Common Contracts

Proposed Term Sheet between QLLA and Terry Dorman

March 25th, 2021

• Filed
  March 25th, 2021

This term sheet contains the principal terms and conditions upon which Quechee Lakes Landowners Association (“QLLA”) would enter into an exchange agreement with Terry Dorman (“TD”) under which (i) QLLA would receive approximately 115 acres of land in the northern part of Section 5C ( the “TD 5C Land”) which TD has either acquired or has the right to acquire from QL Resorts LLC (“Taurus”) in exchange for (ii) the transfer by QLLA of the following real estate: (a) the so-called “Wildlife Parcel” consisting of approximately 107 acres of unimproved land currently managed by TD (the “Wildlife Parcel”), (b) a 99 year leasehold interest to be demised by QLLA in the so-called “Apple Orchard” consisting of approximately 8 acres of land currently being managed by TD as an apple orchard (the “Orchard Parcel”) and (c) a 99 year leasehold interest to be demised by QLLA in the unimproved land owned by QLLA immediately to the north and adjacent to the Orchard Parcel (the “Greenbelt Parcel”).