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                    Stella Maris Sales Contract
This agreement is made between LONG ISLAND ESTATE DEVELOPERS
LTD., a company incorporated under the Laws of the Commonwealth of the
Bahama Islands in 1962, owners and developers/operators of ‘Stella Maris
Estate’, and located in Stella Maris, Stella Maris Resort Club, Long Island,
(hereinafter called the Vendor)

AND

NAME:         ……………………………………………………..

ADDRESS: ……………………………………………………..
         ……………………………………………………..
         ……………………………………………………..
         ……………………………………………………..

TEL:          ……………………………………………………..
FAX:          ……………………………………………………..

DATES OF BIRTH OF PURCHASER(S):………………………………….

PLACE OF BIRTH OF PURCHASER(S):………………………………….

Whereby it is agreed as follows:

   1. The Vendor will sell and the Purchaser will purchase all that piece or parcel of
      land situated in Stella Maris Subdivision, Long Island, Bahamas, being

       LOT NO._______________ PHASE___________ SECTION_____________

       …subject to the conditions and restrictive covenants contained in the Schedule
       attached hereto

   2. The Purchase Price shall be the sum of $________________
      (In Letters)_______________________________________________________
                                                                                Page 2
   Payment to be effected as follows:

          Down Payment effective immediately in the amount of _____________

          Monthly Payments in the amount of _______________ shall be paid on
           the______ day of each month, the first installment being on the
           ________________________, 2002 and hereinafter on the same day in
           each month, which shall include interest at the rate of 9% per annum, said
           interest to have been calculated on the 01st January of the year in question
           on the outstanding balance save for the date of deposit when the interest
           shall be calculated proportionately to the number of months remaining in
           the year the deposit was made, and to which Real Property Tax will be
           added (at the rate of 1% p.a. of purchase price), this being paid by the
           Vendor to the date of payment completion, after which Purchaser will be
           paying same directly to the Valuation Section (per individual assessment)

3. The Purchaser directs that the said Lot(s) be conveyed into:
   Name(s):      ________________________________________
                 ________________________________________

   Address:        ________________________________________
                   ________________________________________
                   ________________________________________
                   ________________________________________

   Date of Birth: ________________________________________
                  ________________________________________

   Place of Birth: ________________________________________
                   ________________________________________

4. If any payment schedules will be exceeded by more than sixty (60) days after the
   due date and if the Vendor has given written notice by registered mail to the
   Purchaser that such schedule has been exceeded the Purchaser will have an
   additional FOURTEEN (14) DAYS GRACE PERIOD WITHIN WHICH TO
   EFFECT THE DUE PAYMENT, failing which the Vendor is entitled to declare
   all payments/installments already made as forfeited and this Sales Contract
   terminated without further liability by either party to the other. The fourteen (14)
   days notice as provided above shall be deemed to have been properly given at the
   Purchaser’s last known address as notified by him or her to the Vendor

5. The said Lot is being purchased ‘as is’ and ‘as seen’

6. No Utility Connections/Provisions of any kind are provided to the Lot/Purchaser
   as part of this Sales Contract. For Electricity Connections/Provisions the
   Purchaser agrees to address the Long Island Bahamas Electricity Corporation; for
   Water Connections/Provisions – if in the practical range of presently existing and
   reasonably extendable distance of connecting points – Long Island Estate
   Developers Ltd., and for Telephone Connections/Provisions Long Island Bahamas
   Telephone Corporation. All of these providers charge for costs for:
   a) provisions of their service supplies TO the Lot and
                                                                                   Page 3
      b) connections of the same across the Lot to the building(s) at discretionary
      calculations of their own

  7. In the absence of other agreements, both the Vendor and the Purchaser each pay
     half of the Legal Contract Fees - $300,-- ($150,-- each)(if of standard type), at
     the time of ordering said Contract. Vendor and Purchaser each pay half of the
     Computitle Last Owner Search per billing of Law Firm ($125,-- = $62,50 each).
     Furthermore, the Vendor and the Purchaser each pay half of the Conveyance Fees
     – 4% of the purchase amount (as long as Law Firm represents both Vendor and
     Purchaser), the said 4%, however, representing a minimum sum of $400,-- for
     each the Vendor and the Purchaser ($800,-- together), at the time of Conveyance
     Preparation (by invoice of Law Firm). Both Vendor and Purchaser agree that the
     law firm of Callenders & Co., N.P, Nassau, Bahamas, will be the handling legal
     firm, processing all routine documentary activities, including following up this
     Sales Contract with a Legal Contract (which can be waived mutually by both
     Vendor and Purchaser, if conditions suggest such waiving), and including
     preparing the Conveyance

 8.   Non-Bahamian Purchasers pay the law firm’s $350,-- fee for the obligatory
      Application to the Bahamas Investments Board for a Certificate (Permit) of
      Registration and Government’s Fee of $25,-- for the Application to the Exchange
      Control Department of the Central Bank for Approved Investment Status, and for
      filing the Declaration of Real Property with the Real Property Tax Department
      (usually at the time of preparing Conveyance – or earlier, ‘subject to conditions’)

 9.   In the absence of other agreements, the Vendor and the Purchaser each pay half of
      the Government Stamp Taxes, per billing of Law Firm, at the time of Conveyance
      Preparation. (See attachment for Percentages)

10.   Purchaser pays for Recording – of the Conveyance (See attachment)

11.   The Vendor or the Purchaser pay for any other Fees – legal and other – each party
      to pay those which they caused by their discretionary actions/requests, orders etc.

12. Conveyance can be effected after full Purchase Amount has been paid

13. Any listed Rates, Quotes, Costs, and Procedures may become subject to change
    without prior notice

Purchaser:________________________          Purchaser:__________________________

In Print: _________________________         In Print: ____________________________

Vendor:      Long Island Estate Developers Ltd.

Signature:   ________________________              Title:   _______________________

In Print:     ________________________             Date: ________________________
                                  Attachment:

 STAMP TAX:

 Government Stamp tax is payable towards the time of conclusion of effect of Contract.
 This Tax is applicable to the expressed Sales/Purchase Value, such as listed in the
 Conveyance, of all Real Property of the Bahamas, as follows:


        Up to and including $ 20,000:       2%     (1% purchaser & 1% seller)
        From $20,000.01 to $ 50,000:        4%     (2% purchaser & 2% seller)
        From $50,000.01 to $100,000:        6%     (3% purchaser & 3% seller)
        From 100,000.01 to $250,000:        8%     (4% purchaser & 4% seller)
        $250,00.01 and over:               10%     (5% purchaser & 5% seller)

     Shown percentages are calculated on total amount (not staggered breakdown)


RECORDING FEES:

Recording Fees are $3,50 per page payable by the Purchaser, Conveyance on average
being 10 pages = $35,--

REGISTRATION FEES:
(Non-Bahamian Purchasers only)
Registration Fees: Application : $25,--, plus:
   a) $ 50,-- for Property Value of up to $50,000
   b) $ 75,-- for Property Value $50,001 - $100,000
   c) $100,-- for Property Value above $100,000

REAL PROPERTY TAX:

Is applicable on Foreign Owned Property everywhere within the Bahamas, and on
Bahamian Owned Property in certain locations within the Bahamas. The annual Tax is
that of 1% of Value, such as listed in Conveyance. Certain adjustments of Value may be
pursued by Government, from time to time. In the event of Bahamian Purchasers
acquiring Stella Maris Property by Installment Plan, the Vendor will invoice Purchasers
(added to the Installment Plan or Annually) for this Tax until such time, when Purchasers
take Title (Conveyance) to the Property

				
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posted:10/10/2011
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