TERMS OF PRIORITY CLUB MEMBERSHIP
Lifespace Communities, Inc. d/b/a The Waterford (“The Waterford”), a continuing care retirement community located in Juno Beach, Florida, hereby acknowledges with this agreement (this “Priority Agreement”) that has/have made a FULLY REFUNDABLE deposit of One Thousand Dollars ($1,000.00) (the “Priority Deposit”) in exchange for becoming a priority member of the planned Expansion at The Waterford (the “Expansion”). The Expansion will be comprised of residential living apartments and certain common areas.
In consideration of the Priority Deposit, The Waterford agrees that you shall have the following priority number in the selection of a residential living apartment (a “Residential Living Apartment”) The Waterford plans to construct on the community campus.
When the Residential Living Apartments are available for selection, priority members will be contacted in sequential order by priority number to visit the information center and be among the first to reserve a specific The Waterford Residential Living Apartment before the general public.
Upon selection of a Residential Living Apartment, you will be required to pay, in full, the reservation deposit and sign a Reservation Agreement for your specific Residential Living Apartment selected, by a specific date. The full amount of the Priority Deposit will be applied as partial payment of the reservation deposit required by the Reservation Agreement for your selected Residential Living Apartment. You acknowledge that signing this Agreement does not guarantee that you will be accepted for residency at the community. You will complete an application for residency. The Waterford will then process your application and make a determination regarding your qualification for residency.
The Waterford agrees to promptly place your Priority Deposit in a federally insured non-interest bearing account at US Bank (the “Priority Deposit Account”).
You may cancel this Priority Agreement at any time and for any reason by notifying The Waterford in writing at the address which appears below. Upon receipt of such request, the Priority Deposit will be refunded to you, in-full within thirty (30) business days.
Lifespace Communities, Inc.
4201 Corporate Drive
West Des Moines, IA 50266
Attn: General Counsel
The purpose of the Priority Agreement and the Priority Deposit is to allow you to be among the first to be contacted and invited into our information center for the opportunity to select and reserve one of our Residential Living Apartments. Nothing in this Priority Agreement shall be construed as binding upon either party with respect to approval of residency, availability or style of Residential Living Apartment. Further, the Priority Deposit is not an application fee, an entrance fee, a Reservation Deposit or Resident Deposit. Neither this Agreement nor the Priority Deposit shall require or entitle you to enter into any Reservation Agreement of Residency Agreement with The Waterford. The Waterford reserves the right to cancel this Agreement at any time without penalty and with full refund of your deposit to you.