Isla Palenque Sales Process Sheet

The Resort at Isla Palenque – Sales Process Priority Reservation Certificate Holder’s Program and Timeline Summer 2010: Priority Reservation Certificate Program Certificate Holders put a $5,000 deposit in escrow in exchange for Priority Selection and a $10,000 discount off of their purchase price. (See Priority Reservation Certificate and Stewart Title Reservation Escrow Agreement.)

Early Fall 2010: Priority Home Selection Period MAKE YOUR SELECTION: Certificate Holders will be notified in advance of the start of the Priority Home Selection Period. At the start date, Certificate Holders will have three business days to select any available Phase One residence, based on their priority selection order. (For example Certificate Holder #1 has the choice of any available residence. Certificate Holder #4 will have the choice of any residence except those selected by Certificate Holders 1, 2 & 3). Actual selection order among Certificate Holders is determined by the date of their certificate.

EXECUTE YOUR PURCHASE AGREEMENT: Once selection is made by the Certificate Holder and confirmed by the developer, the Certificate Holder will have 10 business days to complete the contract and make their deposit. If they fail to do so, their selection will become available to other buyers. The down payment monies for purchases are deposited into a protected escrow account in the United States, held by the Stewart Title Guaranty Company and will remain there until construction begins on the foundation of the home.

MORE TIME IF YOU NEED IT: After the three day selection period, Certificate Holders who have not yet made a selection will still have 45 days from the start of the Priority Home Selection Period to select the residence of their choice and receive the pricing discount. However, selection will be based on availability on a first-come, firstserved basis.

Mid/Late Fall 2010: Public Release of Sales At the end of the 45 day Priority Home Selection Period the Certificate becomes void.

Sales of Isla Palenque Phase One Residences will be opened to the general public at preconstruction prices.

2011-2012: Phase One Construction Period Unless otherwise requested by the purchaser, home construction will begin around the same time construction begins on the hotel. We anticipate this date to be mid- 2011.

When construction begins on the foundation of the home, the initial escrowed deposit is transferred to the developer and the remaining payments are made in accordance with the payment plan. (See Isla Palenque Payment and Financing Sheet.)

Home construction time varies between 12 and 15 months depending on type and location of residence. We estimate that the homes started roughly at the same time as the hotel will be available for occupancy beginning in mid- to late- 2012. If you prefer to move in sooner, it may be possible to start construction on certain homes before the hotel is started.