Document from Mark L. Fine & Associates offer to purchase land from the Jewish Federation of Las Vegas, 2005

Offer to Purchase +/-11.55 Acres APN: 137-36-413-002 Park Run Drive & Canyon Bluff Court Prepared For: Jewish Federation of Las Vegas 3909 S. Maryland Parkway Suite 400 Las Vegas, NV89119 Prepared By: Mark L. Fine Mark L. Fine & Associates 3960 Howard Hughes Parkway Suite 750 Las Vegas, NV 89109 Offer to Purchase and Develop Master Planned Business Park 1. Seller: 2. Purchaser: 3. Project Description: Jewish Federation of Las Vegas. Mark L. Fine & Associates or an entity created and controlled by same principal. Park Run Drive and Canyon Bluff Court will be a master-planned business park similar in concept to the Hills Center Business Park, Hills Center North Business Park and The Gardens Plaza. The project will consist of approximately 110,000 square feet of office product on 11.55 acres in the heart of Summerlin's business corridor. This 11.55 acre project is large enough in size not only for the Federation's community facility but for additional development of small offices. Our understanding is that the Federation plans to reserve and erect a community facility of approximately 40,000 square feet, leaving roughly 70,000 square feet to be developed and sold to third parties. Mark L. Fine & Associates would welcome the opportunity to develop this project to enhance the entire site while accommodating the Federation's desired needs. This corridor is the ideal business environment for financial, legal, insurance, real estate, dental and other professional office users that desire the convenience and accessibility to the amenities offered within the Summerlin area. 4. Location: Northwest corner Park Run Drive and Canyon Bluff Court in Summerlin. 5. Architectural Style: 6. Purchase Price: 7. On Site/ Off-site Improvements: 8. Feasibility Period: 9. Close of Escrow: This project will feature one and two story wood frame construction, textured exterior finishes with accents and materials that compliment the surrounding environment offered within this area of Summerlin. $8,049,888 for 11.55 net acres or $ 16.00 per square foot of land (503,118 sf) Purchase Price is to be adjusted during Feasibility Period. Purchaser shall develop mutually agreed upon land plan of project to identify Seller's site and how much land Seller wishes to retain for its facility. Seller's credit of the Purchase Price shall be based on the net amount of land for Purchaser to develop. Credit amount shall consider all uses of facility as well as parking requirements. In addition to Seller's credit of Purchase Price toward the facility's land, Seller shall be credited for its prorata share of it on and off site improvements. This amount is estimated to be between Seven Dollars ($7.00) and Eight Dollars ($8.00) per square foot on the land. This amount includes but is not limited to hard costs, prorata share of interest from development loan and all consultant fees associated with the on and off site improvements. The Developer's Fee of Five Percent (5%) will be in addition to the aforementioned costs and is the only amount to be paid to the Developer. One Hundred Twenty (120) days from mutual execution of Purchase Agreement. Sixty (60) days after expiration of Feasibility Period. 10. Deposit: $ 150,000 to be deposited into Escrow upon mutual execution of Purchase Agreement. 11. Title & Escrow: Nevada Title Company 12. Brokerage: 13. Howard Hughes Approval: Mark L. Fine & Associates represents Purchaser in this transaction. Commission fee to be negotiated. All terms defined herein are based upon Seller obtaining approval from the Howard Hughes Corporation for proposed use and development. I look forward to discussing this property with you further. Please feel free to contact me at 702.733.5900 or my Sales Director, Sara Lenn, at 702.990.7700. Sincerely, Mark L. Fine