THE PURCHASE PROCESS

OFFERS:

APPLICATION:

With the reservation, we will also ask that you submit an application to qualify as an Artist or Art Related Business. While this is not necessarily required to purchase space, it will be something that is considered in conjunction with the type of usage intended for the space. It is important for us and the community to ensure a vibrant and creative collection of individuals and business occupy this very visible space.

Our next Phase is the Paseo building, which consists of 30,000 sf of retail and office space on three levels. If you are not interested in purchasing at this time, we are now pre-Leasing commercial or office space in this building, please contact Michael Maremont with Phase One Realty at MDM@PhaseOne.com. We expect the completion of this building to happen in early 2009.

FINANCIAL APPROVAL AND DEPOSIT:

As we accept offers / reservation agreements, priority will be given to those that submit a letter pre-qualifying them for the amount of the offer and those that have submitted an application as an artist or art related business. Upon acceptance of an offer / reservation agreement, we will require a refundable deposit of $5,000 per unit to be held in escrow. Once the Building shell is complete and the condominium has been formed, we will provide a binding purchase agreement. 

We will begin accepting offers on the first two units beginning June 15th. Artists with higher offers will have precedence over other offers. The ArtYard will reserve the right to withdraw these units from the initial sales offering at any time.

Once a unit has been reserved, there will be several months prior to the completion of the building for the buyer to perform due diligence on the space, identify finishes and obtain financing. The reservation agreement will be non-binding for both parties, so those that may not have been selected to receive a unit initially, may still have the opportunity down the road if the initial reservation agreement doesn't come to fruition.

Upon dedication of the shells into the condominium association, the reservation agreement will convert to a sales agreement, upon which an earnest money deposit will be required (the reservation deposit will apply to the earnest money deposit at this time, or be refunded if a sales agreement is not reached).

BUY THE SHELL:

The second step happens when we close on the shell. The shell is a framed interior space with stub outs for the plimbing and electrical systems. At this time, your mortgage payments will begin, so it's important that we are organized and have everything ready to complete your home or office. Interior work takes 100 -120 days to complete after we have received the interior permits required from the City of Santa Fe. The costs of the interior Finish-Out will vary depending upon your budget and taste. Basic finishes can cost between $88 to $125 per foot.

COMPLETE THE INTERIOR:

In the third step we complete the interior according to your plans and specification. The funds from your loan will be on deposit at your bank for this work. The interior improvements will be covered in a separate agreement with The ArtYard, LLC that will include full details of the work involved and a schedule of activities that will take place including the dates when we will need to meet with you. The Lofts, LLC is the only entity allowed to perform the interior finish out work. The work will be completed on The Lofts permits, license and our builders risk insurance.