Form 6-2: Letter Agreement, Escrow Assignment and Promissory Note Confirming Sho
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
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).
- Non-assignability prior to exercise of option.
- 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.