On behalf of * and/or affiliated assignee (“Buyer”) this non-binding LOI sets forth Buyer’s Interest in purchasing the Property below subject to the general business terms and conditions described herein:
Mavis Discount Tire Located at: 291 East Hanover Avenue, Morristown, NJ
Purchase Price: * $ ( Asking Price : $4,143,000 )
Earnest money deposit: *
Due diligence inspection period: *
The following items will be made available to Buyer within Two Days following the execution of Letter of Intent provided that they are in the possession of the seller.
- Environmental Report
- Preliminary Title Report/Commitment and copies of all underlying title docs
- Alta Survey, including any applicable easements
- Lease Agreements, and all amendments, guarantees, estoppels
- Building Plans
- Building Guarantees and Contract Agreements (if any)
- Insurance Certificates and current Property Tax Bill
- Income/Expense Report & Tenant Store Sales for Previous Two Years (if available)
Close of escrow: *
Title/escrow company: *
Closing Costs: Seller and Buyer shall share all escrow and recording fees on an equal basis. Seller shall pay for title insurance and any updates to environmental reports or surveys. Transfer tax will be allotted per local custom.
Buyers Broker: TD Commercial Group
BROKERS COMMISSION: Upon the successful close of escrow seller to pay TD Commercial Group a commission of 2.5% of the purchase price paid directly through escrow for procuring the buyer.
PURCHASE CONTRACT: Upon the mutual execution of this LOI, Seller will promptly prepare the Purchase and Sale Agreement and Seller shall make a good faith effort to deliver said Purchase and Sale Agreement to Buyer within Three days from the mutual execution of this LOI.
TAX DEFERRED EXCHANGE: Seller is aware that Buyer will elect to acquire this Property under IRC Section 1031. Seller will cooperate with Buyer at no cost or liability to the Buyer.
CONFIDENTIALITY: Seller, Buyer, and their Agents shall maintain the confidentiality of the parties, terms, and conditions of this letter and the negotiations that may follow, if any, from this date forth.
EXCLUSIVE NEGOTIATING: Seller agrees that upon full execution of this letter, Seller and his agents shall cease negotiation with any other existing or prospective purchaser of the property and agrees not to enter into any agreements concerning the sale or transfer of the property with any person or entity other than this purchaser for a period of 10 days after providing the purchase with the Purchase Contract.
AMENDMENTS: No amendment of this letter of intent shall be valid or binding unless made in writing and signed by all parties hereto.
This is a non-binding LOI to express Buyer’s Interest in Property given the terms and conditions described herein. Neither party will incur any obligation or liability unless and until a written purchase and sale agreement based on the general terms and conditions agreed to herein is executed by both parties, however, by accepting the terms of this letter of intent, both parties agree that they will negotiate in good faith to enter a binding contract.
Accepted and Agreed: