HomeMy WebLinkAboutCAG2024-252 - Other - Boeing Employees Credit Union (BECU) - Centerpoint Building Letter of Intent - 05/24/2024 DocuSign Envelope ID:C3395AE2-3B43-4CFE-9526-Cl1F78EFA774
Kidder
Mathews
May 24th, 2024
RE: LOI to Purchase 20610 681h Ave S, Kent, WA
Dear Mr. William Ellis,
This letter of intent sets forth the general terms and conditions under which City of Kent
("Buyer")would be prepared to enter into a Purchase and Sale Agreement(the "Purchase
Agreement")with BOEING EMPLOYEES' CREDIT UNION ("Seller"), conditioned upon
approval of the Purchase Agreement's terms by the legislative body for Buyer.
Property: 20610 68th Ave S
Kent, WA
Buyer: City of Kent
Seller: BOEING EMPLOYEES' CREDIT UNION
Purchase Agreement; No later than 15 days after the expiration of the Feasibility
Purchase Price: Contingency, Buyer and Seller shall use good faith efforts to
negotiate the Purchase Agreement including the Purchase
Price.
Deposit: Within three (3) business days of the full execution and
delivery of the Purchase Agreement, Buyer will deliver to
Seller the earnest money deposit, which shall be
nonrefundable but applicable to the Purchase Price.
Feasibility Contingency: Following the full execution and delivery of that Limited
Access Agreement attached hereto as Exhibit A, Buyer shall
have ninety (90)days to complete its feasibility review.
During this time, Buyer will have exclusive rights to the
property to allow for it to conduct its due diligence in
accordance with the terms of the parties' Limited Access
Agreement, and during that time, Seller will not enter into an
agreement to sell the Property to any other party during this
feasibility period.
PSA Negotiation: Buyer and Seller will use good faith efforts to enter into the
Purchase Agreement within 15 days of the expiration of the
Feasibility Contingency. During this time, Seller will not enter
into an agreement to sell the Property to any other party.
12886 Interurban Avenue South T 206.248.7300
Seattle,WA 98168 kidder.com
DocuSign Envelope ID:C3395AE2-313434CFE-9526-C11F78EFA774
Kidder
Mathews
Closing: Within thirty (30)days of mutual execution of the Purchase
Agreement.
Broker: Buyer and Seller acknowledge that Will Frame, Andy Miller,
Drew Frame, Matt Murray & Matt McClennan of Kidder
Mathews represent the Seller. Both parties acknowledge
disclosure and receipt of the pamphlet the "The Law of Real
Estate Agency".
Gq
law-of-real-estate-a
gency.pdf
The undersigned acknowledge that this letter of intent is intended to outline the initial terms for
consideration only and is in no manner intended to obligate any party contractually and no
such obligation shall arise unless/until a mutually satisfactory Purchase Agreement is fully
executed by, and delivered to, all parties.
Sincerely,
Drew Frame, Will Frame
Senior Vice President Executive Vice President
Andy Miller
Executive Vice President
Agreed and Accepted: Agreed and Accepted:
Seller: Buyer:
BOEING EMPLOYEES' CREDIT UNION City of Kent
DocuSigned by:
By: G By: ►-J G 2�
9F7E 2404AF494.
Title: SVP-Admi ni strati on & operations Title: Mayor
5/24/2024
Date: Date: May 24, 2024
kidder.com