SALES CONTRACT NO:

EGMONT DEVELOPMENT INC.
P O Box 262, Ross Point
St. George’s, Grenada, WI.
Tel: (473) 444-2848 Fax: (473) 444-2822

AN AGREEMENT made the day of two thousand and two BETWEEN:-

EGMONT DEVELOPMENT INC. a company incorporated under and by virtue of the Companies Act 1994 (Act 35 of 1994) of Grenada with its registered office at Ross Point, Belmont in the Parish of Saint George in Grenada ("the Company") of the one part;

and the Purchaser (s) whose name (s) and address (es) are set out in Schedule 1 hereto ("the Purchaser") of the other part

WHEREBY IT IS AGREED as follows:-

  1. The Company will sell and the Purchaser will buy the unincumbered fee simple in possession of the property more particularly described in Schedule 2 hereto ("the Property") on the terms and conditions hereinafter contained.
  2. The price of the Property shall be the amount set out in Part 1 of Schedule 3 hereto ("the Purchase Price") which amount is calculated at the rate per square foot set out in Part 2 of Schedule 3 hereto.
  3. The sum set out in Part 3 of Schedule 3 hereto is now paid by way of deposit to the Company and the balance of the purchase price set out in Part 4 of Schedule 3 hereto shall be paid and the purchase completed at the offices of the Company's solicitors on the date fixed for completion ("Completion Date") set out in Schedule 4 hereto. If from any cause whatever the balance of the Purchase Price shall not be paid on Completion Date the Purchaser shall pay interest on the Purchase Price at the rate specified in Part 5 of Schedule 3 hereto.
  4. The Purchase Price may be accepted by the Company in a currency other than East Caribbean Dollars and in that event the rate of exchange to be used shall be the prevailing bank buying rate on Completion Date.
  5. The area of the Property specified in Part 2 of Schedule 2 is approximate only and may be modified or varied by the Company prior to Completion Date. On or before Completion Date the Purchaser shall receive the final area of the Property and the boundaries of the Property shall be duly marked.
  6. On or before Completion Date where the provisions of Clause 5 hereof apply, the Company shall notify the Purchaser of the actual cost of the land calculated on the measured area of the Property and the Purchase Price shall be the actual cost of the Property calculated at the rate set out in Part 2 of Schedule 3.
  7. The Property is sold on the conditions and subject to the reservations contained in Schedule 5 hereto.
  8. The Property is sold and will be conveyed subject to the stipulations contained in Schedule 6 hereto for the benefit and protection of the adjoining or neighbouring property of the Company to be known and hereinafter called "Egmont Point".
  9. Notwithstanding anything contained herein or in the conveyance to the Purchaser the Company may deal with its other lands free from all restrictions and may sell or demise such other land in such parcels and upon such terms and conditions and subject to or free from any restrictions as it may think fit and the Purchaser shall not be released from any of the conditions or stipulations herein or in such conveyance contained nor shall the right of the Company to enforce such conditions and stipulations be affected by reason that other lands of the Company shall have been sold or demised or contracted to be sold or demised without similar restrictions to those herein contained or that such other lands are being used in a manner or for purposes inconsistent with the restrictions contained in Schedule 6 hereto and the Purchaser shall not be entitled to inspect any assurance executed by the Company in favour of any other purchaser nor to require the concurrence of any other purchaser in the conveyance to him.
  10. On payment of the balance of the Purchase Price in accordance with Clause 3 hereof the Company will execute a proper assurance to be prepared and perfected by and at the expense of the Purchaser and the draft thereof left at the office of the Company's solicitors for approval not less than fourteen (14) days and the engrossment left at the same office for execution by the Company not less than seven (7) days before Completion Date.
  11. The conveyance to the Purchaser shall contain such provisions and covenants (which shall be so framed that the burden thereof shall run with and be binding upon the Property into whose hands whosoever the same may come) as may be necessary for giving effect to the conditions stipulations and restrictions mentioned or referred to in Clauses 7,8, 9, 15 and 16 hereof and in Schedule 5 and Schedule 6 hereto.
  12. On actual completion of the purchase the Purchaser shall be entitled to possession of the Property and shall be liable for all outgoings as from Completion Date such outgoings to be apportioned if necessary.
  13. At any time on or after the Completion Date either party may (without prejudice to any other right or remedy available to him) serve on the other party or his solicitor a notice in writing requiring him to complete this contract within twenty-eight (28) days after service of such notice.
    1. Should the Purchaser fail to complete this contract within such period of twenty-eight (28) days in respect of which time shall be of the essence the Company shall be entitled (without prejudice to any other right or remedy available to him) to forfeit the deposit and to resell the Property within twelve months after the expiry of the said period and after crediting the deposit to recover from the Purchaser any deficiency in price which may result on and all expenses incurred in such resale.
  14. This Agreement is conditional upon the Purchaser obtaining a licence in accordance with the provisions of the Aliens (Land-Holding Regulation) Act, Chapter 13 of the revised laws of Grenada 1990 edition, where the Purchaser is not a citizen of Grenada.
    1. In the event that Clause 14. hereof applies the Purchaser shall submit his application to the relevant authorities within six (6) weeks of the date hereof in respect of which time shall be of the essence.
  15. Subject to the provisions of Clause 16 hereinafter contained if at any time during the lives of the present issue of Her Majesty Queen Elizabeth II and the last survivor of them and the period of twenty-one (21) years from the death of such last issue the Purchaser his heirs executors administrators and assigns shall desire to sell the Property he must first submit any bona fide offer therefor received in writing to the Company naming the proposed transferee and the terms and conditions of payment of the Purchase Price. The Company shall within fourteen (14) days of receipt of the said offer in writing give written notification as to whether it consents to a sale to the proposed transferee or intends to exercise the option of re- purchasing hereinafter next mentioned. If the Company does not approve of the proposed transferee it shall have the option of repurchasing the Property at the said price and on the said terms and condition of payment contained in the aforesaid offer.
  16. Egmont Point is being developed as an exclusive residential area for the benefit of purchasers who in good faith intend ultimately to establish residence thereon. Accordingly, the Purchaser agrees not to offer his land for re-sale to anyone for a period of three (3) years commencing from the date hereof save and except under such unforseen circumstances as may be approved by the Company in its absolute discretion.
  17. In this Agreement where the context so admits words importing the singular number only include the plural number and vice versa and the masculine gender includes the feminine and neuter genders.
  18. This Agreement and its performance shall be governed by and construed in all respects in accordance with the laws of Grenada.

AS WITNESS the respective hands of the duly authorised representative of the Company and the Purchaser the day and year first hereinbefore written

SCHEDULE 1
The Purchaser
Name :
Address :
Telephone No. :

SCHEDULE 2
The Property
Part I
All that lot piece or parcel of land situate at Egmont Point in the Parish of Saint George in Grenada marked with the lot number and measured abutted and bounded as set out in Part II of this Schedule.

Part II
Lot No:
No. of Square Feet:
Abutted and Bounded:

SCHEDULE 3
Part 1
The Purchase Price
Part 2
Rate per square foot

Part 3
Deposit: EC

Part 4
Balance of the Purchase Price

Part 5
Interest Rate:

SCHEDULE 4
Completion Date

SCHEDULE 5
Conditions
  1. The Company shall carry out the development of Egmont Point by providing to the Property paved roads water supply and electricity lines in accordance with plans submitted to the Land Development Control Authority and any modifications thereto from time to time.
  2. The Company reserves to itself and its assigns all archaeological finds of whatever nature in under or on the Property.
  3. The Company shall not be responsible for any damage or defect in any construction erected in Egmont Point due to errors of construction or any imperfection of the land.
    IV. The Company shall have a charge on the Property for such amounts as may be owed by the Purchaser to the Company from time to time for maintenance fees whether such amount is for principal, interest or both principal and interest.4
  4. In consideration of the Purchaser paying the maintenance charge specified in Schedule 6 hereto the Company shall maintain the roads, common utilities, parks and other communal areas within Egmont Point.
  5. The Company may assign its obligations under condition 5 hereof to a resident’s association if one is established for Egmont Point or any other person or corporation as the Company shall think fit and in that event the purchaser shall have no right of action against the Company for neglect or failure to carry out its said obligations.

SCHEDULE 6
Restrictions and Stipulations

  1. The Property shall be used exclusively for the purpose of the erection of one private dwelling house such dwelling house to be constructed in strict accordance with plans first submitted to and approved in writing by the Company.
  2. The Purchaser shall not construct the said dwelling house except within the building line specified for the Property by the Company and not within twenty feet from any boundary.
  3. The said dwelling house shall be of one storey only unless otherwise first approved in writing by the Company.
  4. The Purchaser shall not make any alterations to the said dwelling house or any additional construction on the Property unless and until the prior written approval of the Company is first had and obtained.
  5. The Purchaser shall obtain all consents and permissions required by law for the construction of the said dwelling house and all alterations and additions thereto and shall at the request of the Company produce such consents and permissions to the Company.
  6. The Purchaser will not be permitted at any time to build or install in his private house any commercial or industrial establishment or carry on in his private home any business of a commercial nature without first obtaining the approval in writing of the Company.
  7. The Purchaser shall pay to the Company an annual charge in respect of maintenance at a rate of three cents Eastern Caribbean Currency per square foot such maintenance charge to be paid annually in advance and to be subject to revision on the 1st July, 2,001 and thereafter on the 1st July in each year having regard to the economic and all other relevant factors then prevailing.
  8. The Purchaser shall at all times keep the said dwelling house with all additions and alteration in good and substantial repair and condition.
  9. The Purchaser shall not erect any walls or fences on the Property unless and until the prior written approval of the Company is first had and obtained and in any event not less than two feet from the front boundary of the Property.
  10. The Purchaser shall at his own cost and expense connect and instal a water supply line from the main water line to the Property such water supply line to conform to the specifications of the Company and to be laid underground.
  11. The Purchaser shall at his own cost and expense construct a septic tank to the specifications and at the location on the Property specified by the Company.
  12. The Purchaser shall pay to the National Water and Sewerage Authority or such other competent authority from time to time all charges for the supply of water and the cost of a water meter and the installation thereof.
  13. The Purchaser shall not discharge any soil, or dirty, waste or storm water directly on the Property, the sea or adjoining land.
  14. The Purchaser shall not keep any waste or rubbish on the Property save in sealed containers kept for that purpose.
  15. The Purchaser shall contract with the suppliers thereof for the installation and supply of electricity and telephone services at his own cost and expense. Lines for the supply of such services shall be laid underground in strict conformity with the specifications of the Company.
  16. The Purchaser shall maintain the Property at all times (including during any periods of construction thereon) in a clean and tidy appearance and in default the Company may carry out such maintenance and cleaning work as may be necessary and the cost thereof shall be a debt due from the Purchaser to the Company.
  17. The Purchaser shall grant free of charge such leave and licence over the Property as may be necessary for the installation and provision of water, electricity, telephone and sewage services to other parts of Egmont Point and for the servicing thereof from time to time so as not to prejudice any construction carried out by him on the Property.
  18. The Purchaser shall not keep any livestock, animals, machinery or any apparatus or other thing which may cause offensive odour, noise, smoke, dust or otherwise cause a disturbance or nuisance to the adjoining or neighbouring owners or give an unsightly appearance to the area in which the Property is situate.
  19. All boundary lines or areas, refuse disposal bins, receptacles or areas used for refuse disposal, gas tanks, water heaters and similar containers or appliances shall be screened from the view of the road and the neighbours and generally from public view.
  20. All water tanks to be constructed on the Property shall first require the written approval of the Company and in any event shall be of a minimum capacity of one thousand imperial gallons and shall be laid underground. Any pump or pump houses (if any) used in connection therewith shall be screened from view.
  21. The Purchaser shall not erect, place or suffer to be erected or placed any advertising sign, flag, placard or boarding of any kind whatsoever on any part of the Property.
  22. Subject to all necessary governmental approvals and permissions and the prior written authority of the Company the Purchaser shall be permitted to construct a boat pier or piers for his private use where the Property is fronted by the sea.
  23. The Purchaser shall during the course of any construction be liable for any damage to any of the services, roads, verges or plants whether caused by himself his servants agents or otherwise in the course of such construction.
  24. There shall not at any time be erected or placed or suffered to be or remain on the Property any temporary building or structure except sheds to be used for the purpose of and in connection with the building of permanent buildings in course of construction upon the Property.
  25. No sand or gravel shall be dug or removed from the Property except in the way of excavating the foundations of any dwelling house to be erected thereon or for use in such building or in preparing or laying out gardens to be occupied therewith and no bricks tiles clay lime or coals shall at any time be manufactured or burnt upon the Property.
  26. The Property shall not be sub-divided by way of sale or otherwise.
  27. The purchaser shall not cut down, damage or in any way destroy or cause to be cut down damaged or destroyed any mangrove growing on the Property.

SIGNED BY the duly authorised )
representative of the Company )
in the presence of )
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SIGNED BY the Purchaser in the )
presence of )
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