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HomeMy WebLinkAboutAD04-048 - Other - Tarragon - Kent Station Correspondence - 11/03/2005 x s n TARRAGON November 3, 2005 City of Kent 220 Fourth Avenue Kent,WA 98030 Attn: City Clerk With a copy to: City of Kent _ 220 Fourth Avenue- Kent, WA 98030 Attn: Mr. Tom Brubaker,City Attorney RE: Kent Station-Purchase and Sale Agreement Dear City Clerk and Mr. Brubaker: Pursuant to the terms and conditions of the Real Estate Purchase and Sale Agreement dated January 20, 2004, by and between the City of Kent ("City" and Kent Station L.L.C. ("Developer"), as amended via Addendum One to the Real Estate Purchase and Sale Agreement effective as of May 3, 2004, please consider this formal confirmation of the following: Paragraph 7.2.3 states as follows: 7.2 3 No Default Under Existing Financing. With respect to the Initial Takedown Parcel, Developer shall represent, or obtain an estoppel certificate from its lender(s) representing, that there is no default by Developer under the terms of any financing obtained by it in connection with the acquisition and development of any parcels still owned by Developer, nor has any event occurred that with the giving of notice, the passage of time, or both, would give such lender(s) under any such financing the right to declare a default thereunder, or to accelerate repayment of any indebtedness or to foreclose any mortgage or deed of trust against any portion of the Property or exercise other remedies with respect to any portion of the Property. Please consider this Developer's representation that no default exists under the terms of any financing obtained in connection with the acquisition and development of any parcels still 1000 Second Ave,Suite 3200 Seettla,WA 93104 206 233 9600 P 206 233 0260 F www tarragon [om City Clerk Mr. Brubaker November 3, 2005 n Page 2 owned by Developer, nor has any event occurred that with the giving of notice, the passage of time, or both, would give such lender(s) under any such financing the right to declare a default thereunder, or to accelerate repayment of any indebtedness or to foreclose any mortgage or deed of trust against any portion of the Property or exercise other remedies with respect to any portion of the Property. Paragraph 7.2.8 states as follows: 72.8 Financing for Acquisition of Remainder Property Purchase Parcel and Construction of Improvements_if r quege_d by_ftty in— writing at least sixty (60) days prior to the Remainder Property Purchase Parcel closing date, Developer has provided the City with evidence reasonably acceptable to City that it has a construction and/or development loan or a commitment from financially qualified investor(s) to provide equity funding in an amount sufficient to pay for the Remainder Property Purchase Parcel. Please consider this Developer's representation that we have commitments from financially qualified investor(s) to provide equity funding in an amount sufficient to pay for the Remainder Property Purchase Parcel. Thank you very much for your continued support of our efforts on the Kent Station project, we look forward to the opening of the first phase, closing on the remaining property and continuing forward with the development of this exciting project. Please feel free to contact me with questions or comments. Sincerely, KENT STATION L.L.C. By: Tarragon L.L.C., its Manager Dennis L. Rattie Vice President cc: Nathan Torgelson, City of Kent Anne DeVoe Lawler, Jameson Babbitt Stites& Lombard Joe Blattner, Tarragon L.L.C.