Form 5-5: Proposal to Enter into Option to Purchase or Ground Lease Major Site
Form 5-5: Proposal to Enter into Option to Purchase or Ground Lease Major Site: A Defined Portion Is Developed Now and Balance of Property Is Optioned for Future Development
Developer’s Financial Partner Makes Land Loan Pending Entitlement and Closing to Accommodate Landowner
- Property description.
- Possible upward or downward adjustment of purchase price based upon survey.
- Property elections, option and development concept. Gives landlord right to either sell or accept ground lease. If ground lease is selected, provides for ground rent and term and ground rent commencement.
- Option to purchase fee; exchange by seller.
- Potential land loan to seller advanced by developer's financial partner.
- Option period development tasks dovetail with option payment schedule, i.e. justifying developer's need for time.
- Land owner's rights to developer's work product.
- Right of Entry.
- Marketing signs on property.
- Title Insurance.
- Brokerage Commissions.
- Exhibit: Preliminary development schedule.