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NON-BINDING RESERVATION DEPOSIT SHORELANDS BEACH COTTAGES CONDOMINIUM Western Avenue, Kennebunk, Maine DATE: ____________ UNIT NO. ____________ RESERVATION DEPOSIT $ ___________ PURCHASE PRICE $ ___________ NAME/ADDRESS/TEL NO. OF BUYER __________________________________________ ____________________________________________________________________________ 1. As confirmation of their interest in purchasing this Unit, Buyers have made this Reservation Deposit with Sellers. This Reservation agreement will remain in effect until replaced by a purchase and sales agreement or until either the Buyer or the Seller terminates it. 2. This Reservation Deposit shall be placed in escrow in a non interest bearing account held by Joseph G. Carleton, Jr., Attorney at Law, P.O. Box 369, Wells, Maine 04090 (Escrow Agent), to be held accounted for and delivered according to this agreement. 3. This is not a purchase agreement or contract of sale. Neither the Seller nor the Buyer are legally bound to sell or purchase any real estate as a result of this Reservation Deposit. Either the Seller or the Buyer may cancel this Reservation Deposit at any time. The notice of cancellation shall be in writing and a copy of the notice must be sent to the Escrow Agent before the deposit will be returned. Upon cancellation and return of the Reservation Deposit, Buyers and Sellers shall have no rights or obligations to each other. The parties have hereto signed this agreement on the day and year set forth above. _____________________________ Seller _____________________________ Buyer |