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,

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

[freeangel]

Please, please, let this happen.

[sandydipper]

Kick 'em out and let him live in the street - I love it.

[TAdams8591]

LOL! Too Funny!

[Non-Sequitur]

Good luck. The appraised value for tax purposes of the property in question is $100,000. Are you hoping that Souter will read this and laugh so hard he throws an aneurysm or something?

[doug from upland]

I didn't want to offer a half a mil. He would have taken that. We want him to refuse so we can move to have it condemned.

[Non-Sequitur]

We want him to refuse so we can move to have it condemned.

Well I wouldn't hold my breath waiting on that to happen. There has never been a case in New Hampshire of eminent domain being used to condemn property for private developer.

[doug from upland]

I just spoke with Logan on the Larry Elder Show. He wants the offer lowered to $1776.

[mlorrey]

Non-Seq sez: "There has never been a case in New Hampshire of eminent domain being used to condemn property for private developer."

Untrue, bub. NH does have a higher standard than Connecticut, and Justice Kennedy noted in his concurring opinion that he thought that states should seek to reach the NH standard, which he regarded as optimum, but stil private developer eminent domain does happen here. The railroads, for instance, were private corporations that were actually given eminent domain power by the legislature to go and seize land in the rail corridor they were granted by the legislature. That was in the 19th century. Recently the City of Manchester seized a mill property along the Connecticut for development as the current New Hampshire Fishercats stadium, the stadium is owned by the team, not the city.