THIS RESERVATION AGREEMENT is made and entered into between (the “Purchaser”), and Metaligna Modular Inc. (the “Vendor”) manufacturer of CRAFT Modular products.
WHEREAS the Vendor is a manufacturer of park models, modular homes and accessory dwelling units.
AND WHEREAS the Purchaser is interested in purchasing a unit from the Vendor.
AND WHEREAS a purchase agreement/purchase order (the “Purchase Agreement”) has not yet been formalized between the Purchaser and the Vendor with respect to the purchase of a unit.
NOW THEREFORE THIS AGREEMENT WITNESSES that the Vendor hereby agrees to reserve a CRAFT product(s) (minimum one (1) (the “Unit”)) for the Purchaser. The purchaser agrees to pay the refundable fee of $197 to the Vendor. Unit prices subject to change based on market volatility.
The purchase price for your CRAFT product is to be determined based on unit selection, options and upgrades and shall not include any permit fees, custom duties, additional levies or any costs associated with the installation of the Units (all of which are to the sole account of the Purchaser prior to delivery).
- The Purchaser has paid a Priority Reservation fee of $197 (the “Reservation Fee”) to the Vendor with this Reservation Agreement.
- If the Purchaser and Vendor complete a Purchase Agreement, the Reservation Fee shall be held as an initial deposit and credited towards the purchase price on the transaction closing in accordance with the Purchase Agreement. The parties agree that the terms of any such Purchase Agreement will supersede the provisions of the Reservation Agreement, which shall be null and void and of no further force and effect in such instance.
(A) Within ten (10) days of receipt thereof, the Purchaser shall execute and deliver to the Vendor a formal Purchase Agreement to purchase the Unit, and the Purchaser shall pay additional deposits as detailed therein, failing which shall render this Reservation Agreement null and void and the Reservation Fee shall be returned to the Purchaser forthwith, without interest or abatement.
(B) The Vendor and Purchaser hereby acknowledge and agree that this Reservation Agreement is merely an agreement to reserve the right to enter into a definitive Purchase Agreement and does not constitute a binding purchase agreement for the Unit.
The Purchaser may terminate this Reservation Agreement upon ten (10) days’ written notice to the Vendor. In such instance, the Reservation Fee shall be returned to the Purchaser without interest, penalty, deduction, or abatement. The Vendor may terminate this Reservation Agreement on written notice to the Purchaser, following which the Reservation Fee shall be returned to the Purchaser without interest, penalty, deduction, or abatement.
The Purchaser shall not be permitted to sell, transfer, or assign this Reservation Agreement to a third party without the written consent of the Vendor, which consent may be arbitrarily withheld. The Vendor may pledge this Reservation Agreement as security and/or assign its rights hereunder without the Purchaser’s consent.
The laws of the Province of Ontario and Canada govern this Reservation Agreement applicable therein, and time shall be of the essence hereof. Each of the Purchaser and the Vendor covenant to execute and deliver all documents, perform all acts and things necessary or appropriate to give effect to the intent and purpose of this Reservation Agreement.
The Purchaser and Vendor both acknowledge and agree that this Reservation Agreement may be executed and delivered by facsimile, email in “PDF” format, or other formal electronic transmission.