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HomeMy WebLinkAboutAMENDMENT TO LETTER OF INTENT RYLAND HOMES 0 7400 N Shode land Ave November 30, 2000 Suite 250 Incicnapolis,IN 46250 Richard A. Roesch 317-577-3647 Off ice 347-577-3°47 Fax President, City of Carmel Redevelopment Commission w'.-.'c.Nland corn 140 East Carmel Drive Carmel, Indiana 46032 Dear Rick: As you know, we both signed a letter of intent dated November 10, 2000, regarding the purchase by RH of Indiana, L.P. of a portion of Parcel No. 6 in the Carmel City Center from the City of Carmel Redevelopment Commission. That letter contemplated that the parties would execute a binding agreement by December 4, 2000, and provided that the Commission would not market the property or entertain any offers to purchase the property from others until after that date. After a careful review of the initial draft of the proposed project agreement and the referenced exhibits, it is clear to both sides that a definitive project agreement could not be completed by the December 4, 2000, deadline. While Ryland remains excited about the prospect of developing the property and would like to continue working on the project while we complete the negotiation of the project agreement, we need assurance that the Commission will not negotiate with 0 another developer during that time. Accordingly, we propose that the November 10 letter of intent be extended and amended so that the proposed feasibility study period has begun and will expire on January 26, 2001, regardless of when the parties sign the final project agreement, and that the Commission 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 cannot reach agreement; or (b) January 26, 2001. In addition, I have enclosed a check in the amount of$25,000.00 made payable to the Commission as an expression of Ryland's interest in the project (the "Deposit"). The Deposit would be applied to the earnest money obligations of Ryland under a definitive project agreement, but, in the event no definitive project agreement has been executed by both parties by January 26, 2001, the Deposit shall be immediately repaid to Ryland. The letter of intent would remain unchanged in all other respects. If these changes are acceptable, please indicate your acceptance below, where indicated, and return it to me at your earliest convenience. Should you have any questions please feel free to contact me at 317-845-0674 or my mobile 317-714-3740. Sincerely, Alan J. Goldsticker Division President •Accepted this I& -I day of , / :,