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Hopping/Pike's Farm Stand Pledge Agreement

To: John v.H. Halsey, President, and the Board of Directors, Peconic Land Trust:

I (we) pledge the sum below. The purpose of this pledge is to enable the Peconic Land Trust (the Trust) to:  purchase the 7.6-acre farm field that includes the Pike Farm Stand on the west side of Sagg Main Street in Sagaponack, identified as SCTM# 908-1-4-11; to protect the agricultural property from residential development in perpetuity; and to enable the Pike Farm Stand to remain at its current location.  In March 2009, Suffolk County made an offer to purchase the development rights on the Hopping property from the Peconic Land Trust as contract vendee. This offer is contingent upon approval by the Suffolk County Legislature, the availability of funds, and at least a 30% match by the Town of Southampton. Also, the Southampton Town Board has recently approved partnering with the County, subject to the County’s full approval of the acquisition, the County’s participation at 70%, and the availability of Community Preservation Funds. The Trust is responsible for raising the balance of the funds necessary to close with the Hopping family, approximately $1.8 million. To date, over $1 million of this amount has been pledged and/or donated. This includes funds to cover the Trust’s costs associated with the transaction.

I (we) understand that others are pledging the additional funds required, and that all parties including the Trust are relying upon my (our) pledge to complete this transaction. Once the Trust reaches its goal in pledges, the Trust will notify me (us) by mail or email and I (we) will send payment in satisfaction of my (our) pledge within 10 business days following such notification. Upon the Trust’s receipt of my (our) payment, I (we) understand that the Trust will deposit my (our) check. If the acquisition is not completed for any reason, the Trust will return my (our) funds.

Thank you very much for your generous pledge to support the efforts of the Peconic Land Trust in protecting land essential to Sagaponack’s scenic, agricultural and rural character. We have an impressive record of success, and this is possible because of support from donors like you. As always, we accomplish a great deal of our work by leveraging your dollars with funds from public and private partners. In order to plan this preservation effort and encourage others to participate, it is essential to document your anticipated contribution by receiving your completed pledge agreement. The Peconic Land Trust accepts gifts of cash, securities, life insurance and bequests, real estate and appreciable personal property. Contributions may be tax deductible. Thank you, in advance, from all of us at the Peconic Land Trust.

If you have any questions, please contact Rebecca Chapman at 631 283-3195 x40 or e-mail rchapman@peconiclandtrust.org

By submitting, I (we) acknowledge that we have received and reviewed the attached information sheet concerning donations.

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