Now, Therefore, We, whose names are undersigned, in consideration of the mutual promises and covenants herein contained, and of the subscription herein stated, agree each with the other to subscribe, and do hereby subscribe for the snares and in the amount set opposite our names respectively,and agree to pay the amount of our respective subscriptions in the following manner, to-wit:

35% in cash on or before April 10, 1906.

10% thereof on or before three months from April 10, 1906.

10% thereof on or before six months from April 10, 1906.

15% thereof on or before one year from April 10, 1906.

15% thereof on or before two years from April 10, 1906.

15% thereof on or before three years from April 10, 1906. Provided, however, that the subscribers shall be notified by the said trustee at least ten days before any such installments, except the first, shall become due and payable, said notice to be given by sending a letter to each subscriber at the address designated in this subscription agreement, or at such other address as may from time to time be left with said

....................Trust Company; it being understood that if the sales of lots shall proceed with sufficient rapidity, it will be unnecessary to call for all the balance of the subscriptions hereinbefore stated, and in such event the proceeds of the sales of lots shall be applied (after the payment of other expenses as provided in the declaration of trust), toward the payment of installments and principal and interest which may be due or become due on the purchase price of said property, and towards the cost of such improvements or other expenses as may be directly connected with the handling of said property. All subscriptions hereunder shall be payable at the office of the................Trust Company of Los Angeles,

California, or at any other place which may be designated by said Company.

It is further understood and agreed that said ...............Trust

Company may, at its option, call for only such proportion of any installment herein agreed to be paid as may, in the opinion of said............

Trust Company, be necessary to meet the deferred payments of the purchase price, interests, costs and expenses which may then be due or grow due.

It is further understood and agreed that when all of the said properties shall have been paid for in full, including all costs and expenses of improvements, and the handling of said properties, the profits or dividends thereafter earned by the syndicate and received by said..........

Trust Company shall be distributed pro rata among the subscribers hereto every three months, after deducting the then accrued costs of said..........

Trust Company in connection with the handling of said trust.

Each subscription is made upon the distinct understanding and agreement that if the whole sum of ......................thousand dollars is not subscribed on or before the...... day of......, 1906, then the subscription of each of the parties hereto shall be and is hereby declared null and void and of no effect whatever, and whatever cash payments may have been made by any of the subscribers hereto prior to said date, shall, in the event of such subscription agreement becoming ineffective, be returned to the persons making such payments respectively.

Dated at Los Angeles, California, this......day of..........1906.