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<br />t;- <br /> <br />. <br /> <br />Mr. Daniel 1. Beeson, Esq. <br />April 25, 2002 <br />Page Two <br /> <br />. <br /> <br />The following is a brief summary of our communications with AT.S.: On October 3, 2000. Chesapeake <br />made a written offer to your client to purchase the property. Because we received no response to the <br />offer, we attempted to reach your client in writing and by telephone. Finally, on November 30, 2000. <br />your client responded by rejecting the offer with no counteroffer. In June 200 I, you informed uS that you <br />were obtaining an appraisal of the property for purposes of making a proposal. On August 9, 2001. <br />during that meeting. you proposed orally a purchase price that we believed was too high, and your client <br />did not make any offer in writing to sell the property. At that time, we expressed that the purchase price <br />described was too high and we could not afford to buy the property at that price. In November 2001, you <br />spoke to our lawyer by telephone and inquired whether we were still interested in purchasing the <br />property. Our lawyer informed you that, if you client would like to make an offer that we would consider <br />it. In December 2001, your client offered orally to sell the property for $2,6 million, but, once again, did <br />not place thc offer in writing. In response to that offer, and at your client's suggestion, wc toured the <br />building in an effort to determine why your client's oral offer was so high. On January 18. 2002, we <br />toured the building. Shortly thereafter, in February 2002, I told Mr, McKee that we would be interested <br />in purchasing the property only after we identified a buyer, and I suggested that we meet to discuss <br />A.T.S.'s current and future plans. On February 26, 2002, we met with Mr. McKee and his accountant <br />discusscd each sidc's intentions. At this meeting, we explained to Mr. MeKee that wc could not go <br />forward with thc purchase until we had a user. and that we were searching for a user, but that we had not <br />yet found one. Mr. McKee stated that, if we were unwilling to purchase the property immediately, he <br />would continue to occupy the building and attempt to locatc a tenant to occupy any unused space. <br /> <br />Given what we have done, and our communications with your client, we do not understand your <br />comments that we have both "failed and/or refused to either accept the terms of the sale or make any <br />attempt toward good faith negotiation." As stated above, we cannot afford the property until we have a <br />user. This is what we have told the City. and this is why we are communicating publicly our desire to <br />develop the property. We have and continue to work very closely with the City on this project in the <br />hopcs of securing a lead tenant as soon as possible. Please understand that it makes no sense, considering <br />the current economic market conditions, to carry excess property and to develop any project until and <br />unless a lead tenant is located. That is why we have initiated a marketing campaign for the projcct. Your <br />clicnt understands this, and if you wcre our lawyer, you would no doubt advisc us to take the same course. <br /> <br />Our intention going forward is to maintain open lines of communication with your client <br /> <br />If you have any questions, plcase let us know. <br /> <br />Very truly yours, <br /> <br />CMK ARDEN HOLDINGS <br /> <br />~~~~ <br /> <br />Peter C. Carlson <br />Chief Exccutive Officer <br /> <br />. <br /> <br />JPKlamb <br /> <br />cc: Mark McKee <br />John Koncck <br />