SUBSIDIARY # 1: HPIL Real Estate LLC
Subject to the execution of a definitive and mutually acceptable agreement of purchase and sale ("Purchase Agreement") within Sixty (60) days after execution of this Letter of Intent (the "Contract Negotiation Period"), the undersigned offers to purchase the subject property in accordance with the following terms and conditions:
1. Seller(s): Rudy Enterprise Inc, with contact information as follows:
2. Buyer: HPIL Holdings Inc. c/o Nitin Amersey, with contact information as follows: Buyer may assign his interest to any corporation, partnership or limited liability company in which he is the controlling party or to any other third party without Seller approval. Personal guarantees on mortgage may apple as well as property condition clauses and transfer of title statements.
3. Subject Property: The property, which is the subject of this offer ("Subject Property"), is generally identified as 278 E Saginaw Road, Sanford Michigan. Together with the real property, Buyer is also purchasing all of Seller's rights, title and interest in all of the fixtures, improvements, leases, maps, reports, plans, and other such material is having to do with the Subject Property including all land use entitlements, governmental permits and allocations, and other such governmental and agency approvals as may exist concerning the property. In addition, this offer to purchase includes the following specific items: Lease of the “rear” building to the current tenant for a duration to be determined over the next 60 days (5 years with options for more).
4. Purchase Price: $239,000 less prepaid lease credit to purchase price for net sale amount (i.e. $239,000 less $40,000 credit based on 5-year use of rear building and surrounding property equals $199,000 net sale amount).
5. Terms of Purchase: $27,000 down with monthly payments based on an interest rate of 5.5% APR calculated on a 15-year amortization with an 8-year balloon with seller to finance net sale amount, less down payment.
6. Earnest Money Deposit: Buyer deposits Two thousand ($ 2000.00) in the form of personal check showing good faith. This money, which will be applied to the sales price, will be deposited in Superior Title’s trust account. If the conditions/contingencies in this contract cannot be met, Seller authorizes the Broker or escrow agent to refund the deposit without the need for a Mutual Release signed by both Buyer and Seller. The Purchase Agreement and Mutual Escrow Instructions shall be mutually prepared and executed by Buyer and Seller within Sixty (60) days of execution by both parties of this Letter of Intent to purchase (the "Contract Negotiation Period").
Market Data 
Markets 
AI
