Letter or Intent to Lease Real Estate

Re: Notice of Intent to enter into a real estate Agreement and option to Purchase Agreement for the Real Estate Property known as __________________________________________________________

To Property Owner: Please be advised that the undersigned is interested into entering into a Rental Agreement and Option to Purchase Agreement. Please be advised that I am a real estate investor that intends to enter into the agreements contemplated for the purpose of investing in real estate as going business concern. I now provide you with this Letter of Intent. This letter is intended to summarize in the separately numbered paragraphs below the terms by which I desire to lease your property located at ___________________________________________ __________________________________________(the Property). For the purposes of identification. ________________________________________ (husband and wife) (whoever is on the deed) shall be referred to herein as Landlord. And INNOVATIVE PROPERTY GROUP LLC shall be referred to herein as Tenant. 1. Property to be Rented. The tenant or its assigns(s) shall rent all of Landlords interest in the property located at ___________________________________________________________ the terms of which shall be more fully stated in a final rental agreement approved and signed by all parties ( Rental Agreement). 2. Term: Tenant or its assign(s) shall rent the Property for a term of _________ years(s). 3. Rental Rate: The Tenant or its assign(s) shall pay the amount of __________________________ per month during the rental term. 4. Security Deposit: The Tenant or its assign(s) shall pay to the Landlord a security deposit in the amount of $___________________. 5. Possession Date: Landlord shall give possession to Tenant or its assign(s) upon commencement the Rental Agreement.

Initials: ________ ________ Confidential.

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6. Option: Landlord shall grant to Tenant or its assign(s) an Option to purchase the property for an estimated price of ________________________________________________( Option Price) If this space is blank, then the parties agree that the Option Price shall be agreed upon in the final Option to Purchase Agreement. 7. Option Money: Tenant or its assign(s) shall pay the Landlord the a non- refundable amount of _____________________________________________________________ ( Option Money), which shall be applied first to any assignment fee that Tenant may be entitled to through its assignment of its interest to any 3rd party assignee, with the balance being applied as credit to the Option Price. The application of the Option Money will be more fully defined in the Option to Purchase Agreement. 8. Representations, Warranties, Covenants, and Indemnification: The formal agreements, including, but not limited to a Rental Agreement and Option to Purchase Agreement that the parties will execute shall include a number of representations, warranties, covenants and provisions for indemnification. The representations and warranties shall include, but not limited to, matters, or title, authority, liabilities, compliance with laws, payment of taxes, finances, condition of Property, right to assignment, and the right to either partys right to terminate the Agreements. 9. Legal Effect. The within letter is intended as a mere expression of intent and is not binding contractual obligation of the parties except that (i) the parties hereto on behalf of themselves and their agents agree that they will be the contents of this letter and all matters pertaining to the negotiation of the subject transaction confidential and they will not disclose any such matters to any third party except their respective agents and financial institutions on a need to know basis. 10. Notice of Intent to Assign: The Tenant hereby discloses, and Landlord hereby understands and acknowledges that Tenant intends to assign its interest in this Letter or Intent, and any of the agreements that may result here from to a 3rd Party Assignee. The Tenant shall have the absolute right, but not the obligation, to assign its interest in this Agreement or any subsequent agreements between Landlord and Tenant. It is agreed that Tenant shall have the right to receive a reasonable fee for its assignment; which shall be paid from the Option Money, as stated above. 11. Option Period: The Tenant and the Landlord hereby agree that the Tenant shall have 45 days to exercise their option or assign it to the 3rd party.

Initials: ________ ________ Confidential.

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If Landlord is interested in pursuing a transaction consistent with these terms, Landlord may accept this offer by returning to the undersigned either(i) the copy of this letter enclosed executed in the place indicated by them or(ii) a tele copied facsimile or such document so executed.

Sincerely,

Jesse B. Lucero
By Jesse B. Lucero

By their execution hereof, the undersigned hereby evidence their agreement to the foregoing.

Tenant Dated: _______________________ Tenant Dated: _______________________

By: _____________________________ By: _____________________________

Landlord Dated: _______________________ Landlord Dated: _______________________

By: _____________________________ By: _____________________________

Initials: ________ ________ Confidential.

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