Agreement
DSMI will begin contacting prospective member residents in order, based on each prospective resident’s reservation number, to enter into a Membership Agreement for a specific Residence. Prospective Member Resident shall have the option, at that time, to enter into the Membership Agreement at monthly rate and on the other terms and conditions set forth in the Membership Agreement, or to continue to remain on the Priority Selection List. If Prospective Member Resident declines to enter into a Membership Agreement when initially contacted, DSMI will contact others on the Priority Member Selection List and they, in turn, will have the opportunity to enter into a Membership Agreement for a specific Residence. Once DSMI has initially contacted everyone on the Priority Selection List, it will repeat the foregoing process for those remaining on the Priority Selection List, in order of Reservation Numbers, until it has received Membership Agreements for all Residences. Prospective Member-Resident understands that depending on the number of prospective residents on the Priority Selection List and Prospective Member Resident’s Reservation Number, Prospective Member Resident may not have more than one opportunity to enter into a Membership Agreement for a Residence.
Deposit.
In consideration of receiving a Reservation Number and being placed on the Priority Selection List, Prospective Member Resident has delivered to DSMI the amount of $500 or $1000, to be held as a fully-refundable deposit (the “Deposit”). The Deposit shall be refunded to Prospective Member Resident, without interest, within 10 days following the earlier of the leasing of all Residences or Prospective Member Resident’s or DSMI’s’s termination of this Agreement. Following the execution of this Agreement, DSMI shall promptly deliver the Deposit to (Title Co.)_____________________to be held in escrow during the term of this Agreement. Upon the execution of a Membership Agreement, Prospective Member Purchaser shall have the option to apply all or any portion of the Deposit to any deposit or fees required under the Membership Agreement or to receive a refund of the Deposit.
Termination.
Either Prospective Resident or DSMI may terminate this Agreement at any time for any reason upon written notice to the other. Upon such termination, this Agreement will become null and void and DSMI shall cause the Deposit to be delivered to Prospective Member Resident within 10 days following notice of termination. If not sooner terminated, this Agreement shall automatically expire on ____________, 20___, and if Prospective Member Resident has not elected to apply the Deposit to a Membership Agreement on or before such date, DSMI shall cause the Deposit to be delivered to Prospective Member Resident within 10 days thereafter.
No Offer to Lease and No Assignment.
This Agreement is not, and shall not be construed as, an option or offer to lease. This Agreement does not convey any legal or equitable interest in any real property. Prospective Member Resident understands and agrees that DSMI’s’s sole obligation and liability under this Agreement shall be to refund the Deposit upon the terms set forth herein, and that Prospective Member Resident shall have no interest or rights in or to any Residence or other portion of the project unless and until a Membership Agreement is signed and delivered by Prospective Member Resident and DSMI. Prospective Member Resident may not assign, convey or otherwise transfer any rights or interest under this Agreement.
Preliminary Representations.
All advertising, promotional materials, site plans and oral representations made or distributed in connection with this Agreement or otherwise are preliminary in nature and DSMI reserves the right to change them without notice.
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.
Active Living.
The Residences are for persons age 55+ who are capable of providing for their own personal care and health needs. Prospective Member Resident hereby represents and warrants that Prospective Member Resident is mentally competent and capable of living independently, in a safe fashion without assistance, is capable of maintaining Member-Resident’s own personal appearance and hygiene, and is capable of self-administering medication without supervision. At the time of entering into a Membership Agreement, Prospective Member-Resident will be required to provide a complete health history prepared by Prospective Member Resident’s physician confirming the foregoing.
EXECUTED to be effective as of the Effective Date.
