PUBLIC OFFERING STATEMENT

Laurel Village,

a Condominium

Introduction

THIS IS A PUBLIC OFFERING STATEMENT for Laurel Village, a condominium (the "Condominium"). The Condominium is a residential development in Exeter, Pennsylvania that will include 88 Units. The Condominium is being constructed by Neversink Road, Inc., a wholly owned subsidiary of JENMAC CORP. (the “Declarant”). Ownership and occupancy restrictions will be placed on the Units to satisfy the requirements of the various loan documents. Those restrictions and various additional covenants and conditions have been imposed on the Units in a Declaration of Condominium dated the 15th day of July, 2004 (the “Declaration”) that has been recorded against the entire Condominium project on the 16^th day of July, 2004 at the Berks County Recorder of Deeds in Book 4108, Page 1812. The public areas of the Condominium will be owned, managed and maintained by a unit owners association (the “Association“). Each Owner of a Unit is automatically a member of the Association, and must pay the regular dues and assessments charged for the upkeep of the Condominium, and may vote and hold office as an officer or member of the Executive Board that manages the affairs of the Association and the Condominium. This Public Offering Statement, and the various exhibits, describe in more detail the various terms and restrictions that each Owner and his or her family must abide by, and their rights and responsibilities as a member of this Condominium community. You are urged to read the entire package of documents, and to ask questions of the Declarant’s marketing staff, so that you fully understand what your rights and responsibilities will be when you purchase and occupy a Unit in Laurel Village.

General Provisions of Public Offering Statement

1. Name and Principal Address of Declarant and Condominium:

The name of the Condominium is Laurel Village, a Condominium. The name and principal address of the developer of the Condominium (hereinafter the “Declarant”) is:

NEVERSINK ROAD, INC.

c/o JENMAC CORP.

10 Hearthstone Court

Reading, PA 19606

The Declarant is the developer of the Condominium, and will be constructing site improvements, including roads, utilities, storm water management improvements, and other improvements which are required to be installed as a condition to the approval of the development by the Township of Exeter (hereinafter some times called the “Township”).

2. General Description of the Condominium:

In General: The Condominium is a residential development in Exeter, Pennsylvania that will initially include 66 Units and may later be expanded to include up to 88 residential condominium units (each a “Unit”) to be owned in separate, fee simple ownership. The Condominium is located on approximately 9.520 acres of land located along East Neversink Road, in the Township of Exeter (the “Township”), Berks County, Pennsylvania, as more fully described on a Condominium Plan dated May 2, 2003 prepared by Stackhouse Seitz & Bensinger entitled "Laurel Village Condominium Plat"", being Plan Number SSB-D-6202-5, a reduced copy of which is attached hereto and marked Exhibit "A" (the "Plan"). Each Unit will include the Unit plus an undivided interest in the Common Elements of the Condominium. The Units will be conveyed to the purchaser by fee simple deed, which deed will convey both the Unit and the interest in the Common Elements. Each Owner will have access to his or her Unit via roads being constructed by the Declarant. Units will be served by utilities at the boundary of each Unit, to be connected to the home that is erected. The location of the Units on the Property as shown on the Plan represents the planned location of each Unit; however, actual construction and site conditions may result in minor variations to the location of the boundaries as shown on the Plan. An “as built” survey shall be prepared when Units are completed, which shall establish the exact boundaries and dimensions of the Units. When Units are first conveyed, the deed shall contain the legal description as drawn from the “as built” survey for the Unit. The boundaries of each Unit shall be as described in Section 3.2 of the Declaration.

Schedule for Commencement and Completion: The Declarant estimates that construction of all buildings, units and amenities in Phase 1 will commence and be completed according to the following schedule:

The Declarant intends to commence construction of all site improvements including Common Elements, in the Spring of 2004, and substantially complete the same within approximately one (1) year thereafter, with the exception of the final wearing course of roads, final monuments, and landscaping, which may be deferred until completion of construction of dwellings on all of the Units. Deferring installation of the wearing course of roads is a common practice in the construction industry, to avoid excessive wear and tear on such wearing course by construction vehicles and heavy trucks involved in the construction process.

Narrative Description of Type and Character of Units Offered:

The Units offered are Units in the Condominium on which will be constructed single family homes. The Units will be substantially similar in design and construction. The Declarant intends to convey a Unit to a purchaser only after substantially completing a dwelling thereon and obtaining a certificate of occupancy from the Township for the Unit.

Common Elements: The Common Elements will include General Common Elements that will be owned by the Association and will benefit the entire Condominium, and certain Limited Common Elements that will benefit only certain Units. The Common Elements will be as follows:

General Common Elements.

General Common Elements have been so designated because Declarant has determined that the Association should own and maintain these items in order to create and maintain an attractive Condominium community. The maintenance of the appearance of the community in a uniform fashion benefits the entire Condominium. The General Common Elements shall include, but not be limited to, the following (other than those areas identified as Limited Common Elements herein):

(a) Land. All of the land and premises within the Property, including all Open Space, but excluding and excepting therefrom the Units.

(b) Improvements. All of the buildings, building components, stucco or other finish, structures, improvements and landscaping, located upon the Property, excluding and excepting therefrom the Units, except to the extent any of these items are Limited Common Elements as provided below.

(c) Roofs on Buildings: The roof and other structural elements of each Building, including the structural support for same, all sheathing and underlayers, and all roof finishes, shall be General Common Elements, to be maintained by the Association and the costs assessed as General Common Expenses.

(d) Roadways. All roadways on the Property (until dedicated), and all driveways, curbing, and entranceways from the public highway (if applicable).

(e) Parking Areas. The paved parking areas adjoining the Units on the Property.

(f) Stormwater Management Facilities/Easements. All Stormwater Management Facilities located on the Property.

(g) Utility Services. All installations for services designed and intended for common use (to the extent not dedicated to the Township of Exeter or a utility company), such as but not limited to telephone, electricity, gas, water, and sewer, that are located outside the boundaries of a Unit, as well as all items affixed or connected thereto, or designed and intended for common use.

(h) Street Lights. All street lights located on the Property.

(i) Sidewalks and Walkways. All sidewalks located on the Property, including all walkways leading to the door of a Unit, shall be General Common Elements.

(j) Personal Property. All tangible personal property owned by the Association for use in connection with the operation, maintenance and administration of the Condominium.

(k) Other. All of the Open Space, walkways, paths, trees, shrubs, yards, fences, gardens, landscaping, common lighting, signage, etc., and all other structures and improvements which are not encompassed within the boundaries of a Unit but which are located on the Property. This will include certain rights in and use of the Common Elements in the Master Association, Laurel Springs Homeowner’s Association.

Limited Common Elements.

The Limited Common Elements for each Units are described as follows:

(a) Structural Elements and Exterior Façades: The structural elements and exterior facade of each Building shall be Limited Common Elements for the exclusive use and benefit of the Units within that Building.

(b) Party Walls/Demising Walls: Party walls or demising walls shared by one or more Units shall be Limited Common Elements for the exclusive use and benefit of those Units.

(c) Rear Yard Areas: Each Owner shall have the right to use the Open Space immediately behind his or her attached patio as a yard area, subject to such rules and regulations to be established by the Association relating to such use, provided that such uses shall be limited to passive uses, and no Owner shall be permitted to landscape in that surrounding Open Space.

(d) Reserved Parking Space: Each Unit shall have one designated parking space in the Condominium exclusively for the use for vehicle parking by the Owner of that Unit, subject to rules and regulations adopted by the Association regarding such use.

Where Limited Common Elements benefit more than one Unit, the Limited Common Expense related to that Limited Common Element shall be divided in equal shares among the Units so benefited, or in the discretion of the Association, the Limited Common Expense may be allocated in some other fashion that in its judgment reflects a fairer allocation of the particular expense in light of the relative benefits to the Units being assessed.

3. Number of Additional Units/Units Marketed to Investors:

No additional Units are contemplated.

Declarant may to rent or market in blocks of Units to investors.

4. Options to Withdraw Real Estate and Expected Effect:

There are no options reserved by the Declarant to withdraw Withdrawable Real Estate, and therefore there will be no effect on the remaining portion of the Condominium.

5. Narrative Description of Significant Features of the Declaration, Bylaws, Rules and Regulations, Agreement of Sale and Other Material Contracts:

(a) Declaration:

The Declaration of Condominium of Laurel Village is the primary document governing the Condominium, and the interrelationship of the Units and Unit Owners among themselves, and with the Common Elements. The following is only a summary of the significant features of the Declaration. Each purchaser is cautioned to review thoroughly and completely the complete text of the Declaration, a copy of which is attached hereto as Exhibit “B”.

Article 1 - Definitions: Refers the reader to the Index of Defined Terms, which is intended to place all of the defined terms used in the document in one convenient place.

Article 2 – General Description of the Condominium: Gives an overview of the Condominium project and the information that must be disclosed by law under the Pennsylvania Uniform Condominium Act (the "Act").

Article 3 - Description of Units: Describes the Units, their boundaries, and the items to be included in each Unit.

Article 4 – Description of Common Elements: This article describes the common elements that may be part of the Condominium (general and limited), maintenance obligations, each Owner’s interest in those facilities, the facilities that will be dedicated to the Township, and the types of utilities that will service the Condominium.

Article 5 - Estate Acquired and Membership Interest: This article describes each Unit’s Common Ownership Interest, the proportionate share of each in the Condominium budget, membership and voting rights and responsibilities.

Article 6 – Association Rights: This article describes the rights of the Association to manage the Condominium and certain access rights that it has to the Units.

Article 7 –Association and Unit Owner Responsibilities: This article describes the rights and responsibilities that the Association and each Unit Owner has in the Condominium, including insurance requirements, and responsibility for damages to the Common Elements.

Article 8 - Assessments: This article describes the types of expenses for which the Association is permitted to assess the residents of the Condominium; how that assessment process works; and how the Association may collect on the assessments that it levies.

Article 9 – Use Restrictions, Covenants and Agreements: This article describes the restrictions on how portions of the Condominium are used, to preserve the appearance of the Condominium and prohibit activities and uses that may create a nuisance to others in the Condominium.

Article 10 – Easements: This article describes the various easement rights that may be used by each Owner, the Declarant, the Association, the Township, the utility providers and others in various areas of the Condominium.

Article 11 – Enforcement: This article describes the rights and remedies the Association has to enforce the payment of assessment and compliance by Unit Owners with the terms of the Declaration.

Article 12 – Amendment and Revocation: This article describes the process for amending the Declaration.

Article 13 – Declarant Rights and Responsibilities: This article describes the specific rights that the Declarant has during the Declarant Control Period to appoint members of the Executive Board and exercise the other powers permitted by law in the development and management of the Condominium.

Article 14 – Provisions Benefiting Township of Exeter and Authority: This article discusses the various rights granted to the Township, such as the right to inspect and make repairs if for any reason the Association fails to do so.

Article 15 – General Provisions: This article contains miscellaneous legal and administrative provisions.

(b) Association’s Bylaws:

Attached to this Public Offering Statement as Exhibit “C” are copies of the Bylaws, and Rules and Regulations (if any) of the Association. The Bylaws describe how the Association will be governed and how its powers will be exercised. Significant features include the following: purposes and powers, offices, membership, voting rights and assessments, the Executive Board, officers, contracts, checks, deposits and funds, books and records, fiscal year, seal, waiver of notice, indemnification, delegations of powers of board and officers, amendments to Bylaws and amendments to Declaration.

(c) Rules and Regulations

The Association has the power to adopt and revise reasonable Rules and Regulations, not in conflict with the provisions of the Declaration, concerning the use and enjoyment of the Units and the Common Elements. A copy of the current Rules and Regulations (if any) is attached as Exhibit “C”.

(d) Agreement of Sale

Attached to this Public Offering Statement as Exhibit “D” is the form of Agreement of Sale, together with copies of any contracts to be signed by purchasers prior to or at closing. The agreement of sale and other contracts (if applicable) set out the legal terms upon which the Declarant will sell and the purchasers will purchase the Units.

(e) Contracts and leases to be signed by Purchaser prior to or at Closing

There are no contracts or leases to be signed prior to or at Closing. However, each Unit Owner, at the time of any conveyance shall be required to pay to the Association a fee of One Hundred Fifty Dollars ($150.00). This amount shall be collectible at the first, and each subsequent sale of any Unit.

(f) Material Contracts Subject to Cancellation

There are currently no contracts or agreements of a material nature to the Condominium which may be subject to cancellation by the Association following the termination of the period of Declarant control.

6. Balance Sheet and Budget of Association

Attached to this Public Offering Statement as Exhibit “E” are a current balance sheet (if applicable) and projected budget for the Association for the one year period following the date of the first anticipated conveyance of a Unit to a purchaser, or the current budget of the Association. The budget was prepared by JENMAC CORP. A statement [DPH1] of the material assumptions with respect to the budget, including those concerning occupancy and inflation factors, is included in the footnotes to the budget.

7. Services/Personal Property Provided by the Declarant Not Reflected in Budget

(a) Services:

The following are services that are not reflected in the budget that the Declarant provides or expenses that the Declarant pays, and which the Declarant expects may become at any subsequent time, a Common Expense of the Association:

Services contracted for and/or provided by the Master Association identified in the Declaration.

(b) Personal Property Provided by the Declarant

The following are items of personal property not owned by the Association but provided by the Declarant and being used or to be used in the operation and enjoyment of the Common Elements which is or will be required in connection with the operation and enjoyment of the Common Elements after such personal property is no longer provided by the Declarant:

The common elements of the Master Association, as identified in the Declaration, but subject to the rights and limitation of use and enjoyment pertaining to all other owner of units in the Master Association.

(c) Projected Common Expense Assessments for Services/Personal Property

The Projected Common Expense assessments for the Association and for each Unit attributable to each of those services or expenses and the purchase or rental of such personal property is as follows:

NONE

8. Initial or Special Fees Due from Purchasers at Closing

Each Unit Owner at each and every closing will be required to pay, in addition to the normal and customary closing expenses, a capital contribution fee of $ 150.00

9. Liens, Defects or Encumbrances Affecting Title to the Condominium

A description of any liens, defects, or encumbrances on or affecting the title to the Condominium, other than the Declaration and the notes contained on the Plan, is set forth in Exhibit “F”.

10. Financing for Purchasers Offered or Arranged by Declarant

No financing is being offered or arranged by the Declarant for purchasers, it being intended that purchasers will make arrangements for their own financing for purchases of Units. The Declarant will, upon request, introduce purchasers to unaffiliated mortgage lenders who express an interest in arranging such financing.

11. Terms and Significant Limitations on Warranties Provided by Declarant

The Declarant makes no representations or warranties of any type with respect to the Units being conveyed, or the construction of dwellings thereon, except for the express written warranties contained in the sale contracts executed with purchasers, or the warranty documents delivered to purchasers at closing, the current copies of which are attached hereto as Exhibit “G”; and the warranties required by §3411 of the Act (structural defects in each Unit for two years from date each Unit is conveyed).

To the extent permitted by applicable law, the Declarant disclaims all other representations and warranties of any nature, express or implied, including but not limited to, those of workmanlike construction, habitability, design, condition, quality or otherwise as to the property and the residence and other improvements constructed thereon. In no event shall Declarant be liable for special or consequential damages or personal injuries arising from any breach of the warranties or the terms of the agreement of sale.

12. Right to Cancel and Recover Damages

The first page of this Public Offering Statement contains language in bold print that describes each purchaser’s cancellation rights and rights to collect damages for failure of the Declarant to provide this Public Offering Statement and all amendments thereto (if applicable).

13. Judgments and/or Pending Suits Against the Association

To the best of Declarant's knowledge, at present there are no judgments against the Association, nor are there any pending suits to which the Association is a party, nor are there any pending suits material to the Condominium of which the Declarant has actual knowledge.

14. Escrow of Deposits

Any deposit made in connection with the purchase of a Unit will be held in an escrow account in accordance with the provisions of Section 3408 of the Act, and will be returned to the purchaser if the purchaser cancels the contract pursuant to Section 3406 of the Act.

15. Restraints on Alienation

NONE

16. Insurance Coverage Provided or Intended to be Provided for Unit Owners

The Association will not provide insurance coverage for any of the Units or Units. Each individual purchaser and owner must maintain his or her own "homeowners insurance" or other insurance policies that will protect them against liability or against any damage or casualty to their Unit. It is anticipated that the Association may elect to provide the following types of insurance coverages relating to the management and operation of the Association and the Common Elements, in amounts and with such deductibles and other terms and conditions as may be determined by the Board of Directors from time to time:

· Comprehensive general liability insurance with respect to the Common Elements, including medical payments insurance, commencing not later than that time of the first conveyance of a Unit to a person other than the Declarant.

· Property and casualty insurance relating to any buildings or other structures that are Common Facilities.

· Errors and omissions coverage for the Executive Board and Association officers.

17. Current or Expected Fees for Use of Common Elements

There are no current or expected fees or charges to be paid by Unit Owners for the use of the Common Elements and other facilities related to the Condominium.

18. Financial Arrangements for Completion of Improvements

All improvements labeled "MUST BE BUILT" on the Plan will be built by the Declarant. The Declarant has entered into an agreement with the Township in connection with its obtaining approval of the Plan to assure such completion, and has provided financial security for such completion pursuant to the Pennsylvania Municipalities Planning Code and the applicable subdivision and land development ordinances of the Township. Such escrow account has been established for the benefit of the Township. The funds from such escrow account are only to be released as work is completed.

19. Unusual and Material Circumstances of the Condominium

All unusual and material circumstances, features and characteristics of the Condominium and the units, if any, are disclosed and explained in this Public Offering Statement, the Declaration and the various attachments to this Public Offering Statement.

20. Leasehold Condominium Requirements

The Unit Owners or the Association will each own the land beneath their Condominium Unit, and so this Condominium is not a Leasehold Condominium.

21. Present Condition of Structural Components and Utility Installations

At the present time, each of the structural components and major utility installations for the Property are either new or under construction. The Declarant estimates that these installations may be completed within one (1) year from the date construction commences, although utility services may not be available to the Units until the Units are ready for occupancy. The utility installations may include fixtures, equipment and other improvements necessary to provide (if applicable) water, sewer, electrical service, gas service, telephone service, and cable television service to each Unit in the Condominium. Such structural components and utility installations, when completed, become the property of the utility provider, who generally has the ongoing obligation to maintain and repair the components. Generally, the Association shall be responsible for maintaining all stormwater management facilities within the Community. However, each Unit Owner may have certain maintenance and repair obligations with respect to those utility installations located within the boundaries of his or her Unit. The expected useful life of each such improvement, together with the estimated cost in current dollars to replace each of the same is set forth in Exhibit “H” attached hereto.

22. Allocation of Votes Among the Units and Cumulative Voting

Votes are allocated among the Units equally with respect to all Unit Owners. The owner of each Unit is entitled to one vote. No cumulative voting is permitted. Cumulative voting is a voting device designed to protect a group with a minority of voting power by permitting any voting group in a given body of voters to cumulate their votes to elect at least one representative in the governing body. Class voting is permitted by the Act on specified issues affecting a particular class of Units if necessary to protect the valid interests of the owners of such Units and not affecting Units outside of the Class.

23. Circumstances Under Which the Association May Become Part of a Master Association

The Declaration for the Condominium contains provision for the delegation of powers to a master association. The Declarant anticipates that the Association would become part of a master association.

24. Governmental Approvals and Permits Required for the Use and Occupancy of the Condominium

Plan Approval: The governmental approvals and permits required for the commencement of construction of the site improvements and the Common Elements consist of the approval of a subdivision and land development plan by the Township, and the approvals and permits noted in the approved land development plan.

Zoning Approval: In addition, such approvals might be subject to intervening changes in zoning enacted on or before five (5) years from the date of preliminary approval of the Plan, unless the site improvements called for on the Plan were either substantially completed, or an escrow fund were established to guarantee to the Township the completion of such improvements.

Stormwater Discharge Approval: An NPDES permit from the Berks County Conservation Service, as agent for the Pennsylvania Department of Environmental Protection was obtained.

NPDES Permit for Storm Water Discharges from Construction Activities: Issuance of a permit is required for all projects that disturb more than 5 acres of land during the life of the construction of the project. The permit is issued by the Berks County Conservation District, as agent for the Pennsylvania Department of Environmental Protection was obtained.

Building Permits/ Certificates of Occupancy: Building permits must be issued by the Township of Exeter to permit the construction in the Community to begin. Before any Owner may move into the Unit, the Township of Exeter must issue a certificate of occupancy for the Unit.

Other Permits and Approvals: Any future permits required are expected to be obtained within two years. The Declarant is responsible for the expense of obtaining each such approval or permit.

25. Outstanding Notices of Violations

There are no outstanding and uncured notices of violations of governmental requirements with respect to the Condominium.

26. Declarant's Knowledge of Hazardous Substances

The Declarant has no knowledge of any one or more of the following:

(a) Hazardous conditions, including contamination, effecting the Condominium site by hazardous substances, hazardous waste or the like, or the existence of underground storage tanks with petroleum products or other hazardous substances, other than as may be disclosed on Exhibit “I” hereto.; and

(b) Any investigation conducted to determine the presence of hazardous conditions on or affecting the Condominium site, other than as may be disclosed on Exhibit “I” hereto.

(c) Any finding or action recommended to be taken in the report of any such investigation or by any governmental body, agency or authority, in order to correct any hazardous conditions and any action taken pursuant to those recommendations, are either disclosed in Exhibit “I” hereto, or Declarant has no knowledge of such matters.

The addresses and phone numbers of the regional offices of the Pennsylvania Department of Environmental Resources and the United States Environmental Protection Agency, where information concerning environmental conditions affecting the Condominium site may be obtained are:

Pennsylvania Department of Environmental Resources

Southeast Regional Office

Suite 6010, Lee Park, 555 North Lane

Conshohocken, PA 19428-2233

Telephone: (610) 832-6000

http://www.dep.state.pa.us/dep/deputate/fieldops/se/se.htm

United States Environmental Protection Agency

Region III (Delaware, Maryland, Pennsylvania, Virginia, West Virginia)

US EPA Region 3
1650 Arch Street (3CG00)
Philadelphia, PA 19103-2029

Telephone: 215-814-5000

FAX: (215) 814-5103

http://www.epa.gov/region3/

CONCLUSION

Each prospective purchaser of a Unit is urged to review this complete Public Offering Statement, and the Declaration, and each of the Exhibits to the Public Offering Statement, and to seek legal or other professional assistance if you have any questions about the contents of any of these documents.

Component	Expected Useful Life	Estimated Replacement Cost (in current dollars)
Stormwater Management Facilities	50-100 years
Entrance Improvements

Utility Improvements:
· water	25 years
· sanitary sewer	25 years
· other	25 years
Pavement wearing course	7-12 years
concrete retaining walls	20 years

PUBLIC OFFERING STATEMENT

2. General Description of the Condominium:

5. Narrative Description of Significant Features of the Declaration, Bylaws, Rules and Regulations, Agreement of Sale and Other Material Contracts:

(a) Declaration:

(b) Association’s Bylaws:

(c) Rules and Regulations

(d) Agreement of Sale

(e) Contracts and leases to be signed by Purchaser prior to or at Closing

(f) Material Contracts Subject to Cancellation

(a) Services:

(b) Personal Property Provided by the Declarant

(c) Projected Common Expense Assessments for Services/Personal Property

Exhibit B: Declaration of Condominium of Laurel Village

Exhibit C: Form of Bylaws and Rules and Regulations

Exhibit D: Form of Agreement of Sale, together with copies of any contracts to be signed by purchasers

Exhibit E: Current balance sheet and current or projected budget for the Association

Exhibit F: Description of any liens, defects, or encumbrances on or affecting the title to the Condominium

Exhibit G: Warranty documents to be delivered to purchasers at closing

Exhibit H: Expected useful life of structural components and major utility installations; estimated replacement cost

Exhibit I: Investigations of hazardous conditions affecting the Condominium site and any action recommended to be taken to correct any hazardous conditions and any action taken pursuant to those recommendations