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r TERMS OF REVISED SALE AGREEMENT <br /> JAMES AND NORMA EVANS TO CITY aE EUGENE <br /> BAIL1vY HILIr. PROPERTY <br /> October 7, 2005 <br /> <br /> i <br /> This agreement addresses revisions and amendments to the previous purchase letter dated <br /> August 4, 2005 and executed August 8, 2005_ Terms and conditions of the sale <br /> agreement That are not c't?anged remain in errect. Tames and Karma Evans are the present <br /> owners and sellers. The City of Eugene is the purchaser. <br /> The subject property is commonly known as tax lot 5106 on assessor's map 18-04-03 and <br /> contains approximately 24.6 acres. <br /> The terms and closin date are being cha <br /> g b aged to accommodate the City's application and <br /> processing of funding through the Forest Legacy program. As such it is agreed the City <br /> srlaii release $2t~0,000 of the sale price to t'rre Evans as anon-refundable earnest rrraney, <br /> which shall apply to the future sale price at time of closing of escrow. The release shall <br /> be processed thrcugh the es~ ow closing off ce -Cascade Title and Escrotiv. At the. trn:e <br /> of the release of the $200,000 the Evans shall execute a warranty deed of the subject <br /> property to the City of Eugene and deposit rt in escrow with escrow instructions from the <br /> .Evans 'and the City of Eugene that the deed is to be recorded at such time the City pays <br /> the balance of the purchase price. The Evans agree to not put any additional <br /> encumbr~~~ces or liens on the sul;ject propem; and to vrarra:~t the property to be free and <br /> clear of all liens and encumbrances except those shown on the Cascade preliminary title <br /> report number 0247006, dated September 2, 2005. <br /> The previous agreed sale price vas based on the appraised value of $913,000 with the <br /> Evans providing $113,000 of the appraised value to the City in the farm of a donation; <br /> which the City agrees to provide ~~ritten acltnowledgement of acceptance of the donation <br /> property. The remaining balance of $800,000 was to be paid in full at closing of escrow <br /> if the closing was completed by October 15, 2005_ The Evars have agreed to extend the <br /> closing date far up to 12 months to na later than October 15, 2006 for the City to arrange <br /> r <br /> 1[Iiidirlg. The City reserves the right to close at any tll-ne on or prior to October 15, 2006 <br /> by depositing the remaining balance of the purchase price. To acknowledge the <br /> appreciation in the market place the selling price will be adjusted upward from October <br /> 15, 2005 based upon a per year appreciation factor. The rate is to be applied against <br /> the $600,000 value ($800,000 current value minus $200,000 released earnest money) and <br /> it will be calculated from October 15, 2005 until the date the City deposits the balance of <br /> the sale price in escrow. For example if the balance were to be paid in full by the City <br /> 190 days after October 15, 2005 then the fnal sale price would be increased by $600,000 <br /> x 7°,c= x 190 days!365 days or ar, increase i;, the price of $21,63.01. Thus, the City <br /> would ov~~e a balance of $621,863.01 at that time. The City also agrees to-pay any <br /> additional escrow costs resulting from this deferred closing. <br /> As described in the original offer letter the Evans have an existing water line extending <br /> from Bailey Hill Road through the 60' panhandle portion of the subject property to s.°r~~e <br /> _ <br /> <br />