Your client would like to purchase a family-owned winery and vineyard in California and would like a non-binding letter of intent for the purchase.

Draft the letter of intent using the information provided below.

The name of the (fictional) winery and vineyard is "Private Reserve Winery and Vineyard." It is in the fictional town of Golden Ridge in Sonoma County, California and is for sale for 8 million dollars. The client would like to purchase all of the winery and vineyard's land; crops; buildings; inventory, including equipment, wine, and merchandise; licenses; intellectual property; marketing material; vendor and customer lists; and anything else you think you should include in letter of intent.

The purchase is contingent upon the client's inspection and approval of any items. That doesn't mean include all of those items in the letter itself; use an addendum for the more detailed information.

The client will make a final decision regarding the purchase within 15 days of receiving all items requested in the checklist. If the client decides to purchase Private Reserve Winery and Vineyard, the purchase price, deposit amount, letter of approval by the client's lender, close of escrow date, and all other terms of the purchase will be negotiated by the parties within 5 days of the client's decision to purchase.

What terms and to be discussed or negotiated?

What licenses or registrations with state or local entities required to own and operate a winery or vineyard need to be addressed?

What are required notifications regarding the purchase/change of ownership that need to be addressed?