Fillable Printable Commercial Letter of Intent - Illinois

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

are expressly subject to the execution of a Contract/Lease with terms and form mutually

agreeable to both parties.

If the terms set forth herein are acceptable, please execute this letter where indicated

below and return the signed letter.

Submitted this ______ day of _________, 2010.

__________________________________________________

Printed Name

__________________________________________________

Signature Its

Accepted and Agreed this ______ day of _________, 2010.

__________________________________________________

Printed Name

__________________________________________________

Signature Its

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Buyer/Lessee:____________________________________________________________

Address:_______________________________City:____________State:___Zip:_____

Seller/Lessor:____________________________________________________________

Address:_____________________________City:________________State:___Zip:_____

___________________________________ ____________________________________

Buyer’s Designated Agent Seller’s Designated Agent