This PRIORITY RESERVATION AGREEMENT (the “Agreement”) is between the Priority Member (“Priority Member”) and Tysons LPC, LLC (the “Provider”). This Agreement relates to the Life Plan Community (the “Community”) the Provider is developing in Tysons, Virginia.
Upon Receipt of the Reservation Deposit (The “Deposit”) of $1,000 payable to Tysons LPC, LLC and execution of this Agreement, the Priority Member will receive the following benefits:
- Community updates, news, and information
- Invitations to special events and activities
- The future opportunity to select an apartment home in advance of non-Priority Members, with best choice of floor plans and views
- Special Introductory Priority Member Entrance Fee pricing
- Ability to upgrade/customize finishes
The Deposit will be held in an account at a financial institution and will be fully refundable to the Priority Member upon cancellation of this Agreement.
Upon notification of the ability to reserve a residence at the Community, the Priority Member will have the option to select a residence and apply for residency. 10 percent of the Entrance Fee for the selected residence will be required at that time. Priority Members will be entitled to apply the Reservation Deposit toward the 10 percent deposit.
The Priority Member may cancel this Agreement at any time upon written notice to the Provider. Likewise, the Provider may cancel this Agreement at any time upon written notice to the Priority Member. If this Agreement is cancelled by either party, the full Deposit shall be returned to the Priority Member within sixty (60) days.
The Community is currently in the planning stage. As such, the Priority Member acknowledges certain services, amenities, design features, and pricing may change without notice prior to opening.
THIS PRIORITY RESERVATION AGREEMENT IS SOLELY A RECEIPT FOR FUNDS AND DOES NOT CONSTITUTE A RESIDENCY AGREEMENT FOR CONTINUING CARE SERVICES. IN NO EVENT SHALL YOU HAVE ANY LIEN OR ANY OTHER INTEREST IN THE COMMUNITY.