PRE-SALE RESERVATION OF INTEREST AGREEMENT
Reservation Deposit Refund Policy
The reserving party acknowledges and accepts that except under the conditions outlined below, that reserving a building(s) and then cancelling will cause potential financial harm to the Developer, and therefore acknowledges that the Reservation Deposit is 100% non-refundable.
The Reserving Party may elect lenders external to the list of lenders provided by the Developer to finance any portion of or all of the Purchase Contract (the “External Lender”). Should an External Lender not provide adequate financing to finalize the Purchase Contract, no refund shall be issued.
An exception in issuing refunds shall be made following the occurrence of any of the five (5) following conditions:
1. If the Developer does not deliver a Purchase Contract for the Reserving Party to sign within one (1) year of the effective date of this Agreement, the Reserving Party shall have the right to request and receive a 100% refund of the Reservation Deposit from the Developer and relinquish the Reservation.
2. If the Reserving Party meets all the conditions of self-certification stated below under Reserving Party Self Certification, at the time of this Agreement and loan final approval submission, and the Developer is unable to assist the Reserving Party in securing 100% financing approval for the Building(s), the Reserving Party will have the right to request and receive a 100% refund of the Reservation Deposit from the Developer and relinquish the Reservation.
3. If after executing the final Purchase Contract, the 1st lien lender’s appraisal of the Building(s) subject to the Reservation is not equivalent to or more than the purchase price indicated within Purchase Contract nor does it meet the lending criteria to receive 100% financing for the Purchase Contract, the Reserving Party shall have the right to request and receive a 100% refund of the Reservation Deposit from the Developer and relinquish the Reservation.
4. The Developer does not construct Community. See Termination of Agreement by Developer section.
5. Should additional monies be paid above the amount governed by the Reservation Deposit Amount section, the Reserving Party shall receive 10% of amount surpassing the required Reservation Deposit.
The Reserving Party shall not be held responsible for any denial by the lien holders.
Modification of Terms
S.H.A.R.E. COMMUNITY DEVELOPMENT CORP reserves the right to change the Reservation Deposit Refund Policy of our PRE-SALE RESERVATION OF INTEREST AGREEMENTon our websitesor documents at any time. Only signed and completed documents by both parties can not be altered or changed. Updated versions of the PRE-SALE RESERVATION OF INTEREST AGREEMENTReservation Deposit Refund Policy will appear on the actual agreement and/or here and become effective immediately.
You are responsible for regularly reviewing the PRE-SALE RESERVATION OF INTEREST AGREEMENT Reservation Deposit Refund Policy, and your continued use of S.H.A.R.E. COMMUNITY DEVELOPMENT CORP website(s) after any such update shall constitute your agreement with the modifications.
For more information or if you have questions or concerns about our refund practices or would like to exercise the above described rights as applicable, please contact us by email, mail, or phone using the details provided below:
S.H.A.R.E. COMMUNITY DEVELOPMENT CORP
440 Louisiana Street
Suite 900
Houston, TX 77002
Email: admin@scdctexas.com
Phone: 281-863-9929
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