All buyers at Cobblestone should be aware of the Investor Policy being imposed by us for townhomes purchased in Cobblestone. The following is a brief summary of the policy, but refer to the Occupancy Addendum in the Purchase Contract Documents for the actual contractual obligation. Read and understand this Policy before entering into a Purchase Contract for the purchase of a Cobblestone townhome because a breach of any of the representations or obligations could result in a termination of the Purchase Contract for the deposits and other sums paid under the Purchase Contract. The Policy can be modified and/or terminated by us at any time and from time to time.
 
Cobblestone is intended to be a community consisting primarily of owner occupied townhomes and, therefore, townhomes are not to be purchased by buyers who are intending to speculate in the real estate market or to purchase a townhome at pre-construction prices with the intent of "flipping" the Purchase Contract or the townhome for quick profit. As a result, all purchasers of townhomes in Cobblestone will be required to execute and abide by the Purchase Contract and an Occupancy Addendum which contains, among other things, the following:
 

1. The purchase contract is not assignable or transferable.
2. You represent to us that: (a) you have not entered into (directly or indirectly) a contract or reservation for the purchase of any other townhome in Cobblestone or any other townhome from any of our affiliates, (b) you are purchasing the Cobblestone townhome to be your primary residence, and (c) you are not purchasing the Cobblestone townhome for real estate speculation purposes.
3. Prior to closing you may NOT list or advertise the Cobblestone townhome for sale or rent with any broker, in a Multiple Listing Service, "By Owner" or otherwise, or enter into contract for a sale of the townhome.
4. In the event the Cobblestone townhome is sold within 2 years following closing or anytime after closing if resulting from a listing, advertisement, contract or other agreement entered into within 2 years of the following closing, 100% of the gain realized from such sale shall be paid to us from the proceeds of such sale except for sales resulting from a hardship event (divorce, death, job transfer or other reason acceptable to us) that is documented and approved by us.
5. For 2 years following the closing, the Cobblestone townhome may not be rented.
6. The provisions of the Occupancy Addendum will be included in your deed running with title to the Cobblestone townhome.

 
 
In addition, Purchase Contracts may only be entered into as an individual name, and title to the townhome at closing may only be taken in the name of such individuals and not in the name of a corporation, limited liability company, limited partnership or other entity.
 
If you have any questions regarding this Policy or the Occupancy Addendum, please see a Cobblestone sales representative.