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<br />..... ,... <br /> <br />BUILDERS PERCENTAGE AND CONSTRUCTION RETAINAGE <br />MEMO <br /> <br />TO: R-G Crown Bank <br /> <br />FROM: <br /> <br />DESIGN CUSTOM HOMES <br /> <br />DATE: <br /> <br />October 31, 2005 <br /> <br />RE: <br /> <br />JEREMY R CALVERT & JULIE R CALVERT <br /> <br />Please be advised that I am receiving 10% of the Contract Price, less the Lot at <br />closing and I realize that the First Disbursement will be less by this amount. <br /> <br />Contract Price $ 289,750.00 <br />Less Lot Cost of $ 30.000.00 = -$ 30,000.00 <br />X 10% $ 25,975.00 -$ 25,975.00 <br />Less Closing Cost paid by Builder -$ 0.00 <br />Less Real Estate Fee paid by Builder -$ 0.00 <br />Total LIP Retainage $ 233,775.00 <br /> <br />The initial 10% will not be disbursed to the Builder by the Title Company until <br />recorded Notice of Commencement has been received. If monies are disbursed <br />to Builder prior to recording of Notice of Commencement, the Title Company will <br />accept full liability. <br /> <br />Funds to be disbursed from any proceeds forwarded to the title company or <br />collected at closing from the customer less any deposits verified received from <br />the builder. <br /> <br />Checks are to be disbursed to the Customer unless instructed otherwise by R-G <br />Crown Bank. ~ <br /> <br />_ N C HO S <br />~~ t <br /> <br />Builder: <br /> <br />C B055 <br />