Land Update #2
Things seem to be moving right along. It wasn’t that long ago that we announced the agreement with the city on the Emerson Road expansion…I’m thrilled to let you know that we have received and negotiated our way through a Letter of Intent on the north lot as well.
What’s that mean…
A Letter of Intent (LOI) is a preliminary commitment of one party to do business with another. That’s corporate lingo to describe how businesses kick-start the purchase of land. Put more simply, we have a buyer…and we like them! They are residential developers that build residential communities for active seniors (55 years and older).
What happens next…
Since a LOI is just the kick-start, there’s lots still to come. The next step is for the buyer to send us a purchase agreement, which of course will be open to negotiations. We expect to receive that early next week (their lawyers are a bit backlogged).
Oh, and BTW…
Since we’ve received a LOI on our property, our mortgage lender (BMO) has agreed to offer us a 12-month extension to our mortgage with the possibility of extending it further if necessary. This keeps us from having to refi this summer and then in the near future with the land sale. This, too, is good news!
The Lord has been really good to us through this process. Don’t stop praying at this point, but He’s given us much to celebrate.
What’s that mean…
A Letter of Intent (LOI) is a preliminary commitment of one party to do business with another. That’s corporate lingo to describe how businesses kick-start the purchase of land. Put more simply, we have a buyer…and we like them! They are residential developers that build residential communities for active seniors (55 years and older).
What happens next…
Since a LOI is just the kick-start, there’s lots still to come. The next step is for the buyer to send us a purchase agreement, which of course will be open to negotiations. We expect to receive that early next week (their lawyers are a bit backlogged).
Oh, and BTW…
Since we’ve received a LOI on our property, our mortgage lender (BMO) has agreed to offer us a 12-month extension to our mortgage with the possibility of extending it further if necessary. This keeps us from having to refi this summer and then in the near future with the land sale. This, too, is good news!
The Lord has been really good to us through this process. Don’t stop praying at this point, but He’s given us much to celebrate.
Posted in Pastoral
No Comments