BUYER’S BROKER: Net Lease National
BROKERAGE COMMISSION: Net Lease National shall be paid a commission by the Seller, equal to 3% of the purchase price, paid directly from escrow at closing. Net Lease National may share a portion of its commission with the Buyer (pursuant to separate agreement).
PURCHASE CONTRACT: To be prepared by Seller and delivered to Buyer within Three Days after mutual execution of this Letter of Intent.
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.
EXCLUSIVITY: Following execution of this Letter of Intent, Seller shall cease all negotiations with any other existing or prospective purchasers of the property and shall not enter into any agreements related to the Property for a period of 10 days after providing the Buyer with the Purchase Contract.
This is a non-binding Letter of Intent designed to express Buyer’s interest in the Property under the terms and conditions described herein. Neither party will incur any obligations or liability unless and until the Purchase Contract 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.