Upon receipt of the Information Memorandum, prospective purchasers will be granted a period of time to review the opportunity and request any other information necessary to submit a Letter of Intent (“LOI”). The LOI should be submitted to the Advisory Group in written form and must be executed by an authorized officer of the prospective purchaser. LOIs are due on Tuesday, December 1st, 2020 by 5PM EST.
Upon evaluation of the LOIs submitted, the Company will select a limited number of qualified prospective purchasers and grant them a period of time to conduct additional due diligence and to prepare a final binding offer in the form of a Purchase and Sale Agreement (“PSA”), to be provided by the Advisory Group. A final executed copy of the PSA must be accompanied by a markup of any changes made.
After review of the PSAs submitted, the Advisory Group will notify each party whether it has been selected as the purchaser of the Property. The Advisory Group and selected purchaser will continue working towards a closing as soon as practical thereafter.
At any point should a prospective purchaser elect not to proceed, Advisory Group should be advised immediately. The Company is under no obligation to accept any offer, regardless of whether the selected offer represents the highest purchase price proposed by any of the interested parties, and reserves the right to deal with one bidder to the exclusion of all other parties.