OK, that's it! I'm reporting both of you.
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,
*****************
OK.... Thanks for filling me in on this! Very much appreciated!
Perhaps a nice place for a shooting range and a Boy Scout camp.
Last I heard, it was looking more like a publicity stunt, because the guy has never contacted the town council with the proper forms or whatever.
Now you're talking. Even build a lodge and some cabins. Dig a "swimmin' hole." Would be perfect!
I like the idea. And "Compliments of Freerepublic.com " would be at the bottom. LOL
I love it too!
It is somewhat an extension of the spirit of the Boston Tea Party wouldn't you say?
I would NEVER subordinate a 1st. position without additional consideration(s).
Nice touch Doug. As one broker to another that is a nice little twist. Should get the city fathers salivating.
Count me in. We could time-share it. I would love to visit the Northeast shore for a week each year!
That is why you negotiate it in the original deal and why I wrote it that way. If you come back later, you probably cannot get someone to go along with it later without some big carrot. You also negotiate substitution of collateral and discount for early payoff in the original deal.
You also have to send offers to buy to at least two of Souter's neighbors, or you won't be able to move into phase 2 of your evil plan. That's what Kelo demands, and that's what they'll get.
My mistake, I should have read the thread first, I thought you were setting up the Zig for the E.D. Zag later.
Perhaps. Depends on how many shares you're selling and at what price.
Yes. Absolutely it has got to be for the "public purpose".
I don't understand what mistake you thought you made.
I like condemnation through Eminent Domain better.
He will not accept this offer. It will have to be condemned.
I am certain you are correct @ # 77:
"He will not accept this offer. It will have to be condemned."
You'd think that Justice Souter would make enough money to do some upkeep to that dump.
OK, that's it! I'm reporting both of you.
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