Subject to the provisions below, the undersigned Buyer hereby reserves the following placement on the Priority Waitlist for Unit selection at Five Corners Flats.

PRIORITY RESERVATION

Seller intends to accept reservations on a first come, first served basis, for placement on the Priority Waitlist. Each person submitting a reservation shall have the right to select a Unit for purchase in the order in which the reservations are received by the Seller. Once Units are approved for release, Seller will provide Buyer with the right to select a specific Unit, which will be subordinate to the rights of all others having a prior selection right.  

Priority reservation deposit. A Ten Thousand Dollar ($10,000.00) Priority Reservation Deposit is hereby made by the Buyer to be held in escrow pursuant to this Priority Reservation Agreement. The Buyer has the right to an immediate, unqualified refund of his Priority Reservation Deposit monies upon written request to the Seller. Seller will grant the Buyer an immediate, unqualified refund of his Priority Reservation Deposit monies upon written request to the Seller. Priority Reservation Deposit can be paid by check or by wire transfer to Irish Realty Escrow Account.

Unit assignment. After the Unit Release, Irish Realty will notify each Buyer on the Priority Waitlist to make their Unit selection and request buyer to choose their top three choices. The period of time each Buyer will be allowed for making their Unit selection shall be forty-eight (48) hours from the time written notice was provided. All parties agree that email notification will be considered written notification. Buyer to submit and additional $10,000 refundable deposit upon awarding of a unit hold as we move toward a purchase contract

Purchase Agreement. Once the Buyer has selected a Unit for purchase, the purchase price and terms of the contract for each unit will be submitted to Buyer and Buyer shall have thirty (30) working days from the date of the offer to execute the Purchase Agreement presented by Seller and pay a Purchase Contract Deposit 10% of purchase price. Should the Buyer fail to execute the Purchase Agreement within the aforementioned period, this Priority Reservation Agreement and all rights and obligations hereunder shall terminate. In the event of such termination, the Priority Reservation Deposit submitted hereunder shall be refunded to the Buyer.

Reservation Deposit Transferred to Purchase Contract Deposit. The Priority Reservation Deposit(s) shall be accounted for separately from any other funds, deposits, or earnest money required under the Purchase Agreement; provided, however, that in the event Buyer executes the Purchase Agreement, the Seller, upon written request by the Buyer or if authorized by the terms of the Purchase Agreement, may transfer the Priority Reservation Deposit as a portion of the Purchase Agreement Deposit.

Receipt. The receipt of a fully executed Priority Reservation Agreement shall serve as a receipt of payment.

Interest. Priority Reservation Deposits shall be deposited in a NON-interest bearing account which must be available for withdrawal in full by the Seller at all reasonable times.

Non-Transferable. This Priority Reservation Deposit is only applicable to the Buyer listed on this document. It is non-transferable and non-assignable without prior written approval by Seller. 

Cancellation. This Priority Reservation Agreement is non-binding and may be cancelled by either party without cause.  Upon written notice of cancellation by either party, the deposit will be returned without delay.