TERMS & CONDITIONS

TERMS & CONDITIONS

TERMS & CONITIONS

DEPOSIT:
Purchaser hereby deposits with Biscayne Homes LLC, a Florida limited liability company ("Seller"), whose address is 1430 South Dixie Highway, Suite #310, Miami, FL 33146 the amount of Five Thousand ($5,000.00) Dollars (the “Reservation Deposit”) to reserve the right to temporarily reserve the Lot and Plan described above (the “Home”) in the community known as Epperson for the Purchase Price set forth above. The Reservation Deposit shall be payable to and held by Seller and shall not earn interest. This Reservation Deposit may not be assigned by Purchaser.

RESERVATION NOT AN OBLIGATION:
Upon Seller's acceptance below, this Reservation Deposit grants Purchaser the right (unless this reservation agreement is terminated by Seller or Purchaser) of first offer by Seller to Purchaser, to purchase the Home. Notwithstanding the foregoing until Purchaser and Seller have each executed Seller’s form of written purchase contract (the “Purchase Contract”) in a form satisfactory to Seller in its sole and absolute discretion, and at a price determined by Seller in its sole and absolute discretion, no obligation for Seller to sell and no obligation of Purchaser to purchase the Home shall exist.

VOIDABLE AND REFUNDABLE:
This Reservation Deposit may be terminated by Purchaser or Seller at any time for any reason or no reason prior to the execution of a Purchase Contract by Purchaser and Seller by delivery of written notice to the other party delivered to the address for such party as provided in this Reservation Deposit. Notwithstanding the foregoing, this Reservation Deposit shall automatically be terminated if Purchaser and Seller do not enter into a Purchase Contract within five (5) days of Seller submitting its contract form to Purchaser. In the event this Reservation Deposit is terminated for any reason other than execution of a Purchase Contract by Purchaser and Seller, then, Purchaser shall be entitled to a refund of the Reservation Deposit provided that: (i) Seller has received the Reservation Deposit in cleared funds, and (ii) Purchaser executes and delivers to Seller a written cancellation on a form supplied by Seller. Upon termination of this Reservation Deposit as provided herein, neither party shall have any claim against the other nor shall they be entitled to any other remedy.

EXECUTION OF A PURCHASE CONTRACT; RECEIPT FOR DOCUMENTS; ACKNOWLEDGMENT:
The Reservation Deposit is not and shall not be construed to be a binding contract for the purchase and sale of the Home, and there are no obligations with respect to the purchase and sale of the Home unless and until Purchaser and Seller have entered into a Purchase Contract, in their sole and absolute discretion.
In the event this Reservation Deposit is terminated due to Purchaser's and Seller’s execution of a Purchase Contract for the Home, the Reservation Deposit shall be applied to the ten percent (10%) deposit required by the Purchase Contract. By signing this Reservation Deposit, Purchaser hereby acknowledges receipt of: (a) an HOA Disclosure Summary, which Purchaser has received, read and executed.

LIMITATION AND PURCHASER REPRESENTATION:
There is a limit one (1) home per Purchaser or related person or entity. Purchaser hereby represents and warrants to Seller that Purchaser has not, directly or indirectly (through friends, relatives, entities owned or controlled by Purchaser, or others), entered into or caused to be entered into for or on behalf of Purchaser another reservation or purchase contract for a home from Seller or any of Seller’s affiliates.

DISCLOSURE SUMMARY FOR EPPERSON /EPPERSON SOUTH HOMEOWNERS ASSOCIATION, INC.

  1. AS A PURCHASER OF PROPERTY IN THIS COMMUNITY, YOU WILL BE OBLIGATED TO BE A MEMBER OF A HOMEOWNERS’ ASSOCIATION.
  2. THERE HAVE BEEN OR WILL BE RECORDED RESTRICTIVE COVENANTS GOVERNING THE USE AND OCCUPANCY OF PROPERTIES IN THIS COMMUNITY.
  3. YOU WILL BE OBLIGATED TO PAY ASSESSMENTS TO THE ASSOCIATION. ASSESSMENTS MAY BE SUBJECT TO PERIODIC CHANGE. IF APPLICABLE, THE CURRENT AMOUNT IS $___________ (BUT COLLECTED QUARTERLY BY THE ASSOCIATION). YOU WILL ALSO BE OBLIGATED TO PAY ANY SPECIAL ASSESSMENTS IMPOSED BY THE ASSOCIATION. SUCH SPECIAL ASSESSMENTS MAY BE SUBJECT TO CHANGE. IF APPLICABLE, THE CURRENT AMOUNT IS $___________ PER___________ .
  4. YOU MAY BE OBLIGATED TO PAY SPECIAL ASSESSMENTS TO THE RESPECTIVE MUNICIPALITY, COUNTY, OR SPECIAL DISTRICT. ALL ASSESSMENTS ARE SUBJECT TO PERIODIC CHANGE.
  5. YOUR FAILURE TO PAY SPECIAL ASSESSMENTS OR ASSESSMENTS LEVIED BY A MANDATORY HOMEOWNERS’ ASSOCIATION COULD RESULT IN A LIEN ON YOUR PROPERTY.
  6. THERE MAY BE AN OBLIGATION TO PAY RENT OR LAND USE FEES FOR RECREATIONAL OR OTHER COMMONLY USED FACILITIES AS AN OBLIGATION OF MEMBERSHIP N THE HOMEOWNERS' ASSOCIATION. IF APPLICABLE, THE CURRENT AMOUNT IS $ ___________ PER___________ .
  7. THE DEVELOPER MAY HAVE THE RIGHT TO AMEND THE RESTRICTIVE COVENANTS WITHOUT THE APPROVAL OF THE ASSOCIATION MEMBERSHIP OR THE APPROVAL OF THE PARCEL OWNERS.
  8. THE STATEMENTS CONTAINED IN THIS DISCLOSURE FORM ARE ONLY SUMMARY IN NATURE AND, AS A PROSPECTIVE PURCHASER, YOU SHOULD REFER TO THE COVENANTS AND THE ASSOCIATION GOVERNING DOCUMENTS BEFORE PURCHASING PROPERTY.
  9. THESE DOCUMENTS ARE EITHER MATTERS OF PUBLIC RECORD AND CAN BE OBTAINED FROM THE RECORD OFFICE IN THE COUNTY WHERE THE PROPERTY IS LOCATED, OR ARE NOT RECORDED AND CAN BE OBTAINED FROM THE DEVELOPER.
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