LETTER OF INTENT TO PURCHASE THE PROPERTY OF DAVID SOUTER

DFU | 7-23-05 | dfu

[doug from upland]

LETTER OF INTENT

To: Mr. David Hackett Souter
From: ****************, a California licensed real estate broker
(Address, phone redacted)
Date: July 23, 2005

re: that certain real property located at 34 Cilley Hill Rd., Weare NH 03281
(complete legal description to be furnished in escrow)

Mr. Souter:

I represent a group of investors who are interested in purchasing your property in Weare, NH, which is above described. Pursuant to their wishes, I hereby tender this LETTER OF INTENT, which outlines the terms and conditions under which they would make the purchase.

1. PRICE. $75,000
2. DEPOSIT: $2,000, to be tendered after an OFFER TO PURCHASE is accepted
3. DOWN PAYMENT. $7,500
4. SELLER FINANCING: Seller to carry back a 1st Mortgage of $67,500, 5% interest, amortized over 30 years, $362.35 per month. Should buyer pay off the 1st mortgage within 12 months of close of escrow, seller agrees to accept a $5,000 discount for early payoff.
5. SUBORDINATION. Seller to subordinate the seller financing described in No. 4 above to a construction loan of no greater than $7,000,000 at prevailing rate and terms.
6. TITLE INSURANCE. Seller to provide policy of title insurance issued by New Hampshire Residential Title, 5 Bedford Farms, Bedford, NH 03110.
7. ESCROW. Escrow period to be 120 days or sooner; escrowholder to be New Hampshire Residential Title Services, Inc.
8. DISCLOSURES. Seller to provide all disclosure statements required by New Hampshire law within 14 calendar days of acceptance of offer. Buyer to have 7 calendar days after receipt of same to approve or disapprove of such disclosure information. Should buyer disapprove, he shall have the right to cancel the transaction and the deposit is to be returned in full.
9. INPSECTION. Buyer is to have 10 days from time of acceptance to make a physical inspection of the premises for approval or disapproval.
10. TERMITE CLEARANCE. Seller to provide termite inspection and clearance from a licensed pest control company in New Hampshire.
11. WARRANTIES. Seller warrants that there are no lawsuits or government notices that affect the subject property. Seller further warrants that the property is free of petrochemicals and any other toxic chemicals that would prevent the buyer from securing approval for a commercial building project.
12. POSSESSION. Seller is to give possession, remove all of his personal property, and leave the premises in clean condition within three days of close of escrow.
13. BROKERAGE. The broker represents only the buyer in this transaction. The broker is neither taking a fee from nor respresenting the interest of the seller. Broker advises the seller to seek his own competent legal and brokerage expertise.

This LETTER OF INTENT is valid until 5:00pm (Pacific time), August 5, 2005.

NOTE: We hope you are willing to sell your property under the terms and conditions above outlined. If you do not want to sell, pursuant to the recent Supreme Court decision in KELO et al. v. CITY OF NEW LONDON et al., we are prepared to make application to the five members of Weare Board of Selectmen to have the property condemned using their power of eminent domain. Any expenses incurred by the buyer for such action will be deducted from the purchase price.

Respectfully,

*****************

[TAdams8591]

This is GREAT. It will be extrememly interesting to see what happens.

[RobFromGa]

need to have something in there about how the property is being purchased in order to promote the public interest through increased tax revenue, as well as the potential to employ 60-100 full-time employees upon completion, as well as bringing significant revenue to the town through the increased tourism to the area that the development will cause.

mispelled INSPECTION

I like it. Illustrating absurdity with the absurd.

[TAdams8591]

That's "extremely."

Glad I misspelled. This post deserves at least another bump!

[Vn_survivor_67-68]

"If he will sell under those terms, we will buy it."

And if the Selectmen come up with different terms, perhaps Freepers will help buy it :)

[upchuck]

After I do the final draft, I am indeed sending this to him. If he will sell under those terms, we will buy it.

Doug, have you or an agent visited 34 Cilley Hill Rd, Weare, NH to see what you're buying?

I was there recently and it ain't much.

[doug from upland]

:) I thought that those who understand real estate would enjoy the subordination clause. And the discount for early payoff.

Here is a little trick for some of you. Very often private parties are in need of cash and will sell off the notes they have at a discount to get their cash now. Let's suppose you know of a $20,000 2nd TD someone holds and you know that owner is about to refinance. Go make an offer of $17,000 or whatever you wish to the holder of the paper. Maybe he will take it. When the refinance is complete, you then get the payoff of $20,000 and have made an easy $3,000.

Trick number 2. A private party holds a $20,000 note at 10% that pays $200 per month, needs his cash, but doesn't want to sell the note at a discount. Give him $10,000 for the note now, and give him the option to repurchase it in the future for that same $10,000. What does that do? He has not had to take the discount, has generated $10,000 in needed cash now, and has given you $200 per month income stream while your $10,000 is at work. Is that a good return?

[TAdams8591]

I believe you misspelled misspelled, LOL!

[doug from upland]

Thanks for catching the typo.

[Deo et Patria]

Hysterical. I'd suggest a postscript:

"YOU HAVE NO CHANCE TO SURVIVE MAKE YOUR TIME."

[Tennessean4Bush]

I absolutely, freaking, love it. How can I help?

[Swanks]

The press should follow Souter around with camera in tow looking for a response from him. Let him be filmed running from the press like the cockroach he is.

[rcrngroup]

You wrote....

Hysterical. I'd suggest a postscript:
"YOU HAVE NO CHANCE TO SURVIVE MAKE YOUR TIME."

I don't understand what the last sentence means?

[doug from upland]

We will have the right of inspection. I understand it is something like 20 acres of land. Is that right?

Can you imagine the value of this land if it is acquired from the justice for 75 grand for a hotel project? We could probably flip it for half a mil.

Imagine the mailbox having FReeperville on it. I kinda like that.

[LRS]

Hehehehehe!


Seriously, I wonder if we can get some one up there to get some publicity by putting up some signs (no trespassing tho'!)? Maybe some "Moving Sale", "Going Out of Business", etc.?

[christie]

Great letter!

If he will sell under those terms, we will buy it.

$75,000 . . . hummm, I bet FReepers would be more than happy to raise the funds! LOL

[El Laton Caliente]

You don't? Then...

ALL YOUR BASES ARE BELONG TO US!!!

;^)

[christie]

Hotel Freeperville. A FReeper retreat in NH. Cool!

[LRS]

What you say !!

[IllumiNaughtyByNature]

Dear David,

Sincerely,

We The People

[tutstar]

ping