Form Letter Of Intent - Land Acquisition
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8FORM LETTER OF INTENT – LAND ACQUISITION
VIA:
<Date>
<Recipient Address>
RE:
Proposal to Purchase
Dear
:
This letter-of-intent (“Letter of Intent”) states the terms by which
(“Purchaser”), or
assigns, will enter into a Purchase and Sale Agreement to purchase the above referenced property from
, (“Seller”).
The proposed terms and conditions of the purchase are as follows:
Purchaser:
Purchaser,
, is a
.
Seller:
Seller,
, is a
.
Property:
<Legal description>, vacant land whose address is
(the “Property”). The
parcel configuration shall be verified by a current ALTA survey (see below).
<Alternate language>
•
The purchase price below is based on a fixed price versus a net acreage $/SF
calculation. A net acreage calculation and potential reduction thereof will not
be required for the drainage way, floodplain, wetlands, the land-locked area or
areas with unusable or infeasible slope conditions.
•
The purchase price below is based upon the total gross land area and may, at
Purchaser’s option, be adjusted by multiplying the total land area, as
evidenced by the Survey, times $
Dollars per square foot of
land area.
•
The property shall also include any <Master Development Plan (“MDP”)>
<Final Development Plan (“FDP”)> or other entitlements, and any studies,
plans (conceptual or otherwise), construction documents, or otherwise,
prepared in whole or in part for the Property.
•
The property shall also include, as applicable, all water rights and mineral
rights.
Purchase Price:
The purchase price for the Property shall be $
paid
in
cash
at
Closing.
<Alternate language>
•
The purchase price for the Property shall be $
per net square foot,
equaling approximately $
, paid in cash at Closing
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