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DEC-02-98 17:05 FROM-STOEL RIVES T-972 P 02/04 F-595 <br />~TOEL RivES LLP <br />A T T u R N f v S <br />SfnriD.;RD it~~u~:..NCE : LriTLR <br />y~,1~ jw t!F'f I~ nvL1LE. ~utl t:3U•.~ <br />1'OIiTCi+NJ ~~:tC,On w.^2U~3-lioo <br />Pn.,,.: !~WJ??3-i~~G Fa: t `~?'J?s~-[~~U <br />TUL {:US)''?1-1J~S <br />tn~rruec ....,~.,i.~cl:um <br />December ?, 1998 <br />Ttio~fns R_ NtcoL.v <br />D~reCl Dia! <br />(503) 39~-9?94 <br />cmacl [tnicolai~s[od.com <br />ViA FACSiMII.E (503) 399-7512 <br />Mr. Richaxd Ray <br />Ticor Tirle insu.rance Company <br />250 Church Streec SE, Suite 200 <br />Salem, OR 97301 <br />Re: Courthouse Square, Blocl: 5, SaIem, Marion County, Oregon <br />Deax Mr. Ray: <br />With reference w our prior phone conversations cancxming ihe need for an upda~ed <br />and revised ritle insurance quote for this project, please ~onsider the following information <br />and respond accordingly: <br />1_ Pre-Constr.uction: The Iand is curren~ly owned as cenants in common by <br />Mazion Counry {b8.71 %) and ihe Transit District (31 _29%). These <br />percentages were hased upon the es~ima~ed cost share ~f each for coasiructing <br />rhe planned improvements. <br />2, Construc~ic~n Phase: The improv~ments, duriqe the coasuuction phase, will be <br />owned by the cotenan[s in like propartion to chzir cotenancy interests in the <br />underlying land. Each cocenant, usin~ funds from its respeccive saurces, wiil <br />co-fund ail consuuction costs pursuant [o a schedule which may result in actual <br />final liinding percentages that are only slighdy, and probably negligibly, <br />different from their cotenancy interescs in rhe land and improvCrrserus during <br />consuuction. The County will finance its share of construction costs through <br />the issuance of certiticates of panicipation ('COP") and che Transit Disn-ict <br />will finance its share using local and federdl funding sources. The total <br />project cost is estimatcd to be $34,000,000, with the Counry's share estimated <br />a~ $22,OOQ,OOQ. The County's CQP fina.ncing will be secured by a mortgage <br />in favQr of the mtstee under a COP-r•elated Financing and Trusc Agreemznt. <br />(I understand rhe Transit Diszrict's porcion of projeci financing will noc be in <br />PDXlw-153:+a3.1 2ls22~~0U1 <br />',I.>>ar P~s~iL~n~C vaiv~0uveh.vv.1 BJI~.r S~rfLaREC57i ~'~•n.•nin~:~.~~.l~C <br />