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Happy Home Pre-Sale Intent

LETTER OF INTENT – Find Your Happy Home

This Letter of Intent (the “Agreement”) is made and entered today between Happy Land Development LLC (“Contractor”) and you (“Purchaser”) (collectively, the “Parties”).

BACKGROUND

This Agreement sets forth the terms under which Purchaser intends to purchase certain real property from Contractor. This Agreement will establish the basic terms to be used in a future Construction Contract (the “Contract”).

TERMS AND CONDITIONS

Property. The property consists of (the “Property”).
Purchase Price and Deposit. The Purchaser intends to purchase the Property from Contractor and enter into the Contract with the Contractor to build a residential home on the Property for the price state during the checkout process. (the “Purchase Price”).
Due Diligence Period. Contractor shall have thirty (30) days to conduct due diligence on the Property including obtaining title work, surveys, environmental assessments, and any other desired inspections (the “Due Diligence Period”). Contractor expressly makes no guarantees regarding the availability of the Property for sale to Purchaser, does not guarantee that the Property is zoned for a residential home, does not guarantee that the Property is suitable to build a residential home, and does not guarantee that the design and size of the home picked by Purchaser is feasible or suitable for the Property. Contractor reserves the right to increase the Purchase Price based on Contractor’s due diligence, inspection, site prep and land clearing of the Property.
Pre-Approval and Financing. By signing this Agreement, Purchaser represents and warrants that they have financing pre-approval for the Purchase Price or have the funds available to close on the purchase of the Property. This Agreement and any further binding agreements between the Parties are contingent on Purchaser obtaining financing for the purchase of the Property. The Contract will be subject to the Purchaser being approved for all financing by the Closing Date. Either the Contractor or the Purchaser may cancel the Contract if the Purchaser cannot obtain adequate financing within thirty (30) days of the Effective Date despite due diligence and good faith on the part of the Purchaser.
Representations. The Contractor does not represent or warrant that the Property is free and clear of any liens, charges, encumbrances or rights of others which will not be satisfied out of the sales proceeds. The Contractor will make these determinations during the Due Diligence Period.
Assignment. Purchaser shall not have the right to assign this Agreement or the Contract without the Contractor’s consent.
Confidentiality. Purchaser agrees to keep confidential the contents of this Agreement. Purchaser agrees that it shall not, directly or indirectly, make or cause to be made any disparaging, negative, or derogatory statements in any form (whether oral, written, electronic or otherwise) about the Contractor or the Contractor’s officers, directors, employees, shareholders, parents, subsidiaries, and affiliates, in any manner likely to be harmful to them or their business, business reputation or personal reputation directly or indirectly; provided that Purchaser may respond accurately and fully to any question, inquiry or request for information when required by legal process. Each Party acknowledges that any breach of this Section would cause irreparable harm for which monetary damages may be difficult to ascertain or an inadequate remedy. Therefore, each Party agrees that the Contractor will have the right, in addition to its other rights and remedies, to seek equitable relief, including both temporary and permanent injunctive relief, to prevent breaches of this Section and to compel specific performance of this Section. The Contractor shall be entitled to recover its costs and expenses (including reasonable attorneys' fees) incurred in enforcing this Section.
Binding Agreement. This Agreement constitutes a legally binding agreement between the Parties and shall be enforceable in accordance with its terms and conditions set forth herein, and that the Parties will use their best efforts and good faith to enter into the Contract. In the event of a default by Purchaser, Contractor shall have the right to pursue all available remedies at law or in equity, including but not limited to, specific performance. However, the terms and conditions of the Contract will supersede any terms and conditions contained in this Agreement.

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Timestamp

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11/05/2024 2:33 am EDT

Happy Home Pre-Sale Intent Uploaded by Alexander Ganz - marketing@happyhome-construction.com IP 24.248.106.250