Letter of Intent Template Lease - DOC by kki90339


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									                                                Purchaser Letter Head


Brauvin Real Estate
ATTN: Mr. James L. Brault
205 North Michigan Avenue, Suite 1900
Chicago, IL 60601

                                                            RE:   Property Name, Address, City and State (the

Dear Mr. Brault:

Based on the information supplied to us, we are prepared to proceed with the acquisition of the subject Property
under the following general terms and conditions:

          1. Purchase Price - The total purchase price for the above-mentioned Property will be $
                          cash payable at closing. The Property will be delivered free and clear of all liens
          and encumbrances, and subject only to the lease described in the offering memorandum.

          2. Lease Terms - The Property is leased to                                      (d/b/a
                   ) for an original lease term of           ( ) years with               ( ) year options. The
          Lease is set to expire in the year 20 . The Lease is trip net to the landlord for all costs associated
          with the operation and maintenance of the Property, including the roof and structure. The Lease
          provides a current annual minimum base rent of $                       payable monthly in advance.

          3. Transaction Costs - The Purchaser shall pay for the title insurance, survey and deed transfer taxes
          for the property and any recording and escrow fees. The Purchaser shall also pay for the Phase I ESA,
          and any other third party reports, including appraisals, it may require. Each party shall pay their
          respective attorney’s fees.

          4. Investigation Period - Purchaser will require a due diligence investigation period lasting no more
          than thirty (30) calendar days from the effective date of contract. During this period, with the Seller's
          full cooperation and at Purchaser's sole cost and expense, Purchaser will conduct a physical
          inspection and review all relevant records of the Property, the Lease, the operating agreements and the
          tenant’s financial statements. In addition, Seller will provide the detailed offering memorandum, if
          available, the Lease and other due diligence information as Purchaser may reasonably request. If the
          results of this investigation lead Purchaser to believe the Property will not perform in accordance with
          its objectives, then the contract will be terminated.

          5. Closing - The closing will occur within ten (10) calendar days after the expiration of the
          Investigation Period.

          6. Contract Period - The parties recognize this letter is intended to be a non-binding expression of
          interest and a basis to proceed to a formal purchase contract. The Brauvin agrees to allow Purchaser a
          period of ten (10) calendar days from the acceptance date of this letter to prepare and negotiate a
          binding sale & purchase contract and further agrees not to negotiate with another party during this

Brauvin Real Estate
Page 2
Month and day, 20

          7. Commission – Seller and Purchaser shall indemnify the other against any claim for a brokerage
          commission or related fee(s) by a third party as it relates to the assets contemplated herein. Both
          parties mutually represent to each other that they have not dealt with any broker with regards to this

          8. Earnest Money Deposit - Purchaser shall deposit the amount of $50,000 with a title company
          selected by Seller within three (3) business days of mutual execution of a Sale & Purchase
          Agreement. The earnest money deposit shall become non-refundable to Purchaser one (1) business
          day after the expiration of the Investigation Period, assuming the Sale & Purchase Agreement is in
          binding affect at the time.

Within three (3) business days of our receipt of this letter acknowledging your acceptance, we shall forward a Sale and
Purchase Agreement for your review. Realizing time is of the essence, we will try to expedite the process and use
facsimile transmissions and e-mail as acceptable forms of communication and acknowledgements.

Unless this letter is signed and returned by 5:00 p.m. (CST) on    , 20          it will expire. We look forward to your
response and working towards the consummation of this transaction.

Agreed and accepted by Purchaser:                                 Agreed and accepted by Seller:

___________________                                         _______________________________
Purchaser                                                          Seller:


Title               Date
Address 1
Address 2
City, State         Zip

H:\EGIL\Letters\Letter of Intent\Selling\LOI Template.DOC


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