September 15, 2006

Dear Marsh Harbour Owners:

This is a follow-up to my last letter to you on July 12^th of this year letting you know about the special promotion authorized by our Board of Directors. Our response to this promotion was well received by many of our homeowners causing a time backlog of people who were interested, some of whom may still wish to speak with me about obtaining another week here at Marsh Harbour at no charge.

Our Board, with several new members onboard, recently met to discuss the direction of our association now that the Clubhouse has been bought and how to address funding for several special projects such as resurfacing the pool and refurbishing the condo interiors. After much discussion about the perhaps inevitability of a special assessment or major increase in maintenance fees the Board turned to the most under-utilized asset we have...the unsold weeks we currently try to rent. The Board concluded that if we could replace the uncertainty of trying to rent these weeks with stable and predictable maintenance fees that these weeks represent, we would be able to fund the needed renovations and upgrades without any special assessments or large maintenance fee increases. Although we have tried in the past to sell these weeks, we have been only marginally successful due to lack of a major and expensive marketing program and the concern over the status of the Clubhouse and stucco repairs, both of which have now been successfully resolved.

Therefore, we are extending this special program until November 1, 2006 so, on a FIRST COME FIRST SERVE basis, any owner in good standing can gain one or more additional timeshare weeks here at Marsh Harbour at no cost except for a $50 closing fee to prepare and record the new deed.

Free Timeshare Weeks Available

If you or anyone in your family would like a no cost timeshare, we will deed a week to you and you may begin using (and exchanging) this new week immediately. The deed will be held in escrow for up to five years to assure that the maintenance fees are paid during this time. Thereafter, the deed will be recorded and sent to you to add to your portfolio of real estate holdings. The reason for the escrow period is for the protection of our association from someone using the week once or twice and then defaulting and forcing the homeowners to go through the costly and time consuming foreclosure process.

Now you can vacation more often in a Marsh Harbour villa at no additional purchase cost to you. Or use your new week to exchange to more than 4,000 resorts now in the RCI network. All week types are available Fixed Red, Float Red, White and Blue weeks.

Call now to reserve your desired week while the selection is good. You will be sent a standard contract to purchase as well as the attached Addendum which details the entire procedure.

Contact me directly here at Marsh Harbour at (910) 579-3700 to reserve a timeshare week of your choice from our available inventory.

Sincerely,

Paul Walker

V/P

Marsh Harbour HOA