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Intent to Purchase Foreclosed Property

Joeric Lim, owner of Ezekiel Oil, submits a letter of intent to Judith Violata, manager of Rural Bank Corporation, to purchase a foreclosed lot property including its facilities located in Masurot, Poblacion I, Lebak, Sultan Kudarat. The letter proposes acquiring the property and assuming any outstanding debt, and paying compensation in three installments - a deposit upon signing, the second payment after 15 days, and the balance in equal monthly payments over the next six months. The letter requests Rural Bank cease seeking other buyers for 60 days and not disclose the intent to purchase until a final agreement is signed.

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349 views2 pages

Intent to Purchase Foreclosed Property

Joeric Lim, owner of Ezekiel Oil, submits a letter of intent to Judith Violata, manager of Rural Bank Corporation, to purchase a foreclosed lot property including its facilities located in Masurot, Poblacion I, Lebak, Sultan Kudarat. The letter proposes acquiring the property and assuming any outstanding debt, and paying compensation in three installments - a deposit upon signing, the second payment after 15 days, and the balance in equal monthly payments over the next six months. The letter requests Rural Bank cease seeking other buyers for 60 days and not disclose the intent to purchase until a final agreement is signed.

Uploaded by

sol mino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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  • Letter of Intent

Joeric C.

Lim
Owner
Ezekiel Oil – Lebak
Masurot, Poblacion I, Lebak, Sultan Kudarat

June 10, 2019

Judith M. Violata
Manager
Rural Bank Corporation – Lebak Branch
Poblacion I, Lebak, Sultan Kudarat

Dear Miss Violata,

We hereby submit a letter of intent to purchase your foreclosed lot property in front of
the NFA building at Masurot, Poblacion I, Lebak, Sultan Kudarat, its inventory and
other assets. We envisage that the principal terms of the proposed transactions would
be substantially as follows.

We would acquire foreclosed lot property including its facilities located at Masurot,
Poblacion I, Lebak, Sultan Kudarat. Furthermore, as part of the deal, we would
assume the current outstanding debt aligned/mortgaged (if there’s any) to the said
property.

As consideration for this, we would provide compensation of Php. ________ as


follows:

1. Php. ___________ deposit on execution of a purchase agreement


2. Php. ___________ after 15 day transfer period
3. Balance in equal payments paid monthly the first 6 months after closing

As part of this letter of intent, we would require that you cease shopping for other
buyers for a period no less than 60 days to provide us time to complete due diligence
and finalize the agreement. We would also require that you not disclose our intent to
purchase until after the purchase agreement has been completed and we can issue a
joint press release.

This letter is not an official purchase agreement. All of the terms and conditions of the
proposed transaction would be stated in the Purchase Agreement, to be negotiated,
agreed and executed by both parties.

If we are selected as a prospective buyer, we anticipate that from the selection date
to the closing will take no more than 45 days.

Sincerely,

JOERIC C. LIM

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