Hi everyone,

I just want to clarify two things adding to the discussion about the waiting list/incoming owners.

CHANGE OF OWNERSHIP Kiwibank said they are happy for the 2 units to be sold and are happy to deal with the change of ownership, guarantees, etc. As expected and discussed this will have cost implication for the incoming owner - mainly legal costs. This has bee informed to the new owners in the induction workshop. BUT Steven Edge was very clear to say that he DOES NOT expect and WILL NOT BE HAPPY if we change ownerships of more units over the build. The idea is to stick to the current owners list until the end… People will then be free to sell their units when we finish our build and pay back kiwibank loan in full. The case of these two units was different because we always knew they were helping the project move forward and Kiwibank was informed about this and is happy to see new owner stepping in.

iNTEREST TO BE PAID to the loans of people leaving HAS BEEN included in our budget: we are all paying this interest as part of the price of our units; therefore there is NO impact for the incoming owner as it has been included in their price. Interest for ALL LOANS are embedded int he budget (we all pay for it). This has to be clear to all of us… so there is no confusion.

Hope this clarifies.

Thanks, Maria

Kind Regards,

Maria Callau 0211847490

SUR Architecture Limited ASB House, Level 6, 248 Cumberland St. PO Box 5510, Dunedin 9058

www.sur-architecture.com