top of page

Form 6-2: Letter Agreement, Escrow Assignment and Promissory Note Confirming Short-Term Option to Purchase Another Developer’s Purchase Escrow for a Shopping Center Site Still under Development


(12 pages)


Letter Agreement Form addressing:

  • Option and Initial Option Payment.

  • Optionee's due diligence.

  • Document review.

  • Escrow instructions.

  • Option Extension Fees (chart with each applicable option extension fee, due date and date to which closing is extended.

  • Assignment Consideration (cash/note with attached promissory note form).

  • Commissions.

  • Non-assignability prior to exercise of option.

  • Confidentiality.

  • Optionor's representations and warranties.

  • Optionor's payments to third parties at closing; optionee's right to cure and offset.

  • No right to encumber escrow or site. (As a seller of option rights, try to avoid recourse against the escrow or the site in any optionor-optionee disputes.)

  • Non-binding v binding agreement.

  • Attachments: Extensive "Amendment to and Assignment of Purchase Escrow" and promissory note form.

bottom of page