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upr000031 83

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upr000031-083
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    1 3/ 75Z DMA 26 254P WRB LASVEGAS ORIG WRB LASVEGAS CY WHH OMA CA LA YOUR LETTER NOV 24T« W 1 1 2, SALE OF ACREAGE NORTH MAIN STREET. PROPOSAL THAT ACCOMPANIED YOUR LETTER NOV 19TH HAS BEEN UNDER CONSIDERATION AND WE HAVE REACHED CONCLUSION THAT AS A PRACTICAL MATTER IT WOULD AMOUNT TO NOTHING MORE THAN AN OFFER TO PURCHASE OUTRIGHT THE CHOICE AND MORE VALUABLE PORTION OF THE PROPERTY AT THE OVER ALL PRICE ^ ... ' m OF GAWFEL PER ACRE WITH OPlim TO PURCHASE THE REMAINING 40.14 ACRES, BACKED BY PROMISSORY NOTE FOR KOJPAM GAPMUZ WHICH IN ITSELF AFFORDS INSUFFICIENT ASSURANCE THAT TRANSACTION WILL BE COMPLETED. THEREFORE, UNLESS WE CAN DEVELOP SOME PLAN WHICH WILL GUARANTEE THE ULTIMATE CONSUMMATION WITH RESPECT TO THE ENTIRE AREA, WE WILL BE OBLIGED TO INSIST UPON PAYMENT IN FULL WITH DELIVERY OF DEED AND POLICY OF TITLE INSURANCE* I NOTE THAT IN A LETTER TO YOU DATED APRIL 26TH, CAHLAN STATED HE WAS IN A POSITION TO GO AHEAD WITH THE PROJECT FROM WHICH I ASSUMED THAT SUFFICIENT FUNDS HAD BEEN RAISED INASMUCH AS NO PARTIAL PAYMENT PLAN HAD BEEN PREVIOUSLY CONSIDERED. WILL AWAIT YOUR FURTHER ADVICES A 198 GFA