Aspen Estates Lot Reservation Document

Ward Development, L.L.C. ("Developer") hereby acknowledges receipt from _____________________ ("Potential Buyer") of the sum of $ ___________ ( the "Deposit") in the form of a check payable and delivered to Developer.

The sole purpose of the Deposit is to reserve the Potential Buyer Lot ________ of Aspen Estates  ________ Plat (the "lot") until the earliest of: (i) _________________, 200 __, (ii) receipt by Developer of written notice of the execution of a written contract between a builder and Potential Buyer for the sale and purchase of a residence to be built on the Lot based upon floor plans, specifications and price acceptable to the Potential Buyer and an approved builder of the residence, (iii) receipt by the Developer of written and oral notice from Potential Buyer that Potential Buyer is no longer interested in building a residence on the Lot, or (iv) commencing thirty (30) days after the date hereof, the expiration of two business days after Developer gives written notice to Potential Buyer that Developer has received from a builder a signed bona fide contract to purchase the Lot for a specific homebuyer and that Developer intends to accept such contract unless Potential Buyer causes an approved builder to submit a signed bona fide contract to purchase the Lot for the then current Lot price within such two business day period. Upon the termination or expiration of this reservation, Developer shall refund to Potential Buyer the Deposit, without interest thereon. No interest shall be payable on the Deposit by Developer or any other party.

Neither Developer nor any real estate broker/salesperson or other party has any obligation to notify Potential Buyer of any upcoming expiration or termination of this Lot Reservation.

Potential Buyer acknowledges that the reservation described herein does not constitute an agreement by Developer to sell the Lot to Potential Buyer or an option for Potential Buyer to purchase the Lot from Developer. Potential Buyer acknowledges that Developer has the option to approve/not approve sale to a builder that is not on the list of approved builders for the area.

Potential Buyer acknowledges that neither the sale of a lot to a particular builder, nor the inclusion of a particular builder on the list of approved builders for the area, constitutes a representation, endorsement or guaranty by Developer or any real estate broker/salesperson of the financial stability, qualifications, work or any other matter relating to such builder. Neither Developer nor any real estate broker/salesperson guarantees or warrants the obligations or construction by a builder.

If Developer and the builder selected by Potential Buyer enter into a lot sale agreement for the Lot, then Potential buyer and Developer hereby authorize and direct Developer (without the need of any further documentation) to transfer the Deposit to the builder's credit under the lot sale agreement to be held in accordance with the terms of that lot sale agreement. Upon such transfer, this Lot Reservation shall be deemed terminated, the Deposit will be governed by the lot sale agreement, and the Deposit may not be refundable under the lot sale agreement. Potential Buyer shall not be deemed to be a party to, or a third party beneficiary of any lot sale agreement between Developer and any builder.

Potential Buyer acknowledges that (i) the exact location and configuration of the Lot is subject to change by Developer prior to closing of the sale of the Lot to builder and (ii) the purchase price for the Lot is subject to change by Developer until Developer and builder enter into a lot sale agreement for the Lot.

Potential Buyer acknowledges and agrees that Potential Buyer shall be responsible for and shall pay any and all engineering, architect and plan design fees that Potential Buyer may incur or request by incurred in connection with the Lot (whether or not a residence is ever built on the Lot for Potential Buyer).

Potential Buyer shall not have the right to sell, assign or otherwise transfer this instrument without the prior written consent of Developer.

This Lot Reservation shall not become effective unless and until signed by all parties hereto.

Developer shall have the right to solicit and accept back-up reservations for the Lot from other potential buyers.

In connection with all lot sales by Developer, Gemini II, Inc., (including its broker and salespersons) represents and is acting as the sales agent for Developer with the duty to represent Developer's interest. Gemini II, Inc., will not be the agent of Potential Buyer. Information given to Gemini II, Inc. by Potential Buyer will be disclosed to Developer. Gemini II, Inc., will be the listing company on the sale/construction of any residence for Potential Buyer by a builder and Gemini II, Inc., (including its broker and salespersons) will represent and be a sales agent for the seller/builder or a transaction broker for the sale/construction of the residence. Gemini II, Inc., will be entitled to receive a 5% sales commission that is based on lot plus improvements, and such commission will be paid in advance if Potential Buyer acquires title to the Lot prior to the completion of the residence. If a Co-op Broker/Buyer’s Agent is involved, it is understood that the commission shall be split 50% to the listing side and 50% to the selling side.

The attached Agency Disclosure Addendum is an integral part of this Lot Reservation

 Lot Price: $__________________________ (Which will increase at the rate of ____ % per annum if the Lot closing does not occur within _______ days after the date this Lot Reservation is signed by Developer).

Selling Broker_______________________________ Selling Licensee__________________________________
                  (none may be added or asserted by Potential Buyer later)

Common Address (if known): ______________________________________________________________________