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205-871-1465 CAPSTONE DEVELOPMENT 989 P01 JUL 27 '98 16:19 <br />,F; • ~ Fop ~b <br />C A ~' S T O N ~, From ~~JTCarttrt~xc.c,,,_ . <br />Phone# <br />~2aS~ Pl68-- ! ~3q <br />Yuly 27, 1998 <br />Mr. Jphnaie Medlin, Director <br />Public Wprks -Maintenance <br />City pt Eugene <br />1820 Roosevelt Boulevard <br />Eugene, Oregon 97402 <br />lte: University Commons P.U.U. <br />Street Tree Agreement : , " <br />Dear Mr. Medlin, ~~ " , <br />•Pursuant to our discussion today, this letter will serge" tq dvcument•"Capstone's undErstarruding <br />of the conditions under which the pity oi' Eugene. will,secept~ tin, Irrevocable Letter ~o~ C~rediC .. . ~'~ . <br />in lieu of paXment for the amount due :under the referenced: ~ Street Tree Agreement. ~ ~ , <br />Capswne will have, the .Irrevocable'"Letter of"Crei3it Dumber.' 1696, issued by Colonial`-Bank <br />on July 24, 1998, re-issued to in~lude~ an automatic pne year extesasio~,: This exfensioi~ sh~U_ <br />become effective in ~ the ev~eht thai the original - LGteer ~ of •Credit ~~ is neither . drams, on, nor _ ' <br />c$ncelled prior to the original expiration date of the ~L~tter pf Credit. ~ ~ . <br />Pttrther, Capstone understands that ~ any.failure to commence cpnstruction of public <br />imprpvemeats associated With University Command: ~ Drive, prior tp expiration pf, the <br />extended Leber of Cr~it, shall be sufficient ~ cause for revocation of any ,,,Public <br />Improvement Permit issued for TJniversicy 'Commons Dt'ive: <br />Should you need anything , furthei to indicate Capstone's . intent regarding public <br />itnprovements or the referenced Street Tree Agreement, please ca11 me. Thank you for your <br />assistance and cotisidecation~ in this matter. <br />Sincerely, <br />Capstone o opment Co <br />Kent T. Campbell ~ ~ • <br />Vice President ~ ~ ' <br />"m~edlin.7t7" <br />800 Luctue pries • Suite 424 • Sirrhinphem, AL 35223 • (za6~ 871.0020 ~ FAX(206) 871.1a6~ ro ® ~ ~ ~ • <br />