oering memorandum dollar general€¦ · investment grade tenant • dollar general is a publicly...
Post on 23-Feb-2020
4 Views
Preview:
TRANSCRIPT
REPRESENTATIVE PHOTORENDERING
OFFERING MEMORANDUM
DOLLAR GENERALKANNAPOLIS (CHARLOTTE MSA), NC
2500 Lane Street, Kannapolis, NC 28083
PRICE $1,622,000
CAP RATE 6.35%
NOI $102,972
RENTABLE SQUARE FEET 9,100
PRICE/SF $178
YEAR BUILT 2019
LOT SIZE 1.49 AC
TENANT TRADE NAME Dollar General
LEASE GUARANTOR Corporate
LEASE TYPE NNN
ROOF & STRUCTURE Tenant
LEASE TERM 15-Years
RENT COMMENCEMENT DATE March 2019
LEASE EXPIRATION DATE March 2034
TERM REMAINING ON LEASE 15-Years
INCREASES 10% Increase in Options
OPTIONS Four, 5-Year Options
BASE RENT Years 1 - 1 5 $102,972
OPTION RENT
Years 16-20Years 21-25Years 26-30Years 31-35
(Option 1)(Option 2)(Option 3)(Option 4)
$1 13 ,269 $124,596 $137,056 $150,761
TENANT RESPONSIBILITIES Taxes, CAM, Insurance, Roof & Structure
LANDLORD RESPONSIBILITIES 100% No Landlord Responsibilities
DEMOGRAPHIC SUMMARY 1-MILE 3-MILE 5-MILE
POPULATION 3,871 28,388 63,518
AVG. HOUSEHOLD INCOME $53,102 $52,291 $55,968
POPULATION GROWTH 4.40% 5.07% 3.86%
Charlotte
Concord
Kannapolis
Mooresville
Salisbury
OFFERING SUMMARY
NEW UPGRADED CONSTRUCTION STORE• Brand new 9,100 SF build-to-suit Dollar General in Kannapolis, NC. • This store has upgraded façade and is scheduled for delivery February
2019.
CHARLOTTE MSA• Largest city in NC and Second largest city in the Southeast (pop.
2,474,314). • Six Fortune 500 companies are headquartered in Charlotte. • Home to the Carolina Panthers, Charlotte Hornets, NASCAR Hall of
Fame, Charlotte Motor Speedway, and the U.S. National Whitewater Center.
• Charlotte Douglas International Airport is one of the busiest airports in the country.
SUPERIOR DEMOGRAPHICS• The 5-Mile Population is 63,518 and Average Household Income is
$55,968.
WELL LOCATED NEAR I-85• Subject property is located less than 1 mile from I-85 (75,000 VPD).• It is situated at the four-way intersection of Lane St. and China Grove
Rd. (combined 12,100 VPD).
LONG TERM CORPORATE ABSOLUTE NNN LEASE• Brand new, 15-year corporate guaranteed lease with Dollar General. • Tenant 100% responsible for all expenses, which include taxes, CAM,
insurance, roof and structure.• 10% rent increase in each of the four, 5-year option periods.
INVESTMENT GRADE TENANT
• Dollar General is a publicly traded (NYSE: DG) Fortune 500 Company and is BBB investment grade rated.
• There are currently over 15,000 locations in 45 states and 900 new locations expected to be opened this year.
• Dollar General has been in business for 79 years and has a current net worth of over $6B.
REPRESENTATIVE PHOTO
INVESTMENT HIGHLIGHTS
2010 2011 2012 2013 2014 2015 2016
$31$41
$45
$61
$70 $71$74
STOCK PRICE OVER TIME
STORE COUNTS
DISTRIBUTION CENTER 2017
$93STORES IN 45 STATES
TENANT SUMMARY
79YEARS
IN BUSINESS
900NEW STORESBY YEAR END
BBBS&P CREDIT RANKING INVESTMENT GRADE
15,000+STORES IN45 STATES
DGPUBLICALLY
TRADED COMPANY
REPRESENTATIVE PHOTO
$6.1 BNET
WORTH
485
485
85
85
77
77
85
75,000
93,000
132,000
RamseyCreek Park
Stephens RoadNature Preserve
Latta PlantationNature Center
Charlotte Douglas International Airport
Concord-Padgett Regional Airport
CharlotteCountry Club
Myers ParkCountry Club Golf
20,000+ students
23,914 students
1,483 students
2,507 students
1,810 students
KANNAPOLIS
CHARLOTTE
CONCORD
HUNTERSVILLE
CORNELIUS
MOORESVILLE
DEMOGRAPHIC SUMMARY 5-MILE
POPULATION 63,518
AVG. HOUSEHOLD INCOME $55,968
POPULATION GROWTH 3.86%
WALGREENS
85
82,000
AERIAL
29
24,000
SHED
HATCHED AREA DENOTESN.C.D.O.T. DRAINAGE EASEMENT
D.B. 450, PG. 235PROJECT #6.803080-SHEET 19
ROAD RIGHT-OF-WAY
ROAD RIGHT-OF-WAY
ROAD
RIG
HT-O
F-W
AY
ROAD
RIG
HT-O
F-W
AY
ROAD
RIG
HT-O
F-W
AY
ROAD
RIG
HT-O
F-W
AY
LANE STREET (S.R. 2180) 70' PUBLIC R/W
N.C.D.O.T. PROJECT #6.803080 - SHEETS 19 & 20 - (D.B. 450, PG. 237)
CHIN
A GR
OVE
ROAD
(S.R
. 220
2) 60
' PUB
LIC
R/W
N.C.
D.O.
T. P
ROJE
CT #6
.8030
80 -
SHEE
TS 19
& 20
(D.B
. 450
, PG.
237) REBA BYRD GIBSON &
RAYMOND D. GIBSOND.B. 1547, PG. 225
CABARRUS COUNTY TAX ID#56340111440000
DIANNE BERRYD.B. 1784, PG. 002
P.B. 9, PG. 36CABARRUS COUNTY TAX ID
#56340029620000
LANE STREET BAPTIST CHURCHD.B. 8847, PG. 181
P.B. 9, PG. 36CABARRUS COUNTY TAX ID
#56340048490000
STEVE M. BARRIERD.B. 5567, PG. 033
CABARRUS COUNTY TAX ID#56340048490000
DIANNE BERRYD.B. 1784, PG. 002
P.B. 9, PG. 36CABARRUS COUNTY TAX ID
#56340019430000
1.548 ACRES
(TIE LINE)
RETAINING WALLS TO BEDESIGNED BY OTHERS. SAFETYFENCE ALONG EXTENTS OFWALL SEE DET. 8/C900
12' X 18'ENCLOSURE
SEE DET. 4/C901
DELIVERY RAMPSEE DET. 4/C901
HANDICAP RAMP& SIGNAGE SEEDET. 3-5/C900
24" STOP BAR -WHITE PER NCDOTSTDS. 1205
HEAVY DUTYASPHALT SEEDET. 1/C900
STANDARD DUTYASPHALT SEE
DET. 2/C900
C9006
C9007
C9018
BOLLARDSSEE DET. 9/C900
4" DOUBLEYELLOW LINE
PAVEMENTMARKINGS TO BEWHITE PER NCDOTSTDS. 1205
PYLON SIGN
ZONE RM-2
ZONE RM-2ZONE RM-2
ZONE C-1
MAIN
TENA
NCE
EASE
MENT
MAIN
TENA
NCE
EASE
MENT
10' SETBACK
10' S
ETBA
CK
10' TYPE 2 BUFFER
8' STREET BUFFER
8' ST
REET
BUF
FER
8
10
13
36'
CLOSE EXISTINGCURB CUT
CLOSE EXISTINGCURB CUT
5' SIDEWALK PERCITY STANDARDS
8'10
'8'
9' TY
P.
80'
117'
9.61'
1.39'
5.62'
71'
8' FOUNDATION BUFFER
5' SIDEWALK
131'
20'
36'
18'
90'
18'
30'
48.5'
18'
R15' R25'
R100
'
R20'
5' SIDEWALK PERCITY STANDARDS
DOLLAR GENERAL9,100 SQ.FT.
F.F.E. = 732.75
R25'
6'
6' WOOD SHADOWBOXFENCE SEE DET. 7/C901
0'
8' FOUNDATION BUFFER
R20'
DRIVEWAY ENTRANCE PERCITY STANDARD R-DR-01
4'
10'
MAILBOXES(RELOCATED)
5' LANDSCAPE STRIP
2.63'
NCDOT 30" CURB & GUTTERNCDOT STD. 846.01
3'-9'/SP MINI-SKIP LINENCDOT STD. 1205.01/1205.05
WHITE LANE LINE
PAVEMENTMARKINGS TO BE
WHITE PER NCDOTSTDS. 1205
N0° 2
8' 05
"E -
178.7
9'
N68° 30' 33"E - 27.94'
S74° 06' 36"E - 378.57'
S9° 4
0' 06
"W -
146.2
1'
N80° 49' 09"W - 188.06'
N80° 59' 20"W - 183.62'
GENERAL NOTES1. CONTRACTOR IS TO VERIFY ALL UTILITY LOCATIONS PRIOR TO BEGINNING WORK.2. ALL WORK IS TO BE IN ACCORDANCE WITH ALL STATE AND LOCAL REGULATIONS.3. ALL PERMITS ARE TO BE OBTAINED BY THE CONTRACTOR PRIOR TO THE START OF CONSTRUCTION.4. EXISTING UTILITIES ON SITE SHALL BE RELOCATED AS REQUIRED. CONTRACTOR SHALL PAY ALL COSTS
ASSOCIATED WITH RELOCATION.5. CONTRACTORS ARE TO FULLY ACQUAINT THEMSELVES WITH ALL UTILITIES WITHIN THE CITY AND STATE ROW AND
WITHIN THE PROPERTY BOUNDARIES WHICH WILL REQUIRE RELOCATION. ALL COSTS ASSOCIATED WITHRELOCATION SHALL BE INCLUDED IN THE BASE BID.
6. ALL WORK PERFORMED WITHIN NCDOT ROW SHALL BE PER NCDOT SPECS AND SHALL BE INSPECTED FORCOMPLIANCE BY STATE INSPECTORS AT THEIR DISCRETION.
7. ALL OFF-SITE FILL MUST COME FROM AN APPROVED SITE. CONTRACTOR IS RESPONSIBLE FOR PERMITTINGBORROW SITE.
VICINITY MAP (NTS)
LEGENDPROPERTY LINEEXISTING CONTOURS
PROPOSED CONTOURS100
100
SETBACK
P OVERHEAD ELECTRIC
EX. SANITARY SEWER
EX. WATER
COORDINATE WITH NCDOT AND/OR LOCAL TRANSPORTATIONAUTHORITY AND FOLLOW TRAFFIC MANAGEMENT PLAN FORALL WORK WITHIN AND ADJACENT TO PUBLIC RIGHT OF WAY.
NCDOT PAVING
STANDARD DUTY ASPHALT
HEAVY DUTY ASPHALT
STRIPING LEGEND
YELLOW CURBING AND BOLLARDS -PARKING LOT
SURFACES SHOULD BE CLEAN,DRY AND METAL SURFACES FREE
OF HEAVY RUST. 2 COASTSSHERWIN WILLIAMS - KEM 4000
ACRYLIC ALKYD ENAMEL SAFETYYELLOW B55Y300
STRIPING - PARKING LOT
SURFACES SHOULD BE CLEAN,DRY. TOP COAT SHERWIN
WILLIAMS - PROMAR TRAFFICMARKING PAINT YELLOW TM5495
HANDICAP STRIPING - PARKING LOT
SURFACES SHOULD BE CLEAN,DRY. TOP COAT SHERWIN
WILLIAMS - PROMAR TRAFFICMARKING PAINT "H.C." BLUE
DOLLAR GENERAL PAVEMENT NOTES:1. DETAILS ARE DOLLAR GENERAL STANDARD REQUIREMENTS AND MAY INCREASE OR DECREASE WITH VARIOUS
SOIL CONDITIONS. A GEO-TECHNICAL INVESTIGATION WITH PAVEMENT DESIGN RECOMMENDATIONS SHALL BECOMPLETED FOR EACH DEVELOPMENT. THE FOLLOWING DETAILS ARE MINIMUM DOLLAR GENERALREQUIREMENTS. INCREASED RECOMMENDATIONS ARE TO BE USED.
2. THE SUBGRADE MATERIALS SHALL BE PROOF ROLLED AND/OR SCARIFIED AND COMPACTED PRIOR TO PLACEMENTOF BASE MATERIAL. WHERE EXISTING SUBGRADE MATERIALS ARE UNSUITABLE. THEY SHALL BE REMOVED ANDREPLACED WITH COMPACTED SELECT MATERIAL IN ACCORDANCE WITH GEO-TECHNICAL RECOMMENDATIONS.
3. HEAVY DUTY CONCRETE PAVEMENT AND STANDARD DUTY CONCRETE PAVEMENT (AS RECOMMENDED BYGEO-TECHNICAL REPORT OR DOLLAR GENERAL MINIMUMS) SHALL BE STEEL REINFORCED. REINFORCEMENT TYPESHALL BE PRIOR APPROVED BY DOLLAR GENERAL.
4. CONCRETE PAVEMENT PLAN SHALL BE PROVIDED TO DOLLAR GENERAL FOR PRIOR APPROVAL. ALL JOINTS MUSTBE SEALED WITH AN APPROVED SEALANT. STEEL REINFORCING SHALL BE USED AT JOINTS. REFER TO ACI 330R(GUIDE FOR DESIGN AND CONSTRUCTION OF CONCRETE PARKING LOTS) FOR JOINT DESIGN AND LAYOUT.
PARKING AND PAVEMENT NOTES1. ALL SIGNS, PAVEMENT MARKINGS, AND OTHER TRAFFIC CONTROL DEVICES SHALL CONFORM TO THE MANUAL ON
UNIFORM TRAFFIC DEVICES, 2012 EDITION AS AMENDED.2. ALL PAVEMENT MARKINGS SHALL BE THERMOPLASTIC WHITE ON ASPHALT IN NCDOT ROW.3. ALL DIMENSIONS ARE TO FACE-OF-CURB UNLESS INDICATED OTHERWISE.4. ALL CURB RADII ARE 5' UNLESS OTHERWISE INDICATED.5. CONTRACTOR SHALL FURNISH AND INSTALL PAVEMENT MARKINGS AS SHOWN ON THE PLANS.6. CONTRACTOR SHALL COORDINATE THE INSTALLATION OF ALL SIGNS, PAVEMENT MARKINGS, AND OTHER TRAFFIC
CONTROL DEVICES WITH OTHER CONTRACTORS ON SITE.7. JOINTS OR SCORE MARKS ARE TO BE SHARP AND CLEAN WITHOUT SHOWING EDGES OF JOINTING TOOLS.8. CONTRACTOR SHALL SAW-CUT TIE-INS AT EXISTING CURBS AS NECESSARY TO INSURE SMOOTH TRANSITIONS.
CONTRACTOR SHALL SAW-CUT AND TRANSITION TO MEET EXISTING PAVEMENT AS NECESSARY AND AS DIRECTEDBY INSPECTOR TO INSURE POSITIVE DRAINAGE (TYPICAL AT ALL INTERSECTIONS).
9. CONTRACTOR SHALL COMPLY WITH ALL PERTINENT PROVISIONS OF THE "MANUAL OF ACCIDENT PREVENTION INCONSTRUCTION" ISSUED BY AGC OF AMERICA, INC. AND THE HEALTH AND SAFETY REGULATIONS FORCONSTRUCTION ISSUED BY THE US DEPARTMENT OF LABOR.
10. CONTRACTOR SHALL FULLY COMPLY WITH THE REQUIREMENTS OF THE SOILS ENGINEER.11. ALL EXISTING ON-SITE STRUCTURES SHALL BE REMOVED PER LOCAL CODES AND DISPOSED OF OFF-SITE,
INCLUDING ALL ATTACHED UTILITIES AND APPURTENANCES. ANY AND ALL WELLS ON-SITE SHALL BE IDENTIFIEDTO THE ENGINEER BEFORE CONSTRUCTION AND CAPPED PER HIS INSTRUCTIONS.
12. ALL AREAS NOT IDENTIFIED AS STANDARD DUTY PAVING SHALL BE CONSTRUCTED AS HEAVY DUTY PAVING (SEEDETAILS FOR STANDARD AND HEAVY DUTY PAVING REQUIREMENTS).
13. ALL SIGNS, WHETHER FREE-STANDING OR ATTACHED REQUIRE SEPARATE APPLICATION FOR EACH INDIVIDUALSIGN. ALL SIGNS SHALL MEET LOCAL REQUIREMENTS. A SIGN PERMIT IS REQUIRED PRIOR TO INSTALLATION OFANY SIGN.
LANE STREET
LAKE FISHER
LAKE FISHER
CHINA GROVE RD.
CEDAR HILL DR.
YATES AVE.
SITE
CHIN
A GR
OVE
RD.
SITE INFORMATION
ZONING C-1
ACREAGE 1.498 ACRES
PARKING REQUIREMENTS
MIN. REQUIRED 1 SPACE/300 SQ.FT.(31 SPACES)
MAX REQUIRED 1 SPACE/150 SQ.FT.(61 SPACES)
PARKING PROVIDED 31 SPACES
WATERSHED LAKE FISHERCRITICAL AREA
ON-SITE IMPERVIOUS 29,307 SQ.FT.
WATERSHED DENSITY AVERAGING
OFF-SITE PARCEL 2147483647
OFF-SITE ACREAGE 1.31
TOTAL WATERSHED ACREAGE 2.81
AVERAGE DENSITY 23.95%
SCALE:
SHEET:
(H)(V)
DRAWN BY:
APPROVED BY:
PROJECT NUMBER:
DATE:
© COPYRIGHT 2018 BY BREC, P.A., ALL RIGHTS RESERVED. THIS PLAN MAY NOT BE RE-USED, SOLD, LOANED, OR GIVEN TO OTHERS. REPRODUCTION OR PHOTOCOPYING OF THIS PLAN WITHOUT THE WRITTEN CONSENT OF BREC, P.A. IS PROHIBITED AND IS A VIOLATION OF FEDERAL COPYRIGHT LAWS, PUNISHABLE BY FINES UP TO $100,000 PER OFFENSE.
0
DO N
OT S
CALE
- PL
ANS
MUST
BE
RECE
IVED
AS
A CO
MPLE
TE S
ETRE
LEAS
ED F
OR A
GENC
Y RE
VIEW
- NO
T RE
LEAS
ED F
OR C
ONST
RUCT
ION
brec.b
iz
126 EXECUTIVE DRIVE - SUITE 220WILKESBORO, NC 28697
336.844.4088 http://brec.biz
DATE: REVISIONS:
PREPARED FOR:
ENGINEERING | PLANNING | ENVIRONMENTAL
SHEET SIZE:
KANN
APOL
IS, N
CST
ORE
#196
44
SITE PLAN
TERAMORE DEVELOPMENT, LLCPO BOX 6460THOMASVILLE, GA 31758
24"x36"
12/28/2017
3160242017
J.EDWARDS
J.CHURCH
1" = 20'
20 2010 40
C100
09/27/2018
SITE PLAN
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL.
This information in this package has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the infor-mation and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.
© 2018 Marcus & Millichap. All rights reserved.
CONFIDENTIALITY & DISCLAIMER NOTICE
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to
verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and
is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
Marcus & Millichap Real Estate Investment Services of North Carolina, Inc.Allen Smith | Broker of Record | 127350 | (704) 831-4600 | allen.smith@marcusmillichap.com
Purchaser’s Initials ______ Seller’s Initials ______
Dated: ___________
Don McMinn Marcus & Millichap 1100 Abernathy Road, NE, Suite 600 Atlanta, GA 30328
Phone: (678) 808-2780 Fax: (815) 550-1286
don.mcminn@marcusmillichap.com
Re: 2500 Lane Street, Kannapolis, NC 28083 (Dollar General)
Dear Don:
Please accept this offer to purchase the above referenced Property. This letter expresses Purchaser’s interest in purchasing the Property under the following terms and conditions:
Purchaser ____________________________________________________
Purchaser’s Address ____________________________________________________
Purchaser’s Phone/Fax ____________________________________________________
Purchaser’s Email Address ____________________________________________________
Offer Price ____________________________________________________
Earnest Money $25,000 earnest money deposit due within forty-eight (48) hours of the Effective Date of the Contract. The Earnest Money shall be increased to $50,000 at the expiration of the Inspection Period and shall become non-refundable barring any other listed contingencies.
Inspection Period 21 Calendar Days from the Effective Date, which shall mean the date on which the latter of the parties executes a Contract. All available Due Diligence Documents (“Documents”) will be forwarded immediately upon the Effective Date of the Contract.
Purchaser’s Initials ______ Seller’s Initials ______
Financing Period (Please Check One)
☐ All Cash (No Financing Period) ☐ Financing: Purchaser shall have ten (10) days from the Effective Date of the Contract to apply for and obtain a financing commitment. In addition, Purchaser shall have 30 days from the expiration of the effective date of the contract to complete loan processing. Purchaser shall use its best efforts to secure and obtain a new first mortgage loan in the amount of $______________ on terms which are acceptable to Purchaser.
Closing Date (Please Check One)
☐ New Property: Within 10 Calendar Days after rent commencement and receipt of tenant estoppel. ☐ Existing Property Within 10 Calendar Days after the expiration of the Inspection Period (or Financing Period if applicable).
Closing Costs Seller shall pay for the transfer tax. Buyer shall pay for Title.
Purchaser and Seller shall each bear its own attorneys expenses. All other Closing Costs shall be split 50-50 between Buyer and Seller.
Property Condition Property is being sold “AS IS” with Seller making representations
or warranties concerning the property.
Contract within 10 days:
Within Ten (10) Calendar Days of the Effective Date of this Letter of Intent, Purchaser and Seller shall enter into a binding Contract (the “Contract”). Seller will Draft the Contract and Failure to reach an agreement will allow the Seller to consider this agreement void and accept offers from other parties.
Broker Commission ☐ Purchaser acknowledges that Don McMinn of Marcus &
Millichap will represent them in this transaction. Any commissions due to the Purchaser’s broker (if applicable) shall be paid by the Seller directly. ☐ Purchaser acknowledges that ______________________ of __________________ will represent them in this transaction. Any commissions due to the Purchaser’s broker (if applicable) shall be paid by the Seller directly.
1031 Exchange Purchaser ☐ is / ☐ is not (check one) completing an IRS 1031
Tax Deferred Exchange, to which the Seller agrees to cooperate providing there is no cost or expense to Seller. Purchaser has $_____________ in an exchange account from a transaction which closed escrow on _____________. Purchaser will provide Seller, upon request, proof of such funds.
Purchaser’s Initials ______ Seller’s Initials ______
Confidentiality Purchaser and Purchaser’s agents and representatives hereby covenant with Seller that Purchaser and Purchaser’s agents and representatives shall not, without the prior written consent of Seller (which consent may be withheld in Seller’s sole and absolute discretion), disclose to any other person (other than Purchaser’s accountants and attorneys) or entity by any means whatsoever: (i) any information pertaining to the Documents; (ii) any information pertaining to the Contract; or (iii) any information or documentation (written or oral) provided by Seller or Seller’s agents and representatives concerning Seller, Seller’s business, Tenant, Tenant’s business or the Property.
This Letter of Intent is contingent upon the prospective Purchaser’s willingness to execute Seller’s standard Purchase Agreement as well as review and approval of the details of the transaction proposed above by the appropriate principal parties of the Seller.
It is understood and agreed that the foregoing constitutes a Letter of Intent setting forth the major business points from our discussions. It is further understood that neither party intends to create any contractual rights or obligations as a result of entering into this Letter of Intent. No binding agreement or rights or obligations shall arise as the result of executing this letter or with respect to the proposed transactions, unless and until we execute definitive documentation incorporating the above provisions and other appropriate terms.
If the foregoing accurately reflects our discussions, please acknowledge same by returning a signed copy of this letter. Execution of this Letter of Intent by the undersigned agent in no way binds or obligates the Seller or any of its principals.
Agreed and Accepted | Purchaser By: _______________________________ Printed: ___________________________ Dated: ____________________________
Agreed and Accepted | Seller By: _______________________________ Printed: ___________________________ Dated: ____________________________
top related