Adoba Industries backs out of KML Purchase
COPPER HARBOR, Mich. (WLUC) Adoba Industries has withdrawn its letter of intent to purchase the Keweenaw Mountain Lodge.
The Keweenaw County Board of Commissioners held a special meeting on November 6th to discuss future buyer requirements.
Interested buyers now have 90 days to close the sale.
A $50,000 non-refundable deposit is now required after 60 days of due diligence review.
Once the due diligence review is completed, the buyer will have 30 days to close the deal.
Adoba Industries originally put in their letter of intent to buy the lodge after Anthony Lane Partners of Dallas, Texas terminated their offer this past October.
The reasons for Adoba's withdrawal are not known at this time.
The Keweenaw Mountain Lodge remains for sale at the price of $1.5 million.