Erection of Building Contract
This agreement is made on _________[date], between _________ Association of _________ ("association") and parties whose names are here subscribed ("subscribers").
Subscribers are desirous and deem it to their advantage to have a building erected by association for _________, at _________, in the County of _________, State of _________, and association has agreed to erect such a building at that place, at a cost not to exceed $_____.
Now, therefore, in consideration of the mutual promises contained in this agreement, the parties agree as follows:
1. Association here agrees to erect _________.
2. Subscribers, in consideration of agreement to erect that building, here agree, each for himself or herself, his or her heirs, executors and administrators, to and with association, and with each other, to pay to association the sums set after their respective names, on the dates and according to the terms expressed in this agreement.
3. It is mutually agreed that this contract shall not be binding on either party until the sum of $_____ or more is subscribed; provided, however, that neither association, nor any subscriber, or all of them, shall terminate this agreement prior to _________[date], it being the object of this proviso that the parties shall have until that date to secure subscriptions amounting to the entire sum of $_____.
4. It is further provided that if said entire sum of $_____ is not subscribed on or before _________[date], then any party shall have power to cancel this contract as to him, her, or it, by giving a written notice, personally or by mail, of an intention to do so. If agreement is canceled by association, notice addressed to the last ascertainable post-office address of any subscriber shall be sufficient; if by a subscriber, notice shall be given to _________.
5. It is further agreed that within _________ days from the time the total amount of $_____ is subscribed, association may call for payment of at least _________ percent of the respective subscriptions of subscribers, and may call for the whole or any part of the balance of subscriptions at any time after _________ months from the first call.
In witness, association has caused this instrument to be executed in its name and sealed with its seal by _________, its duly authorized _________, and subscribers have set their hands the day and year first above written.