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The projects described herein (the “Projects”) and the residential units located within those Projects (the “Residential Units”) are not owned, developed, or sold by Montage Hotels & Resorts, LLC or Pendry Intellectual Property Holding Company, LLC or its affiliates (collectively, “Montage and Pendry”) and Montage and Pendry does not make any representations, warranties or guaranties whatsoever with respect to the Residential Units, the Projects, or any part thereof. The owners and developers of the Projects use the MONTAGE and PENDRY brand name and certain other Montage and Pendry trademarks (collectively, the “Trademarks”) in connection with the sales and marketing of the Residential Units in the Projects under limited, non-exclusive, non-transferable and non-sublicensable licenses from Montage and Pendry. Each of those licenses may be terminated or may expire without renewal, in which case neither the applicable Residential Units nor any part of the corresponding Project(s) will be identified as a MONTAGE or PENDRY- branded project or have any rights to use the Trademarks. Obtain the Property Report required by Federal law and read it before signing anything. No Federal agency has judged the merits or value if any, of this property. This is not an advertisement or solicitation to purchase or sell property in states where prohibited by law. THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN AVAILABLE FROM SPONSOR. WARNING: THE CALIFORNIA BUREAU OF REAL ESTATE HAS NOT INSPECTED, EXAMINED OR QUALIFIED THIS OFFERING.