On September 25, 2019, International Land Alliance, Inc., a Wyoming corporation (the “Company”), entered into a definitive Land Purchase Agreement (the “Agreement”) with Valdeland, S.A. de C.V. to acquire approximately one acre of land with plans and permits to build 34 units at the Bajamar Ocean Front Golf Resort located in Ensenada, Baja California. Pursuant to the terms of the Agreement, the total purchase price is $1,000,000, payable in a combination of preferred stock ($600,000); common stock ($250,000/250,000 common shares at $1.00/share); a promissory note ($150,000); and an initial construction budget of $150,000 payable upon closing. A recent appraisal valued the land “as is” for $1,150,000. The closing is subject to obtaining the necessary approval by the City of Ensenada and transfer of title, which includes the formation of a wholly-owned Mexican subsidiary. The Company anticipates that the closing will be completed within the next 30 to 45 days with site preparation starting by October 15 and the initial construction budget of $150,000 includes the buildout 2 model units to commence pre-sales.
The foregoing description of the Land Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the document, which is filed as an exhibit to this report and is incorporated herein by reference.
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