Notice of Exercise of Option for Six Properties between Ugly Duckling Corporation and Verde Investments, Inc.
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Summary
Verde Investments, Inc. is notifying Ugly Duckling Corporation of its decision to exercise an option to purchase six car dealership properties, as previously agreed in an Option Agreement dated January 11, 2001. Verde will pay the book values listed in the attached exhibit, totaling $6,836,357, as the purchase price. The transaction is expected to close around January 4, 2002. Ugly Duckling Corporation is asked to acknowledge receipt and approval of the book values by signing and returning the letter.
EX-10.40 13 ex10-40txt.txt December 27, 2001 Mr. Peter R. Fratt Vice President Real Estate Ugly Duckling Corporation 4020 East Indian School Road Phoenix, Arizona 85018 Re: Notice of Exercise of Option Six Ugly Duckling Properties Identified in Exhibit A Attached Hereto Dear Pete: Pursuant to an Option Agreement dated January 11, 2001 (the "Option Agreement"), Ugly Duckling Corporation granted to Verde Investments, Inc. an option to acquire certain real property owned or to be acquired by Ugly Duckling Corporation, including the six properties identified in Exhibit A attached hereto (the "Properties"). The purpose of this letter is to provide notice of the exercise of the option to acquire the Properties. The book values of the Properties, as reported by Ugly Duckling Corporation (the "Book Values") are shown in the attached Exhibit A. Verde Investments, Inc. will pay the Book Values as the gross purchase price for the Properties as required by the Option Agreement. Verde Investments, Inc. is ready, willing and able to close the acquisition of the Properties on or about January 4, 2002. Please acknowledge Ugly Duckling Corporation's receipt of this Notice of Exercise of Option and approval of the Book Values of the Properties by signing this letter and returning it to me at your earliest convenience. Please contact me at ###-###-#### if you have any questions or instructions regarding this matter. Cordially, Steven P. Johnson General Counsel Acknowledged and approved this ____ day of ___________________, 2001. Ugly Duckling Corporation, a Delaware corporation By: __________________________________ Name: __________________________________ Its: __________________________________ EXHIBIT A
