Obtain the Property Report required by Federal law and read it before signing anything. No Federal agency has judged the merits or value, if any, of this property. The developer/offeror of the Watersound Origins properties set forth herein and the principals taking part in the offer of the properties are not incorporated in, located in, or residents in the state of New York. No offering is being made in or directed to any person or entity in the state of New York or to New York residents by or on behalf of the developer/offeror or anyone acting with the developer/offeror's knowledge. No such offering, or purchase or sale of real estate by or to residents of the state of New York, shall take place until all registration and filing requirements under the Martin Act and the Attorney General's regulations are complied with, a written exemption is obtained pursuant to an application granted pursuant to and in accordance with Cooperative Policy Statements #1 or #7, or a "No-Action" request is granted