Many real estate professionals believe that when the buyer is given a "free look" period within which to elect, in its sole and absolute discretion, whether or not to proceed with the purchase, the letter of intent should be binding as the buyer can always terminate the transaction during the "free look" period.
There also are reasons for including certain binding provisions in an otherwise nonbinding letter of intent (e.
On September 21, 2006, Dravco entered into a new Letter of Intent with Intor Resources Corporation to acquire the 100% interest in the Golden Arrow Property comprised of 284 lode claims plus 17 patented claims covering a total land area of approximately 5,787 acres (2,342 ha) located approximately 39 miles (62.
The Letter of Intent will expire on October 31, 2006, unless otherwise mutually agreed to in writing by the parties.
The transactions contemplated by the letter of intent
are subject to the approval of lenders under The Mills' term loan with Goldman Sachs as administrative agent.
The Letter of Intent
contemplates that the Parties will execute and deliver, at closing of the Reorganization Transaction, an Undertaking Agreement in form and substance mutually agreed upon by the Parties, setting forth the foregoing terms, conditions and undertakings as described above; and
The Letter of Intent
was the result of a site visit by representatives of SGL Carbon LLC to the Company's Bissett Creek mine in Ontario, Canada in May of 2006.
Under the terms of the Letter of Intent
LDS will become a wholly owned subsidiary of TraceGuard.
OTC BB: FSPX), a paint and hardware distribution company, today announced that it and National Patent Development Corporation (OTC BB: NPDV), which owns approximately 64% of the Company's outstanding Common Stock, had signed a non-binding letter of intent
with FLJ Partners, LLC to enter into a series of transactions that, if consummated, would result in the Company becoming a wholly owned subsidiary of FLJ.
Sona executed a Letter of Intent
on May 20, 2004, as amended, to acquire Idea One through merger or acquisition.
BEIJING -- China Health Holding (OTCBB:CHHH), a developer, marketer and manufacturer of natural herbal supplement products based on traditional Chinese medicine, announced today that the Company entered into a Letter of Intent
with Henan Tiankang Pharmaceuticals Ltd.
OTCBB:ASPR), announced today that, in connection with the previously announced letter of intent
relating to the sale by Adsouth of its products division brands (other than its Genco Power Solutions subsidiary) to MFC Development Corp.