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• <br /> PURCHASE AND SALE AGREEMENT <br /> PARTIES: <br /> CITY OF EUGENE, an Oregon municipal corporation ( "City") <br /> ARLIE & COMPANY, an Oregon corporation ( "Arlie ") <br /> RECITALS: <br /> A. City has established the Ridgeline Trail around a portion of the City as a part of <br /> City's Parks and Open Space Program. City would like to add a new segment to the Ridgeline <br /> Trail which will run generally east of Mount Baldy (Spring Boulevard / Dillard East Trailheads) to <br /> Lane Community College over the property described in Exhibit A' attached hereto and by this <br /> reference incorporated herein as though fully set forth ( "Property <br /> B. The Property is part of a tract of real property owned by Arlie, which is more fully <br /> shown in Exhibit B attached hereto and by this reference incorporated herein as though fully <br /> set forth ( "Arne Property"). Artie is prepared to sell the Property to the City for addition to the <br /> • Ridgeline Trail. However, the Property is comprised of portions of a number of legal lots. As a <br /> result, the Property may not be legally conveyed to City without establishing the Property as one <br /> or more legal Tots through lot line adjustments, partitions or platting of the Arlie Property. <br /> C. City and Arlie have agreed City will purchase the Property from Arlie on the <br /> terms set forth below. <br /> AGREEMENT: <br /> 1. PURCHASE AND SALE. Arlie shall sell the Property to City, and City will purchase <br /> the Property from Arlie, on the terms set forth herein. The sale shall be closed in escrow at <br /> Commercial Escrow, Inc. Orr Or befOre May 2% Iftt. Closing costs will be divided equally <br /> between the parties. The purchase price shall be paid on closing. Title to the Property shall be <br /> conveyed to City following closing as provided in Section 6, below. Real property taxes on the <br /> Property will be prorated on closing as of the closing date using an allocation of taxes for each <br /> tax lot based on the acreage of the tax lot to be conveyed to City. For example, if City <br /> purchases twenty percent (20 %) of the area of a tax lot, twenty percent (20 %) of the 2007 -2008 <br /> taxes on that tax lot will be prorated between City and Artie as of the closing date. <br /> 1 The description is a preliminary draft of a legal description prepared by a licensed Oregon surveyor. <br /> The surveyor has cautioned that minor revisions to the description may be necessary before it is final. <br /> The parties agree to accept such minor revisions and agree that they will not affect the enforceability or <br /> validity of this Agreement, so long as they result in no material change in the area of the Property or its <br /> general location as depicted in Exhibit C. Any disputes over changes in the legal description shall be <br /> resolved by arbitration as provided in Section 8 below. <br /> 2 City shall have access to the Property and use of the easement rights - of-way established under Section <br /> 2 between closing and the date of conveyance of the Property and easements to City, for the limited <br /> purposes of Investigating and making surveys of the Property and easement rights-of-way. <br /> PURCHASE AND SALE AGREEMENT - 1 - (165519) <br />