Item 8.01 Other Events
On June 20, 2022, the Company's second deposit in the amount of $500,000 to
Sandpiper Resort Properties, Inc. and Holiday Village of Sandpiper, Inc.
(collectively, "Sandpiper"), delivered according to the terms of that certain
Purchase and Sale Agreement effective as of April 25, 2022 (the "Agreement") for
the purchase by the Company of property in Port Saint Lucie, Florida (the
"Property"), became nonrefundable except in certain circumstances. The first
deposit of $500,000 and the second deposit shall be applied to the Purchase
Price of the Property upon closing and is nonrefundable to the Company except in
the event of a default by Sandpiper of its obligations under the Agreement that
is not cured within any applicable cure period provided in the Agreement or as
otherwise specifically provided in this Agreement.
The Property being purchased is the Property on which the Company's facilities
are currently located and where the Company currently operates and includes
approximately 216 acres and approximately 3,000 feet of waterfront property.
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