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BUYER NAME (first/last or corporation):
("Buyer") is pleased to present their/its interest in acquiring Kearney House Apartments ("Property") from the 20th and Kearney Limited Partnership ("Seller") for the general price and terms as outlined below.
1) Purchase and Sale
Agreement:
The parties agree to negotiate to enter into a mutually satisfactory Purchase and Sale Agreement no later than
days of this Letter of Intent and all of its provisions will be considered to be terminated and null and void. BUYER/SELLER or their counsel shall provide the initial draft of the Purchase and Sale Agreement within 30 days from mutual acceptance of this letter of intent.
2) Non-Binding:
This letter of intent shall serve as a general outline for the final Purchase and Sale Agreement and its terms and provisions are intended to be non-binding other than those provisions as outlined in Paragraphs 1, 9 and the Confidentiality provisions outlined in Paragraph 10 along with the termination rights granted in this paragraph. ADD REFERENCE TO OTHER BINDING PROVISIONS HERE IF APPLICABLE. The final deal points are subject to change during the negotiation of the Purchase and Sale Agreement. Seller or Buyer can at any time choose to stop their efforts to enter in to a mutually satisfactory Purchase and Sale Agreement and can terminate this Letter of Intent by sending a written notice to the other party. Any notice will be deemed delivered (a) when personally delivered or delivered by facsimile transmission (with electronic confirmation of delivery) during business hours; or (b) delivered by email transmission (with electronic confirmation of delivery) during business hours; or (c) on the next business day following deposit with a reputable overnight courier, or (d) three (3) days after mailing in the U.S. mails, postage prepaid, by the applicable party in all events, to the address of the other party shown in this Agreement, unless that day is a Saturday, Sunday, or legal holiday, in which event it will be deemed delivered on the next following business day.
3) Purchase Price:
$
.00
in cash paid at closing. Earnest money in the amount of $
.00 shall be provided with the Purchase and Sale Agreement in the form of a Note, to be redeemed upon removal of Inspection Contingency, and deemed non-refundable at the removal of all contingencies.
4) Inspection
Contingency
Period:
Buyer shall have an initial
days of a Property Inspection Contingency period, which commences upon mutual execution of a binding Purchase and Sale Agreement (the "Effective Date"), to conduct their due diligence review of the property's books and records and perform a physical inspection of the property. However, Buyer must remove the books and records as a contingency to the transaction prior to scheduling their unit by unit inspection.
5) Financing Sources:
Buyer intends to use the following as sources of financing for the purchase price stated and the expected schedule for application conditional commitment and final commitment of that financing is expected to be as indicated below. Provide only information for those financing sources you expect to use. Otherwise, all fields need not be filled in.
$
.00
$
.00
Application Date:
mm/dd/yyyy
Preliminary Commitment Date:
mm/dd/yyyy
Final Commitment Date:
mm/dd/yyyy
$
.00
Application Date:
mm/dd/yyyy
Preliminary Commitment Date:
mm/dd/yyyy
Final Commitment Date:
mm/dd/yyyy
$
.00
Application Date:
mm/dd/yyyy
Preliminary Commitment Date:
mm/dd/yyyy
Final Commitment Date:
mm/dd/yyyy
$
.00
Application Date:
mm/dd/yyyy
Preliminary Commitment Date:
mm/dd/yyyy
Final Commitment Date:
mm/dd/yyyy
$
.00
Application Date:
mm/dd/yyyy
Preliminary Commitment Date:
mm/dd/yyyy
Final Commitment Date:
mm/dd/yyyy
6) Financing Contingency Period:
Buyer shall have
days from Buyer's removal of Inspection Contingency to approve the terms and conditions of debt and other financing as indicated in Section 5 above to approve the terms and conditions of all necessary financing and remove the financing Contingency(latest Final Commitment Date of Financing Sources.)
Acknowledged:
Your initials:
7) Escrow & Title:
Account opened with Fidelity National Title Insurance Company of Oregon, Order No. 20110034739-PTPOR01, Attn: Laurie Medac, 900 SW Fifth Ave, Portland OR 97204
Acknowledged:
Your initials:
8) Closing:
Closing to occur within
days after removal of Buyer's Conditions to Purchase.
Acknowledged:
Your initials:
9) Seller Disclaimer:
Buyer shall acquire the Property "as is" with all faults and Buyer shall rely on the results of its own inspection and investigation in Buyer's acquisition of the Property.
Acknowledged:
Your initials:
10) Confidentiality:
The existence and contents of this letter and the matters disclosed by due diligence will not be revealed by Seller or Buyer to outside parties other than to lenders, consultants, principals, affiliates or clients or as otherwise required by law or for any valid business purpose. No advertisement or other publicity concerning the transaction will be made or disseminated by any party before the closing.
Seller shall have until 5:00 PM on the primary selection date in which to accept this letter of intent. Buyer and Seller each acknowledge that a transaction of this type involves many essential and non-essential terms and conditions and that there has not yet been a definitive statement of all the terms and conditions of the proposed transaction. This letter is not intended to constitute an agreement to execute the Agreement, or any real estate agreement in the future. It is the intention and understanding of the Buyer and Seller that only the Agreement, if executed will contain all the terms and conditions deemed essential by Buyer and Seller with respect to the purchase and sale of the Property as contemplated by this letter.
Sincerely,
By:
Submittor's Contact First and Last Name
Checking this box serves as the confirmation of signature of the name in the field above :
11) Other Conditions:
Buyer proposes the following additional conditions:
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