LOI Draft · StorageAce

LOI Draft

Here is a draft I have been working on from a template that was given to me. What can I change/add to it to make it work? I'm not sure about the Earnest Money...

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Sean Feeney President – Hammer Enterprises

sean@hammerenterprises.biz

November 18th, 2024 RE: Letter of Intent -

This letter of intent (“LOI”) sets forth the terms and conditions under which Hammer Enterprises, LLC or its affiliate (“Hammer Enterprises”) is prepared to enter into definitive documentation (collectively, the “Agreement”) to acquire the property described below from -Seller’s Name- (“Seller”). Except for the No-Shop and Confidentiality provisions, this LOI is conditioned on the execution and delivery of the Agreement.

Property:

Purchase Price: $1,000,000

Earnest Money: $25,000 The Deposit will be applied to the purchase price at the Closing or refunded to Hammer Enterprises in the event that Hammer Enterprises a contingency.

Due Diligence: 45 days from execution of the Agreement.

Closing: The target Closing Date is estimated to be 45 days after expiration of Due Diligence period. The actual Closing Date will be selected after Hammer Enterprises’s legal team receives the necessary documentation and will depend on the availability of the parties.

Transaction Structure: Within seven business days of acceptance of this LOI, Hammer Enterprises shall present Seller with an Agreement. Closing costs will be split between Hammer Enterprises and Seller in a manner that is customary for the geographical area.

No-Shop and Confidentiality: Seller shall not negotiate with another party to sell the Property after this LOI is signed for 30 days. Seller shall not disclose the terms of purchase or the existence of this Agreement to a third party outside of attorneys, accountants, bankers, and partners without the prior written consent of Hammer Enterprises. Hammer Enterprises reserves the right to disclose the terms of this LOI to its attorneys, accountants, bankers, and investors.

The terms, conditions and agreements contained in this LOI are not fully exhaustive and will be covered in full upon the parties’ execution of the Agreement. This LOI is valid through Friday, -Date- and will be governed by Maryland Law. ----Should I do West Virginia law since I'm based in WV??

Signatures:

Sean Feeney - President - Hammer Enterprises __________________________ ____________________ Owner Signature

DATE

Print Name:_____________________________

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