Prairie Heights Lot Reservation
For and in consideration of a deposit in the amount of One Thousand and 00/100 Dollars ($1,000.00) (the “Reservation Deposit”), Switch Homes of Bettendorf (“Seller”) and the above-named Potential Purchaser hereby agree that Potential Purchaser shall have the first right of offer to purchase the above-mentioned lot and the construction of a dwelling home in the Development identified above.
Potential Purchaser understands that this Lot Reservation Agreement does NOT constitute an offer to purchase a lot, but simply the first right to enter into a real estate sale and home construction agreement (a “Sale and Construction Agreement”). If the parties are unable to agree to a Sale and Construction Agreement within sixty (60) days of the Lot Reservation Agreement, Seller may unilaterally terminate this Lot Reservation Agreement by returning the Reservation Deposit to Potential Purchaser.
Potential Purchaser shall have no right or interest in the lot nor any obligation to purchase the lot or pay for the construction of a dwelling home until all relevant parties have executed a Sale and Construction Agreement. Potential Purchaser may terminate this Lot Reservation Agreement at any time prior to executing a Sale and Construction Agreement by providing written notice to Seller, in which case Seller will promptly refund the Reservation Deposit to Potential Purchaser.
In Witness Whereof, the parties have executed this Lot Reservation Agreement as of the date set forth below:
Name: Matthew Mulligan
3415 Stoneman Road; Unit 5
Dubuque, IA 52002
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