Closings:
One closing per phase, with five anticipated phases, each governed by a stand alone purchase contract, in accordance with the following Option exercise schedule
PHASE
PARCELS
NUMBER OF LOTS
OPTION EXERCISE DEADLINE
PARCEL PURCHASE PRICE
1
NA
Approximately 160
Later of (a) eighteen (18) months after the Effective Date or (b) one hundred twenty (120) days after the Entitlement Period Outside Date Twelve (12) months after the Phase 1 Option Exercise Deadline Twelve (12) months after the Phase 2 Option Exercise Deadline Twelve (12) months after the Phase 3 Option Exercise Deadline
$6,440/Lot
2-3
NA
Approximately 204
$6,860/Lot
4
NA
Approximately 156
$7,280/Lot
5
NA
Approximately 111
$7,700/Lot
Deferred Purchase Price due to seller(s) at sale to third party owner
A
B
C
Since Buyer’s purchase of the first Single Family Parcel, the total number of Residence Lots that Buyer has sold or deemed sold within all Single Family Parcels as of the end of the calendar quarter
Deferred Payment Per Residence Lot
Deferred Payment Accrual Increase (Non- Compounding) beginning 12 months after the applicable Single Family Parcel Closing 2% per annum (based on a 365-day year) 1% per annum (based on a 365-day year)
FIRST LEVEL SALES
Up to, and including, 160 th Residence Lot
$16,560
SECOND LEVEL SALES
From and including 161 st Residence Lot to and including 364 th Residence Lot From and including 365 st Residence Lot to and including 520 th Residence Lot Each additional lot from and including the 521 st Residence Lot
$17,640
THIRD LEVEL SALES
$18,720
1% per annum (based on a 365-day year)
FOURTH LEVEL SALES
$19,800
1% per annum (based on a 365-day year)
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