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Reservations

In New Jersey, offerings of units in condominiums such as Jersey Court must be registered with the State's Department of Community Affairs before being made available to the public. The Application for Registration of Jersey Court and a proposed form of prospectus ("Public Offering Statement") have already been submitted to the Department of Community Affairs under these rules and registration is expected some time in the Spring of 2003. The registration process does not mean that the State's Department of Community Affairs either approves or disapproves of the merits of the offering, but only that the form of the Public Offering Statement and other materials submitted in connection with the registration process contain the information required.

In the interim, prospective purchasers may enter "non-binding reservation agreements." A non-binding reservation allows the prospective purchaser to place a deposit of Two Thousand Five Hundred Dollars ($2,500.00) in order to reserve a particular unit at its current sales price. These reservations are held (unless otherwise cancelled) until the registration with the Department of Community Affairs is effective. When the registration is effective, the prospective purchasers who have entered into non-binding reservation agreements will receive copies of the Public Offering Statement and contracts of sale. They are then permitted a period of fifteen (15) days during which to review the Public Offering Statement and contract forms and make their final decision as to whether or not to purchase the unit they had reserved.

Non-binding reservation agreements do not in any way obligate the prospective purchaser to purchase the particular unit reserved, and they can be cancelled by either the prospective purchaser or the Developer. When a non-binding reservation agreement is cancelled, the deposit of Two Thousand Five Hundred Dollars ($2,500.00) made under the agreement is returned in full, but without interest, to the prospective purchaser. These deposits are held in the Developer's attorney's trust account during the time of the non-binding reservation agreement and are not paid over to the Developer. The non-binding reservation agreement may also be cancelled and the deposit refunded to the prospective purchaser in the event that the Application for Registration of the condominium offering is withdrawn.

The Developer does not guarantee to parties entering non-binding reservation agreements that the purchase price or the terms of purchase won't change or that the unit will be actually offered for sale or made available for purchase by the particular prospect. However, the reserving party will be given written notice of any changes by the Developer in terms of the non-binding reservation agreement and will have ten (10) business days from the mailing of the notice to sign and return to the Developer a new reservation agreement reflecting the changed terms. Any revised agreements which are not returned to the Developer within the ten (10) day period are deemed cancelled, and once again the prospective purchaser's money is refunded, without interest.

It is important to bear in mind that even if the unit you find most appealing has already been reserved, there is always the possibility that the reserving party will change their mind and decide not to proceed with the transaction. For this reason, the Developer is maintaining a waiting list for prospective purchasers whose choices are not currently available.