Wholesalevillas Lda agreement fo

BETWEEN WHOLESALEVILLAS LIMITED whose registered office is situate at;
5, Rua do Lagar, Alcantarilha, Algarve 8364-102, Portugal (hereinafter called "the Company") of the one part and. …………………………………………………………………………. Of………………………………………………………………………………………………………………
(Hereinafter called "the Buyer") of the other part

1. The Company is in the course of acquiring land in Portugal for the purpose of residential and touristic occupation.
2. The Company will allocate a parcel of land (“the Parcel”) to the Buyer from the land so acquired for the purpose of siting the unit hereinafter referred to as BoxyB model X.

3. The Buyer has agreed to purchase a BoxyB unit from the Company subject to the Company undertaking the obligations set out herein in consideration of the monies hereinafter referred to.
4. The Buyer agrees to lease the BoxyB unit to the company for a period not in excess of ten years.

1. IN CONSIDERATION of the sum of £££............................................................... POUNDS STERLING now paid by the Buyer to the Stakeholder as detailed in 1.1, the Company hereby agrees as follows: -

1.1 TO RETAIN these monies (save as hereinafter mentioned) in the Client Account of LOCAL LAWYER.
* who shall hold the same as Stakeholders until the monies can be released in accordance with the stage payment arrangements hereinafter referred to:

1.2 TO ACQUIRE a parcel of land to be known as The Parcel for the purpose of placing the BoxyB unit referred to in the Schedule hereto (hereinafter called "the Unit") and to secure all necessary outline and detailed planning and building regulations and consents to enable the siting of the Unit to take place.

1.3 SUBJECT TO release to the Company of the stage payments hereinafter referred to the Company hereby agrees to site the Unit on the Parcel in a good and workmanlike manner and in accordance with the specification details set out in the contract.

1.5 UPON completion of the acquisition of the Parcel upon which the Unit is to be built to cause to be deposited with LOCAL LAWYER the sum of £................................................

1.6          The Company agrees that it will, with appropriately qualified individuals:
1.6.1       Prepare detailed plans and specifications for the Unit.
1.6.2       Undertake all necessary survey work
1.6.3      Acquire agreed sites
1.6.4       Obtain required planning permissions
1.6.5       Manage the interface with the local appointed builder
1.6.6       Oversee development of site and building of outbuildings to ensure their compliance with specification, price and timescale
1.6.8        Negotiate with letting companies to obtain best-value, longest-term contracts for the summer period
1.6.9        Contract for management of the site throughout the year, including cleaning and renovation, prior to each letting period as shown in 5. And 5.1 below
1.6.10    Undertake full renovation and replacement of furniture and fittings after the fourth year or according to need

2.2 THOUSAND POUNDS (£0,000.00.) shall be released to the Company upon receiving notification from the Local Lawyers that a completion date for the acquisition of the Parcel (including any other adjacent or adjoining land being acquired by the Company) upon which the Unit is to be sited together with outline planning permission.

THE PARCEL OF LAND shall be then registered with the company in the name of the BUYER upon completion of the acquisition of the land lease and completion of build providing full payment has been made.

2.3 THE BALANCE of the purchase price amounting to £...................................... THOUSAND POUNDS (£0,000) shall be released to the Company on performance as requested.

2.4 TIME SCHEDULES: although time is not of the essence, it is the intention to hand over the Unit for Buyers occupation in 3 (three) months time from the date of authorisation of the contract or sooner.

2.5 PLANNING permission will be submitted without any liability on the Company for delays on the part of town planners. Should planning permission be refused an alternative site will be located within similar time frames.

4.DURING the said ten (10) year period the Buyer shall not be permitted to sell the Unit or the Lease upon which the Unit stands without the prior written consent of the Company which consent may be withheld at the absolute discretion of the Company save where the Buyer has died and the Executors of the Buyer wish to transfer the Unit to a beneficiary named in the Will of the deceased Buyer in which case a transfer of the Lease will be permitted provided that the Executors and the beneficiary named in the Will of the Buyer shall enter into a direct covenant with the Company to observe and perform the terms and conditions contained in this Agreement.

In the event of the demise of the Buyer, the Company shall be free to continue to assume the contract is still in force and as if the latter had not happened until such time as the executor and or the beneficiary has entered into the direct covenant hereto in referred save for the Company being obliged to remit such sums as may be earned during the Buyers period of use, as detailed in clause 5.1 hereinafter, to the executor of the Buyers estate in the interim.

5 THE BUYER The Buyer shall permit the Company exclusive use and occupation of the unit for the period January 1st to December 31st inclusive in each year during which time the Company shall have the exclusive right of letting the Unit and any income generated by the Company in respect of such use or letting shall be the absolute property of the Company. Remuneration to the buyer will be at a guaranteed rate of 5% p.a for 60 months commencing one year after contractual completion.

6. THE COMPANY shall during the 60 month period of this Agreement be responsible for all financial outgoings during its 6 month period of occupancy, save any lease obligations. Including maintenance, water, rates, electricity charges and supplies, site management, including maintenance of private and communal swimming pools and common ground, taxes, insurance, repairs and replacements, in respect of the unit furnishings and replacement of same shall be at the full discretion of the Company. The Company will pay for all other charges resulting from the 6 months use of the unit during the term of this agreement and shall indemnify the Buyer against any costs claims damages or liabilities made against the Buyer in relation thereto.

7.1 Any disputes arising in relation hereto shall be submitted to the exclusive jurisdiction of the Portugal Courts and the parties agree that any judgement in such Courts shall be binding upon them and the party in default shall not take any steps in any other jurisdiction to set aside such judgement but shall co-operate to ensure the enforcement of any such judgement.

8.FORCE MAJEURE
Neither Party to the contract is responsible for breach of contract caused by an act of God, insurrection, civil war, military operation or local emergencies. The parties hereby accept the international provision of Force Majeure as published by the International Chamber of Commerce, Paris, France.

9. CANCELLATION. Please ensure you have taken legal advice to your satisfaction before entering into this legally binding contract. After four weeks time or the full deposit of your funds being submitted it becomes a legal binding document.

SIGNED on behalf of the Company
By its duly authorised officer:
.......................................................
Name.............................................

SIGNED by the Buyer:
......................................................

WITNESSED BY:
Signed.
Name ………………………………………………………….
Address ………………………………………………………..
………………………………………………………………….
………………………………………………………………….
Occupation ……………………………………………………

Please send two copies of the contract and your balance of £.............................cheque to: Wholesalevillas Lda. 5, Rua do Lagar, Alcantarilha, Algarve 8364-102, Portugal.