Page 32 - The Hollows CSOI

NON-BINDING CONDITIONS
The Hollows, Travis County, Texas
An Approximately 1,000 Lot Master Planned Community Phases II-A, II-B, II-C and III-A
Location: Phases II-C and III-A of The Hollows
Number of Lots: (85+ widths) Sixteen (16) single family Lots + 20 options for single family Lots
Lot Sizes:
Schools: Developer: Builders:
Terms:
(60+ widths) approximately 108 single family Lots
1. 85’+ widths
2. Future Development Phase approximately 60' wide
Lago Vista ISD
Legacy Communities, a Master-Plan Community Developer Maximum of 3 Builders to be selected (36 total Lots each)
• Lot Price: $85,000 per Lot plus $2,500 Project Marketing Support Fee per Lot
• 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.
o Earnest Money to be released to Seller upon completion of First Closing. • Takedown schedule: Lots to be purchased in quarterly takedowns as follows:
o Initial Closing – Four (4) Lots (1 Model Lot and 3 Spec Lots) fifteen (15) 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 Developer (Positions A, B, & C)
• 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.
• Square Footage Minimum: 2,800 sq. ft.
032318 THOLT
Builder CSI Page 3 of 6