Conditional Purchase Agreement Signed

FTAA president Erkan Nur completed the negotiation and signed a purchase agreement on the space. The terms of the agreement was as follows: Purchase price of $240,000; Down payment of $15,000; Closing date of August 8, 2008. Owner financing of $225,000 at 7%, with interest-only payments, with no prepayment-penalty, with a 5 year balloon. The agreement had a 30 day due-diligence period and a clause allowing an additional $10,000 discount if the loan is paid off within the 6 months after the closing.