Unit Week No. 1 is the seven (7) days commencing on the first Saturday in each year. Unit Week No. 2 is the seven (7) days succeeding. Additional weeks up to and including Unit Week No. 52 are computed in a like manner. Unit Week No. 52 contains the seven (7) days succeeding the end at Unit Week No. 51 without regard to the month or year. Unit Week No. 53 contains any excess days not otherwise assigned. Unit Weeks run from noon on the first Saturday of the Unit Weeks Purchased to noon on the last Saturday of said Unit Weeks.

Purchaser understands and agrees that the Purchaser will be responsible for the above described Unit Week owners share of common expenses, assessments, maintenance fees, and any and all other expenses incurred in the operation of said Condominium. The payments hereunder shall be administered according to a plan set out in the bye-laws of the said Condominium and in accordance with the Timeshare Act.

Purchaser acknowledges, represents and warrants that the purchase of the Condominium is made for Purchaser’s personal use, without reliance on representations concerning rentals, rent return, tax advantages, depreciation, or investment potential or other monetary or financial advantage by Seller, its agents, employees or associates and that Purchaser will not use the unit as his principal residence. Purchaser further acknowledges that the unit being sold hereunder has been previously occupied.

The Declaration of Condominium has been recorded prior to closing. Purchaser hereby authorizes Seller, as Seller deems necessary to lodge for record in the Registry of Records of the Commonwealth of the Bahamas such documents and instruments as are required to be tiled under the laws of the Commonwealth of the Bahamas, subject to the laws of the Bahamas the Seller reserves the right to make changes in any of such Condominium Documents as Seller, and Seller will not be responsible for any such changes which may result from Government Authorities having jurisdiction over the Property, providing the changes do not materially alter the boundaries of the Unit, change the size of the Common elements to the prejudice of Purchaser, decrease Purchaser’s share in the common elements, change Purchaser’s voting rights, decrease Purchaser’s share in the common surplus or increase Purchaser’s share in the common expense or otherwise materially affect the right of Purchaser, or the value of the Unit. Purchaser acknowledges that dimensions are approximate.

If Purchaser desires financing, a finance application will be completed and submitted as part of this Agreement. In which case, this Agreement may, at the sellers option, be contingent upon Purchaser obtaining finance commitment for the amount specified on the face of this Agreement. It Purchaser fails to qualify for such financing at the option of Seller, this Agreement is null and void and all monies will be refunded to Purchaser.

Seller may at any time prior to twelve months from the date of this Agreement give written notice of the discontinuance of the proposed Interval Ownership Program, as it relates to this specific purchase agreement, in which event this Agreement shall be deemed cancelled and, not later than 30 days thereafter, Seller shall return to Purchaser all sums theretofore paid hereunder, and upon making such payment, neither party shall have any further rights, obligations or liabilities with respect to the other under this Agreement. In the event Purchaser is then in default hereunder, the parties’ rights and remedies shall be governed by paragraph 11. hereof.

Purchaser at closing shall execute any necessary documents and Seller shall deliver a deed of conveyance conveyancing the time share interest to the Unit Week(s) to Purchaser under a plan of Interval Ownership as defined in the Declaration of Condominium free and clear of all encumbrances, except: conditions, restrictions, limitations, zoning and easements on record at the time of closing; terms and conditions of the Declaration of Condominium. This Company is seised for an estate in fee simple in possession of ALL the said hereditaments subject to conditions, stipulations and restrictive covenants contained in and referred to in an Indenture of Conveyances dated the 14th day of November, AD. 1966, 14th day of February 1967 and 31st day of January 1968 respectively made between Yorkshire Development Company Limited of the one part and Williams Investments Limited of the other part in each case and recorded in the Registry of Records in Volume 1191 at Pages 572 to 582, Volume 1191 at Pages 563 to 571 and Volume 1226 at Pages 368 to 376 respectively.

The closing will be on such date and at such place as shall be specified by Seller or by mail, but not later than one year from the date of this Agreement. All representations, duties and obligations of the Purchaser and the terms and conditions of this Agreement shall survive the closing.

Although all models are for display purposes, the above described unit shall have furniture, appliances, equipment and all accent furnishings of equal quality to those shown or used in the models.

Purchaser will be responsible for the closing costs described on the reverse side hereof.

This Agreement is binding upon the parties hereto and their heirs, legal representatives, successors and assigns. This Agreement will supersede any and all understandings and agreements between the parties hereto, and it is mutually understood and agreed that this Agreement represents the entire Agreement between the parties hereto, and no representations or inducements prior hereto, which are not included in and embodied in this Agreement shall be of any force and effect, and this Agreement may only be amended and modified by an instrument in writing between the parties.

Time is of the essence except where otherwise specifically provided for herein. Failure to close, or make any payments within the time provided above, or to comply with the provisions of this Agreement or the Declaration of Condominium and associated Bye-Laws shall be considered a breach of this Agreement, and all sums paid hereunder shall be retained by the Seller as liquidated and agreed damages and not as a penalty, and the parties hereto shall be relieved from all obligations hereunder. Purchaser shall be liable for seller’s reasonable attorney’s fees and costs incurred by it by virtue of any litigation as to the parties’ rights under this Agreement if the Seller is the prevailing party. Purchaser covenants to defend and indemnify Seller against all claims of Real Estate Brokers and/or Salesmen due to acts of Purchaser or Purchaser’s representatives other than brokers or salesmen employed by Seller.

Subject to the provisions of the Declaration and for the avoidance of doubt it is declared that a person who fails to comply with the rules governing the Condominium or a person who defaults in the payment of any periodic, annual or special assessment shall be liable for the suspension of his right to use the unit if the default is not satisfied or corrected within 120 days of its due date or before purchaser’s occupancy is next scheduled, whichever occurs first. Monetary penalties as determined by the Body Corporate will apply 30 days after the due date. Before the imposition of a suspension, or forfeiture of the interest, the Purchaser of record should be afforded an opportunity to be heard by the Body Corporate.

Seller has executed an agreement with Interval International Inc., such agreement allowing for a reciprocal exchange program for member-owners at Freeport Resort & Club. Seller makes no representations as to Interval International Inc., and all representations set forth within the brochures and literature of Interval International Inc. are representations of Interval International Inc. The Seller agrees to pay for the Purchaser’s first year’s membership only.

This Agreement, the operation of the Condominium known as Freeport Resort & Club and the interest to be granted to purchasers therein shall be governed by and construed according to the laws of the Commonwealth of the Bahamas from time to time provided that in the absence of any specific law, the contract and the deed of conveyance shall govern the relationship of the parties.

In the event the Purchaser of a unit week is unable to occupy his unit for all or part of the time specified in his deed or modified by a confirmed exchange, through the fault of the Managing Agent represented by the Body Corporate, the Managing Agent shall provide similar alternative accommodation, compensating use period, or pay monetary compensation approximate to the value of purchaser’s lost use for that period.