Preview
1
Collin J. Vierra (State Bar No. 322720)
2 EIMER STAHL LLP
99 S. Almaden Blvd., Ste. 600
3 San Jose, CA 95113-1605
Telephone: (408) 889-1668
4
Email: cvierra@eimerstahl.com
5
Attorney for Plaintiffs
6
7
SUPERIOR COURT OF THE STATE OF CALIFORNIA
8
COUNTY OF SAN MATEO
9
10 Robert Arntsen; Mary Lee; Arntsen Family Case No. 22-CIV-01148
Partnership, LP; and Brian Christopher Dunn
11 Custodianship; Dept. 21
12
Plaintiffs, Hon. Robert D. Foiles
13 v.
14 David M. Bragg; Silicon Valley Real Ventures EXHIBITS TO DECLARATION OF
LLC; SVRV 385 Moore, LLC; SVRV 387 ROBRT ARNTSEN
15 Moore, LLC; Gregory J. Davis; Kevin Wolfe;
Jason Justesen; Paramont Woodside, LLC;
16
and Paramont Capital, LLC;
17
Defendants.
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27
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EXHIBITS TO DECLARATION OF ROBERT ARNTSEN
Exhibit Page 1
1 INDEX
2
Exhibit A: January 23, 2015, Investment Agreement and Financial Transfer Authorization
3
between Robert “Bob” Arntsen and Silicon Valley Real Ventures, LLC………………..………. 4
4
5 Exhibit B: February 27, 2018, Email Correspondence from Kurtis Kludt to Robert “Bob” Arntsen
6 re: Effective Operating Agreements and Investment-Subscription Agreement…….……..……...12
7
Exhibit C: February 8, 2018, Effective Operating Agreement for Woodside Parcel B, LLC.……14
8
9 Exhibit D: February 8, 2018, Effective Operating Agreement for Woodside Parcel C, LLC……37
10
Exhibit E: 2018 Investment-Subscription Agreement between Martha Dunn and Robert “Bob”
11
12 Arntsen, and 389 Moore Road, Woodside………………………………………………..………60
13
Exhibit F: June 25, 2018, Check Issued by Robert “Bob” Arntsen, Amount: $30,000, Memo:
14
Moore Road Investment…………………………………………………………………….……64
15
16 Exhibit G: August 29, 2018, Email Correspondence between David Bragg, Robert “Bob” Arntsen,
17 Martha Dunn, and Mary Lee re: Investor Agreements…………………………………….……..66
18
Exhibit H: Cap Table and List of Investors for Moore Lots, as of November 19,
19
2018…………………………………………………………………...……………………….....69
20
21 Exhibit I: March 19, 2019, Check Issued by Robert “Bob” Arntsen, Amount: $100,000, Memo:
22
For SVRV Mo[o]re Road ……………………………………….……………………..………....71
23
24 Exhibit J: May 6, 2019, Email Correspondence between David Bragg, Martha Dunn and Robert
25 “Bob” Arntsen re: Return of Short-Term Loans…………………………………….....………....73
26
27
28
EXHIBITS TO DECLARATION OF ROBERT ARNTSEN
Exhibit Page 2
1 Exhibit K: August 9, 2019, Silicon Valley Real Ventures LLC Account QuickReport Spreadsheet
2 Titled ‘Money Raised for Moore’ ……...……………………………………………....………...76
3
Exhibit L: November 27, 2018, Unapproved Operating Agreement of SVRV 385 Moore,
4
LLC………………………………………………………...……………………..…..……….... 80
5
6 Exhibit M: November 27, 2018 Unapproved Operating Agreement of SVRV 387
7
Moore, LLC……………………..….……………………………………………..…..…….......117
8
9 Exhibit N: June 2019, Unapproved Investment-Subscription Agreement between Robert “Bob”
10 Arntsen and SVRV 385 Moore, LLC……………………………….…………….…..………...153
11
Exhibit O: June 2019, Unapproved Investment-Subscription Agreement between Robert “Bob”
12
Arntsen and SVRV 387 Moore, LLC……………………………………….…….…..………...176
13
14 Exhibit P: March 23, 2020, Email Correspondence from David Bragg to Kurtis Kludt re: Need
15 for Additional Funds…………………………………...………………………….…..………..199
16
Exhibit Q: April 1, 2020, Wire Transaction Summary from Robert “Bob” Arntsen to SVRV 385
17
18 Moore, LLC, Amount: $4,524…………………………….…………………………...………..202
19
Exhibit R: June 3, 2021, Email Correspondence between Robert “Bob” Arntsen, David Bragg,
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and Kurtis Kludt re: Moore Road Properties and Bob’s Short-Term Loan……………….……..204
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Dated: March 21, 2023 By: ______________________
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Collin J. Vierra
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EXHIBITS TO DECLARATION OF ROBERT ARNTSEN
Exhibit Page 3
Exhibit A
Exhibit Page 4
• -
SILICON VALLEY
Real Ventures
Investment Agreement
Bob Arntsen & Silicon Valley Real Ventures, LLC
Investment terms
Equity Trust Company Custodian FBO Bob Arntsen IRA agrees to invest $152,500 into Silicon Valley Real Ventures, LLC
(SVRV) on or before February 29, 2015 with the option to invest more in the period February 2015 till end of April 2015
or until fundraising closes, whatever comes first, on the same terms.
The investment will be spent on operational costs, especially related to fundraising for SVRV Real Estate Fund I, including
extensive internationaJ travel, tec;:im and professional service expenses, and legal formation related to establishment of
fund structure and tax expenses.
Ownership
We are currently offering 10% membership of SVRV for an investment of $1M. E.g., an investment of $100,000 buys you
1% of SVRV as a non-managing/non-voting member, until you are paid back 1.Sx, at which point the membership
automatically expires.
Pay back
You \~ill receive your investment back in the following way:
1. SVRV will pay back the original investment plus a preferred return - e.g., for $100,000, in total 1.5x = $150,000.
2. The payback will be made based on a 50/50 split of net-income between SVRV and the $1M raise, until original
investment of l.Sx has b~en fully paid. Payback is expected to start once positive net cash-flow from SVRV
operations reaches $1M.
Fund participation
Upon establishment of SVRV Real Estate Fund I, you will automatically become an LP in this fund and receive projected
returns on the same terms as any other LP based on your investment, minus what you have already have been paid back .
Information
You shall receive quarterly email updates on the progress of the SVRV until l.5x return of investment has been fully paid
to you .
Contact information
Your contact person in anything related to your investment with SVRV is Managing Director Dave Bragg. You can reach
him by email: d@svreventures.com or by cell phone: +1.650.867.9965.
Investment funded
Investment can be performed by check, wire or via Custodian IRA account. SVRV provides details. Date of investment will
be adjusted to the date investment is actually received, since investing via Custodian IRA account can delay the arrival.
. .
Exhibit Page 5
Confidentiality
This agreement is confidential. You may not disclose this agreement to any person other than your accountant, tax
advisor, lawyer, or other persons advising you on th is investment - and then only in confidentiality and in connection
with this agreement.
In the event of a dispute
This agreement is signed with Silicon Va lley Real Ventures, a Limited Liability Corporation of the State of Delaware. In the
event of disputes, the two parties will do their best to solve any issues in open conversation . If solution is not found, then
a professiona l California based mediator can be brought in. The agreement is government by the State of Del aware.
By signing this agreement, you acknowledge that any investment comes with variable risk and that you accept the terms
listed above. SVRV is excited to move forward with you on the team!
Menlo Park,
Date: January 23, 2015 Date: January 23, 2015
..,,-- ./ ---
Signature ( \ - - c..= -=7:~ --
Dave Bragg Bob Arntsen
Managing Director Accredited Investor
i;' Gvs:·r~· --,-~..)~ r c~;"l'}P,A;;!"&Ji tU$.'ivtcrAAJ FS.o Bis AR)v[>~'V·
:C~A
Exhibit Page 6
. .
...
EQ!JITY PRIVATE DEBT DOI
page l of5
I N)·r-r-1·1.r1It) f\J ;\1 . . '
ACCOUNT HOLDER NAME ACCOUNT NUMBER
/<. 0 13£12., AP-.NT5t5:JV
EMAIL ADDRESS
A J<.N T -5 E J°\,f 1:Z G."J fl OL , CO rn
0 EXPEDITED PROCESSING SERVICE* ($50.00) ~ NORMAL PROCESSING SERVIC~
If there is sufficient cash in your account to process tl1e transaction, expe- Normal jnvestment processing will be completed in approximately three
dited processing requests will generally be completed in ·-b-us1ness
. days un Iess correctrons
· · d · It
are require
approximately one business day unless corrections are required.
j
·»Although the feature does not guarantee same day service It does guarantee that your request will be processed before other non~expe~ited requests.
'
.
'. ' . . . . .
' ' ' - . ' - ' , -- ' ' . -
3 IN-V EST.M ENT INFORMATION .
. . - . . . .
.
~ New Purchase
□ Additional Purchase*
□ Exchange
*An additional purchase or add-on occurs when additional funds are sent out for·additional shares or percentage of ownership of an
;nvestmentthat was previously purchased by your account. i'
BORROWER'S NAME (lndlvlduol or Entity Name) AMOUNT
_j / i- i [' {:! ti/ - I .
l/ 1}£,.L.tr ti.. }: t>L V' cN· TlJf.J.. t:"..S l l. C. $ /S-2 s-ou _,/_
I
'I
ADDRESS CITY STATE i ZIP CODE
?,• (,
'1 I }3 c, )1. -::z. .z. ( 7 /VJ Er-/ l- c:7 l ;;JA f2- K L- "- j ·--.
} 'Jt/ C'J 6 2
FIie Number (Jf·Applicable)
'
NOTE TYPE:
□ New Note
□ Buying an Existing Note
□ Seller Carry Bacl< (Please co1nplete a Sale DOI along ~ itl1 this fon11 .)
.,
I
WHAT PERCENTAGE OF THE NOTE WILL BE OWNED BY TH IS IRA? FACE VALUE OF THE NOTE I
I
'
'
'
IS THIS NOTE DISCOUNTED? ,(Check one) I
·IC·tf the note is dis.counted and the Amount {above} is LESS than the Face Value ofthe Note {above}. please explain w.hy
□ No
□ Yes* below. I
'
PLEASE EXPLAIN I
'
~• ~ • • - ' -, • - • " " • • " ~ • , -.-• ' • 0 " , 0 O :: , ' ,. , 1 • • -,• ,,,,, • ' " • " • • I , • " • • ,,-
•4
'
REPAYMENT INF.O RMATI-ON
-- - - , •• ' ,·--•· ,' - ., - • - -- - 4 - • -- - • - - ,_ - __ - - ' - - -
FREQUENCY Of PAYMENTS? D Monthly D Quarterly O Annually D Otl1er:,__ _ _ _ _ _ _......,..._ _ _ _ _
'
TOTAL i.l OF PAYMENTS PERIODIC PAY-MENT AMOUNT I
'
'
$
DAlE OF FIRST PAYMENT DAlE OF LAST PAYMENT INTEREST RATE OF THE NOrE
%
DOES THIS NOTE HAVE A BALLOON PAYMENT? BAUOONPAYMENT lNFORMATJON OF APPLICABLE}
DNo Dves
. DATE OF BALLOON PAYME:t,,IT BALLOON PAYMENT AMOUNT
$
X
Account IJolder's Sigi1ature Date
•••• • n• • " " •• •, • • " I •n"• • " " • • n~ • " • • • ' ' " " , , . , ' "• • ••" " • t•• •• • " ••• •, ,.., ' •~ • .. u. • ._.., •"' ■ ■ • • • ~ • • • ., , ■ , , O< . . . • • ••On.,," • ., • •. , • • • ., , .,••, ,11 •n " • ••• "ha.,,"+ • ••.,., ,.,••• • • ~• u • •u•• ,•u• • • o.-u-, .,-• ., _..,. 1u --~.-"~"~" ,~.,. ... , •u• U -h- ■ •, .. ~■ -•· ••h•• • h• •~•~"• " "• •·u • • ••• ,~ 'r " • , , u• . ., , ••••• •~ P• •·•• • "" • "• .,. • • •~" • · 1, • , " • , ■ .,,.• ,.
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EQUITY lNS'flTUTIONAL, Efl 13, REV. 12/20113
I
I
Exhibit Page 7
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•
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•
•
- PRIVAT DEBT DOI
EQ!JITY page 2 o/5
101,, r1~1~L1'1·1tlN T.
Account Number_
D Unsecured Note D Note Secured by a Deed of Trust/Mortgage D Contract for Deed D Corporate-Debu
I
D Other- - -- -- - -- -- -- - - - -- - - - - - - -·- - -- -- -- - - !
ADDRESS
D Real Property CITY STATE ZIPC(:>DE
I
'
IDENTIFICATION NUMBER (e.g. VIN#)
D Vehicle/Mobile Home
NAME
D Company CITY STATE ZIP CODE
DESCRIBE
D Other
POSITION OF NOTE? □ First Position □ Second Position □ Other: ·--------- 0 Not Appl cable
'
LETTER OF UNDERSTANDING (BETWEEN ACCOUNT HOLDER & BORROWER)
TO: EQUITY INSTITUTIONAL,
This letter constitutes an understanding and acknowledgement by _ _ __ _ _ _ _ _ _ _ _ _ _ _ _......,.1 ("Borrower") and
____________-_ ___________ ("Account Holder Name1') with regard to the role of Equity lnstitutio al as passive Retire-
ment Account Custodian for the Retirement Account Holder, in connectron with his/her investment in an UNSECURED INVEST~ENT in the amount
of$ __________ (" Amount of the Loan"):
• Equity Institutional has not solicited, recommended or sold this investment to the Retirement Account Holder.
• Equity Institutional does not endorse this investment.
• Neither Equity Institutional nor any private or government agency guarant
Preview
1 Collin J. Vierra (State Bar No. 322720) 2 EIMER STAHL LLP 99 S. Almaden Blvd., Ste. 600 3 San Jose, CA 95113-1605 Telephone: (408) 889-1668 4 Email: cvierra@eimerstahl.com 5 Attorney for Plaintiffs 6 7 SUPERIOR COURT OF THE STATE OF CALIFORNIA 8 COUNTY OF SAN MATEO 9 10 Robert Arntsen; Mary Lee; Arntsen Family Case No. 22-CIV-01148 Partnership, LP; and Brian Christopher Dunn 11 Custodianship; Dept. 21 12 Plaintiffs, Hon. Robert D. Foiles 13 v. 14 David M. Bragg; Silicon Valley Real Ventures EXHIBITS TO DECLARATION OF LLC; SVRV 385 Moore, LLC; SVRV 387 ROBRT ARNTSEN 15 Moore, LLC; Gregory J. Davis; Kevin Wolfe; Jason Justesen; Paramont Woodside, LLC; 16 and Paramont Capital, LLC; 17 Defendants. 18 19 20 21 22 23 24 25 26 27 28 EXHIBITS TO DECLARATION OF ROBERT ARNTSEN Exhibit Page 1 1 INDEX 2 Exhibit A: January 23, 2015, Investment Agreement and Financial Transfer Authorization 3 between Robert “Bob” Arntsen and Silicon Valley Real Ventures, LLC………………..………. 4 4 5 Exhibit B: February 27, 2018, Email Correspondence from Kurtis Kludt to Robert “Bob” Arntsen 6 re: Effective Operating Agreements and Investment-Subscription Agreement…….……..……...12 7 Exhibit C: February 8, 2018, Effective Operating Agreement for Woodside Parcel B, LLC.……14 8 9 Exhibit D: February 8, 2018, Effective Operating Agreement for Woodside Parcel C, LLC……37 10 Exhibit E: 2018 Investment-Subscription Agreement between Martha Dunn and Robert “Bob” 11 12 Arntsen, and 389 Moore Road, Woodside………………………………………………..………60 13 Exhibit F: June 25, 2018, Check Issued by Robert “Bob” Arntsen, Amount: $30,000, Memo: 14 Moore Road Investment…………………………………………………………………….……64 15 16 Exhibit G: August 29, 2018, Email Correspondence between David Bragg, Robert “Bob” Arntsen, 17 Martha Dunn, and Mary Lee re: Investor Agreements…………………………………….……..66 18 Exhibit H: Cap Table and List of Investors for Moore Lots, as of November 19, 19 2018…………………………………………………………………...……………………….....69 20 21 Exhibit I: March 19, 2019, Check Issued by Robert “Bob” Arntsen, Amount: $100,000, Memo: 22 For SVRV Mo[o]re Road ……………………………………….……………………..………....71 23 24 Exhibit J: May 6, 2019, Email Correspondence between David Bragg, Martha Dunn and Robert 25 “Bob” Arntsen re: Return of Short-Term Loans…………………………………….....………....73 26 27 28 EXHIBITS TO DECLARATION OF ROBERT ARNTSEN Exhibit Page 2 1 Exhibit K: August 9, 2019, Silicon Valley Real Ventures LLC Account QuickReport Spreadsheet 2 Titled ‘Money Raised for Moore’ ……...……………………………………………....………...76 3 Exhibit L: November 27, 2018, Unapproved Operating Agreement of SVRV 385 Moore, 4 LLC………………………………………………………...……………………..…..……….... 80 5 6 Exhibit M: November 27, 2018 Unapproved Operating Agreement of SVRV 387 7 Moore, LLC……………………..….……………………………………………..…..…….......117 8 9 Exhibit N: June 2019, Unapproved Investment-Subscription Agreement between Robert “Bob” 10 Arntsen and SVRV 385 Moore, LLC……………………………….…………….…..………...153 11 Exhibit O: June 2019, Unapproved Investment-Subscription Agreement between Robert “Bob” 12 Arntsen and SVRV 387 Moore, LLC……………………………………….…….…..………...176 13 14 Exhibit P: March 23, 2020, Email Correspondence from David Bragg to Kurtis Kludt re: Need 15 for Additional Funds…………………………………...………………………….…..………..199 16 Exhibit Q: April 1, 2020, Wire Transaction Summary from Robert “Bob” Arntsen to SVRV 385 17 18 Moore, LLC, Amount: $4,524…………………………….…………………………...………..202 19 Exhibit R: June 3, 2021, Email Correspondence between Robert “Bob” Arntsen, David Bragg, 20 and Kurtis Kludt re: Moore Road Properties and Bob’s Short-Term Loan……………….……..204 21 22 23 Dated: March 21, 2023 By: ______________________ 24 Collin J. Vierra 25 26 27 28 EXHIBITS TO DECLARATION OF ROBERT ARNTSEN Exhibit Page 3 Exhibit A Exhibit Page 4 • - SILICON VALLEY Real Ventures Investment Agreement Bob Arntsen & Silicon Valley Real Ventures, LLC Investment terms Equity Trust Company Custodian FBO Bob Arntsen IRA agrees to invest $152,500 into Silicon Valley Real Ventures, LLC (SVRV) on or before February 29, 2015 with the option to invest more in the period February 2015 till end of April 2015 or until fundraising closes, whatever comes first, on the same terms. The investment will be spent on operational costs, especially related to fundraising for SVRV Real Estate Fund I, including extensive internationaJ travel, tec;:im and professional service expenses, and legal formation related to establishment of fund structure and tax expenses. Ownership We are currently offering 10% membership of SVRV for an investment of $1M. E.g., an investment of $100,000 buys you 1% of SVRV as a non-managing/non-voting member, until you are paid back 1.Sx, at which point the membership automatically expires. Pay back You \~ill receive your investment back in the following way: 1. SVRV will pay back the original investment plus a preferred return - e.g., for $100,000, in total 1.5x = $150,000. 2. The payback will be made based on a 50/50 split of net-income between SVRV and the $1M raise, until original investment of l.Sx has b~en fully paid. Payback is expected to start once positive net cash-flow from SVRV operations reaches $1M. Fund participation Upon establishment of SVRV Real Estate Fund I, you will automatically become an LP in this fund and receive projected returns on the same terms as any other LP based on your investment, minus what you have already have been paid back . Information You shall receive quarterly email updates on the progress of the SVRV until l.5x return of investment has been fully paid to you . Contact information Your contact person in anything related to your investment with SVRV is Managing Director Dave Bragg. You can reach him by email: d@svreventures.com or by cell phone: +1.650.867.9965. Investment funded Investment can be performed by check, wire or via Custodian IRA account. SVRV provides details. Date of investment will be adjusted to the date investment is actually received, since investing via Custodian IRA account can delay the arrival. . . Exhibit Page 5 Confidentiality This agreement is confidential. You may not disclose this agreement to any person other than your accountant, tax advisor, lawyer, or other persons advising you on th is investment - and then only in confidentiality and in connection with this agreement. In the event of a dispute This agreement is signed with Silicon Va lley Real Ventures, a Limited Liability Corporation of the State of Delaware. In the event of disputes, the two parties will do their best to solve any issues in open conversation . If solution is not found, then a professiona l California based mediator can be brought in. The agreement is government by the State of Del aware. By signing this agreement, you acknowledge that any investment comes with variable risk and that you accept the terms listed above. SVRV is excited to move forward with you on the team! Menlo Park, Date: January 23, 2015 Date: January 23, 2015 ..,,-- ./ --- Signature ( \ - - c..= -=7:~ -- Dave Bragg Bob Arntsen Managing Director Accredited Investor i;' Gvs:·r~· --,-~..)~ r c~;"l'}P,A;;!"&Ji tU$.'ivtcrAAJ FS.o Bis AR)v[>~'V· :C~A Exhibit Page 6 . . ... EQ!JITY PRIVATE DEBT DOI page l of5 I N)·r-r-1·1.r1It) f\J ;\1 . . ' ACCOUNT HOLDER NAME ACCOUNT NUMBER /<. 0 13£12., AP-.NT5t5:JV EMAIL ADDRESS A J<.N T -5 E J°\,f 1:Z G."J fl OL , CO rn 0 EXPEDITED PROCESSING SERVICE* ($50.00) ~ NORMAL PROCESSING SERVIC~ If there is sufficient cash in your account to process tl1e transaction, expe- Normal jnvestment processing will be completed in approximately three dited processing requests will generally be completed in ·-b-us1ness . days un Iess correctrons · · d · It are require approximately one business day unless corrections are required. j ·»Although the feature does not guarantee same day service It does guarantee that your request will be processed before other non~expe~ited requests. ' . '. ' . . . . . ' ' ' - . ' - ' , -- ' ' . - 3 IN-V EST.M ENT INFORMATION . . . - . . . . . ~ New Purchase □ Additional Purchase* □ Exchange *An additional purchase or add-on occurs when additional funds are sent out for·additional shares or percentage of ownership of an ;nvestmentthat was previously purchased by your account. i' BORROWER'S NAME (lndlvlduol or Entity Name) AMOUNT _j / i- i [' {:! ti/ - I . l/ 1}£,.L.tr ti.. }: t>L V' cN· TlJf.J.. t:"..S l l. C. $ /S-2 s-ou _,/_ I 'I ADDRESS CITY STATE i ZIP CODE ?,• (, '1 I }3 c, )1. -::z. .z. ( 7 /VJ Er-/ l- c:7 l ;;JA f2- K L- "- j ·--. } 'Jt/ C'J 6 2 FIie Number (Jf·Applicable) ' NOTE TYPE: □ New Note □ Buying an Existing Note □ Seller Carry Bacl< (Please co1nplete a Sale DOI along ~ itl1 this fon11 .) ., I WHAT PERCENTAGE OF THE NOTE WILL BE OWNED BY TH IS IRA? FACE VALUE OF THE NOTE I I ' ' ' IS THIS NOTE DISCOUNTED? ,(Check one) I ·IC·tf the note is dis.counted and the Amount {above} is LESS than the Face Value ofthe Note {above}. please explain w.hy □ No □ Yes* below. I ' PLEASE EXPLAIN I ' ~• ~ • • - ' -, • - • " " • • " ~ • , -.-• ' • 0 " , 0 O :: , ' ,. , 1 • • -,• ,,,,, • ' " • " • • I , • " • • ,,- •4 ' REPAYMENT INF.O RMATI-ON -- - - , •• ' ,·--•· ,' - ., - • - -- - 4 - • -- - • - - ,_ - __ - - ' - - - FREQUENCY Of PAYMENTS? D Monthly D Quarterly O Annually D Otl1er:,__ _ _ _ _ _ _......,..._ _ _ _ _ ' TOTAL i.l OF PAYMENTS PERIODIC PAY-MENT AMOUNT I ' ' $ DAlE OF FIRST PAYMENT DAlE OF LAST PAYMENT INTEREST RATE OF THE NOrE % DOES THIS NOTE HAVE A BALLOON PAYMENT? BAUOONPAYMENT lNFORMATJON OF APPLICABLE} DNo Dves . DATE OF BALLOON PAYME:t,,IT BALLOON PAYMENT AMOUNT $ X Account IJolder's Sigi1ature Date •••• • n• • " " •• •, • • " I •n"• • " " • • n~ • " • • • ' ' " " , , . , ' "• • ••" " • t•• •• • " ••• •, ,.., ' •~ • .. u. • ._.., •"' ■ ■ • • • ~ • • • ., , ■ , , O< . . . • • ••On.,," • ., • •. , • • • ., , .,••, ,11 •n " • ••• "ha.,,"+ • ••.,., ,.,••• • • ~• u • •u•• ,•u• • • o.-u-, .,-• ., _..,. 1u --~.-"~"~" ,~.,. ... , •u• U -h- ■ •, .. ~■ -•· ••h•• • h• •~•~"• " "• •·u • • ••• ,~ 'r " • , , u• . ., , ••••• •~ P• •·•• • "" • "• .,. • • •~" • · 1, • , " • , ■ .,,.• ,. ). o. 01. X 4 r~ 'l 1 , 1 Y.I l::S TI "!-' T (.1 •l ·1 )C,: ~ f.l i 1r,F · .no-c, ;;5. : 1, ... 11 , .)( ~.t,n I • :-.4)1': ti I). J ~s-, ~ '- I ~, lUL . it? f.tSEl ' 111 E• -Ql,11 'IN~ ' l'J UTi(1!'J/lt.l.OM • • ~ • -• H ~ • U.-U~ . ..... , - ~ ~ ~, ..... •~ .., ~ ~ - • - • . • • ~ • . . _ .. .. ... .. ...-.. - - - -- ~ ~ - -• • ~- ~ ............... h~ - 0 •• ~ - ~~ ... ~ • - ..... , ~ .. - • • . . ......... - ~ ~ •-L,,,.•-~• ~• •~- ¥•• ·I a•• • h ....• • - u -• • • • •. • U . • ~ o • " < •• O <, • • • ., • • • • • • ~ • • •~• • • • • • •. , • • , , T o • • • n • u - •• , • a •• , • . > • • • . . . + u ~~ . o •. t • • 0 o• ••OT o • • ~• ~• • , • • • • • • • L• ~•" • • . • " • • • p • 9 n • • • • . ... . • •.&••• ~ -.,- ,.. • ......,. ·• ••-•TOO• .. ... . • • • • n I H • """0 a • • ~ • ; • o • . • • ;_ • • , , • 1• EQUITY lNS'flTUTIONAL, Efl 13, REV. 12/20113 I I Exhibit Page 7 ., • I • • - PRIVAT DEBT DOI EQ!JITY page 2 o/5 101,, r1~1~L1'1·1tlN T. Account Number_ D Unsecured Note D Note Secured by a Deed of Trust/Mortgage D Contract for Deed D Corporate-Debu I D Other- - -- -- - -- -- -- - - - -- - - - - - - -·- - -- -- -- - - ! ADDRESS D Real Property CITY STATE ZIPC(:>DE I ' IDENTIFICATION NUMBER (e.g. VIN#) D Vehicle/Mobile Home NAME D Company CITY STATE ZIP CODE DESCRIBE D Other POSITION OF NOTE? □ First Position □ Second Position □ Other: ·--------- 0 Not Appl cable ' LETTER OF UNDERSTANDING (BETWEEN ACCOUNT HOLDER & BORROWER) TO: EQUITY INSTITUTIONAL, This letter constitutes an understanding and acknowledgement by _ _ __ _ _ _ _ _ _ _ _ _ _ _ _......,.1 ("Borrower") and ____________-_ ___________ ("Account Holder Name1') with regard to the role of Equity lnstitutio al as passive Retire- ment Account Custodian for the Retirement Account Holder, in connectron with his/her investment in an UNSECURED INVEST~ENT in the amount of$ __________ (" Amount of the Loan"): • Equity Institutional has not solicited, recommended or sold this investment to the Retirement Account Holder. • Equity Institutional does not endorse this investment. • Neither Equity Institutional nor any private or government agency guarant