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Filed pursuant to rule 424b3
Reg No. 333-22643
SHADOWROCK SEDONA GOLF RESORT & CONFERENCE CENTER
Supplement No. 1 dated November 3, 1997 to
Prospectus dated August 18, 1997
UP Sedona has agreed to extend its break-even cash flow obligation
for the first year of operations to include the obligation to make a
contribution in years two and three such that net distributable cash flow (after
all expenses, including property taxes and association fees and assuming no
personal usage) before annual debt service of $2,859,000, as set forth on pages
F-4, F-5, F-7 and pages 28 and 29, will be no less than as shown below:
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Year 1 Year 2 Year 3
(Year ended (Year ended (Year ended
Dec. 31, 1999) Dec. 31, 2000) Dec. 31, 2001)
Total assured net distributable cash flow
before debt service $2,859,000 $3,419,000 $3,669,000
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Assured net distributable cash flow for typical
one bedroom unit before debt service $12,986 $15,532 $16,804
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Assured net distributable cash flow for typical
studio unit before debt service $11,192 $13,387 $14,483
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