ACKNOWLEDGMENT

        The undersigned acknowledges and agrees that (1) the undersigned has requested from Viceroy Resorts some or all of the following: (a) historical information concerning the rental of condominium hotel units (“Units”) in the Viceroy Snowmass (the “Hotel”) (the “Historical Rental Information”), and (b) a summary of the terms of and a copy of the form of rental management agreement that is available to any owner of a Unit in the Hotel who chooses to retain the rental management services of Viceroy Resorts and (the “Rental Management Agreement Information”), (2) the Historical Rental Information is historical, relates to the prior years of operation of the Hotel, does not constitute a forecast or prediction, and may not be indicative of future results, (3) the undersigned is under no obligation to utilize the rental management services of Viceroy Resorts, may choose to utilize the rental management services of any other service provider, and may choose not to rent any Unit eventually purchased by the undersigned, (4) the undersigned has not been advised by (a) Viceroy Resorts, (b) SV Hotel Residences LLC, the seller of the Units, or any of its affiliates, (c) SV Hotel LLC, the Owner of the Hotel, or any of its affiliates, (d) East West Partners, Inc. (“EWP”) or East West Resorts, LLC, d/b/a East West Destination Hospitality (“EWR”), or (e) any person on behalf of any of the foregoing entities, regarding any economic or tax benefit that may result from entering into any rental arrangement, (5) the undersigned is making a decision whether to purchase a Unit based on the expected use of the Unit by the undersigned not on the basis of any expected cash flow, income, or tax benefits from the rental of the Unit, and (6) there is no assurance that any rental market will exist for the Units.  The undersigned agrees to keep the Historical Rental Information and the Rental Management Agreement Information confidential and not to provide such information to any other person without the written consent of Viceroy Resorts and EWR.

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