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Reservation Agreement
THE VILLAS AT BLUE MOUNTAIN
(a residential development)
RESERVATION AGREEMENT
IN RESPECT OF VILLA #________MODEL TYPE [ ]
DATED the _____ day of _____________________, 2006 (to be completed by Developer)
| BETWEEN: |
BLUE MOUNTAIN LIMITED. of P.O. Box 560, Butterfield Square, Providenciales, Turks and Caicos Islands, fax number (649) 946 4663 (“the Developer”) |
| AND: |
_____________________________________________________________
of ________________________________________________ (“the Client”) |
WHEREAS :
A. The Developer is the developer of a an integrated residential villa development project to be located at Blue Mountain, Providenciales (“the Development”) and intends to construct villas within the development, on property legally described as inter alia Parcels 60702/279 – 292 (inclusive), Cheshire Hall and Richmond Hill, Providenciales or parts thereof (“the Development”) and
B. The Client wishes to reserve a villa to be developed within the Development and designated and described as set forth below upon the terms set out herein, including the price to be paid for the land and the Villa, as set forth in the Schedule hereto,
NOW IT IS HEREBY AGREED BY THE PARTIES AS FOLLOWS:
DEPOSIT
| 1. |
Upon execution hereof, or within seven (7) days from the date hereof, the Client shall pay Twenty Five Thousand United States Dollars (US$25,000.00) to M&S Trust Company Limited (“MST”), a fully licensed and insured Turks and Caicos Islands trust company as a reservation deposit (“the Reservation Deposit”) to secure the proposed residential villa described in the Developer’s drawings of the Development and villa as villa number and model type as specified in the heading of this Agreement (“the Villa”). Wiring instructions for MST are attached hereto. |
| 2. |
The Reservation Deposit is to be made payable to M&S Trust Company Limited or wired to their account within seven (7) days from the date hereof, failing which this Reservation Agreement shall be voidable at the option of the Developer, who may in its sole discretion extend the time for receipt of the Reservation Deposit by notice to the Client. |
| 3. |
The Reservation Deposit is fully refundable upon the terms hereof and shall be held by MST pursuant to the terms hereof. MST has acknowledged that they will hold and apply the Reservation Deposit in accordance with the terms hereof. (See letter from MST attached). |
TERMINATION BY CLIENT
| 4. |
It is an express term of this Reservation Agreement that at any time prior to execution of the Sales Documents, the Client may in its sole discretion terminate this Reservation Agreement by notice in writing to the Developer, copied to MST and upon receipt of such notice, MST shall within seven (7) days return the Reservation Deposit without interest to the Client and this Agreement shall thereupon terminate. |
VILLA
| 5. |
The Villa has been selected on the basis of the Developer’s drawings only at this time. The price for the Villa is the figure stated at the schedule hereto. The price is divided between land and building/improvements. The drawings are subject to final governmental approvals and therefore are subject to change, if any are imposed by the Physical Planning Board, but not otherwise.
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CLIENT ACKNOWLEDGEMENT
| 6. |
In entering into this Agreement, the Client specifically acknowledges that:
| (a) |
The Villa has not yet received Planning Permission which is necessary to construct the Villa. There is no assurance that such Planning Permission will be granted, however, the Developer knows of no reason why such Planning Permission should not be obtained and confirms that two (2) villas within the Development have already been approved. |
| (b) |
The Developer is under no obligation, nor making any warranty or covenant, to the Client to build the Villa at this time. |
| (c) |
This Reservation Agreement is not a contract or agreement for sale nor does it constitute an offer to sell or an invitation to treat. |
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| 7. |
Developer will provide the Land Sales Agreement and Construction Contract in respect of the purchase of the land on which the Villa is to be located and the construction of the Villa respectively and any other ancillary documents (“the Sales Documents”) to the Client or the Client’s Attorney within seven (7) days of when finalized by the Developer – currently being finalized by the Developer’s Attorneys. |
| 8. |
The Client shall have fourteen (14) days following receipt of the Sales Documents to deliver to the Developer’s Attorneys the executed Sale Documents, together with a ten percent (10%) deposit on the Land Sales Agreement (less the Reservation Deposit, which shall be applied against the deposit required by the Land Sales Agreement), together with the ten percent (10%) deposit required under the Construction Contract, both sums to be held in escrow by the Developer’s Attorneys in accordance with the terms hereof. Upon execution of the Land Sales Agreement and Construction Contract, this Reservation Agreement shall automatically terminate. |
| 9. |
If the Client fails to execute and deliver the Sales Documents and pay the deposits as required to the Developer’s Attorneys within the said fourteen (14) day period (or such further period as the Developer may have authorized in writing prior to the expiry of said period), then this Reservation Agreement shall automatically terminate and the Reservation Deposit shall be returned without interest to the Client by MST forthwith, less any bank wiring charges. |
| 10. |
The Client is absolutely prohibited from assigning his rights under this Reservation Agreement and this is deemed to be a fundamental term and condition hereof. If a company, there shall be no change in ownership or control of the Client without the consent of the Developer which may be refused in the Developer’s absolute discretion. |
| 11. |
This Reservation Agreement shall be construed in accordance with the laws of the Turks and Caicos Islands. |
| 12. |
Notices relating to this Reservation Agreement shall be served either by facsimile or by hand against receipt as follows:
To the Developer in care of its attorneys, Miller Simons O’Sullivan (“the Developer’s Attorneys”) at the address or fax number stated on the first page hereof.
To MST at The Beatrice Butterfield Building, Butterfield Square, Providenciales, fax # (649) 941-4855 .
To the Client at the address stated on the first page hereof and/or
fax # _____________________
or to the following address (if any):
__________________________________________________________________
_______________________________fax # _____________________
Faxes shall be deemed received the next business day following apparent successful transmission. Notices served by hand shall be deemed served the day of delivery.
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IN WITNESS WHEREOF the parties have executed this Reservation Agreement as of the day and year first above written.
_________________________________
For: Blue Mountain Limited. |
_________________________________
Witness |
_________________________________
- Client |
_________________________________
Witness |
SCHEDULE TO RESERVATION AGREEMENT
| Purchase Price: |
Land:- $400,000.00 / $600,000.00 (delete as applicable)
Construction Contract:- $ (insert Villa construction price to be inserted in the Construction Contract) |
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