Determination of Priority. Developer determined the priority of this Reservation stated above as among any other parties submitting reservations for the Home in Developer’s sole discretion based on Developer’s internal criteria. In addition, regardless of the priority stated above, Developer may determine to offer the Home only to a Reservation Holder who intends to occupy the Home as its Primary Residence or Second Home. If this Reservation Holder holds a second or third priority, then Reservation Holder’s right to purchase is conditioned upon the termination of those other reservations with higher priority for the Home. For example, if Reservation Holder has a priority of three, Reservation Holder may enter into a Purchase Agreement for the Home only after those reservation holders with the first and second priorities for the Home are terminated. If there are any reservations that are prior to Reservation Holder’s, and if those prior reservations are terminated, Seller shall notify Reservation Holder in writing and Reservation Holder shall automatically move up in priority unless, at that time, Reservation Holder has a first priority reservation to purchase any other Home in the Community. In that event, Reservation Holder shall only move into first priority for the Home if Reservation Holder terminates its other first-priority reservation within five (5) days after Developer delivers notice requiring Reservation Holder to make such election. Reservation Holder may hold only one first priority reservation at a time. If Reservation Holder does not respond to Developer’s notice within such 5-day period, then Reservation Holder’s reservation for the Home shall automatically terminate without further notice.
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Samples: Reservation Priority Agreement, Reservation Priority Agreement
Determination of Priority. Developer determined the priority of this Reservation stated above as among any other parties submitting reservations for the Home in Developer’s sole discretion based on Developer’s internal criteria. In addition, regardless of the priority stated above, Developer may determine to offer the Home only to a Reservation Holder who intends to occupy the Home as its Primary Residence or Second Home. If this Reservation Holder holds a second or third priority, then Reservation Holder’s right to purchase is conditioned upon the termination of those other reservations with higher priority for the Home. For example, if Reservation Holder has a priority of three, Reservation Holder may enter into a Purchase Agreement for the Home only after those reservation holders with the first and second priorities for the Home are terminated. If there are any reservations that are prior to Reservation Holder’s, and if those prior reservations are terminated, Seller shall notify Reservation Holder in writing and Reservation Holder shall automatically move up in priority unless, at that time, Reservation Holder has a first priority reservation to purchase any other Home in the Community. In that event, Reservation Holder shall only move into first priority for the Home if Reservation Holder terminates its other first-priority reservation within five (5) days after Developer delivers notice requiring Reservation Holder to make such election. Reservation Holder may hold only one first priority reservation at a time. If Reservation Holder does not respond to Developer’s notice within such 5-day period, then Reservation Holder’s reservation for the Home Hone shall automatically terminate without further notice.
Appears in 1 contract
Samples: Reservation Priority Agreement
Determination of Priority. Developer determined the priority of this Reservation stated above as among any other parties submitting reservations for the Home Unit, in Developer’s sole discretion based on Developer’s internal criteria. In addition, regardless of the priority stated above, Developer may determine to offer the Home only to a Reservation Holder who intends to occupy the Home as its Primary Residence or Second Home. If this Reservation Holder holds a second or third priority, then Reservation Holder’s right to purchase is conditioned upon the termination of those other reservations with higher priority for the HomeUnit. For example, if Reservation Holder has a priority of threethird priority, Reservation Holder may enter into a Purchase Agreement for the Home Unit only after those reservation holders with the first and second priorities for the Home Unit are terminated. If there are any reservations that are prior to Reservation Holder’s, and if those prior reservations are terminated, Seller shall notify Reservation Holder in writing and Reservation Holder shall automatically move up in priority unless, at that time, Reservation Holder has a first priority reservation to purchase any other Home Unit in the Community. In that event, Reservation Holder shall only move into first priority for the Home Unit if Reservation Holder terminates its other first-priority reservation within five (5) days after Developer delivers notice requiring Reservation Holder to make such election. Reservation Holder may hold only one first priority reservation at a time. If Reservation Holder does not respond to Developer’s notice within such 5-day period, then Reservation Holder’s reservation for the Home Unit shall automatically terminate without further notice.
Appears in 1 contract
Samples: Reservation Priority Agreement