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205-8?1-1465 CAPSTONE DEVELOPMENT 989 P01 JUL 2? '98 16:19 <br />_ p ~ Ju~,iy~ f vim,,,. <br />- - Fe: N e 87979 ~ `~4 /~~ <br />;i+~ ,:Tfr.' `j To~Ol1NN1~ ~~ l.( h~ <br />•i <br />,Fj ~ :F• FdrA~y ` ~G G ~ ~06 <br />_ U /~~ <br />C R P S T O N~ Frorri f/_, ~C :P4~`~[l~~ <br />PNane~ <br />July 27, 1998 <br />Mr. Johnnie Medlin, Director <br />Public Wot~ks - Maiuntenance <br />City bf Eugene <br />1820 Roosevelt Boulevard <br />Eugene, Oregon 97402 <br />. Ite: University Commons P.U.D. , <br />Street Tree Agreement :. ~ . <br />Dear Mr. 1Vledlia, ~~ <br />Pursuant to our diseussiori today, this letter will serge- tq document ~ Capstone's understar-ding <br />of the conditions under which' fire pity oi' Eugene. wi112.ecept~ yin Irrevocable better ~o~ Credit .. ~. ~, . <br />in lieu of paXmcmt for the amount dt~e ~uncler the referernced: Street Tree AgXeetnent. <br />Capswne wiil have, the~:Irrevoeatble'"Letter of~Crei3it ~I~umber.' 1696, issued by Colonials-Bank <br />on July 24, 1998, r'e-issued to i~lude ~ an ~automaHc one year extensiat~: This extension shall <br />become effective in ~ the eveAt that the ~ original - Letter ~ of Credit ~ ~ is neither , drawn , _on, nor <br />cancelled prior to the original expiration date of theLetter of Credit_ ~ ~ ~ ~ , ~ ~ _ <br />Further, Capstone understaAds that any. failure to commence earistructioti 'of public <br />improvements associated with University Commoi~: • Drive, prior td expiration of, the <br />extended Leber of Credit, shall be sufficient ~ cause for revocation of any .,,Public <br />Improvement Permit~csued for University 'Commons Dt7iVE: <br />Should you need anything ,further to indicate . Capstone's . i~rttent teg~Uilg Public <br />improvements or the referenced Street Tree Agreement, please call me. Thank you fvr your <br />assist~.ilce and cotisideration_ in this matter. <br />Sittcernly, ~ - ~ ~ . <br />CaI-stor~e 'v opment Co . <br />Kent T. Campbell <br />Vice President ~ ~ , <br />"Medlin 727" <br />800 Luckie price • Suile 424 - Blrrhinpham, AL 35223 • (20b) 871.0020 ~ FAX (206) 871.1495 ~ ~. <br />- ~ - - '. ~ 98-Q0~2~ <br />