TERMS & CONDITIONS

The Purchaser and the Vendor hereby agree to the following:

1. At any time prior to the signing of a Contract of Sale, the Purchaser may end the reservation agreement and the reservation fee shall be refunded in full to the Purchaser.

2. In the event that the Purchaser executes a Contract of Sale, the Reservation Fee may be applied towards the deposit payable under that contract.

3. If the Purchaser does not execute a Contract of Sale for the specified lot by COB on the 5^th day after the reservation has been made/reservation form completed, the reservation agreement will terminate and all monies paid will be refunded.