	0.1	%
	5852 · Prop Ops Workers' Comp	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	656	 	 	 	0.0	%
	5853 · Prop Ops Employ Benefits	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,869	 	 	 	0.2	%	 	 	(1,869	)	 	 	-1.4	%	 	 	1,876	 	 	 	0.0	%
	5855 · Prop Ops PTO	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5856 · Prop Ops Employ Meals	 	 	302	 	 	 	0.0	%	 	 	317	 	 	 	0.0	%	 	 	(16	)	 	 	0.0	%	 	 	1,035	 	 	 	0.1	%	 	 	(734	)	 	 	-0.5	%	 	 	2,470	 	 	 	0.1	%
	5857 · Shared PTO Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5888050 · Engineering Taxes & Benefits	 	 	302	 	 	 	0.0	%	 	 	317	 	 	 	0.0	%	 	 	(16	)	 	 	0.0	%	 	 	6,006	 	 	 	0.7	%	 	 	(5,705	)	 	 	-4.3	%	 	 	10,423	 	 	 	0.3	%
	Total 5000 · Payroll & Benefits	 	 	30,842	 	 	 	3.1	%	 	 	30,857	 	 	 	3.5	%	 	 	(16	)	 	 	0.0	%	 	 	33,038	 	 	 	3.9	%	 	 	(2,196	)	 	 	-1.6	%	 	 	81,707	 	 	 	2.2	%
	8800 · Repairs & Maintenance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8825 · Maintenance Supplies	 	 	2,968	 	 	 	0.3	%	 	 	1,403	 	 	 	0.2	%	 	 	1,565	 	 	 	1.7	%	 	 	3,129	 	 	 	0.4	%	 	 	(161	)	 	 	-0.1	%	 	 	8,648	 	 	 	0.2	%
	8826 · Paint Supplies	 	 	28	 	 	 	0.0	%	 	 	22	 	 	 	0.0	%	 	 	6	 	 	 	0.0	%	 	 	53	 	 	 	0.0	%	 	 	(26	)	 	 	0.0	%	 	 	1,853	 	 	 	0.0	%
	8827 · Small Tools & Equuipment	 	 	1,643	 	 	 	0.2	%	 	 	354	 	 	 	0.0	%	 	 	1,289	 	 	 	1.4	%	 	 	25	 	 	 	0.0	%	 	 	1,617	 	 	 	1.2	%	 	 	337	 	 	 	0.0	%
	8835 · Uniforms	 	 	-	 	 	 	0.0	%	 	 	179	 	 	 	0.0	%	 	 	(179	)	 	 	-0.2	%	 	 	416	 	 	 	0.0	%	 	 	(416	)	 	 	-0.3	%	 	 	600	 	 	 	0.0	%
	8850 · Plumbing	 	 	2,054	 	 	 	0.2	%	 	 	414	 	 	 	0.0	%	 	 	1,640	 	 	 	1.8	%	 	 	291	 	 	 	0.0	%	 	 	1,763	 	 	 	1.3	%	 	 	4,323	 	 	 	0.1	%
	8850C · Plumbing - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8851·AC/Refrigeration	 	 	45	 	 	 	0.0	%	 	 	45	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	314	 	 	 	0.0	%	 	 	(269	)	 	 	-0.2	%	 	 	570	 	 	 	0.0	%
	8852 · Auto Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	264	 	 	 	0.0	%	 	 	(264	)	 	 	-0.2	%	 	 	179	 	 	 	0.0	%
	8853 · Buildings	 	 	703	 	 	 	0.1	%	 	 	523	 	 	 	0.1	%	 	 	180	 	 	 	0.2	%	 	 	90	 	 	 	0.0	%	 	 	613	 	 	 	0.5	%	 	 	3,432	 	 	 	0.1	%
	8855·Electrical/Mechanical	 	 	1,198	 	 	 	0.1	%	 	 	987	 	 	 	0.1	%	 	 	211	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	1,198	 	 	 	0.9	%	 	 	2,470	 	 	 	0.1	%
	8855C · Electrical/Mech - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8856 · Equipment Repair	 	 	358	 	 	 	0.0	%	 	 	124	 	 	 	0.0	%	 	 	234	 	 	 	0.3	%	 	 	696	 	 	 	0.1	%	 	 	(337	)	 	 	-0.3	%	 	 	3,707	 	 	 	0.1	%
	8857 · HVAC	 	 	3,570	 	 	 	0.4	%	 	 	1,233	 	 	 	0.1	%	 	 	2,337	 	 	 	2.6	%	 	 	53	 	 	 	0.0	%	 	 	3,517	 	 	 	2.6	%	 	 	6,181	 	 	 	0.2	%
	8857C · HVAC - construction	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8858 · Grounds	 	 	1,008	 	 	 	0.1	%	 	 	974	 	 	 	0.1	%	 	 	35	 	 	 	0.0	%	 	 	636	 	 	 	0.1	%	 	 	373	 	 	 	0.3	%	 	 	494	 	 	 	0.0	%
	8859 · Lighting	 	 	842	 	 	 	0.1	%	 	 	579	 	 	 	0.1	%	 	 	263	 	 	 	0.3	%	 	 	348	 	 	 	0.0	%	 	 	495	 	 	 	0.4	%	 	 	990	 	 	 	0.0	%
	8861 · Locks & Keys	 	 	133	 	 	 	0.0	%	 	 	54	 	 	 	0.0	%	 	 	79	 	 	 	0.1	%	 	 	32	 	 	 	0.0	%	 	 	101	 	 	 	0.1	%	 	 	618	 	 	 	0.0	%
	8862 · Pest Control	 	 	1,035	 	 	 	0.1	%	 	 	820	 	 	 	0.1	%	 	 	216	 	 	 	0.2	%	 	 	1,140	 	 	 	0.1	%	 	 	(105	)	 	 	-0.1	%	 	 	5,940	 	 	 	0.2	%
	8864 · Pool & Spa	 	 	285	 	 	 	0.0	%	 	 	130	 	 	 	0.0	%	 	 	155	 	 	 	0.2	%	 	 	(1,522	)	 	 	-0.2	%	 	 	1,807	 	 	 	1.4	%	 	 	3,600	 	 	 	0.1	%
	8867 · Propane	 	 	584	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	584	 	 	 	0.6	%	 	 	112	 	 	 	0.0	%	 	 	472	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%
	8868 · Fire Prevention	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,400	 	 	 	0.0	%
	8883 · Service Contracts	 	 	1,176	 	 	 	0.1	%	 	 	2,462	 	 	 	0.3	%	 	 	(1,286	)	 	 	-1.4	%	 	 	2,204	 	 	 	0.3	%	 	 	(1,029	)	 	 	-0.8	%	 	 	5,000	 	 	 	0.1	%
	8885 · Telephone Cell & Radio	 	 	39	 	 	 	0.0	%	 	 	179	 	 	 	0.0	%	 	 	(141	)	 	 	-0.2	%	 	 	134	 	 	 	0.0	%	 	 	(95	)	 	 	-0.1	%	 	 	2,760	 	 	 	0.1	%
	8886 · Contract Labor	 	 	208	 	 	 	0.0	%	 	 	485	 	 	 	0.1	%	 	 	(277	)	 	 	-0.3	%	 	 	(75	)	 	 	0.0	%	 	 	283	 	 	 	0.2	%	 	 	1,200	 	 	 	0.0	%
	8887 · Storage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8888 · Signage	 	 	54	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	54	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	54	 	 	 	0.0	%	 	 	248	 	 	 	0.0	%
	8890 · Office Supplies	 	 	156	 	 	 	0.0	%	 	 	11	 	 	 	0.0	%	 	 	145	 	 	 	0.2	%	 	 	10	 	 	 	0.0	%	 	 	146	 	 	 	0.1	%	 	 	400	 	 	 	0.0	%
	8896 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8897 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8899 · Final Room Prep - Renovated Rms	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8800 · Repairs & Maintenance	 	 	18,087	 	 	 	1.8	%	 	 	10,976	 	 	 	1.2	%	 	 	7,111	 	 	 	7.8	%	 	 	8,350	 	 	 	1.0	%	 	 	9,737	 	 	 	7.3	%	 	 	54,950	 	 	 	1.5	%
	Total Expense	 	 	48,929	 	 	 	5.0	%	 	 	41,834	 	 	 	4.7	%	 	 	7,095	 	 	 	7.8	%	 	 	41,388	 	 	 	4.9	%	 	 	7,540	 	 	 	5.7	%	 	 	136,657	 	 	 	3.6	%
	Net Income	 	$	(48,929	)	 	 	-5.0	%	 	$	(41,834	)	 	 	-4.7	%	 	 	(7,095	)	 	 	-7.8	%	 	$	(41,388	)	 	 	-4.9	%	 	$	(7,540	)	 	 	-5.7	%	 	$	(136,657	)	 	 	-3.6	%

 

    	 	Page 26 of 32	Orchards Inn March 13 Issue.xls / R&M - AvB

    	 

    

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888000 · Engineering	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888999 · Engineering Other Pay	 	 	10,180.00	 	 	 	10,180.00	 	 	 	10,180.00	 	 	 	30,540.00	 
	Total 5888000 · Engineering	 	 	10,180.00	 	 	 	10,180.00	 	 	 	10,180.00	 	 	 	30,540.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888050 · Engineering Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5856 · Prop Ops Employ Meals	 	 	117.26	 	 	 	70.42	 	 	 	114.02	 	 	 	301.70	 
	Total 5888050 · Engineering Taxes & Benefits	 	 	117.26	 	 	 	70.42	 	 	 	114.02	 	 	 	301.70	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 5000 · Payroll & Benefits	 	 	10,297.26	 	 	 	10,250.42	 	 	 	10,294.02	 	 	 	30,841.70	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8800 · Repairs & Maintenance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8825 · Maintenance Supplies	 	 	460.42	 	 	 	1,435.24	 	 	 	1,072.25	 	 	 	2,967.91	 
	8826 · Paint Supplies	 	 	21.62	 	 	 	6.32	 	 	 	0.00	 	 	 	27.94	 
	8827 · Small Tools & Equuipment	 	 	327.45	 	 	 	1,001.53	 	 	 	313.82	 	 	 	1,642.80	 
	8850 · Plumbing	 	 	261.04	 	 	 	527.65	 	 	 	1,265.49	 	 	 	2,054.18	 
	8851·AC/Refrigeration	 	 	44.89	 	 	 	0.00	 	 	 	0.00	 	 	 	44.89	 
	8853 · Buildings	 	 	522.69	 	 	 	90.00	 	 	 	90.00	 	 	 	702.69	 
	8855·Electrical/Mechanical	 	 	986.57	 	 	 	0.00	 	 	 	211.33	 	 	 	1,197.90	 
	8856 · Equipment Repair	 	 	0.00	 	 	 	312.90	 	 	 	45.50	 	 	 	358.40	 
	8857 · HVAC	 	 	1,233.18	 	 	 	322.98	 	 	 	2,013.61	 	 	 	3,569.77	 
	8858 · Grounds	 	 	594.27	 	 	 	190.50	 	 	 	223.52	 	 	 	1,008.29	 
	8859 · Lighting	 	 	429.55	 	 	 	137.57	 	 	 	275.00	 	 	 	842.12	 
	8861 · Locks & Keys	 	 	24.88	 	 	 	9.30	 	 	 	98.58	 	 	 	132.76	 
	8862 · Pest Control	 	 	0.00	 	 	 	263.20	 	 	 	772.24	 	 	 	1,035.44	 
	8864 · Pool & Spa	 	 	130.19	 	 	 	21.59	 	 	 	133.50	 	 	 	285.28	 
	8867 · Propane	 	 	275.16	 	 	 	66.44	 	 	 	242.21	 	 	 	583.81	 
	8883 · Service Contracts	 	 	540.00	 	 	 	0.00	 	 	 	635.74	 	 	 	1,175.74	 
	8885 · Telephone Cell & Radio	 	 	38.64	 	 	 	0.00	 	 	 	0.00	 	 	 	38.64	 
	8886 · Contract Labor	 	 	0.00	 	 	 	207.92	 	 	 	0.00	 	 	 	207.92	 
	8888 · Signage	 	 	0.00	 	 	 	54.26	 	 	 	0.00	 	 	 	54.26	 
	8890 · Office Supplies	 	 	0.00	 	 	 	122.36	 	 	 	33.91	 	 	 	156.27	 
	Total 8800 · Repairs & Maintenance	 	 	5,890.55	 	 	 	4,769.76	 	 	 	7,426.70	 	 	 	18,087.01	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	16,187.81	 	 	 	15,020.18	 	 	 	17,720.72	 	 	 	48,928.71	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	-16,187.81	 	 	 	-15,020.18	 	 	 	-17,720.72	 	 	 	-48,928.71	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-16,187.81	 	 	 	-15,020.18	 	 	 	-17,720.72	 	 	 	-48,928.71	 

 

    	 	Page 28 of 32	Orchards Inn March 13 Issue.xls / R&M

    	 

    

 

Orchards Inn and Restaurant

Utilities Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior 
Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8500 · Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8501 · Gas	 	 	2,740	 	 	 	0.5	%	 	 	3,162	 	 	 	0.7	%	 	 	(423	)	 	 	-0.5	%	 	 	3,012	 	 	 	0.7	%	 	 	(272	)	 	 	-0.3	%
	8502 · Electricity	 	 	3,752	 	 	 	0.7	%	 	 	5,367	 	 	 	1.2	%	 	 	(1,614	)	 	 	-2.1	%	 	 	5,111	 	 	 	1.2	%	 	 	(1,359	)	 	 	-1.4	%
	8503 · Water	 	 	1,409	 	 	 	0.3	%	 	 	1,756	 	 	 	0.4	%	 	 	(347	)	 	 	-0.4	%	 	 	1,672	 	 	 	0.4	%	 	 	(263	)	 	 	-0.3	%
	8504 · Sewer	 	 	2,928	 	 	 	0.6	%	 	 	2,796	 	 	 	0.6	%	 	 	132	 	 	 	0.2	%	 	 	2,663	 	 	 	0.6	%	 	 	265	 	 	 	0.3	%
	8866 · Trash Removal	 	 	568	 	 	 	0.1	%	 	 	530	 	 	 	0.1	%	 	 	38	 	 	 	0.0	%	 	 	505	 	 	 	0.1	%	 	 	63	 	 	 	0.1	%
	Total 8500 · Utilities	 	 	11,397	 	 	 	2.2	%	 	 	13,610	 	 	 	3.1	%	 	 	(2,214	)	 	 	-2.8	%	 	 	12,962	 	 	 	3.1	%	 	 	(1,565	)	 	 	-1.6	%
	Total Expense	 	 	11,397	 	 	 	2.2	%	 	 	13,610	 	 	 	3.1	%	 	 	(2,214	)	 	 	-2.8	%	 	 	12,962	 	 	 	3.1	%	 	 	(1,565	)	 	 	-1.6	%
	Net Income	 	$	(11,397	)	 	 	-2.2	%	 	$	(13,610	)	 	 	-3.1	%	 	$	2,214	 	 	 	2.8	%	 	$	(12,962	)	 	 	-3.1	%	 	$	1,565	 	 	 	1.6	%

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior 
Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Amount	 	 	% to 
Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8500 · Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8501 · Gas	 	 	9,386	 	 	 	1.0	%	 	 	10,614	 	 	 	1.2	%	 	 	(1,228	)	 	 	-1.3	%	 	 	10,122	 	 	 	1.2	%	 	 	(736	)	 	 	-0.6	%	 	 	32,100	 	 	 	0.9	%
	8502 · Electricity	 	 	14,325	 	 	 	1.5	%	 	 	15,750	 	 	 	1.8	%	 	 	(1,425	)	 	 	-1.6	%	 	 	14,754	 	 	 	1.7	%	 	 	(429	)	 	 	-0.3	%	 	 	62,500	 	 	 	1.7	%
	8503 · Water	 	 	1,603	 	 	 	0.2	%	 	 	4,168	 	 	 	0.5	%	 	 	(2,566	)	 	 	-2.8	%	 	 	4,375	 	 	 	0.5	%	 	 	(2,772	)	 	 	-2.1	%	 	 	8,100	 	 	 	0.2	%
	8504 · Sewer	 	 	8,795	 	 	 	0.9	%	 	 	8,531	 	 	 	1.0	%	 	 	264	 	 	 	0.3	%	 	 	7,988	 	 	 	0.9	%	 	 	807	 	 	 	0.6	%	 	 	21,420	 	 	 	0.6	%
	8866 · Trash Removal	 	 	1,701	 	 	 	0.2	%	 	 	1,668	 	 	 	0.2	%	 	 	33	 	 	 	0.0	%	 	 	1,568	 	 	 	0.2	%	 	 	133	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%
	Total 8500 · Utilities	 	 	35,810	 	 	 	3.6	%	 	 	40,731	 	 	 	4.6	%	 	 	(4,921	)	 	 	-5.4	%	 	 	38,807	 	 	 	4.6	%	 	 	(2,997	)	 	 	-2.2	%	 	 	124,120	 	 	 	3.3	%
	Total Expense	 	 	35,810	 	 	 	3.6	%	 	 	40,731	 	 	 	4.6	%	 	 	(4,921	)	 	 	-5.4	%	 	 	38,807	 	 	 	4.6	%	 	 	(2,997	)	 	 	-2.2	%	 	 	124,120	 	 	 	3.3	%
	Net Income	 	$	(35,810	)	 	 	-3.6	%	 	$	(40,731	)	 	 	-4.6	%	 	$	4,921	 	 	 	5.4	%	 	$	(38,807	)	 	 	-4.6	%	 	$	2,997	 	 	 	2.2	%	 	$	(124,120	)	 	 	-3.3	%

 

    	 	Page 29 of 32	Orchards Inn March 13 Issue.xls / Utilities - AvB

    	 

    

 

Orchards Inn & Restaurant, LLC.

Utilities Department

January through March 2013

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8500 · Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8501 · Gas	 	 	4,153.69	 	 	 	2,492.36	 	 	 	2,739.91	 	 	 	9,385.96	 
	8502 · Electricity	 	 	5,382.59	 	 	 	5,190.58	 	 	 	3,752.27	 	 	 	14,325.44	 
	8503 · Water	 	 	977.26	 	 	 	-783.25	 	 	 	1,408.57	 	 	 	1,602.58	 
	8504 · Sewer	 	 	2,939.51	 	 	 	2,927.78	 	 	 	2,927.66	 	 	 	8,794.95	 
	8866 · Trash Removal	 	 	562.16	 	 	 	570.92	 	 	 	568.11	 	 	 	1,701.19	 
	Total 8500 · Utilities	 	 	14,015.21	 	 	 	10,398.39	 	 	 	11,396.52	 	 	 	35,810.12	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	14,015.21	 	 	 	10,398.39	 	 	 	11,396.52	 	 	 	35,810.12	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	-14,015.21	 	 	 	-10,398.39	 	 	 	-11,396.52	 	 	 	-35,810.12	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-14,015.21	 	 	 	-10,398.39	 	 	 	-11,396.52	 	 	 	-35,810.12	 

 

    	 	Page 30 of 32	Orchards Inn March 13 Issue.xls / Utilities

    	 

    

 

Orchards Inn and Restaurant

Fixed Expense Department

(Excluding Loan Interest)

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior 
Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9100 · Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9101 · Property Taxes	 	 	3,858	 	 	 	0.8	%	 	 	3,858	 	 	 	0.9	%	 	 	-	 	 	 	0.0	%	 	 	5,469	 	 	 	1.3	%	 	 	(1,611	)	 	 	-1.6	%
	9102 · Rent	 	 	4,009	 	 	 	0.8	%	 	 	4,114	 	 	 	0.9	%	 	 	(105	)	 	 	-0.1	%	 	 	1,464	 	 	 	0.4	%	 	 	2,545	 	 	 	2.5	%
	9103 · Personal Property Tax	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	200	 	 	 	0.0	%	 	 	(200	)	 	 	-0.2	%
	9104 · Insurance	 	 	2,678	 	 	 	0.5	%	 	 	2,678	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%	 	 	2,167	 	 	 	0.5	%	 	 	511	 	 	 	0.5	%
	Total 9100 · Fixed Expenses	 	 	10,545	 	 	 	2.1	%	 	 	10,650	 	 	 	2.4	%	 	 	(105	)	 	 	-0.1	%	 	 	9,299	 	 	 	2.3	%	 	 	1,245	 	 	 	1.2	%
	Net Income	 	$	(10,545	)	 	 	-2.1	%	 	$	(10,650	)	 	 	-2.4	%	 	$	105	 	 	 	0.1	%	 	$	(9,299	)	 	 	-2.3	%	 	$	(1,245	)	 	 	-1.2	%

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to 
Revenue	 	 	Budget	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Prior 
Year	 	 	% to 
Revenue	 	 	Variance	 	 	% to 
Revenue	 	 	Amount	 	 	% to 
Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9100 · Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9101 · Property Taxes	 	 	11,574	 	 	 	1.2	%	 	 	11,574	 	 	 	1.3	%	 	 	-	 	 	 	0.0	%	 	 	16,407	 	 	 	1.9	%	 	 	(4,833	)	 	 	-3.6	%	 	 	42,000	 	 	 	1.1	%
	9102 · Rent	 	 	12,237	 	 	 	1.2	%	 	 	12,342	 	 	 	1.4	%	 	 	(105	)	 	 	-0.1	%	 	 	2,404	 	 	 	0.3	%	 	 	9,832	 	 	 	7.4	%	 	 	-	 	 	 	0.0	%
	9103 · Personal Property Tax	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	600	 	 	 	0.1	%	 	 	(600	)	 	 	-0.4	%	 	 	1,800	 	 	 	0.0	%
	9104 · Insurance	 	 	8,034	 	 	 	0.8	%	 	 	8,034	 	 	 	0.9	%	 	 	-	 	 	 	0.0	%	 	 	6,500	 	 	 	0.8	%	 	 	1,534	 	 	 	1.1	%	 	 	25,200	 	 	 	0.7	%
	Total 9100 · Fixed Expenses	 	 	31,845	 	 	 	3.2	%	 	 	31,950	 	 	 	3.6	%	 	 	(105	)	 	 	-0.1	%	 	 	25,911	 	 	 	3.1	%	 	 	5,933	 	 	 	4.4	%	 	 	69,000	 	 	 	1.8	%
	Net Income	 	$	(31,845	)	 	 	-3.2	%	 	$	(31,950	)	 	 	-3.6	%	 	$	105	 	 	 	0.1	%	 	$	(25,911	)	 	 	-3.1	%	 	$	(5,933	)	 	 	-4.4	%	 	$	(69,000	)	 	 	-1.8	%

 

    	 	Page 31 of 32	Orchards Inn March 13 Issue.xls / Fixed - AvB

    	 

    

 

	 	Orchards Inn & Restaurant, LLC.	 
	 	Fixed Expenses	 
	 	January through March 2013	 

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Other Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9100 · Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9101 · Property Taxes	 	 	3,858.11	 	 	 	3,858.11	 	 	 	3,858.11	 	 	 	11,574.33	 
	9102 · Rent	 	 	4,113.89	 	 	 	4,113.89	 	 	 	4,008.72	 	 	 	12,236.50	 
	9104 · Insurance	 	 	2,677.98	 	 	 	2,677.98	 	 	 	2,677.98	 	 	 	8,033.94	 
	Total 9100 · Fixed Expenses	 	 	10,649.98	 	 	 	10,649.98	 	 	 	10,544.81	 	 	 	31,844.77	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Other Expense	 	 	10,649.98	 	 	 	10,649.98	 	 	 	10,544.81	 	 	 	31,844.77	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Other Income	 	 	-10,649.98	 	 	 	-10,649.98	 	 	 	-10,544.81	 	 	 	-31,844.77	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-10,649.98	 	 	 	-10,649.98	 	 	 	-10,544.81	 	 	 	-31,844.77	 

 

    	 	Page 32 of 32	Orchards Inn March 13 Issue.xls / Fixed

    	 

    

 

Orchards Annex

Profit and Loss Statement

March 2013

 

	 	 	Current Month	 	 	 	 
	 	 	Actual	 	 	% to 
 Revenue	 	 	Budget	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 	 	Prior Year	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	868	 	 	 	 	 	 	 	868	 	 	 	 	 	 	 	0	 	 	 	 	 	 	 	868	 	 	 	 	 	 	 	0	 	 	 	 	 
	Occupied Rooms	 	 	762	 	 	 	 	 	 	 	712	 	 	 	 	 	 	 	50	 	 	 	 	 	 	 	709	 	 	 	 	 	 	 	53	 	 	 	 	 
	Occupancy	 	 	87.8	%	 	 	 	 	 	 	82.0	%	 	 	 	 	 	 	7.0	%	 	 	 	 	 	 	81.7	%	 	 	 	 	 	 	7.5	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	183.16	 	 	 	 	 	 	$	185.00	 	 	 	 	 	 	($	1.84	)	 	 	 	 	 	$	170.19	 	 	 	 	 	 	$	12.97	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	160.79	 	 	 	 	 	 	$	151.75	 	 	 	 	 	 	$	9.04	 	 	 	 	 	 	$	139.01	 	 	 	 	 	 	$	21.78	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	139,565	 	 	 	100.0	%	 	 	131,720	 	 	 	100.0	%	 	 	7,845	 	 	 	100.0	%	 	 	120,662	 	 	 	100.0	%	 	 	18,904	 	 	 	100.0	%
	Food & Beverage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Miscellaneous	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total Revenues	 	 	139,565	 	 	 	100.0	%	 	 	131,720	 	 	 	100.0	%	 	 	7,845	 	 	 	100.0	%	 	 	120,662	 	 	 	100.0	%	 	 	18,904	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	52,909	 	 	 	37.9	%	 	 	39,591	 	 	 	30.1	%	 	 	13,318	 	 	 	169.8	%	 	 	36,844	 	 	 	30.5	%	 	 	16,065	 	 	 	85.0	%
	Food & Beverage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Miscellaneous	 	 	339	 	 	 	0.2	%	 	 	497	 	 	 	0.4	%	 	 	(158	)	 	 	0.0	%	 	 	482	 	 	 	0.4	%	 	 	(143	)	 	 	0.0	%
	Total Department Expenses	 	 	53,248	 	 	 	38.2	%	 	 	40,088	 	 	 	30.4	%	 	 	13,160	 	 	 	167.7	%	 	 	37,327	 	 	 	30.9	%	 	 	15,922	 	 	 	84.2	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	86,656	 	 	 	62.1	%	 	 	92,129	 	 	 	69.9	%	 	 	(5,473	)	 	 	-69.8	%	 	 	83,817	 	 	 	69.5	%	 	 	2,839	 	 	 	15.0	%
	Food & Beverage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Miscellaneous	 	 	(339	)	 	 	-0.2	%	 	 	(497	)	 	 	-0.4	%	 	 	158	 	 	 	0.0	%	 	 	(482	)	 	 	-0.4	%	 	 	143	 	 	 	0.0	%
	Total Departmental Profit	 	 	86,317	 	 	 	61.8	%	 	 	91,632	 	 	 	69.6	%	 	 	(5,315	)	 	 	-67.7	%	 	 	83,335	 	 	 	69.1	%	 	 	2,982	 	 	 	15.8	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	4,186	 	 	 	3.0	%	 	 	3,952	 	 	 	3.0	%	 	 	234	 	 	 	3.0	%	 	 	2,413	 	 	 	2.0	%	 	 	1,773	 	 	 	9.4	%
	Administrative & General	 	 	12,148	 	 	 	8.7	%	 	 	19,049	 	 	 	14.5	%	 	 	(6,901	)	 	 	-88.0	%	 	 	21,039	 	 	 	17.4	%	 	 	(8,890	)	 	 	-47.0	%
	Sales & Marketing	 	 	236	 	 	 	0.2	%	 	 	3,303	 	 	 	2.5	%	 	 	(3,067	)	 	 	-39.1	%	 	 	3,158	 	 	 	2.6	%	 	 	(2,923	)	 	 	-15.5	%
	Engineering	 	 	7,580	 	 	 	5.4	%	 	 	6,970	 	 	 	5.3	%	 	 	610	 	 	 	7.8	%	 	 	13,765	 	 	 	11.4	%	 	 	(6,185	)	 	 	-32.7	%
	Utilities	 	 	3,660	 	 	 	2.6	%	 	 	4,905	 	 	 	3.7	%	 	 	(1,245	)	 	 	-15.9	%	 	 	4,672	 	 	 	3.9	%	 	 	(1,012	)	 	 	-5.4	%
	Total Undistributed Expenses	 	 	27,810	 	 	 	19.9	%	 	 	38,179	 	 	 	29.0	%	 	 	(10,369	)	 	 	-132.2	%	 	 	45,047	 	 	 	37.3	%	 	 	(17,237	)	 	 	-91.2	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	58,507	 	 	 	41.9	%	 	 	53,453	 	 	 	40.6	%	 	 	5,054	 	 	 	64.4	%	 	 	38,288	 	 	 	31.7	%	 	 	20,219	 	 	 	107.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Leases (Rent)	 	 	41,243	 	 	 	29.6	%	 	 	41,130	 	 	 	31.2	%	 	 	113	 	 	 	1.4	%	 	 	26,777	 	 	 	22.2	%	 	 	14,467	 	 	 	76.5	%
	Insurance	 	 	1,854	 	 	 	1.3	%	 	 	1,854	 	 	 	1.4	%	 	 	(0	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,854	 	 	 	9.8	%
	Total Fixed Expenses	 	 	43,097	 	 	 	30.9	%	 	 	42,984	 	 	 	32.6	%	 	 	113	 	 	 	1.4	%	 	 	26,777	 	 	 	22.2	%	 	 	16,321	 	 	 	86.3	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	15,410	 	 	 	11.0	%	 	 	10,469	 	 	 	7.9	%	 	 	4,941	 	 	 	63.0	%	 	 	11,511	 	 	 	9.5	%	 	 	3,898	 	 	 	20.6	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	Reserve for Replacement	 	 	5,583	 	 	 	4.0	%	 	 	5,269	 	 	 	4.0	%	 	 	314	 	 	 	4.0	%	 	 	4,826	 	 	 	4.0	%	 	 	756	 	 	 	4.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	Net Operating Income	 	 	9,827	 	 	 	7.0	%	 	 	5,200	 	 	 	3.9	%	 	 	4,627	 	 	 	59.0	%	 	 	6,685	 	 	 	5.5	%	 	 	3,142	 	 	 	16.6	%

 

    	 	 	Report continued on next page

    	 

    

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full
    Year	 
	 	 	Actual	 	 	% to 
 Revenue	 	 	Budget	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 	 	Prior Year	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 	 	Amount	 	 	%	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	2,520	 	 	 	 	 	 	 	2,520	 	 	 	 	 	 	 	0	 	 	 	 	 	 	 	2,848	 	 	 	 	 	 	 	(328	)	 	 	 	 	 	 	10,220	 	 	 	 	 
	Occupied Rooms	 	 	1,661	 	 	 	 	 	 	 	1,595	 	 	 	 	 	 	 	66	 	 	 	 	 	 	 	1,595	 	 	 	 	 	 	 	66	 	 	 	 	 	 	 	7,128	 	 	 	 	 
	Occupancy	 	 	65.9	%	 	 	 	 	 	 	63.3	%	 	 	 	 	 	 	4.1	%	 	 	 	 	 	 	56.0	%	 	 	 	 	 	 	4.1	%	 	 	 	 	 	 	69.7	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	156.65	 	 	 	 	 	 	$	159.54	 	 	 	 	 	 	($	2.89	)	 	 	 	 	 	$	148.56	 	 	 	 	 	 	$	8.09	 	 	 	 	 	 	$	150.76	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	103.25	 	 	 	 	 	 	$	100.98	 	 	 	 	 	 	$	2.27	 	 	 	 	 	 	$	83.20	 	 	 	 	 	 	$	20.05	 	 	 	 	 	 	$	105.15	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	260,192	 	 	 	100.0	%	 	 	254,470	 	 	 	100.0	%	 	 	5,722	 	 	 	100.0	%	 	 	236,947	 	 	 	100.0	%	 	 	23,245	 	 	 	100.0	%	 	 	1,074,584	 	 	 	100.0	%
	Food & Beverage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Miscellaneous	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total Revenues	 	 	260,192	 	 	 	100.0	%	 	 	254,470	 	 	 	100.0	%	 	 	5,722	 	 	 	100.0	%	 	 	236,947	 	 	 	100.0	%	 	 	23,245	 	 	 	100.0	%	 	 	1,074,584	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	119,704	 	 	 	46.0	%	 	 	110,079	 	 	 	43.3	%	 	 	9,625	 	 	 	168.2	%	 	 	105,637	 	 	 	44.6	%	 	 	14,067	 	 	 	60.5	%	 	 	366,250	 	 	 	34.1	%
	Food & Beverage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Miscellaneous	 	 	939	 	 	 	0.4	%	 	 	1,281	 	 	 	0.5	%	 	 	(342	)	 	 	0.0	%	 	 	1,576	 	 	 	0.7	%	 	 	(637	)	 	 	0.0	%	 	 	5,316	 	 	 	0.0	%
	Total Department Expenses	 	 	120,644	 	 	 	46.4	%	 	 	111,360	 	 	 	43.8	%	 	 	9,284	 	 	 	162.3	%	 	 	107,213	 	 	 	45.2	%	 	 	13,430	 	 	 	57.8	%	 	 	371,566	 	 	 	34.6	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	140,487	 	 	 	54.0	%	 	 	144,391	 	 	 	56.7	%	 	 	(3,904	)	 	 	-68.2	%	 	 	131,309	 	 	 	55.4	%	 	 	9,178	 	 	 	39.5	%	 	 	708,334	 	 	 	65.9	%
	Food & Beverage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Miscellaneous	 	 	(939	)	 	 	-0.4	%	 	 	(1,281	)	 	 	-0.5	%	 	 	342	 	 	 	0.0	%	 	 	(1,576	)	 	 	-0.7	%	 	 	637	 	 	 	0.0	%	 	 	(5,316	)	 	 	0.0	%
	Total Departmental Profit	 	 	139,548	 	 	 	53.6	%	 	 	143,110	 	 	 	56.2	%	 	 	(3,562	)	 	 	-62.3	%	 	 	129,733	 	 	 	54.8	%	 	 	9,815	 	 	 	42.2	%	 	 	703,018	 	 	 	65.4	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	7,805	 	 	 	3.0	%	 	 	7,635	 	 	 	3.0	%	 	 	170	 	 	 	3.0	%	 	 	4,739	 	 	 	2.0	%	 	 	3,066	 	 	 	13.2	%	 	 	21,492	 	 	 	2.0	%
	Administrative & General	 	 	36,299	 	 	 	14.0	%	 	 	41,910	 	 	 	16.5	%	 	 	(5,611	)	 	 	-98.1	%	 	 	49,551	 	 	 	20.9	%	 	 	(13,252	)	 	 	-57.0	%	 	 	140,555	 	 	 	13.1	%
	Sales & Marketing	 	 	917	 	 	 	0.4	%	 	 	4,368	 	 	 	1.7	%	 	 	(3,451	)	 	 	-60.3	%	 	 	5,519	 	 	 	2.3	%	 	 	(4,602	)	 	 	-19.8	%	 	 	30,263	 	 	 	2.8	%
	Engineering	 	 	23,216	 	 	 	8.9	%	 	 	22,939	 	 	 	9.0	%	 	 	277	 	 	 	4.8	%	 	 	32,616	 	 	 	13.8	%	 	 	(9,400	)	 	 	-40.4	%	 	 	117,672	 	 	 	11.0	%
	Utilities	 	 	14,232	 	 	 	5.5	%	 	 	14,800	 	 	 	5.8	%	 	 	(568	)	 	 	-9.9	%	 	 	15,222	 	 	 	6.4	%	 	 	(990	)	 	 	-4.3	%	 	 	79,600	 	 	 	7.4	%
	Total Undistributed Expenses	 	 	82,468	 	 	 	31.7	%	 	 	91,652	 	 	 	36.0	%	 	 	(9,184	)	 	 	-160.5	%	 	 	107,647	 	 	 	45.4	%	 	 	(25,178	)	 	 	-108.3	%	 	 	389,582	 	 	 	36.3	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	57,080	 	 	 	21.9	%	 	 	51,458	 	 	 	20.2	%	 	 	5,622	 	 	 	98.3	%	 	 	22,087	 	 	 	9.3	%	 	 	34,993	 	 	 	150.5	%	 	 	313,436	 	 	 	29.2	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Leases (Rent)	 	 	44,003	 	 	 	16.9	%	 	 	43,890	 	 	 	17.2	%	 	 	113	 	 	 	2.0	%	 	 	31,317	 	 	 	13.2	%	 	 	12,686	 	 	 	54.6	%	 	 	268,688	 	 	 	25.0	%
	Insurance	 	 	5,562	 	 	 	2.1	%	 	 	5,562	 	 	 	2.2	%	 	 	(0	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	5,562	 	 	 	23.9	%	 	 	-	 	 	 	0.0	%
	Total Fixed Expenses	 	 	49,565	 	 	 	19.0	%	 	 	49,452	 	 	 	19.4	%	 	 	113	 	 	 	2.0	%	 	 	31,317	 	 	 	13.2	%	 	 	18,248	 	 	 	78.5	%	 	 	268,688	 	 	 	25.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	7,515	 	 	 	2.9	%	 	 	2,006	 	 	 	0.8	%	 	 	5,509	 	 	 	96.3	%	 	 	(9,230	)	 	 	-3.9	%	 	 	16,745	 	 	 	72.0	%	 	 	44,748	 	 	 	4.2	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	10,408	 	 	 	4.0	%	 	 	10,179	 	 	 	4.0	%	 	 	229	 	 	 	4.0	%	 	 	9,478	 	 	 	4.0	%	 	 	930	 	 	 	4.0	%	 	 	42,983	 	 	 	4.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	(2,893	)	 	 	-1.1	%	 	 	(8,173	)	 	 	-3.2	%	 	 	5,280	 	 	 	92.3	%	 	 	(18,708	)	 	 	-7.9	%	 	 	15,815	 	 	 	68.0	%	 	 	1,765	 	 	 	0.2	%

 

    	 	Page 1 of 19	109.3. Ex 18(a)- 3rd Part - Orchards Annex March 13 Issue / Report

    	 

    

 

	 Current Year - 2013	 
	 	 
	Year to Date	 

 

	 	 	January	 	 	February	 	 	February	 	 	Total Year	 
	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	868	 	 	 	 	 	 	 	784	 	 	 	 	 	 	 	868	 	 	 	 	 	 	 	2,520	 	 	 	 	 
	Occupied Rooms	 	 	405	 	 	 	 	 	 	 	494	 	 	 	 	 	 	 	762	 	 	 	 	 	 	 	1,661	 	 	 	 	 
	Occupancy	 	 	46.7	%	 	 	 	 	 	 	63.0	%	 	 	 	 	 	 	87.8	%	 	 	 	 	 	 	65.9	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	126.05	 	 	 	 	 	 	$	140.84	 	 	 	 	 	 	$	183.16	 	 	 	 	 	 	$	156.65	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	58.81	 	 	 	 	 	 	$	88.74	 	 	 	 	 	 	$	160.79	 	 	 	 	 	 	$	103.25	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	$	51,050	 	 	$	183.47	 	 	$	69,576	 	 	$	140.84	 	 	$	139,565	 	 	$	183.16	 	 	 	260,192	 	 	$	156.65	 
	Food & Beverage	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	0	 	 	$	-	 
	Miscellaneous	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	0	 	 	$	-	 
	Total Revenues	 	$	51,050	 	 	$	183.47	 	 	$	69,576	 	 	$	140.84	 	 	$	139,565	 	 	$	183.16	 	 	 	260,192	 	 	$	156.65	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	$	31,350	 	 	$	72.22	 	 	$	35,445	 	 	$	71.75	 	 	$	52,909	 	 	$	69.43	 	 	 	119,704	 	 	$	72.07	 
	Food & Beverage	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	0	 	 	$	-	 
	Miscellaneous	 	$	284	 	 	$	0.85	 	 	$	316	 	 	$	0.64	 	 	$	339	 	 	$	0.45	 	 	 	939	 	 	$	0.57	 
	Total Department Expenses	 	$	31,634	 	 	$	73.07	 	 	$	35,761	 	 	$	72.39	 	 	$	53,248	 	 	$	69.88	 	 	 	120,644	 	 	$	72.63	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	$	19,700	 	 	$	111.25	 	 	$	34,131	 	 	$	69.09	 	 	$	86,656	 	 	$	113.72	 	 	 	140,487	 	 	$	84.58	 
	Food & Beverage	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	0	 	 	$	-	 
	Miscellaneous	 	$	(284	)	 	$	(0.85	)	 	$	(316	)	 	$	(0.64	)	 	$	(339	)	 	$	(0.45	)	 	 	(939	)	 	$	(0.57	)
	Total Departmental Profit	 	$	19,416	 	 	$	110.40	 	 	$	33,815	 	 	$	68.45	 	 	$	86,317	 	 	$	113.28	 	 	 	139,548	 	 	$	84.01	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	$	1,532	 	 	$	5.50	 	 	$	2,087	 	 	$	4.23	 	 	$	4,186	 	 	$	5.49	 	 	 	7,805	 	 	$	4.70	 
	Administrative & General	 	$	10,765	 	 	$	25.16	 	 	$	13,386	 	 	$	27.10	 	 	$	12,148	 	 	$	15.94	 	 	 	36,299	 	 	$	21.85	 
	Sales & Marketing	 	$	176	 	 	$	4.54	 	 	$	506	 	 	$	1.02	 	 	$	236	 	 	$	0.31	 	 	 	917	 	 	$	0.55	 
	Engineering	 	$	7,887	 	 	$	17.84	 	 	$	7,750	 	 	$	15.69	 	 	$	7,580	 	 	$	9.95	 	 	 	23,216	 	 	$	13.98	 
	Utilities	 	$	4,303	 	 	$	9.79	 	 	$	6,269	 	 	$	12.69	 	 	$	3,660	 	 	$	4.80	 	 	 	14,232	 	 	$	8.57	 
	Total Undistributed Expenses	 	$	24,661	 	 	$	62.83	 	 	$	29,997	 	 	$	60.72	 	 	$	27,810	 	 	$	36.50	 	 	 	82,468	 	 	$	49.65	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	$	(5,245	)	 	$	47.57	 	 	$	3,817	 	 	$	7.73	 	 	$	58,507	 	 	$	76.78	 	 	 	57,080	 	 	$	34.36	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	0	 	 	$	-	 
	Leases (Rent)	 	$	1,380	 	 	$	3.87	 	 	$	1,380	 	 	$	2.79	 	 	$	41,243	 	 	$	54.13	 	 	 	44,003	 	 	$	26.49	 
	Insurance	 	$	1,854	 	 	$	9.16	 	 	$	1,854	 	 	$	3.75	 	 	$	1,854	 	 	$	2.43	 	 	 	5,562	 	 	$	3.35	 
	Total Fixed Expenses	 	$	3,234	 	 	$	13.03	 	 	$	3,234	 	 	$	6.55	 	 	$	43,097	 	 	$	56.56	 	 	 	49,565	 	 	$	29.84	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	$	(8,479	)	 	$	34.54	 	 	$	584	 	 	$	1.18	 	 	$	15,410	 	 	$	20.22	 	 	$	7,515	 	 	$	4.52	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	$	2,042	 	 	$	7.34	 	 	$	2,783	 	 	$	5.63	 	 	$	5,583	 	 	$	7.33	 	 	 	10,408	 	 	$	6.27	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	$	(10,521	)	 	$	27.20	 	 	$	(2,199	)	 	$	(4.45	)	 	$	9,827	 	 	$	12.90	 	 	$	(2,893	)	 	$	(1.74	)

 

    	 	Page 2 of 19	 Orchards Annex March 13 Issue.xls / Current YTD

    	 

    

 

	Budget - 2013	 
	 	 
	 	Year to Date

 

	 	 	January	 	 	February	 	 	March	 	 	April	 	 	May	 	 	June	 	 	July	 	 	August	 	 	September	 	 	October	 	 	November	 	 	December	 	 	Total Year	 
	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	Amount	 	 	POR	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Available Room Nights	 	 	868	 	 	 	784	 	 	 	868	 	 	 	840	 	 	 	868	 	 	 	840	 	 	 	868	 	 	 	868	 	 	 	840	 	 	 	868	 	 	 	840	 	 	 	868	 	 	 	10,220	 	 	 	 	 
	Occupied Rooms - Revenue	 	 	405	 	 	 	478	 	 	 	712	 	 	 	773	 	 	 	694	 	 	 	630	 	 	 	625	 	 	 	625	 	 	 	672	 	 	 	695	 	 	 	630	 	 	 	477	 	 	 	7,416	 	 	 	 	 
	Occupied Rooms - With Comps	 	 	405	 	 	 	478	 	 	 	712	 	 	 	773	 	 	 	694	 	 	 	630	 	 	 	625	 	 	 	625	 	 	 	672	 	 	 	695	 	 	 	630	 	 	 	477	 	 	 	7,416	 	 	 	 	 
	Occupancy	 	 	46.7	%	 	 	61.0	%	 	 	82.0	%	 	 	92.0	%	 	 	80.0	%	 	 	75.0	%	 	 	72.0	%	 	 	72.0	%	 	 	80.0	%	 	 	80.1	%	 	 	75.0	%	 	 	55.0	%	 	 	72.6	%	 	 	 	 
	ADR	 	$	126.05	 	 	$	150.00	 	 	$	185.00	 	 	$	185.00	 	 	$	180.00	 	 	$	170.00	 	 	$	135.00	 	 	$	125.00	 	 	$	166.00	 	 	$	180.00	 	 	$	135.00	 	 	$	130.00	 	 	$	158.54	 	 	 	 	 
	RevPAR	 	$	58.81	 	 	$	91.45	 	 	$	151.75	 	 	$	170.24	 	 	$	143.92	 	 	$	127.50	 	 	$	97.21	 	 	$	90.01	 	 	$	132.80	 	 	$	144.12	 	 	$	101.25	 	 	$	71.50	 	 	$	115.04	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	51,050	 	 	 	71,700	 	 	 	131,720	 	 	 	143,005	 	 	 	124,920	 	 	 	107,100	 	 	 	84,375	 	 	 	78,125	 	 	 	111,552	 	 	 	125,100	 	 	 	85,050	 	 	 	62,062	 	 	 	1,175,759	 	 	$	158.54	 
	Food & Beverage	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	-	 
	Miscellaneous	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	-	 
	Total Revenues	 	 	51,050	 	 	 	71,700	 	 	 	131,720	 	 	 	143,005	 	 	 	124,920	 	 	 	107,100	 	 	 	84,375	 	 	 	78,125	 	 	 	111,552	 	 	 	125,100	 	 	 	85,050	 	 	 	62,062	 	 	 	1,175,759	 	 	$	158.54	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	31,350	 	 	 	39,138	 	 	 	39,591	 	 	 	43,769	 	 	 	38,361	 	 	 	40,168	 	 	 	31,017	 	 	 	31,787	 	 	 	33,537	 	 	 	34,422	 	 	 	30,814	 	 	 	25,689	 	 	 	419,644	 	 	$	56.58	 
	Food & Beverage	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	 	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	-	 
	Miscellaneous	 	 	284	 	 	 	500	 	 	 	497	 	 	 	505	 	 	 	488	 	 	 	443	 	 	 	443	 	 	 	443	 	 	 	443	 	 	 	443	 	 	 	443	 	 	 	443	 	 	 	5,375	 	 	$	0.72	 
	Total Department Expenses	 	 	31,634	 	 	 	39,638	 	 	 	40,088	 	 	 	44,274	 	 	 	38,849	 	 	 	40,611	 	 	 	31,460	 	 	 	32,230	 	 	 	33,980	 	 	 	34,865	 	 	 	31,257	 	 	 	26,132	 	 	 	425,019	 	 	$	57.31	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	 	19,700	 	 	 	32,562	 	 	 	92,129	 	 	 	99,236	 	 	 	86,559	 	 	 	66,932	 	 	 	53,358	 	 	 	46,338	 	 	 	78,015	 	 	 	90,678	 	 	 	54,236	 	 	 	36,373	 	 	 	756,115	 	 	$	101.95	 
	Food & Beverage	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	-	 
	Miscellaneous	 	 	(284	)	 	 	(500	)	 	 	(497	)	 	 	(505	)	 	 	(488	)	 	 	(443	)	 	 	(443	)	 	 	(443	)	 	 	(443	)	 	 	(443	)	 	 	(443	)	 	 	(443	)	 	 	(5,375	)	 	$	(0.72	)
	Total Departmental Profit	 	 	19,416	 	 	 	32,062	 	 	 	91,632	 	 	 	98,731	 	 	 	86,071	 	 	 	66,489	 	 	 	52,915	 	 	 	45,895	 	 	 	77,572	 	 	 	90,235	 	 	 	53,793	 	 	 	35,930	 	 	 	750,740	 	 	$	101.23	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	 	1,532	 	 	 	2,151	 	 	 	3,952	 	 	 	4,290	 	 	 	3,748	 	 	 	3,213	 	 	 	1,688	 	 	 	1,563	 	 	 	2,231	 	 	 	2,502	 	 	 	1,701	 	 	 	1,241	 	 	 	29,811	 	 	$	4.02	 
	Administrative & General	 	 	10,765	 	 	 	12,096	 	 	 	19,049	 	 	 	17,296	 	 	 	15,273	 	 	 	13,549	 	 	 	11,403	 	 	 	11,445	 	 	 	12,285	 	 	 	12,394	 	 	 	11,199	 	 	 	11,370	 	 	 	158,124	 	 	$	21.32	 
	Sales & Marketing	 	 	176	 	 	 	889	 	 	 	3,303	 	 	 	1,421	 	 	 	983	 	 	 	588	 	 	 	2,325	 	 	 	2,570	 	 	 	2,515	 	 	 	3,686	 	 	 	2,580	 	 	 	2,136	 	 	 	23,172	 	 	$	3.12	 
	Engineering	 	 	7,887	 	 	 	8,082	 	 	 	6,970	 	 	 	9,574	 	 	 	10,360	 	 	 	9,503	 	 	 	52,377	 	 	 	9,880	 	 	 	10,526	 	 	 	10,750	 	 	 	9,801	 	 	 	8,819	 	 	 	154,528	 	 	$	20.84	 
	Utilities	 	 	4,303	 	 	 	5,592	 	 	 	4,905	 	 	 	5,053	 	 	 	5,930	 	 	 	7,452	 	 	 	7,400	 	 	 	7,200	 	 	 	7,000	 	 	 	6,800	 	 	 	6,400	 	 	 	7,300	 	 	 	75,335	 	 	$	10.16	 
	Total Undistributed Expenses	 	 	24,663	 	 	 	28,810	 	 	 	38,179	 	 	 	37,634	 	 	 	36,294	 	 	 	34,305	 	 	 	75,192	 	 	 	32,657	 	 	 	34,557	 	 	 	36,132	 	 	 	31,680	 	 	 	30,866	 	 	 	440,970	 	 	$	59.46	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	 	(5,247	)	 	 	3,252	 	 	 	53,453	 	 	 	61,097	 	 	 	49,777	 	 	 	32,184	 	 	 	(22,278	)	 	 	13,239	 	 	 	43,015	 	 	 	54,103	 	 	 	22,112	 	 	 	5,063	 	 	 	309,770	 	 	$	41.77	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	-	 
	Leases (Rent)	 	 	1,380	 	 	 	1,380	 	 	 	41,130	 	 	 	41,130	 	 	 	41,130	 	 	 	41,130	 	 	 	41,130	 	 	 	41,130	 	 	 	41,130	 	 	 	41,130	 	 	 	1,380	 	 	 	1,380	 	 	 	334,560	 	 	$	45.11	 
	Insurance	 	 	1,854	 	 	 	1,854	 	 	 	1,854	 	 	 	1,854	 	 	 	1,854	 	 	 	1,854	 	 	 	1,854	 	 	 	1,854	 	 	 	1,854	 	 	 	1,854	 	 	 	1,854	 	 	 	1,854	 	 	 	22,248	 	 	$	3.00	 
	Total Fixed Expenses	 	 	3,234	 	 	 	3,234	 	 	 	42,984	 	 	 	42,984	 	 	 	42,984	 	 	 	42,984	 	 	 	42,984	 	 	 	42,984	 	 	 	42,984	 	 	 	42,984	 	 	 	3,234	 	 	 	3,234	 	 	 	356,808	 	 	$	48.11	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	 	(8,481	)	 	 	18	 	 	 	10,469	 	 	 	18,113	 	 	 	6,793	 	 	 	(10,800	)	 	 	(65,262	)	 	 	(29,745	)	 	 	31	 	 	 	11,119	 	 	 	18,878	 	 	 	1,829	 	 	 	(47,038	)	 	$	(6.34	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	 	2,042	 	 	 	2,868	 	 	 	5,269	 	 	 	5,720	 	 	 	4,997	 	 	 	4,284	 	 	 	3,375	 	 	 	3,125	 	 	 	4,462	 	 	 	5,004	 	 	 	3,402	 	 	 	2,482	 	 	 	47,030	 	 	$	6.34	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	 	(10,523	)	 	 	(2,850	)	 	 	5,200	 	 	 	12,393	 	 	 	1,796	 	 	 	(15,084	)	 	 	(68,637	)	 	 	(32,870	)	 	 	(4,431	)	 	 	6,115	 	 	 	15,476	 	 	 	(653	)	 	 	(94,068	)	 	$	(12.68	)

 

    	 	Page 3 of 19	Orchards Annex March 13 Issue.xls / Budget YTD

    	 

    

 

Prior Year - 2011  

 

	 	 	Year to Date	 	 	 	 	 	 	 	 	 	 
	 	 	January	 	 	February	 	 	March	 	 	April	 	 	May	 	 	June	 	 	July	 	 	August	 
	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	1,023	 	 	 	 	 	 	 	957	 	 	 	 	 	 	 	868	 	 	 	 	 	 	 	840	 	 	 	 	 	 	 	868	 	 	 	 	 	 	 	840	 	 	 	 	 	 	 	868	 	 	 	 	 	 	 	868	 	 	 	 	 
	Occupied Rooms	 	 	383	 	 	 	 	 	 	 	503	 	 	 	 	 	 	 	709	 	 	 	 	 	 	 	722	 	 	 	 	 	 	 	647	 	 	 	 	 	 	 	542	 	 	 	 	 	 	 	606	 	 	 	 	 	 	 	534	 	 	 	 	 
	Occupancy	 	 	37.4	%	 	 	 	 	 	 	52.6	%	 	 	 	 	 	 	81.7	%	 	 	 	 	 	 	86.0	%	 	 	 	 	 	 	74.5	%	 	 	 	 	 	 	64.5	%	 	 	 	 	 	 	69.8	%	 	 	 	 	 	 	61.5	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	120.09	 	 	 	 	 	 	$	139.75	 	 	 	 	 	 	$	170.19	 	 	 	 	 	 	$	174.04	 	 	 	 	 	 	$	171.64	 	 	 	 	 	 	$	163.11	 	 	 	 	 	 	$	135.18	 	 	 	 	 	 	$	138.69	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	44.96	 	 	 	 	 	 	$	73.45	 	 	 	 	 	 	$	139.01	 	 	 	 	 	 	$	149.59	 	 	 	 	 	 	$	127.94	 	 	 	 	 	 	$	105.24	 	 	 	 	 	 	$	94.38	 	 	 	 	 	 	$	85.32	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	$	45,993	 	 	$	120.09	 	 	$	70,292	 	 	$	139.75	 	 	$	120,662	 	 	$	170.19	 	 	$	125,654	 	 	$	174.04	 	 	$	111,051	 	 	$	171.64	 	 	$	88,404	 	 	$	163.11	 	 	$	81,920	 	 	$	135.18	 	 	$	74,060	 	 	$	138.69	 
	Food & Beverage	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	 	 
	Miscellaneous	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	 	 
	Total Revenues	 	$	45,993	 	 	$	120.09	 	 	$	70,292	 	 	$	139.75	 	 	$	120,662	 	 	$	170.19	 	 	$	125,654	 	 	$	174.04	 	 	$	111,051	 	 	$	171.64	 	 	$	88,404	 	 	$	163.11	 	 	$	81,920	 	 	$	135.18	 	 	$	74,060	 	 	$	138.69	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	$	31,429	 	 	$	82.06	 	 	$	37,364	 	 	$	74.28	 	 	$	36,844	 	 	$	51.97	 	 	$	46,482	 	 	$	64.38	 	 	$	39,818	 	 	$	61.54	 	 	$	40,393	 	 	$	74.53	 	 	$	38,349	 	 	$	63.28	 	 	$	42,965	 	 	$	80.46	 
	Food & Beverage	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	$	 
	Miscellaneous	 	$	609	 	 	$	1.59	 	 	$	485	 	 	$	0.96	 	 	$	482	 	 	$	0.68	 	 	$	491	 	 	$	0.68	 	 	$	473	 	 	$	0.73	 	 	$	430	 	 	$	0.79	 	 	$	332	 	 	$	0.55	 	 	$	364	 	 	$	0.68	 
	Total Department Expenses	 	$	32,037	 	 	$	83.65	 	 	$	37,849	 	 	$	75.25	 	 	$	37,327	 	 	$	52.65	 	 	$	46,972	 	 	$	65.06	 	 	$	40,291	 	 	$	62.27	 	 	$	40,823	 	 	$	75.32	 	 	$	38,682	 	 	$	63.83	 	 	$	43,329	 	 	$	81.14	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	$	14,564	 	 	$	38.03	 	 	$	32,928	 	 	$	65.46	 	 	$	83,817	 	 	$	118.22	 	 	$	79,172	 	 	$	109.66	 	 	$	71,233	 	 	$	110.10	 	 	$	48,011	 	 	$	88.58	 	 	$	43,571	 	 	$	71.90	 	 	$	31,095	 	 	$	58.23	 
	Food & Beverage	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	$	 
	Miscellaneous	 	$	(609	)	 	$	(1.59	)	 	$	(485	)	 	$	(0.96	)	 	$	(482	)	 	$	(0.68	)	 	$	(491	)	 	$	(0.68	)	 	$	(473	)	 	$	(0.73	)	 	$	(430	)	 	$	(0.79	)	 	$	(332	)	 	$	(0.55	)	 	$	(364	)	 	$	(0.68	)
	Total Departmental Profit	 	$	13,956	 	 	$	36.44	 	 	$	32,443	 	 	$	64.50	 	 	$	83,335	 	 	$	117.54	 	 	$	78,681	 	 	$	108.98	 	 	$	70,759	 	 	$	109.37	 	 	$	47,581	 	 	$	87.79	 	 	$	43,238	 	 	$	71.35	 	 	$	30,731	 	 	$	57.55	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	$	920	 	 	$	2.40	 	 	$	1,406	 	 	$	2.79	 	 	$	2,413	 	 	$	3.40	 	 	$	3,770	 	 	$	5.22	 	 	$	5,701	 	 	$	8.81	 	 	$	2,652	 	 	$	4.89	 	 	$	2,458	 	 	$	4.06	 	 	$	2,222	 	 	$	4.16	 
	Administrative & General	 	$	11,764	 	 	$	30.71	 	 	$	16,749	 	 	$	33.30	 	 	$	21,039	 	 	$	29.67	 	 	$	16,442	 	 	$	22.77	 	 	$	17,294	 	 	$	26.73	 	 	$	13,894	 	 	$	25.63	 	 	$	12,943	 	 	$	21.36	 	 	$	17,023	 	 	$	31.88	 
	Sales & Marketing	 	$	605	 	 	$	1.58	 	 	$	1,756	 	 	$	3.49	 	 	$	3,158	 	 	$	4.45	 	 	$	1,612	 	 	$	2.23	 	 	$	2,116	 	 	$	3.27	 	 	$	560	 	 	$	1.03	 	 	$	1,039	 	 	$	1.72	 	 	$	2,506	 	 	$	4.69	 
	Engineering	 	$	9,770	 	 	$	25.51	 	 	$	9,081	 	 	$	18.05	 	 	$	13,765	 	 	$	19.41	 	 	$	9,584	 	 	$	13.27	 	 	$	16,691	 	 	$	25.80	 	 	$	7,411	 	 	$	13.67	 	 	$	10,711	 	 	$	17.68	 	 	$	6,792	 	 	$	12.72	 
	Utilities	 	$	5,224	 	 	$	13.64	 	 	$	5,326	 	 	$	10.59	 	 	$	4,672	 	 	$	6.59	 	 	$	4,812	 	 	$	6.67	 	 	$	5,648	 	 	$	8.73	 	 	$	7,097	 	 	$	13.09	 	 	$	5,956	 	 	$	9.83	 	 	$	6,039	 	 	$	11.31	 
	Total Undistributed Expenses	 	$	28,282	 	 	$	73.84	 	 	$	34,318	 	 	$	68.23	 	 	$	45,047	 	 	$	63.54	 	 	$	36,220	 	 	$	50.17	 	 	$	47,450	 	 	$	73.34	 	 	$	31,613	 	 	$	58.33	 	 	$	33,107	 	 	$	54.63	 	 	$	34,582	 	 	$	64.76	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	$	(14,326	)	 	$	(37.41	)	 	$	(1,875	)	 	$	(3.73	)	 	$	38,288	 	 	$	54.00	 	 	$	42,461	 	 	$	58.81	 	 	$	23,309	 	 	$	36.03	 	 	$	15,967	 	 	$	29.46	 	 	$	10,131	 	 	$	16.72	 	 	$	(3,851	)	 	$	(7.21	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	 	 
	Leases (Rent)	 	$	1,499	 	 	$	3.91	 	 	$	3,040	 	 	$	6.04	 	 	$	26,777	 	 	$	37.77	 	 	$	38,217	 	 	$	52.93	 	 	$	42,518	 	 	$	65.72	 	 	$	41,228	 	 	$	76.07	 	 	$	37,932	 	 	$	62.59	 	 	$	40,123	 	 	$	75.14	 
	Insurance	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	$	 
	Total Fixed Expenses	 	$	1,499	 	 	$	3.91	 	 	$	3,040	 	 	$	6.04	 	 	$	26,777	 	 	$	37.77	 	 	$	38,217	 	 	$	52.93	 	 	$	42,518	 	 	$	65.72	 	 	$	41,228	 	 	$	76.07	 	 	$	37,932	 	 	$	62.59	 	 	$	40,123	 	 	$	75.14	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	$	(15,826	)	 	$	(41.32	)	 	$	(4,916	)	 	$	(9.77	)	 	$	11,511	 	 	$	16.24	 	 	$	4,245	 	 	$	5.88	 	 	$	(19,208	)	 	$	(29.69	)	 	$	(25,261	)	 	$	(46.61	)	 	$	(27,801	)	 	$	(45.88	)	 	$	(43,975	)	 	$	(82.35	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	$	1,840	 	 	$	4.80	 	 	$	2,812	 	 	$	5.59	 	 	$	4,826	 	 	$	6.81	 	 	$	5,026	 	 	$	6.96	 	 	$	4,442	 	 	$	6.87	 	 	$	3,536	 	 	$	6.52	 	 	$	3,277	 	 	$	5.41	 	 	$	2,962	 	 	$	5.55	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	$	(17,666	)	 	$	(46.12	)	 	$	(7,727	)	 	$	(15.36	)	 	$	6,685	 	 	$	9.43	 	 	$	(782	)	 	$	(1.08	)	 	$	(23,650	)	 	$	(36.55	)	 	$	(28,797	)	 	$	(53.13	)	 	$	(31,077	)	 	$	(51.28	)	 	$	(46,937	)	 	$	(87.90	)

  

    	 	 	Report continued on next page

    	 

    

 

	 	 	September	 	 	October	 	 	November	 	 	December	 	 	Total Year	 
	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 	 	Amount	 	 	POR	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms Available	 	 	840	 	 	 	 	 	 	 	868	 	 	 	 	 	 	 	840	 	 	 	 	 	 	 	868	 	 	 	 	 	 	 	10,548	 	 	 	 	 
	Occupied Rooms	 	 	579	 	 	 	 	 	 	 	746	 	 	 	 	 	 	 	593	 	 	 	 	 	 	 	461	 	 	 	 	 	 	 	7,025	 	 	 	 	 
	Occupancy	 	 	68.9	%	 	 	 	 	 	 	85.9	%	 	 	 	 	 	 	70.6	%	 	 	 	 	 	 	53.1	%	 	 	 	 	 	 	66.6	%	 	 	 	 
	Average Daily Rate (ADR)	 	$	183.80	 	 	 	 	 	 	$	186.10	 	 	 	 	 	 	$	184.01	 	 	 	 	 	 	$	161.18	 	 	 	 	 	 	$	163.23	 	 	 	 	 
	Revenue/Available Room (REVPAR)	 	$	126.69	 	 	 	 	 	 	$	159.94	 	 	 	 	 	 	$	129.90	 	 	 	 	 	 	$	85.61	 	 	 	 	 	 	$	108.71	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	$	106,420	 	 	$	183.80	 	 	$	138,827	 	 	$	186.10	 	 	$	109,118	 	 	$	184.01	 	 	$	74,306	 	 	$	161.18	 	 	 	1,146,706	 	 	$	163.23	 
	Food & Beverage	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	0	 	 	$	-	 
	Miscellaneous	 	$	-	 	 	$	-	 	 	$	4	 	 	$	0.01	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	4	 	 	$	0.00	 
	Total Revenues	 	$	106,420	 	 	$	183.80	 	 	$	138,832	 	 	$	186.10	 	 	$	109,118	 	 	$	184.01	 	 	$	74,306	 	 	$	161.18	 	 	 	1,146,711	 	 	$	163.23	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Department Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	$	39,499	 	 	$	68.22	 	 	$	42,309	 	 	$	56.71	 	 	$	37,404	 	 	$	63.08	 	 	$	29,248	 	 	$	63.45	 	 	 	462,104	 	 	$	65.78	 
	Food & Beverage	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	0	 	 	$	-	 
	Miscellaneous	 	$	345	 	 	$	0.60	 	 	$	342	 	 	$	0.46	 	 	$	318	 	 	$	0.54	 	 	$	344	 	 	$	0.75	 	 	 	5,016	 	 	$	0.71	 
	Total Department Expenses	 	$	39,844	 	 	$	68.81	 	 	$	42,651	 	 	$	57.17	 	 	$	37,722	 	 	$	63.61	 	 	$	29,593	 	 	$	64.19	 	 	 	467,120	 	 	$	66.49	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Departmental Profit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rooms	 	$	66,921	 	 	$	115.58	 	 	$	96,518	 	 	$	129.38	 	 	$	71,714	 	 	$	120.93	 	 	$	45,058	 	 	$	97.74	 	 	$	684,602	 	 	$	97.45	 
	Food & Beverage	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 
	Miscellaneous	 	$	(345	)	 	$	(0.60	)	 	$	(337	)	 	$	(0.45	)	 	$	(318	)	 	$	(0.54	)	 	$	(344	)	 	$	(0.75	)	 	$	(5,011	)	 	$	(0.71	)
	Total Departmental Profit	 	$	66,576	 	 	$	114.98	 	 	$	96,181	 	 	$	128.93	 	 	$	71,396	 	 	$	120.40	 	 	$	44,714	 	 	$	96.99	 	 	 	679,590	 	 	$	96.74	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Undistributed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Management Fees	 	$	3,193	 	 	$	5.51	 	 	$	4,165	 	 	$	5.58	 	 	$	3,211	 	 	$	5.42	 	 	$	2,229	 	 	$	4.84	 	 	 	34,339	 	 	$	4.89	 
	Administrative & General	 	$	15,643	 	 	$	27.02	 	 	$	17,791	 	 	$	23.85	 	 	$	13,894	 	 	$	23.43	 	 	$	10,188	 	 	$	22.10	 	 	 	184,662	 	 	$	26.29	 
	Sales & Marketing	 	$	3,350	 	 	$	5.79	 	 	$	1,232	 	 	$	1.65	 	 	$	771	 	 	$	1.30	 	 	$	1,838	 	 	$	3.99	 	 	 	20,543	 	 	$	2.92	 
	Engineering	 	$	19,327	 	 	$	33.38	 	 	$	9,464	 	 	$	12.69	 	 	$	7,514	 	 	$	12.67	 	 	$	7,226	 	 	$	15.67	 	 	 	127,337	 	 	$	18.13	 
	Utilities	 	$	5,476	 	 	$	9.46	 	 	$	5,152	 	 	$	6.91	 	 	$	4,881	 	 	$	8.23	 	 	$	3,965	 	 	$	8.60	 	 	 	64,247	 	 	$	9.15	 
	Total Undistributed Expenses	 	$	46,988	 	 	$	81.15	 	 	$	37,804	 	 	$	50.67	 	 	$	30,271	 	 	$	51.05	 	 	$	25,447	 	 	$	55.20	 	 	 	431,128	 	 	$	61.37	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Operating Profit	 	$	19,588	 	 	$	33.83	 	 	$	58,377	 	 	$	78.25	 	 	$	41,126	 	 	$	69.35	 	 	$	19,267	 	 	$	41.79	 	 	 	248,463	 	 	$	35.37	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Property Taxes	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	 	0	 	 	$	-	 
	Leases (Rent)	 	$	40,123	 	 	$	69.30	 	 	$	40,305	 	 	$	54.03	 	 	$	1,569	 	 	$	2.65	 	 	$	1,569	 	 	$	3.40	 	 	 	314,900	 	 	$	44.83	 
	Insurance	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	-	 	 	$	3,708	 	 	$	8.04	 	 	 	3,708	 	 	$	0.53	 
	Total Fixed Expenses	 	$	40,123	 	 	$	69.30	 	 	$	40,305	 	 	$	54.03	 	 	$	1,569	 	 	$	2.65	 	 	$	5,277	 	 	$	11.45	 	 	 	318,608	 	 	$	45.35	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income Before Reserves	 	$	(20,535	)	 	$	(35.47	)	 	$	18,073	 	 	$	24.23	 	 	$	39,557	 	 	$	66.71	 	 	$	13,990	 	 	$	30.35	 	 	$	(70,146	)	 	$	(9.99	)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reserve for Replacement	 	$	4,257	 	 	$	7.35	 	 	$	5,553	 	 	$	7.44	 	 	$	4,365	 	 	$	7.36	 	 	$	2,972	 	 	$	6.45	 	 	$	45,868	 	 	$	6.53	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Operating Income	 	$	(24,792	)	 	$	(42.82	)	 	$	12,519	 	 	$	16.78	 	 	$	35,192	 	 	$	59.35	 	 	$	11,018	 	 	$	23.90	 	 	$	(116,014	)	 	$	(16.51	)

 

    	 	Page 4 of 19	Orchards Annex March 13 Issue.xls / Prior Yr YTD

    	 

    

 

Orchards Annex

Rooms Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4100 · Room Charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4110 · Transient Room charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4111 · Best Available Rate	 	$	45,486	 	 	 	32.6	%	 	$	41,762	 	 	 	31.7	%	 	$	3,723	 	 	 	47.5	%	 	$	38,256	 	 	 	31.7	%	 	$	7,229	 	 	 	38.2	%
	4113 · Corporate	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4114 · Discount	 	 	83,417	 	 	 	59.8	%	 	 	86,855	 	 	 	65.9	%	 	 	(3,438	)	 	 	-43.8	%	 	 	79,563	 	 	 	65.9	%	 	 	3,854	 	 	 	20.4	%
	4115·FIT/Internet	 	 	8,968	 	 	 	6.4	%	 	 	2,393	 	 	 	1.8	%	 	 	6,575	 	 	 	83.8	%	 	 	2,192	 	 	 	1.8	%	 	 	6,776	 	 	 	35.8	%
	4116 · House	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4110 · Transient Room
    charges - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4110 . Transient Room charges	 	 	137,871	 	 	 	98.8	%	 	 	131,010	 	 	 	99.5	%	 	 	6,861	 	 	 	87.5	%	 	 	120,012	 	 	 	99.5	%	 	 	17,860	 	 	 	94.5	%
	4150 . Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4151 · Group Association	 	 	920	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	920	 	 	 	11.7	%	 	 	-	 	 	 	0.0	%	 	 	920	 	 	 	4.9	%
	4152 · Group Corporate	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4153 · Group Smerf	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4154·Group-Tour	 	 	774	 	 	 	0.6	%	 	 	710	 	 	 	0.5	%	 	 	64	 	 	 	0.8	%	 	 	650	 	 	 	0.5	%	 	 	124	 	 	 	0.7	%
	Total 4150 · Group	 	 	1,694	 	 	 	1.2	%	 	 	710	 	 	 	0.5	%	 	 	984	 	 	 	12.5	%	 	 	650	 	 	 	0.5	%	 	 	1,044	 	 	 	5.5	%
	Total 4100 . Room Charges	 	 	139,565	 	 	 	100.0	%	 	 	131,720	 	 	 	100.0	%	 	 	7,845	 	 	 	100.0	%	 	 	120,662	 	 	 	100.0	%	 	 	18,904	 	 	 	100.0	%
	Total Revenue	 	 	139,565	 	 	 	100.0	%	 	 	131,720	 	 	 	100.0	%	 	 	7,845	 	 	 	100.0	%	 	 	120,662	 	 	 	100.0	%	 	 	18,904	 	 	 	100.0	%
	Gross Profit	 	 	139,565	 	 	 	100.0	%	 	 	131,720	 	 	 	100.0	%	 	 	7,845	 	 	 	100.0	%	 	 	120,662	 	 	 	100.0	%	 	 	18,904	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 . Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5100000 . Rooms Payroll	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111000 . Front Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111160 · Assistant Manager	 	 	2,032	 	 	 	1.5	%	 	 	-	 	 	 	0.0	%	 	 	2,032	 	 	 	25.9	%	 	 	-	 	 	 	0.0	%	 	 	2,032	 	 	 	10.8	%
	5111170 · Rooms Manager	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111199 · Rooms Shared Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111600 · Guest Service Agents	 	 	4,263	 	 	 	3.1	%	 	 	5,371	 	 	 	4.1	%	 	 	(1,108	)	 	 	-14.1	%	 	 	2,714	 	 	 	2.2	%	 	 	1,549	 	 	 	8.2	%
	5111605 · Reservationist	 	 	1,213	 	 	 	0.9	%	 	 	1,024	 	 	 	0.8	%	 	 	189	 	 	 	2.4	%	 	 	840	 	 	 	0.7	%	 	 	372	 	 	 	2.0	%
	5111606 · Reservationist - Bonus	 	 	154	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	154	 	 	 	2.0	%	 	 	154	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%
	5111610 · Lead Service Agent	 	 	(550	)	 	 	-0.4	%	 	 	-	 	 	 	0.0	%	 	 	(550	)	 	 	-7.0	%	 	 	1,125	 	 	 	0.9	%	 	 	(1,675	)	 	 	-8.9	%
	5111640 · Night Auditor	 	 	2,618	 	 	 	1.9	%	 	 	-	 	 	 	0.0	%	 	 	2,618	 	 	 	33.4	%	 	 	1,375	 	 	 	1.1	%	 	 	1,243	 	 	 	6.6	%
	Total 5111000 . Front Office	 	 	9,730	 	 	 	7.0	%	 	 	6,395	 	 	 	4.9	%	 	 	3,335	 	 	 	42.5	%	 	 	6,209	 	 	 	5.1	%	 	 	3,521	 	 	 	18.6	%
	5112000 . Housekeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5112050 · Housekeeping	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5112170 · Housekeeping Manager	 	 	2,254	 	 	 	1.6	%	 	 	2,644	 	 	 	2.0	%	 	 	(390	)	 	 	-5.0	%	 	 	443	 	 	 	0.4	%	 	 	1,811	 	 	 	9.6	%
	5112500 · Room Attendent	 	 	5,490	 	 	 	3.9	%	 	 	3,455	 	 	 	2.6	%	 	 	2,035	 	 	 	25.9	%	 	 	3,354	 	 	 	2.8	%	 	 	2,136	 	 	 	11.3	%
	5112510 · House Attendant	 	 	1,408	 	 	 	1.0	%	 	 	988	 	 	 	0.7	%	 	 	420	 	 	 	5.4	%	 	 	959	 	 	 	0.8	%	 	 	449	 	 	 	2.4	%
	5112520 · Laundry Attendant	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5112530 · Lead Room Supervisor	 	 	3,026	 	 	 	2.2	%	 	 	-	 	 	 	0.0	%	 	 	3,026	 	 	 	38.6	%	 	 	2,124	 	 	 	1.8	%	 	 	902	 	 	 	4.8	%
	5112540 · Housekeeping Supervisor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5112600 · House Attendant II	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

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	5112599 · Housekeeping-Other
    Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5112000 . Housekeeping	 	 	12,178	 	 	 	8.7	%	 	 	7,086	 	 	 	5.4	%	 	 	5,092	 	 	 	64.9	%	 	 	6,880	 	 	 	5.7	%	 	 	5,298	 	 	 	28.0	%
	5150 . Rooms Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5199 · Rooms Shared Serv Fringe	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5151 · Rms Payroll Taxes	 	 	981	 	 	 	0.7	%	 	 	2,526	 	 	 	1.9	%	 	 	(1,545	)	 	 	-19.7	%	 	 	757	 	 	 	0.6	%	 	 	224	 	 	 	1.2	%
	5152 · Rms Workers'  Comp	 	 	279	 	 	 	0.2	%	 	 	161	 	 	 	0.1	%	 	 	118	 	 	 	1.5	%	 	 	65	 	 	 	0.1	%	 	 	214	 	 	 	1.1	%
	5153 · Rms Employ Benefits	 	 	450	 	 	 	0.3	%	 	 	217	 	 	 	0.2	%	 	 	233	 	 	 	3.0	%	 	 	211	 	 	 	0.2	%	 	 	239	 	 	 	1.3	%
	5155 · Rms PTO	 	 	111	 	 	 	0.1	%	 	 	430	 	 	 	0.3	%	 	 	(319	)	 	 	-4.1	%	 	 	213	 	 	 	0.2	%	 	 	(101	)	 	 	-0.5	%
	5156 · Rms Employ
    Meals	 	 	84	 	 	 	0.1	%	 	 	48	 	 	 	0.0	%	 	 	36	 	 	 	0.5	%	 	 	46	 	 	 	0.0	%	 	 	37	 	 	 	0.2	%
	Total 5150 . Rooms Taxes & Benefits	 	 	1,905	 	 	 	1.4	%	 	 	3,382	 	 	 	2.6	%	 	 	(1,477	)	 	 	-18.8	%	 	 	1,291	 	 	 	1.1	%	 	 	614	 	 	 	3.2	%
	5250 . Housekeeping Taxes & Ben	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5250 · Housekeeping Taxes & Ben - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5251 · Housekeeping payroll taxes	 	 	2,399	 	 	 	1.7	%	 	 	-	 	 	 	0.0	%	 	 	2,399	 	 	 	30.6	%	 	 	1,696	 	 	 	1.4	%	 	 	703	 	 	 	3.7	%
	5252 · Housekeeping Workmans Comp	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	92	 	 	 	0.1	%	 	 	(92	)	 	 	-0.5	%
	5253 · Housekeeping employee bene	 	 	118	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	118	 	 	 	1.5	%	 	 	-	 	 	 	0.0	%	 	 	118	 	 	 	0.6	%
	5255 · Housekeeping PTO Expense	 	 	174	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	174	 	 	 	2.2	%	 	 	205	 	 	 	0.2	%	 	 	(31	)	 	 	-0.2	%
	5256 · Hskpg - Employee Meals	 	 	203	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	203	 	 	 	2.6	%	 	 	-	 	 	 	0.0	%	 	 	203	 	 	 	1.1	%
	5257 · Shared PTO
    Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5250 . Housekeeping Taxes & Ben	 	 	2,894	 	 	 	2.1	%	 	 	-	 	 	 	0.0	%	 	 	2,894	 	 	 	36.9	%	 	 	1,992	 	 	 	1.7	%	 	 	902	 	 	 	4.8	%
	Total 5100000 . Rooms Payroll	 	 	26,707	 	 	 	19.1	%	 	 	16,864	 	 	 	12.8	%	 	 	9,844	 	 	 	125.5	%	 	 	16,372	 	 	 	13.6	%	 	 	10,335	 	 	 	54.7	%
	Total 5000 . Payroll & Benefits	 	 	26,707	 	 	 	19.1	%	 	 	16,864	 	 	 	12.8	%	 	 	9,844	 	 	 	125.5	%	 	 	16,372	 	 	 	13.6	%	 	 	10,335	 	 	 	54.7	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8100 . Rooms  Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8101 · Comp Breakfast	 	 	10,717	 	 	 	7.7	%	 	 	9,256	 	 	 	7.0	%	 	 	1,461	 	 	 	18.6	%	 	 	7,393	 	 	 	6.1	%	 	 	3,324	 	 	 	17.6	%
	8110 · Guest Supplies	 	 	1,330	 	 	 	1.0	%	 	 	1,050	 	 	 	0.8	%	 	 	280	 	 	 	3.6	%	 	 	1,019	 	 	 	0.8	%	 	 	311	 	 	 	1.6	%
	8111 · In-Room Equipment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8112 · Guest Relations	 	 	16	 	 	 	0.0	%	 	 	25	 	 	 	0.0	%	 	 	(9	)	 	 	-0.1	%	 	 	24	 	 	 	0.0	%	 	 	(8	)	 	 	0.0	%
	8114 · Guest Amenities	 	 	22	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	22	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	22	 	 	 	0.1	%
	8115 · Operating Supplies	 	 	160	 	 	 	0.1	%	 	 	19	 	 	 	0.0	%	 	 	142	 	 	 	1.8	%	 	 	18	 	 	 	0.0	%	 	 	142	 	 	 	0.8	%
	8117 · Newspapers	 	 	66	 	 	 	0.0	%	 	 	337	 	 	 	0.3	%	 	 	(271	)	 	 	-3.5	%	 	 	145	 	 	 	0.1	%	 	 	(78	)	 	 	-0.4	%
	8120 · Cleaning Supplies	 	 	55	 	 	 	0.0	%	 	 	80	 	 	 	0.1	%	 	 	(25	)	 	 	-0.3	%	 	 	78	 	 	 	0.1	%	 	 	(23	)	 	 	-0.1	%
	8129 · Linens	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8130 · Outside Laundry	 	 	9,007	 	 	 	6.5	%	 	 	7,203	 	 	 	5.5	%	 	 	1,804	 	 	 	23.0	%	 	 	6,993	 	 	 	5.8	%	 	 	2,014	 	 	 	10.7	%
	8135 · Uniforms	 	 	65	 	 	 	0.0	%	 	 	412	 	 	 	0.3	%	 	 	(347	)	 	 	-4.4	%	 	 	400	 	 	 	0.3	%	 	 	(335	)	 	 	-1.8	%
	8149 · Group Commissions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8150 · TA Commissions	 	 	269	 	 	 	0.2	%	 	 	415	 	 	 	0.3	%	 	 	(146	)	 	 	-1.9	%	 	 	403	 	 	 	0.3	%	 	 	(134	)	 	 	-0.7	%
	8151 · Computer Maint & Supp	 	 	427	 	 	 	0.3	%	 	 	777	 	 	 	0.6	%	 	 	(349	)	 	 	-4.5	%	 	 	754	 	 	 	0.6	%	 	 	(327	)	 	 	-1.7	%
	8152 · Auto Expense (van)	 	 	77	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	77	 	 	 	1.0	%	 	 	-	 	 	 	0.0	%	 	 	77	 	 	 	0.4	%
	8155 · Reservation Expense	 	 	2,668	 	 	 	1.9	%	 	 	1,145	 	 	 	0.9	%	 	 	1,523	 	 	 	19.4	%	 	 	1,111	 	 	 	0.9	%	 	 	1,557	 	 	 	8.2	%
	8156 · Concierge Expenses	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8157 · Walk Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8158 · Equipment Repair	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8164 · Decorations	 	 	-	 	 	 	0.0	%	 	 	65	 	 	 	0.0	%	 	 	(65	)	 	 	-0.8	%	 	 	63	 	 	 	0.1	%	 	 	(63	)	 	 	-0.3	%
	8165 · Comp In-Room Coffee	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8170 · Contract Labor	 	 	42	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	42	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	42	 	 	 	0.2	%

 

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	8174 · Music & Entertainment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8175 · Cable TV	 	 	1,043	 	 	 	0.7	%	 	 	576	 	 	 	0.4	%	 	 	467	 	 	 	6.0	%	 	 	559	 	 	 	0.5	%	 	 	484	 	 	 	2.6	%
	8178 · Express Mail	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8184 · Printing	 	 	31	 	 	 	0.0	%	 	 	269	 	 	 	0.2	%	 	 	(239	)	 	 	-3.0	%	 	 	262	 	 	 	0.2	%	 	 	(231	)	 	 	-1.2	%
	8185 · Telephone Cell & Radio	 	 	38	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	38	 	 	 	0.5	%	 	 	49	 	 	 	0.0	%	 	 	(11	)	 	 	-0.1	%
	8190 · Office Supplies	 	 	143	 	 	 	0.1	%	 	 	135	 	 	 	0.1	%	 	 	8	 	 	 	0.1	%	 	 	131	 	 	 	0.1	%	 	 	12	 	 	 	0.1	%
	8191 · Employee Relations	 	 	24	 	 	 	0.0	%	 	 	32	 	 	 	0.0	%	 	 	(8	)	 	 	-0.1	%	 	 	31	 	 	 	0.0	%	 	 	(8	)	 	 	0.0	%
	8192 · Building Rent - Housekee	 	 	-	 	 	 	0.0	%	 	 	870	 	 	 	0.7	%	 	 	(870	)	 	 	-11.1	%	 	 	844	 	 	 	0.7	%	 	 	(844	)	 	 	-4.5	%
	8193 · License & Permits	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8195 · Equipment Lease	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	133	 	 	 	0.1	%	 	 	(133	)	 	 	-0.7	%
	8196 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8197 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	62	 	 	 	0.0	%	 	 	(62	)	 	 	-0.8	%	 	 	60	 	 	 	0.1	%	 	 	(60	)	 	 	-0.3	%
	8225 · Laundry Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8100 . Rooms  Expenses	 	 	26,202	 	 	 	18.8	%	 	 	22,727	 	 	 	17.3	%	 	 	3,475	 	 	 	44.3	%	 	 	20,472	 	 	 	17.0	%	 	 	5,730	 	 	 	30.3	%
	Total Expense	 	 	52,909	 	 	 	37.9	%	 	 	39,591	 	 	 	30.1	%	 	 	13,318	 	 	 	169.8	%	 	 	36,844	 	 	 	30.5	%	 	 	16,065	 	 	 	85.0	%
	Net Income	 	 	86,656	 	 	 	62.1	%	 	 	92,129	 	 	 	69.9	%	 	 	(5,473	)	 	 	-69.8	%	 	 	83,817	 	 	 	69.5	%	 	 	2,839	 	 	 	15.0	%

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full
    Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4100 · Room Charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4110 · Transient Room charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4111 · Best Available Rate	 	$	72,176	 	 	 	27.7	%	 	$	75,086	 	 	 	29.5	%	 	$	(2,910	)	 	 	-50.9	%	 	$	91,423	 	 	 	38.6	%	 	$	(19,246	)	 	 	-82.8	%	 	$	1,074,584	 	 	 	100.0	%
	4113 · Corporate	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4114 · Discount	 	 	170,564	 	 	 	65.6	%	 	 	173,835	 	 	 	68.3	%	 	 	(3,271	)	 	 	-57.2	%	 	 	139,876	 	 	 	59.0	%	 	 	30,689	 	 	 	132.0	%	 	 	-	 	 	 	0.0	%
	4115·FIT/Internet	 	 	14,183	 	 	 	5.5	%	 	 	4,159	 	 	 	1.6	%	 	 	10,024	 	 	 	175.2	%	 	 	4,551	 	 	 	1.9	%	 	 	9,632	 	 	 	41.4	%	 	 	-	 	 	 	0.0	%
	4116 · House	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	4110 · Transient
    Room charges - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 4110 . Transient Room charges	 	 	256,924	 	 	 	98.7	%	 	 	253,080	 	 	 	99.5	%	 	 	3,844	 	 	 	67.2	%	 	 	235,850	 	 	 	99.5	%	 	 	21,074	 	 	 	90.7	%	 	 	1,074,584	 	 	 	100.0	%
	4150 . Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4151 · Group Association	 	 	1,335	 	 	 	0.5	%	 	 	225	 	 	 	0.1	%	 	 	1,110	 	 	 	19.4	%	 	 	-	 	 	 	0.0	%	 	 	1,335	 	 	 	5.7	%	 	 	-	 	 	 	0.0	%
	4152 · Group Corporate	 	 	250	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	250	 	 	 	4.4	%	 	 	-	 	 	 	0.0	%	 	 	250	 	 	 	1.1	%	 	 	-	 	 	 	0.0	%
	4153 · Group Smerf	 	 	-	 	 	 	0.0	%	 	 	456	 	 	 	0.2	%	 	 	(456	)	 	 	-8.0	%	 	 	447	 	 	 	0.2	%	 	 	(447	)	 	 	-1.9	%	 	 	-	 	 	 	0.0	%
	4154·Group-Tour	 	 	1,683	 	 	 	0.6	%	 	 	710	 	 	 	0.3	%	 	 	973	 	 	 	17.0	%	 	 	650	 	 	 	0.3	%	 	 	1,033	 	 	 	4.4	%	 	 	-	 	 	 	0.0	%
	Total 4150 · Group	 	 	3,268.00	 	 	 	1.3	%	 	 	1,390.53	 	 	 	0.5	%	 	 	1,877	 	 	 	32.8	%	 	 	1,097.00	 	 	 	0.5	%	 	 	2,171	 	 	 	9.3	%	 	 	-	 	 	 	0.0	%
	Total 4100 . Room Charges	 	 	260,192	 	 	 	100.0	%	 	 	254,470	 	 	 	100.0	%	 	 	5,721	 	 	 	100.0	%	 	 	236,947	 	 	 	100.0	%	 	 	23,245	 	 	 	100.0	%	 	 	1,074,584	 	 	 	100.0	%
	Total Revenue	 	 	260,192	 	 	 	100.0	%	 	 	254,470	 	 	 	100.0	%	 	 	5,721	 	 	 	100.0	%	 	 	236,947	 	 	 	100.0	%	 	 	23,245	 	 	 	100.0	%	 	 	1,074,584	 	 	 	100.0	%
	Gross Profit	 	 	260,192	 	 	 	100.0	%	 	 	254,470	 	 	 	100.0	%	 	 	5,721	 	 	 	100.0	%	 	 	236,947	 	 	 	100.0	%	 	 	23,245	 	 	 	100.0	%	 	 	1,074,584	 	 	 	100.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 . Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5100000 . Rooms Payroll	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111000 . Front Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111160 · Assistant Manager	 	 	4,521	 	 	 	1.7	%	 	 	1,185	 	 	 	0.5	%	 	 	3,336	 	 	 	58.3	%	 	 	-	 	 	 	0.0	%	 	 	4,521	 	 	 	19.4	%	 	 	-	 	 	 	0.0	%
	5111170 · Rooms Manager	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5111199 · Rooms Shared Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	 	 
	5111600 · Guest Service Agents	 	 	9,318	 	 	 	3.6	%	 	 	14,904	 	 	 	5.9	%	 	 	(5,586	)	 	 	-97.6	%	 	 	8,044	 	 	 	3.4	%	 	 	1,275	 	 	 	5.5	%	 	 	21,346	 	 	 	2.0	%
	5111605 · Reservationist	 	 	2,621	 	 	 	1.0	%	 	 	3,116	 	 	 	1.2	%	 	 	(495	)	 	 	-8.7	%	 	 	2,694	 	 	 	1.1	%	 	 	(74	)	 	 	-0.3	%	 	 	12,745	 	 	 	1.2	%
	5111606 · Reservationist - Bonus	 	 	528	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	528	 	 	 	9.2	%	 	 	594	 	 	 	0.3	%	 	 	(66	)	 	 	-0.3	%	 	 	-	 	 	 	0.0	%
	5111610 · Lead Service Agent	 	 	(203	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%	 	 	(203	)	 	 	-3.6	%	 	 	3,406	 	 	 	1.4	%	 	 	(3,609	)	 	 	-15.5	%	 	 	10,596	 	 	 	1.0	%

 

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	5111640 ·
    Night Auditor	 	 	6,044	 	 	 	2.3	%	 	 	-	 	 	 	0.0	%	 	 	6,044	 	 	 	105.6	%	 	 	4,242	 	 	 	1.8	%	 	 	1,802	 	 	 	7.8	%	 	 	16,128	 	 	 	1.5	%
	Total 5111000 . Front Office	 	 	22,829	 	 	 	8.8	%	 	 	19,205	 	 	 	7.5	%	 	 	3,624	 	 	 	63.3	%	 	 	18,980	 	 	 	8.0	%	 	 	3,849	 	 	 	16.6	%	 	 	60,815	 	 	 	5.7	%
	5112000 . Housekeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5112050 · Housekeeping	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5112170 · Housekeeping Manager	 	 	5,633	 	 	 	2.2	%	 	 	10,105	 	 	 	4.0	%	 	 	(4,472	)	 	 	-78.2	%	 	 	3,901	 	 	 	1.6	%	 	 	1,732	 	 	 	7.5	%	 	 	17,148	 	 	 	1.6	%
	5112500 · Room Attendent	 	 	10,878	 	 	 	4.2	%	 	 	9,615	 	 	 	3.8	%	 	 	1,263	 	 	 	22.1	%	 	 	9,337	 	 	 	3.9	%	 	 	1,540	 	 	 	6.6	%	 	 	51,681	 	 	 	4.8	%
	5112510 · House Attendant	 	 	3,204	 	 	 	1.2	%	 	 	3,104	 	 	 	1.2	%	 	 	99	 	 	 	1.7	%	 	 	2,872	 	 	 	1.2	%	 	 	332	 	 	 	1.4	%	 	 	16,395	 	 	 	1.5	%
	5112520 · Laundry Attendant	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5112530 · Lead Room Supervisor	 	 	6,663	 	 	 	2.6	%	 	 	-	 	 	 	0.0	%	 	 	6,663	 	 	 	116.5	%	 	 	5,752	 	 	 	2.4	%	 	 	911	 	 	 	3.9	%	 	 	21,385	 	 	 	2.0	%
	5112540 · Housekeeping Supervisor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5112600 · House Attendant II	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5112599 · Housekeeping-Other Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5112000 . Housekeeping	 	 	26,377	 	 	 	10.1	%	 	 	22,824	 	 	 	9.0	%	 	 	3,553	 	 	 	62.1	%	 	 	21,862	 	 	 	9.2	%	 	 	4,515	 	 	 	19.4	%	 	 	106,609	 	 	 	9.9	%
	5150 . Rooms Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5199 · Rooms Shared Serv Fringe	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5151 · Rms Payroll Taxes	 	 	2,680	 	 	 	1.0	%	 	 	7,515	 	 	 	3.0	%	 	 	(4,835	)	 	 	-84.5	%	 	 	2,198	 	 	 	0.9	%	 	 	482	 	 	 	2.1	%	 	 	7,859	 	 	 	0.7	%
	5152 · Rms Workers'  Comp	 	 	480	 	 	 	0.2	%	 	 	526	 	 	 	0.2	%	 	 	(47	)	 	 	-0.8	%	 	 	238	 	 	 	0.1	%	 	 	242	 	 	 	1.0	%	 	 	1,572	 	 	 	0.1	%
	5153 · Rms Employ Benefits	 	 	961	 	 	 	0.4	%	 	 	2,362	 	 	 	0.9	%	 	 	(1,401	)	 	 	-24.5	%	 	 	3,233	 	 	 	1.4	%	 	 	(2,272	)	 	 	-9.8	%	 	 	2,946	 	 	 	0.3	%
	5155 · Rms PTO	 	 	1,010	 	 	 	0.4	%	 	 	1,730	 	 	 	0.7	%	 	 	(719	)	 	 	-12.6	%	 	 	386	 	 	 	0.2	%	 	 	625	 	 	 	2.7	%	 	 	1,572	 	 	 	0.1	%
	5156 · Rms Employ
    Meals	 	 	195	 	 	 	0.1	%	 	 	379	 	 	 	0.1	%	 	 	(184	)	 	 	-3.2	%	 	 	282	 	 	 	0.1	%	 	 	(86	)	 	 	-0.4	%	 	 	6,069	 	 	 	0.6	%
	Total 5150 . Rooms Taxes & Benefits	 	 	5,326	 	 	 	2.0	%	 	 	12,512	 	 	 	4.9	%	 	 	(7,185	)	 	 	-125.6	%	 	 	6,336	 	 	 	2.7	%	 	 	(1,010	)	 	 	-4.3	%	 	 	20,018	 	 	 	1.9	%
	5250 . Housekeeping Taxes & Ben	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5250 · Housekeeping Taxes & Ben -
    Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5251 · Housekeeping payroll taxes	 	 	5,842	 	 	 	2.2	%	 	 	-	 	 	 	0.0	%	 	 	5,842	 	 	 	102.1	%	 	 	4,448	 	 	 	1.9	%	 	 	1,394	 	 	 	6.0	%	 	 	10,661	 	 	 	1.0	%
	5252 · Housekeeping Workmans Comp	 	 	322	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	322	 	 	 	5.6	%	 	 	109	 	 	 	0.0	%	 	 	214	 	 	 	0.9	%	 	 	2,665	 	 	 	0.2	%
	5253 · Housekeeping employee bene	 	 	397	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	397	 	 	 	6.9	%	 	 	-	 	 	 	0.0	%	 	 	397	 	 	 	1.7	%	 	 	1,176	 	 	 	0.1	%
	5255 · Housekeeping PTO Expense	 	 	971	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	971	 	 	 	17.0	%	 	 	205	 	 	 	0.1	%	 	 	766	 	 	 	3.3	%	 	 	3,198	 	 	 	0.3	%
	5256 · Hskpg - Employee Meals	 	 	449	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	449	 	 	 	7.8	%	 	 	-	 	 	 	0.0	%	 	 	449	 	 	 	1.9	%	 	 	2,985	 	 	 	0.3	%
	5257 · Shared PTO
    Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5250 . Housekeeping Taxes & Ben	 	 	7,981	 	 	 	3.1	%	 	 	-	 	 	 	0.0	%	 	 	7,981	 	 	 	139.5	%	 	 	4,762	 	 	 	2.0	%	 	 	3,219	 	 	 	13.8	%	 	 	20,685	 	 	 	1.9	%
	Total 5100000 . Rooms Payroll	 	 	62,513	 	 	 	24.0	%	 	 	54,541	 	 	 	21.4	%	 	 	7,972	 	 	 	139.3	%	 	 	51,940	 	 	 	21.9	%	 	 	10,573	 	 	 	45.5	%	 	 	208,127	 	 	 	19.4	%
	Total 5000 . Payroll & Benefits	 	 	62,513	 	 	 	24.0	%	 	 	54,541	 	 	 	21.4	%	 	 	7,972	 	 	 	139.3	%	 	 	51,940	 	 	 	21.9	%	 	 	10,573	 	 	 	45.5	%	 	 	208,127	 	 	 	19.4	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8100 . Rooms  Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8101 · Comp Breakfast	 	 	22,065	 	 	 	8.5	%	 	 	20,300	 	 	 	8.0	%	 	 	1,765	 	 	 	30.9	%	 	 	16,172	 	 	 	6.8	%	 	 	5,893	 	 	 	25.4	%	 	 	33,860	 	 	 	3.2	%
	8110 · Guest Supplies	 	 	2,960	 	 	 	1.1	%	 	 	2,500	 	 	 	1.0	%	 	 	459	 	 	 	8.0	%	 	 	2,654	 	 	 	1.1	%	 	 	306	 	 	 	1.3	%	 	 	12,875	 	 	 	1.2	%
	8111 · In-Room Equipment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8112 · Guest Relations	 	 	62	 	 	 	0.0	%	 	 	72	 	 	 	0.0	%	 	 	(10	)	 	 	-0.2	%	 	 	72	 	 	 	0.0	%	 	 	(10	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8114 · Guest Amenities	 	 	43	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	43	 	 	 	0.8	%	 	 	-	 	 	 	0.0	%	 	 	43	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%
	8115 · Operating Supplies	 	 	639	 	 	 	0.2	%	 	 	596	 	 	 	0.2	%	 	 	43	 	 	 	0.7	%	 	 	407	 	 	 	0.2	%	 	 	232	 	 	 	1.0	%	 	 	2,895	 	 	 	0.3	%
	8117 · Newspapers	 	 	203	 	 	 	0.1	%	 	 	565	 	 	 	0.2	%	 	 	(362	)	 	 	-6.3	%	 	 	281	 	 	 	0.1	%	 	 	(78	)	 	 	-0.3	%	 	 	495	 	 	 	0.0	%
	8120 · Cleaning Supplies	 	 	226	 	 	 	0.1	%	 	 	232	 	 	 	0.1	%	 	 	(6	)	 	 	-0.1	%	 	 	257	 	 	 	0.1	%	 	 	(31	)	 	 	-0.1	%	 	 	1,187	 	 	 	0.1	%
	8129 · Linens	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

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	8130
    · Outside Laundry	 	 	20,068	 	 	 	7.7	%	 	 	19,781	 	 	 	7.8	%	 	 	286	 	 	 	5.0	%	 	 	20,782	 	 	 	8.8	%	 	 	(715	)	 	 	-3.1	%	 	 	52,305	 	 	 	4.9	%
	8135 · Uniforms	 	 	304	 	 	 	0.1	%	 	 	634	 	 	 	0.2	%	 	 	(331	)	 	 	-5.8	%	 	 	526	 	 	 	0.2	%	 	 	(222	)	 	 	-1.0	%	 	 	1,873	 	 	 	0.2	%
	8149 · Group
    Commissions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8150 · TA
    Commissions	 	 	750	 	 	 	0.3	%	 	 	946	 	 	 	0.4	%	 	 	(197	)	 	 	-3.4	%	 	 	946	 	 	 	0.4	%	 	 	(196	)	 	 	-0.8	%	 	 	4,608	 	 	 	0.4	%
	8151 · Computer
    Maint & Supp	 	 	1,234	 	 	 	0.5	%	 	 	1,616	 	 	 	0.6	%	 	 	(382	)	 	 	-6.7	%	 	 	1,171	 	 	 	0.5	%	 	 	63	 	 	 	0.3	%	 	 	4,116	 	 	 	0.4	%
	8152 · Auto
    Expense (van)	 	 	200	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	200	 	 	 	3.5	%	 	 	-	 	 	 	0.0	%	 	 	200	 	 	 	0.9	%	 	 	588	 	 	 	0.1	%
	8155 · Reservation
    Expense	 	 	5,141	 	 	 	2.0	%	 	 	3,259	 	 	 	1.3	%	 	 	1,882	 	 	 	32.9	%	 	 	3,769	 	 	 	1.6	%	 	 	1,371	 	 	 	5.9	%	 	 	14,700	 	 	 	1.4	%
	8156 · Concierge
    Expenses	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8157 · Walk
    Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8158 · Equipment
    Repair	 	 	34	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	34	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%	 	 	34	 	 	 	0.1	%	 	 	5,364	 	 	 	0.5	%
	8164 · Decorations	 	 	-	 	 	 	0.0	%	 	 	129	 	 	 	0.1	%	 	 	(129	)	 	 	-2.3	%	 	 	1,978	 	 	 	0.8	%	 	 	(1,978	)	 	 	-8.5	%	 	 	288	 	 	 	0.0	%
	8165 · Comp
    In-Room Coffee	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8170 · Contract
    Labor	 	 	42	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	42	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	42	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%
	8174 · Music
    & Entertainment	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8175 · Cable
    TV	 	 	2,527	 	 	 	1.0	%	 	 	2,225	 	 	 	0.9	%	 	 	302	 	 	 	5.3	%	 	 	1,640	 	 	 	0.7	%	 	 	887	 	 	 	3.8	%	 	 	12,960	 	 	 	1.2	%
	8178 · Express
    Mail	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8184 · Printing	 	 	245	 	 	 	0.1	%	 	 	283	 	 	 	0.1	%	 	 	(38	)	 	 	-0.7	%	 	 	280	 	 	 	0.1	%	 	 	(35	)	 	 	-0.2	%	 	 	588	 	 	 	0.1	%
	8185 · Telephone
    Cell & Radio	 	 	126	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	126	 	 	 	2.2	%	 	 	139	 	 	 	0.1	%	 	 	(14	)	 	 	-0.1	%	 	 	300	 	 	 	0.0	%
	8190 · Office
    Supplies	 	 	285	 	 	 	0.1	%	 	 	517	 	 	 	0.2	%	 	 	(232	)	 	 	-4.1	%	 	 	663	 	 	 	0.3	%	 	 	(377	)	 	 	-1.6	%	 	 	1,176	 	 	 	0.1	%
	8191 · Employee
    Relations	 	 	36	 	 	 	0.0	%	 	 	73	 	 	 	0.0	%	 	 	(37	)	 	 	-0.7	%	 	 	61	 	 	 	0.0	%	 	 	(26	)	 	 	-0.1	%	 	 	1,476	 	 	 	0.1	%
	8192 · Building
    Rent - Housekee	 	 	-	 	 	 	0.0	%	 	 	1,731	 	 	 	0.7	%	 	 	(1,731	)	 	 	-30.2	%	 	 	1,680	 	 	 	0.7	%	 	 	(1,680	)	 	 	-7.2	%	 	 	5,880	 	 	 	0.5	%
	8193 · License
    & Permits	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	300	 	 	 	0.0	%
	8195 · Equipment
    Lease	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	133	 	 	 	0.1	%	 	 	(133	)	 	 	-0.6	%	 	 	289	 	 	 	0.0	%
	8196 · Business
    Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8197 · Business
    Meals	 	 	-	 	 	 	0.0	%	 	 	66	 	 	 	0.0	%	 	 	(66	)	 	 	-1.2	%	 	 	77	 	 	 	0.0	%	 	 	(77	)	 	 	-0.3	%	 	 	-	 	 	 	0.0	%
	8225 · Laundry
    Expense	 	 	4	 	 	 	0.0	%	 	 	13	 	 	 	0.0	%	 	 	(9	)	 	 	-0.2	%	 	 	8	 	 	 	0.0	%	 	 	(4	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8100 . Rooms  Expenses	 	 	57,191	 	 	 	22.0	%	 	 	55,539	 	 	 	21.8	%	 	 	1,653	 	 	 	28.9	%	 	 	53,697	 	 	 	22.7	%	 	 	3,494	 	 	 	15.0	%	 	 	158,123	 	 	 	14.7	%
	Total Expense	 	 	119,704	 	 	 	46.0	%	 	 	110,079	 	 	 	43.3	%	 	 	9,625	 	 	 	168.2	%	 	 	105,637	 	 	 	44.6	%	 	 	14,067	 	 	 	60.5	%	 	 	366,250	 	 	 	34.1	%
	Net Income	 	 	140,487	 	 	 	54.0	%	 	 	144,391	 	 	 	56.7	%	 	 	(3,904	)	 	 	-68.2	%	 	 	131,309	 	 	 	55.4	%	 	 	9,178	 	 	 	39.5	%	 	 	708,334	 	 	 	65.9	%

 

    	 	Page 5 of 19	Orchards Annex March 13 Issue.xls/Reports-AvB

    	 

    

 

Orchards Annex, LLC

Rooms Department

January through March 2013

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4100 · Room Charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4110 · Transient Room charges	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4111 · Best Available Rate	 	 	4,575.60	 	 	 	22,115.20	 	 	 	45,485.60	 	 	 	72,176.40	 
	4114 · Discount	 	 	46,060.65	 	 	 	41,086.30	 	 	 	83,417.35	 	 	 	170,564.30	 
	4115·FIT/Internet	 	 	189.00	 	 	 	5,025.46	 	 	 	8,968.35	 	 	 	14,182.81	 
	Total 4110 · Transient Room charges	 	 	50,825.25	 	 	 	68,226.96	 	 	 	137,871.30	 	 	 	256,923.51	 
	4150 · Group	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4151 · Group Association	 	 	225.00	 	 	 	190.00	 	 	 	920.00	 	 	 	1,335.00	 
	4152 · Group Corporate	 	 	0.00	 	 	 	250.00	 	 	 	0.00	 	 	 	250.00	 
	4154·Group-Tour	 	 	0.00	 	 	 	909.00	 	 	 	774.00	 	 	 	1,683.00	 
	Total 4150 · Group	 	 	225.00	 	 	 	1,349.00	 	 	 	1,694.00	 	 	 	3,268.00	 
	Total 4100 · Room Charges	 	 	51,050.25	 	 	 	69,575.96	 	 	 	139,565.30	 	 	 	260,191.51	 
	Total Income	 	 	51,050.25	 	 	 	69,575.96	 	 	 	139,565.30	 	 	 	260,191.51	 
	Gross Profit	 	 	51,050.25	 	 	 	69,575.96	 	 	 	139,565.30	 	 	 	260,191.51	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5100000 · Rooms Payroll	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111000 · Front Office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5111160 · Assistant Manager	 	 	1,184.62	 	 	 	1,304.01	 	 	 	2,032.47	 	 	 	4,521.10	 
	5111600 · Guest Service Agents	 	 	2,191.85	 	 	 	2,863.83	 	 	 	4,262.68	 	 	 	9,318.36	 
	5111605 · Reservationist	 	 	788.48	 	 	 	619.36	 	 	 	1,212.81	 	 	 	2,620.65	 
	5111606 · Reservationist - Bonus	 	 	154.00	 	 	 	220.00	 	 	 	154.00	 	 	 	528.00	 
	5111610 · Lead Service Agent	 	 	75.97	 	 	 	270.75	 	 	 	-550.00	 	 	 	-203.28	 
	5111640 · Night Auditor	 	 	1,731.81	 	 	 	1,694.25	 	 	 	2,618.07	 	 	 	6,044.13	 
	Total 5111000 · Front Office	 	 	6,126.73	 	 	 	6,972.20	 	 	 	9,730.03	 	 	 	22,828.96	 
	5112000 · Housekeeping	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5112170 · Housekeeping Manager	 	 	1,424.06	 	 	 	1,955.11	 	 	 	2,253.87	 	 	 	5,633.04	 
	5112500 · Room Attendent	 	 	2,667.39	 	 	 	2,719.75	 	 	 	5,490.38	 	 	 	10,877.52	 
	5112510 · House Attendant	 	 	913.50	 	 	 	882.25	 	 	 	1,408.00	 	 	 	3,203.75	 
	5112530 · Lead Room Supervisor	 	 	1,773.88	 	 	 	1,863.01	 	 	 	3,025.95	 	 	 	6,662.84	 
	Total 5112000 · Housekeeping	 	 	6,778.83	 	 	 	7,420.12	 	 	 	12,178.20	 	 	 	26,377.15	 
	5150 · Rooms Taxes & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5151 · Rms Payroll Taxes	 	 	967.74	 	 	 	730.91	 	 	 	981.28	 	 	 	2,679.93	 
	5152 · Rms Workers'  Comp	 	 	100.53	 	 	 	100.53	 	 	 	278.76	 	 	 	479.82	 
	5153 · Rms Employ Benefits	 	 	321.38	 	 	 	189.63	 	 	 	449.92	 	 	 	960.93	 
	5155 · Rms PTO	 	 	687.23	 	 	 	211.63	 	 	 	111.43	 	 	 	1,010.29	 
	5156 · Rms Employ Meals	 	 	60.20	 	 	 	51.64	 	 	 	83.60	 	 	 	195.44	 
	Total 5150 · Rooms Taxes & Benefits	 	 	2,137.08	 	 	 	1,284.34	 	 	 	1,904.99	 	 	 	5,326.41	 
	5250 · Housekeeping Taxes & Ben	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5251 · Housekeeping payroll taxes	 	 	1,905.39	 	 	 	1,537.57	 	 	 	2,398.81	 	 	 	5,841.77	 
	5252 · Housekeeping Workmans Comp	 	 	157.04	 	 	 	165.09	 	 	 	0.00	 	 	 	322.13	 
	5253 · Housekeeping employee bene	 	 	135.89	 	 	 	142.85	 	 	 	117.98	 	 	 	396.72	 
	5255 · Housekeeping PTO Expense	 	 	589.85	 	 	 	207.50	 	 	 	173.85	 	 	 	971.20	 
	5256 · Hskpg - Employee Meals	 	 	129.08	 	 	 	116.40	 	 	 	203.46	 	 	 	448.94	 
	Total 5250 · Housekeeping Taxes & Ben	 	 	2,917.25	 	 	 	2,169.41	 	 	 	2,894.10	 	 	 	7,980.76	 
	Total 5100000 · Rooms Payroll	 	 	17,959.89	 	 	 	17,846.07	 	 	 	26,707.32	 	 	 	62,513.28	 
	Total 5000 · Payroll & Benefits	 	 	17,959.89	 	 	 	17,846.07	 	 	 	26,707.32	 	 	 	62,513.28	 
	8100 · Rooms  Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8101 · Comp Breakfast	 	 	4,829.80	 	 	 	6,518.19	 	 	 	10,717.09	 	 	 	22,065.08	 
	8110 · Guest Supplies	 	 	593.12	 	 	 	1,036.76	 	 	 	1,329.65	 	 	 	2,959.53	 
	8112 · Guest Relations	 	 	22.96	 	 	 	23.11	 	 	 	16.23	 	 	 	62.30	 
	8114 · Guest Amenities	 	 	0.00	 	 	 	20.74	 	 	 	22.39	 	 	 	43.13	 
	8115 · Operating Supplies	 	 	356.85	 	 	 	121.66	 	 	 	160.37	 	 	 	638.88	 
	8117 · Newspapers	 	 	0.00	 	 	 	136.38	 	 	 	66.47	 	 	 	202.85	 
	8120 · Cleaning Supplies	 	 	0.00	 	 	 	170.84	 	 	 	54.92	 	 	 	225.76	 

 

    	 	 	Report continued on next page

    	 

    

 

	8130 · Outside Laundry	 	 	4,877.46	 	 	 	6,182.93	 	 	 	9,007.18	 	 	 	20,067.57	 
	8135 · Uniforms	 	 	137.19	 	 	 	101.86	 	 	 	64.77	 	 	 	303.82	 
	8150 · TA Commissions	 	 	104.51	 	 	 	375.85	 	 	 	269.46	 	 	 	749.82	 
	8151 · Computer Maint & Supp	 	 	410.43	 	 	 	395.85	 	 	 	427.38	 	 	 	1,233.66	 
	8152 · Auto Expense (van)	 	 	33.87	 	 	 	89.01	 	 	 	76.88	 	 	 	199.76	 
	8155 · Reservation Expense	 	 	1,087.45	 	 	 	1,385.32	 	 	 	2,667.73	 	 	 	5,140.50	 
	8158 · Equipment Repair	 	 	33.87	 	 	 	0.00	 	 	 	0.00	 	 	 	33.87	 
	8170 · Contract Labor	 	 	0.00	 	 	 	0.00	 	 	 	42.13	 	 	 	42.13	 
	8175 · Cable TV	 	 	743.86	 	 	 	739.72	 	 	 	1,043.10	 	 	 	2,526.68	 
	8184 · Printing	 	 	13.73	 	 	 	200.26	 	 	 	30.74	 	 	 	244.73	 
	8185 · Telephone Cell & Radio	 	 	33.87	 	 	 	53.40	 	 	 	38.44	 	 	 	125.71	 
	8190 · Office Supplies	 	 	95.30	 	 	 	47.09	 	 	 	142.92	 	 	 	285.31	 
	8191 · Employee Relations	 	 	11.85	 	 	 	0.00	 	 	 	23.83	 	 	 	35.68	 
	8225 · Laundry Expense	 	 	4.40	 	 	 	0.00	 	 	 	0.00	 	 	 	4.40	 
	Total 8100 · Rooms  Expenses	 	 	13,390.52	 	 	 	17,598.97	 	 	 	26,201.68	 	 	 	57,191.17	 
	Total Expense	 	 	31,350.41	 	 	 	35,445.04	 	 	 	52,909.00	 	 	 	119,704.45	 
	Net Ordinary Income	 	 	19,699.84	 	 	 	34,130.92	 	 	 	86,656.30	 	 	 	140,487.06	 
	Net Income	 	 	19,699.84	 	 	 	34,130.92	 	 	 	86,656.30	 	 	 	140,487.06	 

 

    	 	Page 6 of 19	 Orchards Annex March 13 Issue.xls / Rooms

    	 

    

 

Orchards Annex

Miscellaneous Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	 	 
	 	 	Current Month	 
	 	 	Actual	 	 	%
    to
 Revenue	 	 	Budget	 	 	%
    to
 Revenue	 	 	Variance	 	 	%
    to
 Revenue	 	 	Prior
    Year	 	 	%
    to
 Revenue	 	 	Variance	 	 	%
    to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4500 . Miscellaneous Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4520 · Other Miscellaneous	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0	%
	Total 4500 . Miscellaneous Revenue	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0	%
	Total Revenue	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6400 · Cost of Telephone	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6401 · Long Distance	 	 	26	 	 	 	0.0	%	 	 	497	 	 	 	0.0	%	 	 	(471	)	 	 	0	%	 	 	482	 	 	 	0.0	%	 	 	(456	)	 	 	0	%
	6402 · Local Phone
    Calls	 	 	313	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	313	 	 	 	0	%	 	 	-	 	 	 	0.0	%	 	 	313	 	 	 	0	%
	Total 6400 · Cost of Telephone	 	 	339	 	 	 	0.0	%	 	 	497	 	 	 	0.0	%	 	 	(158	)	 	 	0	%	 	 	-	 	 	 	0.0	%	 	 	339	 	 	 	0	%
	Total COGS	 	 	339	 	 	 	0.0	%	 	 	497	 	 	 	0.0	%	 	 	(158	)	 	 	0	%	 	 	482	 	 	 	0.0	%	 	 	(143	)	 	 	0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Profit	 	 	(339	)	 	 	0.0	%	 	 	(497	)	 	 	0.0	%	 	 	158	 	 	 	0	%	 	 	(482	)	 	 	0.0	%	 	 	143	 	 	 	0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	(339	)	 	 	0.0	%	 	 	(497	)	 	 	0	%	 	 	158	 	 	 	0	%	 	 	(482	)	 	 	0.0	%	 	 	143	 	 	 	0	%

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full
    Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4500 . Miscellaneous Revenue	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4520 · Other Miscellaneous	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0	%	 	 	-	 	 	 	0.0	%
	Total 4500 . Miscellaneous Revenue	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0	%	 	 	-	 	 	 	0.0	%
	Total Revenue	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0	%	 	 	-	 	 	 	0.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6400 · Cost of Telephone	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6401 · Long Distance	 	 	(49	)	 	 	0.0	%	 	 	927	 	 	 	0.0	%	 	 	(976	)	 	 	0	%	 	 	1,085.77	 	 	 	0.0	%	 	 	(1,135	)	 	 	0	%	 	 	3,132	 	 	 	0.0	%
	6402 · Local Phone
    Calls	 	 	988	 	 	 	0.0	%	 	 	353	 	 	 	0.0	%	 	 	635	 	 	 	0	%	 	 	490.24	 	 	 	0.0	%	 	 	498	 	 	 	0	%	 	 	2,184	 	 	 	0.0	%
	Total 6400 · Cost of Telephone	 	 	939	 	 	 	0.0	%	 	 	1,280	 	 	 	0.0	%	 	 	(341	)	 	 	0	%	 	 	1,576	 	 	 	0.0	%	 	 	(637	)	 	 	0	%	 	 	5,316	 	 	 	0.0	%
	Total COGS	 	 	939	 	 	 	0.0	%	 	 	1,280	 	 	 	0.0	%	 	 	(341	)	 	 	0	%	 	 	1,576	 	 	 	0.0	%	 	 	(637	)	 	 	0	%	 	 	5,316	 	 	 	0.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Profit	 	 	(939	)	 	 	0.0	%	 	 	(1,280	)	 	 	0.0	%	 	 	341	 	 	 	0	%	 	 	(1,576	)	 	 	0.0	%	 	 	637	 	 	 	0	%	 	 	(5,316	)	 	 	0.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	(939	)	 	 	0.0	%	 	 	(1,280	)	 	 	0.0	%	 	 	341	 	 	 	0	%	 	 	(1,576	)	 	 	0.0	%	 	 	637	 	 	 	0	%	 	 	(5,316	)	 	 	0.0	%

 

    	 	Page 7 of 19	 Orchards Annex March 13 Issue.xls/Misc-AvB

    	 

    

 

Orchards Annex, LLC

Miscellaneous Department

January through March 2013

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cost of Goods Sold	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6400 · Cost of Telephone	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6401 · Long Distance	 	 	-69.37	 	 	 	-5.94	 	 	 	26.05	 	 	 	-49.26	 
	6402 · Local Phone Calls	 	 	352.94	 	 	 	322.19	 	 	 	313.20	 	 	 	988.33	 
	Total 6400 · Cost of Telephone	 	 	283.57	 	 	 	316.25	 	 	 	339.25	 	 	 	939.07	 
	Total COGS	 	 	283.57	 	 	 	316.25	 	 	 	339.25	 	 	 	939.07	 
	Gross Profit	 	 	-283.57	 	 	 	-316.25	 	 	 	-339.25	 	 	 	-939.07	 
	Net Ordinary Income	 	 	-283.57	 	 	 	-316.25	 	 	 	-339.25	 	 	 	-939.07	 
	Net Income	 	 	-283.57	 	 	 	-316.25	 	 	 	-339.25	 	 	 	-939.07	 

 

    	 	Page 8 of 19	 Orchards Annex March 13 Issue.xls / Misc

    	 

    

 

	 	 	Type	 	Date	 	Num	 	Adj	 	Name	 	Memo	 	Clr	 	Split	 	Debit	 	 	Credit	 	 	Balance	 
	9500 · Management
    Fees	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Bill	 	01/04/2013	 	Jan MF	 	 	 	Spector Offices	 	 	 	 	 	2000 · Accounts Payable	 	 	1,531.51	 	 	 	 	 	 	 	1,531.51	 
	 	 	Bill	 	02/01/2013	 	Feb Man Fee	 	 	 	Spector Offices	 	 	 	 	 	2000 · Accounts Payable	 	 	4,000.00	 	 	 	 	 	 	 	5,531.51	 
	 	 	Credit	 	02/28/2013	 	Feb Man Fee	 	 	 	Spector Offices	 	Adjust Feb Management Fee to 3% of
    Income of $69575.96	 	 	 	2000 · Accounts Payable	 	 	 	 	 	 	1,912.72	 	 	 	3,618.79	 
	 	 	Bill	 	03/01/2013	 	March Management Fee	 	 	 	Spector Offices	 	March MF	 	 	 	2000 · Accounts Payable	 	 	3,000.00	 	 	 	 	 	 	 	6,618.79	 
	 	 	General Journal	 	03/31/2013	 	Mgmt Fee	 	 	 	 	 	Record Additional Mgmt Fee for March
    - 3% on Revenue of $139,539.25 less $3,000 prepaid	 	 	 	1263 · Spector Offices	 	 	1,186.17	 	 	 	 	 	 	 	7,804.96	 
	Total 9500 · Management Fees	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	9,717.68	 	 	 	1,912.72	 	 	 	7,804.96	 
	TOTAL	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	9,717.68	 	 	 	1,912.72	 	 	 	7,804.96	 

 

    	 	Page 9 of 19	Orchards Annex March 13 Issue.xls / Mgmt Fees

    	 

    

 

Orchards Annex

Administrative and General Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to 
 Revenue	 	 	Budget	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 	 	Prior Year	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 . Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5600000 . G&A Payroll	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684000 . Finance Salaries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684100 · Controller	 	 	(792	)	 	 	-0.6	%	 	 	1,494	 	 	 	1.1	%	 	 	(2,286	)	 	 	-29.1	%	 	 	1,313	 	 	 	1.1	%	 	 	(2,104	)	 	 	-11.1	%
	5684110 · Assistant Controller	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	590	 	 	 	0.5	%	 	 	(590	)	 	 	-3.1	%
	5684130 · Coordinator	 	 	2,135	 	 	 	1.5	%	 	 	-	 	 	 	0.0	%	 	 	2,135	 	 	 	27.2	%	 	 	(67	)	 	 	-0.1	%	 	 	2,202	 	 	 	11.6	%
	Total 5684000 . Finance Salaries	 	 	1,343	 	 	 	1.0	%	 	 	1,494	 	 	 	1.1	%	 	 	(151	)	 	 	-1.9	%	 	 	1,836	 	 	 	1.5	%	 	 	(493	)	 	 	-2.6	%
	5686000 . G&A Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	5686130 · G & A Coordinator	 	 	141	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	141	 	 	 	1.8	%	 	 	(32	)	 	 	0.0	%	 	 	173	 	 	 	0.9	%
	5686150 · G & A Supervisor	 	 	341	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	341	 	 	 	4.3	%	 	 	376	 	 	 	0.3	%	 	 	(36	)	 	 	-0.2	%
	5686160 · G & A Asst Manager	 	 	(176	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%	 	 	(176	)	 	 	-2.2	%	 	 	-	 	 	 	0.0	%	 	 	(176	)	 	 	-0.9	%
	5686180 · G & A Director	 	 	537	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	537	 	 	 	6.8	%	 	 	446	 	 	 	0.4	%	 	 	92	 	 	 	0.5	%
	5686190 · G & A General Manager	 	 	3,442	 	 	 	2.5	%	 	 	4,104	 	 	 	3.1	%	 	 	(662	)	 	 	-8.4	%	 	 	2,662	 	 	 	2.2	%	 	 	780	 	 	 	4.1	%
	5686199 · G & A Shared Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	456	 	 	 	0.4	%	 	 	(456	)	 	 	-2.4	%
	5686699 · G&A Other Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5686000 . G&A Salaries & Wages	 	 	4,285	 	 	 	3.1	%	 	 	4,104	 	 	 	3.1	%	 	 	181	 	 	 	2.3	%	 	 	3,909	 	 	 	3.2	%	 	 	377	 	 	 	2.0	%
	5686050 . G&A Taxes and Benefit	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	5651 · G&A Payroll Taxes	 	 	227	 	 	 	0.2	%	 	 	688	 	 	 	0.5	%	 	 	(461	)	 	 	-5.9	%	 	 	655	 	 	 	0.5	%	 	 	(429	)	 	 	-2.3	%
	5652 · G&A Workers' Comp	 	 	7	 	 	 	0.0	%	 	 	4	 	 	 	0.0	%	 	 	2	 	 	 	0.0	%	 	 	4	 	 	 	0.0	%	 	 	2	 	 	 	0.0	%
	5653 · G&A Employ Benefits	 	 	105	 	 	 	0.1	%	 	 	202	 	 	 	0.2	%	 	 	(97	)	 	 	-1.2	%	 	 	192	 	 	 	0.2	%	 	 	(87	)	 	 	-0.5	%
	5655 · G&A PTO	 	 	57	 	 	 	0.0	%	 	 	99	 	 	 	0.1	%	 	 	(42	)	 	 	-0.5	%	 	 	95	 	 	 	0.1	%	 	 	(38	)	 	 	-0.2	%
	5656 · G&A Empoy Meals	 	 	13	 	 	 	0.0	%	 	 	510	 	 	 	0.4	%	 	 	(497	)	 	 	-6.3	%	 	 	486	 	 	 	0.4	%	 	 	(473	)	 	 	-2.5	%

 

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	5699 · G&A Shared Services Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5686050 . G&A Taxes and Benefit	 	 	409	 	 	 	0.3	%	 	 	1,504	 	 	 	1.1	%	 	 	(1,096	)	 	 	-14.0	%	 	 	1,433	 	 	 	1.2	%	 	 	(1,024	)	 	 	-5.4	%
	Total 5600000 . G&A Payroll	 	 	4,694	 	 	 	3.4	%	 	 	5,608	 	 	 	4.3	%	 	 	(914	)	 	 	-11.7	%	 	 	5,341	 	 	 	4.4	%	 	 	(647	)	 	 	-3.4	%
	Total 5000 . Payroll & Benefits	 	 	6,037	 	 	 	4.3	%	 	 	7,102	 	 	 	5.4	%	 	 	(1,065	)	 	 	-13.6	%	 	 	7,177	 	 	 	5.9	%	 	 	(1,140	)	 	 	-6.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8600 . General & Administrative	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8661 · Charitable Contributions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8601 · Workman's Comp Adjust	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8602 · Sales Tax Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8604 · Tax Penalties & Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8610 · IT Support	 	 	56	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	56	 	 	 	0.7	%	 	 	79	 	 	 	0.1	%	 	 	(23	)	 	 	-0.1	%
	8635 · Uniforms	 	 	48	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	48	 	 	 	0.6	%	 	 	-	 	 	 	0.0	%	 	 	48	 	 	 	0.3	%
	8650 · Maint/Service Contract	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8651 · Computer Maint & Support	 	 	27	 	 	 	0.0	%	 	 	1,922	 	 	 	1.5	%	 	 	(1,895	)	 	 	-24.2	%	 	 	1,717	 	 	 	1.4	%	 	 	(1,690	)	 	 	-8.9	%
	8660 · Legal Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8672 · Accounting Fees	 	 	-	 	 	 	0.0	%	 	 	404	 	 	 	0.3	%	 	 	(404	)	 	 	-5.1	%	 	 	377	 	 	 	0.3	%	 	 	(377	)	 	 	-2.0	%
	8674 Guest Lost/Damaged Property	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8675 · Bad Debt Expense	 	 	-	 	 	 	0.0	%	 	 	111	 	 	 	0.1	%	 	 	(111	)	 	 	-1.4	%	 	 	104	 	 	 	0.1	%	 	 	(104	)	 	 	-0.5	%
	8678 · Express Mail	 	 	-	 	 	 	0.0	%	 	 	40	 	 	 	0.0	%	 	 	(40	)	 	 	-0.5	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8679 · Payroll Processing Fees	 	 	1,431	 	 	 	1.0	%	 	 	806	 	 	 	0.6	%	 	 	625	 	 	 	8.0	%	 	 	754	 	 	 	0.6	%	 	 	677	 	 	 	3.6	%
	8680 · Postage	 	 	45	 	 	 	0.0	%	 	 	7	 	 	 	0.0	%	 	 	38	 	 	 	0.5	%	 	 	6	 	 	 	0.0	%	 	 	39	 	 	 	0.2	%
	8681 · Dues & Subscriptions	 	 	-	 	 	 	0.0	%	 	 	24	 	 	 	0.0	%	 	 	(24	)	 	 	-0.3	%	 	 	23	 	 	 	0.0	%	 	 	(23	)	 	 	-0.1	%
	8682 · Printing	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8683 · Credit Card Fees	 	 	2,613	 	 	 	1.9	%	 	 	3,952	 	 	 	3.0	%	 	 	(1,339	)	 	 	-17.1	%	 	 	6,427	 	 	 	5.3	%	 	 	(3,814	)	 	 	-20.2	%
	8684 · Bank Fees	 	 	135	 	 	 	0.1	%	 	 	37	 	 	 	0.0	%	 	 	98	 	 	 	1.2	%	 	 	35	 	 	 	0.0	%	 	 	100	 	 	 	0.5	%
	8685 · Telephone Cell & Radio	 	 	86	 	 	 	0.1	%	 	 	75	 	 	 	0.1	%	 	 	11	 	 	 	0.1	%	 	 	70	 	 	 	0.1	%	 	 	16	 	 	 	0.1	%
	8686 · Security	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8687 · Employee Recruitment	 	 	211	 	 	 	0.2	%	 	 	260	 	 	 	0.2	%	 	 	(49	)	 	 	-0.6	%	 	 	243	 	 	 	0.2	%	 	 	(32	)	 	 	-0.2	%
	8688 · Employ Relations & Train	 	 	161	 	 	 	0.1	%	 	 	195	 	 	 	0.1	%	 	 	(34	)	 	 	-0.4	%	 	 	183	 	 	 	0.2	%	 	 	(21	)	 	 	-0.1	%
	8689 · Armored Car Service	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%

 

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	8690 · Office Supplies	 	 	-	 	 	 	0.0	%	 	 	209	 	 	 	0.2	%	 	 	(209	)	 	 	-2.7	%	 	 	196	 	 	 	0.2	%	 	 	(196	)	 	 	-1.0	%
	8691 · Employee Relocation	 	 	-	 	 	 	0.0	%	 	 	1,253	 	 	 	1.0	%	 	 	(1,253	)	 	 	-16.0	%	 	 	1,171	 	 	 	1.0	%	 	 	(1,171	)	 	 	-6.2	%
	8692 · Cash over/short	 	 	17	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	17	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	17	 	 	 	0.1	%
	8693 · Licenses & Permits	 	 	284	 	 	 	0.2	%	 	 	1,520	 	 	 	1.2	%	 	 	(1,236	)	 	 	-15.8	%	 	 	1,421	 	 	 	1.2	%	 	 	(1,137	)	 	 	-6.0	%
	8694 · Student Housing	 	 	159	 	 	 	0.1	%	 	 	328	 	 	 	0.2	%	 	 	(168	)	 	 	-2.1	%	 	 	306	 	 	 	0.3	%	 	 	(147	)	 	 	-0.8	%
	8696 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8697 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	301	 	 	 	0.2	%	 	 	(301	)	 	 	-3.8	%	 	 	282	 	 	 	0.2	%	 	 	(282	)	 	 	-1.5	%
	8698 · Consultants	 	 	595	 	 	 	0.4	%	 	 	502	 	 	 	0.4	%	 	 	93	 	 	 	1.2	%	 	 	469	 	 	 	0.4	%	 	 	125	 	 	 	0.7	%
	8699 · 2008 Consulting Recon	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8695 · Equipment Lease	 	 	244	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	244	 	 	 	3.1	%	 	 	-	 	 	 	0.0	%	 	 	244	 	 	 	1.3	%
	Total 8600 . General & Administrative	 	 	6,111	 	 	 	4.4	%	 	 	11,947	 	 	 	9.1	%	 	 	(5,836	)	 	 	-74.4	%	 	 	13,862	 	 	 	11.5	%	 	 	(7,750	)	 	 	-41.0	%
	Total Expense	 	 	12,148	 	 	 	8.7	%	 	 	19,049	 	 	 	14.5	%	 	 	(6,901	)	 	 	-88.0	%	 	 	21,039	 	 	 	17.4	%	 	 	(8,890	)	 	 	-47.0	%
	Net Income	 	 	(12,148	)	 	 	-8.7	%	 	 	(19,049	)	 	 	-14.5	%	 	 	6,901	 	 	 	88.0	%	 	 	(21,039	)	 	 	-17.4	%	 	 	8,890	 	 	 	47.0	%

 

	 	 	 	 	 	Budget	 
	 	 	Year to Date	 	 	Full Year	 
	 	 	Actual	 	 	% to 
 Revenue	 	 	Budget	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 	 	Prior Year	 	 	% to 
 Revenue	 	 	Variance	 	 	% to 
 Revenue	 	 	Amount	 	 	% to 
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 . Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5600000 . G&A Payroll	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684000 . Finance Salaries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684100 · Controller	 	 	-	 	 	 	0.0	%	 	 	5,699	 	 	 	2.2	%	 	 	(5,699	)	 	 	-99.6	%	 	 	3,927	 	 	 	1.7	%	 	 	(3,927	)	 	 	-16.9	%	 	 	12,936	 	 	 	1.2	%
	5684110 · Assistant Controller	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,085	 	 	 	0.5	%	 	 	(1,085	)	 	 	-4.7	%	 	 	2,940	 	 	 	0.3	%
	5684130 · Coordinator	 	 	6,704	 	 	 	2.6	%	 	 	-	 	 	 	0.0	%	 	 	6,704	 	 	 	117.2	%	 	 	1,779	 	 	 	0.8	%	 	 	4,924	 	 	 	21.2	%	 	 	5,652	 	 	 	0.5	%
	Total 5684000 . Finance Salaries	 	 	6,704	 	 	 	2.6	%	 	 	5,699	 	 	 	2.2	%	 	 	1,005	 	 	 	17.6	%	 	 	6,791	 	 	 	2.9	%	 	 	(87	)	 	 	-0.4	%	 	 	21,528	 	 	 	2.0	%
	5686000 . G&A Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686130 · G & A Coordinator	 	 	423	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	423	 	 	 	7.4	%	 	 	439	 	 	 	0.2	%	 	 	(15	)	 	 	-0.1	%	 	 	5,292	 	 	 	0.5	%
	5686150 · G & A Supervisor	 	 	719	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	719	 	 	 	12.6	%	 	 	998	 	 	 	0.4	%	 	 	(278	)	 	 	-1.2	%	 	 	4,260	 	 	 	0.4	%
	5686160 · G & A Asst Manager	 	 	(100	)	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	(100	)	 	 	-1.8	%	 	 	-	 	 	 	0.0	%	 	 	(100	)	 	 	-0.4	%	 	 	-	 	 	 	0.0	%
	5686180 · G & A Director	 	 	1,253	 	 	 	0.5	%	 	 	-	 	 	 	0.0	%	 	 	1,253	 	 	 	21.9	%	 	 	2,092	 	 	 	0.9	%	 	 	(838	)	 	 	-3.6	%	 	 	8,328	 	 	 	0.8	%
	5686190 · G & A General Manager	 	 	9,511	 	 	 	3.7	%	 	 	10,929	 	 	 	4.3	%	 	 	(1,419	)	 	 	-24.8	%	 	 	7,451	 	 	 	3.1	%	 	 	2,060	 	 	 	8.9	%	 	 	29,400	 	 	 	2.7	%
	5686199 · G & A Shared Services	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	456	 	 	 	0.2	%	 	 	(456	)	 	 	-2.0	%	 	 	1,764	 	 	 	0.2	%
	5686699 · G&A Other Pay	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5686000 . G&A Salaries & Wages	 	 	11,806.41	 	 	 	4.5	%	 	 	10,929.49	 	 	 	4.3	%	 	 	877	 	 	 	15.3	%	 	 	11,434.41	 	 	 	4.8	%	 	 	372	 	 	 	1.6	%	 	 	49,044.00	 	 	 	4.6	%

 

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	5686050 . G&A Taxes and Benefit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5651 · G&A Payroll Taxes	 	 	1,153	 	 	 	0.4	%	 	 	1,808	 	 	 	0.7	%	 	 	(655	)	 	 	-11.4	%	 	 	1,931	 	 	 	0.8	%	 	 	(778	)	 	 	-3.3	%	 	 	5,646	 	 	 	0.5	%
	5652 · G&A Workers' Comp	 	 	20	 	 	 	0.0	%	 	 	9	 	 	 	0.0	%	 	 	11	 	 	 	0.2	%	 	 	8	 	 	 	0.0	%	 	 	12	 	 	 	0.1	%	 	 	649	 	 	 	0.1	%
	5653 · G&A Employ Benefits	 	 	373	 	 	 	0.1	%	 	 	221	 	 	 	0.1	%	 	 	152	 	 	 	2.7	%	 	 	179	 	 	 	0.1	%	 	 	194	 	 	 	0.8	%	 	 	2,808	 	 	 	0.3	%
	5655 · G&A PTO	 	 	373	 	 	 	0.1	%	 	 	356	 	 	 	0.1	%	 	 	17	 	 	 	0.3	%	 	 	140	 	 	 	0.1	%	 	 	232	 	 	 	1.0	%	 	 	2,752	 	 	 	0.3	%
	5656 · G&A Empoy Meals	 	 	73	 	 	 	0.0	%	 	 	582	 	 	 	0.2	%	 	 	(508	)	 	 	-8.9	%	 	 	617	 	 	 	0.3	%	 	 	(544	)	 	 	-2.3	%	 	 	-	 	 	 	0.0	%
	5699 · G&A Shared Services Fringes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5686050 . G&A Taxes and Benefit	 	 	1,992	 	 	 	0.8	%	 	 	2,976	 	 	 	1.2	%	 	 	(983	)	 	 	-17.2	%	 	 	2,875	 	 	 	1.2	%	 	 	(883	)	 	 	-3.8	%	 	 	11,855	 	 	 	1.1	%
	Total 5600000 . G&A Payroll	 	 	13,799	 	 	 	5.3	%	 	 	13,905	 	 	 	5.5	%	 	 	(106	)	 	 	-1.9	%	 	 	14,309	 	 	 	6.0	%	 	 	(511	)	 	 	-2.2	%	 	 	60,899	 	 	 	5.7	%
	Total 5000 . Payroll & Benefits	 	 	20,502	 	 	 	7.9	%	 	 	19,604	 	 	 	7.7	%	 	 	899	 	 	 	15.7	%	 	 	21,100	 	 	 	8.9	%	 	 	(598	)	 	 	-2.6	%	 	 	82,427	 	 	 	7.7	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8600 . General & Administrative	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8661 · Charitable Contributions	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8601 · Workman's Comp Adjust	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8602 · Sales Tax Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8604 · Tax Penalties & Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8610 · IT Support	 	 	533	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	533	 	 	 	9.3	%	 	 	835	 	 	 	0.4	%	 	 	(302	)	 	 	-1.3	%	 	 	4,704	 	 	 	0.4	%
	8635 · Uniforms	 	 	87	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	87	 	 	 	1.5	%	 	 	-	 	 	 	0.0	%	 	 	87	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%
	8650 · Maint/Service Contract	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	288	 	 	 	0.0	%
	8651 · Computer Maint & Support	 	 	447	 	 	 	0.2	%	 	 	2,484	 	 	 	1.0	%	 	 	(2,037	)	 	 	-35.6	%	 	 	1,850	 	 	 	0.8	%	 	 	(1,404	)	 	 	-6.0	%	 	 	300	 	 	 	0.0	%
	8660 · Legal Fees	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8672 · Accounting Fees	 	 	-	 	 	 	0.0	%	 	 	1,248	 	 	 	0.5	%	 	 	(1,248	)	 	 	-21.8	%	 	 	1,544	 	 	 	0.7	%	 	 	(1,544	)	 	 	-6.6	%	 	 	3,764	 	 	 	0.4	%
	8674 Guest Lost/Damaged Property	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8675 · Bad Debt Expense	 	 	-	 	 	 	0.0	%	 	 	111	 	 	 	0.0	%	 	 	(111	)	 	 	-1.9	%	 	 	104	 	 	 	0.0	%	 	 	(104	)	 	 	-0.4	%	 	 	-	 	 	 	0.0	%
	8678 · Express Mail	 	 	78	 	 	 	0.0	%	 	 	158	 	 	 	0.1	%	 	 	(80	)	 	 	-1.4	%	 	 	-	 	 	 	0.0	%	 	 	78	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%
	8679 · Payroll Processing Fees	 	 	3,004	 	 	 	1.2	%	 	 	2,367	 	 	 	0.9	%	 	 	638	 	 	 	11.2	%	 	 	2,019	 	 	 	0.9	%	 	 	986	 	 	 	4.2	%	 	 	3,528	 	 	 	0.3	%
	8680 · Postage	 	 	79	 	 	 	0.0	%	 	 	65	 	 	 	0.0	%	 	 	15	 	 	 	0.3	%	 	 	50	 	 	 	0.0	%	 	 	29	 	 	 	0.1	%	 	 	48	 	 	 	0.0	%
	8681 · Dues & Subscriptions	 	 	30	 	 	 	0.0	%	 	 	54	 	 	 	0.0	%	 	 	(24	)	 	 	-0.4	%	 	 	23	 	 	 	0.0	%	 	 	7	 	 	 	0.0	%	 	 	768	 	 	 	0.1	%
	8682 · Printing	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8683 · Credit Card Fees	 	 	7,074	 	 	 	2.7	%	 	 	8,132	 	 	 	3.2	%	 	 	(1,059	)	 	 	-18.5	%	 	 	14,908	 	 	 	6.3	%	 	 	(7,834	)	 	 	-33.7	%	 	 	38,942	 	 	 	3.6	%
	8684 · Bank Fees	 	 	413	 	 	 	0.2	%	 	 	101	 	 	 	0.0	%	 	 	312	 	 	 	5.5	%	 	 	40	 	 	 	0.0	%	 	 	373	 	 	 	1.6	%	 	 	-	 	 	 	0.0	%
	8685 · Telephone Cell & Radio	 	 	135	 	 	 	0.1	%	 	 	112	 	 	 	0.0	%	 	 	23	 	 	 	0.4	%	 	 	70	 	 	 	0.0	%	 	 	65	 	 	 	0.3	%	 	 	300	 	 	 	0.0	%
	8686 · Security	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8687 · Employee Recruitment	 	 	211	 	 	 	0.1	%	 	 	260	 	 	 	0.1	%	 	 	(49	)	 	 	-0.9	%	 	 	255	 	 	 	0.1	%	 	 	(44	)	 	 	-0.2	%	 	 	1,200	 	 	 	0.1	%
	8688 · Employ Relations & Train	 	 	161	 	 	 	0.1	%	 	 	376	 	 	 	0.1	%	 	 	(215	)	 	 	-3.8	%	 	 	352	 	 	 	0.1	%	 	 	(190	)	 	 	-0.8	%	 	 	2,078	 	 	 	0.2	%
	8689 · Armored Car Service	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,176	 	 	 	0.1	%
	8690 · Office Supplies	 	 	2	 	 	 	0.0	%	 	 	420	 	 	 	0.2	%	 	 	(418	)	 	 	-7.3	%	 	 	696	 	 	 	0.3	%	 	 	(695	)	 	 	-3.0	%	 	 	-	 	 	 	0.0	%

 

    	 	 	Report continued on next page

    	 

    

 

	8691 · Employee Relocation	 	 	-	 	 	 	0.0	%	 	 	1,253	 	 	 	0.5	%	 	 	(1,253	)	 	 	-21.9	%	 	 	1,171	 	 	 	0.5	%	 	 	(1,171	)	 	 	-5.0	%	 	 	-	 	 	 	0.0	%
	8692 · Cash over/short	 	 	17	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	17	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	17	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%
	8693 · Licenses & Permits	 	 	348	 	 	 	0.1	%	 	 	1,868	 	 	 	0.7	%	 	 	(1,519	)	 	 	-26.6	%	 	 	1,710	 	 	 	0.7	%	 	 	(1,362	)	 	 	-5.9	%	 	 	588	 	 	 	0.1	%
	8694 · Student Housing	 	 	882	 	 	 	0.3	%	 	 	1,088	 	 	 	0.4	%	 	 	(206	)	 	 	-3.6	%	 	 	1,041	 	 	 	0.4	%	 	 	(159	)	 	 	-0.7	%	 	 	-	 	 	 	0.0	%
	8696 · Business Travel	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8697 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	379	 	 	 	0.1	%	 	 	(379	)	 	 	-6.6	%	 	 	449	 	 	 	0.2	%	 	 	(449	)	 	 	-1.9	%	 	 	-	 	 	 	0.0	%
	8698 · Consultants	 	 	1,978	 	 	 	0.8	%	 	 	1,792	 	 	 	0.7	%	 	 	185	 	 	 	3.2	%	 	 	1,335	 	 	 	0.6	%	 	 	643	 	 	 	2.8	%	 	 	-	 	 	 	0.0	%
	8699 · 2008 Consulting Recon	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8695 · Equipment Lease	 	 	318	 	 	 	0.1	%	 	 	39	 	 	 	0.0	%	 	 	279	 	 	 	4.9	%	 	 	-	 	 	 	0.0	%	 	 	318	 	 	 	1.4	%	 	 	444	 	 	 	0.0	%
	Total 8600 . General & Administrative	 	 	15,797	 	 	 	6.1	%	 	 	22,306	 	 	 	8.8	%	 	 	(6,509	)	 	 	-113.8	%	 	 	28,451	 	 	 	12.0	%	 	 	(12,654	)	 	 	-54.4	%	 	 	58,128	 	 	 	5.4	%
	Total Expense	 	 	36,299	 	 	 	14.0	%	 	 	41,910	 	 	 	16.5	%	 	 	(5,611	)	 	 	-98.1	%	 	 	49,551	 	 	 	20.9	%	 	 	(13,252	)	 	 	-57.0	%	 	 	140,555	 	 	 	13.1	%
	Net Income	 	 	(36,299	)	 	 	-14.0	%	 	 	(41,910	)	 	 	-16.5	%	 	 	5,611	 	 	 	98.1	%	 	 	(49,551	)	 	 	-20.9	%	 	 	13,252	 	 	 	57.0	%	 	 	(140,555	)	 	 	-13.1	%

 

    	 	Page 10 of 19	Orchards Annex March 13 Issue.xls/A&G-AvB

    	 

    

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5600000 · G&A Payroll	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684000 · Finance Salaries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5684100 · Controller	 	 	0.00	 	 	 	791.84	 	 	 	-791.84	 	 	 	0.00	 
	5684130 · Coordinator	 	 	2,710.57	 	 	 	1,857.97	 	 	 	2,135.01	 	 	 	6,703.55	 
	Total 5684000 · Finance Salaries	 	 	2,710.57	 	 	 	2,649.81	 	 	 	1,343.17	 	 	 	6,703.55	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686000 · G&A Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686130 · G & A Coordinator	 	 	141.12	 	 	 	141.12	 	 	 	141.12	 	 	 	423.36	 
	5686150 · G & A Supervisor	 	 	0.00	 	 	 	378.66	 	 	 	340.66	 	 	 	719.32	 
	5686160 · G & A Asst Manager	 	 	37.77	 	 	 	37.69	 	 	 	-175.91	 	 	 	-100.45	 
	5686180 · G & A Director	 	 	358.08	 	 	 	358.08	 	 	 	537.12	 	 	 	1,253.28	 
	5686190 · G & A General Manager	 	 	2,117.55	 	 	 	3,951.10	 	 	 	3,442.25	 	 	 	9,510.90	 
	Total 5686000 · G&A Salaries & Wages	 	 	2,654.52	 	 	 	4,866.65	 	 	 	4,285.24	 	 	 	11,806.41	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5686050 · G&A Taxes and Benefit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5651 · G&A Payroll Taxes	 	 	425.13	 	 	 	501.49	 	 	 	226.78	 	 	 	1,153.40	 
	5652 · G&A Workers' Comp	 	 	6.59	 	 	 	6.59	 	 	 	6.59	 	 	 	19.77	 
	5653 · G&A Employ Benefits	 	 	133.90	 	 	 	133.90	 	 	 	105.20	 	 	 	373.00	 
	5655 · G&A PTO	 	 	249.54	 	 	 	66.44	 	 	 	56.82	 	 	 	372.80	 
	5656 · G&A Empoy Meals	 	 	9.58	 	 	 	50.47	 	 	 	13.30	 	 	 	73.35	 
	Total 5686050 · G&A Taxes and Benefit	 	 	824.74	 	 	 	758.89	 	 	 	408.69	 	 	 	1,992.32	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 5600000 · G&A Payroll	 	 	6,189.83	 	 	 	8,275.35	 	 	 	6,037.10	 	 	 	20,502.28	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 5000 · Payroll & Benefits	 	 	6,189.83	 	 	 	8,275.35	 	 	 	6,037.10	 	 	 	20,502.28	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8600 · General & Administrative	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8610 · IT Support	 	 	55.74	 	 	 	421.28	 	 	 	55.74	 	 	 	532.76	 
	8635 · Uniforms	 	 	39.28	 	 	 	0.00	 	 	 	48.14	 	 	 	87.42	 
	8651 · Computer Maint & Support	 	 	392.67	 	 	 	27.13	 	 	 	27.13	 	 	 	446.93	 
	8678 · Express Mail	 	 	77.66	 	 	 	0.00	 	 	 	0.00	 	 	 	77.66	 
	8679 · Payroll Processing Fees	 	 	613.30	 	 	 	960.13	 	 	 	1,431.04	 	 	 	3,004.47	 
	8680 · Postage	 	 	34.18	 	 	 	0.00	 	 	 	45.08	 	 	 	79.26	 
	8681 · Dues & Subscriptions	 	 	30.00	 	 	 	0.00	 	 	 	0.00	 	 	 	30.00	 
	8683 · Credit Card Fees	 	 	2,029.71	 	 	 	2,431.41	 	 	 	2,612.62	 	 	 	7,073.74	 
	8684 · Bank Fees	 	 	57.90	 	 	 	220.00	 	 	 	135.00	 	 	 	412.90	 
	8685 · Telephone Cell & Radio	 	 	36.75	 	 	 	12.25	 	 	 	85.75	 	 	 	134.75	 
	8687 · Employee Recruitment	 	 	0.00	 	 	 	0.00	 	 	 	210.84	 	 	 	210.84	 
	8688 · Employ Relations & Train	 	 	0.00	 	 	 	0.00	 	 	 	161.21	 	 	 	161.21	 
	8690 · Office Supplies	 	 	1.62	 	 	 	0.00	 	 	 	0.00	 	 	 	1.62	 
	8692 · Cash over/short	 	 	0.00	 	 	 	0.00	 	 	 	17.04	 	 	 	17.04	 
	8693 · Licenses & Permits	 	 	37.73	 	 	 	26.46	 	 	 	284.20	 	 	 	348.39	 
	8694 · Student Housing	 	 	379.75	 	 	 	343.00	 	 	 	159.25	 	 	 	882.00	 
	8695 · Equipment Lease	 	 	0.00	 	 	 	74.24	 	 	 	243.78	 	 	 	318.02	 
	8698 · Consultants	 	 	788.38	 	 	 	594.57	 	 	 	594.57	 	 	 	1,977.52	 
	Total 8600 · General & Administrative	 	 	4,574.67	 	 	 	5,110.47	 	 	 	6,111.39	 	 	 	15,796.53	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	10,764.50	 	 	 	13,385.82	 	 	 	12,148.49	 	 	 	36,298.81	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	-10,764.50	 	 	 	-13,385.82	 	 	 	-12,148.49	 	 	 	-36,298.81	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-10,764.50	 	 	 	-13,385.82	 	 	 	-12,148.49	 	 	 	-36,298.81	 

 

    	 	Page 11 of 19	 Orchards Annex March 13 Issue.xls / A&G

    	 

    

 

Orchards Annex

Sales and Marketing Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787000 · Sales Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787170 · Sales Manager	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5787000 · Sales Salaries & Wages	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5787050 · Sales Taxes & Benefit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	5751 · Sales Payroll & Taxes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5787050 · Sales Taxes & Benefit	 	 	-	 	 	 	 	 	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5000 · Payroll & Benefits	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	8700 . Sales & Marketing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	8751 · Computer Maint & Supp	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8764 · Promotions	 	 	(147	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%	 	 	(147	)	 	 	-1.9	%	 	 	13	 	 	 	0.0	%	 	 	(160	)	 	 	-0.8	%
	8760 · Advertising	 	 	18	 	 	 	0.0	%	 	 	2,478	 	 	 	1.9	%	 	 	(2,460	)	 	 	-31.4	%	 	 	2,360	 	 	 	2.0	%	 	 	(2,342	)	 	 	-12.4	%
	8765 · Public Relations	 	 	-	 	 	 	0.0	%	 	 	257	 	 	 	0.2	%	 	 	(257	)	 	 	-3.3	%	 	 	245	 	 	 	0.2	%	 	 	(245	)	 	 	-1.3	%
	8768 · Tradeshow	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8776 · Photography	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8781 · Dues & Subscriptions	 	 	84	 	 	 	0.1	%	 	 	515	 	 	 	0.4	%	 	 	(432	)	 	 	-5.5	%	 	 	491	 	 	 	0.4	%	 	 	(407	)	 	 	-2.2	%
	8782 · Website	 	 	92	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	92	 	 	 	1.2	%	 	 	-	 	 	 	0.0	%	 	 	92	 	 	 	0.5	%
	8783 · Internet Advertising	 	 	189	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	189	 	 	 	2.4	%	 	 	-	 	 	 	0.0	%	 	 	189	 	 	 	1.0	%
	8784 · Printing	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8785 · Telephone Cell & Radio	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8790 · Office Supplies	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8792 · Visitor Center	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8797 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	52	 	 	 	0.0	%	 	 	(52	)	 	 	-0.7	%	 	 	49	 	 	 	0.0	%	 	 	(49	)	 	 	-0.3	%
	8798 · Consultants	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8799 · Tarsadia Intelligence	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8700 . Sales & Marketing	 	 	236	 	 	 	0.2	%	 	 	3,303	 	 	 	2.5	%	 	 	(3,067	)	 	 	-39.1	%	 	 	3,158	 	 	 	2.6	%	 	 	(2,923	)	 	 	-15.5	%
	Total Expense	 	 	236	 	 	 	0.2	%	 	 	3,303	 	 	 	2.5	%	 	 	(3,067	)	 	 	-39.1	%	 	 	3,158	 	 	 	2.6	%	 	 	(2,923	)	 	 	-15.5	%
	Net Income	 	 	(236	)	 	 	-0.2	%	 	 	(3,303	)	 	 	-2.5	%	 	 	3,067	 	 	 	39.1	%	 	 	(3,158	)	 	 	-2.6	%	 	 	2,923	 	 	 	15.5	%

 

	 	 	Year to Date	 	 	Budget
 Full Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
  Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787000 · Sales Salaries & Wages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5787170 · Sales Manager	 	 	-	 	 	 	0.0	%	 	 	255	 	 	 	0.1	%	 	 	(255	)	 	 	-4.4	%	 	 	564	 	 	 	0.2	%	 	 	(564	)	 	 	-2.4	%	 	 	-	 	 	 	0.0	%
	Total 5787000 · Sales Salaries & Wages	 	 	-	 	 	 	0.0	%	 	 	255	 	 	 	0.1	%	 	 	(255	)	 	 	-4.4	%	 	 	564	 	 	 	0.2	%	 	 	(564	)	 	 	-2.4	%	 	 	-	 	 	 	0.0	%
	5787050 · Sales Taxes & Benefit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 

 

    	 	 	Report continued on next page

    	 

    

 

	5751 · Sales Payroll & Taxes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	48.65	 	 	 	0.0	%	 	 	(49	)	 	 	-0.2	%	 	 	-	 	 	 	0.0	%
	Total 5787050 · Sales Taxes & Benefit	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	49	 	 	 	0.0	%	 	 	(49	)	 	 	-0.2	%	 	 	-	 	 	 	0.0	%
	Total 5000 · Payroll & Benefits	 	 	-	 	 	 	0.0	%	 	 	255	 	 	 	0.1	%	 	 	(255	)	 	 	-4.4	%	 	 	613	 	 	 	0.3	%	 	 	(613	)	 	 	-2.6	%	 	 	-	 	 	 	0.0	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	8700 . Sales & Marketing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 
	8751 · Computer Maint & Supp	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	100	 	 	 	0.0	%
	8764 · Promotions	 	 	(245	)	 	 	-0.1	%	 	 	-	 	 	 	0.0	%	 	 	(245	)	 	 	-4.3	%	 	 	922.01	 	 	 	0.4	%	 	 	(1,167	)	 	 	-5.0	%	 	 	735	 	 	 	0.1	%
	8760 · Advertising	 	 	447	 	 	 	0.2	%	 	 	2,575	 	 	 	1.0	%	 	 	(2,128	)	 	 	-37.2	%	 	 	2,452.19	 	 	 	1.0	%	 	 	(2,006	)	 	 	-8.6	%	 	 	13,900	 	 	 	1.3	%
	8765 · Public Relations	 	 	-	 	 	 	0.0	%	 	 	515	 	 	 	0.2	%	 	 	(515	)	 	 	-9.0	%	 	 	490.00	 	 	 	0.2	%	 	 	(490	)	 	 	-2.1	%	 	 	588	 	 	 	0.1	%
	8768 · Tradeshow	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8776 · Photography	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	980	 	 	 	0.1	%
	8781 · Dues & Subscriptions	 	 	251	 	 	 	0.1	%	 	 	706	 	 	 	0.3	%	 	 	(454	)	 	 	-7.9	%	 	 	592.17	 	 	 	0.2	%	 	 	(341	)	 	 	-1.5	%	 	 	780	 	 	 	0.1	%
	8782 · Website	 	 	276	 	 	 	0.1	%	 	 	266	 	 	 	0.1	%	 	 	10	 	 	 	0.2	%	 	 	400	 	 	 	0.2	%	 	 	(124	)	 	 	-0.5	%	 	 	2,400	 	 	 	0.2	%
	8783 · Internet Advertising	 	 	189	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	189	 	 	 	3.3	%	 	 	0.00	 	 	 	0.0	%	 	 	189	 	 	 	0.8	%	 	 	9,504	 	 	 	0.9	%
	8784 · Printing	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	296	 	 	 	0.0	%
	8785 · Telephone Cell & Radio	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8790 · Office Supplies	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8792 · Visitor Center	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8797 · Business Meals	 	 	-	 	 	 	0.0	%	 	 	52	 	 	 	0.0	%	 	 	(52	)	 	 	-0.9	%	 	 	49.48	 	 	 	0.0	%	 	 	(49	)	 	 	-0.2	%	 	 	-	 	 	 	0.0	%
	8798 · Consultants	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	980	 	 	 	0.1	%
	8799 · Tarsadia Intelligence	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8700 . Sales & Marketing	 	 	917	 	 	 	0.4	%	 	 	4,113	 	 	 	1.6	%	 	 	(3,196	)	 	 	-55.9	%	 	 	4,906	 	 	 	2.1	%	 	 	(3,989	)	 	 	-17.2	%	 	 	30,263	 	 	 	2.8	%
	Total Expense	 	 	917	 	 	 	0.4	%	 	 	4,367	 	 	 	1.7	%	 	 	(3,450	)	 	 	-60.3	%	 	 	5,519	 	 	 	2.3	%	 	 	(4,602	)	 	 	-19.8	%	 	 	30,263	 	 	 	2.8	%
	Net Income	 	 	(917	)	 	 	-0.4	%	 	 	(4,367	)	 	 	-1.7	%	 	 	3,450	 	 	 	60.3	%	 	 	(5,519	)	 	 	-2.3	%	 	 	4,602	 	 	 	19.8	%	 	 	(30,263	)	 	 	-2.8	%

 

    	 	Page 12 of 19	Orchards Annex March 13 Issue.xls/Sales-AvB

    	 

    

 

Orchards Annex, LLC

Sales and Marketing Department

January through March 2013

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8700 · Sales & Marketing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8760 · Advertising	 	 	0.00	 	 	 	428.25	 	 	 	18.37	 	 	 	446.62	 
	8764 · Promotions	 	 	0.00	 	 	 	-98.00	 	 	 	-147.00	 	 	 	-245.00	 
	8781 · Dues & Subscriptions	 	 	83.75	 	 	 	83.75	 	 	 	83.75	 	 	 	251.25	 
	8782 · Website	 	 	91.88	 	 	 	91.88	 	 	 	91.88	 	 	 	275.64	 
	8783 · Internet Advertising	 	 	0.00	 	 	 	0.00	 	 	 	188.65	 	 	 	188.65	 
	Total 8700 · Sales & Marketing	 	 	175.63	 	 	 	505.88	 	 	 	235.65	 	 	 	917.16	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	175.63	 	 	 	505.88	 	 	 	235.65	 	 	 	917.16	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	-175.63	 	 	 	-505.88	 	 	 	-235.65	 	 	 	-917.16	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-175.63	 	 	 	-505.88	 	 	 	-235.65	 	 	 	-917.16	 

  

    	 	Page 13 of 19	Orchards Annex March 13 Issue.xls / Sales

    	 

    

 

Orchards Annex

Maintenance Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 . Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5800000 . Engineering Payroll	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888000 . Engineering	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888999 · Engineering Other Pay	 	 	6,160	 	 	 	4.4	%	 	 	-	 	 	 	0.0	%	 	 	6,160	 	 	 	78.5	%	 	 	-	 	 	 	0.0	%	 	 	6,160	 	 	 	32.6	%
	5888150 · Lead Groundsman	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	212	 	 	 	0.2	%	 	 	(212	)	 	 	-1.1	%
	5888180 · Chief Engineer	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,193	 	 	 	1.0	%	 	 	(1,193	)	 	 	-6.3	%
	5888600 · Groundsmen	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,010	 	 	 	0.8	%	 	 	(1,010	)	 	 	-5.3	%
	5888700 · Engineer I	 	 	-	 	 	 	0.0	%	 	 	6,160	 	 	 	4.7	%	 	 	(6,160	)	 	 	-78.5	%	 	 	7,919	 	 	 	6.6	%	 	 	(7,919	)	 	 	-41.9	%
	5888710 · Engineer II	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5888000 . Engineering	 	 	6,160	 	 	 	4.4	%	 	 	6,160	 	 	 	4.7	%	 	 	-	 	 	 	0.0	%	 	 	10,334	 	 	 	8.6	%	 	 	-4,174	 	 	 	-22.1	%
	5888050.Engineering Taxes & Ben	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5851 · Prop Ops Payroll Taxes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,229	 	 	 	1.0	%	 	 	(1,229	)	 	 	-6.5	%
	5852 · Prop Ops Workers' Comp	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5853 · Prop Ops Employ Benefits	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,274	 	 	 	1.1	%	 	 	(1,274	)	 	 	-6.7	%
	5855 · Prop Ops PTO	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5856 · Prop Ops Employ Meals	 	 	49	 	 	 	0.0	%	 	 	25	 	 	 	0.0	%	 	 	24	 	 	 	0.3	%	 	 	157	 	 	 	0.1	%	 	 	(108	)	 	 	-0.6	%
	5857 · Shared PTO Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5888050.Engineering Taxes & Ben	 	 	49	 	 	 	0.0	%	 	 	25	 	 	 	0.0	%	 	 	24	 	 	 	0.3	%	 	 	2,659	 	 	 	2.2	%	 	 	(2,610	)	 	 	-13.8	%
	Total 5800000 . Engineering Payroll	 	 	6,209	 	 	 	4.4	%	 	 	6,185	 	 	 	4.7	%	 	 	24	 	 	 	0.3	%	 	 	12,994	 	 	 	10.8	%	 	 	(6,785	)	 	 	-35.9	%
	Total 5000 . Payroll & Benefits	 	 	6,209	 	 	 	4.4	%	 	 	6,185	 	 	 	4.7	%	 	 	24	 	 	 	0.3	%	 	 	12,994	 	 	 	10.8	%	 	 	(6,785	)	 	 	-35.9	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8800 . Repairs & Maintenance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8825 · Maintenance Supplies	 	 	460	 	 	 	0.3	%	 	 	139	 	 	 	0.1	%	 	 	321	 	 	 	4.1	%	 	 	132	 	 	 	0.1	%	 	 	327	 	 	 	1.7	%
	8826 · Paint Supplies	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8827 · Small Tools & Equuipment	 	 	135	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	135	 	 	 	1.7	%	 	 	-	 	 	 	0.0	%	 	 	135	 	 	 	0.7	%
	8835 · Uniforms	 	 	-	 	 	 	0.0	%	 	 	60	 	 	 	0.0	%	 	 	(60	)	 	 	-0.8	%	 	 	58	 	 	 	0.0	%	 	 	(58	)	 	 	-0.3	%
	8850 · Plumbing	 	 	-	 	 	 	0.0	%	 	 	153	 	 	 	0.1	%	 	 	(153	)	 	 	-2.0	%	 	 	146	 	 	 	0.1	%	 	 	(146	)	 	 	-0.8	%
	8851·AC/Refrigeration	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8852 · Auto Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8853 · Buildings	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8855·Electrical/Mechanical	 	 	91	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	91	 	 	 	1.2	%	 	 	-	 	 	 	0.0	%	 	 	91	 	 	 	0.5	%
	8856 · Equipment Repair	 	 	20	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	20	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	20	 	 	 	0.1	%
	8857 · HVAC	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8858 · Grounds	 	 	-	 	 	 	0.0	%	 	 	200	 	 	 	0.2	%	 	 	(200	)	 	 	-2.5	%	 	 	214	 	 	 	0.2	%	 	 	(214	)	 	 	-1.1	%
	8859 · Lighting	 	 	118	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	118	 	 	 	1.5	%	 	 	-	 	 	 	0.0	%	 	 	118	 	 	 	0.6	%
	8861 · Locks & Keys	 	 	42	 	 	 	0.0	%	 	 	26	 	 	 	0.0	%	 	 	17	 	 	 	0.2	%	 	 	24	 	 	 	0.0	%	 	 	18	 	 	 	0.1	%
	8862 · Pest Control	 	 	331	 	 	 	0.2	%	 	 	207	 	 	 	0.2	%	 	 	124	 	 	 	1.6	%	 	 	198	 	 	 	0.2	%	 	 	133	 	 	 	0.7	%
	8864 · Pool & Spa	 	 	57	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	57	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%	 	 	57	 	 	 	0.3	%
	8867 · Propane	 	 	104	 	 	 	0.1	%	 	 	-	 	 	 	0.0	%	 	 	104	 	 	 	1.3	%	 	 	-	 	 	 	0.0	%	 	 	104	 	 	 	0.5	%
	8868 · Fire Prevention	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8883 · Service Contracts	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8885 · Telephone Cell & Radio	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8886 · Contract Labor	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8890 · Office Supplies	 	 	15	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	15	 	 	 	0.2	%	 	 	-	 	 	 	0.0	%	 	 	15	 	 	 	0.1	%
	8888 · Signage	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	8800 · Repairs & Maintenance - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8800 . Repairs & Maintenance	 	 	1,371	 	 	 	1.0	%	 	 	785	 	 	 	0.6	%	 	 	585	 	 	 	7.5	%	 	 	771	 	 	 	0.6	%	 	 	600	 	 	 	3.2	%
	Total Expense	 	 	7,580	 	 	 	5.4	%	 	 	6,970	 	 	 	5.3	%	 	 	609	 	 	 	7.8	%	 	 	13,765	 	 	 	11.4	%	 	 	(6,185	)	 	 	-32.7	%
	Net Income	 	 	(7,580	)	 	 	-5.4	%	 	 	(6,970	)	 	 	-5.3	%	 	 	(609	)	 	 	-7.8	%	 	 	(13,765	)	 	 	-11.4	%	 	 	6,185	 	 	 	32.7	%

 

	 	 	Year to Date	 	 	Budget
 Full Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 . Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5800000 . Engineering Payroll	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888000 . Engineering	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888999 · Engineering Other Pay	 	 	18,480	 	 	 	7.1	%	 	 	-	 	 	 	0.0	%	 	 	18,480	 	 	 	323.0	%	 	 	0.00	 	 	 	0.0	%	 	 	18,480	 	 	 	79.5	%	 	 	768	 	 	 	0.1	%
	5888150 · Lead Groundsman	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	354.40	 	 	 	0.1	%	 	 	(354	)	 	 	-1.5	%	 	 	-	 	 	 	0.0	%
	5888180 · Chief Engineer	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	2,632.70	 	 	 	1.1	%	 	 	(2,633	)	 	 	-11.3	%	 	 	17,160	 	 	 	1.6	%
	5888600 · Groundsmen	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	3,634.73	 	 	 	1.5	%	 	 	(3,635	)	 	 	-15.6	%	 	 	3,600	 	 	 	0.3	%
	5888700 · Engineer I	 	 	-	 	 	 	0.0	%	 	 	18,480	 	 	 	7.3	%	 	 	(18,480	)	 	 	-323.0	%	 	 	17,527.62	 	 	 	7.4	%	 	 	(17,528	)	 	 	-75.4	%	 	 	34,800	 	 	 	3.2	%
	5888710 · Engineer II	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5888000 . Engineering	 	 	18,480	 	 	 	7.1	%	 	 	18,480	 	 	 	7.3	%	 	 	-	 	 	 	0.0	%	 	 	24,149	 	 	 	10.2	%	 	 	(5,669	)	 	 	-24.4	%	 	 	56,328	 	 	 	5.2	%
	5888050.Engineering Taxes & Ben	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.0	%
	5851 · Prop Ops Payroll Taxes	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	2,814.02	 	 	 	1.2	%	 	 	(2,814	)	 	 	-12.1	%	 	 	4,184	 	 	 	0.4	%

 

    	 	 	Report continued on next page

    	 

    

 

	5852 · Prop Ops Workers' Comp	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	588	 	 	 	0.1	%
	5853 · Prop Ops Employ Benefits	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,828.68	 	 	 	0.8	%	 	 	(1,829	)	 	 	-7.9	%	 	 	916	 	 	 	0.1	%
	5855 · Prop Ops PTO	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	5856 · Prop Ops Employ Meals	 	 	79	 	 	 	0.0	%	 	 	50	 	 	 	0.0	%	 	 	29	 	 	 	0.5	%	 	 	305.26	 	 	 	0.1	%	 	 	(226	)	 	 	-1.0	%	 	 	1,072	 	 	 	0.1	%
	5857 · Shared PTO Expense	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	0.00	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 5888050.Engineering Taxes & Ben	 	 	79	 	 	 	0.0	%	 	 	50	 	 	 	0.0	%	 	 	29	 	 	 	0.5	%	 	 	4,948	 	 	 	2.1	%	 	 	(4,869	)	 	 	-20.9	%	 	 	6,760	 	 	 	0.6	%
	Total 5800000 . Engineering Payroll	 	 	18,559	 	 	 	7.1	%	 	 	18,530	 	 	 	7.3	%	 	 	29	 	 	 	0.5	%	 	 	29,097.41	 	 	 	12.3	%	 	 	(10,538	)	 	 	-45.3	%	 	 	63,088	 	 	 	5.9	%
	Total 5000 . Payroll & Benefits	 	 	18,559	 	 	 	7.1	%	 	 	18,530	 	 	 	7.3	%	 	 	29	 	 	 	0.5	%	 	 	29,097	 	 	 	12.3	%	 	 	(10,538	)	 	 	-45.3	%	 	 	63,088	 	 	 	5.9	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8800 . Repairs & Maintenance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8825 · Maintenance Supplies	 	 	1,902	 	 	 	0.7	%	 	 	1,770	 	 	 	0.7	%	 	 	132	 	 	 	2.3	%	 	 	1,554	 	 	 	0.7	%	 	 	348	 	 	 	1.5	%	 	 	8,554	 	 	 	0.8	%
	8826 · Paint Supplies	 	 	12	 	 	 	0.0	%	 	 	9	 	 	 	0.0	%	 	 	3	 	 	 	0.0	%	 	 	53	 	 	 	0.0	%	 	 	(41	)	 	 	-0.2	%	 	 	1,782	 	 	 	0.2	%
	8827 · Small Tools & Equuipment	 	 	704	 	 	 	0.3	%	 	 	167	 	 	 	0.1	%	 	 	537	 	 	 	9.4	%	 	 	25	 	 	 	0.0	%	 	 	679	 	 	 	2.9	%	 	 	1,426	 	 	 	0.1	%
	8835 · Uniforms	 	 	-	 	 	 	0.0	%	 	 	60	 	 	 	0.0	%	 	 	(60	)	 	 	-1.1	%	 	 	(65	)	 	 	0.0	%	 	 	65	 	 	 	0.3	%	 	 	927	 	 	 	0.1	%
	8850 · Plumbing	 	 	-	 	 	 	0.0	%	 	 	153	 	 	 	0.1	%	 	 	(153	)	 	 	-2.7	%	 	 	(0	)	 	 	0.0	%	 	 	0	 	 	 	0.0	%	 	 	3,564	 	 	 	0.3	%
	8851·AC/Refrigeration	 	 	19	 	 	 	0.0	%	 	 	19	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	314	 	 	 	0.1	%	 	 	(295	)	 	 	-1.3	%	 	 	713	 	 	 	0.1	%
	8852 · Auto Expense	 	 	-	 	 	 	0.0	%	 	 	53	 	 	 	0.0	%	 	 	(53	)	 	 	-0.9	%	 	 	114	 	 	 	0.0	%	 	 	(114	)	 	 	-0.5	%	 	 	-	 	 	 	0.0	%
	8853 · Buildings	 	 	-	 	 	 	0.0	%	 	 	45	 	 	 	0.0	%	 	 	(45	)	 	 	-0.8	%	 	 	43	 	 	 	0.0	%	 	 	(43	)	 	 	-0.2	%	 	 	3,566	 	 	 	0.3	%
	8855·Electrical/Mechanical	 	 	513	 	 	 	0.2	%	 	 	423	 	 	 	0.2	%	 	 	91	 	 	 	1.6	%	 	 	-	 	 	 	0.0	%	 	 	513	 	 	 	2.2	%	 	 	1,782	 	 	 	0.2	%
	8856 · Equipment Repair	 	 	154	 	 	 	0.1	%	 	 	124	 	 	 	0.0	%	 	 	29	 	 	 	0.5	%	 	 	696	 	 	 	0.3	%	 	 	(542	)	 	 	-2.3	%	 	 	4,990	 	 	 	0.5	%
	8857 · HVAC	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	198	 	 	 	0.1	%	 	 	(198	)	 	 	-0.9	%	 	 	5,346	 	 	 	0.5	%
	8858 · Grounds	 	 	-	 	 	 	0.0	%	 	 	400	 	 	 	0.2	%	 	 	(400	)	 	 	-7.0	%	 	 	471	 	 	 	0.2	%	 	 	(471	)	 	 	-2.0	%	 	 	356	 	 	 	0.0	%
	8859 · Lighting	 	 	361	 	 	 	0.1	%	 	 	333	 	 	 	0.1	%	 	 	28	 	 	 	0.5	%	 	 	503	 	 	 	0.2	%	 	 	(143	)	 	 	-0.6	%	 	 	713	 	 	 	0.1	%
	8861 · Locks & Keys	 	 	57	 	 	 	0.0	%	 	 	40	 	 	 	0.0	%	 	 	17	 	 	 	0.3	%	 	 	32	 	 	 	0.0	%	 	 	25	 	 	 	0.1	%	 	 	269	 	 	 	0.0	%
	8862 · Pest Control	 	 	444	 	 	 	0.2	%	 	 	559	 	 	 	0.2	%	 	 	(115	)	 	 	-2.0	%	 	 	892	 	 	 	0.4	%	 	 	(448	)	 	 	-1.9	%	 	 	4,633	 	 	 	0.4	%
	8864 · Pool & Spa	 	 	122	 	 	 	0.0	%	 	 	56	 	 	 	0.0	%	 	 	66	 	 	 	1.2	%	 	 	(1,522	)	 	 	-0.6	%	 	 	1,644	 	 	 	7.1	%	 	 	5,346	 	 	 	0.5	%
	8867 · Propane	 	 	173	 	 	 	0.1	%	 	 	41	 	 	 	0.0	%	 	 	132	 	 	 	2.3	%	 	 	-	 	 	 	0.0	%	 	 	173	 	 	 	0.7	%	 	 	-	 	 	 	0.0	%
	8868 · Fire Prevention	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	686	 	 	 	0.1	%
	8883 · Service Contracts	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	5,783	 	 	 	0.5	%
	8885 · Telephone Cell & Radio	 	 	17	 	 	 	0.0	%	 	 	157	 	 	 	0.1	%	 	 	(141	)	 	 	-2.5	%	 	 	134	 	 	 	0.1	%	 	 	(117	)	 	 	-0.5	%	 	 	2,651	 	 	 	0.2	%
	8886 · Contract Labor	 	 	89	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	89	 	 	 	1.6	%	 	 	75	 	 	 	0.0	%	 	 	14	 	 	 	0.1	%	 	 	588	 	 	 	0.1	%
	8890 · Office Supplies	 	 	67	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	67	 	 	 	1.2	%	 	 	-	 	 	 	0.0	%	 	 	67	 	 	 	0.3	%	 	 	196	 	 	 	0.0	%
	8888 · Signage	 	 	23	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	23	 	 	 	0.4	%	 	 	-	 	 	 	0.0	%	 	 	23	 	 	 	0.1	%	 	 	713	 	 	 	0.1	%
	8800 · Repairs & Maintenance - Other	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%
	Total 8800 . Repairs & Maintenance	 	 	4,657	 	 	 	1.8	%	 	 	4,409	 	 	 	1.7	%	 	 	248	 	 	 	4.3	%	 	 	3,518	 	 	 	1.5	%	 	 	1,139	 	 	 	4.9	%	 	 	54,584	 	 	 	5.1	%
	Total Expense	 	 	23,216	 	 	 	8.9	%	 	 	22,939	 	 	 	9.0	%	 	 	277	 	 	 	4.8	%	 	 	32,616	 	 	 	13.8	%	 	 	(9,400	)	 	 	-40.4	%	 	 	117,672	 	 	 	11.0	%
	Net Income	 	 	(23,216	)	 	 	-8.9	%	 	 	(22,939	)	 	 	-9.0	%	 	 	(277	)	 	 	-4.8	%	 	 	(32,616	)	 	 	-13.8	%	 	 	9,400	 	 	 	40.4	%	 	 	(117,672	)	 	 	-11.0	%

 

    	 	Page 14 of 19	Orchards Annex March 13 Issue.xls/R&M-AvB

    	 

    

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5000 · Payroll & Benefits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5800000 · Engineering Payroll	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888000 · Engineering	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888999 · Engineering Other Pay	 	 	6,160.00	 	 	 	6,160.00	 	 	 	6,160.00	 	 	 	18,480.00	 
	Total 5888000 · Engineering	 	 	6,160.00	 	 	 	6,160.00	 	 	 	6,160.00	 	 	 	18,480.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5888050 · Engineering Taxes & Ben	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5856 · Prop Ops Employ Meals	 	 	0.00	 	 	 	30.18	 	 	 	48.86	 	 	 	79.04	 
	Total 5888050 · Engineering Taxes & Ben	 	 	0.00	 	 	 	30.18	 	 	 	48.86	 	 	 	79.04	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 5800000 · Engineering Payroll	 	 	6,160.00	 	 	 	6,190.18	 	 	 	6,208.86	 	 	 	18,559.04	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total 5000 · Payroll & Benefits	 	 	6,160.00	 	 	 	6,190.18	 	 	 	6,208.86	 	 	 	18,559.04	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8800 · Repairs & Maintenance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8825 · Maintenance Supplies	 	 	827.33	 	 	 	615.11	 	 	 	459.53	 	 	 	1,901.97	 
	8826 · Paint Supplies	 	 	9.27	 	 	 	2.71	 	 	 	0.00	 	 	 	11.98	 
	8827 · Small Tools & Equuipment	 	 	140.33	 	 	 	429.23	 	 	 	134.50	 	 	 	704.06	 
	8851·AC/Refrigeration	 	 	19.24	 	 	 	0.00	 	 	 	0.00	 	 	 	19.24	 
	8855·Electrical/Mechanical	 	 	422.82	 	 	 	0.00	 	 	 	90.57	 	 	 	513.39	 
	8856 · Equipment Repair	 	 	0.00	 	 	 	134.10	 	 	 	19.50	 	 	 	153.60	 
	8859 · Lighting	 	 	184.10	 	 	 	58.96	 	 	 	117.86	 	 	 	360.92	 
	8861 · Locks & Keys	 	 	10.66	 	 	 	3.99	 	 	 	42.25	 	 	 	56.90	 
	8862 · Pest Control	 	 	0.00	 	 	 	112.80	 	 	 	330.96	 	 	 	443.76	 
	8864 · Pool & Spa	 	 	55.79	 	 	 	9.26	 	 	 	57.21	 	 	 	122.26	 
	8867 · Propane	 	 	40.56	 	 	 	28.47	 	 	 	103.81	 	 	 	172.84	 
	8885 · Telephone Cell & Radio	 	 	16.56	 	 	 	0.00	 	 	 	0.00	 	 	 	16.56	 
	8886 · Contract Labor	 	 	0.00	 	 	 	89.11	 	 	 	0.00	 	 	 	89.11	 
	8888 · Signage	 	 	0.00	 	 	 	23.26	 	 	 	0.00	 	 	 	23.26	 
	8890 · Office Supplies	 	 	0.00	 	 	 	52.44	 	 	 	14.54	 	 	 	66.98	 
	Total 8800 · Repairs & Maintenance	 	 	1,726.66	 	 	 	1,559.44	 	 	 	1,370.73	 	 	 	4,656.83	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	7,886.66	 	 	 	7,749.62	 	 	 	7,579.59	 	 	 	23,215.87	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	-7,886.66	 	 	 	-7,749.62	 	 	 	-7,579.59	 	 	 	-23,215.87	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-7,886.66	 	 	 	-7,749.62	 	 	 	-7,579.59	 	 	 	-23,215.87	 

 

    	 	Page 15 of 19	 Orchards Annex March 13 Issue.xls / R&M

    	 

    

 

Orchards Annex

Utilities Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior
 Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8500 . Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8501 · Gas	 	 	1,700	 	 	 	1.2	%	 	 	1,822	 	 	 	1.4	%	 	 	(122	)	 	 	-1.6	%	 	 	1,735	 	 	 	1.4	%	 	 	(35	)	 	 	-0.2	%
	8502 · Electricity	 	 	180	 	 	 	0.1	%	 	 	1,418	 	 	 	1.1	%	 	 	(1,239	)	 	 	-15.8	%	 	 	1,351	 	 	 	1.1	%	 	 	(1,171	)	 	 	-6.2	%
	8503 · Water	 	 	940	 	 	 	0.7	%	 	 	829	 	 	 	0.6	%	 	 	110	 	 	 	1.4	%	 	 	790	 	 	 	0.7	%	 	 	150	 	 	 	0.8	%
	8504 · Sewer	 	 	840	 	 	 	0.6	%	 	 	835	 	 	 	0.6	%	 	 	5	 	 	 	0.1	%	 	 	796	 	 	 	0.7	%	 	 	45	 	 	 	0.2	%
	Total 8500 . Utilities	 	 	3,660	 	 	 	2.6	%	 	 	4,905	 	 	 	3.7	%	 	 	(1,245	)	 	 	-15.9	%	 	 	4,672	 	 	 	3.9	%	 	 	(1,012	)	 	 	-5.4	%
	Total Expense	 	 	3,660	 	 	 	2.6	%	 	 	4,905	 	 	 	3.7	%	 	 	(1,245	)	 	 	-15.9	%	 	 	4,672	 	 	 	3.9	%	 	 	(1,012	)	 	 	-5.4	%
	Net Income	 	 	(3,660	)	 	 	-2.6	%	 	 	(4,905	)	 	 	-3.7	%	 	 	1,245	 	 	 	15.9	%	 	 	(4,672	)	 	 	-3.9	%	 	 	1,012	 	 	 	5.4	%

 

	 	 	Year to Date	 	 	Budget
 Full Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior
 Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8500 . Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8501 · Gas	 	 	7,177	 	 	 	2.8	%	 	 	5,645	 	 	 	2.2	%	 	 	1,532	 	 	 	26.8	%	 	 	5,811.78	 	 	 	2.5	%	 	 	1,365	 	 	 	5.9	%	 	 	28,500	 	 	 	2.7	%
	8502 · Electricity	 	 	2,911	 	 	 	1.1	%	 	 	4,217	 	 	 	1.7	%	 	 	(1,306	)	 	 	-22.8	%	 	 	4,021.09	 	 	 	1.7	%	 	 	(1,110	)	 	 	-4.8	%	 	 	35,200	 	 	 	3.3	%
	8503 · Water	 	 	1,634	 	 	 	0.6	%	 	 	2,432	 	 	 	1.0	%	 	 	(798	)	 	 	-13.9	%	 	 	2,198.62	 	 	 	0.9	%	 	 	(564	)	 	 	-2.4	%	 	 	8,000	 	 	 	0.7	%
	8504 · Sewer	 	 	2,509	 	 	 	1.0	%	 	 	2,506	 	 	 	1.0	%	 	 	3	 	 	 	0.1	%	 	 	3,190.27	 	 	 	1.3	%	 	 	(681	)	 	 	-2.9	%	 	 	7,900	 	 	 	0.7	%
	Total 8500 . Utilities	 	 	14,232	 	 	 	5.5	%	 	 	14,801	 	 	 	5.8	%	 	 	(569	)	 	 	-9.9	%	 	 	15,221.76	 	 	 	6.4	%	 	 	(990	)	 	 	-4.3	%	 	 	79,600	 	 	 	7.4	%
	Total Expense	 	 	14,232	 	 	 	5.5	%	 	 	14,801	 	 	 	5.8	%	 	 	(569	)	 	 	-9.9	%	 	 	15,222	 	 	 	6.4	%	 	 	(990	)	 	 	-4.3	%	 	 	79,600	 	 	 	7.4	%
	Net Income	 	 	(14,232	)	 	 	-5.5	%	 	 	(14,801	)	 	 	-5.8	%	 	 	569	 	 	 	9.9	%	 	 	(15,222	)	 	 	-6.4	%	 	 	990	 	 	 	4.3	%	 	 	(79,600	)	 	 	-7.4	%

 

    	 	Page 16 of 19	Orchards Annex March 13 Issue.xls/Utilities-AvB

    	 

    

 

Orchards Annex, LLC

Utilities

January through March 2013

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Ordinary Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8500 · Utilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8501 · Gas	 	 	1,945.02	 	 	 	3,532.00	 	 	 	1,700.00	 	 	 	7,177.02	 
	8502 · Electricity	 	 	1,486.11	 	 	 	1,244.93	 	 	 	179.89	 	 	 	2,910.93	 
	8503 · Water	 	 	872.00	 	 	 	-177.21	 	 	 	939.64	 	 	 	1,634.43	 
	8504 · Sewer	 	 	0.00	 	 	 	1,668.87	 	 	 	840.33	 	 	 	2,509.20	 
	Total 8500 · Utilities	 	 	4,303.13	 	 	 	6,268.59	 	 	 	3,659.86	 	 	 	14,231.58	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Expense	 	 	4,303.13	 	 	 	6,268.59	 	 	 	3,659.86	 	 	 	14,231.58	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Ordinary Income	 	 	-4,303.13	 	 	 	-6,268.59	 	 	 	-3,659.86	 	 	 	-14,231.58	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-4,303.13	 	 	 	-6,268.59	 	 	 	-3,659.86	 	 	 	-14,231.58	 

 

    	 	Page 17 of 19	 Orchards Annex March 13 Issue.xls / Utilities

    	 

    

 

Orchards Annex

Fixed Expenses Department

Actual vs. Budget and Prior Year

March 2013

 

	 	 	Current Month	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9100 . Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9102 · Rent	 	 	41,243	 	 	 	29.6	%	 	 	41,130	 	 	 	31.2	%	 	 	114	 	 	 	1.5	%	 	 	26,777	 	 	 	22.2	%	 	 	14,467	 	 	 	76.5	%
	9104 · Insurance	 	 	1,854	 	 	 	1.3	%	 	 	1,854	 	 	 	1.4	%	 	 	-	 	 	 	0.0	%	 	 	-	 	 	 	0.0	%	 	 	1,854	 	 	 	9.8	%
	9105 · Interest	 	 	356	 	 	 	0.3	%	 	 	-	 	 	 	0.0	%	 	 	356	 	 	 	4.5	%	 	 	-	 	 	 	0.0	%	 	 	356	 	 	 	1.9	%
	Total 9100 . Fixed Expenses	 	 	43,453	 	 	 	31.1	%	 	 	42,984	 	 	 	32.6	%	 	 	470	 	 	 	6.0	%	 	 	26,777	 	 	 	22.2	%	 	 	16,676	 	 	 	88.2	%
	Total Other Expense	 	 	43,453	 	 	 	31.1	%	 	 	42,984	 	 	 	32.6	%	 	 	470	 	 	 	6.0	%	 	 	26,777	 	 	 	22.2	%	 	 	16,676	 	 	 	88.2	%
	Net Income	 	 	(43,453	)	 	 	-31.1	%	 	 	(42,984	)	 	 	-32.6	%	 	 	(470	)	 	 	-6.0	%	 	 	(26,777	)	 	 	-22.2	%	 	 	(16,676	)	 	 	-88.2	%

 

	 	 	Year to Date	 	 	Budget
  Full Year	 
	 	 	Actual	 	 	% to
 Revenue	 	 	Budget	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Prior Year	 	 	% to
 Revenue	 	 	Variance	 	 	% to
 Revenue	 	 	Amount	 	 	% to
 Revenue	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9100 . Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9102 · Rent	 	 	44,003	 	 	 	16.9	%	 	 	43,889	 	 	 	17.2	%	 	 	114	 	 	 	2.0	%	 	 	31,317	 	 	 	13.2	%	 	 	12,686	 	 	 	54.6	%	 	 	268,688	 	 	 	25.0	%
	9104 · Insurance	 	 	5,562	 	 	 	2.1	%	 	 	5,562	 	 	 	2.2	%	 	 	-	 	 	 	0.0	%	 	 	0	 	 	 	0.0	%	 	 	5,562	 	 	 	23.9	%	 	 	-	 	 	 	0.0	%
	9105 · Interest	 	 	(416	)	 	 	-0.2	%	 	 	0	 	 	 	0.0	%	 	 	(416	)	 	 	-7.3	%	 	 	0	 	 	 	0.0	%	 	 	(416	)	 	 	-1.8	%	 	 	-	 	 	 	0.0	%
	Total 9100 . Fixed Expenses	 	 	49,149	 	 	 	18.9	%	 	 	49,451	 	 	 	19.4	%	 	 	(302	)	 	 	-5.3	%	 	 	31,317	 	 	 	13.2	%	 	 	17,832	 	 	 	76.7	%	 	 	268,688	 	 	 	25.0	%
	Total Other Expense	 	 	49,149	 	 	 	18.9	%	 	 	49,451	 	 	 	19.4	%	 	 	(302	)	 	 	-5.3	%	 	 	31,317	 	 	 	13.2	%	 	 	17,832	 	 	 	76.7	%	 	 	268,688	 	 	 	25.0	%
	Net Income	 	 	(49,149	)	 	 	-18.9	%	 	 	(49,451	)	 	 	-19.4	%	 	 	302	 	 	 	5.3	%	 	 	(31,317	)	 	 	-13.2	%	 	 	(17,832	)	 	 	-76.7	%	 	 	(268,688	)	 	 	-25.0	%

 

    	 	Page 18 of 19	 Orchards Annex March 13 Issue.xls/Fixed-AvB

    	 

    

 

	 	 	Jan 13	 	 	Feb 13	 	 	Mar 13	 	 	TOTAL	 
	Other Income/Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9100 · Fixed Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9102 · Rent	 	 	1,379.58	 	 	 	1,379.58	 	 	 	41,243.46	 	 	 	44,002.62	 
	9104 · Insurance	 	 	1,853.98	 	 	 	1,853.98	 	 	 	1,853.98	 	 	 	5,561.94	 
	9105 · Interest	 	 	658.05	 	 	 	-1,429.95	 	 	 	355.89	 	 	 	-416.01	 
	Total 9100 · Fixed Expenses	 	 	3,891.61	 	 	 	1,803.61	 	 	 	43,453.33	 	 	 	49,148.55	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Other Expense	 	 	3,891.61	 	 	 	1,803.61	 	 	 	43,453.33	 	 	 	49,148.55	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Other Income	 	 	-3,891.61	 	 	 	-1,803.61	 	 	 	-43,453.33	 	 	 	-49,148.55	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Income	 	 	-3,891.61	 	 	 	-1,803.61	 	 	 	-43,453.33	 	 	 	-49,148.55	 

 

    	 	Page 19 of 19	Orchards Annex March 13 Issue.xls / Fixed

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

VOTING TRUST AGREEMENT

 

THIS VOTING TRUST AGREEMENT (the “Agreement”)
is entered into as of the 13th day of May, 2013, between (a) Orlando Figueroa (the “Trustee”); (b) Albert
B. Spector, Jr. (“Spector”); (c) all members (“Members”) of (i) HL LLC, an
Arizona limited liability company (“HL Borrower”), (ii) L’Auberge Orchards, LLC, an Arizona limited
liability company (“LA Borrower”), (iii) Orchards Annex, LLC, an Arizona limited liability company (“Orchards
Annex”), (iv) Orchards Inn & Restaurant, LLC, an Arizona limited liability company (“Orchards Inn”),
(v) L’Auberge de Sedona, LLC, an Arizona limited liability company (“L’Auberge de Sedona”),
and (vi) Taos Cantina, LLC, an Arizona limited liability company (“Taos Cantina”) (together with Spector,
each individually, a “Conveying Party” and collectively, the “Conveying Parties”).

 

WHEREAS, the Conveying
Parties are parties to that certain “Sedona Agreement” dated March 29, 2013 (the “Sedona Agreement”)
whereby the Conveying Parties, among others, have agreed to, among other things, convey and transfer to L’Auberge Newco,
LLC, an Arizona limited liability company (“L’Auberge Newco”), Orchards Newco, LLC, an Arizona
limited liability company (“Orchards Newco”), and HL Newco, LLC, an Arizona limited liability company
(“HL Newco”) (each individually, a “Transferee Entity” and collectively, the
“Transferee Entities”) certain assets and interests owned, held and/or controlled by the Conveying Parties,
as identified in the Sedona Agreement and subject to the terms and conditions of the Sedona Agreement, for good and valuable consideration,

 

WHEREAS, the transactions
contemplated in the Sedona Agreement are set to close on or before the Closing Date, as that term is defined in the Sedona Agreement,

 

WHEREAS, as of the
date of the Sedona Agreement, the Members collectively owned or controlled, directly or indirectly, all equity interests (collectively,
the “Interests” ) in the Conveying Parties which consist of uncertificated membership units in the Conveying
Parties;

 

WHEREAS, the Sedona
Agreement specifically provides that, upon the Effective Date of the Sedona Agreement, the Members will transfer all of their equity
interests in the Conveying Parties to an irrevocable trust controlled by the Transferee Entities,

 

WHEREAS, the Trustee
has agreed to accept the transfer of the Interests and to act as agent and attorney-in-fact with such irrevocable powers as are
set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual promises, covenants and conditions contained herein, the parties hereto agree as follows

 

1.           
Creation of Trust.

 

Contemporaneously herewith,
each Member will execute, and deposit in trust (the “Trust”) with the Trustee, an assignment of its Interest(s)
in the Conveying Parties, in the form attached hereto as Exhibit B (each individually, an “Assignment”
and collectively, the “Assignments”), transferring and assigning to the Trustee all of such Member’s
Interests in the Conveying Parties pursuant to the terms of this Agreement. Upon receipt by the Trustee of such Assignments and
the transfer of the Interests into the name of the Trustee, the Trustee shall hold

 

    	 

    	 

    

 

the Interests in trust subject to the terms
of this Agreement. The Trustee shall issue and deliver to each Member for the respective Interests deposited by such Member a Voting
Trust Certificate in the form of Exhibit A attached hereto and incorporated herein by this reference (each individually,
a “Certificate” and collectively, the “Certificates”).

 

2.           
Irrevocability

 

The Members hereby
acknowledge that, upon becoming parties to this Agreement, the deposit of the Interests with the Trustee pursuant to this Agreement
is irrevocable for the Term hereof, that such Interests shall be held and administered by the Trustee in accordance with the terms
hereof, and, as expressly provided herein, the Members are not entitled to exercise certain voting rights associated with such
Interests prior to the termination of this Agreement.

 

3.           
Term.

 

The Trust created under
this Agreement shall terminate on the earlier to occur of (a) May 20, 2013, if the closing of the transactions contemplated by
the Sedona Agreement have not occurred by that date due to a default by the Transferee Entities; (b) one year and one day following
the closing of the transactions contemplated in the Sedona Agreement; and (c) the later of the termination of the Sedona Agreement
pursuant to its terms or, if the basis for the termination of the Sedona Agreement is disputed, upon final determination of such
dispute in accordance with the Dispute Resolution Mechanism attached hereto as Exhibit C and incorporated herein by this
reference. Notwithstanding the foregoing, this Agreement shall terminate upon the filing, against any Conveying Party, of an involuntary
petition for bankruptcy, an involuntary insolvency proceeding, an action for the appointment of a receiver, or any other involuntary
proceeding seeking relief from creditors of the Conveying Parties (collectively, an “Involuntary Insolvency Proceeding”),
provided however, that if the transactions contemplated in the Sedona Agreement have closed, then the Trust will
not terminate upon the filing of an Involuntary Insolvency Proceeding (the “Term”).

 

4.           
Transfer of Equity Interests to Trustee.

 

(a)          In
addition to the Assignments, the Members shall deposit with the Trustee any and all certificate(s) or other documents evidencing
ownership of the Interests, if any, duly endorsed in blank or accompanied by a properly executed assignment, all for transfer of
the Interests to the Trustee. Except as expressly provided herein, during the Term and subject to the terms of this Agreement,
the Trustee shall possess the title to the Interests and shall be entitled to exercise all rights of every kind and nature associated
with the Interests, including the right to vote the Interests in person or by proxy;

 

(b)          Each
Conveying Party agrees that the Trustee shall have the absolute right, authority and power to cause entry on the books of such
Conveying Party the fact that the Trustee is the owner of the membership interests thereof, and such books shall reflect therein
the following statement:

 

“The membership units in
the Company are subject to restrictions and agreements contained in the Voting Trust Agreement dated the

 

    	2

    	 

    

 

___ day of March, 2013, a copy
of which is on file with the Conveying Party.”

 

5.           
Trust Certificates & Transferability

 

(a)          Each
Certificate shall be registered on the books established by the Trustee for such purpose in the name of the Member for whom such
Certificate was issued. A Certificate may be transferred, in whole but not in part, by the registered holder of such Certificate,
in person or by attorney, only by surrendering such Certificate to the Trustee for transfer on such books. Upon such surrender
of a Certificate, the Trustee shall issue to the transferee of such Certificate holder a Certificate for the same number of Interests
transferred as stated on the surrendered Certificate. By accepting such certificate, such transferee shall become a party to this
Agreement. Until such Certificate is issued to such transferee, the Trustee shall treat the transferor as the owner thereof for
all purposes of this Agreement. Except as expressly provided herein, the Trustee may close such transfer books at any time prior
to the holding of meetings, the payment of dividends, or for any other purpose.

 

(b)          In
the event a Certificate is mutilated, destroyed, stolen or lost, the Trustee may, in its discretion, issue a duplicate lost Certificate,
which shall be so marked, upon receipt of (i) the existing Certificate, if mutilated, or evidence of loss, theft or destruction,
satisfactory to the Trustee; (ii) a written agreement by the holder of such Certificate in a form satisfactory to the Trustee to
indemnify and hold the Trustee harmless from any and all issues arising from or relating to the issuance or such duplicate Trust
Certificate: and (iii) payment of the Trustee’s reasonable fees and expenses incurred in connection with issuance of a duplicate
Certificate.

 

6.           
Distributions Relating to the Interests in the Conveying Parties. In the event any distribution of additional ownership
Interests in a Conveying Party is distributed or paid, in whole or in part, to a Member in a Conveying Party, which Interest has
general voting powers, then the Trustee shall receive the certificate(s) or other document(s) evidencing ownership of such Interest
directly from the Conveying Party and shall hold such certificate(s) or document(s) under and pursuant to the terms of this Agreement.
The Trustee shall issue to the Member entitled to such additional ownership Interests, Certificates representing such additional
Interest and such additional Interest shall become additional Interests subject to the terms of this Agreement. The Members agree
to execute any and all documents reasonably required by the Trustee to affect any such transfer of additional ownership interests
to the Trustee pursuant to this Section 6.

 

7.           
Representations and Warrantees

 

The Members hereby make the following
representations and warrantees:

 

(a)          Each
Conveying Party is an Arizona limited liability company in good standing with the State of Arizona;

 

    	3

    	 

    

 

(b)          The
Interests represent all of the Members’ Interests in each of the Conveying Parties and all of the percentage ownership of
each Conveying Party as set forth in the Recitals above.

 

(c)          The
Interests have been validly issued, fully paid for and are non-assessable; and

 

(d)          The
membership Interests in the Conveying Parties are not certificated.

 

Spector hereby
represents and warrants that the Interests represent a sufficient percentage of the ownership in each of the Conveying Parties
to effectuate the powers of the Trustee set forth herein, including, without limitation, those powers described in Section 9.

 

8.           
Reorganization of an Conveying Party

 

In the event a Conveying
Party is merged into or consolidated with another entity or all or substantially all of the assets of a Conveying Party are transferred
to another entity, the term “Conveying Party” shall include such successor entity for all purposes of this Agreement.
The Trustee shall receive and hold under this Agreement any interest evidencing ownership of the Members in such successor entity
received on account of the Interests held hereunder prior to such merger, consolidation and transfer.

 

9.           
Powers and Duties of Trustee.

 

(a)          Until
the termination of this Agreement as provided herein, and subject to the provisions of this Agreement, the Trustee shall have the
right to exercise, in person, all rights and powers of a Member, manager or managing member of each Conveying Party; provided,
however, that except for the rights and powers to act and vote set forth in Section 9(b), below, for which the Trustee
has the sole and absolute power to vote in his sole and absolute discretion, the Trustee shall, as to any particular matter or
matters to be acted upon at any meeting of owners, managers or Members of a particular Conveying Party cause to be mailed or delivered
to the registered holders of the outstanding Certificates, proxies or powers of attorney, in such form as the Trustee may deem
proper, authorizing the respective registered holders of the Certificates to vote or act upon such matter(s) in respect of the
number of Interest in such Conveying Party represented by their respective Certificates. Except for the rights and powers to act
and vote set forth in Section 9(b), below, for which the Trustee has the sole and absolute power to vote in his sole and absolute
discretion, the Trustee shall vote and act in a manner consistent with the majority votes of the registered holders of the Certificates
pursuant to the proxies and/or powers of attorney received by the Trustee from the Certificate holders

 

(b)          Notwithstanding
the provisions of Section 9(a), above, the Trustee shall have the sole and absolute power to act and vote in his sole and absolute
discretion to prevent any of the following:

 

(1)         The
amendment, from time to time, of (i) the articles of incorporation, articles of organization, certificate of formation, the bylaws
and/or

 

    	4

    	 

    

 

the operating agreement, including
any and all amendments thereto now or hereafter existing, as the case may be, of any Conveying Party or (ii) this Agreement;

 

(2)         The
mortgage, hypothecation or pledge of properties and assets of any Conveying Party or of any part thereof;

 

(3)         The
sale, exchange, or other disposition, of all, or any part, of the franchises, properties and assets of any Conveying Party for
such consideration, and upon such terms and conditions, as the Trustee may determine; and

 

(4)         The
voluntary filing of a bankruptcy petition or an action for the assignment for the benefit of creditors, or other bankruptcy relief
or other relief from creditors, including reorganization, liquidation, or similar relief from creditors of the Conveying Parties.

 

(c)          The
Trustee shall comply with, and shall be bound by, the applicable laws of the State of Arizona, including those governing limited
liability companies. Further, the Trustee shall be, and acknowledges and agrees that it is, subject to personal jurisdiction in
the State of Arizona, and that venue is proper in any court of competent jurisdiction in the State of Arizona. Neither the appointment
of the Trustee nor anything else in this Agreement shall be construed to (a) place the control of the Conveying Parties beyond
the power of the courts in the State of Arizona or (b) be contrary to the laws of the State of Arizona.

 

10.         
Liability of Trustee.

 

(a)          The
Trustee is a fiduciary and, as such, occupies a position of trust and confidence with respect to each Conveying Party. Accordingly,
in exercising its rights and fulfilling its responsibilities hereunder, the Trustee shall be required to act with the diligence
of a prudent person in similar circumstances dealing with the property of others. In voting the Interests held hereunder, the Trustee
shall exercise his best judgment to select suitable directors of a Conveying Party that is a corporation or manager of a Conveying
Party that is a limited liability company and shall, otherwise, participate as a Conveying Party in the management of such Conveying
Party’s affairs insofar as it may be entitled, so as to be apprised of the affairs of such Conveying Party;

 

(b)          Notwithstanding
Subsection 10(a) hereof, the Trustee shall incur no liability to any Conveying Parties or any third party for any mistakes
or errors in judgment or for any act performed or omitted unless such mistake, error, performance or omission shall have been fraudulent,
in bad faith, willful misconduct or gross negligence. Subject to the foregoing, the Conveying Party shall indemnify, defend and
hold harmless, and pay all judgments and claims against the Trustee relating to any and all liability, damage and expenses (including
attorneys’ and experts [testifying and consulting] fees and costs) incurred by the Trustee in any matter in conjunction with
the performance of his duties under this Agreement;

 

    	5

    	 

    

 

(c)          The
Trustee or any person, entity, or both, in which it may be, directly or indirectly, interested, or in which any of its associates,
at any time, may be or become, in any way and to any extent interested, may not derive profit and advantage from the Conveying
Parties, or any successor, allied or subsidiary entities, or its or their stock obligations, properties, businesses and affairs,
or in any and from any matter or thing, in any way, related to and in connection with the Conveying Parties; and

 

(d)          The
Trustee shall not be personally responsible with respect to any action taken pursuant to his or her vote cast in any matter whatsoever
or act committed or omitted to be done under this Agreement, provided such commission or omission does not amount to willful misconduct
or gross negligence on his or her part.

 

11.         
Termination

 

(a)          The
trust created under this Agreement shall terminate upon the expiration of the Term set forth in Section 3 hereof.

 

(b)          Upon
the termination of the Trust created under this Agreement:

 

(i)          The
Trustee, in exchange for and upon surrender of any outstanding Certificates and upon the payment of any transfer tax, charge or
deduction which the Trustee may be required to make, shall deliver to the registered holder of such Certificate assignment(s) of
membership interest(s) for the number of membership units represented by such Certificate. The holder of such Certificate shall
deliver to the Trustee such Certificate duly endorsed in blank for transfer and cancellation; or

 

(ii)         Upon
the delivery of all such membership units to the holders of Certificates, the Trustee shall thereby be forever, fully and unconditionally
released and discharged, as well as its agents and attorneys, from all liability and accountability under this Agreement of every
kind, character and description whatsoever. The Trustee shall make delivery or distribution of such membership units, for the Interests
to the person or persons whose names appear upon the books of the Trustee us the owners of such Certificates, and in doing so,
shall be fully protected notwithstanding that any such Certificates is not produced or surrendered.

 

12.         
Compensation and Reimbursement of Trustee.

 

The Trustee shall be
entitled to receive, and shall be paid by the Conveying Parties, the sum of $12,000 ($2,000 for each of the entities for which
Members are executing Assignments pursuant to this Agreement). Additionally, the Trustee shall have the right to incur and pay
reasonable expenses and charges and to employ and pay reasonable expenses and charges of such agents, attorneys, and counselors
as he may deem necessary and proper for coming this Agreement into effect and in maintaining the same on an ongoing basis. All
such expenses incurred by the Trustee shall be paid, or reimbursed to the Trustee, by the Conveying Parties. Nothing contained
in this Agreement shaft disqualify or incapacitate the Trustee from serving as

 

    	6

    	 

    

 

an officer, director, or manager, or in
any other capacity for one or more of the Conveying Parties.

 

13.         
Deposit of Copy.

 

A copy of this Agreement
and of every supplement or amendment hereto shall be filed in the principal office of each of the Conveying Parties, and shall
be open at all reasonable times to the inspection of any Member of each Conveying Party, or any Certificate holder under this Agreement.

 

14.         
Miscellaneous.

 

(a)          
Notices. Any notice or communication under this Agreement shall be delivered either personally or by mail, postage prepaid,
to the addresses of the parties hereto, as the parties may from time to time provide to the Trustee for this purpose. A notice
or communication delivered to a party to this Agreement at the most recent address provided to the Trustee shall be deemed delivered
immediately if delivered in person, or, if mailed, seventy-two (72) hours after deposit in the United States Postal Service Mail.

 

(b)          
Attorneys’ Fees. If any party to this Agreement finds it necessary to bring any action a law or in equity to enforce
any of the terms of this Agreement, the party prevailing in any such action or proceeding shall be entitled to recover reasonable
attorneys’ fees and costs against the other party. In the event a judgment is secured by such prevailing party, all such
attorney’s fees and costs shall be determined by the court and not by a jury and shall be included us a part of such judgment
award. For the purposes of this Agreement, the phrase “prevailing party” shall be that party who successfully
attains, by award, judgment or settlement, substantially all of the relief originally sought by such party.

 

(c)          
Arizona Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Arizona.

 

(d)          
Time is of the Essence. The parties to this Agreement agree that time is of the essence with respect to this Agreement.

 

(e)           Integrated Agreement. This Agreement constitutes the entire understanding and agreement among the parties hereto with respect
to these matters, and there are no agreements, understandings, restrictions, representations, or warranties among the parties other
than those set forth herein or herein provided for. The parties acknowledge the existence of the Sedona Agreement of even dale
herewith.

 

(f)           Amendments. This Agreement may not be altered or amended, except by a writing executed by each of the Members and the Trustee.

 

(g)          Severability. Every provision of this Agreement is intended to be severable. In the event any term or provision hereof is
declared illegal or invalid (or any reason, such illegality or invalidity shall not affect the validity of the remainder of this
Agreement.

 

    	7

    	 

    

 

(h)          Pronouns and Section Headings. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine,
the neutral or the plural, as the identity of the person or persons may require. Section and other headings contained in this Agreement
are for reference purposes only and are in no way intended to describe, interpret, define or limit the scope, intent, or extern
of this Agreement or any provision hereof.

 

(i)          Further Execution. The Conveying Parties, the Members, and the Trustee hereby agree to execute, acknowledge and deliver
any document or instrument, or both, that may be necessary or proper to carry out the purposes of intent of this Agreement.

 

(j)          Execution in Counterpart. This Agreement may be executed in counterparts, all of which taken together shall be deemed one
original.

 

(k)         Computation of Time. In computing any period or time pursuant to this Agreement, the day of the act, date of notice or the
event from which the designated period or time beings to run will not be included. Days shall mean calendar days and the last day
of the period so computed will not be included, unless it is a Saturday, Sunday or legal holiday in the state of Arizona, in which
event the period shall run until the end of the nom day which is not a Saturday, Sunday or legit holiday in the state of Arizona.

 

(l)          Parties in Interest. Each and every covenant, term, provision, and agreement contained herein shall be binding upon and
shall inure to the benefit of the heirs, successors and assigns of the respective parties hereto.

 

The parties have executed
this Agreement as of the day and year first written above.

 

[signatures on the following pages]

 

    	8

    	 

    

 

Signature Page to Voting Trust Agreement

 

	 	TRUSTEE:
	 	 
	 	/s/ Orlando Figueroa
	 	ORLANDO FIGUEROA

 

    	9

    	 

    

 

	 	Signature Page to Voting Trust Agreement
	 	 
	 	/s/ Albert B Spector Jr.
	 	ALBERT B. SPECTOR, JR.:
	 	 
	 	 

 

    	10

    	 

    

 

	 	Signature Page to Voting Trust Agreement
	 	 
	 	MEMBERS OF HL LLC, an Arizona limited
	 	liability company:
	 	 
	 	/s/ Al Spector
	 	Al Spector
	 	 
	 	 
	 	Marie Berg

 

    	11

    	 

    

 

	 	Signature Page to Voting Trust Agreement
	 	 
	 	MEMBERS OF HL LLC, an Arizona limited
	 	liability company:
	 	 
	 	 
	 	Al Spector
	 	 
	 	/s/ Marie Berg
	 	Marie Berg

 

    	11

    	 

    

 

Signature Page to Voting Trust Agreement

 

	 	MEMBERS OF L’AUBERGE ORCHARDS,
	 	LLC, an Arizona limited liability company:
	 	 
	 	SAL Sedona LLC
	 	 
	 	/s/Al Spector
	 	By:	 Al Spector
	 	Its:	 Manager

 

	 	Al Spector
	 	 
	 	/s/ Al Spector

 

    	12

    	 

    

 

	Signature Page to Voting Trust Agreement
	 	 
	 	MEMBERS OF ORCHARDS ANNEX, LLC, an
	 	Arizona limited liability company:
	 	 
	 	Spector Offices, LLC
	 	 
	 	/s/ Lexy Vudrag
	 	By:	Lexy Vudrag
	 	Its:	Manager

 

	 	SP Acquisitions, LLC
	 	 
	 	/s/ Lexy Vudrag
	 	By:	Lexy Vudrag
	 	Its:	Trust Protector

 

    	13

    	 

    

 

Signature Page to Voting Trust Agreement

 

	 	MEMBERS OF ORCHARDS INN &
	 	RESTAURANT, LLC, an Arizona limited
	 	liability company:
	 	 
	 	L’Auberge Orchards LLC
	 	 
	 	/s/ Al Spector
	 	By:	 Al Spector
	 	Its:	Manager

 

    	14

    	 

    

 

Signature Page to Voting Trust Agreement

 

	 	MEMBERS OF L’AUBERGE DE SEDONA,
	 	LLC, an Arizona limited liability company:
	 	 
	 	L’Auberge Orchards LLC
	 	 
	 	/s/ Al Spector
	 	By:	Al Spector
	 	Its:	Manager

 

    	15

    	 

    

 

Signature Page to Voting Trust Agreement

 

	 	MEMBERS OF TAOS CANTINA, LLC, an
	 	Arizona limited liability company:

 

	 	SP Acquisitions, LLC
	 	By: Lucy Trust Foundation, Managing Partner
	 	 
	 	/s/ Lexy Vudrag
	 	By:	Lexy Vudrag
	 	Its:	Trust Protector

 

    	16

    	 

    

 

EXHIBIT A

 

VOTING TRUST CERTIFICATE

 

THIS CERTIFIES that ___________________,
has deposited with [Trustee] (the “Trustee”), pursuant to the terms and conditions of the Voting Trust
Agreement dated effective as of March ___, 2013 (the “Voting Trust Agreement”), __________________ membership
units in ____________________, LLC, an Arizona limited liability company.

 

THE INTEREST REPRESENTED BY THIS CERTIFICATE
SHALL NOT BE SOLD, TRANSFERRED, CONVEYED, ASSIGNED, MORTGAGED, OR PLEDGED IN WHOLE OR IN PART, EXCEPT IN ACCORDANCE WITH THE TERMS
OF THE VOTING TRUST AGREEMENT.

 

IN WITNESS WHEREOF, the Trustee has caused
this Certificate to be executed effective as of May ___, 2013.

 

	 	TRUSTEE:
	 	 
	 	 
	 	By:	 

 

    	17

    	 

    

 

EXHIBIT B

 

ASSIGNMENT BY MEMBER

 

FOR VALUE RECEIVED
and pursuant to and subject to the terms of that certain Voting Trust Agreement dated May ___, 2013 (the “Voting Trust
Agreement”), ______________________________ (“Member”) hereby assigns and transfers
unto ______________________________ (the “Trustee”) all of its membership units and interests in and
to ___________________ (“Conveying Party”) and does hereby irrevocably constitute and appoint Trustee
as Attorney-in-Fact to transfer said membership units and interests on the books of ____________ to the Trustee with full power
of substitution in the premises.

 

DATED ____________________, 20__.

 

	 	 
	By:	 	 
	 	 	 

 

    	18

    	 

    

 

EXHIBIT C

 

DISPUTE RESOLUTION MECHANISM

 

1.           
Exclusions. The provisions of this Dispute Resolution Mechanism shall not apply to any controversy, claim or dispute
of whatever nature arising out of the termination of this Agreement.

 

2.           
Negotiations.

 

2.1         
Subject to Section 1, above, the Parties shall attempt in good faith to resolve any other controversy, claim or dispute
of whatever nature arising between the Parties relating to the foregoing Voting Trust Agreement or the construction, interpretation,
performance or breach of the Voting Trust Agreement, (a “Dispute”), promptly by negotiation between executives
who have authority to settle the Dispute (“Senior Party Representatives”).

 

2.2         
Either Party may give the other Party written notice (a “Dispute Notice”) of any Dispute that has not
been resolved in the normal course of business. Within five (5) days after delivery of the Dispute Notice, the receiving party
shall submit to the other a written response (the “Response”). The Dispute Notice and the Response shall
include:

 

a.           
A statement setting forth the position of the Party giving such notice and a summary of arguments supporting such position; and

 

b.           
The name and title of such Party’s Senior Party Representative and any other persons who will accompany the Senior Party
Representative at the meeting at which the Parties will attempt to settle the Dispute.

 

2.3         
No later than ten (10) days after delivery of the Dispute Notice, the Senior Party Representatives of both Parties shall meet at
a mutually acceptable time and place, and then as often as they reasonably deem necessary, to attempt to resolve the Dispute. All
reasonable requests for information made by one Party to the other will be honored.

 

2.4         
If the Dispute has not been resolved within thirty (30) days after delivery of the Dispute Notice, either Party may initiate arbitration
of the Dispute as provided below.

 

2.5         
All negotiations under this Section 2 shall be treated as compromise and settlement negotiations. Nothing said or disclosed,
nor any document produced, in the course of those negotiations that is not otherwise independently discoverable shall be offered
or received as evidence or used for impeachment or for any other purpose in any current or future arbitration or litigation.

 

    	 

    	 

    

 

3.           
Arbitration.

 

3.1         
If the Dispute has not been resolved by negotiation as above provided, the Parties shall engage in binding arbitration (“Arbitration”)
to resolve the Dispute as set forth below.

 

3.2         
If the Dispute has not been resolved within thirty (30) days after delivery of the Dispute Notice, either Party may initiate arbitration
of the Dispute by providing written notice to the other within such thirty (30) day period, in which event, the Dispute shall immediately
be referred to binding arbitration pursuant to and in accordance with (a) the Federal Arbitration Act, Title 9, United States Code,
(b) the then-current rules for arbitration of commercial disputes of the American Arbitration Association (the “AAA”),
and (c) the Special Rules set forth below. In the event of any inconsistency, the Special Rules shall control; provided, however,
that in the event of any inconsistency between the timeframes set forth in Section 3.3 c. or d. below and any rules established
by the arbitrator or the then-current rules for arbitration of commercial disputes of the AAA, the rules established by the arbitrator
or by the AAA shall control.

 

3.3         
Special Rules.

 

a.           
The Arbitration shall be conducted in Maricopa County, State of Arizona.

 

b.            
The Arbitration shall be administered by AAA, who will appoint an arbitrator. If AAA is unwilling or unable to administer the Arbitration,
then any Party hereto may substitute another arbitration organization that has similar procedures to AAA and that will observe
and enforce any and all provisions of this dispute resolution mechanism.

 

c.            
The Arbitration hearing will be commenced as soon as practicable, but no later than thirty (30) days from the date the Arbitration
is referred to AAA, and will completed no later than thirty (30) days from commencement; provided, however, that upon a showing
of good cause, the arbitrator shall be permitted to extend the commencement of the hearing for up to an additional fifteen (15)
days.

 

d.           
The judgment and award, if any, of the arbitrator shall be issued within fifteen (15) days of the close of the hearing. The arbitrator
shall provide a concise written statement setting forth the reasons for the judgment and award, if any. The arbitration award,
if any, may be submitted to any court having jurisdiction to be confirmed and enforced, and such confirmation and enforcement shall
not be subject to arbitration.

 

e.           
Any dispute concerning this Arbitration provision, including any disputes as to the validity or enforceability of this provision,
or whether a Dispute is subject to arbitration, shall be determined by the arbitrator; provided, however, that the arbitrator shall
not be permitted to vary the express terms of these Special Rules.

 

    	2

    	 

    

 

f.            
The arbitrator shall have the power to award legal fees and costs pursuant to the terms of the foregoing Voting Trust Agreement
and applicable state law.

 

3.4         
By agreeing to the foregoing, the parties irrevocably and voluntarily waive any right they may have to a trial by jury in respect
of any Dispute.

 

3.5         
The arbitrator’s decision will be final and binding on the parties and will not be subject to appeal to any court or forum.

 

3.6         
The Arbitration proceeding shall remain confidential in all respects, including all arbitration filings, deposition transcripts,
documents produced or obtained in discovery, or other material provided by and exchanged between the parties and the arbitrator’s
findings of fact and conclusions of law. Following receipt of the arbitrator’s decision, each party agrees to return to the
producing party within thirty (30) days the original and all copies of documents exchanged in discovery and at the arbitration
hearing, except those documents required to be retained by counsel pursuant to law. Further, the parties to the arbitration also
agree not to discuss the amount of the judgment or arbitration award, if any.

 

3.7         
All costs, expenses and compensation charged by the arbitrator (“Arbitration Costs and Compensation”)
shall initially be paid in equal one-half shares by the Parties, but such Arbitration Costs and Compensation shall be subject to
reallocation by the arbitrator at the conclusion of the Arbitration hearing and consistent with the terms of the Voting Trust Agreement.

 

    	3

    	 

    

 

[INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

NOBLE HOUSE

HOTELS & RESORTS

 

October 1, 2012

 

Al Spector/Neil Elsey

L’Auberge de Sedona

301 L’Auberge Lane

Sedona, AZ 86336

 

		Re:	Letter of Intent

L’Auberge Orchards, LLC

 

Gentlemen:

 

Noble House Hotels
and Resorts, Ltd., a Texas Limited Partnership ("Noble House") is pleased to present this Letter of Intent
to purchase all of Real Property and Improvements owned in fee simple by the wholly owned subsidiaries of L’Auberge Orchards,
LLC (the "LLC"), consisting of the real property and Improvements, the personal property, and the business
enterprise commonly known and referred to as the L’Auberge Hotel & Resort, located at 301 L’Auberge Lane, Sedona,
AZ 86336 (collectively the "Resort"), more particularly described in Exhibit A attached hereto (the
"Resort Legal Description"); and the real property and improvements, the personal property, and the business
enterprise commonly known as the Orchards Inn located at 254 N Highway 89A, Sedona, Arizona 86336 (collectively the "Motel,
more particularly described in Exhibit B attached hereto (the "Motel Legal Description"). Buyer
proposes to acquire the Resort and the Motel, on the following terms, to be integrated into a definitive Purchase and Sale Agreement
(the "Definitive Agreement") after mutual execution of this Letter of Intent.

 

		1.	Parties: Record title owner(s) of Resort and Motel ("Seller"); Noble House,
its affiliates, assigns and joint venture parties ("Buyer" or "Noble House"). "Buyer"
and "Seller" are hereinafter sometimes collectively referred to as "Parties".

 

		2.	Transaction: Buyer proposes to enter into a Purchase and Sale Agreement to purchase and
acquire from Seller the Resort and the Motel for a total Purchase Price of $82,500,000 payable as follows: Buyer to pay Cash into
Escrow in the amount of $25,000,000, and Buyer to assume a restructured first mortgage loan on the Resort property in the amount
of $57,500,000 with interest at 5.5%, a ten year term with a 25 year amortization, and payable interest only for the first year
of the restructured loan. Buyer to spend additional capital consideration for immediate repairs and renovations as described in
the attached Exhibit 1.

 

		3.	Title: At the Closing, upon receipt of the Purchase Price described above, Seller will deliver
to Buyer the Motel free and clear of any encumbrances, claims or liens, and will

 

Individual Distinction. Collective soul.

 

600 6th Street South    Kirkland,
WA 98033    Tel: 425.827.8737    Fax: 425.636.56261  Web: noblehousehotels.com

 

    	 

    	 

    

Page 2 of 8 

 

 

deliver to Buyer the Resort free
and clear of liens, claims and encumbrances, except for the restructured first mortgage note and obligation in the amount of $57,500,000
(the "Permitted Encumbrance").

 

		4.	Assets Included: The acquisition will consist of the Resort and Motel, all of Seller’s
right, title and interest in and to: (a) the real property (Exhibit A), the existing eighty seven (87) rooms and any entitlements
for future expansion, the personal property including the ‘prefab’ units currently in inventory and any additional
‘prefab units’ to be acquired, spa, furniture, fixtures and equipment, operating supplies, expendables, rolling stock,
intangible property, books, records and data related to the ownership and operation of the Resort, choses in action, artwork and
all property used in conjunction with the business endeavor and operation of the Resort, except those items designated herein as
"Excluded Assets," which Excluded Assets shall not be considered to be a part of the sale and transfer; and (b) the real
property (Exhibit B), the existing forty two (42) rooms, along with that certain lease for 28 additional rooms located adjacent
to the Property in Canyon Portals ("Orchards Annex Lease"), and any entitlements for future expansion, the personal property,
furniture, fixtures and equipment, operating supplies, expendables, rolling stock, intangible property, books, records and data
related to the ownership and operation of the Motel, choses in action, artwork and all property used in conjunction with the business
endeavor and operation of the Motel, except those items designated herein as "Excluded Assets," which Excluded Assets
shall not be considered to be a part of the sale and transfer.

 

Orchards Annex Lease:
Upon Closing and assignment of the Orchards Annex Lease, Orchards Annex LLC shall receive $300,000 from the Closing proceeds, provided
there are sufficient proceeds in Escrow to satisfy this and all other Purchase Price obligations of Seller. Buyer shall not be
required to deliver any additional Purchase Price consideration to Escrow over and above the requirements of Article 2 above. After
the Closing, Buyer shall make monthly lease payments on the Orchards Annex Lease according to the present lease.

 

		5.	Excluded Assets: Wine, liquor and food inventories. These assets to be purchased
separately at closing at their cost basis.

 

		6.	Taos Cantina Restaurant Lease: At the Closing, Buyer shall execute a lease with an
affiliate of Seller for the Taos Cantina Restaurant (the "Lease") located on the Motel property. The Lease
term shall be for a period of ten (10) years with two (2), ten (10) year options. The rent shall be the greater of $178,000 NNN
or 8% of the gross sales.

 

		7.	Avion Retention Agreement: The fee due and payable under the Avion Retention Agreement
shall be paid from proceeds at Closing.

 

		8.	Initial and Non-Refundable Deposits: Within three (3) days following the execution
of the Definitive Agreement, the Buyer shall place a refundable cash deposit of two hundred and fifty-thousand dollars ($250,000)
into an escrow account (the "initial Deposit"). Before or at the close of the Due Diligence Period (defined
below), unless

 

Individual distinction. Collective soul.

 

600 6th Street South          Kirkland,
WA 98033          125.827.8737          1-25.636.5626          
noblehousehotels.com

    	 

    	 

    

 

Page 3 of 8 

 

the Buyer elects not to proceed
with the acquisition, the Buyer shall deposit an additional two hundred fifty thousand dollars ($250,000) in cash into escrow,
and the entire deposit of five hundred thousand dollars ($500,000) (in aggregate, the "Deposit") will be
non-refundable unless the transaction fails to close due to no fault of Buyer or due to failure to meet Closing Conditions. This
Deposit, along with all interest earned, will be credited against the Buyer’s obligation to fund the Purchase Price.

 

		9.	Due Diligence: Buyer will have ninety (90) days from the execution of the Definitive
Agreement ("Due Diligence Period") to complete its due diligence investigation which will include but not
be limited to: (a) the review of all available Resort and Motel documents; (b) a review of any parking issues with respect to the
Resort; and (c) environmental issues raised by a Phase 1 Environmental survey; (d) Review of Orchards Lease along with indemnity
provisions from the existing lease. During the Due Diligence Period, Buyer shall in its sole and absolute discretion review and
approve or disapprove the physical and economic condition of the Hotel, title to the Hotel, a recent (within 30 days) preliminary
title insurance commitment on the real property to be provided by Seller, survey of the real property, all leases, any options
or grants of first refusal, licenses (including liquor licenses issued by the State of Arizona), agreements, environmental issues,
permits, entitlements, zoning matters, water rights, building and expansion potential, books and records of the business enterprise
of the Hotel, including but not limited to lodging, food and beverage, and other Issues affecting the Hotel. In connection with
such approval process, Seller shall make the Hotel books and records, and all other documents affecting the Hotel reasonably available
to Buyer, its lawyers, engineers, architects and accountants and other representatives, subject to reasonable advance notice, and
Seller shall reasonably cooperate with the approval process. In connection with any proposed loan restructure and modification,
Seller and Buyer will jointly meet with secured lenders to discuss such objections, and Seller will arrange such meetings with
lenders.

 

		10.	Definitive Agreement: Counsel for Seller will provide the Parties with drafts of
a Purchase and Sale Agreement (the "Definitive Agreement") within ten (10) days of the mutual execution
of this Letter of Intent. The Parties will use their reasonable best efforts to mutually approve and execute a Definitive Agreement
on or before the thirtieth (30) day following delivery of a draft. The Definitive Agreement shall contain such terms, conditions,
representations and warranties as are customary for this type of transaction and are mutually acceptable to the Parties.

 

		11.	Confidentiality: The Parties agree and recognize that the transactions contemplated
herein and the due diligence investigation preceding those transactions will require disclosure by the Parties to each other of
confidential and proprietary information. The Parties mutually agree that each party will cause its officers, counsel and authorized
representatives to hold in confidence, and not disclose to others, for any reason whatsoever, sales, operating, tax and financial
information received from the other party in connection with the transactions contemplated herein that either party identifies
with reasonable specificity in writing as proprietary ("Proprietary information"), except to the extent
that such Proprietary Information was previously

 

Individual Distinction.. Collective soul.

 

600 6th Street South          Kirkland,
WA 98033          425.827.87’17          125.636.5626          
nohlchousrhotels.com

    	 

    	 

    

 

Page 4 of 8 

 

 

known to the other party or otherwise
available from third persons without restriction on its further use or disclosure or otherwise not legally protectable as Proprietary
Information. In the event the transactions contemplated herein are not consummated, for whatever reason, all Proprietary Information
of each party in the possession of the other party will be promptly returned to its owner, and used for no other purposes whatsoever.

 

		12.	Brokers: Except for Buyer’s responsibility to pay a commission or fee to Snyder
Nationwide Real Estate in conjunction with the proposed transaction, the Parties warrant that no broker, finder, or other party
has been engaged by either and would be entitled to any fee, commission or other compensation as a result of the consummation of
the transactions contemplated herein, and the Parties agree to defend and hold the other harmless from and against any commissions
of other fees claimed by any such broker or finder.

 

		13.	Warranty and Indemnification: Seller warrants to Buyer, its agents and employees,
that no person or entity has any lawful claim against the Parties, their agents and employees, arising from or relating to, the
negotiation and execution of this Letter of Intent, a Definitive Agreement or Buyer’s contemplated investment in the LLC,
Resort or Motel. Seller agrees to indemnify Buyer, its agents and employees, against all claims, damages, losses and expenses of
any nature, including legal fees asserted to incurred by Buyer and/or its agents and employees, in any legal proceeding brought
by any third party or entity based upon such third party’s or entity’s claim or interest in the LLC, Resort or Motel
or arising from or related to the negotiation and execution of this Letter of Intent or Buyer’s contemplated acquisition
of the Resort and/or Motel.

 

		14.	Closing Costs and Expenses: The base cost of an A.L.T.A. title policy shall be paid
by Seller. The incremental cost of an A.L.T.A. title policy and any endorsements requested by Buyer shall be paid by Buyer; any
endorsements required by Seller shall be paid by Seller. The escrow fee of Escrow Holder shall be shared equally by Buyer and Seller.
Seller shall pay all state and local transfer taxes, if any. Buyer shall pay the recording fees in connection with recording of
the Deed. Buyer and Seller shall each pay their respective fees and costs incurred by Escrow Holder on their respective behalf.
The cost of any A.L.T.A. surveys obtained by Buyer shall be paid by Buyer. Buyer and Seller shall each pay the fees and expenses
of their own attorneys, accountants and other advisors retained except as otherwise provided in this paragraph, all other expenses
hereunder shall be allocated between the Parties in accordance with the custom for similar commercial real property transactions
in the State of Arizona.

 

		15.	Closing Prorations: The following prorations shall be made between Seller and Buyer
on the Close of Escrow: Real and personal property taxes and assessments shall be prorated as of the Closing Date; Rents under
any leases and/or concessions for the Resort and Motel; Security Deposits— Buyer shall receive a credit against the Purchase
Price and Seller shall be charged with any security deposits and advanced rentals in the nature of a security deposit made by tenants
under a lease or concession agreement; Utilities shall be prorated as of the Close of Escrow; Guest Ledger Receivables; any

 

Laivicluat distinction. Collective soul.

 

600 6th Street South          Kirkland,
WA 98033          425.827.8737          425.636.5626          noblehousehotels.com

 

    	 

    	 

    

 

 

Page 5 of 8 

 

 

amounts prepaid or payable under
any contract rights shall be prorated as of the Close of Escrow; Advance Deposits; Buyer shall receive a credit against the Purchase
Price for Advance Deposits to the extent the Advance Deposits related to period after the Close of Escrow; Petty Cash Funds; Gift
Certificates; Buyer shall purchase and Seller shall sell to Buyer (or receive a credit therefor) all petty cash funds and cash
in house at 100% of fair value at the Close of Escrow; Accounts Payable; Buyer shall be responsible for all accounts payable related
to the Resort and Motel which accrue on or after the Closing. Seller shall be responsible for and shall pay all accounts payable
related to the operation of the Resort and Motel accruing before the Closing, and Buyer shall be responsible for all such taxes
accruing after the Closing; Receivables; Seller shall retain all receivables of the Hotel as of the Closing.

 

		16.	Resort and Motel Management: Seller will deliver operation and management of the
Resort and Motel to Buyer upon execution of the Definitive Agreement, free and clear of any claims or encumbrances regarding hotel
management rights, including but not necessarily limited to a mutual termination agreement regarding any current management contract
between Seller and any third party. Seller and an affiliate of Buyer will execute a mutually agreeable Resort and Hotel Management
Agreement within ten (10) days of execution of this Letter of Intent.

 

		17.	Consulting Agreement: Notwithstanding any other provision herein and contemporaneous
with the Closing, Buyer shall enter into a consulting agreement with Al Spector beginning at Closing, payable at $10,000/month
for 36 months. Upon the mutual execution of the Definitive Agreement Seller shall enter into a Management Agreement with Noble
House Hotels and Resorts to manage the Resort. Until the close of escrow, Seller is to receive an amount equal to Twenty Seven
Percent (27%) of the gross management fees of Resort, to be paid to Seller monthly within 5 days of Noble House receipt of management
fees.

 

		18.	Liquor License: During the Due Diligence period, the Parties shall jointly pursue
the transfer of the existing liquor license of the Resort and Motel, or issuance of a new liquor license in the name of Buyer.
The Parties will cooperate with each other to achieve a successful transfer or new issuance prior to Closing. Transfer of the existing
or issuance of a new license shall be a Condition of Closing. Buyer represents to Seller that its affiliates are holders of several
privilege alcoholic beverage licenses in various jurisdictions and anticipates no resistance to the transfer of the current Resort
and Motel licenses.

 

		19.	Exclusivity: From and after the date hereof and for a period ending coterminous with
the Closing, each party shall proceed in good faith to diligently negotiate and execute the Definitive Agreement contemplated herein
and otherwise perform their obligations hereunder. While this Letter of Intent and/or the Definitive Agreement remains in effect,
the Seller shall take the Property off the "Sale" market, and not entertain or offer for sale the Interests, the Resort
and the Motel (including soliciting or discussing ‘backup offers’ with others) or carry on negotiations with respect
to the sale thereof, with any party other than Buyer. Notwithstanding anything herein or otherwise, if a

 

Individual distinction. Collective soul.

 

600 6th Street South          Kirkland,
WA 98033          425.827.8737          •          425.636.5626          noblehousehotels.corn

    	 

    	 

    

 

Page 6 of 8 

 

Definitive Agreement is not entered
into and escrow opened prior to November 14, 2012, then the Letter of Intent and exclusivity shall terminate, unless extended by
the Parties.

 

		20.	Governing Law: This letter shall be governed by the laws of the State of Arizona.

 

		21.	Closing: Closing to occur on or before
                                                                      forty five (45) days after the expiration of the Due Diligence
                                                                      Period, unless that date is extended by mutual agreement
                                                                      of the Parties.

 

This Letter of Intent
is intended to be a statement of the Parties’ intent in principle, and except for the provisions of Paragraphs 9 and 11,
is not intended to be a binding contract. If the contents of this letter are acceptable to Seller, please execute and return the
enclosed copy to the undersigned. This Letter of Intent shall automatically expire at 5:00 p.m. (PDT) on November 14, 2012, If
the undersigned has not received a copy of the fully executed letter by that time, the terms of the letter shall automatically
expire and neither party shall have any obligations to the other party pursuant to the terms of this Letter of Intent.

 

Thank you for your consideration of this
Letter of Intent.

 

Very truly yours,

 

NOBLE HOUSE HOTELS & RESORTS, LTD.

A Texas Limited Partnership

 

	By:	Westgroup Partner, Inc.	 
	 	a California Corporation	 

 

	By:	/s/ Patrick R. Colee	 
	 	Patrick R. Colee	 
	 	Chairman	 

 

Agreed to and Accepted this  _______  day
of ___________________, 2012:

 

SELLER:

 

L’AUBERGE ORCHARDS, LLC,

an Arizona limited liability company

 

	By:	 	 	 
	 	 	 	 
	 	Its:	 	 

 

Individual distinction. Collective soul.

 

600 6th Street South          Kirkland,
WA 98033          425.827.8737          •          425.636.5626          noblehousehotels.corn

 

    	 

    	 

    

 

 

Page 7 of 8 

 

 

Acknowledged this ____ day of _______________________________,
2012:

 

	L’AUBERGE DE SEDONA, LLC, an Arizona limited liability company
	 	 
	By:	 	 	 
	 	 	 	 
	 	Its:	 	 
	 	 
	ORCHARDS INN & RESTAURANT, LLC, an Arizona limited liability company
	 	 
	By:	 	 	 
	 	 	 	 
	 	Its:	 	 
	 	 
	ORCHARDS ANNEX LEASE LLC, an Arizona limited liability company
	 	 
	By:	 	 	 
	 	 	 	 
	 	Its:	 	 

 

Individual distinction. Collective soul.

 

600 6th Street South          Kirkland,
WA 98033          425.827.8737          •425.636.5626          noblehousehotels.corn

 

    	 

    	 

    

 

Page 8 of 8 

ATTACHMENTS

 

	EXHIBIT 1	Proposed Development
	 	 
	EXHIBIT A	Resort Legal Description
	 	 
	EXHIBIT B	Motel Legal Description

 

Individual distinction. Collective soul.

 

600 6th Street South          Kirkland,
WA 98033          425.827.8737          •          425.636.5626          noblehousehotels.corn

 

    	 

    	 

    

 

[INTENTIONALLY LEFT BLANK]SHARE PURCHASE AGREEMENT

 

BY AND AMONG

 

PINGTAN MARINE ENTERPRISE LTD.

 

(as the “Seller”)

 

and

 

FUZHOU HONGLONG OCEAN FISHERY CO., LTD.

 

(as the “Buyer”)

 

December  4, 2013

 

    	 

    	 

    

 

Table
of Contents 

 

	 	 	Page
	 	 	 
	Article I PURCHASE AND SALE	1
	 	 	 
	1.1	Purchase and Sale	1
	1.2	Purchase Price	1
	 	 	 
	Article II THE CLOSING	2
	 	 	 
	2.1	The Closing	2
	2.2	Deliveries	2
	2.3	Further Assurances	2
	 	 	 
	Article III REPRESENTATIONS AND WARRANTIES OF SELLER	2
	 	 	 
	3.1	Share Ownership	2
	3.2	Organization of Each Member of the Company Group	2
	3.3	Authority and Corporate Action; No Conflict	3
	3.4	NO OTHER REPRESENTATIONS OR WARRANTIES	3
	 	 	 
	Article IV REPRESENTATIONS AND WARRANTIES OF BUYER	4
	 	 	 
	4.1	Vessels	4
	4.2	Authority and Corporate Action; No Conflict	4
	4.3	Consents and Approvals	4
	4.4	Litigation	5
	4.5	Due Diligence; Legal Counsel	5
	4.6	Disclosure	5
	 	 	 
	Article V COVENANTS OF THE SELLER	5
	 	 	 
	5.1	Post-Closing Assurances	5
	5.2	Fulfillment of Conditions	5
	5.3	Regulatory and Other Authorizations; Notices and Consents	6
	5.4	Related Tax	6
	 	 	 
	Article VI COVENANTS OF BUYER.	6
	 	 	 
	6.1	Fulfillment of Conditions	6
	6.2	Post-Closing Assurances	6
	6.3	Regulatory and Other Authorizations; Notices and Consents	6
	6.4	Books and Records	7
	 	 	 
	Article VII ADDITIONAL COVENANTS OF THE PARTIES	7
	 	 	 
	7.1	Other Information	7

 

    	- i -

    	 

    

 

	7.2	Mail Received After Closing	7
	7.3	Further Action	8
	7.4	Confidentiality	8
	 	 	 
	Article VIII CONDITIONS TO CLOSING	8
	 	 	 
	8.1	Conditions to Each Party’s Obligations	8
	8.2	Conditions to Obligations of Seller	9
	8.3	Conditions to Obligations of Buyer	9
	 	 	 
	Article IX INDEMNIFICATION	10
	 	 	 
	9.1	Survival	10
	9.2	Indemnification by the Company	10
	9.3	Indemnification by Buyer	10
	9.4	Notice, Etc.	11
	9.5	Limitations	11
	 	 	 
	Article X TERMINATION AND ABANDONMENT	12
	 	 	 
	10.1	Methods of Termination	12
	10.2	Effect of Termination	12
	 	 	 
	Article XI DEFINITIONS	13
	 	 	 
	Article XII GENERAL PROVISIONS	16
	 	 	 
	12.1	Expenses	16
	12.2	Notices	16
	12.3	Amendment	17
	12.4	Waiver	17
	12.5	Headings	17
	12.6	Severability	17
	12.7	Entire Agreement	18
	12.8	Benefit	18
	12.9	Governing Law	18
	12.10	NO JURY TRIAL	18
	12.11	Counterparts	18
	12.12	Regulatory Requirements	18

 

    	- ii -

    	 

    

 

SHARE PURCHASE AGREEMENT

 

This SHARE PURCHASE
AGREEMENT (this “Agreement”) is entered into as of December 4, 2013 by and among the following
parties:

 

(i)          Pingtan
Marine Enterprise Ltd, an exempted company incorporated under the laws of Cayman Islands (the “Seller”);

 

(ii)         Fuzhou
Honglong Ocean Fishery Co., Ltd., a company incorporated under the laws of the Hong Kong Special Administrative Region (the “Buyer”);

 

All of the parties
listed above are referred to hereinafter collectively as the “Parties” and individually as a “Party”.

 

RECITALS

 

WHEREAS,
Seller owns all of the outstanding capital shares and other equity interests of China Dredging Group Co., Ltd, an exempted company
incorporated under the laws of British Virgin Islands and a wholly-owned subsidiary of the Seller (the “Company”);

 

WHEREAS,
Seller desires to sell, and Buyer desires to buy, all of the outstanding capital shares and other equity interests of the Company
on the terms and subject to the conditions set forth in this Agreement; and

 

NOW THEREFORE,
in consideration of the mutual representations, warranties and agreements contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Article
I

PURCHASE AND SALE

 

1.1          Purchase
and Sale. At the Closing and on the terms and subject to the conditions set forth in this Agreement, Seller shall sell,
transfer, assign and convey to Buyer, and Buyer shall purchase from Seller, for the Purchase Price (as defined below) all of the
right, title and interest in and to the issued and outstanding ordinary shares of the Company (“Company Ordinary Shares”)
and, if any, the issued and outstanding options, warrants or any other equity interests in or rights to acquire Company Ordinary
Shares (“Company Equity Rights”; collectively with Company Ordinary Shares, the “Company
Shares”).

 

1.2          Purchase
Price. Buyer shall pay Seller the aggregate purchase price of  (i) forgiveness of the Seller’s current $155.2
million 4% promissory note due on June 19, 2015 (the “Promissory Note”); (ii) forgiveness of the Seller’s
current accounts due to the Company at an amount of $172.1 million (the “Debt”); and (iii) transfer
to Seller of the 25-year exclusive Operating Rights for twenty (20) new fishing vessels (the “Vessels”,
together with the Promissory Note and the Debt, the “Purchase Price”). For purpose of this Agreement,
“Operating Rights” shall mean the exclusive operating rights of the Vessels and any applicable subsidies
received from PRC’s government.

 

    	1

    	 

    

 

Article
II

THE CLOSING

 

2.1          The
Closing. Subject to the terms and conditions of this Agreement, the consummation of the transactions contemplated by this
Agreement (the “Transactions”) shall take place at a closing (the “Closing”)
to be held at 10:00 a.m., local time, on the same business day on which the last of the conditions to the Closing set forth in
Article VIII is fulfilled, at the offices of Reed Smith LLP (US), 599 Lexington Avenue, New York, New York 10022, or at such other
time, date or place as the Seller and the Buyer may agree upon orally or in writing. The date on which the Closing occurs is referred
to herein as the “Closing Date”. The Closing may be conducted by mail, courier or electronic means.

 

2.2          Deliveries.

 

(a)          Seller.
At the Closing, Seller shall (i) assign and transfer to Buyer all of its right, title and interest in and to Company Shares by
delivering to Buyer the certificates representing or documents evidencing such Company Shares (the “Certificates”),
duly endorsed for transfer and free and clear of any Liens, and (ii) deliver to Buyer the certificates, opinions and other agreements
and instruments contemplated by this Agreement.

 

(b)          Buyer.
At the Closing, Buyer shall deliver to Seller (i) the cancelled Promissory Note, (ii) any evidence of the cancellation
of the Debt and the initiation of transfer of the Vessels that the Seller may require, and (iii) the certificates, opinions and
other agreements and instruments contemplated by this Agreement.

 

2.3          Further
Assurances. Subject to the terms and conditions of this Agreement, at any time or from time to time after the Closing,
each of the Parties shall execute and deliver such other documents and instruments, provide such other materials and information
and take such other actions as may reasonably be necessary, proper or advisable, to the extent permitted by Law, to fulfill its
obligations under this Agreement.

 

Article
III

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller represents and
warrants to Buyer as of the date of this Agreement and as of the Closing Date, as follows.

 

3.1          Share
Ownership. Seller is the sole registered owner of the Company Shares. Seller owns the Company Shares free and clear of
any Liens. To the Knowledge of Seller, the Company has not granted any options, warrants or other contractual rights outstanding
which give any Person the right to acquire any Company Shares, whether or not such right is presently exercisable. There are no
disputes, arbitrations or litigation proceedings pending or to the Knowledge of Seller threatened with respect to Company Shares.

 

    	2

    	 

    

 

3.2          Organization
of Each Member of the Company Group. The Seller and each member of the Company Group is a corporate or other entity duly
organized and validly existing under the Laws of its jurisdiction. Each member of the Company Group is duly qualified to do business
in the jurisdictions in which the property owned, leased or operated by such entity or the nature of the business which it conducts
requires qualification, or if not so qualified, such failure or failures, in the aggregate, would not have a Material Adverse
Effect on such member of the Company Group. Each member of the Company Group has all requisite power and authority to own, lease
and operate its properties and to carry on its respective business as now being conducted and as presently contemplated to be
conducted.

 

3.3          Authority
and Corporate Action; No Conflict.

 

(a)          The
Seller has all necessary power and authority to enter into this Agreement and to consummate the Transactions. All corporate action
necessary to be taken by the Board of Directors or comparable governing body of Seller to authorize the delivery and performance
of this Agreement and all other documents and instruments delivered by Seller in connection with the Transactions has been duly
and validly taken. This Agreement, when executed and delivered by Seller, will constitute the valid and binding obligations of
Seller, enforceable in accordance with their respective terms, except (i) as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or similar Laws of general application now or hereafter in effect affecting
the rights and remedies of creditors and by general principles of equity (regardless of whether enforcement is sought in a proceeding
at law or in equity), and (ii) as enforceability of any indemnification provision may be limited by federal and state securities
laws and public policy of the United States, the Cayman Islands, the British Virgin Islands or the PRC.

 

(b)          Neither
the execution and delivery of this Agreement by the Seller nor the consummation of the Transactions by the Seller will (i) conflict
with, result in a breach or violation of or constitute (or with notice or lapse of time or both constitute) a default under, (A)
the Memorandum and Articles of Association of the Company, or (B) any Law or Material Contract to which Seller is a party or by
which it (or any of its properties or assets) is subject or bound; (ii) result in the creation of, or give any Person the right
to create, any Lien upon the assets of Seller; or (iii) terminate or modify, or give any third party the right to terminate or
modify, the provisions or terms of any Material Contract to which Seller is a party.

 

3.4          NO
OTHER REPRESENTATIONS OR WARRANTIES. SELLER IS NOT MAKING ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, OF ANY NATURE
WHATSOEVER WITH RESPECT TO THE SELLER OR THE COMPANY, INCLUDING ANY OF THE ASSETS, PROPERTIES OR RIGHTS OF THE COMPANY, EXCEPT
FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS AGREEMENT, AND EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT,
THE CONDITION OF THE ASSETS, PROPERTIES AND RIGHTS OF THE COMPANY SHALL BE “AS IS,” “WHERE IS” AND “WITH
ALL FAULTS.”

 

    	3

    	 

    

 

Article
IV

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer represents and
warrants to Seller, as of the date of this Agreement and as of the Closing Date, as follows:

 

4.1          Vessels.

 

(a)          Each
Vessel at the time of the Closing is free from all charters, encumbrances, mortgages and maritime liens or any other debts whatsoever,
and is not subject to Port State or other administrative detentions. The Buyer hereby undertakes to indemnify the Seller against
all consequences of claims made against the Vessel which have been incurred prior to the time of the Closing.

 

(b)          Each
Vessel at the time of the Closing has all permits and governmental approvals needed to operate such Vessel and that such permits
and approvals can be transferred to Seller in connection with the transfer of the Vessel to Buyer in accordance with Section 1.3
of this Agreement.

 

(c)          The
Vessels are in all material respects fit for the purpose for which they are currently employed and comply with all present laws
and regulations applicable for such purpose.

 

4.2          Authority
and Corporate Action; No Conflict.

 

(a)          Buyer
has all necessary corporate power and authority to enter into this Agreement and to consummate the Transactions. This Agreement,
when duly executed and delivered by Buyer, constitutes the valid, binding and enforceable obligation of Buyer, enforceable in accordance
with its terms, except (i) as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies of creditors and by
general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity), and (ii) as enforceability
of any indemnification provision may be limited by federal and state securities laws and public policy.

 

(b)          Neither
the execution and delivery of this Agreement by Buyer nor the consummation of the Transactions will (i) conflict with, result in
a breach or violation of or constitute (or with notice or lapse of time or both constitute) a default under, (A) the Memorandum
and Articles of Association of Buyer or (B) any Law or Contract to which Buyer is a party or by which Buyer (or any of the properties
or assets of Buyer) is subject or bound; (ii) result in the creation of, or give any Person the right to create, any Lien upon
the assets of Buyer; (iii) terminate or modify, or give any third party the right to terminate or modify, the provisions or terms
of any Contract to which Buyer is a party; or (iv) result in any suspension, revocation, impairment, forfeiture or nonrenewal of
any Permit applicable to Buyer.

 

4.3          Consents
and Approvals. The acquisition of the Company Shares, the execution and delivery of this Agreement by Buyer does not,
and the performance of this Agreement by Buyer will not, require any consent, approval, authorization or other action by, or filing
with or notification to, any Governmental Authority or any other third party.

 

    	4

    	 

    

  

4.4          Litigation.
There are no actions, suits, arbitrations or other proceedings pending or, to the best Knowledge of Buyer, threatened against
Buyer at law or in equity before any Governmental Authority. Neither Buyer nor any of their property is subject to any order,
judgment, injunction or decree that would have a Material Adverse Effect on Buyer.

 

4.5          Due
Diligence; Legal Counsel. Buyer has been afforded an opportunity to ask questions of and receive answers to Buyer’s
satisfaction from Seller, the Company and the officers of the Company concerning the financial condition and prospects of the
Company, and has had full access to additional information (to the extent requested by Buyer) necessary to verify the accuracy
of information otherwise furnished. Buyer has been represented by or has been advised to seek and obtain the advice of independent
legal counsel of his or her own choice and has been given an adequate opportunity to seek and obtain the advice of such independent
legal counsel in connection with the negotiation of this Agreement and the purchase of the Company Shares, and has undertaken
or has had an adequate opportunity to undertake whatever due diligence or investigation he deems necessary to decide to purchase
of the Company Shares and enter into this Agreement. Buyer agrees that legal counsel acting on behalf of Seller or the Company
(1) does not represent or undertake to represent the individual interests of Buyer; and (2) is not directly or indirectly providing
Buyer with any legal opinion or advice concerning any tax, legal, investment, financial or other matters or other issues.

 

4.6          Disclosure.
No representation or warranty by Buyer contained in this Agreement or other instrument furnished or to be furnished to Seller
pursuant to this Agreement or in connection with the Transactions contains or will contain any untrue statement of a material
fact or omits or will omit to state a material fact necessary in order to make the statements contained therein not misleading.

 

Article
V

COVENANTS OF THE SELLER

 

5.1          Post-Closing
Assurances. From time to time after the Closing, Seller will take such other actions and execute and deliver such other
documents, certifications and further assurances as Buyer may reasonably require in order to manage and operate the Company, including
but not limited to executing such certificates as may be reasonably requested by Buyer’s accountants in connection with
any audit of the financial statements of the Company for any period through the Closing Date.

 

5.2          Fulfillment
of Conditions. Seller shall use its commercially reasonable efforts to fulfill all the conditions specified in Article
VIII to the extent that the fulfillment of such conditions is within its Control. The foregoing obligation includes (a) the execution
and delivery of documents necessary or desirable to consummate the Transactions and (b) taking or refraining from such actions
as may be necessary to fulfill such conditions (including using their commercially reasonable efforts to conduct the business
in such manner that on the Closing Date the representations and warranties of Seller contained herein shall be accurate as though
then made, except as contemplated by the terms hereof).

 

    	5

    	 

    

 

5.3          Regulatory
and Other Authorizations; Notices and Consents.

 

(a)          Seller
shall use its commercially reasonable efforts to obtain all authorizations, consents, orders and approvals of all Governmental
Authorities and officials that may be or become necessary for their execution and delivery of, and the performance of their obligations
pursuant to, this Agreement and will reasonably cooperate with Buyer in promptly seeking to obtain all such authorizations, consents,
orders and approvals.

 

(b)          Seller
shall give promptly such notices to third parties and use its commercially reasonable efforts to obtain such third party consents
and estoppel certificates as Buyer may in its reasonable discretion deem necessary or desirable in connection with the Transactions.

 

(c)          Buyer
shall cooperate and use commercially reasonable efforts to assist the Seller in giving such notices and obtaining such consents
and estoppel certificates; provided, however, that Buyer shall have no obligation to give any guarantee or other consideration
of any nature in connection with any such notice, consent or estoppel certificate or to consent to any change in the terms of any
agreement or arrangement which Buyer in its sole discretion may deem adverse to the interests of Buyer.

 

5.4          Related
Tax. The Parties shall assume respectively, pursuant to the applicable laws, any Tax and duties assessed by any Governmental
Authority in connection with, or as a result of the consideration received pursuant to this Agreement.

 

Article
VI

COVENANTS OF BUYER.

 

6.1          Fulfillment
of Conditions. Buyer shall use its commercially reasonable efforts to fulfill the conditions specified in Article VIII
to the extent that the fulfillment of such conditions is within its control. The foregoing obligation includes (a) the execution
and delivery of documents necessary or desirable to consummate the Transactions, and (b) taking or refraining from such actions
as may be necessary to fulfill such conditions (including conducting the business of Buyer in such manner that on the Closing
Date the representations and warranties of Buyer contained herein shall be accurate as though then made).

 

6.2          Post-Closing
Assurances. Buyer, from time to time after the Closing and at the request of Seller, will take such other actions and
execute and deliver such other documents, certifications and further assurances as Seller may reasonably require in order to manage
and operate its business, including without limitation executing such certificates as may be reasonably requested by Seller’s
accountants in connection with any audit of the financial statements of Seller for any period through the Closing Date.

 

6.3          Regulatory
and Other Authorizations; Notices and Consents.

 

(a)          Buyer
shall use its commercially reasonable efforts to obtain all authorizations, consents, orders and approvals of all Governmental
Authorities that may be or become necessary for its execution and delivery of, and the performance of its obligations pursuant
to, this Agreement and will cooperate fully with Seller in promptly seeking to obtain all such authorizations, consents, orders
and approvals.

 

    	6

    	 

    

 

(b)          Buyer
shall give prompt notice to third parties and use commercially reasonable efforts to obtain such third party consents and estoppel
certificates as Seller may in their reasonable discretion deem necessary or desirable in connection with the Transactions.

 

6.4          Books
and Records.

 

(a)          On
and after the Closing Date, Buyer will permit Seller, during normal business hours, to have access to and to examine and make copies
of all books and records of any member of the Company Group which are delivered to Buyer pursuant to this Agreement and which relate
to their businesses or to events occurring prior to the Closing Date or to transactions or events occurring subsequent to the Closing
Date which arise out of transactions or events occurring prior to the Closing Date to the extent reasonably necessary to Seller
in connection with preparation of any Tax returns, Tax audits, government or regulatory investigations, lawsuits or any other matter
in which he is a party to the proceeding or in which it has a reasonable business interest.

 

(b)          Buyer
will preserve and keep all books and records with respect to any member of the Company Group and their businesses for a period
of at least seven years from the Closing Date. After such seven year period, before Buyer shall dispose of any such books and records,
at least 90 days’ prior written notice to such effect shall be given by Buyer to Seller. Seller shall be given an opportunity,
at his cost and expense, to remove and retain all or any part of such books or records as Seller may select.

 

Article
VII

ADDITIONAL COVENANTS OF THE PARTIES

 

7.1          Other
Information. If in order to properly prepare documents required to be filed with any Governmental Authority or financial
statements of the Company Group, it is necessary that a Party be furnished with additional information relating to any member
of the Company Group, and such information is in the possession of the other Parties, such other Parties agree to use their commercially
reasonable efforts to furnish such information in a timely manner to such Party, at the cost and expense of such Party.

 

7.2          Mail
Received After Closing.

 

(a)          If
Buyer receives after the Closing any mail or other communications addressed to the Seller, Buyer or the Company may open such mail
or other communications and deal with the contents thereof in its discretion to the extent that such mail or other communications
and the contents thereof relate to the Seller. Buyer or the Company will deliver promptly or cause to be delivered to the Seller
all other mail addressed to it and the contents thereof which does not relate to the Company.

 

(b)          If
Seller receives after the Closing Date mail or other communications addressed to Seller which relate to the Company, Seller shall
promptly deliver or cause to be delivered all such mail and the contents thereof to Buyer or the Company.

 

    	7

    	 

    

 

7.3          Further
Action.

 

(a)          Upon
the terms and subject to the conditions hereof, each of the Parties shall execute such documents and other papers and take such
further actions as may be reasonably required or desirable to carry out the provisions hereof and the Transactions. Upon the terms
and subject to the conditions hereof, each of the Parties shall use its commercially reasonable efforts to take, or cause to be
taken, all actions and to do, or cause to be done, all other things necessary, proper or advisable to consummate and make effective
as promptly as practicable the Transactions.

 

(b)          Subject
to compliance with applicable Laws, from the date hereof until the Closing Date, the Parties and/or their Representatives shall
confer on a regular and frequent basis to discuss material operational matters and the general status of ongoing operations.

 

(c)          No
information or knowledge obtained in any discussion pursuant to this Section 7.3 or otherwise shall affect or be deemed to modify
any representation or warranty contained herein or the conditions to the obligations of the Parties to consummate the Transactions.

 

7.4          Confidentiality.
The Seller, on the one hand, and Buyer, on the other hand, shall hold and shall cause their respective Representatives to hold
in strict confidence, unless compelled to disclose by judicial or administrative process or by other requirements of Laws, all
documents and information concerning the other Parties furnished to it by such other Parties or their Representatives in connection
with the Transactions (except to the extent that such information can be shown to have been (a) previously known by the Party
to which it was furnished, (b) in the public domain through no fault of such Party or (c) later lawfully acquired from other sources,
which source is not the agent of the other Party, by the Party to which it was furnished), and each Party shall not release or
disclose such information to any other Person, except its Representatives in connection with this Agreement. Each Party shall
be deemed to have satisfied its obligations to hold confidential information concerning or supplied by the other Parties if it
exercises the same care as it takes to preserve confidentiality for its own similar information.

 

Article
VIII

CONDITIONS TO CLOSING

 

8.1          Conditions
to Each Party’s Obligations. The respective obligations of each Party to consummate the Transactions shall be subject
to the fulfillment, at or prior to the Closing, of each of the following conditions.

 

(a)          Litigation.
No order, stay, judgment or decree shall have been issued by any Governmental Authority preventing, restraining or prohibiting
in whole or in part, the consummation of the Transactions or instrumental to the consummation of the Transactions, and no action
or proceeding by any Governmental Authority shall be pending or threatened (including by suggestion through investigation) by any
Person, which questions, or seeks to enjoin, modify, amend or prohibit (i) the ownership or Control of any member of the Company
Group, (ii) the purchase of Company Shares, (iii) the Operating Rights of the Vessels or (iv) the conduct in any material respect
of the business as a whole or any material portion of the business conducted or to be conducted by any member of the Company Group
or the (direct, indirect or beneficial) ownership or Control of any member of the Company Group by Seller.

 

    	8

    	 

    

 

8.2          Conditions
to Obligations of Seller. The obligations of the Seller to consummate the Transactions shall be subject to the fulfillment,
at or prior to the Closing, of each of the following conditions:

 

(a)          Payment
of Purchase Price. Buyer shall have paid to Seller the Purchase Price as set forth in Section 1.2 of this Agreement.

 

(b)          Deliveries.
Buyer shall have delivered to Seller the cancelled Promissory Note and such other documents, certificates and instruments as may
be reasonably requested by Seller in connection with the transfer of the Operating Rights for the Vessels.

 

(c)          Representations
and Warranties. The representations and warranties of Buyer contained in this Agreement shall be with respect to those representations
and warranties qualified by any materiality standard, true and correct as of the Closing, and with respect to all the other representations
and warranties, true and correct in all material respects as of the Closing, with the same force and effect as if made as of the
Closing, and Buyer shall have delivered to Seller a certificate signed by a duly authorized officer thereof to such effect.

 

(d)          Performance
of Agreements. All covenants, agreements and obligations required by the terms of this Agreement to be performed by Buyer at
or prior to the Closing shall have been duly and properly performed or fulfilled in all material respects, and Buyer shall have
delivered to the Seller a certificate signed by a duly authorized officer thereof to such effect.

 

(e)          Consents.
Buyer shall have obtained and delivered to the Seller copies of consents of all third parties, as appropriately required for the
consummation of the Transactions.

 

(f)          Necessary
Proceedings. All proceedings, corporate or otherwise, to be taken by Buyer in connection with the consummation of the Transactions
shall have been duly and validly taken, and copies of all documents, resolutions and certificates incident thereto, duly certified
by Buyer as of the Closing, shall have been delivered to the Seller.

 

8.3          Conditions
to Obligations of Buyer. The obligations of Buyer to consummate the Transactions shall be subject to the fulfillment,
at or prior to the Closing, of each of the following conditions:

 

(a)          Deliveries.
Seller shall have delivered the Company Shares and such other documents, certificates and instruments as may be reasonably requested
by Buyer in connection with the transfer of the Company Shares.

 

(b)          Representations
and Warranties. The representations and warranties of the Seller contained in this Agreement shall be with respect to those
representations and warranties qualified by any materiality standard, true and correct in all respects as of the Closing, and with
respect to all the other representations and warranties, true and correct in all material respects as of the Closing, with the
same force and effect as if made as of the Closing, and Seller, as applicable, shall have delivered to Buyer a certificate signed
by a duly authorized officer thereof to such effect.

 

    	9

    	 

    

 

(c)          Performance
of Agreements. All covenants, agreements and obligations required by the terms of this Agreement to be performed by Seller
at or prior to the Closing, including lockup agreements as discussed herein, shall have been duly and properly performed or fulfilled
in all material respects, and Seller shall have delivered to Buyer a certificate signed by a duly authorized officer thereof to
such effect.

 

(d)          Necessary
Proceedings. All required corporate proceedings to be taken by Seller in connection with the consummation of the Transactions
shall have been duly and validly taken, and copies of all resolutions (including but not limited to shareholders’ resolutions
and the board of directors’ resolutions), duly certified by Seller, as of the Closing, shall have been delivered to Buyer.

 

Article
IX

INDEMNIFICATION

 

9.1          Survival.
The representations and warranties of Seller in Article III shall survive the Closing for a period of two (2) years. The representations
and warranties of Buyer set forth in Article IV shall survive the Closing for a period of two (2) years. Any covenant or agreement
contained in this Agreement to be performed prior to or after the Closing shall survive the Closing for two (2) years, except
as otherwise provided herein.

 

9.2          Indemnification
by the Company. Subject to the limitations set forth in Section 9.5, Seller shall indemnify and hold harmless Buyer from
and against, and shall reimburse Buyer (which term, for purposes of this Article IX, includes, after the Closing, the Company)
for, any Damages which it may sustain, suffer or incur, whether as a result of any Third Party Claim or otherwise, and which arise
from or in connection with or are attributable to the breach of any of the representations or warranties or covenants of Seller
contained in this Agreement. The indemnity in the foregoing sentence shall survive the Closing for a period of two (2) years after
the Closing. Seller shall give prompt written notice to Buyer of any Third Party Claims or other facts and circumstances known
Seller which may entitle Buyer to indemnification under this Section 9.2.

 

9.3          Indemnification
by Buyer. Subject to the limitations set forth in Section 9.5, Buyer shall indemnify and hold harmless Seller from and
against, and shall reimburse Seller for, any Damages which may be sustained, suffered or incurred by Seller, whether as a result
of Third Party Claims or otherwise, and which arise or result from or in connection with or are attributable to the breach of
any of Buyer’s representations or warranties or covenants contained in this Agreement. The indemnity in the foregoing clause
shall survive the Closing for a period of two (2) years after the Closing Date, other than Claims arising as a result of a breach
of the representations and warranties in Section 4.2, as to which it shall survive without limitation as to time. Buyer shall
give Seller prompt written notice of any Third Party Claims or other facts and circumstances known to Buyer which may entitle
Seller to indemnification under this Section 9.3.

 

    	10

    	 

    

 

9.4          Notice,
Etc.

 

(a)          A
Party required to make an indemnification payment pursuant to this Agreement (“Indemnifying Party”) shall
have no liability with respect to Third Party Claims or otherwise with respect to any covenant, representation, warranty, agreement,
undertaking or obligation under this Agreement unless the Party entitled to receive such indemnification payment (“Indemnified
Party”) gives notice to the Indemnifying Party specifying (i) the covenant, representation or warranty, agreement,
undertaking or obligation contained herein which it asserts has been breached, (ii) in reasonable detail, the nature and dollar
amount (or estimate, if the magnitude of the Claim cannot be precisely determined at that time) of any Claim the Indemnified Party
may have against the Indemnifying Party by reason thereof under this Agreement, and (iii) whether or not the Claim is a Third Party
Claim.

 

(b)          With
respect to Third Party Claims, an Indemnified Party (i) shall give the Indemnifying Party prompt notice of any Third Party Claim,
(ii) prior to taking any action with respect to such Third Party Claim, shall consult with the Indemnifying Party as to the procedure
to be followed in defending, settling, or compromising the Third Party Claim, (iii) shall not consent to any settlement or compromise
of the Third Party Claim without the written consent of the Indemnifying Party (which consent shall not be unreasonably withheld
or delayed), and (iv) shall permit the Indemnifying Party, if it so elects, to assume the exclusive defense of such Third Party
Claim (including, except as provided in Section 9.4(d), the compromise or settlement thereof) at its own cost and expense.

 

(c)          If
the Indemnifying Party shall elect to assume the exclusive defense of any Third Party Claim pursuant to this Agreement, it shall
notify the Indemnified Party in writing of such election, and the Indemnifying Party shall not be liable hereunder for any fees
or expenses of the Indemnified Party’s counsel relating to such Third Party Claim after the date of delivery to the Indemnified
Party of such notice of election.

 

(d)          The
Indemnifying Party will not compromise or settle any such Third Party Claim without the written consent of the Indemnified Party
(which consent shall not be unreasonably withheld or delayed) if the relief provided is other than monetary damages or such relief
would have a Material Adverse Effect on the Indemnified Party. Notwithstanding the foregoing, if the Indemnifying Party elects
to assume the defense with respect to any Third Party Claim, the Indemnifying Party shall have the right to compromise or settle
for solely monetary damages such Third Party Claim, provided such settlement would not reasonably be expected to have a Material
Adverse Effect on the Indemnified Party.

 

(e)          Notwithstanding
the foregoing, the Party which defends any Third Party Claim shall, to the extent required by any insurance policies of the Indemnified
Party, share or give control thereof to any insurer with respect to such Claim.

 

9.5          Limitations.

 

(a)          Seller
shall not be required to indemnify Buyer under Section 9.2 unless the aggregate of all amounts for which indemnity would otherwise
be due against it exceeds $1,000,000, but then Seller will be liable for the full amount of Damages.

 

    	11

    	 

    

 

(b)          Buyer
shall not be required to indemnify Seller under Section 9.3 unless the aggregate of all amounts for which indemnity would otherwise
be due against it exceeds $1,000,000, but then Buyer will be liable for the full amount of Damages.

 

Article
X

TERMINATION AND ABANDONMENT

 

10.1        Methods
of Termination. The Transactions may be terminated and/or abandoned at any time but not later than the Closing:

 

(a)          by
written consent of the Parties;

 

(b)          by
Seller, (i) if Buyer shall have breached any of its covenants in Article VI or VII hereof in any material respect, (ii) if the
representations and warranties of Buyer contained in this Agreement shall not be true and correct in all material respects, at
the time made, or (iii) if such representations and warranties shall not be true and correct in all material respects at and as
of the Closing Date as though such representations and warranties were made again at and as of the Closing Date, except to the
extent that such representations are made herein as of a specific date prior to the Closing Date, and in any such event, if such
breach is subject to cure, Buyer has not cured such breach within 10 Business Days of notice from Seller of an intent to terminate;

 

(c)          by
Buyer, (i) if Seller shall have breached any of the covenants in Articles V or VII hereof in any material respect, (ii) if the
representations and warranties of Seller contained in this Agreement shall not be true and correct in all material respects, at
the time made, or (iii) if such representations and warranties shall not be true and correct in all material respects at and as
of the Closing Date as though such representations and warranties were made again at and as of the Closing Date, except to the
extent that such representations are made herein as of a specific date prior to the Closing Date, and in any such event, if such
breach is subject to cure, Seller has not cured such breach within ten (10) Business Days of Buyer’s notice of an intent
to terminate;

 

(d)          by
Seller if its Boards of Directors shall have determined in good faith, based upon the advice of outside legal counsel, that failure
to terminate this Agreement is reasonably likely to result in such Board of Directors breaching its fiduciary duties to the shareholders
of Seller, as applicable, under applicable Laws by reason of the pendency of an unsolicited, bona fide written proposal for a superior
transaction;

 

10.2        Effect
of Termination.

 

(a)          In
the event of termination and abandonment of this Agreement by Buyer or by Seller, or both, pursuant to Section 10.1 hereof, written
notice thereof shall forthwith be given to the other Parties, and except as set forth in Article IX and this Section 10.2, all
further obligations of the Parties shall terminate, no Party shall have any right against the other Parties hereto, and each Party
shall bear its own costs and expenses.

 

(b)          If
the Transactions are terminated and/or abandoned as provided herein:

 

    	12

    	 

    

 

(i)          each
Party hereto will return all documents, work papers and other material (and all copies thereof) of the other Parties relating to
the Transactions, whether so obtained before or after the execution hereof, to the Party furnishing the same; and

 

(ii)         all
confidential information received by a Party hereto with respect to the business of the other Parties shall be treated in accordance
with Section 7.6 hereof, which shall survive such termination or abandonment.

 

Article
XI

DEFINITIONS

 

As used in this Agreement,
the following terms shall have the following meanings:

 

“Actions”
means any claim, action, suit, litigation, arbitration, inquiry, proceeding or investigation by or pending before any Governmental
Authority.

 

“Affiliate”
means, with respect to a Person, any other Person who Controls, is Controlled by or is under common Control with such Person.

 

“Agreement”
has the meaning set forth in the preamble of this Agreement.

 

“Business
Day” means a day of the year on which banks are not required or authorized to be closed in the City of New York.

 

“Certificates”
has the meaning set forth in Section 2.2(a).

 

“Buyer”
has the meaning set forth in the preamble of this Agreement.

 

“Claim”
means any claim, demand, suit, proceeding or action.

 

“Closing”
has the meaning set forth in Section 2.1.

 

“Closing
Date” has the meaning set forth in Section 2.1.

 

“Commission”
has the meaning set forth in Section 4.7.

 

“Company”
has the meaning set forth in the preamble of this Agreement.

 

“Company
Equity Rights” has the meaning set forth in Section 1.2(a).

 

“Company
Group” means the Subsidiaries and Affiliates of the Company as listed on Exhibit E hereto.

 

“Company
Material Adverse Effect” means a Material Adverse Effect on the Company and its Subsidiaries, taken as a whole; provided
that, without limiting the generality of the foregoing, any adverse effect resulting in any loss, directly or indirectly, of at
least $2,000,000 or its equivalent, to the Company and its Subsidiaries, taken as a whole, shall be deemed to constitute a Company
Material Adverse Effect.

 

    	13

    	 

    

 

“Company
Ordinary Shares” has the meaning set forth in Section 1.2(a).

 

“Company
Shares” has the meaning set forth in Section 1.2(a).

 

“Company’s
Accountants” means UHY Vocation HK CPA Limited.

 

“Contracts”
mean any contract, agreement, lease, license or similar instrument.

 

“Control”
of a given Person means the power or authority, whether exercised or not, to direct the business, management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, provided, that such
power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote
of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the Board of Directors or comparable governing
body of such Person. The terms “Controlled” and “Controlling” have meanings
correlative to the foregoing.

 

“Damages”
means the dollar amount of any loss, damage, expense or liability, including, without limitation, reasonable attorneys’ fees
and disbursements incurred by an Indemnified Party in any action or proceeding between the Indemnified Party and the Indemnifying
Party or between the Indemnified Party and a third party, which is determined (as provided in Article IX) to have been sustained,
suffered or incurred by a Party or the Company and to have arisen from or in connection with an event or state of facts which is
subject to indemnification under this Agreement; the amount of Damages shall be the amount finally determined by a court of competent
jurisdiction or appropriate governmental administrative agency (after the exhaustion of all appeals) or the amount agreed to upon
settlement in accordance with the terms of this Agreement, if a Third Party Claim, or by the Parties, if a Direct Claim.

 

“Direct
Claim” means any claim other than a Third Party Claim.

 

“Disclosure
Letter” has the meaning set forth in Section 3.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Funds
of Related Party” has the meaning set forth in Section 8.3.

 

“GAAP”
means generally accepted accounting principles in a particular jurisdiction, as consistently applied.

 

“Government
Securities” means any Treasury Bill issued by the United States having a maturity of one hundred and eighty days
or less.

 

“Governmental
Authority” means any PRC or non-PRC national, supranational, state, provincial, local or similar government, governmental,
regulatory or administrative authority, agency or commission or any court, tribunal or judicial or arbitral body. For the sake
of clarity, “Governmental Authority” does not include any government or state-owned enterprise.

 

“Indemnified
Party” has the meaning set forth in Section 9.4.

 

    	14

    	 

    

 

“Indemnifying
Party” has the meaning set forth in Section 9.4.

 

“Knowledge”
means, with respect to any Person, the actual knowledge of such Person and that knowledge which should have been acquired by such
Person after making such due inquiry and exercising such due diligence as a prudent business person would have made or exercised
in the management of his or her business affairs.

 

“Laws”
means all statutes, rules, regulations, ordinances, orders, writs, injunctions, judgments, decrees, awards and restrictions, including,
without limitation, applicable statutes, rules, regulations, orders and restrictions relating to zoning, land use, safety, health,
environment, hazardous substances, pollution controls, employment and employment practices and access by the handicapped.

 

“Lien”
means any lien, claim, contingent interest, security interest, charge, restriction or encumbrance, other than those (i) for Taxes
not yet due and payable or being contested in good faith by an appropriate proceeding for which adequate reserves have been established,
(ii) for mechanics liens or similar liens or labor, materials or supplies incurred in the ordinary course of business for amounts
that are not delinquent, (iii) arising by operation of law, and (iv) that, individually or when aggregated, are not material.

 

“Material
Adverse Effect” means, with respect to any Person, any (i) event, occurrence, fact, condition, change or development
that has had a material adverse effect on the operations, results of operations, financial condition, assets or liabilities of
such Person; (ii) material adverse effect on such Person’s ability to perform any material obligations of such Person hereunder
or under any other Transaction Document or any Material Contract of such Person, as applicable; (iii) material adverse effect on
any material rights such Person may have hereunder or under any other Transaction Document or any Material Contract of such Person.

 

“Material
Contract” means, with respect to any Person, any outstanding Contract material to the business of such Person as
of or after the date hereof.

 

“Party”
has the meaning set forth in the preamble of this Agreement.

 

“Patents”
means all United States and foreign patents and utility models and applications therefor and all reissues, divisions, re-examinations,
renewals, extensions, provisionals, continuations and continuations-in-part thereof, and equivalent or similar rights anywhere
in the world in inventions and discoveries.

 

“Permits”
means all governmental registrations, licenses, permits, authorizations and approvals.

 

“Person”
means any individual, corporation, partnership, limited partnership, limited liability company, joint venture, proprietorship,
association, firm, trust, estate, unincorporated organization, cooperative, Governmental Authority, or other enterprise or entity.

 

“PRC”
means the People’s Republic of China, solely for purpose of this Agreement, excluding Hong Kong, the Macau Special Administrative
Region and the islands of Taiwan.

 

    	15

    	 

    

 

“Purchase
Price” has the meaning set forth in Section 1.2.

 

“Representatives”
of a Party means such Party’s employees, accountants, auditors, actuaries, counsel, financial advisors, bankers, investment
bankers and consultants.

 

“Seller”
has the meaning set forth in the preamble of this Agreement.

 

“Subsidiary”
means, with respect to any specified Person, any other Person (other than a natural person) Controlled by such specified Person
through direct or indirect ownership of equity securities or contractual relationship. When used without reference to a particular
Person, “Subsidiary” means a Subsidiary of the Company.

 

“Tax”
or “Taxes” means all income, gross receipts, sales, stock transfer, excise, bulk transfer, use, employment,
social security, franchise, profits, property or other taxes, tariffs, imposts, fees, stamp taxes and duties, assessments, levies
or other charges of any kind whatsoever (whether payable directly or by withholding), together with any interest and any penalties,
additions to tax or additional amounts imposed by any government or taxing authority with respect thereto.

 

“Third
Party Claim” means a Claim by a Person other than a Party hereto or any Affiliate of such Party.

 

“Transactions”
has the meaning set forth in Section 2.1.

 

“United
States” or “U.S.” means the United States of America.

 

Article
XII

GENERAL PROVISIONS

 

12.1        Expenses.
Except as otherwise provided herein, all costs and expenses, including, without limitation, fees and disbursements of Representatives,
incurred in connection with the preparation of this Agreement and the Transactions shall be paid by the Party incurring such costs
and expenses, whether or not the Closing shall have occurred.

 

12.2        Notices.
All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given
or made as of the date delivered or mailed if delivered personally or by an internationally recognized courier or transmitted
by electronic correspondence (in .PDF) or by telecopy to the Parties at the following addresses (or at such other address for
a Party as shall be specified by like notice, except that notices of changes of address shall be effective upon receipt):

 

(a)          If
to the Buyer:

 

Fuzhou Honglong Ocean Fishery
Co., Ltd

Floor 17th, Fujian
Galaxy Garden Hotel,

No. 243, Wusi Road,

Fuzhou, P.R.C. 350001

Attention: GAO, Tigi

    	16

    	 

    

 

Telephone: 86-591-87805774-8012

Facsimile:86-591-87519015

(b)          If
to Seller:

 

Pingtan Marine Enterprise Ltd.

18/F, Zhongshan Building A,

No. 154 Hudong Road

Fuzhou, P.R.C. 350001

Attention: Roy Yu

Telephone: 86-591-87271266

Facsimile:86-591-87275290

Email: ryu@ptmarine.net

 

with a copy (which shall not
constitute notice) to:

Reed Smith LLP

599 Lexington Avenue

New York, New York 10022

Attention: William Haddad

Telephone: +1 (212) 549-0379

Facsimile: +1 (212) 521-5450

Email: Whaddad@reedsmith.com

 

12.3        Amendment.
This Agreement may not be amended or modified except by an instrument in writing signed by the Parties.

 

12.4        Waiver.
Buyer, on the one hand, and all other Parties, on the other hand, may (a) extend the time for the performance of any of the obligations
or other acts of the other, (b) waive any inaccuracies in the representations and warranties of the other contained herein or
in any document delivered pursuant hereto and (c) waive compliance with any of the agreements or conditions of the other contained
herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the Party(s) to be
bound thereby.

 

12.5        Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

12.6        Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the Transactions is not affected in any manner adverse to any Party. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that
Transactions are fulfilled to the extent possible.

 

    	17

    	 

    

 

12.7        Entire
Agreement. This Agreement and the schedules and exhibits hereto constitute the entire agreement and supersede all prior
agreements and undertakings, both written and oral, among the Parties with respect to the subject matter hereof and, except as
otherwise expressly provided herein, are not intended to confer upon any other Person any rights or remedies hereunder.

 

12.8        Benefit.
This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Parties. Prior to the Closing,
no Party may assign this Agreement or its rights or obligations hereunder, whether by operation of law or otherwise, without the
prior written consent of the other Party(s).

 

12.9        Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. Except
as otherwise provided herein, all actions and proceedings arising out of or relating to the interpretation and enforcement of
the provisions of this Agreement or in respect of the Transactions shall be heard and determined in the United States District
Court for the Southern District of New York and any federal appellate court therefrom (or, if United States federal jurisdiction
is unavailable over a particular matter, the Supreme Court of the State of New York, New York County) and the Parties hereby irrevocably
submit to the exclusive jurisdiction and venue of such courts in any such action or proceeding and irrevocably waive the defense
of an inconvenient forum or lack of jurisdiction to the maintenance of any such action or proceeding.

 

12.10        NO
JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO
THIS AGREEMENT.

 

12.11        Counterparts.
This Agreement may be executed in one or more counterparts, and by the different Parties in separate counterparts, each of which
when executed shall be deemed to be an original but all of which when taken together shall constitute one and the same agreement.
Execution or delivery by electronic transmission (in PDF) shall constitute due execution or delivery for all purposes.

 

12.12        Regulatory
Requirements. In the event that the regulatory requirements of any applicable Governmental Authority (including any new
laws or regulations or interpretations of existing laws or regulations) prohibit or materially restrict the ability of the Parties
to consummate the acquisition of the Company as contemplated, the Parties will revise the transaction as necessary to comply with
such regulatory requirements while preserving to the greatest extent possible the intended economic consequences of the transaction.

 

(Signatures on Next
Page)

 

    	18

    	 

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed as of the date first written above.

 

	 	PINGTAN MARINE ENTERPRISE LTD.	 
	 	 	 	 
	 	By:	/s/ Xuesong Song	 
	 	Name:	Xuesong Song	 
	 	Title:	Independent Director	 
	 	 	 	 
	 	FUZHOU HONGLONG OCEAN FISHERY CO., LTD	 
	 	 	 	 
	 	By:	/s/ Tiqi Gao	 
	 	Name:	Tiqi Gao	 
	 	Title:	Legal Representative	 

 

 

[Signature Page to Share Purchase Agreement]

 

    	 

    	 

    

 

EXHIBIT E

 

COMPANY GROUP 

 

Master Gold Corporation Limited, organized under the laws of
Hong Kong

 

China Dredging Group Co., Ltd., organized under the laws of
BVI

 

China Dredging (HK) Company Limited, organized under the laws
of Hong Kong

 

Fujian WangGang Dredging Construction Co., Ltd., organized under
the laws of PRC

 

Fujian Xing Gang Port Service Co., Ltd., organized under the
laws of PRC

 

Wonder Dredging Engineering LLC, organized under the laws of
PRC

 

Pingtan Zhuo Ying Dredging Engineering Construction Co., organized
under the laws of PRC

 

Pingtan Xing Yi Port Services Co., Ltd., organized under the
laws of PRC

 

    	- 20 -

    	 

    

 

EXHIBIT F

 

LIST OF VESSELS

 

FuYuanYu 901

 

FuYuanYu 902

 

FuYuanYu 903

 

FuYuanYu 904

 

FuYuanYu 905

 

FuYuanYu 906

 

FuYuanYu 907

 

FuYuanYu 908

 

FuYuanYu 909

 

FuYuanYu 910

 

FuYuanYu 911

 

FuYuanYu 912

 

FuYuanYu 913

 

FuYuanYu 914

 

FuYuanYu 915

 

FuYuanYu 916

 

FuYuanYu 917

 

FuYuanYu 918

 

FuYuanYu 919

 

FuYuanYu 920

 

    	- 21 -

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