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EXHIBIT 10.07
XXXXXXX HOMES
0000 Xxxxxxxx Xxxxx / Xxxxx 000
Xxxxxxx, Xxxxx Xxxxxxxx 00000
Phone (000) 000 0000 * Fax (000) 000-0000
May 27, 1999
Xxxxxxx Development, LLC
Attn: Mr. Xxxx Xxxxxxx
000 Xxxxxxx Xxxxxx Xxxxx
Xxxx, Xxxxx Xxxxxxxx 00000
LETTER of INTENT
Dear Xxxx;
Please accept this letter as an expression of Squire Homes intent to enter
into a Land Purchase Agreement for lots in a yet to be named golf community
north of the Falls River Subdivision In Raleigh, North Carolina. The Purchase
Agreement will include verbiage commonly found in agreements of this nature
and will also provide for the following terms and conditions:
1 .Xxxxxxx Homes will purchase from 150 to 200 lots suitable for a single-
family dwelling at a cost of S60, 000+-.
2. Xxxxxxx Homes will purchase from 100-150 lots suitable for multi-family
housing at a cost of 340,000+-,
3. Lot dimensions are to be arrived at through mutual consent and should be
designed to fit our current product offering.
4. Terms for the purchase of said lots shall be arrived at shall be arrived at
through mutual consent.
5. Upon acceptance of this latter you will agree to provide Xxxxxxx Homes with
a sixty- (60) day priced in which to conduct due diligence.
6. This agreement is contingent upon the approval of our parent company.
Beazer Homes, USA, Inc.
7. This offer is contingent on the approval of our parent company, Beazer
Homes, USA, Inc.,
Xxxx, as you know, I have been very excited about your plans for this land. I
believe your vision here will insure a successful and inspiring new
alternative for home buyers in North Raleigh,
I look forward to your response.
Very truly yours,
/S/ Xxxxxx Xxxxxxx
Raleigh Division President
If these terms are acceptable to you, please acknowledge with your signature
below.
Xxxxxxx Development LLC
By: /S/ Xxxx Xxxxxxx
