LETTER OF INTENT 11/15/00 WED 10:33 FAX 317 577 3847
NOV-15-2000 WED 08:22 AM RI'L t1D HOMES
FAX NO. 02 002
11/15/00 WED 10:17 FAX 317 677 3347 RYLAND ECUs
40003
NOV 1S '80 10:21AM kIRL.L.RCX $O?IERS HRRS P,713
November 10, 2000
Richard A.Ranch
President,City of Carmel Redevelopment Commission
140 Bast Carmel Drive
Cermet, Indiana 46032
Dcar Rick:
This letter shall serve as a letter of intent whereby RH of Indiana LP, extends the
® following proposal to the City of Cannel or its affiliates outlining our offer to purchase
the portion of Parcel No. 6 in the Carmel City Center as discussed at our meeting on
November 10, 2000(see attached). We have examined the site and are excited about the
prospects of marketing end building townhomes in downtown Cancel. The following
outlines the terms under which we would purchase this property: , •
Units: 42 to 44 pads.
Price;S12,500 per pad (plus 52,500 per sale ever gross sales prices to be negotiated).
Feasibility study period: 60 days from Project Agreement.
By executing this letter of intent, the parties agree to make good faith efforts to agree on a
project agreement.Nevertheless, neither party shalt be under any binding obligation until
such time as a mutually agreeable contract is telly executed by the appropriate
officers/partners in each of our organizations.
We ask that the City of Carmel agrees not to market the property or entertain any offers
to purchase the property from others until the earlier to occur of (a) the date on which the
parties mutually determine that they catmot reach agreement;or(b)21 days from the date
after which the City of Carmel coutncrsigna this letter of intent.
11/15/00 WED 10:33 FAX 317 577 3847
RYLAND HOMES
NOV-15-2000 WED 08:22 AM FAX NO. e 003
r, u�
11/15/00 WED 10;18 FAX 017 677 3847 RYLAND BOXES QD 004
NOY is o 00 te:21.AM WALLACX SOMERS HAAS
We look frward to purmuhtg and=gains a Project Agreement. If you Ind these us=
aaccptablc,please indicate your acceptance below,where indicatod,and return this non-binding
tatter afloat.*to me at your earliest dotiwenienca.If wv do not receive from you a countersigned
copy areas letter within ton days of the dace hereof then the terms of this letter O all be deemed
null andvoid. Should you hays any questions please feel tree to contact me at 3 17445-0614.
Sincerely,
0/1A,J
Alan J, CaUatIcker
bivisioo President
Accepted this�; day o - 2000
•t@ r."I CF • e 1.• 670e.11E "f oe SS wg
CC:Mayor Tun Brainard—City of Carmel
Xp Scott,Pyland North Region President .
}Kenny Windier,Ryland Homes Land B.esourea Manager