HomeMy WebLinkAbout4.2b 7470 East Point Douglas Road LOI
HANGLLC
February 04, 2022
Jennifer Levitt
City of Cottage Grove
12800 Ravine Pkwy S
Cottage Grove, MN 55016
RE: LETTER OF INTENT
7470 East Point Douglas Road
Cottage Grove, MN 55016
Dear Jennifer,
We are pleased to present the following proposal to purchase the above referenced property on behalf
of HANGLLC.
TERMS
Buyer: HANGLLC.INC.
Seller: City of Cottage Grove
Property: The property shall consist of approximately .54
acres at 7470 East Point Douglas Road.
Purchase Price: $188,179.20 for land.
Deposit: $5000
Upon opening of escrow. Buyer shall deposit five thousand dollars. Made
payable to the escrow company which can be deposited into an interest-bearing
account, all interest credited to the Buyer.
Terms of Purchase: Pay in full at closing.
Inspection Period: Buyer, at its sole and unfettered discretion, shall be allowed a thirty (30) days
period from opening of escrow to review all documentation, obtain third party
reports, and otherwise approved the Property is not suitable for buyer’s use,
such purchase agreement shall terminate. Buyer earnest money shall be
returned, and neither party shall have any liability or obligation to one another
hereunder.
Financing Period: Upon waiver of contingencies, Buyer shall have obtained a loan application
detailing terms acceptable to Buyer. Buyer, at its sole and unfettered
discretion, shall be allowed a sixty (60) days period from waiver of contingencies
to complete the application, provide lender with all documentation, and obtain
a loan commitment, at terms the same as the application, or otherwise
acceptable to Buyer. If buyer determines that for any reason the loan terms are
not acceptable, such purchase agreement shall terminate, Buyer earnest money
shall be returned, and neither party shall have any liability or obligation to one
another hereunder.
Closing date: Fifteen (15) days after waiver of contingencies.
Opening of Escrow: Opening of escrow will be the date that signed escrow instructions are received
by (Title Company) along with the earnest money.
Confidentiality: All aspects of this negotiated agreement shall be held by Buyer and Seller in the
strictest of confidence. The confidentiality requirement shall not be effect once
closing occurs.
Prorations: Taxes, rents, and other income and expenses pertaining to the Property will be
prorated as of the close of escrow.
Broker: Principals of the Buyer are licensed real estate brokers in (state) and
re acting as principal only. Seller shall be responsible for all brokerage
commissions.
The intent of the letter is to serve as a description of interest to purchase the property and is not
considered binding on either party, or to be used instead of escrow instructions. The terms expressed in
the letter of Intent will become null and void if not accepted within seven (7) days from the date this
Letter. If you accept our proposal, we will proceed to enter into a purchase contract within fifteen (15)
days of acceptance. During this period Seller agrees to discontinue any third-party sale negotiations.
Sincerely,
Long Hang