Palm Coast Florida Real Estate Developer – Discover your very own Palm Coast home by Centex Destination Properties

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Sales Executive

Reservation Holder(s)

Holders Name

Title to be taken as (please check one)
	Individual	Married
	Joint Tenants with Right of Survivorship
	Joint Tenants without Right of Survivorship
	Tenancy in Common
	Other (describe)

Permanent Address (Check Box for Address for any Notices pursuant to Section 10 below.)

Address

Phone Number

Fax Number

Email Address

Local Address

Address

Phone Number

Fax Number

Email Address

Terms and Conditions

1. Deposit. Reservation Holder has delivered the Deposit to CENTEX HOMES, a Nevada general partnership, d/b/a CENTEX DESTINATION PROPERTIES (“Centex”), having an address at 1064 Greenwood Boulevard, Suite 200, Lake Mary, Florida 32746, to reserve an opportunity to select a currently undesignated dwelling unit (the “Unit”) at the Palm Coast Resort (the “Residential Community”) in a condominium created or being created by Centex (the “Condominium”). The Deposit will be held in escrow by Escrow Agent, as hereinafter defined, pursuant to a Reservation Deposit Escrow Agreement (“Escrow Agreement”) between Centex and Escrow Agent, which Escrow Agreement is incorporated herein by reference. Escrow Agent shall provide a receipt to the Reservation Holder acknowledging that the Deposit is held pursuant to the Escrow Agreement and Chapter 718, Florida Statutes (“Condominium Act”). The Deposit will be placed in an escrow account with Epstein, Becker and Green, P.C., care of Daniel H. Sherman, having an address of 945 East Paces Ferry Road, Georgia 30326-1380 (“Escrow Agent”), in accordance with the provisions of the Escrow Agreement. The Deposit must be payable to the Escrow Agent. Control of the Deposit shall be governed hereby and by the Escrow Agreement. 
  
2. Refund of Deposit. This Reservation Agreement does not bind or oblige Reservation Holder to purchase a Unit or Centex to sell a Unit. This Reservation Agreement reserves Reservation Holder’s participation in Centex’s VIP Selection Event for as long as Escrow Agent continues to hold the Deposit. As more fully set forth in the Escrow Agreement, Escrow Agent will grant Reservation Holder an immediate, unqualified refund of the Deposit, without interest, upon written request of Reservation Holder either directly to Escrow Agent or Centex, or upon the written request of Centex to Escrow Agent. Centex shall promptly send to Escrow Agent copies of all requests from Reservation Holder sent directly to Centex. The parties hereto shall be entitled to no other remedy. 
  
3. Condominium Documents. Prior to presenting a Contract for Purchase and Sale (“Contract”) to Reservation Holder for a Unit, or a binding agreement for a lease of a Unit with a term of more than five (5) years, Centex will file with the Division of Florida Land Sales, Condominiums and Mobile Homes the documents required to be filed pursuant to the Condominium Act and Centex will also present such documents to Reservation Holder, which documents Reservation Holder has a right to receive pursuant to the Condominium Act, prior to executing an enforceable Contract. 
  
4. Unit Choice. Reservation Holder acknowledges that this Reservation Agreement reserves to the Reservation Holder the opportunity to purchase one (1) Unit subject to availability, in the Condominium, subject to the terms and conditions contained herein. Reservation Holder shall select a Unit based on the priority position assigned to Reservation Holder by Centex in its sole and absolute discretion (“Priority Position”).
Centex will provide to Reservation Holder the opportunity to purchase a Unit by mailing or delivering to Reservation Holder a notice of a VIP Selection Event. At the VIP Selection Event, each reservation holder, based on his/her Priority Position will be given the opportunity to select one (1) Unit and sign a contract for such Unit on Centex’s standard form Contract. If Reservation Holder elects to purchase a Unit, the Reservation Holder must return an executed Contract to Centex, together with the earnest money deposit required under the Contract, by the date and time and at the location provided by Centex. The Deposit under this Reservation Agreement shall be credited against the earnest money deposit due under the Contract. The Deposit shall not be released directly to Centex except as a down payment on the price of the Unit (the “Purchase Price”) at the time a Contract is signed by Reservation Holder. The Contract may provide for a different escrow agent in which event Escrow Agent shall transfer the Deposit to such new escrow agent. Unless a Contract has been received by Centex from Reservation Holder, completed and signed by Reservation Holder without modification (except as may be acceptable by Centex), along with a check for the difference between the earnest money deposit required under the Contract and the Deposit being held under this Reservation Agreement, this Reservation Agreement shall terminate and expire. The Deposit paid hereunder shall be returned to Reservation Holder without interest upon the occurrence of either of the following events and Escrow Agent’s receipt of Centex’s written notice of same:
(a) The receipt by Centex of a written request for refund signed by Reservation Holder and specifically releasing any and all interest in the Unit which Reservation Holder may have; or (b) Termination of this Reservation Agreement pursuant to the provisions above.
 
  
5. Purchase Price/Unit Availability. Reservation Holder acknowledges and agrees that Centex has not yet established a Purchase Price for any Unit and that Centex shall have the right, in Centex’s sole and absolute discretion, to establish the Purchase Price for each Unit. NO ASSURANCE IS GIVEN AS TO THE PURCHASE PRICE TO BE ESTABLISHED BY CENTEX FOR ANY UNIT OR THAT ANY PARTICULAR UNIT, OR ANY UNITS AT ALL, WILL BE AVAILABLE TO RESERVATION HOLDER AT THE VIP SELECTION EVENT, SINCE DEMAND FOR UNITS MAY EXCEED THE THEN AVAILABLE UNITS BEING OFFERED OR CENTEX MAY DECIDE TO LIMIT, OR NOT TO UNDERTAKE, THE OFFERING OF UNITS DESCRIBED IN THIS RESERVATION AGREEMENT. 
  
6. Cancellation by Centex. Reservation Holder acknowledges that Centex may refund Reservation Holder's Deposit hereunder and cancel this Reservation Agreement at Centex’s sole and absolute discretion. Centex reserves the right to adopt additional rules and regulations, including the granting of priority selection positions ahead of Reservation Holder, with respect to participation in the VIP Selection Event. 
  
7. No Equitable Rights; No Recording. ACCEPTANCE OF THE DEPOSIT BY CENTEX SHALL NOT CREATE IN RESERVATION HOLDER ANY EQUITABLE RIGHTS IN ANY UNIT. RESERVATION HOLDER SHALL NOT RECORD THIS RESERVATION AGREEMENT OR ANY MEMORANDUM OR NOTICE HEREOF IN THE PUBLIC RECORDS. IF RESERVATION HOLDER VIOLATES THIS PROVISION, THIS RESERVATION AGREEMENT MAY IMMEDIATELY BE TERMINATED BY CENTEX, WHEREUPON CENTEX SHALL IMMEDIATELY DIRECT ESCROW AGENT TO REFUND THE DEPOSIT (WITHOUT INTEREST) TO RESERVATION HOLDER WITHOUT QUALIFICATION. 
  
8. No Assignment. Reservation Holder shall not assign its rights under this Reservation Agreement, and any assignment or attempted assignment by Reservation Holder shall cause this Reservation Agreement to be void, whereupon the Deposit, without interest, shall be returned to Reservation Holder. 
  
9. Reservation Holder’s Representations. RESERVATION HOLDER ACKNOWLEDGES THAT THIS IS NOT A CONTRACT TO PURCHASE ANY UNIT AND THAT RESERVATION HOLDER SHALL NOT HAVE ANY RIGHT TO PURCHASE ANY UNIT UNLESS AND UNTIL RESERVATION HOLDER AND CENTEX ENTER INTO A CONTRACT. 
  
10. Notices. Any notices permitted or required under this Reservation Agreement shall be deemed to have been delivered, whether or not actually received, when deposited in the United States Mail, postage prepaid, registered or certified mail, return receipt requested, or delivered to a nationally recognized overnight courier, postage prepaid, addressed to Centex or Reservation Holder, as the case may be, using the addresses indicated above. 
  
11. Name of Residential Community. Centex reserves the right to change the name of the Residential Community and/or the name of the Condominium. 
  
12. Maximum Number of Reservations Per Reservation Holder. A Reservation Holder may not hold more than two (2) reservations for the purchase of a Unit in the Condominium. If Reservation Holder enters in to more than two (2) Priority Reservation Agreements for the Condominium, each such agreement subsequent to the first two (2) Priority Reservation Agreements entered into by Reservation Holder shall be void and any Deposit paid pursuant to such third or subsequent Priority Reservation Agreement shall be refunded. For purposes of this Section 12, “Reservation Holder” shall mean the individual(s) identified on the first page of this Agreement as the Reservation Holder(s) and his/her/their spouse(s) or domestic partner(s), children, parents, and/or siblings. 
  
13. Miscellaneous. Oral representations and agreements are not binding on Centex. Existing plans and specifications, renderings, site plans, advertising or promotional material(s) of the Unit, Condominium and/or the Residential Community, which Reservation Holder may have reviewed, are preliminary, and are subject to modification by Centex at any time. This Reservation Agreement shall not constitute an offer or solicitation in any state where prior registration is required and Reservation Agreements from residents of such states may be rejected by Centex and, in such event, the Deposit shall be refunded to Reservation Holder without interest. This Reservation Agreement is void where prohibited by law. Centex reserves the right to establish rules, regulations and procedures for the conduct of the VIP Selection Event in Centex’s sole and absolute discretion. Time is of the essence. This Reservation Agreement embodies the entire agreement between the parties and cannot be modified or amended except by the written agreement of Centex and the Reservation Holder.

I have read and agree to the terms and conditions above.

Reservation Holder(s)

Print Name
Date
Print Name
Date

Centex Destination Properties®
9601 Oceanshore Blvd.
St. Augustine, FL 32080-8615
888.698.7483