 | Board of Visitors minutes March 21, 1986 |  |
MISCELLANEOUS
The Seller and the Buyer would agree to cooperate in all matters relating to the generation and approval of all required information and in the continuation of general processing of the properties toward sale or development potential.
For the purpose of these matters the Seller may be contacted care of Mr. Hovey Dabney, Jefferson National Bank, 123 East Main Street, Charlottesville, Virginia 22901 and the University may be contacted care of Mr. Ray C. Hunt, Jr., Vice President for Business and Finance, University of Virginia, P. O. Box 9014, Charlottesville, Virginia 22906-9014.
The Seller and the University agree to pursue in good faith a sale and acquisition agreement with a University-related foundation or affiliate as described in this letter.
Mr. Hovey Dabney
March 6, 1986
Page Four
As of the date of signing this Letter of Intent, the Seller agrees he will not continue or initiate negotiations with any potential buyer for all or a part of the properties other than the University or a related foundation or affiliate. The Seller will not be bound by this statement if a sale and acquisition agreement has not been signed by March 31, 1986. Such sale and acquisition agreement shall provide for a closing date no later than April 30, 1986, and shall have no contingencies other than for title defects revealed by the title commitment or survey which materially adversely affect marketability of the property. The parties agree to attempt to satisfy such title contingency prior to execution of the sale and acquisition agreement.
AGREED:
The Rector and Visitors of the University of Virginia
By
Date:
SELLER:
Park Place Property
By Date:
Westover - 250 and 29 Bypass Property
By Date:
| Board of Visitors minutes March 21, 1986 | |