Posted on 07/23/2005 11:07:08 AM PDT by 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,
*****************
I love this story.
What comes around, goes around.
Me, too. LOL!!
Where did you find this? LOL!
Sounds fair to me. I suggest it be sent by registered mail.
Yup. Send one registered, and one regular mail.
2nd to last sentence needs a "public good" in there somewhere, I think.
Short version...
Dear David,
ALL YOUR BASE ARE BELONG TO US
Yours truly
Strangely, I found this on my computer while I was working on an offer for a trailer park and 17 residential units.
I wish I could link to an editorial that was in my (NH Union Leader) paper a couple days ago. It said that the Selectmen in the town of Weare were ever so much wiser than the SCOTUS as they rejected the taking of private land for such activities. If only the SCOTUS had done the same.
Good idea. It was in my notes but I forget to put it in there.
Has anybody heard Souter's response to this effort to steal his house from him using his own ridiculous decision? I would love to know what he thinks.
Okay, I see. For a brief moment I thought that maybe the guy who is trying to pull this off actually filed a letter of intent. Saturday... I'm even slower than normal...:-)
If we could only do something like this the greedy Pennsylvania lawmakers.
Good point. Stress the Commie mentality which justifies the action.
What if some powerful people with lots of money were able to get three members elected to the board? They could then take any property they wanted to take. That is the point of this. Corruption and buying off people in office is nothing new.
After I do the final draft, I am indeed sending this to him. If he will sell under those terms, we will buy it.
P.S. ... Informing him that he will carry the mortgage which will be subordinated to the seven million construction load is an especially nice touch.
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