Laserfiche WebLink
<br />EXHIBIT C <br />ESCROW INSTRUCTIONS FOR QUITCLAIM DEED <br /> <br />Cascade Title Company <br />811 Willamette Street <br />Eugene, Oregon 97401 <br /> <br />Attention: [INSERT TITLE OFFICER] <br /> <br />Re: Escrow No. <br /> <br />Background <br /> <br />On ________, 2008, Beam Construction & Management, LLC (“Buyer”) will purchase from the Urban Renewal <br />Agency of the City of Eugene, an Oregon municipal corporation (“Agency”) parcels of real property located in the <br />Exhibit A-1 Exhibit A-2 <br />City of Eugene, Oregon, more particularly described in the attached and (collectively, the <br />“Property”). The bargain and sale deeds that the Agency will grant to Buyer (collectively, the “Bargain and Sale <br />Deed”) contain a reversionary interest called a right of re-entry (the “Right of Entry”). The Bargain and Sale Deed <br />will provide that the Agency has the right to invoke the Right of Entry if Buyer has not commenced construction of <br />redevelopment of the Property on or before May 1, 2009. <br /> <br />If the commencement of construction requirement is not met and the Agency chooses to invoke the Right of Entry, <br />title to the Property will transfer back to the Agency by operation of law. In addition to the title passing back to the <br />Agency via the Right of Entry, the Buyer must release and quitclaim all right, title and interest in and to the Property <br />to the Agency pursuant to the attached quitclaim deed (the “Quitclaim Deed”). If the redevelopment requirement <br />relating to commencement of construction is met then the Agency will issue to the Buyer an official certificate of <br />commencement of construction (the “Certificate of Commencement”). <br /> <br />Instructions <br /> <br />In the event that you receive a notice from the Agency signed by the Agency’s Director certifying that a copy of said <br />notice has been delivered concurrently to Buyer and certifying that the Right of Entry has been invoked according to <br />the terms of the Bargain and Sale Deed (the “Notice”), you shall at the end of thirty (30) days after receipt of the <br />Notice record the Quitclaim Deed in the records of Lane County. The only exceptions to this are if: (a) within said <br />thirty (30) day period you receive a notice from the Agency signed by the Agency’s Director certifying that the <br />Agency has withdrawn the Right of Entry, or (b) you are prohibited from recording the Quitclaim Deed by <br />temporary restraining order, preliminary injunction, or other court order. <br /> <br />In the event that you receive a copy of a Certificate of Commencement issued by Agency with respect to the <br />Property, you will forthwith return the Quitclaim Deed to the Buyer. These instructions may not be withdrawn or in <br />any way amended, modified or waived without the prior written consent of both of the parties hereto. Please <br />indicate your acceptance of and agreement to carry out these instructions as indicated below. <br /> <br />Very truly yours, <br /> <br />Beam Construction & Management, LLC, <br /> an Oregon limited liability company, <br /> doing business as Beam Development <br />By: <br />Name: <br /> <br /> <br />Urban Renewal Agency of the City of Eugene, <br /> an Oregon municipal corporation <br />EXHIBIT C <br /> <br />