Exhibit 10.7
After recording, return
to:
Tonkon Torp LLP
1600 Pioneer Tower
888
SW Fifth Avenue
Portland, OR 97204
Attn.: David J. Petersen
TERMINATION OF OPTION
AGREEMENT
This Termination of Option Agreement is entered
into with respect to the following facts:
A.
Greenbrier Leasing Corporation, a Delaware corporation
(“Greenbrier”), Alan James (“James”) and
William A. Furman (“Furman”) entered into an Option
Agreement with Right of First Refusal and Agreement of Purchase and
Sale dated June 1, 1994, as amended September 21, 2004
and October 21, 2004 (the “Option
Agreement”). A memorandum of the original Option
Agreement was recorded in the real property records of Lincoln
County, Oregon on July 15, 1994 at Book 285,
Page 95.
B.
The Option Agreement provided an option for James and/or Furman to
purchase the real property located in Lincoln County, Oregon,
described on the attached Exhibit A (the
“Property”). James exercised the option by
written notice on May 25, 2004. Furman did not exercise
the option as provided in the Option Agreement, and therefore no
longer has any rights or obligations under the Option
Agreement. Furman has executed this instrument solely for
purposes of completing the record.
C.
James died on January 28, 2005. George L. Chelius and
Eric Epperson (the “Representatives”) were appointed as
Personal Representatives of the will and estate of James pursuant
to Letters Testamentary (Case No. 050290219) dated
February 17, 2005, issued by the Circuit Court of Multnomah
County, Oregon, and thereby succeeded to James’ rights and
obligations pursuant to the Option Agreement.
D.
Greenbrier and the Representatives desire to terminate the Option
Agreement and any rights or obligations thereunder.
NOW, THEREFORE, for valuable consideration the
receipt of which is acknowledged, the parties agree as
follows:
1.
The Option Agreement is terminated and no party shall have any
rights or obligations thereunder. Without limiting the
generality of the foregoing sentence, this
