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PRIORITY ORDER LIST DRAWING AND INITIAL LOT SELECTION GUIDELINES

May 20, 2022

 

Thank you so much for your interest in the exciting grand opening of GL HOMES at Arden!  These are the guidelines that will be used for your participation in our virtual drawing to determine the Priority Order List for selection of homesites at GL HOMES at Arden and the initial lot selection. The drawing will be held on Friday, May 20, 2022, at 10:00 AM and will be broadcast from our sales office via Zoom. If you are just interested in general sales and product information about GL HOMES at Arden and you are not participating in the drawing for the Priority Order List, please contact the sales office at (561) 451-9300.

If you want to take advantage of this exciting opportunity to get on our Priority Order List, please read all of the following to make sure you are familiar with how the Priority Order List will be determined and how the initial lot selection process will proceed on Friday, May 20, 2022.

1. The Priority Order List will be Determined by Random Drawing. The order for buyers to have the opportunity to purchase a home in GL HOMES at Arden will be established by a random drawing that will be broadcast via Zoom and take place beginning at 10:00 AM on Friday, May 20, 2022. Participants will be permitted to join the Zoom meeting as early as 9:50 AM. The Priority Order List established at the drawing will be used for the purchase of homes during the initial lot release described below as well as subsequent lot releases.

2. Initial Homesite Release; Price Changes. On Friday, May 20, 2022, after the Priority Order List is established, the first 8 homes will be made available for reservation and purchase. Based on the Priority Order List, buyers may select one of those 8 homes from a select list of 34 possible homesites. The list of 34 homesites to choose from is available from our sales office. Once those 8 homesites are reserved, we will continue to use the Priority Order List for subsequent homesite releases in the community, although those subsequent releases have not been determined at this time. Also understand that after the initial 8 homesites are sold, prices for subsequent homesites and future lot releases may change at any time and without notice.

3. Pre-Registration for the Priority Order List Drawing. To be eligible to participate in the drawing to determine the Priority Order List, a Pre-Registration will take place from now until 5:00 PM on Wednesday, May 18, 2022 (2 days before the event). During the pre-registration period, it will be necessary for you to personally visit the GL HOMES at Arden sales office to deliver a reservation deposit check in the amount of Ten Thousand Dollars ($10,000.00) made payable to “Palm Beach West Associates IV, LLLP” and fill out the reservation paperwork that will be used at the drawing, which will include (a) a Buyer Reservation Form, (b) a Reservation Deposit Form, (c) Acknowledgement Regarding Pre-Qualification Requirement, and (d) a Disclosure Summary for the Arden Homeowners Association, Inc. If you cannot visit the sales center in person during the pre-registration period, please call us to make arrangements to have your reservation deposit check and paperwork delivered to us before the end of the pre-registration period.

A Zoom link will be provided to all participants whose pre-registration documents have been verified and the reservation deposit has been delivered to us. The Zoom link will be sent to the e-mail address provided on the Reservation Deposit Form.

Please be aware that the reservation deposit check must be from an account in the actual name of the buyer purchasing a lot (NO THIRD-PARTY CHECKS OR CREDIT CARDS WILL BE ACCEPTED - including trust checks, company checks, in trust for or other non-personal checks). The reservation deposit will be fully refundable if you do not select a lot or do not subsequently enter into a contract for purchase of a home.

4. Priority Order List Drawing and Process. At 9:50 AM on Friday, May 20, 2022, buyers will be allowed into the Zoom Meeting and at 10:00 AM, the drawing will begin to establish the Priority Order List that will be used for buyers to purchase homes in GL HOMES at Arden as lots become available for purchase on Friday or in the future. At that time, a random drawing of names will take place from all potential buyers who pre-registered as described above. Once the priority order for buyers has been established, you will be contacted by the sales office on the phone number provided on your Reservation Deposit Form to schedule an in-person reservation appointment. The initial appointments will begin on Saturday May 21, 2022 and will continue based on the Priority Order List on Sunday, May 22, 2022. This reservation appointment is for you to be able to ask any questions and select an available lot and home. Failure to select a home and lot at your reservation appointment will result in your loss of priority on the Priority Order List, but you will be added to the end of the Priority Order List which will be used for subsequent homesite releases. However, an in-person appointment is not mandatory, Buyers may choose to waive the option of attending an in-person reservation appointment and select an available lot and home by phone with your Sales Associate. Should you wish to do so, you will be contacted via telephone at your scheduled appointment time to select your lot and home.

Please be aware that depending on your place in the Priority Order List for Lot Selection, you may not be contacted by the sales office to purchase one of the initial 8 lots if they have all been sold to buyers with a lower number on the Priority Order List.

5. Unable to Virtually Attend. If for any reason you are unable to virtually attend the drawing for the Priority Order List on Friday, May 20th, 2022, you may provide a phone number of a representative to virtually attend in your place, but we must have timely received your $10,000 reservation deposit check and your fully completed reservation paperwork during the pre-registration period (i.e., prior to 5:00 PM on Friday, May 13, 2022). If you are represented by a broker, your broker may act as your lot selection representative, however, a broker may only act as a lot selection representative for one buyer at the drawing.

6. One Drawing Spot Per Immediate Family.Your position on the Priority Order List is not transferrable so whatever number is given out to a buyer, the person(s)/couple with that Priority Order List number are the ones that will have the opportunity to go to reservation and contract. Only one Priority Order List spot per immediate family will be given out. If it is determined that any person or immediate family received more than one number for the drawing, all of their entries will be cancelled.

7. Contract Execution; Pre-Qualification Requirements. You will have three (3) days after your reservation appointment to execute the Purchase Contract for the home. Failure to execute the Purchase Contract within this time frame will result in your reservation being cancelled. A deposit of ten percent (10%) of the total purchase price (base house price plus lot premium), less the $10,000 reservation deposit, will be required to be paid at the time of execution of the Purchase Contract. You will receive a sample copy of the Purchase Contract and homeowners association documents at the time of your registration to provide you an opportunity to fully review and become familiar with them prior to your execution of the Purchase Contract, including, without limitation, the provisions regarding the NO INVESTOR POLICY described below. Please be aware that additional monies will be required to be paid at the time of selection of options and upgrades in accordance with the Purchase Contract.

As provided in the Acknowledgement Regarding Pre-Qualification Requirement, which is part of the reservation paperwork, within the three (3) day period to execute the Purchase Contract, all buyers must first pre-qualify with Seller by submitting proof of funds. For cash buyers, you will be required to provide documentation to show the proof of cash funds to be able to close on the purchase of the home. For buyers intending to use mortgage financing, you will need to apply for a pre-qualification from GLFinancial Services, LLC, regardless of whether Buyer previously obtained a pre-qualification or preliminary mortgage approval from another lender. No application fee will be charged by GLFinancial Services for seeking this pre-qualification and  Buyer is not, however, obligated in any way whatsoever to obtain a mortgage loan from GLFinancial Services in connection with the purchase of a home and lot. A buyer’s failure to comply with the Pre-Qualification Requirement can result in the reservation being terminated by Seller.

8. Brokers. If you are being represented by a broker, your broker must have accompanied you at your first visit and completed a Broker Registration Form or they will not be recognized as your broker. The broker will also be required to enter into a Broker Participation Agreement with us at the time of execution of your Purchase Contract. Brokers interested in purchasing a lot for himself/herself, may do so, but may only purchase one lot and must otherwise abide by all of the above procedures like any other buyer.

9. No Investor Policy. You may only purchase one lot in GL HOMES at Arden, and you must intend to purchase the home as your primary residence in Florida (but it does not necessarily need to be your primary residence). The Purchase Contract is not assignable or transferrable. The Reservation Deposit Form and Purchase Contract will require you to make certain representations regarding your purchase and will contain certain agreements to limit your ability to list or advertise the home for sale and/or lease prior to closing. In addition, in the event you sell within one (1) year after closing, 100% of the gain realized from such sale received pursuant to the sale shall be paid to the Builder from the proceeds of such sale, except for a sale resulting from a hardship event that is documented and approved in writing by Seller (i.e., divorce, job transfer out of the area, or other reason acceptable to Seller). Any breach will be considered a default under the Purchase Contract which will provide the Seller with the right to terminate the Purchase Contract and retain all deposits and other monies paid by you.

10. Changes to or Cancellation of the Priority Order List. After the Priority Order List is created at the drawing on May 20, 2022, new customers that visit the sales office may register with Seller to be added to the Priority Order List and they will then be added on a first-come, first-served basis. Once Seller gets to your number on the Priority Order List for an available homesite, whether at the initial lot selection or any subsequent homesite releases, if you choose to pass and not reserve a homesite, your priority on the Priority Order List will be lost and you will be added to the end of then current Priority Order List (including after any other buyers who were added to the Priority Order List). Notwithstanding anything in these guidelines or otherwise to the contrary, Seller does reserve the right, and shall have the right, to cancel the Priority Order List at any time and use any alternative method for determining the priority of future homesite selections as Seller shall determine in Seller’s sole and absolute discretion. Accordingly, a place on the Priority Order List, whether at the initial drawing or thereafter, does not in any way guarantee or reserve the right or opportunity to actually purchase a homesite in GL HOMES at Arden.

 

If you have any questions not answered here, please feel free to contact the sales office at (561) 451-9300 to speak with a sales associate. We look forward to seeing you during Pre-Registration and virtually at the Priority Order List Drawing on Friday, May 20, 2022!