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i _ _ _ _ _ <br /> I: . <br /> SALE AGREEMENT AND <br /> RECEIPT FOR EARNEST IVIONEY <br /> EFl~EC'TIVE <br /> DATE: August 1, 2008 ("Effective Date") <br /> FROM: Green Valley Glen, LLC ("Seller") <br /> an Oregon Iimited liability company ~ <br /> TO: City ~f 1;ugene, <br /> a municipal corporation of the State of Oregon ("Buyer") <br /> REC)<TALS <br /> A. Green owns the real property, described in Exhibit A attached hereto, <br /> (collectively, the "Property"). The Property, which is located west of 17illard Road, across from <br /> Hunters GIen Drive, consists of approximately 39.94 acres of vacant land. <br /> B. Seller desires to sell to Buyer and Buyer desires to purchase from Seller the <br /> i Property., <br /> ~ Agreement <br /> Now, therefore, for valuable consideration, the parties agree as follows: <br /> 1. Sale and Purchase. Buyer agrees to purchase the Property from Seller and Seller <br /> agrees to sell the Property to Buyer for the sum of One Million Six Hundred Thousand Dollars <br /> $1,600,000.00 (the "Purchase Price"). <br /> i <br /> _ 2. Paragraph 2 intentionally omitted. <br /> 3. Payment of Purchase Price. The Purchase Price shall be paid as follows: <br /> 3.I At closing, Buyer shall pay the purchase price in cash. <br /> 4. Closing. Closing shall take. place on or before August 15, 2008 (the "Closing <br /> _ Date"), at the offices of Mark C. Hoyt of Sherman, Sherman; Johnnie & Hoyt, LLP. <br /> <br /> . 5. Threat of Condemnation. The Parties acknowledge and agree that City has the <br /> power of eminent domain atid~ has determined that it wishes to purchase the Property pursuant to <br /> the terms and conditions of this Agreement. The Parties further acknowledge that the <br /> City Council considered an ordinance instructing the City Manager to institute eminent domain <br /> proceedings, but in lieu of adopting that ordinance, directed the City Manager to pursue <br /> voluntary acquisition, and further directed the City Manager, in the event such voluntary <br /> acquisition was unsuccessful, to bring fhe cotidemnatian ordinance back for City Council <br /> ' <br /> - <br /> <br />