2025/08/20 Council Agenda Packet

2 Agreement No. 2025-02 d. Payment of an amount equal to 12 percent interest per annum for the extension period on the unpaid portion of the Contract. Purchaser has paid (or will pay as set forth below) $ 947.11. This payment, solely for the purpose of granting this time extension, is deemed to satisfy condition d. This does not amend “Total Estimated Value of Sale” as defined in the Contract or anything else in the Contract. e. Payment of $20.00 per acre per annum for the acres on which an operating release has not been issued in the sale area Purchaser has paid (or will pay as set forth below) $2,900.00, which equals 145 acres X $20. Condition e. is satisfied. f. In no event will the extension charge be less than $200.00. Since the payment under condition e. is greater than $200, condition f. is satisfied. A. Accordingly, the term of the Contract is extended until September 30, 2025. No other modification is made to the Contract and the Contract remains in full force and effect. Purchaser shall remove the Forest Products conveyed and complete all work required by this Contract (except for road restoration work if delay of such work is allowed by the City) prior to September 30, 2025. The Contract expires on such date unless extended as set forth in Section C below. B. All payments set forth in the table above must be made by Purchaser to the City no later than 5 days after the full execution of this G-51 Time Extension and Amendment. Failure to pay is a breach of the Contract and allows the City effective upon written notice to terminate this G-51 Time Extension and Amendment and pursue all remedies under the Contract and applicable law. C. The parties further agree that the City by written notice to Purchaser may further extend the term of Contract until November 30, 2025, with the period between September 30, 2025 and November 30, 2025 solely for the purposes of Purchaser's completion of road restoration work. [signatures on following page]