Page 24 - OAKS AT LAKEWAY

LETTER OF INTENT
Oaks II@ Lakeway
c/o Chessie Zimmerman Stratus Properties
212 Lavaca Suite 300 Austin, Texas 78701
September 7, 2018
LEGACY COMMUNITIES, LLC
205 Wild Basin Road South, Building One Austin, Texas 78746
Re: Letter of Intent to Purchase 2 Tracts of residential entitled land (12 Acre Lot 2 Block C and 22 Acre Lot 10 Block B of the Oaks@ Lakeway PUD) in Travis County, Texas, (the "Property") being all of Seller's lands.
Dear Mrs. Zimmerman:
The attached exhibits and this letter of intent (collectively, this "Letter") outline the business points under which Legacy Communities, LLC ("Buyer") will consider acquiring the property described above (the "Property") om Stratus . Buyer is interested in purchasing the Property on the general terms re renced in this Letter.
1. Contract. No right or obligation of either party, except those specifically set rth in the binding agreements relating to the proposed transaction listed in the attached Exhibit A, will arise until the execution of a real estate sale contract (the "Contract") incorporating the essential terms of this Letter and other terms and conditions satisfactory to both parties. The initial dra of the Contract will be prepared by Buyer's attorney within 30 days a er the date of your acceptance of this Letter, and distributed contemporaneously to all parties by email.
2. Closing. The sale and purchase will be consummated in one closing as described in Exhibit A. Please note that the closing will be contingent upon satis ction of agreed conditions to closing summarized in Exhibit A.
3. Payment ofthe Purchase Price. The Cash Payment portion of the purchase price will be paid in immediately available funds in rm acceptable to the title company at closing. A portion of the purchase price will be contingent upon Buyer's sales of units, and will be due and payable as described in the Contract.
Title. Title will be conveyed free and clear of all defects, liens, encumbrances, and easements, except as approved by Buyer during the title review period speci ed in the Contract.
5. E ect. Each party agrees that this Letter is intended only to set rth the discussions of the parties and will not constitute a complete statement of the agreement or be a legally binding or en rceable agreement or commitment on the part of either party with respect to the matters described herein (except with respect to the binding agreements relating to the proposed transaction listed in Exhibit A, which will be lly enforceable and will survive the termination of this Letter, the termination of the Contract, and the closing of any transaction). This
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