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March 12, 2023
Dan Flores - Community Development Director
City of Marysville
526 C Street
Marysville, CA 95901
Re: Letter of Intent for the purchase of bare lot from the City of Marysville 308 C Street, Marysville, CA 95901 - APN: 010-242-020
Dear Mr. Flores,
This Letter of Intent is to purchase the above referenced properties by Sandra Adams and Weldon Bell ("Buyer") from The City of Marysville ("Seller"), subject to the terms and conditions set forth below, and subject to the drafting and the execution of a mutually acceptable Purchase and Sale Agreement and Escrow Instructions. This Letter of Intent shall include, but not limited to the following basic purchase terms:
1. Property: A bare lot located at 308 C Street, Marysville, CA 95901.
2. Purchase Price and Terms: The total offering price is Twenty Three Thousand Dollars ($23,000).
3. Deposit: Within two (2) business days following the mutual execution of the Purchase and Sale Agreement ("Effective Date"), Buyer shall place into escrow a Earnest Money Deposit ("Deposit") in the amount of Five Thousand Dollars ($5,000).
4. Due Diligence Period: Buyer shall have thirty (30) calendar days from execution of the Purchase and Sale Agreement to approve or disapprove all matters affecting the property. These may include, but not limited to physical inspection of the property (drainage, environmental and any potential flooding) an investigation of all required government approval for the development including parking requirements. The contract and the escrow resulting there shall be canceled, rendered null and void and of no further effect if Buyer does notify Seller in writing, prior to the expiration of the Due Diligence Period of its intention to approve of the feasibility of the Buyer's planned development.
5. Entry onto Purchase Property: From the effective date of the Purchase and Sale Agreement, Buyer, its agents, contractors, and any governmental or quasi-governmental personnel and agencies as Buyer may choose to contact, will have the right to enter upon the property at all reasonable times, or at any times with the Seller's approval, to make inspections, tests as may be necessary or desired in the Buyer's sole judgment and discretion.
6. Buyer Contingency: Buyer to have thirty (30) days from execution of Purchase and Sale Agreement to arrange financing for the purchase of the property.
7. Right of Substitution: Buyer reserves the right at their discretion to add or substitute additional Buyers. Buyer reserves the right to purchase the lots with one or multiple entities with a single or multiple Purchase and Sale Agreement.
8. Escrow: Buyer and Seller shall open escrow at First American Title in Yuba City, California.
9. Closing Costs and Escrow Fees: Seller shall be obligated to pay documentary transfer tax and recording fees as well as Buyer's CLTA Title Insurance Policy. Buyer shall pay for any premium policy beyond CLTA. All other escrow charges shall be split 50/50 between the Buyer and Seller.
10. Close of Escrow: Escrow shall close within forty (40) days from the effective date of the executed Purchase and Sale Agreement.
11. Non-Binding Letter of Intent: This Letter of Intent is non-binding on both Buyer and Seller. During the time period prior to the adoption of a formal Purchase and Sale Agreement, but after mutual execution of this Letter of Intent, Seller may not negotiate or enter into another agreement with any other persons or entities for a sale, joint venture, or any other reconveyance of said property without prior approval of Buyer, provided however that formal Purchase and Sale Agreement is executed within sixty (60) calendar days after the execution of this Letter of Intent.
12. Counterparts: Buyer and Seller may execute Letter of Intent in counterparts.
13. Real Estate Commissions: No real estate brokers were used in this intent to purchase the property therefore no real estate commissions are due.
If the Final Purchase and Sale Agreement is not executed by both parties within sixty (60) calendar days after execution of this Letter of Intent, Buyer shall have the option, but not the obligation, to terminate this Letter of Intent.
The above is confirmed and agreed this to on this 6th day of June, 2022 by:
Seller:
sanga adame
Daren3/12/23 Date:_