Completion of Improvements

Declarant warrants and represents that the following improvements will be substantially completed on the following schedule, subject to conditions reasonably beyond the control of Declarant;

A. Golf Course. December 1, 1997. Construction will commence no later than May 1, 1996, and will proceed in reasonable due course until completion.

B. Golf Course Clubhouse. December 1, 1998.

C. Swimming Pool. December 1, 1998.

D. Tennis Courts. Four tennis courts by December 1, 1998.

E. Pedestrian Access System. As to each Community, the Pedestrian Access System therein will be installed within said Community within one (1) year following conveyance of any Lot shown on a recorded subdivision plat of said Community.

F. Brice’s Creek. Association Property providing access to Brice’s Creek of a size of one acre or greater adjacent to Brice’s Creek, will be conveyed to the Association, improved so as to provide non-vehicular access to Brice’s Creek, on or before December 1, 1999.

Pursuant to Section 7A-38.3F of the North Carolina General Statutes, all members are hereby informed that you have a right to initiate mediation pursuant to the terms of the statute to try to resolve a dispute with the Association. Both the homeowner and the Association must agree to mediate the dispute, and each side is responsible for splitting the cost of the mediation, including payment of a professional mediator. The mediation process is an opportunity to reach an agreement to resolve a dispute – neither side gives up their right to go to court to have a judge resolve the dispute if the parties are not able to reach an agreement through mediation. The specific process to initiate voluntary mediation is outlined in Section 7A-38.3F of the North Carolina General Statutes.