12-01-2021 Workshop Packet - Laserfiche WebLink

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Purchaser does not terminate the Purchase Agreement on or before the expiration of the Due Diligence Period as it may be extended, the Earnest Money shall become non-refundable (except in the event of Seller default) but shall be applied to the Purchase Price at Closing. 7. Brokers: Buyer is not represented by a broker. 8. Closing: The Closing will occur 30 days after the expiration of the Due Diligence Period. 9. Title and Survey: Seller, at its expense, will provide a current title insurance commitment for the Property from the Title Company. Purchaser will provide, at its expense, a current ALTA/ACSM survey of the Property. 10. Closing Costs: Closing costs shall be prorated between Seller and Purchaser in accordance with customary practices. 11. Seller Documents: Seller shall provide Purchaser with copies of any existing environmental reports, soil tests, surveys, and any other information Seller may have related to the Property. 12. Confidential: Seller and Purchaser agree that this offer and the terms of this letter of intent are confidential and shall not be disclosed to third parties except as may be required by applicable law and as may be reasonably required in connection with securing necessary permits, approvals and agreements to facilitate the Purchaser’s use or development of the Property. 13. Prorations: Any operating expenses shall be pro-rated as of the date of Closing with the Purchaser being responsible for all of such costs incurred as of the date of Closing and thereafter and Seller being responsible for all of such costs incurred before the date of Closing. 14. Purchase Agreement: Within 2 weeks after the execution and delivery of this Letter of Intent, the parties will cooperate and work together in good faith to prepare and execute a purchase agreement using Purchaser’s form of agreement containing all terms and conditions of the transaction (the “Purchase Agreement”). 15. Section 1031 Provision: As an accommodation to the other party, Seller and Purchaser agree to cooperate with each other if either or both of them elect to consummate the purchase transaction in a manner intended to qualify as a like-kind exchange under Section 1031 of the Internal Revenue Code. 16. Non-Binding: With the exception of Section 17 below, this is a non-binding Letter of Intent. The parties will only become obligated by the full execution of the Purchase Agreement.