Holiday Shores Condotel On the Mississippi River - McGregor, Iowa
Non-Binding Condominium Priority Reservation Agreement Form
1. Plan of Development. Waterside Investment Corporation, LLC. (Developer), an Iowa LLC, is in the process of developing a condominium hotel project to be known as "Holiday Shores Condotel" (Project). The project will involve the new construction of a 6 story, 64 unit condominium hotel. The Developer is offering prospective purchasers of the condominium units in the Project, the opportunity to reserve the unit(s) of their choice (Unit) on a first come, first served basis. This reservation, unless terminated by the undersigned Buyer or the Developer, is intended to give the Buyer the exclusive right to purchase the Unit, subject to the terms and conditions of a comprehensive offer to purchase (Purchase Contract) to be entered into by the Buyer and the Developer by no later than October 1, 2008. The date of October 1, 2008, can be extended if agreed upon by both the Developer and Buyer. The Project will be operated as a hotel under the management of the Waterside Investment Corporation, LLC. A purchaser of a Unit will be entitled but, not obligated, to rent the Unit to the public as part of the hotel operation. The ownership of a Unit in the Condominium will be subject to the applicable laws of the State of Iowa (Iowa Condominium Act)
2. Buyer's Selection of a Reserved Unit(s).
The Buyer's first choice Reserved Unit(s) is Unit(s) _________________________ of the Condominium at a planned purchase price of $ _________________________.
If the Buyer's first choice Reserved Unit(s) is not available, the Buyer's second choice of Reserved Unit(s) _________________________ is Unit(s) of the Condominium at a planned purchase price of $_________________________.
If the Buyer's second choice Reserved Unit(s) is not available, the Buyer's third choice of Reserved Unit(s) _________________________ is Unit(s) of the Condominium at a planned purchase price of $_________________________.
If the Buyer's third choice Reserved Unit(s) is not available, the Buyer's forth choice of Reserved Unit(s) _________________________ is Unit(s) of the Condominium at a planned purchase price of $_________________________.
3. Developer's Rights to Make Changes. The Developer reserves the right, in its sole discretion to change the specific location, design and layout of the Unit and any other aspect of the Project at any time prior to a Purchase Contract being entered into.
4. Non-Binding Reservation. This Reservation may be terminated at any time by either the Buyer or the Developer without cause or penalty by providing written notice to the other party. This Reservation does not create any legally binding obligations on the Buyer or the Developer except for the obligations of the Developer with regard to the return of the accompanying deposit (Deposit) as provided herein. Except for this obligation of the Developer to return the Deposit, neither the Developer nor the Buyer undertakes any legally binding obligation to the other hereunder, including the obligation to negotiate or enter into a Purchase Contract with regard to the Reserved Unit(s).
5. Buyer's Deposit. The Deposit accompanying this reservation is $2,000. This deposit will be held in an escrow account at Luana Savings Bank or other insured financial institution of the Developer's choosing. A $50 escrow fee will be charged only to Buyers who elect to not enter into a Purchase Contract with regard to the Unit(s). In the event that the Project does not proceed to Presales, the Buyer will receive a full refund of their Deposit. Make checks payable to "Holiday Shores Condotel Reservation Escrow Account."
Please Send:
A. Priority Reservation Agreement Form B. Deposit Check
C. Print-out of Pricing and Availability Priority Reservation Selections
To: Mr Collin Cook, Holiday Shores Condotel Sales Escrow Agent, C/O Luana Savings Bank
Address: PO Box 68, Luana, Iowa, 52156
6. Return of Deposit. The deposit, less the $50.00 escrow fee (Net Deposit), will be returned to the buyer no later than October 31, 2008 in the event that the Developer and Buyer have not entered into a Purchase Contract with regard to the reserved Unit(s) by October 1, 2008 and the Buyer and/or Developer elects not to extend this contract. The Buyer may at any time terminate this Reservation by written notice to the Developer and the Developer shall return the Net Deposit within 30 days after the Developer receives written notice of the Buyer's desire to terminate this Non-Binding Condominium Unit Reservation. The Developer may at any time terminate this Reservation upon written notice to the Buyer and such notice of termination shall be accompanied by a return to the Buyer of the full Deposit.
7. Additional Deposit at the Time of Purchase Contract. In the event the Buyer and the Developer enter into a Purchase Contract with regard to the reserved Unit(s), or any other condominium unit(s) with the Project, the Buyer will be required to make an additional deposit in the amount of the difference between the Deposit being made with this reservation (see Section 5 above) and 20% percent of the purchase price of the units being purchased. The Deposit made with this reservation and the Buyer's additional deposit will be held in escrow by Luana Savings Bank or other insured financial institution of the Developer's choosing pursuant to the terms of the Purchase Contract.
8. Application of Deposit Under Terms of a Purchase Contract. In the event that the Buyer and the Developer enter into a Purchase Contract with regard to the reserved Unit(s) (or any other condominium units within the Project), then the deposit (as well as the additional deposit made by the Buyer, as described in Section 7 above) will be disbursed in accordance with the terms and conditions of the Purchase Contract (i.e., applied to the purchase price when the Buyer closes on the Purchase Contract.)
9. Reservation Not Assignable. The Buyer may not assign this Reservation to any other person without the Developer's consent.
10. Project Contingencies. The Buyer undestands that there are numerous contingencies associated with the development of the Project including, the need for the Developer to secure all necessary approvals from governmental bodies having jurisdiction over the Project, the ability of the Developer to arrange financing for the construction of the Project and the ability of the Developer to negotiate construction and other development related contracts which are satisfactory to the Developer. There can be no assurances that the Developer will be able to satisfy these contingencies.
This Reservation Does Not Obligate The Buyer Named Below To Purchase Anything | |
Date Submitted:___________________ BUYER: | Date Accepted:____________________ DEVELOPER: |
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| Printed Name:___________________________ | By:_____________________________ Authorized Agent |
| Address:________________________________ ________________________________________ ________________________________________ | |
| Work Phone:________________ Home Phone:________________ Cell Phone:_________________ Fax:____________________ Email:____________________ SS# or FEIN#:__________________ Along with this reservation, you must include a check for the deposit (See Section 5 above) This reservation agreement was drafted by: (Where applicable) Agency:_______________________________ Agent:________________________________ | |
Click for CONDO UNIT AVAILABILITY and PRICES | |