Terms summary
Carried through from the letter of intent. Counsel drafts the operative agreement.
This summary records the business terms agreed between Mountain Brew Acquisitions LLC, a Nevada limited liability company ("Buyer"), and Henderson Family Trust ("Seller"), for the purchase and sale of the property described below. The lease economics convey with the building and are not terms of this agreement. A state-licensed real estate attorney prepares the executed Purchase and Sale Agreement; this page is the carry-through the parties review first.
- PURCHASE PRICE$3,495,000
- BUILDING7820 Centennial Pkwy, Henderson, NV 89014. A commercial building of approximately 2,400 square feet on a parcel or parcels of approximately 0.78 acres, legally known as APN(s): 178-31-410-007.
- EARNEST MONEY$35,000 deposited into escrow. Said Earnest Money to be non-refundable upon removal of contingencies.
- CONTINGENCY PERIODForty-five (45) days
- CONTINGENCY ITEMSBuyer is purchasing the Property on an "As-Is" basis, and shall have Forty-five (45) days to perform Due Diligence on the Property, during which time Buyer shall have the right to cancel escrow for any reason.
- PRORATIONSProperty taxes, rents, and operating expenses prorated as of Close of Escrow.
- CLOSE OF ESCROWClose of Escrow shall occur within Thirty (30) days after the expiration of contingencies.
- DELIVERY CONDITIONSThe Property shall be delivered subject to the existing tenancy, in broom-clean and debris-free condition as to all areas not subject to the lease.
- LOAN CONTINGENCYThis offer is contingent upon Buyer obtaining acceptable financing within Thirty (30) days of the opening of escrow.
- 1031 EXCHANGEBuyer and Seller agree to cooperate with one another in their respective Section 1031 tax-deferred exchanges, at no cost or liability to the cooperating party.
- ESCROW/TITLEBuyer shall designate the escrow and title companies; as an exchange Buyer, Buyer may name its own escrow and title to facilitate the exchange. Seller shall pay one-half of escrow fees, a standard ALTA title policy, recordation, and transfer taxes. Buyer shall pay one-half of escrow fees, all loan fees, and all other standard costs and expenses.
- BROKERAGEThe 1031 Experts, via the Shop 1031 Professional Broker Network is broker of record for the Buyer, acting on behalf of the Buyer. The Seller is represented by the Seller's broker. Brokers to be paid a 2.5% commission through escrow, split 50/50.
- CONFIDENTIALITYBuyer and Seller agree the transaction shall remain confidential; neither party shall release any information to any third party regarding price, terms, or the identity of Buyer or Seller.