To receive membership benefits of the Lakewood Rewards Program (the “Program”) the member needs only be to a registered member of the Lakewood Rewards Program. To qualify for membership bonuses in the Lakewood Rewards Program, the member is required to sell a minimum of 1 new home for Lakewood Homes at any of our current projects. The member will accumulate points towards increasing membership levels, thus increasing their bonus amounts. All points will be awarded to the individual agent procuring the sale. Brokers cannot compile credits from their agents.

Qualifying units are any non-resale, developer-owned units in an active project which Lakewood Homes, Inc (the “Developer”), in its sole and absolute discretion, has made a part of the Program. The degree and level of involvement of a specific development in the Program is subject to the Developer’s discretion. Further, the Developer reserves the right to add or withdraw developments at any time in Developer’s sole and absolute discretion. If a development is withdrawn from the Program, a member will not lose the points they have accumulated based on sales within the development unless the contract which was the source of the points has been terminated or the buyer has defaulted.

To be eligible for points, a purchase agreement for a unit must be signed during the applicable calendar year, January 1 to December 31, with the exception of the inaugural year (2007) in which the duration of the program will be from August 1, 2007 to December 31, 2008.

1. The date on the purchase agreement must fall within the Program calendar year.
2. The member must be the only named cooperating agent/broker on the purchase agreement and accompanying cooperating broker agreement and all forms must be properly signed and completed with all necessary agent/broker information. Notwithstanding what is contained in the above agreements, if another agent/broker makes any claim for all or any portion of the commission, the unit shall be deemed an unqualified unit and no credit will be awarded to any member.
3. There shall be no contract contingencies. This means full completion of the contingency process, which includes, but is not limited to, completion of the outstanding addenda, elapsing of the rescission period, attorney approval has occurred, additional earnest money payments have been made and funds have cleared, promissory notes have been satisfied and no mortgage contingency exists. The Developer will determine in its sole and absolute discretion whether all contingencies have been satisfied. Once a unit becomes a qualified unit, the member will receive a qualifying unit letter with the agreements listed below.

There are currently 3 agreements which each member will need to complete, as applicable. Developer reserves the right to require additional agreements be completed in the future in order to remain a member.

1. Member Agreement. This can be completed either online or by printed registration form. If an agent/broker uses the online method, the agent/broker must also agree to the website terms and conditions.
2. 1% Lakewood Co-Broker Rider. This rider accompanies the development’s standard agent/broker agreement naming the agent/broker on the transaction and that development’s base commission rate. If in the Developer’s sole and absolute discretion the agent/broker qualifies for the additional 1% commission rate, this rider will be completed for that sale.
3. 2% Lakewood Co-Broker Rider. This rider accompanies the development’s standard agent/broker agreement naming the agent/broker on the transaction and that development’s base commission rate. If in the Developer’s sole and absolute discretion the agent/broker qualifies for the additional 2% commission rate, this rider will be completed for that sale.

The payment schedule will be 100% paid after closing.

Terminated or defaulted contracts do not count as points towards membership levels and if applicable, commission rates will immediately be adjusted accordingly.

• Bronze: Accumulated 20-40 points at any qualifying development during the Program calendar year.
• Silver: Accumulated 41-60 points at any qualifying development during the Program calendar year.
• Gold: Accumulated 61-100 points at any qualifying development during the Program calendar year.
• Platinum: Accumulated 101 or more points at any qualifying development during the Program calendar year.

At the end of the Program calendar year, the member’s point balance is wiped clean and they must start earning again from a zero balance for the new year. Also, only when the Platinum membership level has been achieved will membership status be rolled into the following year. Bronze, Silver and Gold levels will all start over at the beginning of a new year. If during the new Program calendar year the member accrues enough credits to increase their membership level, the member will immediately be elevated to the next membership level. Other benefits include:

• Advanced notice on new developments, with preferred access to buyers during the pre-launch phase (the first non-tenant inventory). Reward members will be given priority over preferred area agent/brokers (in most cases) and the public to write contracts.
• Special access to limited or unreleased inventory (typically reserved for “priority investors only”). The Developer and its affiliates reserve the right, in their sole and absolute discretion, to withhold any units from sales for the purpose of phasing the development.
• Periodic “special offers” and additional incentive opportunities on specific units. This can include, but is not limited to, additional gift incentives such as gift cards, vacations or additional percentage points.
• Private online access to program tracking information and statements. The member is able to access, at any time, their earned bonuses, points balance, contact information, etc.
• Access to Realtor Continuing Education programs. Occasionally, members will be offered free or reduced cost continuing education credit opportunities at participating developments.
• Invitations to social networking events and special sales seminars. Members will receive invitations to project launch and open house parties for new and existing developments in their geographical area.

Lakewood Homes Inc disclaims any and all liability relating to the Lakewood Rewards Program. As a member of the Program, Agent/Broker agrees to release and hold harmless Lakewood Homes, Inc. and all of their affiliates, members, managers, shareholders, officers, directors, employees, agents, principals, legal representatives, heirs, successors and assigns of and from all claims, demands, damages and causes of actions of every kind and nature whatsoever, at law or in equity, arising from or relating to debts, sums of money, points, commissions, or account controversies in connection with the Lakewood Rewards Program.