Great Cape Coop Inc and Brown Realty Trust sign Letter of Intent and Property Management Agreement
Signed alongside the agreement for the Co-op to officially take over the management of the property for the next 13 months or until the Co-op can buy the property, the Letter of Intent defines the loose terms of the purchase of the property, and defines a timeline.
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LETTER OF INTENT BETWEEN GREAT CAPE COOP INC AND BROWN REALTY TRUST
This letter of intent is in regards to the two pieces of property owned by the Brown Realty Trust in Brewster, Ma, Parcel id 89-14-0 and 89-2-0 (hereinafter referred to as the “Property”.)
Involved in this letter of intent is two parties (hereinafter referred to as the “Parties”) consisting of Great Cape Coop Inc (hereinafter referred to as the “Co-op”) and Brown Realty Trust (hereinafter referred to as the “Trust”.)
This letter is to be non binding in its entirety but is to define the Parties’ expressed intention regarding the sale of the property:
- The Co-op intends to purchase the Property from the Trust within the calendar year of 2023, no later than December 31, 2023.
- During this period, the Co-op will have the exclusive right to purchase the property from the Trust for the agreed upon price of $3,500,000.00
- The Co-op intends to use money raised through property management fees, investments, and donations, to pay for expenses associated with bringing the Property out of the current state of violation and into a state of compliance regarding the Brewster Town regulations.
- The signing of this Letter of Intent coincides with the Property Management Agreement between the Parties.