$10,000 DEPOSIT AGREEMENT

 

 

•  Parties. This is an Agreement between Lathrop Community, Inc., a Massachusetts not-for-profit corporation whose principal place of business is 100 Bassett Brook Drive , Easthampton , Massachusetts ("we" or "us") and _____________________________("you").

 

•  Purpose of This Agreement. You have entered into this Agreement because you wish to reserve a __________ at the Lathrop Community at _________________.

 

•  Acceptance of Deposit and Terms of Agreement. With the signing of this Agreement you have paid Ten Thousand Dollars ($10,000.00) to us, and you have reserved a___________ in the Lathrop Community in ____________________. This deposit will hold the reserved unit for a maximum of two months from the date the deposit is received by Lathrop Community, at which time if you have not paid the remainder of the Entrance Fee or moved in, it will be refunded to you.

•  Residency Agreement and Statement of Account. Prior to taking occupancy of your Unit, you will sign a Residency Agreement. The Residency Agreement spells out the services that will be provided by Lathrop and the terms and conditions of your residency in the Community. You will also be provided with a Statement of Account that will list the Entrance Fee for your unit, any additional charges for options, and your deposit credits.

 

•  Entrance Fee. The Entrance Fee for your unit has been established by our Board of Directors. Assuming you will take up residency on or before _________________, it will be ________________. The full amount of the current Deposit placed under this Agreement plus any reservation deposit you placed with us previously will be credited toward the Entrance Fee.

 

•  Occupancy Fee. Once your unit is ready for occupancy, you will be responsible for the payment of a monthly Occupancy Fee, and can be pro-rated for partial months. The fee will be adjusted from time to time by our Board of Directors. The fee will be due at the beginning of each month and will cover that month. The current fee is $_____, with a second person fee of an additional $____ per month.

 

•  The Rights and Privileges Cannot Be Assigned. Your rights and privileges under the Residency Agreement are personal to you and cannot be transferred or assigned by an act on your part or by any proceeding at law or otherwise. No person other than you may occupy or use your unit except with the approval of the Board of Directors.

 

•  Our Use of Your Deposit: The full amount of your deposit will remain credited to the

purchase price of a Lathrop Community unit.

 

 

9. Termination of this Agreement:

 

A. Termination by You: This Agreement may be terminated by you, and your deposit will be refunded to you if the termination is within two months of this Agreement.

 

B. Termination by Us: We reserve the right to terminate this Agreement and return your deposit in the event that:

 

 1. In our opinion, your health deteriorates so that you no longer have the ability, either mental or physical, to meet the criteria established for residency in the Community at any point within the sixty (60) days prior to your expected occupancy. We will consider any evidence and documentation you choose to submit, but we retain the sole right and discretion to make the decision as to whether to terminate the agreement on the grounds you are unable to live independently.

2. You materially misrepresent the medical, financial, or other information given to us during the application process.

 

This deposit was received on behalf of Lathrop Community, Inc., this ____________Day of __________________.

 

              FOR THE RESIDENT(S)

 

              _______________________________________

              

          

              _______________________________________

 

              FOR LATHROP COMMUNITY, INC.

 

      

              _______________________________________

              Elisabeth Weissbach, Executive Director

 

 

Unit #

 

413-586-0006 ~ www.lathrop.kendal.org ~ 413-529-2563 fax

The lathrop Retirement Communities ~ 100 Bassett Brook Drive ~ Easthampton, MA 0102 7