November, 1991 Dear Property Owner: C.B.G. Limited has been in the process of restructuring the financing for Valley of Lakes/Eagle Rock Resort for the past 18 months. We have just accepted a commitment which will allow us to resume our original schedules and complete Pennsylvania's premiere residential resort community in grand style. Simultaneously, we have arranged additional bridge financing which allows us to continue our work on the golf course. Construction crews have been contracted and are currently installing underground utility lines. These include water, sewer, electric, cable and telephone lines. On the Valley floor, the underground utilities for the "E" Section have been completed and the "EA" Section is now underway. We will be working through the winter months to complete this section by spring. The roads in the "E" and "EA" Sections will be shale paved with final paving being completed in the spring. The ski season will bring with it the additional snowmaking capacity and, most important, Ken Knize as General Manager. Ken has been the President and General Manager of Big Boulder Ski Area for the past 11 years. Please help us welcome him. We apologize for the infrequency of our updates, but the financing process has been tedious, frustrating and very unpredictable. Your ongoing support and understanding during these critical times has been important to our success. Hundreds of developers have gone out of business during this financial crisis facing our country. We ask you for your continuous support and thank you for your patience. We hope many of you were among the 4,000 people who enjoyed our First Annual Oktoberfest. Please come and join us for our next event and take advantage of our Christmas Gift Gallery for the holiday season. NOVEMBER 16 SECOND ANNUAL FINE ARTS SHOW Located at the Fireside Base L:odge The art is acquired from the Heisman's Fine Arts Gallery in Ardmore, Pennsylvania. You will see a variety of fine art including original oils, lithographs, serigraphs and graphics by nationally known artists. The starting bids are from $60 to $150, which includes framing and matting. There will be complimentary hor-doeurves and a cash bar. Enclosed are two complimentary tickets for you to use. Please plan to attend this event. There is something for everyone's taste and budget. NOVEMBER 30 CHRISTMAS AROUND THE WORLD MEZZANINE - EAGLE ROCK LODGE Come and join us Saturday, November 30, 1991, from Noon until 4:00 PM. Refreshments will be served and you can relax and enjoy the items on display. A sample of these beautiful items can be seen by visiting Eagle Rock Lodge and seeing the Victorian Christmas tree located in the main dining room. This tree is currently on display. Pre-show orders will be taken at the Hostess stand. Please ask your waitress for details. We hope to see you!! Sincerely, /s/ Frank M. Cedrone Managing General Partner P.S. Within one week, you will be receiving a letter from our engineering firm, Schumacher Engineering, Inc. on the status of Lake Algonquin Dam.
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