HomeMy WebLinkAboutA006 - Letter from Hubbell Realty Company dated December 7, 2001 12/07/01 16:27 '0515 280 2000 HUBBELL REALTY IM002/002
NUBBELL REALTY coMPANY
December 7, 2001
The Honorable Mayor and Members of the
City Council of the City of Ames, Iowa
City Hall
515 Clark Avenue
Ames, Iowa 50010
Re: Purchase Agreement (Hallett's Quarry Site), dated May 8, 2001, by and between
the City of Ames,Iowa, (`Buyer")and Hubbell Realty Company, ("Seller") (the
"Purchase Agreement'
Ladies and Gentlemen:
It is our understanding that both parties are ready to proceed with closing of this Purchase
Agreement. Hubbell Realty Company hereby waives the fulfillment of the requirements of
subsection 8(b) of the Purchase Agreement, which waiver is conditional upon the City of Ames,
Iowa declaring in writing that all of its conditions precedent to closing set forth in subsections
7(b), (c), (d), (e), (fJ and(g) of the Purchase Agreement are satisfied or waived (except that it is
understood and agreed that the City of Ames, Iowa is not waiving the requirements of Subsection
3(c) of the Purchase Agreement and that the requirements of Subsection 3(c) do and will remain
in effect).
You are hereby notified that, pursuant to, and upon and subject to the terms and conditions set
forth in, Section 4 of the Purchase Agreement, Hubbell Realty- Company hereby elects to assign
to
the City of Ames, Iowa all of the right, title, interest and obligations of Hubbell Realty
Company under the Hallett Purchase Agreement to purchase the land covered by, and described
on Exhibit A to, the Purchase Agreement between the City of Ames, Iowa and Hubbell Realty
Company. Of course, Hubbell Realty Company remains responsible to purchase the balance of
the land, containing approximately 22.643 acres; more or less, covered by the Hallett Purchase
Agreement_
Very truly yours,
Hubbell Realty Company
Rick J.T 16 lakson R.Michael Hayes 70Senior Vice President Secretary and General Counsel
Telephone: (515)280-2047 Telephone: (515)280-2051
Fax: (515) 280-2000 Fax: (515)280-2000
E-mail: rick@hubbellrealty.com E-mail: michael.havesAhubbellrealty•.com
Cc : Brain O'Connell via facsimile to (515) 239-5404; Steve Schainker via facsimile to (515)
239-5142; and John Klaus via facsimile to(5 1.5)239-5142
904 WALNUT, SUITE 900 • DES MOINES. IOWA 50309 V 515.243.3228 ■ 800-345-3258 ■ FAX 515-280-2000
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