Re: Fw: Re: FW: Letter of Intent
FYI - Most recent exchange with Michael Kr=nz regarding settlement. Any comment?
Mr. Steele asked that I reply to your email for him. Dr. Alexander would like to settle this matter with the bank and put this entire experience behind him. He would like to make the following settlement proposal:
He will pay the bank % of the $100,000.00 at this time;
He will also pay % of the closing costs on the HUD statement;
He will sign over all of his rights and shares in Hardman Development to the bank;
The bank will release his guaranty.
Dr. Alexander would like to settle at this time, whether or not the proposed sale goes through. Ultimately, the collection of funds from Dr. Alexander would be to the benefit of the bank and the bank would have the money from him even if the closing does not take place.
Please respond at your earliest opportunity.
Also, please advise if you will agree to entry of an order granting our motion for clarification. Thank you.
This e-mail is in response to your e-mail set forth below.
Provided that the short sale goes through which was set forth in my previous e-mail to you, PNC Bank has indicated that it would be willing to release Dr. Alexander from his Guaranty in exchange for payment of $60,000.00. PNC Bank would not look for Dr. Alexander to turn over his rights and shares in Hardman Development. The Bank would not expect Dr. Alexander to pay one-half of the closing costs on the HUD statement. Please advise if Dr. Alexander is willing to settle under these terms.
I look forward to hearing from you.
Sincerely,
Michael T. Kranz
He doesn't want a settlement depende=t on closing the short sale. He is willing to pay the bank the $60,000 =ow plus sign over his interests in Hardman so the bank would not need his =pproval on any future offers if this one did not close for any reason. =f the property goes to a foreclosure sale, the bank would still have his $=0,000. He just wants this to end.
I would accept his terms, obviously, but would rather to= as you aptly put it, end this thing. If the short sale goes thru, that=is great. If not, we can keep my offer in the table and if Trent advise=, up the amount gradually. Thanks for staying on top of it.
I would tell them 30k if they wait till the short sale, and 60k now. give t=em an alternative