1. The Reservation Payment is paid as an indication of the Applicant’s interest in purchasing the selected unit (“the Unit”) and does not entitle the Applicant to demand that Whim Development Company Limited sell to the Applicant the Unit identified herein or any unit in the Development.
2. Whim Development Company Limited will hold the Reservation Payment in an escrow account and the Applicant shall be entitled at any time, to have same refunded without interest, after clearance of the funds and after forty-eight (48) hours written notice of such request, excluding weekends and public holidays.
3. The Applicant acknowledges that Whim Development Company Limited has the sole and absolute discretion to dispose of any and all of the units in the Development and the Applicant will have no recourse against Whim Development Company Limited in the event the Applicant is not offered the Unit or any other unit for sale.
4. The Applicant shall be provided with an Agreement for Sale of the Unit which will detail the terms and conditions of the sale and all costs payable by the Applicant. If the Applicant signs the Agreement for Sale, the Reservation Payment shall be credited towards the purchase price of the unit being purchased.
5. If having been provided with the Agreement for Sale, the Applicant fails to sign the said Agreement or having signed the Agreement elects to cancel the sale by giving notice in writing to Whim Development Company Limited and/or its Attorneys-at-Law Hart Muirhead Fatta, the Applicant acknowledges and agrees to pay a cancellation fee of $50,000.00 and authorizes Whim Development Company Limited and/or its Attorneys-at-Law to deduct this sum from the Reservation Payment.
6. Whim Development Company Limited makes no representation or warranties (express or implied) regarding any investment in the Development or the purchase of a unit. Any information obtained from Whim Development Company Limited should not be used as a substitute for professional legal, financial or real estate advice and the Applicant should conduct his/her own investigations, check the accuracy, reliability and completeness of all such information and obtain independent advice from appropriate professional advisors.
7. This Application cannot be assigned or transferred by the Applicant.