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h~ . .... - , ~-~t'~~~` `r -~`-~'~y- .~~ ~7 -' ~ :~ : ~le. ~ ;3 / 7 ` 53-~ .3i-i~~+ ~~-~a-. ; ~- CONTRACT FOR SALE OF REAL PROPERTY THIS CONTRACT, made and entered into thiso23'~day of ,1999, between the STATE OF OREGON, by and through its DEPARTMENT O TRANSPORTATION, hereinafter referred to as "State; ' and CITY OF EUGENE, a municipal corporation of the State of Oregon, hereinafter referred to as "Purchaser." WITNESSETH: The State, for the consideration hereinafter mentioned, covenants and agrees to and with Purchaser to sell and convey unto Purchaser, and Purchaser agrees to purchase from State, subject to the conditions herein, the following described property: Lots 1 through 13, Block 3, REPLAT OF VICTORIA HEIGHTS, Lane County, Oregon, containing 1.48 acres, more or less. "PREMISES" DEFINED. Each and all of the lots included within the above-described property (each, a"Lot") shall hereafter be referred to individually and collectively as the "Premises" until, in the case of each Lot, such Lot has been conveyed by deed to Purchaser, as provided herein. 1. PURCHASE PRICE; PAYMENTS. The sum of the Lots described above are being sold for a single purchase price sum of $120,000. The purchase price shall be paid as follows: a. $12,000 as the first installment, receipt of which is acknowledged, and b. The balance of $108.,~0,~0 .00 to be paid in annual installments of not less than $13,240.81, commencing on April 1 aan~dtle on the first day of April in each year thereafter, until April 1, 2011, on which date the full amount of said principal and all accrued and unpaid interest thereon shall be due. Interest on the unpaid balance of principal shall accrue at the rate of 6.5% simple interest based on a 365/366-day calendar year. Property taxes, fees or other expenses related to the Premises that have been paid or incurred by State under the terms of this Contract as a result of Purchaser's failure to make such payment directly or as a result of Purchaser's breach of its covenants of use of the Premises shall be added to the principal balance of the purchase price. All payments made by Purchaser shall be to State at the address sliown below, or to such other place or persons as State may designate by written notice: PAYMENTS SHALL BE SENT TO: Department of Transportation Transportation Building, Room 411 Salem, OR 97310 2. PREPAYMENT. Purchaser may prepay, without penalty, all or any part of the balance of the principal amount due under this Contract, at any time prior to the time herein specified and reqiiired. Land Sale Contract - 1