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back to Raldon for use as model houses for an initial term
of 18 months. For each of the five houses, there is a
schedule attached to the agreement that lists the address;
the base price; the "optional extras" included with the
house, such as carpeting, wallpaper, and mirrored walls;
the "marketing extras", such as drapes, sprinkler systems,
built-ins, and landscaping; the price for each of the
extras; and the "purchase price" of the house. The
purchase price for each of the five houses was $8,000 to
$10,000 more than the base price because of the "extras".
As one of the conditions of closing under the
purchase and leaseback agreement, Raldon agreed to pay
EPIC 6 percent of the purchase price of the properties.
The agreement provides as follows:
On the Closing Date, Seller [Raldon] shall
pay to Equity Programs Investment Corporation a
sum equal to six percent (6%) of the Purchase
Price of the Properties, and the execution of
this Agreement by Seller shall constitute an
irrevocable assignment to Equity Programs
Investment Corporation from the sale proceeds
of a sum sufficient to make the payment due
under this Subparagraph 5.7.
We refer to the amount payable under the above provision as
the builder fee.
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Last modified: May 25, 2011