Reservation Agreement

This Reservation Agreement is entered into by and between Ridgewood Associates, LLC

(“Seller”) and ______of ______(“Buyer”).

Whereas Seller is the developer of Ridgewood Falmouth, Maine (the “Property”); and

Whereas Seller intends to develop a pricing sheet and a construction schedule for LOT __,Ridgewood Falmouth, Maine

Whereas Buyer wishes to reserve the right to purchase the lot and building package from Seller, once the pricing and construction schedule has been established.

Now Therefore, Seller and Buyer agree as follows:

  1. Buyer is reserving Lot ____. The price and terms including the completion date shall be as agreed between Buyer and Seller in a separate purchase agreement to be entered into by the parties after pricing and construction schedule have been established.
  1. Upon execution of this Agreement, Buyer has made a deposit of $_____ (the “Deposit”) to be held in escrow by RE/MAX By The Bay. If Buyer and Seller enter into a purchase agreement, the Deposit shall be credited towards the earnest money deposit required under the terms of such agreement and held in escrow under the terms thereof.
  1. Seller shall notify Buyer in writing when the pricing and construction schedule had been established. Buyer shall have ___days from receipt of such notice to enter into a purchase agreement for the lot that has been reserved. If Buyer and seller do not enter into a mutually satisfactory purchase agreement within the above specified period for any reason, this Agreement shall terminate, Buyer shall forfeit their selection priority and the Deposit shall be promptly returned to Buyer.
  1. Buyer may terminate this Agreement at any time by giving written notice to Seller or Seller’s agent in which case the deposit shall be promptly returned to the buyer.
  1. The Parties acknowledge that this is an agreement solely to reserve in order of priority for selecting the lot after the pricing and construction schedule has been established. This Agreement shall not be construed as an offer or agreement to sell a lot.
  1. Seller my provide Buyer a notice of termination any time after 2 weeks from the date of this agreement, and if Buyer and Seller do not execute a mutually satisfactory Purchase & Sale Agreement within 2 weeks of such notice then this Agreement shall terminate immediately and deposit shall be returned to Buyer.

______

BuyerDateSellerDate

______By:______

BuyerDateName:

Its: