• 
• 
  • Gilbert Bailey
  • Pete Koson
  • Travis Royce
  • Rick Lewis
  • Nancy Carver
  • Sandra Lefebvre
• 
  • Surveying Services
  • Septic System Design
  • Permitting
  • Planning
  • Recommended Links
• 
  • CURRENT LISTINGS
  • Land Deal of the Month
  • Recommended Links
• 
  • Purchase Program
  • Value Added Program
• 
  • FAQs
  • Statement of Purpose
  • Owner Financing
  • Self-Directed IRA
  • Forms
  • Recommended Links
  • Loan Calculator
• 
  • Strategic Plan
  • Timber Prices
  • Recommended Links
• 

Home  |  Contact  |  Landline Newsletter

Statement of Purpose

Historically, within the relationship that has existed between Landmark Land Sales, LLC or LLS Capital Management, LLC and the investors purchasing land loans from either company, an understanding has developed as to the rights and responsibilities of the parties within the relationship.  This understanding has been summarized in the following Statement of Purpose.

 

 

STATEMENT OF PURPOSE

Landmark Land Sales, LLC is a New Hampshire limited liability company with a principal place of business in Charlestown, Sullivan County, New Hampshire.  It is a one-member limited liability company, and Gilbert R. Bailey is the sole member of this business entity.  Mr. Bailey has been involved in the business of purchase, sales and financing of land since 1968.

The primary purpose of this LLC is the purchase and sale of unimproved real estate in New Hampshire, primarily Sullivan and Cheshire Counties, but is not solely limited to that geographical area.

Landmark Land Sales, LLC purchases land and, in certain instances, finances these purchases through its own promissory note secured by mortgages with outside investors contributing all or a portion of the purchase price.

Landmark also sells real estate which it has purchased, and in many cases Landmark provides owner financing to buyers of the land by receipt of a promissory note given by the buyer.  In these instances, Landmark Land Sales, LLC may assign all or a portion of these promissory notes, which are secured by mortgages to one or more investors in consideration of payment for an ownership interest in a portion or the entire note.

Landmark Land Sales, LLC in no case guarantees payment of notes secured by mortgages which it assigns to third parties.  However, to facilitate an orderly flow of timely payments to the purchasers of the promissory notes, Landmark provides loan servicing, including collection of payments, billing services, and monthly status reports to obligors and investors.  Additionally, Landmark issues timely payments due the investor, irrespective of the fact that payments may or may not have been received from the obligor.  Landmark provides these services as a courtesy to the investor, however, by doing so, makes no contractual obligation or commitment to do so.

Landmark Land Sales, LLC has in some instances experienced a default in the terms of the promissory note/mortgage, which the obligors have issued or granted to Landmark Land Sales, LLC.  These notes and mortgages may have in turn been assigned in whole or in part to investors.  In this instance, generally one of two situations result:

(a)  Landmark Land Sales, LLC will use reasonable collection efforts to have the defaulting mortgagor(s) re-deed the property back to Landmark by a deed in lieu of foreclosure; or

(b)  Landmark Land Sales, LLC will, as a service to the investor, conduct a statutory foreclosure sale auction and bid an upset price equal to principal balance due, accrued interest, late fees, and the cost of the foreclosure sale including legal fees and publication costs.

In the event the foreclosure sale produces a purchaser who pays the upset price, the investor who has purchased the note from Landmark Land Sales, LLC will be paid in full by the purchaser.

In the event there is not an outside bid from a purchaser sufficient to satisfy the upset price, Landmark Land Sales, LLC will reacquire title by bidding the upset price at the foreclosure sale.

Simultaneous to reacquisition of title, Landmark Land Sales, LLC will grant a new mortgage and note to the investor(s).  This new note and mortgage will be in the same ratio and at the same interest rate, and will be written to include the principal balance and any accrued interest that existed at the time of foreclosure or of the granting of the deed in lieu of foreclosure.

During the delinquency period, which is defined as that time in which the obligor on the note has not remained current with it's payment obligations, and upon the execution of a new promissory note and mortgage from Landmark Land Sales, LLC at the reacquisition date at the foreclosure sale, Landmark will continue to make payment to the investor under the terms of the note being foreclosed.  These payments are intended to be made as a courtesy to the investor, and are not an obligation of Landmark.  Landmark's obligations shall be confined to the terms of the note and mortgage(s) executed by Landmark as specified within.

As a prospective purchaser, I have read and understand the Statement of Purpose.  I further understand that, as with any investment, there is an element of risk.  Should I make an investment as herein outlined, such an investment, and any potential loss, would be within my financial capacity to bear.

Dated: _____________________, 2010.

                                                                                                                                              Landmark Land Sales, LLC

          __________________________                                                                  By: _________________________
                              Investor                                                                                                       Gilbert R. Bailey, Member

          __________________________                                                                        __________________________
                             Witness                                                                                                                      Witness