Letter of Intent Content

[Zachary Webster]

Hi all,

We are in negotiations on a commercial property and I have concerns about the following two sections we had written into our letter of intent:

- Certificate of Occupancy: Shall be applied for by Purchaser with the Seller responsible for any existing code violations.

-Seller counter: The sellers wants to cap this at a certain dollar amount: $500-1000.

-My thoughts: they already went through cert. and therefor there shouldn't be any/many. They should be responsible for the new cert. and knowledgeable of what code violations there may be

- Other: Seller agrees to refrain from negotiating with any other prospective purchaser(s) or entering into an agreement to sell the Property for a period beginning with the execution of the Letter of Intent through the expiration of the Due Diligence Period so long as Purchaser is proceeding with its Due Diligence and/or is negotiating the Contract.

- Seller counter: seller will continue to market and accept backup offers. 

- My thoughts: hard to police this, but if they accept back up offers then this could drastically affect our negotiation during our due diligence period.

Thank you in advance for your comments.