AFFIDAVIT FOR TERMINATION OF REGISTRATION
OF
THE VALLEY OF THE LAKES AND EAGLE ROCK RESORT
REGISTRATION NO. 87/8-252/1
C.B.G. Limited, a Pennsylvania limited partnership, the developer
of The Valley of the Lakes and Eagle Rock Resort (the "Resort"),
wishes to terminate the above referenced registration because it
is unable to comply with current regulatory requirements and
because it has no plan to undertake further marketing of property
in The Valley of the Lakes and Eagle Rock Resort to New Jersey
residents. Pursuant to the requirements of the New Jersey Real
Estate Commission, C.B.G. Limited hereby certifies that:
1) All improvements promised in the registration with respect to
individual lots, the Public Offering Statement and contracts
have been completed in accordance with the representations
made to New Jersey;
EXCEPT that approximately 79 lot owners from New Jersey are still
serviced by shale-surfaced roads, pending application of the final
asphalt surface. Of that number, approximately 4 lot owners are
in areas (section ER) where funding of completed construction has
been assured by bonds or letters of credit;
THAT approximately 46 lot owners do not have water and sewer
hookups. Of that number, approximately 4 lot owners are in areas
where funding of completed hookups has been insured by a letter of
credit (Section ER) , AND that two recreational facilities, Lake
Algonquin and the golf course, are incomplete. HOWEVER, the
registration in effect at the time of the subject sales contained
statements to the effect that no monies had been placed in escrow
to fund these improvements and thus the improvements were not
financially assured.
The Developer, C.B.G. Limited, is currently subject to proceedings
of Chapter 11 Bankruptcy, Case Number 92-00525JJT-5 in the United
States Bankruptcy Court, Middle District of Pennsylvania.
2) Funding maintenance of the improvements in The Valley of the
Lakes and Eagle Rock Resort is the responsibility of annual
maintenance fees from the property owners. These funds are
paid to the developer which is currently in Chapter 11
bankruptcy.
3) There are no pending administrative orders issued by any state
or federal agency which seeks to suspend or revoke any
registration of the subdivided lands sought to be terminated;
4) There may be delinquent taxes or filing fees owed by the
developer upon the subdivided lands, although none are owed
by the developer on property sold to New Jersey residents;
5) All New Jersey purchasers have received title to their lots
offered pursuant to the registration statement, contracts and
Public offering Statement filed in New Jersey free and clear
of any monetary liens and encumbrances, except for any
mortgage given by the New Jersey purchaser. Attached as
Exhibit A to this affidavit is a list of New Jersey purchasers
of lots in the Valley of the Lakes.
6) And, that no further marketing of the Resort will be made to
New Jersey residents in the State of New Jersey, and that any
advertisements for the property in any national media which
disseminates into New Jersey, will contain a disclaimer that
the property is not registered with the New Jersey Real Estate
Commission.
Date: July 9, 1992 C.B.G. LIMITED
By: /s/
Frank Cedrone
Title: Managing Partner
STATE OF Pennsylvania
COUNTY OF Luzerne ss:
I hereby certify, that on this 9th day of July 1992, before
the subscriber, a notary public in and for the jurisdiction
aforesaid, personally appeared Frank Cedrone, who acknowledged
himself to be the Managing Partner of C.B.G. LIMITED (the "Partne-
rship") and that he, as such partner, being authorized so to do,
executed the foregoing document for the purposes therein contained
by signing the name of the Partnership as such partner.
/s/
Notary Public
NOTARIAL SEAL
ROBERTA GAGUANO, Notary Public
Hazleton, Luzerne County
My Commission Expires March 13,1995
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