Page 27 - OAKS OF LAKEWAY

Purchase Price:
Oaks II@ Lakeway
09-07-2018
The Cash Payment portion of the Purchase Price to be paid at Closing shall be approximately $5,000,000, assumes a density of no less than 100 detached residential homes.
Earnest Money:
$50,000 (Due at Contract, applies to Purchase Price at Closing), an additional $150,000 due upon expiration of the inspection period.
Deadlines and Closing Dates:
1. Earnest Money deadline: 21 Business Days a er mutual execution of Contract
2. Delivery of Title Commitment (with copies of exception documents): 15 days a er
the Contract e ective date
3. Delivery of Existing Survey: Upon mutual execution of Contract
Delivery of Seller's records as specified in the Contract: Upon mutual execution of Contract
Delivery of Title Objections: 15 days a er delivery of items 2.-4.
6. End of Inspection Period: December 31, 2018, subject to extension as described in the Contract
7. Expiration of the Water District 17 tap e requirement
8. Extension of Rain Road and required bridge is not included in this o er price,
Legacy Communities will work with Stratus Properties to work out an acceptable solutiontomitigatetheestimated$2.5Mcost. (Potentialcostsharewithadjacent Town Center Project).
9. Governmental approval of Buyer's Plat, site, and development plans: August 31, 2019, subject to extension as described in the Contract
10. Satis ctionofotherConditionstoClosing: 180daysa ertheContracte ective date or approval of site plan and development permit, whichever occurs last.
11. ClosingDate: 30daysa ersatis ctionofConditionstoClosing
Inspection Period:
During the Inspection Period, Seller shall provide Buyer access to all engineering, planning, permitting, land use approvals, utili agreements, development cost estimates, and all other work product in Seller's possession or control; and authorize Seller's engineers, planners, surveyors or other consultants who have worked on the planning, permitting, or land use approvals to disclose to Buyer all in rmation assembled by or known to such consultants concerning the Property or its development potential.
Conditions to Closing:
Buyer's obligation to complete the purchase of the Property shall be contingent
upon satisfaction of mutually agreeable Conditions to Closing, including final approval om
LETTER OF INTENT
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