DEPOSITORYNAME OF DEPOSITORYDepartment of Real Estate þAddADD RESS, CITY, þSS TATE, ZIP CO þdD E320 W. 4th Street, Suite 350, Los Angeles, CA 90013-1105DEVELOPERNAME OF DEVELOPER þAddADD RESS, CITY, þSS TATE, ZIP CO þdD E SUBDIVIþsSIONþsS þPP ART þOO NE 227 þPP URCHASE MONEY þSS ECURITY DECLARATION1. þ This Purchase Money Security Declaration (223Declaration224) is made this day of , 2. þ Recitals.A. þ Developer is engaged in the sale or lease or offering for sale or lease of lots, units or parcels in the time-share plan described in Exhibit 223A224 attached hereto and made a part hereof, and such additional time-share plan as the Developer may hereafter designate in amendments to Exhibit 223A224 (223time-share plan224). In the course of the sale or lease of the time-share plan, Developer must comply with the provisions of Section 11243 or 11244 of the California Business and Professions Code (223the Code224); andB. þ Developer has elected to comply with the provisions of Sections 11243 and 11244 of the Code by establishing the interests within the time-share plan (223the purchaser224).3. þ Secured Obligation. In the course of every purchase or lease, which is subject to the provisions of Sections 11243 or 11244 of the Code, of a time-share interest, Developer shall take one of the following actions:A. þ Developer shall forthwith deposit the entire sum of money paid or advanced by the purchaser into an escrow de-pository theretofore accepted by the Commissioner, which escrow has agreed to hold and disburse said monies in compliance with Section 11243 or Section 11244 of the Code, as applicable; orB. þ Developer shall complete all property improvements in compliance with Section 11243(b) of the Code or provide acceptable property completion security in compliance with Section 11230(a) of the Code, and deliver the legal title in the contract to sell or lease or any extension thereof and obtain a proper release from any blanket encumbrance affecting said purchaser222s time-share interests; orC. þ If said monies have not been deposited in escrow as provided in (A) above or said legal title or other interest con-tracted for has not been delivered as provided in (B) above, Developer shall forthwith return the monies so paid or advanced.4. þ Security. To secure the performance of the obligation described in Part One, Paragraph 3, above, the Developer has procured the issuance of the:A. þ Surety bond in the sum of Dollars ($), to the State of California, as obligee, þ thereunder held by the Depository.5. þ Enforcement and Release of the Security. If the Developer fails to perform the Developer222s obligation under Part One, Paragraph 3 of this Declaration, each and every purchaser damaged by such failure shall have the right, whether through enforcement of the Security, demand upon funds drawn thereunder held by the Depository, or otherwise, to receive such sums as may be required to satisfy the obligation of the Developer to such purchaser under Part One, Paragraph 3 of this Declaration, and the Developer shall, without regard to any other disputes or negotiations then existing, immediately STATE OF CALIFORNIAþDDEPARTMENT OF þRREAL þEEþsSTATETIME-SHARE PURCHAþsSE þMMONEY SECURIþtTY/þIINþstSTRUCþtTIONþsS [24711243/11244]RE 600F (Rev. 7/15) American LegalNet, Inc. www.FormsWorkFlow.com RE 600F þ Page 2 of 3take any and all actions and execute any and all documents as may be required to cause such sums to be paid to such purchaser. Any amount received by such purchaser directly from the Developer or from proceeds of the Security shall be credited against any claim by such purchaser arising out of the Developer222s failure to perform the Developer222s obliga-tions under this Declaration.6. þ In the event there is a dispute between the Developer and any purchaser with respect to this Declaration or the enforcement, exoneration, or release of the Security, the issue or issues shall, at the request of either Developer or the purchaser, be submitted to arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association (223AAA224) before an arbitrator selected from the panels of the arbitrators of said AAA. In the event of referral to arbitration, Developer will remit the fee to initiate the arbitration, however the costs of arbitration shall ultimately be borne as determined by the arbitrator. The Developer and the purchaser shall abide by the determination of the arbitrator with respect to the enforcement, exoneration or release of the Security and with respect to payment of the costs of arbitration. 7. þ Attorney222s Fees. In any action or proceeding arising out of this Declaration, the prevailing party or parties shall be entitled to reasonable attorney222s fees.8. þ Assignment. Developer may assign its rights under this Declaration to the Issuer of the Security. Such assignment does not make the assignee liable for any of Developer222s obligations pursuant to this Declaration, unless such obligations 9. þ Binding Upon Successors. This Declaration and the rights and duties of parties in interest thereof shall be binding upon 10. þ Laws of California. This Declaration shall be construed and governed by the laws of the State of California. þPP ART þTT WO 227 þII NSTRUCTIONS TO DEPOSITORYthe addition of time-share plan by amendments to Exhibit 223A.224Depository hereby acknowledges receipt of the surety bond described in Part One, Paragraph 4 of the foregoing Declaration. The term 223Security224 as used in these instructions refers to the cash deposit, surety bond, letter of credit, or set-aside letter, together with any funds drawn thereunder held by the Depository pursuant to these instructions. The term 223Claimant224 as that the Developer has failed to perform the Developer222s obligations under Part One, Paragraph 3, above.Nothing contained in these instructions imposes any duty on the Depository to audit in any way the Developer222s discharge of its duties or obligations thereunder, or to verify the truth of the statements made in any notices given to the Depository by the Developer. Except as otherwise provided by law, the duties of the Depository are to receive, hold, release, or draw upon the Security in accordance with the following instructions.1. þ Return Of The Security To The Developer.A. þ If the Depository receives a written demand from the Developer for the return of the Security, which demand is ac-the Depository shall deliver a copy of the demand and statement to each and every Claimant together with a state-ment notifying the Claimant that the Claimant222s written objection to return of the Security to the Developer must be received by the Depository within forty (40) days after delivery of the demand and statement to the Claimant.B. þ If within forty (40) calendar days after such delivery, any Claimant delivers to the Depository the Claimant222s writ-ten objection to the return of the Security to the Developer, then the Depository shall continue to hold, release, or draw upon the Security in accordance with these instructions. If within forty (40) calendar days after the Depository delivers the demand and statement to the Claimant, no Claimant delivers to the Depository a written objection to the return of the Security to the Developer, then the Depository shall promptly deliver the Security to the Developer.2. þ Remittance Of The Security To The Claimants.A. þ If the Depository receives a demand from one or more Claimants for the remittance of the Security, or some speci-of receipt of the demand and statement, the Depository shall deliver a copy of the demand and the statement to the American LegalNet, Inc. www.FormsWorkFlow.com RE 600F þ Page 3 of 3Developer, together with a statement notifying the Developer that the Developer222s written objection to remittance of the Security to the Claimant or Claimants must be received by the Depository within forty (40) days after delivery of the demand and statement to the Developer.B. þ If within forty (40) calendar days after such delivery, the Developer delivers to the Depository the Developer222s writ-ten objection to the remittance of the Security