AGREEMENT OF INTENT TO PURCHASE
Buyer: Xxxxxxxx Enterprises International Inc.,
A subsidiary of BAP Acquisition Corp.
0000-Xxxxx Xxxxxx Xxxxx,
Xxxxxx, XX 00000-0000
Seller: Xxxxxxxx Xxxxxxxx
0000 Xxxxx Xxxx Xxxx.,
Xxxxxx, XX 00000
The Buyer agrees to purchase the properties identified in Schedule "A" under
the following terms and conditions.
1.) PURCHASE PRICE: The purchase price shall be Two Million Four Hundred
Eighty Two Thousand, Eight Hundred .00 ( $ 2,482,800.00) payable as follows.
a.) Buyer shall resolve all the 1st mortgage liens in the amount of One
Million Three Hundred Ten Thousand, Three Hundred Ninety Six.49
($1,310,396.49) existing on the said properties to the satisfaction of the
lien holders
b.)Buyer will Pay the sum of One Million One Hundred Seventy Two
Thousand Four Hundred Three .51 ($ 1,172,403.51) to the Seller.
2.) CONTRACT: This agreement of intent will be superseded by a purchase and
sale agreement drawn up by the buyer and delivered to Seller when the
following conditions are met.
a.) Buyer has raised funds to retire all existing liens in full.
b.) Buyer has raised enough funds to pay Seller difference between the
purchase price and the existing 1st Mortgage liens at the time of closing.
3.) PROPERTY INSPECTION & APPRAISAL:
a.) The properties will be inspected as to their condition, to insure
acceptability of condition and functionality, prior to any transfer of
ownership.
b.) The properties will be appraised by a certified appraiser in the
state which they are located to insure that there is no serious reduction in
the value stated under Schedule "A".
c.) Buyer or designated agent, will be the sole judge of inspection and
appraisal reports, to insure that this transaction is guided by good business
principles.
4.) FINANCING CONTINGENCY: Should the Buyer fail to raise all the funds
necessary to complete the purchase of the properties, them the Seller is
willing to negotiate some alternate method of payment for the difference
between the purchase price and the amount of the 1st Mortgage Liens,
providing all 1st mortgage liens are resolved.
5.) CLOSING:Closing shall take place at a time and date to be agreed to by
both parties.
AGREED AND ACCEPTED
XXXXXXXX ENTERPRISES INT'L INC.
BY /s/ Una Xxxxxxxx DATE 1/15/96
------------------------------------------ -------------------
Una Xxxxxxxx Secretary
XXXXXXXX XXXXXXXX
/s/ Xxxxxxxx Xxxxxxxx DATE 1/15/96
-------------------------------------- -------------------
SHEDULE "A"
PROPERTY PRESENT VALUE AMOUNT OWED
00 XXXX XXXXXX
Xxxxxxx Xxxxx, XX 00000 $110.000.00 $24,792.62
0000-00xx Xxxxxxx XX
Xxxxxx Xxxx, XX 00000 89,000.00 55,281.95
0000-00xx Xxxxxx. XX
Xxxxxx Xxxx, XX 00000 89,000.00 41,449.00
0000 Xxxxx Xxxxxxx Xxxx.
Xxxxxx Xxxx, XX 00000 149,000.00 99,057.00
0000-00xx Xxxxx XX
Xxxxxx Xxxx, XX 00000 89,000.00 49,869.00
000 Xxxxxxxxxx Xxxxx
Xxxxxx, XX 00000 150,000.00 63,760.00
0000 XX 0xx Xxxxxx
Xxxx Xxxxx, XX 00000 85,000.00 45,476.00
0000 XX 0xx Xxxxx,
Xxxx Xxxxx, XX 00000 85,000.00 45,476.00
000 XX 00xx Xxxxxx
Xxxx Xxxxx, XX 00000 89,000.00 52,191.00
0000/0000 00xx Xxxxxx XX
Xxxxxx Xxxx, XX 00000 125,000.00 62,000.00
0000 XXXXX XXXXXXX XXXX
Xxxxxx Xxxx, XX 00000 125,000.00 77,875.00
0000-00xx XXXXXX XX
Xxxxxx Xxxx, XX 00000 125,000.00 61,500.00
0000 XXXXX XXXXXXX XXXX
Xxxxxx Xxxx, XX 00000 120,000.00 73,086.00
0000/0000 00xx XXXXXX XX
XXXXXX XXXX, XX 00000 189,000.00 104,185.00
0000/0000 00XX XXXXXX XX
XXXXXX XXXX, XX 00000 189,000.00 104,185.00
0000-0XX XXXXXX XXXXX
Xxxxxx, XX 00000 70,000.00 47,900.00
00000 XXXXXX
Xxxxxxx XX 00000 55,000.00 32,181.00
0000 XXXXXXXXX
Xxxxxxxx Xxxx, XX 00000 50,000.00 28,829.96
00000 XXXXXXXXX
Xxxxxxxx Xxxx, XX 00000 50,000.00 32,845.06
0000 XXXXXXXXXXX
Xxxxxxxx Xxxx, XX 00000 55,000.00 29,763.00
00000 XXXXX XXXX
Xxxxxxx, XX 58,000.00 28,310.00
0000 XXXXXX XXXXXXX
Xxxxxxx, XX 52,000.00 31,062.00
0000 XXXXXXXXXXX
Xxxxxxx, XX 00000 59,900.00 25,494.00
00000 XXXXXXX XXXXX
Xxxxxxx, XX 00000 52,000.00 22,155.00
00000 XXXXXXXX XXXXX
Xxxxxxx, XX 00000 58,000.00 25,390.00
00000 XXXXXX XXX XX,
Xxxxxxx, XX 00000 65,000.00 29,232.00
0000 XXXXXXXXXX XX
Xxxxxxx, XX 00000 49,900.00 17,051.00
TOTAL VALUE OF PROPERTIES $2,482,800.00
TOTAL MORTGAGES $ 1,310,396.49
