|
<br />AGREEMENT
<br />Now, therefore, in consideration of the foregoing Recitals, which by this reference are
<br />incorporated herein as if set forth in full, and of the mutual covenants, conditions and obligations
<br />on the part of each party to be kept and performed, it is hereby agreed as follows:
<br />1, Land Purchase. LTD hereby agrees to purchase from Agency., and Agency agrees to
<br />sell to LTD, the Property consisting of the two quarter blocks located at the Northwest corner
<br />of 11th Avenue and Willamette Street, and the Southeast corner of 10th Avenue and Clive
<br />Street, in Eu ene, Lane County, Oregon ~"Property"} for construction and operation of a main,
<br />g
<br />downtown Eugene transit station ~"Stations}. The Property is described as Lots 2, 3, 5 and 8,
<br />Block 16, Mulligan's donation to Lane County, as platted and recorded in Book ~A}, Page 122,
<br />Lane County Oregon Deed Records in Lane County, Oregon, iden~fied as Map 17-~3-3 i-13,
<br />Lane County Assessors Off ce Tax Lots 2004, 2100, 23(10, 2404 and 2500.
<br />Z. Purchase Price. The purchase price for the Property shall be SEVEN HUNDRED TEN
<br />THOUSAND DOLLARS ~~710,040}. The purchase price shall be paid by LTD to Agency upon
<br />the Closing Date.
<br />3. Closing. Close of escraw ~"Closing Date"} shall take place at the off ces of Evergreen
<br />Land Title Company, 1574 Mohawk Boulevard, Springfield, Oregon, within thirty X30} days
<br />subsequent to the Effective Date of this Agreement. The escrow fees, as well as documentary
<br />or transfer taxes, shall be divided equally and aone-half ~~i~} share shall be paid by each party.
<br />4. Title Insurance. Agency shall provide LTD with a standard owner's policy of title
<br />insurance in the amount of the. purchase price for the Property, insuring title in the name of
<br />LTD, upon close of escraw. ,
<br />4.1 Upon execution of this Agreement, Agency shall order a separate updated
<br />pre ' title report prepared by a reputable title insurance company and the transaction may
<br />be closed on the basis of a preliminary title report prepared by a reputable title insurance
<br />company in order that the policy of title insurance is furnished in ownership form. .
<br />~;
<br />5. Covenants. Agency, City and LTD covenant as follows:
<br />5.1 LTD agrees to use the Property incompliance with the Urban Renewal Plan far the
<br />Central Eugene. Project ~"Plan"} as long as the Plan is in effect. 'This covenant shall run with
<br />the land. Cn or before the Closing Date, LTD shall execute such document or documents in
<br />recordable form that Agency may require to make this covenant a matter of record with Lane
<br />County Deeds and Records.
<br />5.2 LTD, provided that the alleys are vacated ar otherwise available for construction,
<br />agrees tv commence. construction of the. Station improvements not later. tha~a ranuary 1, 1997,........._ M, . ~ ... ,
<br />and thereafter dill entl ~ rasecute construcfon of the Station until its completion. ~~,
<br />g yP .
<br />5.3 LTD agrees to submit to the Agency, upon Agency's request, a copy of plans and
<br />specifications for the Station improvements on the Property at the same tame the plans are
<br />Page 2 - INTERGOVERNMENTAL AGREEMENT
<br />
|