OUTRIDER OVERLOOK LOT RESERVATION AGREEMENT

DATE: , 2015

DEVELOPER: Tetherow Glen 58, LLC 61240 NW Skyline Ranch Road Bend, OR 97702

BUYER:

RECITAL:

Developer is developing and obtaining approvals for a residential townhome and single-family home project to be known as Outrider Overlook, and located on Development Tracts AD/AF, in the Tetherow destination resort (the “Property”). Developer has obtained tentative plan approval from Deschutes County to subdivide the Property, which includes the creation of 24 separate lots for the planned construction of individually-owned single family homes and townhome units. Buyer wishes to obtain a preference and reserve the first opportunity to purchase Lot #___, as shown on the Outrider Overlook tentative plat (the “Lot”), on the terms of this Lot Reservation Agreement (the “Agreement”).

AGREEMENT:

1. Lot Reservation. Buyer is hereby granted a reservation for the Lot, and Developer agrees that during the term of this Agreement, Developer shall not solicit offers for, or otherwise offer to sell the Lot to other potential purchasers. Buyer acknowledges that Developer is not able to accept binding agreements to purchase the Lot, or any other portion of the Property at this time, and that Developer has made no representation or warranty with respect to Developer’s ability to do so in the future.

2. Reservation Deposit. Developer hereby acknowledges receipt of the sum of $10,000.00, paid by Buyer as a deposit for the reservation of the Lot (the “Deposit”). Developer and Buyer agree that a signed copy of this Agreement shall be placed with Western Title and Escrow Company, Bend, Oregon branch, and held in accordance with the escrow agreement attached hereto as Exhibit A.

3. Purchase of Lot. Promptly upon the recordation of the final plat for Subdivision, Developer will deliver written notice of such event to Buyer, together with a binding purchase and sale agreement for the Lot (the “PSA”) including the purchase price and other terms and conditions reasonable and appropriate for transactions of this size and type. Buyer shall have 10

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days from receipt of the PSA within which to accept the offer set forth in the PSA. Upon execution of the PSA, the Deposit shall be treated as earnest money, to be applied towards the purchase price for the Lot. If Buyer does not execute the PSA within 10 days after receipt from Developer, this Agreement shall terminate and the escrow agent shall refund the Deposit to Buyer.

4. Binding Effect/Assignment Restricted. Execution of this Agreement does not create a binding contractual obligation to buy or sell on the part of either party. Either party may cancel this Agreement, without incurring liability to the other, at any time prior to recordation of the Outrider Overlook plat and execution of the PSA pursuant to Section 3, above. In the event of cancellation, the Deposit shall be refunded to Buyer in full. Buyer may not assign its rights under this Agreement without Developer’s prior written consent, which may be withheld in Developer’s sole discretion.

5. Notices. All notices and other communications in connection with this Agreement shall be given in writing and shall be hand delivered or sent by certified or registered mail, return receipt requested, to the appropriate party at the address first set forth above. Any notice so transmitted shall be deemed effective on receipt, if hand-delivered, or three business days after the date it is placed in the United States mail, postage prepaid. Either party may, by written notice, designate a different address for purposes of this Agreement.

6. Entire Agreement. This Agreement sets forth the entire understanding of the parties with respect to the reservation of the Lot. This Agreement supersedes any and all prior negotiations, discussions, agreements, and understandings between the parties. This Agreement may not be modified or amended except by a written agreement executed by both parties.

9. Applicable Law. This Agreement shall be construed, applied, and enforced in accordance with the laws of the state of Oregon.

DEVELOPER: BUYER:

Tetherow Glen 58, LLC

By: Chris van der Velde, Authorized Signatory Name: Dated: _______________, 2015 Dated: __________________, 2015

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Name:

Dated: __________________, 2015

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EXHIBIT A

ESCROW AGREEMENT AND INSTRUCTIONS

THIS ESCROW AGREEMENT is by and among Western Title and Escrow Company, hereinafter t he “Escrow Agent , ” Tetherow Glen 58 , LLC , he r e ina f t e r t he “Se l l er , ” and _____________________________, hereinafter the “Buyer,” for the reservation of Lot #______, as set forth in the tentative plat Outrider Overlook, located in the Tetherow Destination Resort, Deschutes, County, Oregon.

Escrow Agent, Seller, and Buyer hereby agree that a copy of the attached Lot Reservation Agreement, the “Agreement,” and all funds of Buyer deposited thereunder shall be placed in an escrow depository with Escrow Agent.

Escrow Agent agrees to accept such funds of Buyer subject to the right of Buyer to withdraw, and Seller to refund, said funds from the escrow upon the conditions set forth in the Agreement.

Dated this ____ day of _____________________, 2015.

Seller:

Tetherow Glen 58, LLC

By: Chris van der Velde, Authorized Signatory

Buyer:

Name: Name:

Escrow Agent: Western Title and Escrow Company

By: Printed Name/Title:

EXHIBIT A – LOT RESERVATION AGREEMENT – OUTRIDER OVERLOOK {15902028-00554984;1}