Lending criteria:

The Fund lends to Hawthorne Land at a maximum of 65% of the projected aggregate sales price of the ranchettes for a relevant property. Each loan is at 10%, interest only.


For each note loan Hawthorne Interests buys, the Fund lends to it at a maximum amount whereby the monthly payment to the Fund will be at least 10% less than the incoming monthly payment to Hawthorne Interests. Each loan is at 10%, amortized.

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