DATED XXX
This Addendum (the “Addendum”) is incorporated into and made a part of the Letter of Intent (“LOI”) dated XXX by and between “Buyer” XXX” and the “Seller”. The purpose of this Addendum is to modify the terms of the LOI as follows:
1.The offer is contingent on obtaining SBA financing and a satisfactory inspection. Therefore, the Buyer requests the Seller’s cooperation in providing all necessary documentation for due diligence. In the event of any outstanding debts associated with the business, the Buyer proposes negotiating these debts to reflect the purchase price. The Buyer believes this approach to be fair and reasonable and would appreciate the Seller’s input on this matter. During the due diligence period, the Buyer would like to review the current debts and work with the Seller to determine a plan for settling these obligations in a way that is beneficial for both parties.
- The Buyer requests lease protection for both locations. If the landlords do not consent to the assignment of the lease to the Buyer, or if the terms of the lease are modified to the Buyer’s detriment, the Buyer reserves the right to terminate this Agreement, and the deposit shall be returned to the Buyer. Additionally, the Seller shall indemnify and hold harmless the Buyer from any and all liens, mortgages, security interests, or other encumbrances, except for those disclosed in writing to the Buyer prior to the execution of this Agreement.
This Addendum shall be binding upon the parties to the LOI and shall be deemed a part thereof. Except as amended hereby, all terms and conditions of the LOI shall remain in full force and effect.
Please acknowledge receipt of this Addendum by signing and returning a copy to the Buyer.
Sincerely,
XXX
Owner of Product XXX
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