PRIORITY UNIT SELECTION AGREEMENT
LUMA CONDOMINIUM
CONFIDENTIAL OFFER TERMS – PLACE IN A SEALED ENVELOPE
BUYER’S NAME:
SELECTION DEPOSIT: $5,000 (Check made payable to First American Title Insurance Company)
DATE:
, 2015
Please indicate below the Unit you wish to purchase and the purchase price you are offering for that Unit. If you
wish to increase your offer over the amount a competing buyer may offer for the same Unit, please also complete the
optional maximum price below. If you specify an optional maximum purchase, your offer will automatically
escalate in increments of $5,000 to exceed a competing offer as described below.
FIRST CHOICE:
UNIT:
PURCHASE PRICE: $
MAXIMUM PURCHASE PRICE WITH ESCALATION (OPTIONAL): $
If you are not successful in winning the offer for your first choice of a Unit, at your option, you can specify a second
choice of Unit below. You also have the option of stating a maximum purchase price for your second choice in the
event there are multiple offers for that Unit.
SECOND CHOICE (OPTIONAL):
UNIT:
PURCHASE PRICE: $
MAXIMUM PURCHASE PRICE WITH ESCALATION (OPTIONAL): $
BUYER’S SIGNATURE:
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PRIORITY UNIT SELECTION AGREEMENT
LUMA CONDOMINIUM
TERMS AND CONDITIONS
Buyer hereby offers to enter into a purchase and sale agreement with BOYLSTON STREET
ASSOCIATES, LLC, a Delaware limited liability company (“Seller”), pursuant to Seller’s standard forms of
purchase and sale agreement, presale addendum and warranty addendum (collectively, the “Purchase Agreement”)
which Seller has made available to Buyer prior to Buyer’s execution of this Priority Unit Selection Agreement (this
“Agreement”), on the terms and conditions stated herein. The Purchase Agreement describes condominium homes
in LUMA CONDOMINIUM (the "Condominium”) which Seller shall construct on the real property located at 1321
Seneca Street, in Seattle, WA, which is described on Exhibit A attached to the Purchase Agreement (the “Property”),
including the Unit(s) identified in Buyer’s Offer (defined below).
Buyer has submitted to Seller on Page 1 of this Agreement Buyer’s Confidential Offer Terms in a sealed
envelope (“Buyer’s Offer”), together with a Selection Deposit of $5,000 in the form of a check made payable to
First American Title Insurance Company, and a prequalification letter from one of Seller’s preferred lenders.
Buyer’s Offer identifies a first choice of a Unit, Buyer’s offered purchase price, and an optional maximum purchase
price. Buyer’s Offer also may specify a purchase price and an optional maximum purchase price for a second
choice of Unit.
1.
Selection of Offers. Seller will consider Buyer’s Offer and all offers from other competing buyers
(each, an “Offer”) for the purchase of the Unit specified in Buyer’s Offer as Buyer’s first choice. If there are
multiple Offers on Buyer’s first choice of a Unit, then Seller shall escalate Buyer’s Offer in increments of $5,000 as
necessary to exceed the other competing Offers, and Seller shall do the same with the other Offers, until Buyer’s
Offer exceeds all other Offers or reaches the maximum purchase price specified in Buyer’s Offer. If this process
results in a tie between Buyer’s Offer and one or more other Offers, then Seller will contact Buyer and such other
competing buyers and allow each party 24 hours to increase their maximum purchase prices. Seller shall repeat this
process for any such revised Offers. Seller will select Buyer’s Offer for Buyer’s first choice if it is the highest Offer
submitted by all buyers for that Unit. If Seller does not select Buyer’s Offer for Buyer’s first choice, then Seller
shall repeat this process for Buyer’s second choice specified in Buyer’s Offer (if Buyer selected this option). Seller
will select Buyer’s Offer for Buyer’s second choice if Buyer’s Offer for Buyer’s first choice was not selected and if
Buyer’s Offer for Buyer’s second choice is the highest Offer for that Unit.
2.
Execution of Purchase Agreement. Seller shall inform Buyer if Seller selects Buyer’s Offer for
either Buyer’s first choice or second choice pursuant to the process described in Section 1 above (“Seller’s Selection
Notice”). Buyer shall have until 5 pm on the second business day after receiving Seller’s Selection Notice to
execute the Purchase Agreement for the selected Unit. Note that the Purchase Agreement requires Buyer to deposit
the Earnest Money within two days after Mutual Acceptance of the Purchase Agreement.
3.
The Selection Deposit. Buyer authorizes Seller to hold the Selection Deposit until 5 pm, June 5,
2015 (the “Selection Deadline”). On or before the Selection Deadline, Seller shall: (i) return the Selection Deposit
to Buyer if Seller did not select Buyer’ Offer for either its first or second choice; or (ii) deliver the Selection Deposit
and a fully-signed copy of this Agreement to Pam Curtin at First American Title Insurance Company, (206) 7280400, [email protected] (“Closing Agent”) if Seller has selected Buyer’s Offer. Closing Agent shall hold the
Selection Deposit in a non-interest bearing account pending disposition as provided in this Section 4. If Seller
delivers a Purchase Agreement signed by Seller and Buyer, then Closing Agent is authorized to credit the Selection
Deposit towards the Earnest Money specified therein but only after Closing Agent receives the balance of the
Earnest Money. Buyer shall forfeit the Selection Deposit and Closing Agent is irrevocably authorized to disburse
the Selection Deposit to Seller if: (i) Buyer fails to timely deposit the balance of the Earnest Money as required by
the Purchase Agreement; or (ii) Seller delivers written notice to Closing Agent stating that Buyer failed to sign a
Purchase Agreement as required by this Agreement. If Buyer forfeits the Selection Deposit, then Closing Agent
shall disburse the Selection Deposit to Seller on July 1, 2015, or as soon thereafter as is practicable, unless by June
30, 2015, Buyer delivers to Closing Agent written notice objecting to such disbursement or Closing Agent otherwise
becomes aware of a dispute concerning the Selection Deposit. In the event of any dispute over the disbursement of
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the Selection Deposit, Buyer and Seller authorize Closing Agent to commence an interpleader action in the King
County Superior Court and deduct $500 from the Selection Deposit for the cost of such action.
4.
Miscellaneous. This Agreement states the entire agreement of the parties with regard to the
submission and selection of Buyer’s Offer to purchase a Unit in the Condominium. The Purchase Agreement
referenced herein and the Public Offering Statement and Permit Drawings referenced in the Purchase Agreement
further describe the Unit identified in Buyer’s Offer. This Agreement is not a binding agreement for the purchase of
any Unit in the Condominium. Seller’s obligations are limited to selecting Offers and handling the Selection
Deposit in accordance with the process stated herein. Buyer’s Offer is a part of this Agreement notwithstanding that
Seller will not have reviewed Buyer’s Offer until all Offers are opened on the same day.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date stated above.
BUYER:
Name:
Date:
Name:
Date:
Address:
Phone:
Email:
SELLER:
BOYLSTON STREET ASSOCIATES, LLC, a Delaware
limited liability company
By:
Suzi Morris, Authorized Representative Address: c/o Julie
McAvoy
907 East Pike Street
Seattle, WA 98122
Email: [email protected]
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LISTING BROKER:
MCAVOY REAL ESTATE LLC, a Washington limited
liability company
By:
Julie McAvoy, Manager
Date:
907 East Pike Street
Seattle, WA 98122
Email: [email protected]
SELLING BROKER:
Name:
Date:
Address:
Phone:
Email:
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