Arizona First Partners 1 LLC

PROJECT: Download all of the PDF documents relating to the Las Sendas Office Condominium project and/or review the progressive summaries on the What's New pages.

LEGAL: Arizona First Partners 1 LLC is an affiliated limited liability company of Arizona First Development LLC. The company filed its Articles of Organization on September 23, 2005. The Affidavit of Publication was filed on January 29, 2007. The Statutory Agent and Manager is David Haney, and the registered office (in Arizona) is 5041 E Pershing Ave, Scottsdale, AZ 85254. The company operates pursuant to its Operating Agreement and Subscription Agreement.

OWNERS: The current members holding interest in this limited liability company are set forth in Exhibit A of the Operating Agreement. There are two (2) classes of owners "managing" members and "investing" members. The managing member is David Haney. The investing members, evidenced by the executed and accepted Subscription Agreements, are Peter Michels, Denny Hayes, Noah Busch, The Neil Family Trust, and Bradley Chatlin.

PURPOSE: As set forth in the Disclosure document, the company was formed to acquire raw land, build and sell a 4 unit condominium office building on a one and one-half acre parcel of property located at 7565 E Eagle Crest Drive in the Las Sendas community in Mesa, Arizona. More detailed information about the land, the development, the estimated costs and potential profit, investment requirements, maps and photographs are provided in the Disclosure document, and on the related News and Properties pages of this web site.

DEVELOPMENT: The subject property is within the Las Sendas subdivision, a high-end residential community at the base of the Las Sendas mountain. It houses a well-known golf course and most properties possess fantastic city and valley views. The subject property is adjacent to the Las Sendas Golf Course and it is the only commerical parcel of land available for development within this high-end residential community. It is our feeling that the style and design of the planned commercial building should be copmplimentary with the style and design of the custom homes within this high-end residential community.

PROPERTY: An Easement for pedistrians, vehicle, and utility access via the private road adjacent to the property was recorded on 3/30/1998. A Trust Deed and Note with Sir Mortgage was recorded 2/27/2006. A Trust Deed Assignment from Sir Mortgage to investors funding the loan was recorded 2/27/2006. A Warranty Deed transferring title from Haney Benshabat LLC to David Haney was recorded 2/27/2006. A Special Warranty Deed transferring title from David Haney to Arizona First Partners 1 LLC was recorded 4/6/2006. The Settlement Statement summarizing the 2/27/2006 refinancing transaction is from Capital Title.