Commercial Letter of Intent - Illinois

Northern Illinois Commercial Association of Realtors
COMMERCIAL LETTER OF INTENT
Property Address:_________________________________________________________
City:________________________________County:___________State:___Zip:_______
Consisting of: (building type, size, land, etc.) ___________________________________
_______________________________________________________________________
1. Buyer/Lessee intends to enter into a Contract/Lease for the above referenced
property at a Purchase/Rental price of:________________________.
2. In the case of a purchase, proposed Purchaser shall within _____ business days
after the date of execution of this Letter of Intent submit to the Proposed Seller or its
attorney, an offer to purchase the Subject Premises in the form setting forth with
particularity all of the terms of the contemplated transaction. The parties agree to
negotiate in good faith.
In the case of a lease, the proposed Lessor shall within _____ business days after
the date of execution of this Letter of Intent submit to the Proposed Lessee or its attorney,
an offer to lease the Subject Premises in the form setting forth with particularity all of the
terms of the contemplated transaction. The parties agree to negotiate in good faith.
3. EARNEST MONEY/SECURITY DEPOSIT: The Contract/Lease shall
provide that Buyer will pay upon acceptance of the Contract/Lease by Seller the sum of
$______________________ as earnest money/security deposit for the benefit of both
parties and to be held by ____________________________ and applied as provided for
in the Contract/Lease.
4. CONTIGENCIES: (including but not limited to financing, environmental,
zoning, permitting, document review, etc)______________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
5. CLOSING/POSSESSION: The Contract/Lease shall provide for
closing/possession to occur on or before _______________________________
6. BROKERAGE FEES: Brokerage fees shall be paid by Seller/Lessor per separate
agreement.
7. OTHER CONVENANTS, TERMS OR CONDITIONS: The Contract/Lease
may contain terms and conditions consistent or inconsistent with those set for herein and
include such other terms and conditions as the parties may, between themselves, agree
except it shall not vary the Purchase/Rental price and Earnest Money/Security Deposit.
This Letter of Intent is Non-Binding and is not to be considered an agreement to
Purchase/Lease. The obligations of the Purchase/Lessee and Seller/Lessor to each other
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