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2021-041
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2021-041
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Last modified
5/27/2021 10:39:03 AM
Creation date
3/18/2021 1:08:38 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Miscellaneous
Approved Date
03/16/2021
Control Number
2021-041
Agenda Item Number
12.E.1.
Entity Name
TIGR Acquisitions II, LLC
Subject
Letter of Intent for possible purchase
Area
810 Bailey Road Tower
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T O W E R P O I NT <br />The Collocation Agreements obligate the tenants and licensees to pay all fees <br />and utilities associated with their operations at the Site. <br />Schedule A to this LOI, the financial information and all other information <br />provided by Seller related to the Assets are true and correct in all material <br />respects. <br />3. Definitive Purchase Agreement. The parties agree that the form of definitive purchase agreement <br />is attached hereto as Schedule B (the "Purchase Agreement"). <br />• Closing Date. The parties agree to use good faith efforts to expedite the Closing so that it <br />occurs on or before July 231' 2021 <br />4. Other Terms. Buyer's obligations to close would be expressly contingent upon the receipt of all <br />necessary internal and third party approvals and consents, confirmation that the assumptions set <br />forth in Paragraph 3 are true, and satisfactory completion of its due diligence regarding the <br />operation of the Assets, including, but not limited to, the condition and physical attributes of the <br />Site, the structural capacity for additional tenant collocations, the terms and conditions of the <br />Collocation Agreements, title, "and the quality of documentation regarding the Site. Once Buyer <br />completes its due diligence and chooses to close Buyer accepts the Assets "As Is" with no warranty <br />from Seller other than standard carve outs listed in the Purchase Agreement. <br />5. Earnest Money Deposit: Within five (5) business days after the mutual execution of the Purchase <br />Agreement and the Buyer's receipt of the Due Diligence Materials (hereinafter defined), the <br />Buyer shall deposit an earnest money deposit in an amount equal to $41,000.00 (the "Earnest <br />Money Deposit") with the Escrow Agent named in the Purchase Agreement. The earnest Money <br />Deposit shall be held as specifically provided in the Purchase Agreement and shall be applied to <br />the Purchase Price at Closing. After the conclusion of the Due Diligence Period (as hereinafter <br />defined), the Earnest Money Deposit shall not be refundable, except upon terms otherwise <br />expressly set forth in the Purchase Agreement. <br />6. Due Diligence Review. Within ten business days following the execution of this LOI, Seller agrees <br />to provide Buyer the following documentation relating to the Assets: (i) all FAA and FCC <br />documentation, excluding any FCC licenses, if any, held by Seller related to transmitting or <br />receiving telecommunication signals at the Site; (ii) any permits and government approvals <br />relating to the Site; (iii) environmental reports and documentation relating to the Site; (iv) any <br />drawings, plans or surveys relating to the Assets; (v) any geotechnical reports; (vi) sufficient data, <br />and access to personnel and documentation, to perform a detailed proof of cash receipts and <br />disbursements for the three most recent monthly periods; (vii) any SNDAs or similar agreements; <br />(viii) copies of each Collocation Agreement; and (ix) legal descriptions of the Site (collectively, the <br />"Due Diligence Materials"). Buyer will use commercially reasonable efforts to complete its due <br />diligence review within thirty (30) days following the full execution of the Purchase Agreement. <br />1170 Peachtree St NE, Suite 1650, Atlanta, GA 30309 1 towerpoint.com I Ph: 678.775.0360 1 F: 678.775.0361 <br />
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