CM-10-08-172Co v-srn
LETTER OF INTENT
This Letter of Intent is executed by and between CALCASIEU REAL ESTATE
HOLDINGS, INC., as Seller, and the CITY OF ROUND ROCK, TEXAS, as Buyer, for the
purpose of outlining the parties' mutual intent and understanding with respect to the acquisition
of approximately 22.576 acres of land described as being the Calcasieu Lumber Addition
(Replat), Lot 1 PT, in Round Rock, Texas (the "Property")
I . It is the intent of Buyer to acquire, and Seller to convey, in fee simple, the Property.
?. The parties intend to execute, within sixty (60) days after the signing of this Letter of
Intent by Buyer, an Earnest Money Agreement in a form acceptable to Seller and Buyer
which provides for the normal terms and conditions for the conveyance of the Property,
including an escrow agreement and a purchase priceA(the "Earnest Money Agreement").
If said Earnest Money Agreement is not executed by Buyer within said sixty (60) day
period (the "Option Period"), this Letter of Intent shall be null and void and of no further
force and effect.
3. Seller agrees not to sell the Property to any party other than the Buyer during the Option
Period.
4.
In consideration of Seller's execution of this Letter of Intent, Buyer shall place ONE
THOUSAND DOLLARS AND NO/100 ($1,000.00) in escrow (the "Escrow Amount")
with _ _ - - . If the parties do not execute the Earnest Money
Agreement during the Option Period, the Escrow Amount shall be released to the Seller.
If the parties execute the Earnest Money Agreement during the Option Period, the
Escrow Amount shall be credited against the purchase price of the Property. Buyer shall
commence performing its due diligence, including ordering an appraisal and a Phase I
environmental study, immediately after Seller executes this Letter of Intent.
5. Seller further agrees that Buyer, or Buyer's agents, may enter the Property during the
Option Period for the purposes of conducting appraisals, surveys, environmental
assessments and other related feasibility studies to ensure that the Property is suitable for
Buyer's purposes.
6. All appraisals, environmental studies, updated surveys or other work product relating to
Buyer's due diligence will be forwarded to Seller, whether or not an Earnest Money
Agreement is executed.
199227.doc/jmr
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BUYER:
CITY OF ROUND ROCK, TEXAS
BY:
Ja - s R. Nuse, P.E.
City eitager
SELLER:
CALCASIEU REAL ESTATE
HOL
BY:
Marg
DINGS, IN
CL
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Presi
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