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Case 10- 60244 -aer11 Doc 288 Filed 10/15/10 <br /> June 28, 2010 <br /> 0"" <br /> LETTER OF INTENT <br /> Arlie & Company <br /> EUGENE 2911 Tennyson Avenue, Suite 400 <br /> [ p[(J NW Eugene, OR 97408 <br /> epee Space <br /> Dear Ms. Arlie, <br /> 9n Om The purpose of this letter is to express the interest of the City of Eugene ("Eugene") in <br /> negotiating with Arlie & Company ( "Arlie for the purchase of real property in the general <br /> A(MON ru ucwoes vicinity of the property depicted on the attached Exhibits A and B. Although the specifics <br /> aYOts IWO of an actual sale/purchase still need to be agreed upon, the types of terms and conditions are <br /> MIK ORISON NMI expected to include, but not be limited to the following: <br /> twi 1. Sale. Arlie would sell to <br /> tAX($41}{ 741182 Eugene real property in the general vicinity of the <br /> property described on the attached Exhibits A and B. <br /> WWIUGFkt1.6011/PAN <br /> 2. Consideration. The consideration for the purchase of the property would be <br /> as follows: for the property lying south of the Ridgeline Trail, the price would be $5,000 <br /> per acre (approximately 286.60 acres) and for the property lying north of the Ridgeline <br /> PARKS AID0Pfkf4AQMIN Trail, the price would be $18,000 per acre (approximately 28.40 acres), for an approximate <br /> total purchase price of approximately $1.944 million. The property to be conveyed would <br /> need to be certified by an Oregon licensed surveyor to verify the exact acreage once actual <br /> PAU mums property lines are finalized. The final sales price would be reduced by a $600,000 credit in <br /> payment of the obligation of Arlie as set forth in the purchase and sale agreement between <br /> rnuu fOt RY the parties dated May 20, 2008, covering the sale of adjoining property. <br /> 3. Closing. The parties anticipate closing no later than 30 days following <br /> Mtn Iataus(ES approval by the Bankruptcy Court and no later than December 31, 2010. <br /> 4. Effect of this Letter. This lettex'sets forth the intent of the parties only, is <br /> not binding on the parties,. and may not be relied on as the basis for any claim whatsoever. <br /> The parties understand that no party shall be bound until a formal purchase and sale <br /> agreement has been negotiated, delivered, and approved by the City, by the Bankruptcy <br /> Court in connection with Arlie's Chapter 11 reorganization proceeding, and by the Board of <br /> Directors of Arlie. <br /> 5. Termination of Negotiations. This letter may be terminated at any time by <br /> e t'nher party Fivir written notice to t`:e other. <br /> • <br /> EXHIBIT A <br /> Page 1 of 4 <br />