Common use of Drafts not an Offer to Enter into a Legally Binding Contract Clause in Contracts

Drafts not an Offer to Enter into a Legally Binding Contract. The parties hereto agree that the submission of a draft of this Agreement by one party to another is not intended by either party to be an offer to enter into a legally binding contract with respect to the purchase and sale of Seller’s LLC Interest or the Property. The parties shall be legally bound with respect to the purchase and sale of the Seller’s LLC Interest pursuant to the terms of this Agreement only if and when the parties have been able to negotiate all of the terms and provisions of this Agreement in a manner acceptable to each of the parties in their respective sole discretion, including, without limitation, all of the exhibits hereto, and each of Seller and Purchaser have fully executed and delivered to each other a counterpart of this Agreement. Unless and until each of Seller and Purchaser have fully executed and delivered a counterpart of this Agreement to the other, neither shall have any obligation whatsoever to the other, except as set forth in the Confidentiality Agreement.