Dear Chateaux Residence Club Owner,

Dear Chateaux Residence Club Owner, The Winter Ski Season is quickly approaching as Deer Valley Resort opens in just a few short weeks. The start of the ski season also coincides with the Annual Meeting of The Residences at The Chateaux where we will review the last year and look ahead to the coming year. There is plenty of availability for those owners who would like to fly in for the meeting and for the opening of Deer Valley Resort, and would also invite you to join via conference call should you not be available to join in person. The Residences at The Chateaux continues to sit in a good position as we approach the start of our 13 th winter season. The primary drivers that would move us from a good position to a great position include the replenishment of Reserves in the coming years coupled with the goal of increased membership values. We were able to complete our entire Refurbishment by utilizing our Reserves and avoid any bank borrowing to support this initiative. A key component of our budget includes a contribution to Reserves every year. Financially, the Balance Sheet and Profit and Loss Statement year to date through Q3 is positive and reflects the following: total HOA dues has a credit balance of over $13,000, meaning more owners have prepaid than are past due; total revenues exceeded budget by over $15,000; total expenses were just over budget by $3,000; ultimately leading to positive net YTD ordinary income over $11,000 better than budget. Greg and his team continue to do a great job watching expenses. Regarding Reserves, the total 2017 capital expenditures budget is tracking well, with current projection to come in under budget by approximately $5,000. We should see Reserve coffers starting to rebuild by mid-2018. Reserve projects in the next couple of years will be very minimal, as we rebuild our cash balances for future projects 3 to 5 years from now, likely to include bathrooms, kitchens and bedroom furniture. Our goal is to continue to make the necessary investment that preserves the high quality look and feel of our units. The Board of Directors is committed to maintaining and enhancing the value of our investment while continuing to deliver world class service and member experience. To that end, the Board has worked with the Club Management team to create a fiscally responsible 2018 budget with a modest 1.88% increase in dues for the upcoming year. The Board is very sensitive to keeping dues as low as possible, yet still maintaining the facility and services that make our Club so unique. As we look ahead our goal is to keep the increase in our dues moving forward as low as possible. In addition to the 2018 Board Approved 1.88% operating budget increase, it is important to note that the budget assumes an increase to the Weekly Housekeeping Fees. Housekeeping Fees have been the same since we opened over a decade ago. To remain competitive within the market, housekeeping wages have had to increase dramatically. Just a few short years ago we were able to obtain housekeepers at $10 hourly. The local competitive starting wage has now increased to $15 hourly for 2018. Our housekeeping staff is an incredibly dedicated team and it is important

for us to retain such great team members. With our rising housekeeping costs, the Board of Directors passed unanimous resolution to increase the Weekly Housekeeping Fee as follows: $420 weekly (from $300) for 3 bedroom units and $560 weekly (from $400) for 4 bedroom/penthouse units. This additional housekeeping revenue will help offset expenses and keep dues to a minimal increase. The approved budget also assumes a small revenue stream of $15,000 for Rental Income through HOA rentals (not individual owner rental). The logic behind this new profit line is to look at ways to keep annual dues as low as possible for owners. Rentals would only be allowed during occupancy periods that would have little to no impact on owner usage. Two examples would be overflow of group reservations from Steins during Club closure periods, possibly even September, as well as year round same day or short notice opportunities where guests from Steins or neighboring luxury properties may need to be moved for some reason. This proposed change in rental policy requires the approval of our members. The Board of Directors has unanimously approved this proposal and request the members vote in favor of the proposal on the enclosed Annual Meeting Proxy, allowing minimal Club HOA Rentals managed by our onsite team. To be approved, a favorable vote of more than 50% of owners is needed. We would appreciate your support of this resolution as one of our many goals is to keep our growth in dues as low as possible moving forward and this will allow us to do so while having little to no impact on owners. The Res Club seven Member Board of Directors serves staggered two year terms. There are four terms up for re-election this year. Of those four expiring terms, Vickie Dorsey and Ron Rubin have offered to stand for re-election, while Bruce Edenton and Bill Pederson will be stepping down. I want to personally thank Bruce and Bill for their participation and valuable insight over the last many years. All owners were notified and invited to provide a personal bio if they wanted to volunteer for the Board, that would be reviewed by the Nomination Committee. We thank the handful of owners who volunteered and also are proud to present the four candidates and related bios that were chosen to be placed on the annual meeting proxy. The Res Club also retains two Board Seats on the seven Member Master Chateaux HOA Board of Directors. Those seats are currently filled by Bruce Edenton, and myself Tom Cibotti. With Bruce Edenton stepping down, his position on the Chateaux Board will need to be filled by an incumbent Res Club Board Member, and we thank our current Board Vice President Kurt von Plonski for offering his time to serve double duty with me on the Master HOA Board as well. Regarding other matters, we are also happy to report that we are very close to inking a longer three to five year partnership with Park Meadows Country Club. Over the last two summers, owners were able to take advantage of our new partnership with Park Meadows Country Club that amounted to over 150 rounds of complimentary golf each season. This new golf partnership really showcases our Club as a year round destination, with skiing in winter and golf in summer, among the other great things the area has to offer. The PMCC has just recently completed a major renovation of their Club house and Facilities, including their Restaurant which is open year round, and available to us. As part of the SELMC family, Res Club owners also have access to the private ski-in / ski out 7880 Club Restaurant and Lounge located in the impressive new Stein Eriksen Residences. The 7880 Club will be open for breakfast daily and lunch, après ski and dinner Wednesday-Sunday during the ski season and would welcome you to take advantage of this extra dining benefit as well.

In more local news, The Goldener Hirsch Residences project across the street is moving ahead slowly with shoring, excavation and haul away near completion. Construction will continue through winter and all of 2018 with anticipated project completion date prior to winter of 2019 / 2020. The recent sale of Deer Valley Resort has not seen any noticeable impacts to date, and we will continue to monitor as the season progresses. In local politics, Park City voted in a new Mayor on Tuesday, November 7, who was a former Property Management Company owner, so we hope that bodes well for the lodging industry moving forward. Statewide, a potential 2026 or 2030 Winter Olympic Games bid is gaining momentum. The Governor has formed an official exploratory committee with the goal of a formal bid decision to be presented on February 1, 2018. This committee was formed on the heels of the U.S. Olympic Committee indicating its desire to seek a Winter Olympics in 2026 or 2030, even with the Summer Games slated for Los Angeles in 2028. In summary, the status of the Residence Club is very sound, and we appreciate your support of the necessary financial decisions that had to be made, and for your support of the resolution to help create another revenue source outside of owner dues for the long term success of the Club. Please consider me as a resource. I m happy to receive a phone call or an email with any questions or issues you might have. I can be reached on my mobile at 617-970-7172 or my email is tom@covllc.com On behalf of all the employees and the Board of Directors, I thank you for your continued support and wish you a great upcoming holiday and winter ski season. THINK SNOW!!! Tom Cibotti Board President

The Residences at The Chateaux Annual Meeting of The Members Thursday, November 30, 2017 at 3:00 PM MST Agenda 1. Establishment of Quorum 2. Financial Report YTD 2017 3. Budget Presentation 2018 4. Management Report 5. Election of Directors 6. New Business 7. Adjournment

10:35 AM The Residences at the Chateaux 11/03/17 Balance Sheet Accrual Basis As of September 30, 2017 Sep 30, 17 ASSETS Current Assets Checking/Savings 1000 Cash in Bank-Cash Drawer 1,000.00 1009 Cash in Bank-Zions #2521 746,080.40 Total Checking/Savings 747,080.40 Accounts Receivable 1200 Accounts Receivable-HOA Dues -13,376.04 Total Accounts Receivable -13,376.04 Other Current Assets 1295 Accounts Rec.-Accrued Misc. 7,623.50 1400 Prepaid Insurance 171.66 1450 Prepaid Expenses 1,418.51 Total Other Current Assets 9,213.67 Total Current Assets 742,918.03 Fixed Assets 1610 Trucks, Vans & Autos 240,037.02 1614 GMAC R1-2011 Cadillac Escalade -11,814.09 1617 Furniture, Fixtures & Equipment 13,766.59 1618 U.S. Bank Two Passanger Vans 84,736.78 1800 Allowance For Depreciation -45,919.23 Total Fixed Assets 280,807.07 TOTAL ASSETS 1,023,725.10 LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 2000 Accounts Payable 348,092.93 Total Accounts Payable 348,092.93 Other Current Liabilities 2150 Accounts Payable-Accrued Misc. -9,842.84 2180 Gratuities Payable 3,859.01 2300 Property Tax Liabiltiy 155,808.00 Total Other Current Liabilities 149,824.17 Total Current Liabilities 497,917.10 Long Term Liabilities 26 Long Term Note Payable 2607 Note Payable GM 7512 77,209.04 2608 Note Payable GM 7501 73,861.19 2609 Note payabel GM 8131 77,152.70 Total 26 Long Term Note Payable 228,222.93 Total Long Term Liabilities 228,222.93 Total Liabilities 726,140.03 Equity 2820 Owner Assessed Working Capital 404,251.32 2998 Retained Earnings -223,233.05 Net Income 116,566.80 Total Equity 297,585.07 TOTAL LIABILITIES & EQUITY 1,023,725.10 Page 1

The Residences at the Chateaux Profit & Loss Budget Performance September 2017 C U R R E N T M O N T H Y E A R T O D A T E Actual CPOR Budget Variance Last Year CPOR Variance Actual CPOR Budget Variance Last Year CPOR Variance Ordinary Income/Expense Income 30 Operating Revenue 167,764.57 167,765.42 (0.85) 162,972.80 4,791.77 3000 Membership Dues 1,509,881.07 1,509,888.75 (7.68) 1,466,755.20 43,125.87-41.67 (41.67) 64.46 (64.46) 3040 Interest Income 322.97 375.00 (52.03) 720.08 (397.11) 14,275.00 12,000.00 2,275.00 11,800.00 2,475.00 3045 Housekeeping Revenue 153,875.00 139,500.00 14,375.00 138,005.00 15,870.00 1,100.00 900.00 200.00 600.00 500.00 3046 Exchange Fees 15,000.00 16,900.00 (1,900.00) 16,616.87 (1,616.87) - - - - - 3070 Finance Charge Revenue 892.86-892.86 (1.00) 893.86 - - - - - 3170 PMCC-Lockers 16,500.00 15,000.00 1,500.00 14,700.00 1,800.00 - - - - - 30 Operating Revenue - Other - - - - - 183,139.57 180,707.09 2,432.48 175,437.26 7,702.31 Total 30 Operating Revenue 1,696,471.90 1,681,663.75 14,808.15 1,636,796.15 59,675.75 35 Guest Service Revenue - 1,000.00 (1,000.00) - - 3500 Guest Service Revenue - 17,000.00 (17,000.00) - - 195.15-195.15 323.86 (128.71) 3520 Grocery 7,553.84-7,553.84 8,821.42 (1,267.58) - - - - - 3530 Lift Tickets 2,119.80-2,119.80 2,989.40 (869.60) 135.82-135.82 (192.75) 328.57 3540 Misc. Services 5,259.89-5,259.89 5,965.09 (705.20) 131.28-131.28 65.55 65.73 3550 Shipping 56.68-56.68 1,080.14 (1,023.46) 100.00-100.00-100.00 3560 Transportation Revenue 2,367.00-2,367.00 6,250.00 (3,883.00) 562.25 1,000.00 (437.75) 196.66 365.59 Total 35 Guest Service Revenue 17,357.21 17,000.00 357.21 25,106.05 (7,748.84) 183,701.82 181,707.09 1,994.73 175,633.92 8,067.90 Total Income 1,713,829.11 1,698,663.75 15,165.36 1,661,902.20 51,926.91 183,701.82 181,707.09 1,994.73 175,633.92 8,067.90 Gross Profit 1,713,829.11 1,698,663.75 15,165.36 1,661,902.20 51,926.91 Expense 50 Labor Expense 22,982.29 19.05 21,020.08 1,962.21 17,274.68 18.51 5,707.61 5000 Manager/Administration 188,378.52 14.36 189,180.74 (802.22) 156,457.90 13.48 31,920.62 16,344.76 13.55 13,500.00 2,844.76 13,269.09 14.21 3,075.67 5105 Attendant 185,956.08 14.18 182,966.00 2,990.08 179,222.81 15.44 6,733.27 - - - - (1,000.00) (1.07) 1,000.00 5106 Attendant - SER - - - - (10,000.00) (0.86) 10,000.00 - - - - - - - 5112 Bonus 49,481.78 3.77 27,859.00 21,622.78 25,009.05 2.15 24,472.73 10,750.17 8.91 9,500.00 1,250.17 8,803.60 9.43 1,946.57 5117 Cleaner 149,719.97 11.41 144,500.00 5,219.97 175,149.45 15.09 (25,429.48) 555.57 0.46 416.66 138.91 1,604.27 1.72 (1,048.70) 5130 Executive Housekeeper 4,082.15 0.31 3,749.99 332.16 13,624.52 1.17 (9,542.37) 3,805.57 3.15 3,666.67 138.90 3,250.00 3.48 555.57 5135 Laborer 31,991.97 2.44 33,000.00 (1,008.03) 29,250.00 2.52 2,741.97 13,956.84 11.57 12,886.66 1,070.18 13,284.15 14.23 672.69 5250 Payroll Burden 132,391.66 10.09 155,509.07 (23,117.41) 143,008.56 12.32 (10,616.90) 68,395.20 56.70 60,990.07 7,405.13 56,485.79 60.51 11,909.41 Total 50 Labor Expense 742,002.13 56.57 736,764.80 5,237.33 711,722.29 61.31 30,279.84 60 Adminstrative Expenses - - 166.66 (166.66) - - - 6000 Accounting/Professional Fees 706.25 0.05 1,500.00 (793.75) 1,750.00 0.15 (1,043.75) 51.26 0.04-51.26 - - 51.26 6002 Bank Fees 406.56 0.03-406.56 - - 406.56 16,250.00 13.47 16,250.00-14,583.33 15.62 1,666.67 6007 Contribution to Reserves 146,250.00 11.15 146,250.00-131,250.00 11.31 15,000.00 2,392.96 1.98 1,200.00 1,192.96 445.83 0.48 1,947.13 6010 Credit Card Fees 15,687.19 1.20 15,750.00 (62.81) 15,168.16 1.31 519.03 4,747.70 3.94 5,833.33 (1,085.63) 4,000.00 4.28 747.70 6012 Vehicle Loan Payments 37,141.56 2.83 52,500.00 (15,358.44) 36,000.00 3.10 1,141.56 831.92 0.69 1,083.33 (251.41) 1,094.38 1.17 (262.46) 6020 Insurance 9,725.44 0.74 9,750.00 (24.56) 10,073.80 0.87 (348.36) 570.37 0.47-570.37 1,000.00 1.07 (429.63) 6026 Interest Expense 3,566.86 0.27-3,566.86 1,000.00 0.09 2,566.86 798.75 0.66 800.00 (1.25) 795.75 0.85 3.00 6027 Laundry 12,367.50 0.94 12,800.00 (432.50) 12,662.75 1.09 (295.25) - - - - - - - 6035 Linens/ Robe Replacement 100.00 0.01 5,000.00 (4,900.00) 3,665.00 0.32 (3,565.00) 9,308.41 7.72 9,308.42 (0.01) 9,234.50 9.89 73.91 6037 Management Fees 83,775.69 6.39 83,775.75 (0.06) 83,110.50 7.16 665.19 - - 833.34 (833.34) 187.50 0.20 (187.50) 6040 Marketing Expenses 7,226.82 0.55 7,500.00 (273.18) 5,309.98 0.46 1,916.84 48,083.57 39.86 48,227.58 (144.01) 46,678.00 50.00 1,405.57 6042 Master HOA Dues 432,710.20 32.99 434,048.25 (1,338.05) 420,805.77 36.25 11,904.43 35.99 0.03 208.34 (172.35) - - 35.99 6047 Meeting Expense 675.72 0.05 1,875.00 (1,199.28) 2,150.99 0.19 (1,475.27) 507.77 0.42 208.33 299.44 (41.38) (0.04) 549.15 6050 Miscellaneous 2,087.16 0.16 1,875.00 212.16 2,317.34 0.20 (230.18) 1,091.80 0.91 750.00 341.80 722.31 0.77 369.49 6055 Office Supplies 7,271.00 0.55 7,700.00 (429.00) 7,661.66 0.66 (390.66) - - - - - - - 6062 Property Taxes - - - - - - - 593.27 0.49 125.00 468.27 49.43 0.05 543.84 6075 Taxes and Licenses 3,868.03 0.29 1,125.00 2,743.03 544.02 0.05 3,324.01 113.12 0.09-113.12 121.88 0.13 (8.76) 6087 Uniforms 1,790.77 0.14 2,850.00 (1,059.23) 2,437.02 0.21 (646.25) 85,376.89 70.77 84,994.33 382.56 78,871.53 84.49 6,505.36 Total 60 Adminstrative Expenses 765,356.75 58.35 784,299.00 (18,942.25) 735,906.99 63.40 29,449.76 61 Building Maintenance Expense 905.39 0.75 700.00 205.39 666.58 0.71 238.81 6100 Building Maintenance 12,341.84 0.94 16,100.00 (3,758.16) 14,689.13 1.27 (2,347.29) 1,266.84 1.05 3,800.00 (2,533.16) 3,614.38 3.87 (2,347.54) 6140 Housekeeping 20,956.06 1.60 21,400.00 (443.94) 21,567.82 1.86 (611.76) - - 291.67 (291.67) - - - 6150 Lighting 807.18 0.06 2,625.00 (1,817.82) 1,754.37 0.15 (947.19) 2,172.23 1.80 4,791.67 (2,619.44) 4,280.96 4.59 (2,108.73) Total 61 Building Maintenance Expense 34,105.08 2.60 40,125.00 (6,019.92) 38,011.32 3.27 (3,906.24) Page 1 of 2 11/3/2017

C U R R E N T M O N T H Y E A R T O D A T E Actual CPOR Budget Variance Last Year CPOR Variance Actual CPOR Budget Variance Last Year CPOR Variance 65 Guest Services Expenses 4,456.94 3.69 4,500.00 (43.06) 4,615.26 4.94 (158.32) 6500 Guest Service Expenses 54,889.56 4.18 44,500.00 10,389.56 46,009.69 3.96 8,879.87 7,021.61 5.82 5,500.00 1,521.61 5,424.14 5.81 1,597.47 6520 Food and Beverage 93,155.59 7.10 87,500.00 5,655.59 83,859.46 7.22 9,296.13 3,880.54 3.22 3,100.00 780.54 3,144.58 3.37 735.96 6530 Fuel and Maintenance 41,501.42 3.16 33,800.00 7,701.42 33,305.84 2.87 8,195.58 - - - - - - - 6550 Kitchen/Housewares 1,015.56 0.08 2,000.00 (984.44) 1,000.22 0.09 15.34 15,359.09 12.73 13,100.00 2,259.09 13,183.98 14.12 2,175.11 Total 65 Guest Services Expenses 190,562.13 14.53 167,800.00 22,762.13 164,175.21 14.14 26,386.92 68 Utilities Expense 1,097.58 0.91 750.00 347.58 606.97 0.65 490.61 6840 Telephone 7,622.31 0.58 6,750.00 872.31 5,699.69 0.49 1,922.62 - - - - - - - 6870 Water Treatment - - - - - - - 1,097.58 91.0% 750.00 347.58 606.97 65.0% 490.61 Total 68 Utilities Expense 7,622.31 58.1% 6,750.00 872.31 5,699.69 49.1% 1,922.62 172,400.99 142.91 164,626.07 7,774.92 153,429.23 164.36 18,971.76 Total Expense 1,739,648.40 132.63 1,735,738.80 3,909.60 1,655,515.50 142.62 84,132.90 11,300.83 17,081.02 (5,780.19) 22,204.69 (10,903.86) Net Ordinary Income (25,819.29) (37,075.05) 11,255.76 6,386.70 (32,205.99) Other Income/Expense Other Income 70 Reserve Revenue 16,250.00 16,250.00-14,583.33 1,666.67 7000 Current Period 146,250.00 146,250.00-131,250.00 15,000.00 16,250.00 16,250.00-14,583.33 1,666.67 Total 70 Reserve Revenue 146,250.00 146,250.00-131,250.00 15,000.00 16,250.00 16,250.00-14,583.33 1,666.67 Total Other Income 146,250.00 146,250.00-131,250.00 15,000.00 Other Expense 76 Reserve Expenditures 3,526.37 3,526.37-75,815.07 (72,288.70) 7600 Reserve Expense 3,863.91 3,863.91-627,942.93 (624,079.02) 3,526.37 3,526.37-75,815.07 (72,288.70) Total 76 Reserve Expenditures 3,863.91 3,863.91-627,942.93 (624,079.02) 3,526.37 3,526.37-75,815.07 (72,288.70) Total Other Expense 3,863.91 3,863.91-627,942.93 (624,079.02) 12,723.63 12,723.63 - (61,231.74) 73,955.37 Net Other Income 142,386.09 142,386.09 - (496,692.93) 639,079.02 24,024.46 29,804.65 (5,780.19) (39,027.05) 63,051.51 Net Income 116,566.80 105,311.04 11,255.76 (490,306.23) 606,873.03 2,430 2,430 Available Rooms 22,113 22,194 1,206 934 Occupied Rooms 13,117 11,608 49.6% 38.4% Occupancy % 59.3% 52.3% Page 2 of 2 11/3/2017

The Residences at The Chateaux 2018 Board Approved Budget 2017 2018 Budget Budget Increase INCOME % 30 - Operating Revenue 3000 Membership Dues $ 2,013,185 $ 2,051,071 1.88% Dues Increase 3040 Interest Income $ 500 $ 500 3045 Housekeeping Revenue $ 158,000 $ 231,000 Weekly fee increase 3046 Exchange Fees $ 18,000 $ 16,500 3050 Rental Income $ 15,000 *add rental income 3070 Finance Charge Revenue $ - 3170 PMCC Lockers $ 15,000 $ 16,500 Total 30 - Operating Revenue $ 2,204,685 $ 2,330,571 35 - Guest Service Revenue 3500 Guest Service Revenue $ 21,000 $ 23,000 3520 Grocery 3530 Lift Tickets 3535 Massage 3540 Misc. Services 3550 Shipping 3560 Transportation Revenue Total 35 - Guest Service Revenue $ 21,000 $ 23,000 TOTAL INCOME $ 2,225,685 $ 2,353,571 GROSS PROFIT Expense 50 - Labor Expense 5000 Manager/Administration $ 252,241 $ 232,000 5105 Attendant $ 213,966 $ 255,000 5112 Bonus $ 27,859 $ 43,500 5117 Cleaner $ 173,504 $ 197,000 5130 Executive Housekeeper $ 5,000 $ 5,500 5135 Laborer $ 44,000 $ 44,000 5250 Payroll Burden $ 191,683 $ 208,905 Total 50 - Labor Expense $ 908,253 $ 985,905 60 - Administrative Expenses 6000 Accounting/Professional Fees $ 2,000 $ 2,000 6002 Bank Fees $ - 6007 Contribution to Reserves $ 195,000 $ 200,000 6010 Credit Card Fees $ 18,000 $ 18,000 6012 Vehicle Loan Payments $ 70,000 $ 70,000 6020 Insurance $ 13,000 $ 16,973 6026 Interest Expense $ 6,000 6027 Laundry $ 15,000 $ 15,000 6035 Linen/Robe Replacement $ 5,000 $ 5,000 6037 Management Fee $ 111,701 $ 113,600 6040 Marketing Expenses $ 10,000 $ 5,000 6042 Master HOA Dues $ 578,731 $ 596,093 6047 Meeting Expense $ 2,500 $ 2,500 6050 Miscellaneous $ 2,500 $ 2,500 6055 Office Supplies $ 10,500 $ 10,500 6062 Property Taxes $ 10,000 $ 12,000 6075 Taxes and Licenses $ 1,500 $ 4,000 6087 Uniforms $ 5,000 $ 5,000 Total 60 - Administrative Expense $ 1,050,432 $ 1,084,166 61 - Building Maintenance Expense 6100 Building Maintenance $ 24,000 $ 23,000 6140 Housekeeping $ 26,000 $ 27,000 6150 Lighting $ 3,500 $ 3,500 Total 61 - Building Mx Expense $ 53,500 $ 53,500 65 - Guest Service Expenses 6500 Guest Service Expenses $ 51,000 $ 60,000 6520 Food and Beverage $ 99,000 $ 106,000 6530 Fuel and Maintenance $ 50,000 $ 50,000 6550 Kitchen/Housewares $ 4,500 $ 4,500 Total 65 - Guest Service Expenses $ 204,500 $ 220,500 68 - Utilities Expenses 6840 Telephone $ 9,000 $ 9,500 Total 68 - Utilities Expense $ 9,000 $ 9,500 TOTAL EXPENSES $ 2,225,685 $ 2,353,571 Net Ordinary Income $ - $ - Total Operating Income $ 2,225,685 $ 2,353,571 Total Operating Expenses $ 2,225,685 $ 2,353,571 Net Income/Deficit Property Taxes $ 170,151