[Purchaser name]
October 6, 2018
Page 1
[Purchaser’s Letterhead]
October 6, 2018
Re:Letter of Intent to Purchase
Cutler Plantation
6525 SW 152nd Street, Palmetto Bay, FL
+/- 69-acre site
To Whom It May Concern:
______is pleased to submit this Letter of Intent to acquire the above referenced property. Below are the terms and conditions under which ______is interested in pursuing this purchase:
1. Description of Property:
6525 SW 152nd Street, Palmetto Bay, FL
+/- 69acre site
2. PurchaserName Purchaser’s Entity Structure:
3. Seller:
Florida Power & Light Company
700 Universe Boulevard, CRE/JB
Juno Beach, FL 33408
4. Purchase Sale Agreement (PSA):
Parties shall use Seller's standard Purchase Sale Agreement (PSA) in this transaction.
5. Purchase Price & Proof of Funds:
$______. Purchaser shall provide the following as proof of available funds to close, to be submitted along with this executed Letter of Intent:______
______
______
6. Financing Contingency:
None – all cash closing.
7. Earnest Money Deposit:
Within ______( ) days from the PSA Effective Date, Purchaser will deposit $______in cash with Chicago Title Insurance Agency, Inc., 3067 E. Commercial Boulevard, Fort Lauderdale, Florida 33308 Phone: (954) 771-4300 and Fax: (954) 771-6934, which amount will remain refundable up to ______( ) days from commencement of Purchaser’s Due Diligence period.
8. Due Diligence:
______( ) days from the PSA Effective Date. This period shall include ______( ) days to complete physical property inspections and ______( ) days to complete any required municipal investigations.
9. Closing:
This transaction shall be closed and the deed, other closing instruments and possession shall be delivered to Purchaser on or before ______( ) days following completion of Purchaser’s Due Diligence period as stated above.
10. Title & Survey:
Within ______( ) days from the PSA Effective Date, Seller will provide Purchaser, at Seller’s expense, a commitment for title insurance and property survey.
11. Expenses:
Documentary stamps which are required to be affixed to the deed, transfer taxes and the cost of recording the deedshall be paid by Purchaser. Seller shall pay for the recording of any corrective instruments.
12. Brokerage:
Both parties hereto represents to the other that there are no real estate brokers involved in this transaction. Each party does hereby agree to indemnify and hold harmless the other from and against any and all costs, debts, damages, and claims, including, costs and reasonable attorneys' fees for pre-trial, trial or appellate matters in defending against any claims for brokerage commission or finder’s fees arising through it relative to this transaction. The representations, warranties and agreements contained in this section shall survive the Closing of this transaction.
13. Representation:
By its submittal of this Letter of Intent, the Purchaser understands and agrees that Seller has made no representations or warranties as to the quantity, quality or condition of the Property described herein, the suitability of the zoning thereof, or the availability of permits relating thereto and Purchaser acknowledges that Purchaser has fully examined said Property prior to the date hereof and that Purchaser will not be relying upon any representation or inducement that may have been made by Seller or Seller's representatives, agents or employees with respect to the quantity, quality or with respect to the present or future condition, environmental or otherwise, zoning or permitting of said Property. Purchaser understands and agrees the conveyance of the Property described herein from Seller to Purchaser shall be "AS IS/WHERE IS WITH ALL FAULTS" without any warranty for any other purpose, express or implied.
If this letter is acceptable as a basis for negotiating a mutually agreeable binding agreement forpurchase and
sale of the above described property, please sign below and we shall proceed topurchase sale agreement
document. In the event that Seller accepts this letter as a basis fornegotiations, parties will keep the
letter and discussions confidential.
It is mutually understood that this offer is not binding until a purchase sale agreement has been fully executed by both Seller and Purchaser (s).
We look forward to working with you in this transaction.
Sincerely,
[Purchaser]
Acknowledged and Agreed TO this _____ day of ______20____:
Name:______Name:______
Address:______Address:______
______
This letter/proposal is intended solely as a preliminary expression of general intentions and is to be used for discussion purposes only. The parties agree that this letter/proposal is not intended to create any agreement or obligation by either party to negotiate a definitive lease/purchase andsale agreement and imposes no duty on either party to continue negotiations. The parties intend that neither shall have any contractual obligations to the other with respect to the matters referred herein unless and until a definitive agreement has been fully executed and delivered by the parties. Prior to delivery of a definitive executed agreement, and without any liability to the other party, either party may (1) propose different terms from those summarized herein, (2) enter into negotiations with other parties, and/or (3) unilaterally terminate all negotiations with the other party hereto.