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EquiLease, LLC

No late rental payments… EVER!

Page 1 of 4

Effective Date: October 30, 2006 – Grand Reserve “ABC”

Approved: T. Stewart 11/2/06

EquiLease Program

Purchaser: ___________________________________________

Address: ___________________________________________

___________________________________________

Incentive Package A – 4 Year Agreement

Incentive Package B – 5 Year Agreement

Incentive Package C – 5 Year Agreement

This letter is to serve as an official acknowledgment and written confirmation of the following:

Assignment of Rents:

That certain Assignment of Rents Agreement to be executed by the

Purchaser, thus assigning the rental income, fees, etc. actually collected

from any and all tenants of the condominium Unit which shall be paid

directly to EquiLease, LLC.

Closing Date:

Within 30 days of contract signing.

Condominium Unit:

Unit # _____________

Floorplan _____________

Rent Rate _____________

(Pkg B & C - see attached schedule, page 4 of 4)

Mortgage Rate TBD

(Pkg A - varies based on sales price)

Purchaser(s):

1. __________________________________

2. __________________________________

3. __________________________________

Purchase Contract:

That certain Real Estate Sales Contract by and between the Purchaser

and the Seller for the purchase and sale of the Condominium Unit.

Rental Due Date:

That certain date of the month on which the tenant who is occupying a

condominium unit rent is due and payable.

Rental Income/Rate:

- Package A – calculated on 90% Loan to value at 7%, Interest only

- Packages B & C - See “Exhibit A”

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Page 2 of 4

Effective Date: October 30, 2006 – Grand Reserve “ABC”

Approved: T. Stewart 11/2/06

Seller:

Grand Reserve, LLC, a Florida limited liability company.

Setup Fee:

$200 to be deducted from first monthly payment (post closing).

Property Management Fee:

$100 to be deducted from each monthly payment for the term of the

agreement.

And

WHEREAS, the Seller and Purchaser desires to execute a Purchase Contract for the sale and purchase of the

Condominium Unit reference above;

And

WHEREAS, in the Purchaser's consideration for executing a Real Estate Purchase and Sale Agreement for the

Condominium Unit, EquiLease, LLC offered and pledged up to 5 year payment program; and for valuable

consideration, receipt of which is hereby acknowledged that EquiLease, LLC, does hereby assure to the Purchaser

the prompt payment of the rental income for the above referenced Condominium Unit for Package B or C in an

amount equal to the rental rate as defined in “Exhibit A” for a maximum period of either 4 or 5 years (based on

term selected above) from the time of closing; Package A rate will be determined based on unit sale price;

And

WHEREAS, EquiLease, LLC further acknowledges that the EquiLease assurance payment to the Purchaser IS

NOT contingent upon the tenant’s payment performance and or the Condominium Unit being vacant and or

occupied for up to and including a total of 9 months of any vacancy/delinquency at any time throughout the

program term;

And

WHEREAS, commencing on or about forty-five (45) calendar days after the Buyer closes on the purchase of the

subject condominium unit referenced above, EquiLease shall be responsible for monthly payments in the amount

defined in the attached "Exhibit A" for Package B & C and based on sale calculations for Package A. The Buyer

will receive the first payment at time of closing/purchase and all other scheduled leaseback payments will be paid

by or around the seventh (7th) of each month. For example, if the Buyer closed on the purchase of the

condominium home on the 15th day of March, then they would be paid April's payment at time of closing and

paid every month thereafter for the term of the Agreement. Thereafter, all rental payments physically collected

from the tenant of the Condominium Unit will be the property of EquiLease and made payable directly to

EquiLease for the entire term of the Agreement;

And

WHEREAS, all costs related to your unit must be reimbursed to EquiLease, LLC, these charges, as well as

monthly fees for property management services, will automatically be deducted from your monthly payments.

Should you include your email address below, you will receive an email detailing any expenses deducted. These

charges may include necessary repairs and upgrades (such as carpet and cleaning costs, usually due to changes in

tenancy), utilities and credit check fees during any rental process, etc. Specific vendors are chosen in order to

receive the best quality services with the highest discounts available. Any charges exceeding $500.00 will be split

into two equal deductions, to assist with any hardship the expense may cause. All effort is made to keep your

costs to a minimum.

And

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Page 3 of 4

Effective Date: October 30, 2006 – Grand Reserve “ABC”

Approved: T. Stewart 11/2/06

WHEREAS, both the Purchaser and EquiLease, LLC hereby acknowledge that this letter is to serve as a

recapitulation of the terms agreed upon by both parties in anticipation of the preparation of the final EquiLease

Assurance Agreement to be fully executed by both parties at time of closing. The terms of the EquiLease

Assurance Program shall be fully binding upon both parties and have the full effect of the law.

And

Purchaser hereby acknowledges and agrees that Seller is not a party to this agreement, and Seller shall have no

liability, responsibility or obligations whatsoever with regard to rental or any other payments under this

agreement or any other incentives, programs or offerings by EquiLease, LLC. Purchaser shall look solely to

EquiLease, LLC for payments, and Purchaser shall hold Seller and Seller’s members, managers, principals,

lenders and agents harmless from any expenses, claims, demands or liabilities with respect to the same

EquiLease, LLC

IN WITNESS WHEREOF, the parties hereto have executed this agreement.

Purchaser Name

Date

Signature

Please clearly enter the email address where you would like to receive statements and deduction information regarding your property.

Purchaser Name

Date

Signature

Please clearly enter the email address where you would like to receive statements and deduction information regarding your property.

Date:

__________________________________________

Equilease, LLC, a Delaware limited liability company

_______________________________________________________

As Authorized Signature

For EquiLease LLC, a Delaware limited liability company

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Exhibit “A”

Leaseback Assurance Program Rate Definition

Page 4 of 4

Effective Date: October 30, 2006 – Grand Reserve “ABC”

Approved: T. Stewart 11/2/06

The Grand Reserve at Kirkman Parke

RENT PAYMENT MATRIX

Model Floorplan Sq. Ft. Description Market Rent Tenant Concessions* Net Monthly Rent

Degas

A1A 777

1 / 1 $ 985.00

Minus

$ 83.73 $ 901.28

A1B 890 1 / 1 / Den $ 995.00

Minus

$ 84.58 $ 910.43

A2A 777

1 / 1 $ 985.00

Minus

$ 83.73 $ 901.28

A2B 890 1 / 1 / Den $ 995.00

Minus

$ 84.58 $ 910.43

Monet

B1A 1129 2 / 2 / Den $ 1,151.58

Minus

$ 97.88 $ 1,053.70

B1B 1037 2 / 2 $ 1,057.74

Minus

$ 89.91 $ 967.83

B1C 1141 2 / 2 / Den $ 1,163.82

Minus

$ 98.92 $ 1,064.90

Rembrandt

C1 1212 2 / 2 / Den $ 1,236.24

Minus

$ 105.08 $ 1,131.16

C2A 1105 2 / 2 $ 1,127.10

Minus

$ 95.80 $ 1,031.30

C2B 1212 2 / 2 / Den $ 1,236.24

Minus

$ 105.08 $ 1,131.16

Renoir

D1A 1431 3 / 2 / Den $ 1,459.62

Minus

$ 124.07 $ 1,335.55

D1B 1327 3 / 2 $ 1,353.54

Minus

$ 115.05 $ 1,238.49

D1C 1443 3 / 2 / Den $ 1,471.86

Minus

$ 125.11 $ 1,346.75

Matisse

E1A 1610 4 / 2 / Den $ 1,626.10

Minus

$ 138.22 $ 1,487.88

E1B 1620 4 / 2 / Den $ 1,636.20

Minus

$ 139.08 $ 1,497.12

Van Gogh

F1A 1678 3 / 2 $ 1,476.64

Minus

$ 125.51 $ 1,351.13

F1B 1811 3 / 2 / Den $ 1,593.68

Minus

$ 135.46 $ 1,458.22

F1C 1800 3 / 2 / Den $ 1,584.00

Minus

$ 134.64 $ 1,449.36

F1D 1667 3 / 2 $ 1,466.96

Minus

$ 124.69 $ 1,342.27

DaVinci

G1 1077 2 / 1 / Den $ 1,141.62

Minus

$ 97.04 $ 1,044.58

G2A 970

2 / 1 $ 1,028.20

Minus

$ 87.40 $ 940.80

G2B 1077 2 / 1 / Den $ 1,141.62

Minus

$ 97.04 $ 1,044.58

* Market Rents and Concessions are approximates and may vary from year to year.

Current Rent Schedules will be issued January 1st, 2008 and at the beginning of each calendar year thereafter for the term of the

EquiLease Agreement.