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Condominium Reservation Agreement 

        THIS CONDOMINIUM RESERVATION AGREEMENT is by and between MAGNOLIA CROSSINGS OF FLAGLER, LLC, a Florida limited liability company, whose address is P.O. Box 354690, Palm Coast, Florida 32135, hereafter referred to as the Seller, and  whose address is , hereinafter referred to as Buyer.

        For  valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows:

  1. Buyer hereby reserves the future right to purchase Unit No. Seller's proposed commercial condominium known as MAGNOLIA CROSSING.

  2. Buyer acknowledges and agrees that the Developer has not yet established a Purchase Price for the Unit or the exact benefits to be afforded and that the Developer shall have the  right, in the Developer's sole and absolute discretion, to establish the Purchase Price for the Units, all charges for options, extras and Unit premiums and all discounts, incentives and premiums to be offered, such amounts to be set forth in the Sales Agreement.

  3. Simultaneous with the execution hereof, Buyer hereby tenders to Seller a deposit of $made payable to the Escrow Agent.

  4. Seller shall  immediately deliver the deposit to the Escrow Agent who shall deposit the money in a non-interest bearing escrow account.

  5. Escrow Agent shall provide Buyer with a receipt for the monies deposited by Escrow Agent.

  6. The Escrow Agent's name and address is:  Chiumento & Associates, P.A., 4 Old Kings Road North, Suite B, Palm Coast, Florida 32137.

  7. The Seller shall  comply with Chapter 718,  Florida Statutes.   

  8. Seller shall present Buyer with a Contract for Sale and Purchase (the AContract) and the Declaration of Condominium on or about

  9. If Buyer accepts the condominium documents and Contract, Buyer shall promptly execute the Contract in accordance with the instructions submitted and return it to Seller within fifteen (15) days of receipt to  Buyer, in which event the deposit made shall be disbursed in accordance with the Contract and Escrow Agreement.

  10. Escrow Agent shall not release any reservation deposit money directly to Seller except as a down payment on the purchase price at the time the Contract is signed by Buyer as provided in the Contract.

  11. If the Buyer does not accept the Condominium Documents and Contract within the fifteen (15) day period, this reservation shall be cancelled and the deposit shall be returned to Buyer .

  12. Buyer and Seller shall at all times , up to Buyer's acceptance of the Agreement, have the right to an immediate and unqualified refund of the deposit upon written request to the Escrow Agent by either the Seller or the Buyer.

  13. ACCEPTANCE OF THE RESERVATION DEPOSIT BY THE DEVELOPER SHALL NOT CREATE IN BUYER ANY EQUITABLE RIGHTS IN ANY UNIT.  BUYER SHALL NOT RECORD THIS OR ANY MEMORANDUM OR NOTICE THEREOF IN THE PUBLIC RECORDS.  IF BUYER VIOLATES THIS PROVISION,  THIS AGREEMENT MAY IMMEDIATELY BE TERMINATED BY DEVELOPER, WHEREUPON DEVELOPER SHALL IMMEDIATELY DIRECT ESCROW AGENT TO REFUND THE RESERVATION DEPOSIT (WITHOUT ANY INTEREST) TO BUYER WITHOUT QUALIFICATION.

         IN WITNESS THEREOF, the parties have affixed their signature on the of , 2007                                                                              

SELLER:
 
WITNESSES AS TO SELLER: MAGNOLIA CROSSINGS OF FLORIDA, LLC, 
a Florida limited liability company
 
____________________________________ By:_____________________________________
 
Its Member                                                            
Name Typed or printed
 
 ____________________________________
 
Name Typed or printed
 
 
WITNESSES AS TO BUYER(S): BUYER(S):
 
____________________________________ ____________________________________
   
Name Typed or printed Name Typed or printed
____________________________________ ____________________________________
   
Name Typed or printed Name Typed or printed