May 8, 2024

Pastor Tim Holmes

Place of Grace Fellowship

2906 & 2938 Nacogdoches Rd

San Antonio, TX 78217

RE: Offer to Purchase 2906 & 2938 Nacogdoches Rd, San Antonio, TX 78217

Please accept this Letter of Intent as Buyer’s interest in purchasing the above referenced Property under the following terms and conditions.

PROPERTY:          2906 & 2938 Nacogdoches Rd, San Antonio,  TX 78217

SELLER: Place of Grace Fellowship.

BUYER: Alamo Environmental Inc. and or Assigns

PURCHASE PRICE: $5.17 per square foot (For Lots A, B &C total approximately 101,948 Sq feet is $527,071). See Attachment 1

CONTRACT: Seller requires Board Approval on Lots A and B and will require Church approval for lot C.

EFFECTIVE DATE:  The date a contract is fully executed by both Seller and Buyer.

FINANCING:       Seller to provide financing with $200,000 down

•             10 Year Amortization

•             Interest Chase Prime rate less 1% (modified Quarterly with 4% floor).

BUYER TO PROVIDE:

•             Resurface and stripe existing Church Parking Lot

•             Pay for Surveying and legal services to facilitate transaction (s).

•             Buyer will allow easement on Lot A for Place of Grace Fellowship (easement will pass to Church’s lender if sold in future, however if LOT D and E are purchased by outside party then the easement terminates.)

SELLER TO PROVIDE: 

— First Right of Refusal for remaining property (Lot D & E)

SURVEY: Seller shall deliver most recent survey.

DUE DILIGENCE PERIOD: Request a due diligence period of 60 days to conduct necessary inspections, surveys, and assessments of the property.

Subject to satisfactory completion of due diligence and negotiation of final terms, we propose to close within 90 days.

USE OF PROPERTY: The intended use of the acquired property will be for expansion of our facilities and parking.

NON-BINDING AGREEMENT:  Buyer and Seller agree that this Letter of Intent is non-binding, and its sole purpose is to allow Buyer and Seller to agree on general conditions of the sale prior to executing a binding agreement pertaining to the sale of the Propertiy.

The above constitutes a Letter of Intent reflecting the current interest of the Buyer to purchase the subject Prope1iy. It is specifically understood and agreed that no legal rights or obligations exist between either pa1iy until and only if an Agreement of Sale is executed.

Please notify us of your response to this offer at your earliest convenience. We look forward to your favorable response.

Sincerely,

Alex Salas