Page 20 - The Hollows RFP

Location: Number of Lots: Lot Sizes: Schools: Developer:
Builders: Terms:
NON-BINDING CONDITIONS
The Hollows, Travis County, Texas
An Approximately 1,000 Lot Master Planned Community Phases II-A, II-C and III-A
Phases II-C and III-A of The Hollows Seventy-two (72) single family Lots 85’ and 100’ widths
Lago Vista ISD
Legacy Communities, a Master-Plan Community Developer Maximum of 3 Builders to be selected (24 Lots each)
• Lot Price: (to be determined) per front foot per Lot (width at front setback line) including site and view premiums as agreed upon during the inspection period.
• Earnest Money: 10% of the Base Lot Price for all Lots.
o Initial Earnest Money of 5% due within three (3) business days of execution of
Purchase and Sale Agreement.
o Remaining Earnest Money to be due within three (3) business days after expiration
of Purchase and Sale Agreement Inspection Period, herein defined.
o Earnest Money to be applied to the last eight (8) Lots purchased under the Purchase
and Sale Agreement.
• Takedown schedule: Twenty-four (24) Lots to be purchased in quarterly takedowns as
follows:
o Initial Closing – Four (4) Lots (1 Model Lot and 3 Spec Lots) thirty (30) days after
expiration of the Inspection Period. o Subsequent Closings –
§ Four (4) Lots on or before 180 days after Initial Closing.
§ Four (4) Lots each 90 days thereafter.
• Lot splits to be designated by Builders, subject to Developer approval.
• Escalator: 8% per annum commencing 180 days after Initial Closing Date (calculated on
the basis of 360 day year).
• Inspection Period: 30 days after execution of Purchase and Sale Agreement.
• Model: Each Builder is required to build, decorate, landscape and operate one model home
located on Lot 1, 2 or 3, Block A, Phase II-C of The Hollows.
• Inventory Homes: Three (3) Spec Homes.
• Construction Schedule: Within 30 days of initial closing, Builder must begin construction
of the Model Home and three (3) Spec Homes. At least three (3) Spec Homes not under contract with an ultimate consumer must be under construction or completed at all times.
032318 THOLT
Builder CSI Page 3 of 5