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Purchase Agreement

Purchase Agreement

This agreement is made between Meridian Investment Group Inc. (the Agent) and you (the Purchaser);

Whereas the property shall be located on Ambergris Caye in the Sovereign State of Belize (the Lands);

And whereas unencumbered and separate strata titles shall be issued, with each such title representing one of the separate units (the Condominium);

Now therefore this agreement witnesseth that the Agent and the Purchaser do hereby covenant, undertake and agree as follows:

1.0. The Purchaser has legal capacity to contract for the purchase of (a) single or multiple week(s) of fractional ownership of the Condominium (the Week) and to provide instructions regarding the assignation of ownership for the Week, subject to the terms and conditions as set forth herein;

2.0. The Purchaser agrees to pay to the Agent by certified check, bank draft or bank wire transfer, the sum of $10,000USD for each Week purchased;

3.0. The Condominium shall be constructed in a good and workmanlike manner within the limits of the Lands and shall be substantially in accordance with the plans & specifications appended hereto as item 10.0.;

4.0. The Condominium shall be constructed with electrical service, supply of potable water, septic system, telephone, cable television and internet service;

5.0. The Condominium shall be completed, on a best efforts basis, within 18 months of the commencement of construction;

6.0. The Lands shall have good and lawful title in fee simple and the Purchaser shall be assigned the legal and beneficial ownership of the Condominium in direct proportion and corresponding to the number of Weeks purchased;

7.0. The Purchaser agrees to pay to the Agent an annual fee (the “Condo Fee”) of $300.00 United States dollars for each Week purchased as follows:

  1. The Condo Fee shall include all utilities (electricity, water, cable/satellite), transportation upon arrival and departure to / from San Pedro Town, furniture package, weekly housekeeping, cleaning of the beach, maintenance of the common areas located on the property, upkeep and maintenance of the swimming pool, garbage removal and disposal as well as security and insurance;
  2. The insurance included in this fee shall cover the pool, the common areas and all of the buildings, including the exterior of the building containing the Condominium.
  3. The Condo Fee may be subject to change from time to time upon ninety (90) days notice to the Purchaser;
  4. The Condo Fee will be pro-rated for the first year of ownership and payment of same must be completed no later than midnight on December 31 of each year.
  5. The Purchaser agrees that a failure pay the required the Condo Fee shall result in forfeiture of his / her right to make reservations for the utilization of his / her Weeks and the facilities located upon the Lands until such time that any and all outstanding Condo Fees are paid in full;

8.0. The Purchaser agrees to participate in a Condominium Rental and Reservation System (the Rental Pool) subject to the following terms and conditions:

  1. The Rental Pool shall maintain a reservation system through which all reservations for the Condominium will be processed;
  2. The Rental Pool shall adjust rental rates and / or discounts at its sole discretion for the purpose of maintaining maximum occupancy;
  3. Rental fees for all reservations shall be pre-paid in full and shall include a refundable security deposit, which refund shall be subject to an inspection of the Condominium by persons appointed by the Rental Pool at the end of the rental period;
  4. The Rental Pool will manage all rental income and the net income shall be split on a 70 – 30 basis. For clarification, seventy percent shall be utilized for the purpose of dispersing profits (the Profit Sharing) and thirty percent shall be utilized for operational and management expenses;
  5. Each Purchaser shall receive an equal proportional share of Profit Sharing based upon the number of Weeks purchased versus the Total Number of Weeks. For example, if the Purchaser owns 5 Weeks of a Total of 300 Weeks, then the Purchaser would receive 5/300th of the Profit Sharing;

9.0. Miscellaneous

  1. The provision of appropriate digital photographs shall constitute sufficient evidence of the completion of a particular stage of construction for the purposes of this Agreement.
  2. It is agreed that there is no representation, warranty, condition or collateral agreement affecting this agreement that is not contained herein, unless same is expressed in writing and signed by all parties hereto.
  3. For the effects of interpretation and the fulfillment of this agreement the parties expressly accept to be bound by the Laws of the Sovereign State of Belize.
  4. The Purchaser acknowledges and affirms that the terms of this agreement were entered into at the time of the purchase of the Week and that these terms shall enure to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the parties hereto and shall form a part of any future Purchase Agreement in the event that the Purchaser chooses to offer his Week(s) for sale.
  5. The Purchaser agrees that he shall not offer his Week(s) for sale until a date that is one calendar year after the completion of construction of the resort of which the Condominium is a part.
  6. The parties will use their utmost good faith in dealing with each other and will take no action, which may deprive the other party of the benefits to be derived by this Agreement.

10.0. Plans & Specifications

Alegria Floor Plan

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