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L5 Condo Purchase Terms
L5 Condos is the place to learn about condominiums in the colonies being built at L5, discover your purchase options, and to buy one(s) that will suit your needs.
This page outlines the terms and conditions under which this site is selling reservations for condominiums in the colonies being built at L5, as outlined on the L5 Development Group Web site (a work in progress).
Please Note: This is a rough draft of the purchase terms. We are currently soliciting legal advice for developing a finished version of these terms. It is our expectation the finished document will be substantially the same as what is now presented here.
Since there are currently neither colonies at L5 nor condos actually constructed there, we are selling reservations to purchase condominiums in the colonies. As the design and development progresses, customers will be expected to convert their reservations to firm purchase orders in a reasonably timely manner.
Under no circumstances are the reservations being sold on this site going to be considered "novelty items," "for entertainment purposes only," or any other expression that could be interpreted as being a purchase with no intention of fulfilling it: Customers who purchase a reservation for a condominium are expected to have a unit available for purchase substantially as described in the contract at the earliest available opportunity: We are building tangible physical property where the customer will be able to live in the colonies as members of an actual off-world society.
The sale price of these reservations is only a small portion of the final cost of acquiring a condominium at L5: The final delivered price of a condo at L5 is currently expected to be measured in hundreds of milliions of dollars. The price of the reservations being sold, significantly reduced especially for the first units, will be used to help underwrite the design costs. As development work progresses, better estimates of the ultimate purchase prices will become available.
If the L5 colony construction project is terminated or otherwise leads to unreasonable expectations for completion in a cost effective and timely manner, our plan is to refund the reservation price to customers in the order refund requests are received.
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