Loren F. Paullus and Donna Paullus - Page 7

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               11. 47.2 acres where the maintenance barn, the guest                   
          cottage site, and the old Paullus residence are                             
          located                                                                     
               12. 35.08-acre parcel                                                  
               13. 7-acre parcel                                                      
               On October 18, 1977, Ridgemark conveyed improved and                   
          unsubdivided land to Construction for $175,000.  The final                  
          subdivision public report was issued to Construction on                     
          February 1, 1979.                                                           
               During 1980, Ridgemark expanded the golf course because the            
          existing facilities were becoming overcrowded.  A $1 million                
          expansion increased the clubhouse facility from 6,600 to 22,600             
          square feet.  Ridgemark also promoted a joint venture with                  
          private investors to build 32 guest cottages for rental purposes            
          in order to increase its attraction and use as a destination golf           
          resort.  The expansion had a positive effect on Ridgemark’s golf            
          and recreation business.  Ultimately, Ridgemark acquired                    
          ownership of the guest cottages.                                            
          As of April 1987, Ridgemark owned the following assets:                     
               1.   Lot 82, Unit #2                                                   
               2.   Several lots in Unit 3                                            
               3.   Approximately 150 acres of golf course land                       
               4.   Approximately 5 acres of clubhouse land                           
               5.   Approximately 20 acres of land near a water tower                 
                    (Perry Hill)                                                      
               6.   27.9 acres at the end of George’s Drive                           
               7.   8 acres near Ray’s Circle                                         
               8.   5.95 acres below Ridgemark Village                                
               9.   7.3-acre parcel near entrance to Ridgemark Village                








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Last modified: May 25, 2011