letter of Intent Form by maxwelllegal

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									                                    Letter of Intent

THE LAWS OF NORTH CAROLINA SHALL GOVERN THIS AGREEMENT


  (Street address)

  (City), North Carolina (Zip)

  (Date) _________________, 19

  LETTER OF INTENT

  This is a letter of intent to sell all of the stock in that certain business known as
  _________________, also known as _________________ The seller as referenced
  hereinbelow agrees to use its best efforts and good faith in abiding by the terms of
  sale as follows:

  1. The parties in the transaction described herein are _________________, a North
  Carolina corporation, hereinafter referred to as ''Seller''; _________________,
  hereinafter referred to as ''Shareholders''; and _________________, hereinafter
  referred to as ''Purchaser.'' All parties agree that their rights herein may be assigned
  to a corporation controlled by them.

  2. One hundred percent of the stock will be sold by Shareholders to Purchaser, and all
  assets of the business known as _________________ and also known as
  _________________ will continue to be the property of the Seller corporation, to be
  completely owned and controlled by Purchaser. Said property shall include all
  equipment, fixtures, good will, inventory, a portion of the accounts receivable as set
  forth hereinbelow, trademarks, trade names and other intangible assets of that
  business known as _________________ and located at _________________(street
  address), _________________(city), North Carolina. Specifically excluded herefrom
  are cash, accounts receivable of the Shareholders individually, company vehicles
  presently used by the Shareholders, and the cash value of any life insurance policies
  naming the Seller or its Shareholders as beneficiaries.

  3. The purchase price shall be $ _________________ The sum of $
  _________________ shall be due and payable at the closing of this transaction, in
  cash or certified funds. Assumed by the new corporation under the control of the
  Purchaser shall be approximately $ _________________ in Bank Notes to be
  assumed, as follows:

  a. $ _________________ in a Note to _________________ Bank.

  b. $ _________________ in two separate Notes to _________________ Bank.
  Purchaser shall negotiate with _________________ to remove as collateral those
  properties personally owned by _________________

  In addition, Purchaser shall execute to Shareholders a Promissory Note in the amount
  of $ _________________ principal and interest payable monthly at nine percent
  interest for a payout of 36 months; however, until the new Notes from the earnout
  provision described below are executed, interest only shall be due, with the principal
  to be amortized over the life of the loan. This sum shall be adjusted depending on the
exact balances of the Bank Notes, the value of the inventory and whether Purchaser is
required to assume any portion of the _________________ Notes as discussed below.

The purchase p
								
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