Pre-Order Agreement Terms & Conditions
MODLY INC, a Delaware C-Corporation (“Modly”) acknowledges receipt from you (the “Potential Buyer”), of the sum of $1,000 (“Pre-Order Deposit Funds”) to pre-order a factory built single family residential home (the “Home”).
1. The Pre-Order Deposit Funds are solely for the reservation of the Home, which Home is available on a first-come, first-served basis. This Pre-Order Agreement does not reserve for the Potential Buyer any parcel of real property in the State of California or any location upon which the Home may be installed. The Pre-Order Deposit Funds are to be applied only towards the purchase of a Home (separate and apart from any real property). Modly will immediately place the Pre-Order Deposit Funds in a neutral third-party processing center, which center is unaffiliated with Modly.
2. Modly hereby reserves the above-referenced Home for the Potential Buyer for a period of 12 months. This Pre-Order Agreement and the reservation created hereby will automatically terminate if a purchase contract is not signed by the Potential Buyer and returned to Modly within the time period stated above.
3. This Pre-Order Agreement does not create a contractual obligation to buy or sell on the part of either Modly or the Potential Buyer. This Reservation Instrument may only be modified or amended by a document signed by both parties specifically expressing the parties’ intention that this Pre-Order Agreement is being modified or amended. Either party may, at any time, cancel this Pre-Order Agreement without incurring liability to the other. If either party cancels, Modly shall return the Pre-Order Deposit Funds to the Potential Buyer within ten (10) business days. The Pre-Order Deposit Funds shall not earn interest.
4. The price and other terms of purchase of the Home will be those set forth in a purchase contract if Potential Buyer enters into one. If Potential Buyer enters into a purchase contract, then the Pre-Order Deposit Funds may be applied toward the purchase of the Home with the written authorization of the Potential Buyer. By placing this order and making Pre-Order Deposit, Potential Buyer acknowledges and agrees to the terms contained herein.