Phase 1

(Click to jump directly to the page)

Cover Page Page 2

Color Plat Map Rendering

Page 2

Fact Sheet Page 4

Frequently Asked Questions

Pages 5 – 6

Top 12 Reasons to Buy Pages 7 – 8

Black and White Plat Map

Page 9

Additional Terms Page 10

Lot Pricing

Page 11

City Setback Requirements Page 12

Fit Sheets

Pages 13 – 14

Summary of CC&Rs Pages 15

CC&Rs

Pages 16

Phase One

Spanish Highlands COMMUNITY FACT SHEET

Details of Location: Model Address: 2022 East 160 South (Lot 121)

Directions: Head South on I-15 and turn right at exit 258 onto ramp for US-6. Keep heading straight on US-6 until E Center Street. Turn East on E Center street and proceed until 2000 East and this Ivory Homes Community will be on your right.

Municipality: Spanish Fork City County: Utah County Schools: Nebo School District (801) 354-7400

High School

Spanish Fork High School 99 North 300 West

798-4060

Junior High Spanish Fork Junior High South 820 East 798-4075

Middle School

Spanish Fork Middle School 50 North 900 East 798-4052

Elementary

Spanish Oaks Elementary 2701 Canyon Crest Drive

798-7411

Note: Schools are subject to boundary revisions Supermarkets: Maceys Food and Drug- 187 East 1000 North, Spanish Fork Albertson’s – 652 North 800 East, Spanish Fork Hospital: American Fork Hospital (170 North 100 East) - 763-3300 Utilities: Water, Sewer, Garbage & Electrical (40 South Main St.) – 798-5000 Gas - Questar – 373-7400 Phone – Qwest - 1-800-244-1111 (Toll Free) Post Office: 195 East 900 North, Spanish Fork (Zip Code 84660) – 794-1197 Other Attractions: Peaceful country living minutes from I-15 Close Proximity to outdoor activities

Frequently Asked Questions for Spanish Highlands Phase 1

When will we dig homes? Since we can dig in Spanish Fork without asphalt we anticipate digging the model near the end of March and homes will start in April.

Is Secondary Water available? Yes

Will Ivory do any fencing? Yes along the north end (100 South) there will be a 6’ masonry fence that ties into entry monuments at each entrance.

Is Landscaping included? 2000 sq/ft of sod.

Entry Monuments? Yes there will be monuments as noted on the plat. They will be located at both entrances off of 100 South.

Is there an HOA? No

Are there CC&Rs? Yes

Will there be other phases? Yes, there is 1 additional phase in Spanish Highlands and the total number of lots in both phases is 80. There will also be another 113 lots north of Spanish Highlands. Is the plat recorded? Yes Suspended Garages allowed? Yes Water table issues? None that we are aware of or that were found by the engineer but no reps/warranty as to future problems. Environment issues? None Are there lots on Hold? Yes, lot 121 will be the model home and lots 122 & 123 are on hold for signs. What type of homes will be in Spanish Highlands? Both Advantage and Diamond series homes will be offered in Spanish Highlands. Footprint requirements? All Ramblers must have 1400 s/f on the main level and 2-story homes must have 1000 s/f on the main level.

Other requirements? All homes must have at least 51% rock/stone on the front eleve\ation. Please make your buyers aware that they will be responsible for the additional cost of the masonry if required. Also, we have 5’ varying set-back requirements to stagger the homes. What are the Commissions? The commissions are 2.5% for Ivory Agents and 3% for Outside Agents that introduce buyers to Ivory and accompany them on their first visit. Note: Ivory Agents will have the opportunity to offer buyers a 2:1 buydown or equivalent financing options. While Ivory will pay the bulk of the incentive, the agent commission will be reduced by .5% cover a portion of the cost.

Top 12 Reasons to Buy at Spanish Highlands

1. Fiesta days rodeo annually in the summer (July 24th) second largest in the state

2. Home to the Utah County fairgrounds (Utah County fair, craft, livestock and other shows during summer)

3. Festival of Lights each Holiday Season 4. Canyon breezes, clean air, lots of space, 5. Pace of living, small town feel, quiet yet minutes from Provo south

town mall, and other major shopping and retail including Walmart, and soon to be Costco, home depot and Target

6. Be on the lake in 15 minutes (South dock at Utah lake) 7. Art City Museum in Springville (7-9 minutes) 8. Located just below Spanish fork canyon- known for great hunting,

fishing, hiking, camping 9. Well know Hobble Creek Golf course within minutes 10. Very cozy small town yet only 45-60 minutes to salt lake city 11. Super community recreational events, softball, little league,

volleyball soccer 12. Perfect for raising family, safe and simple

SPANISH HIGHLANDS ADDITIONAL TERMS ADDENDUM

TO REAL ESTATE PURCHASE AGREEMENT

THIS ADDENDUM (the "ADDENDUM") is attached to and forms part of a "Real Estate Purchase Agreement" (the "AGREEMENT") that is entered into by Ivory Homes, a Utah limited partnership ("SELLER"), on the AGREEMENT DATE, with the BUYER and for the LOT described below. Capitalized terms used in this ADDENDUM (except bold capitalized terms) shall have the meanings for such terms that appear in the AGREEMENT. AGREEMENT DATE: ______________________________

BUYER:__________________________________________

__________________________________________

Lot ________ of the Spanish Highlands Subdivision

located in city of Spanish Fork, Utah County, Utah.

_______________________________________________________________________________________________________

The provisions of the AGREEMENT are modified, supplemented or deleted as follows; otherwise, all of the terms and provisions of the AGREEMENT shall remain in full force and effect. 1) Buyer acknowledges the “Declaration of Conditions, Covenants and Restrictions” for Spanish Highlands. 2) Buyer has received and signed the CC&R Summary. 3) Buyer acknowledges that additional masonry may be required on the front of the home per building guidelines in

Spanish Fork. 4) Upon transfer of ownership to Homeowner, Homeowner understands, agrees, and assumes the responsibility of

remaining in compliance with all requirements of the EPA Storm Water Pollution Plan and will prevent sediment and debris from leaving their property and entering the storm water drainage system.

5) DEPOSIT NON-REFUNDABILITY. Notwithstanding anything to the contrary in any of the contracts between the Buyer and the Seller, including but not limited to paragraph 4.2.2 of the Real Estate Purchase Agreement, all deposits, including the Initial Deposit, are unconditionally non-refundable. _______________________________________________________________________________________________________ When signed below by BUYER, the foregoing provisions comprise additional terms and conditions to the original AGREEMENT presented by BUYER to SELLER for acceptance. By signing below, BUYER and SELLER shall be bound by the AGREEMENT as modified by the foregoing provisions. BUYER: _______________________________________________ _______________________________________________ DATE:_________________________________________ DATE:______________________________________ IVORY HOMES By:________________________________________ DATE: _____________________________________ Title:_______________________________________

Lot Inventory ReportSpanish HighlandsNote: CC&R's, Adtnl Masonry to be added @ p/c mtg

Spanish Highlands 108 $82,000Spanish Highlands 109 $84,000Spanish Highlands 110 $84,000Spanish Highlands 111 $84,000Spanish Highlands 112 $79,000Spanish Highlands 113 $79,000Spanish Highlands 114 $88,000Spanish Highlands 115 $88,000Spanish Highlands 116 $88,000Spanish Highlands 117 $86,000Spanish Highlands 118 $84,000Spanish Highlands 119 $86,000Spanish Highlands 120 $98,000Spanish Highlands 121 $86,000 ModelSpanish Highlands 122 $79,000 HoldSpanish Highlands 123 $75,000 HoldSpanish Highlands 124 $77,000Spanish Highlands 125 $76,000Spanish Highlands 126 $78,000Spanish Highlands 127 $76,000Spanish Highlands 128 $77,000Spanish Highlands 129 $68,000Spanish Highlands 130 $70,000Spanish Highlands 131 $70,000Spanish Highlands 132 $70,000Spanish Highlands 133 $70,000Spanish Highlands 134 $70,000Spanish Highlands 135 $70,000Spanish Highlands 136 $70,000

Ttl Lots= 29 Avail Homes= 0Avail Lots= 29

Friday, February 02, 2007 Page 1 of 1Underlined=AvHome MH=Meeting Held UC=Under Const. CP=Complete CL=Closed$ = $1,000 Non-Refundable $$ = $5,000 Non-Refundable

Spanish Highlands City: Spanish Fork City Contact name: City Contact Number: Zoned: Master Planned Recorded: Yes Date: Oct. 06 Engineer of Record: LEI Contractor: Skip Dunn PUD: Yes Minimum Setbacks R-1: Front: Living-20’; Garage- 25’ Interior lot Rear: 20’ Sides: 7.5’ Front: Living- 15’; Garage- 25’ Corner lot Rear: 20’ Sides: 7.5‘ Front: Cul-de-sac lot Rear: Sides: Line-of-sight requirement: ?? Max height within line-of-sight: ?? Cantilevers over setback line: ?? Non-Living Space: ?? Living Space: ?? Special lot requirements / conditions:

a) Front setback alternates 5’ between homes to ensure homes are staggered b) No identical homes (i.e. same footprints, floorplan, or elevation) within 200’ measured from property line

Walkout to remain within setback? (Unknown) Height restriction? (No known restriction) Any existing structures to remain? (None) Minimum home size: Rambler: 1400 sq.ft. 2-story main: 1000 sq.ft. Masonry requirement? All homes must have over 50% masonry or stucco on exterior front face Minimum Garage size? (No known restriction) Notes: -$2000 landscaping allowance to include 2 trees

3 = Fits w/ 3-Car Garage2 = Fits w/ 2-Car GarageX' = Does not fit b/c of 1400 sq.ft req. Xs = Does not fit b/c of 1000 sqft main level req.

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108 L N 3 3 x 3 x 2 2 3 2 2 x 2 3 2 2 2 2 3 x 2 3 3 x 3 3 x x 2 x x 2 2 2 3 3 2 3 3109 R N 3 3 x 3 x 2 2 3 2 2 x 2 3 2 2 2 2 3 x 2 3 3 x 3 3 x x 2 x x 2 2 2 3 3 2 3 3110 L N 3 3 x 3 x 2 2 3 2 2 x 2 3 2 2 2 2 3 x 2 3 3 x 3 3 x x 2 x x 2 2 2 3 3 2 3 3111 R N 3 3 x 3 x 2 2 3 2 2 x 2 3 2 2 2 2 3 x 2 3 3 x 3 3 x x 2 x x 2 2 2 3 3 2 3 3112a R N 2 2 x 2 x x x 2 2 2 x x 3 2 2 x x 2 x x 2 2 x 2 3 x x x x x x x x 2 2 2 2 3112b R W x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x 3113a R S 2 2 x 2 x x x 2 x x x x 2 2 2 x x 2 x x 2 2 x 2 3 x x x x x x x x 2 2 x 2 3113b L W x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x 3114 R S 3 3 x 3 x 2 2 3 2 2 x 2 3 2 2 2 2 3 x 2 3 3 x 3 3 x x 2 x x 2 2 2 3 3 2 3 3115 L S 3 3 x 3 x 2 2 3 2 2 x 2 3 2 2 2 2 3 x 2 3 3 x 3 3 x x 2 x x 2 2 2 3 3 2 3 3116 R S 3 3 x 3 x 2 2 3 2 2 x 2 3 2 2 2 2 3 x 2 3 3 x 3 3 x x 2 x x 2 2 2 3 3 2 3 3117a L S 3 3 x 3 x 2 2 3 2 2 x 2 3 2 2 2 2 3 x 2 3 3 x 2 3 x x 2 x x 2 2 2 2 2 2 2 3117b R E x x x x x x x x x x x x x x x x x x x x x x x 3 3 x x 3 x x x x x x x x x 3118a L E x x x x x x x x x x x x x x x x x x x x x x x 3 x x x x x x x x x x x x x 3118b R N 3 3 x 3 x 2 2 3 2 2 x 2 3 3 3 2 2 3 x 2 3 3 x 3 3 x x 2 x x 2 2 2 3 3 3 3 3119 L N 3 3 x 3 x 2 2 3 2 2 x 2 3 3 3 2 2 3 x 2 3 3 x 3 3 x x 2 x x 2 2 2 3 3 3 3 3120 R N 3 3 x 3 x 3 2 3 3 3 x 3 3 3 3 3 3 3 x 3 3 3 x 3 3 x x 3 x x 3 3 3 3 3 3 3 3121 L N 3 3 x 3 x 2 2 3 2 2 x 2 3 3 3 2 2 3 x 2 3 3 x 3 3 x x 2 x x 2 2 2 3 3 3 3 3122a L N 2 2 x 2 x x x 2 2 2 x x 3 2 2 x x 2 x x 2 2 x 2 3 x x x x x x x x 2 2 x 2 3122b R W x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x 3123a R S 2 2 x 2 x x x 2 x x x x 2 x x x x x x x 2 2 x x 2 x x x x x x x x x x x x 3123b R W x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x 3124 R S 2 2 x 2 x x x 2 x x x x 3 2 2 x x x x x 2 2 x 2 3 x x x x x x x x 2 2 x 2 3125 L S 2 2 x 2 x x x 2 x x x x 3 2 2 x x x x x 2 2 x 2 3 x x x x x x x x 2 2 x 2 3126 R S 3 3 x 3 x 2 2 3 2 2 x 2 3 2 2 2 2 x x 2 3 2 x 2 3 x x 2 x x 2 2 2 2 2 2 2 3127 L S 2 2 x 2 x x x 2 x x x x 3 2 2 x x x x x 2 2 x 2 3 x x x x x x x x 2 2 x 2 3128a L S 2 2 x 2 x x x 2 x x x x 2 x x x x x x x 2 2 x x 2 x x x x x x x x x x x x 3128b L E x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x 3129 L E 2 2 x 2 x x x 2 x x x x 2 x x x x 2 x x 2 2 x 2 3 x x x x x x x x x x x 2 3130 L E 2 2 x 2 x x x 2 x x x x 2 x x x x 2 x x 2 2 x x 2 x x x x x x x x x x x x 3131 R E 2 2 x 2 x x x 2 x x x x 2 x x x x 2 x x 2 2 x x 2 x x x x x x x x x x x x 3132 L E 2 2 x 2 x x x 2 x x x x 2 x x x x 2 x x 2 2 x x 2 x x x x x x x x x x x x 3133 R E 2 2 x 2 x x x 2 x x x x 2 x x x x 2 x x 2 2 x x 2 x x x x x x x x x x x x 3134 L E 2 2 x 2 x x x 2 x x x x 2 x x x x 2 x x 2 2 x x 2 x x x x x x x x x x x x 3135 R E 2 2 x 2 x x x 2 x x x x 2 x x x x 2 x x 2 2 x x 2 x x x x x x x x x x x x 3136 L E 2 2 x 2 x x x 2 x x x x 2 x x x x 2 x x 2 2 x x 2 x x x x x x x x x x x x 3

Building Setbacks:Front Yard = 25 GarageFront Yard = 20 LivingRear Yard = 20Side Yard = 7.5Side Yard (Corner)= 15 Living, 25 side entry Garage

3 = Fits w/ 3-Car Garage2 = Fits w/ 2-Car GarageX' = Does not fit b/c of 1400 sq.ft req. Xs = Does not fit b/c of 1000 sqft main level req.

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Building Setbacks:Front Yard = 25 GarageFront Yard = 20 LivingRear Yard = 20Side Yard = 7.5Side Yard (Corner)= 15 Living, 25 side entry Garage

Conditions, Covenants and Restrictions Instruction to Buyers Congratulations on your decision to purchase an Ivory Home. You have decided to live in a community that has adopted community standards that are enumerated specifically in governing documents of the Declaration of Conditions, Covenants and Restrictions (the “CC & R’s”) for Non-Club Ivory Communities and in the governing documents of the HOA, which include but are not limited to the Declaration of Conditions, Covenants and Restrictions (the “CC & R’s”), By-Laws, Annual Budget, and the Rules and Regulations for Club Ivory Communities. Living in a master planned community is not like living in a typical neighborhood. Because residents share common areas and amenities, restrictive covenants are not only worthwhile, they are absolutely necessary for everyone’s comfort and enjoyment. By signing this form you acknowledge that you have received, read and will abide by the governing documents, as they may be amended from time to time, and that you will pay all assessments in a timely manner. This summary page is not intended to replace any of the governing documents, but rather to address in summary fashion some of the most frequently asked questions by those living in a master planned community. Specific requirements and standards are included in the governing documents. If you have any questions, comments or concerns, you are welcome to contact the ARC members (for Non-Club Ivory Communities) or the HOA property manager (for Club Ivory Communities) directly through your Ivory Homes Sales Consultant. AGREEMENT DATE: _____________________________________ BUYER: _________________________________________________ Lot & Subdivision__________________________________________ _________________________________________________________

1. Changes, Additions or Alterations to the Lot or the Exterior of the Home require the approval of the Architectural Review Committee (the “ARC”). Examples of improvements that must be submitted for review include but are not limited to the following: swimming pool, sport court, accessory buildings (e.g., storage sheds, detached garage structures, etc.) fencing, landscaping, decks, and walls. In addition, any alterations to the primary structure, including changes in colors or construction materials, awnings, roofing, windows, porches, courtyards, and so forth must also be submitted to the ARC for review and approval. Depending on the extent of the requested change, the ARC may require an owner to submit architectural designs, plans and specifications, color, size, materials, location and so forth All approvals must be written. 2. Business Use. This is a residential community; however, some home based businesses are allowed under limited circumstances, although they must comply with the governing documents and community guidelines. The prior written consent of the managing committee is required for ANY type of home based business including child care and professional services. No businesses are allowed that have employees of any kind, or that have any customers who are not residents of the community. 3. Storage and Parking of Vehicles. The driving, parking, standing, and storing of motor vehicles in, on or about the community is strictly regulated. Overnight parking on the street is not allowed. Recreational, Commercial, and Oversized Vehicles may only be stored on a properly constructed garage or parking pad, and then only if certain conditions are satisfied. 4. Aerials, Antennas, and Satellite Systems. All exterior aerials, antennas and satellite dishes must be approved by the managing committee in advance and be positioned so, as long as it is reasonably possible, that they are screened from view from the street. 5. Animals and Pets. Large animals are not allowed. No pets, animals, livestock, or poultry of any kind may be commercially bred at the property. Up to two (2) domestic pets per Lot are allowed, provided they are properly licensed and registered, and do not create a nuisance. 6. Signs. No signs, billboards or advertising structures or devices of any kind may be built, installed or displayed on the Property or any Lot except for a single sign with a maximum size of 2' x 2' for specific purpose of advertising the sale of a home. No “For Rent” or “For Lease” signs are allowed within the community, in the common area, on a lot, or in, on or about the home, at any time or for any reason. 7. Landscaping. All Lot landscaping must be completed within six (6) months from the date of closing. The Buyer is responsible for the planting of trees in accordance with the Street Tree Planting Plan, a copy of which is attached to the CC & R’s. Should Ivory Homes be required to provide a landscaping bond with the city, the Buyer will receive the amount of the bond upon completing the landscaping requirements. If Ivory Homes is required to install landscaping prior to receiving a final inspection from the city building authority, then the Buyers acknowledge, understand and agree that only a basic front yard landscaping will be provided by Ivory Homes and is done in lieu of the

2,000 sq. ft. of sod promised on any Ivory promotional materials including but not limited to the Purchase Price Addendum and the Ivory Homes Catalogue of Homes. 8. Easements and Slopes. Easements for utilities, drainage systems and facilities, and irrigation are reserved on the recorded Plat. All landscaping, grading, structure, building, improvement, planting or other materials must be placed so they do not damage or interfere with the installation and maintenance of utilities, or which may change the direction of flow of drainage channels in, on or about the easements and rights of way. 9. Nuisances. Nothing may be done which may be or may become an annoyance, disturbance, bother or nuisance to the neighborhood, or which might interfere with the right of other residents to the quiet and peaceful enjoyment of their property. 10. Management Committee. Until the last home is sold and closed in the final phase of the development, the Developer reserves the exclusive, unilateral and irrevocable right to appoint the members of the ARC, Management Committee and/or the Managing Member. 11. Leasing Restriction. A Buyer is prohibited from leasing or renting his or her home for a period of one (1) year after the date of closing. 12. Transfer Fee (For Club Ivory Communities). An Owner shall pay to the Association a sum equal to five percent (5%) of the gross sales price on the home as a transfer fee if his Lot is sold or if he enters into a Lease/Option or similar Agreement on the home during the initial one (1) year period after closing. 13. Fencing. Vinyl fencing is allowed without additional approval required. Please review the CC & R’s carefully in the event that there are color restrictions. Wood, wrought iron and masonry fencing may be allowed with prior express written consent, although the request can be denied. Chain link fence is not allowed. Fence heights are restricted to 6’ in the rear and side yards. If front yard fencing is allowed, the height of the fence may not exceed 3’. 14. Entries and Entry Monuments. If a Lot includes a common improvement, such as an entry monument, planter, planter box, planter strip, perimeter fence, wall, street light, exterior lighting or other landscaping treatment of any kind, the Buyers shall maintain such common elements in good condition, and may not place or plant anything behind or in front of such element. 15. HOA Fees (For Club Ivory Communities). The current HOA fees have been established with the intent that the fees would cover the costs and expenses of the community property. Should future conditions require, the fees can be increased or decreased. There is no guarantee that the fees will remain the same in perpetuity. You are advised to review the HOA budget if you have any questions. BUYER: _______________________________ Date_____________ SALES AGENT: _________________________ Date_____________ SELLER: ________________________________ Date__________