±100 ACRES OF COMMERCIAL LAND - …images4.loopnet.com/d2/rPHgsOAz9ZRlRogoo0avd3... · COMMERCIAL LAND MARKETING MEMORANDUM ... The Owner, at its sole and absolute discretion,

±100 ACRES OF

COMMERCIAL LAND

MARKETING MEMORANDUM

NWC I‐10 & MONROE STREET INDIO, CALIFORNIA

Exclusively Marketed By:

COLDWELL BANKER COMMERCIAL LYLE & ASSOCIATES 78‐000 Fred Waring Drive, Ste 200

Palm Desert, CA 92211 CalBRE #01462012

Steve Lyle CEO-Broker

Cell: 760.578.9927 [email protected]

CalBRE #00762911

Curtis Barlow Executive Vice President

Office: 760.772.6400 x231 [email protected] CalBRE #01380247

mailto:[email protected]

mailto:[email protected]

NWC I-10 & Monroe Street Page | 2

Table of Contents

I. Executive Summary

A. Offering Summary

B. Aerial Photograph

• Coachella Valley

• Immediate Area

• Residential Developments

• Nearby Shopping Centers

• The Palms Shopping Center

• Current Configuration

• Proposed Configuration

• Proposed Site Plan

C. Summary of Property Facts

D. Transaction Guidelines and Limiting Conditions

II. Property Description

A. Property History

B. Location Map

C. Property Photographs

D. Plat Maps

E. Zoning/General Plan Amendment

III. Area Description

A. City of Indio Description

B. Enterprise Zone/Empowerment Zone/IID Energy

IV. Available Due Diligence Materials

DISCLAIMER


I. Executive Summary

A. Offering Summary

Coldwell Banker Commercial Lyle & Associates (“Broker”) has been retained on an exclusive

basis by the owner of record (“Owner”) to market for sale the fee simple interest in land totaling

approximately 100 acres (the “Property”), located in Indio, California within the area referred

to as the Coachella Valley. The Property is currently comprised of four parcels, as shown on

the enclosed drawings.

The Property consists of four contiguous parcels of land comprising approximately 101.61

acres. All have excellent I‐10 freeway exposure, and are located at the major I‐10 interchange

of Monroe Street, which is at the center of north Indio’s growth.

The Property was previously master planned pursuant to a development agreement which

included an amendment to the general plan, a rezoning of the Property, a tentative tract map

and an EIR. The property is zoned for multiple uses including general commercial (C‐2), heavy

commercial (C‐3), commercial tourist (C‐T), industrial (M), office (O), and multi‐ family

residential (R‐3). The City of Indio has indicated a strong willingness to facilitate the future

development of the Property.

In addition to the flexible zoning, the Property is located in Enterprise and Empowerment

Zones and receives its power from IID Energy. The Enterprise Zone designation provides

numerous financial benefits/incentives on a State level to businesses which locate in the area.

The Empowerment Zone designation provides numerous financial benefits/ incentives on a

Federal level to businesses which locate in the area.

The City of Indio is one of the very few locations in the county with both Enterprise and

Empowerment Zone designations. IID Energy (a division of the Imperial Irrigation District) as

the service provider for this portion of the Coachella Valley provides power at rates

approximately 40% less than Southern California Edison which provides power for the

remainder of the Valley.

This offering represents an excellent opportunity for an investor or developer to acquire well

located parcels at bulk pricing rates.


B. Aerial Photograph

Coachella Valley


Immediate Surrounding Area


Residential Development Map


Shopping Centers


The Palms Shopping Center (East of Subject Property)


Current Configuration


Proposed Configuration


Proposed Site Plan

Above is a recommended Phase I and Phase II totaling 30.9 acres. This plan is conceptual and subject to change.

Seller will consider other variations of a lot line adjustment to create an ideal Phase I Site. Bulk Sale also available up to 101 acres.


C. Summary of Property Facts

Property Address: None at this time.

Property Location: City of Indio and specifically at the northwest quadrant of the

intersection of I‐10 and Monroe Streets

APN Numbers: 610‐020‐010‐0 610‐020‐021‐0

610‐020‐034‐2

610‐020‐036‐4

Property Size: ±100 Acres (±4,356,000 SF) divided into 4 parcels

Current Use: Vacant

Zoning: Mixed use to include retail, tourist, office, industrial, and multi‐family

residential uses; all proposed development would be subject to site

plan review by the City of Indio.

Utilities: Water, sewer, electric (IID Energy), natural gas and phone service are

available to the Property(s).

Topography: Generally flat Demographics:

Traffic Counts:

• I‐10 West of Monroe Street 64,643 ADT

• I‐10 East of Monroe Street 59,253 ADT

• Monroe Street North of I‐10 14,857 ADT

• Avenue 42 West of Monroe Street 8,651 ADT

• Monroe Street South of I‐10 18,990 ADT

Development Incentives: • The City of Indio has extended through June 30, 2018, a commercial development incentive that provides for a reduction of 25% of the City of Indio’s Development Impact Fees for roads and bridges, storm sewer drains, traffic signals, police and fire protection, and Public buildings.

• For Hotels, the City of Indio has a rebate program of 50% of the Transient Occupancy Tax for the first four years of operation of the hotel. Also, the City will defer City of Indio Development Impact Fees for a period of 18 Months after the hotel receives its Certificate of Occupancy

1-mile 3-mile 5-mile

Population 8,650 71,901 133,460

Households 2,773 24,155 48,630

Med HH Income $55,820 $52,970 $57,234


D. Transaction Guidelines and Limiting Conditions

The Property is being marketed for sale at a bulk price for the entire acreage at $7 PSF and qualified parties are encouraged to submit offers.

The Owner, at its sole and absolute discretion, can at any time and for any reason accept, reject, or

counter any offer. The Owner, at its sole discretion, may at any time and for any reason elect to not

sell the Property.

The Owner may evaluate each offer based on such criteria as the Owner deems relevant in its sole and

absolute discretion. The following criteria are some but not all of the criteria deemed to be relevant to the

evaluation of offers, and the Owner may consider any other criteria it deems relevant in its sole and

absolute discretion:

• The highest net cash price;

• The terms of sale are all cash at the close of escrow;

• Offeror’s qualifications/professional resume;

• Demonstration of the offeror’s financial capability to close the transaction;

• Limitations concerning the quantity and subject matter of contingencies and length of

time requested for removal of such contingencies; and

• Conformity to the terms and conditions of these “Transaction Guidelines and Limiting

Conditions” and to the Purchase and Sale Agreement form to be provided by Owner’s

legal counsel.

Prospective purchasers must evaluate a proposed purchase on the basis that the Owner will not make

any representations or warranties, including concerning the transaction or the Property, and that the

purchaser must accept the Property in an “as is” condition.

None of the information set forth in this Confidential Marketing Memorandum may be reproduced or

utilized in any form by any means without written permission from Broker and the Owner


II. Property Description

A. Property History

• In January of 1992 the City of Indio and Pacific Indio Properties, Inc. with Mazen H. Habiby as Vice President and signor, entered into a development agreement for 241 acres of which the subject approximate 100 acres was a part. The term of the development agreement was 15 years, but was extended an additional 5 years in September of 1997.

• In conjunction with the development agreement, an amendment to the General Plan (“GPA No. 90‐10‐86”) and a rezoning of the Property (“Zone Change No. 90‐ 10‐524”) were adopted changing the Property use from the City’s general plan designation of agriculture, urban transitional, low density residential and tourist to general commercial (C‐2), heavy commercial (C‐3), commercial tourist (C‐T), industrial (M), office (O) and multi‐family residential (R‐3).

• In July of 2002 Pacific Indio Properties, Inc. adopted a Declaration of Covenants, Conditions, Restrictions and Reservation of Easements (CC&R’s).

• In August of 2005 Pacific Indio Properties, Inc. assigned its interest in the development agreement and CC&R’s to two LLC’s, each with Richard E. Weintraub as manager, as part of the sale of the subject Property to Weintraub Financial Services, Inc.

• A portion of the easterly Property (13.59 acres) was subdivided and sold to Lowe’s Companies, Inc. for development of a home improvement warehouse building for $11.67 per square foot. (The Lowe’s property is currently listed for sale ‐ see Section III D.)

• In March of 2010 title to the subject Property was transferred to Wells Fargo Bank, N.A.

• In June of 2010 Wells Fargo Bank, N.A. exclusively listed the subject Property with the Coldwell Banker Commercial Almar Associates and Coldwell Banker Commercial Lyle & Associates.

• In October of 2011, Wells Fargo Bank, N.A. amended its listing agreement by replacing Coldwell Banker Commercial Almar Associates with Douglas Wilson Companies.

• In October of 2012, the 65‐acre parcel on the east side of Monroe Street was sold to Walmart, which opened a Supercenter on part of that property and subdivided the remainder.

• In June of 2014, the current owner purchased the subject land containing approximately 100 acres.


B. Property Photographs

View from overpass across Monroe Street towards the

subject property with Avenue 42 in background.

Looking eastward on Monroe

Street towards I‐ 10 interchange

with view of access point to the

subject property.


E. Zoning/General Plan Amendment

According to the City of Indio Planning Department, the subject Property is located in the Pacific Indio Development Agreement Planning Area and is zoned both General Commercial and Multiple Family Residential. The Development Agreement (“DA”) is for a larger 241-acre parcel, of which the subject is a portion. The DA is between the City of Indio and Pacific Indio Properties, Inc. On November 27, 1991, the City Council of Indio adopted Ordinance No. 1106 approving a change in the land use designation for the subject property and the property to the west (GPA No. 90‐10‐86) from “A” (Agriculture) and “C‐T” (Tourist/Commercial) to “R‐3PD” (Multi‐family Planned Development), “C‐2PD” (General Commercial Planned Development) “C‐ T‐PD”

(Commercial/Tourist Planned Development) “C‐3PD” (Heavy Commercial Planned Development). At that same time, in addition to the general plan amendment the property was rezoned (Zone Change No. 90‐10‐524) to C‐2 (general commercial), C‐3 (heavy commercial), C‐ T (commercial tourist), M (industrial), O (office), and R‐3 (multi‐family residential), a tentative tract

map (No. 26585) was approved as was an EIR (No. 90‐1). The property owner proposed to

develop a multi‐phased master planned mixed use project on the Property over an extended period of time. This Agreement with the property owner and the ordinance thereafter took effect on January 19, 1992.

Wells Fargo Bank has signed an Amendment to the Development Agreement extending it until 2022. The extension has been signed by the City of Indio officials and recorded.

The Property was formerly (issued in 2007) entitled for development with a ±321,000 square foot retail center and 71,000 square foot hotel, and 20 acres of multi‐family residential at a density of

15‐units to the acre. The entitlements for the Property reportedly expired in October 2008. In the past, City of Indio representatives have indicated a willingness to extend the entitlements. The City of Indio has a high level of interest in advancing development of the subject Property.


III. Area Description

A. City of Indio

Known as the City of Festivals – with close to a million visitors each year

through its various festivals, shows, concerts, events and attractions – the City

of Indio is also recognized for its entrepreneurial outlook and aggressive

approach to attracting and expanding businesses.

LOCATION

Indio is the geographic mid‐point of both Riverside County and of the Coachella

Valley.

The Valley is 50 miles long and runs from Palm Springs to the Salton Sea. It is

known as both a desert resort and a major agricultural area. Indio is about

75 miles north of the California – Baja California Mexican border, 125 miles east of the

center of the Los Angeles metropolis, and 15 miles east of Palm Springs.

Indio has four exits off of Interstate 10, is linked to Palm Springs and other desert cities by

Highway 111, and is accessible to Mexico via Highway 86 – known as the NAFTA Highway –

making Indio regionally and internationally accessible.

LIFESTYLE

Indio’s location within the portion of the Coachella Valley referred to as the “golf capital of the

world” affords its residents and guests access to all the amenities of a resort lifestyle – world

class golf courses, world class shopping, fine dining, gaming, and top-notch entertainment. In

addition to golf, outdoor activities include tennis, equestrian activities, cycling and hiking. The

area is characterized by clean, dry air, blue skies, pleasant winters, infrequent rainfall, and

moderate afternoon breezes with occasional storms, hot summers, and sunshine 350 days a

year. The average summer temperature is from 75° to slightly over 100°. The average winter

temperatures range from 40° to 70°. The average yearly rainfall in Indio is 3.20 inches, with

some years producing no measurable rainfall. Visibility is usually 10 miles.

BUSINESS The City of Indio is a “business friendly” city which encourages growth and development. In contrast to many Southern California cities, Indio aggressively attempts to attract new businesses. The City offers affordable, well located land, supported by low utility rates for both power and water. The Coachella Valley Enterprise Zone offers State Tax Credits. The Coachella Valley Empowerment Zone offers Federal Tax Credits and the City’s Merged Redevelopment Project Area can provide further assistance.


POPULATION

1992 1998 2000 2004 2010 2020

40,378 44,509 44,800 59,100 84,393 116,884

In addition to the permanent residents another 8,800 people reside in the city during the winter

months and Festivals and special events within the city collectively attract over 500,000 visitors

annually.

CONSUMER EXPENDITURES (Current Year) 1 Mile 3 Miles 5 Miles

Total Transportation $31,497,668 $264,436,028 $541,132,174

Total Food $20,941,651 $178,713,386 $363,933,310

Total Personal insurance and pensions $18,248,417 $154,494,024 $314,095,505

Total Healthcare $11,933,466 $98,339,089 $214,591,587

Total Entertainment $7,563,699 $63,545,195 $131,267,427

Total Apparel and services $6,069,165 $51,557,163 $102,797,556

Total Cash contributions $4,793,357 $39,080,191 $91,873,622

Total Education $3,572,632 $31,418,491 $61,894,093

Total Gifts $3,553,630 $29,962,287 $63,706,622

Total Miscellaneous $2,667,417 $23,052,365 $48,778,240

Total Personal care products and services $2,164,402 $18,800,520 $38,841,545

Total Alcoholic beverages $1,618,906 $13,539,079 $28,563,566

Total Tobacco products and smoking supplies $597,918 $5,261,905 $10,904,293

Total Reading $350,788 $2,970,464 $6,471,099

DEMOGRAPHICS 1 mile 3 mile 5 mile

Total Population 9,001 76,122 141,479

*5 Year Projections 10,410 84,248 162,638

Median Age 33.4 32.8 35.8

Total Households 2,600 23,585 47,585

Average Household Income $65,904 $67,672 $76,592


C. Enterprise Zone/Empowerment Zone/IID Energy

ENTERPRISE ZONE

The Enterprise Zone is a geographical area designated by the State as being eligible for State

Income Tax credits and other financial incentives. These benefits are only available to

companies within the Zone and are offered to encourage business growth and job creation. This

innovative partnership between State, local government and private business is very successful,

saving millions each year for businesses within the Zone’s boundaries. The Coachella Valley

Enterprise Zone includes over 50 square miles in size and includes the areas of Thousand

Palms, Indio, Coachella, Thermal and Mecca.

Major benefits include, but are not limited to, a State Income Tax credit of over $37,000 to the

employer for each qualified employee, State Income Tax credits for Sales or Use Taxes on up

to $20 million in purchases of qualified new equipment each year, lender interest income

deductions for loans made to Zone businesses, preference points on bids for State contracts,

net operating loss carryover, fee waivers and fast track permitting.

EMPOWERMENT ZONE

The Desert Communities Empowerment Zone covers only certain designated areas of Indio’s

commercial/industrial land. This Zone offers financial incentives similar to the Enterprise Zone,

except that they are Federal Tax credits. The hiring credit offers employers up to $3,000 in

savings off their Income Tax for every qualified employee. Unused credits roll over for up to 20

years. In order to qualify, employees must live and work within the Empowerment Zone

boundaries. Indio is one of the very few locations in the country with both an Enterprise Zone

and Empowerment Zone. Other incentives include adulated depreciation and tax-exempt bond

financing.

IID ENERGY

The Coachella Valley Enterprise Zone is one of the most energy secure areas in the country

because of their power provider, IID Energy. The Coachella Valley Enterprise Zone has now

become one of the very few areas that offers strong measures of security for low power rates

and constant availability. On average IID Energy provides electricity to its customers at a rate

approximately 40% less than Southern California Edison, which provides power for the western

portion of the Coachella Valley.

IID Energy protects its customers from higher energy costs without sacrificing reliability of

service. As a publicly owned utility, IID Energy is a reliable power provider and, unlike many

other utilities, they own vast power generating sources capable of supplying over 70% of their

load. The balance is secured with long term contracts. Consequently, they don’t have to worry

about buying power on the wildly fluctuating open market.


DISCLAIMER

Coldwell Banker Commercial Lyle & Associates (hereinafter “Broker”) has been retained by the owners of record (hereinafter the “Owner”) as the exclusive marketing representative and broker concerning the marketing and offering for sale of ±100 acres located in Indio, California (hereinafter the “Property”). This Confidential Marketing Memorandum (hereinafter the “Memorandum”) has been prepared for use only by specific identified parties. The recipient represents and acknowledges that it is a principal or an investment advisor concerning the possible acquisition of the Property (hereinafter referred to collectively as “prospective purchaser” or “prospective purchasers”). If the recipient is an investment advisor, then the recipient shall immediately provide a complete copy of this Disclaimer to the principal.

This Memorandum is presented strictly for the exclusive use of select prospective purchasers to determine whether the prospective purchasers wish to express any further interest in the purchase of the Property. Owner and Broker reserve the absolute right to continue to solicit over’s from and negotiate with other prospective purchasers, including the right to solicit back‐up offers after entering a purchase agreement or escrow instructions.

Broker has delivered this Memorandum to prospective purchaser in consideration for prospective purchaser’s agreement to the covenants and provisions set forth in this Disclaimer. Prospective purchaser’s receipt of this Memorandum constitutes its acceptance and agreement to the provisions set forth in this Disclaimer.

COMMUNICATIONS SHALL BE DIRECTED TO BROKER: Owner hereby requests that all inquiries and communications with respect to the marketing and contemplated sale of the Property be directed to Broker. Prospective purchasers acknowledge that Broker is only working on behalf of Owner as an exclusive agent in connection with the Property.

COMPLETENESS & ACCURACY OF INFORMATION: This Memorandum only contains selected information and it does not purport to provide a complete and accurate summary of all aspects of the Property, including financial and operations information and the physical condition of the Property and any documents related thereto. This Memorandum does not purport to be all‐inclusive or to contain all information, which prospective purchasers may reasonably need, or desire. Furthermore, this Memorandum is not and shall not be interpreted or deemed an indication of the condition or state of affairs of the Property or Owner, and it shall not imply or be construed that there has not been any change in the condition or affairs of the Property or Owner since the date this Memorandum was prepared. This Memorandum is subject to modification by Broker or Owner from time‐to‐time.

In this Memorandum, certain documents are described in summary form. The summaries do not purport to be complete or necessarily accurate descriptions of the full documents or agreements involved. Also, the summaries do not purport to constitute a legal analysis of the provisions of the documents. Prospective purchasers shall independently review all such documents.

ANALYSIS & PROJECTIONS: All market analysis, estimates, assumptions, and projections set forth in this Memorandum have been developed by Broker and their contractors utilizing certain information provided by Owner and others, and are based on assumptions concerning the Property, general economy, competition, real estate market fluctuations, and other factors beyond the control of Broker and Owner. Therefore, the analysis, assumptions, and projections are subject to material variation and change, and may not be consistent with the views or assumptions held by other real estate investors or professionals. The market analysis, estimates, assumptions, and projections are only provided for general reference purposes. Broker and Owner do not make any representation as to the accuracy or completeness of the information contained in this Memorandum or in any other analysis, estimates, or projections provided by Broker or Owner. Nothing contained herein is or shall be relied on as a promise or representation as to the future financial or economic performance or condition of the Property or the value thereof.

ACCURACY & DUE DILIGENCE: Although the information contained in this Memorandum is believed to be correct, Broker and Owner and their respective employees and contractors disclaim any responsibility or liability for any inaccuracies or incompleteness concerning the information set forth herein. Prospective purchasers shall exercise their independent due diligence and judgment in order to verify all information set forth in this Memorandum and any other information they deem relevant concerning their analysis and valuation of the Property and their decision to purchase the Property. Prospective purchasers acknowledge and agree that subsequent to the date of this Memorandum there may be material changes in the business, operations, affairs, or condition of the Property or Owner. Prospective purchasers agree that they shall have sole responsibility for the analysis and verification of the information set forth in this Memorandum and all other aspects concerning the Property, including but not limited to the condition thereof.

Any and all information set forth in this Memorandum or otherwise provided by Broker or Owner to any prospective purchasers or their respective advisors concerning the Property is provided without any representation, warranty, or assurance, express or implied, regarding the accuracy, completeness, or current status or applicability of such information. Prospective purchasers shall perform and will only rely on their own investigations, analysis, estimates, and projections and otherwise satisfy any concerns regarding all aspects of the Property, including but not limited to its operation and financial aspects, legal issues, municipal and governmental matters, environmental, seismic, and physical issues and all other matters concerning the Property or any of its tenants. Prospective purchasers shall conduct or undertake such investigation and reviews and make such inquiries, as they may believe to be necessary, appropriate, advisable, or reasonable for the purpose of forming a decision to make an offer and to elect to close escrow to purchase the Property.

REPRESENTATIONS & WARRANTIES: Broker, Owner, and their respective agents and contractors disclaim any and all liability for any representations and warranties, express or implied, set forth in or omitted from this Memorandum or any other written or oral communications or documents transmitted or made available to any prospective purchaser or their advisors. Neither Broker or any other person or entity is authorized to make any representations, warranties, or agreements on behalf of Owner regarding any aspect of the Property, including but not limited to operations, the financial or physical conditions of the Property, tenant leases, zoning, or govern‐ mental regulations concerning the Property. Prospective purchasers shall not rely on any oral or written representations by Broker or


any other representative of Owner or any oral representations by Owner concerning the Property. Prospective purchasers may only rely on the representations and warranties, it any, set forth in a written purchase agreement, escrow instructions, or other written agreement or document signed and/or supplied by Owner concerning the Property.

ENVIRONMENTAL & SEISMIC LAWS: Various laws and regulations have been enacted by federal, state and local governments dealing with seismic issues and the use, storage, handling, removal, transport and disposal of hazardous or toxic wastes and substances. It is essential that all parties to real estate transactions be aware of the health, liability, and economic impact of environmental factors concerning real estate. Broker and Owner do not conduct investigations or analysis of environmental matters, and accordingly, urge prospective purchasers to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCB’s, other contaminants or petrochemical products) or other undesirable materials or conditions are present at the Property, and if so, whether any health danger or other liability exists. It would be prudent for prospective purchasers to retain seismic and environmental experts to conduct site investigations and/or building inspections. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. Consequently, legal counsel and technical experts should be consulted regarding these issues.

INVESTIGATIONS & INSPECTIONS: Qualified prospective purchasers will have an opportunity to inspect the Property after they receive written authorization from Broker. In no event shall any prospective purchaser or any of its agents or contractors contact any tenant of the Property or any governmental authority concerning the Property, or make any physical inspection or testing of the Property, without the prior written consent of Broker or Owner.

BROKERAGE: Unless Owner and Broker sign a written agreement to pay a fee, commission, or other compensation in connection with the prospective purchaser’s acquisition of the Property, the prospective purchaser agrees that it will not look to Owner or Broker or any of their affiliates for any fees, commissions, or compensation in connection with the purchase of the Property. The prospective purchaser hereby acknowledges that it has not dealt with any broker, other than Broker, regarding the acquisition of the Property, or if it has, the prospective purchaser shall indemnify, defend, and hold harmless Broker and Owner and their respective officers, directors, employees, partners, affiliates, agents, contractors, successors and assigns from and against any and all claims, actions, cause of action, lawsuits, judgments, obligations, damages, losses, liabilities, costs and expenditures (including reasonable attorney’s fees) which may be incurred by reason of or result from or arise out of or concern in any way (i) any claim or claims by any broker, finder, agent or other person or entity for commissions, fees, or other compensation for bringing about any actual or proposed transaction with respect to the Property if such claim or claims are based in whole or in part on dealings with the prospective purchaser or any of the prospective purchaser’s representatives (except a fee, commission, or other compensation set forth in a written agreement signed by Owner and Broker), or (ii) a breach by the prospective purchaser of any of its obligations set forth in this Memorandum.

NON‐BINDING NEGOTIATIONS: This Memorandum is intended solely for the prospective purchaser’s own limited use in considering whether to pursue negotiations to acquire the Property. Additional information concerning the Property will be made available to qualified prospective purchasers and their representatives after delivery of written request to Broker. However, Broker and Owner each expressly reserve the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any prospective purchaser at any time with or without notice. Owner shall not have any legal commitment, obligation, or liability to any prospective purchaser who receives and reviews this Memorandum or makes an offer to purchase the Property, unless and until a formal written agreement for purchase of the Property has been fully approved by Owner and its legal counsel and is executed and delivered by Owner, and any conditions concerning Owner’s obligations thereunder have been satisfied or waived.

This Memorandum is not an agreement or any other contractual obligation to sell neither the Property nor an offer of sale. An agreement or contractual obligation to sell the Property shall not exist or be deemed to exist and there shall not be any binding legal obligation on Owner or any of its associated or affiliated companies, at law or equity, to sell the Property until a definitive formal binding written purchase agreement or escrow instructions are fully executed, at Owner’s sole and absolute discretion. Prospective purchasers understand and agree that Owner does not make any representation that the delivery of this Memorandum will result in the execution of a purchase agreement, escrow instructions, or any other agreement concerning the Property.

RETURN OF DOCUMENTS: If the prospective purchaser does not wish to pursue negotiations for acquisition of the Property, or upon request from Broker or Owner, the prospective purchaser hereby agrees to return this Memorandum and any copies of all or any part thereof, including excerpts therefrom with an affidavit to this effect within five (5) days after receipt of request for such affidavit. In addition, the prospective purchaser shall concurrently deliver to Broker copies of any reports or surveys prepared by or on behalf of the undersigned and any prospective purchaser concerning the Property

COPYING OR OTHER DUPLICATION OR DISCLOSURE OF ANY OF THE CONTENTS OF THIS MEMORANDUM IS NOT AUTHORIZED AND IS EXPRESSLY PROHIBITIED.

INTERPRETATION: This Disclaimer states the entire agreement between the parties concerning the subject matter herein. All prior oral or written representations or agreements originating before the date of this Disclaimer regarding the subject matter hereof not embodied herein shall not be of any force or effect. Any modification or waiver hereunder must be in writing signed by Owner or Broker. Any oral representations or modifications concerning this Disclaimer (including any fully executed oral agreements or modifications) or any course of conduct, dealings, or practice between the parties shall not of be any force or effect unless contained in a subsequent writing signed by Owner or Broker. The language of all parts of this Disclaimer shall be construed as a whole, according to its fair meaning, and not strictly for or against any of the parties. The rights and obligations of the parties shall inure to the benefit of and shall be binding on their successors‐in interest.

*** END OF DISCLAIMER ***

Documents

±100 ACRES OF COMMERCIAL LAND - …images4.loopnet.com/d2/rPHgsOAz9ZRlRogoo0avd3... · COMMERCIAL LAND MARKETING MEMORANDUM ... The Owner, at its sole and absolute discretion,