TERMINATION OF OPTION AGREEMENT
Exhibit
10(t)
THIS
TERMINATION OF OPTION AGREEMENT
is made
as of December 26, 2006 between TASTY BAKING COMPANY, a Pennsylvania corporation
with offices at 0000 Xxxxxxx Xxxx Xxxxxx, Xxxxxxxxxxxx, XX 00000 ("TBC"),
and
KEYSTONE REDEVELOPMENT PARTNERS, LLC, a Delaware limited liability company
with
offices at 0000 Xxxxxxxxx, Xxxxxxxx Xxxx, XX 00000 ("KRP").
Effective
as of the date hereof, TBC and KRP have terminated that certain Option Agreement
dated as of July 7, 2006 (the "Option Agreement") relating to the property
located at the intersection of Fox Street and Xxxxxxx Avenue in Philadelphia,
PA, known as 0000 Xxx Xxxxxx, designated on the Official City Tax Maps as
Map
44N24, Lot 16, comprised of approximately twelve and one-tenth (12.1) acres,
and
more particularly described on Exhibit A attached hereto and made a part
hereof,
together with all improvements located thereon and rights appertaining thereto,
on and subject to the terms and conditions set forth in the
Agreement;
This
Termination of Option Agreement has been entered into for the sole purpose
of
giving notice of the termination of the Option Agreement.
This
Termination of
Option
Agreement
may be executed in any number of counterparts, each of which as executed
shall
be deemed to be an original, but all such counterparts shall constitute one
and
the same agreement.
IN
WITNESS WHEREOF,
the
parties hereto have caused this Termination of Option Agreement to be executed
and delivered as of the date and year first set forth above.
Witnessed/Attested
To: TASTY
BAKING COMPANY
By:_____________________________ By:_________________________________
Xxxxxxx
X. Xxxxx, President & CEO
KEYSTONE
REDEVELOPMENT PARTNERS,
LLC
By:
__________________________ By:_________________________________
Xxxxxx
X. Xxxxxx, Secretary
EXHIBIT
A TO TERMINATION OF OPTION AGREEMENT
LEGAL
DESCRIPTION OF THE PROPERTY
ALL
THAT
CERTAIN lot or piece of ground with the buildings and improvements thereon
erected, situate in the 38th Xxxx
of the City of Philadelphia and described according to a Survey and Plan of
Property made for Xxxxx Sandermar by Xxxxxx X. Xxxxxxxxx, Surveyor and Regulator
of the 6th Survey
District, dated March 2nd
1977, as
follows to wit:
BEGINNING
at a point formed by the intersection of the southwesterly side of Fox Street
(80 feet wide) and the southeasterly side of Xxxxxxx Avenue (78 feet wide);
thence extending from said point of beginning South thirty-three degrees ten
minutes twenty-nine seconds East (S 33° 10’ 29" E), along the said southwesterly
side of Fox Street nine hundred nineteen (919) feet six and
one-half (6 1/2) inches to a point; thence extending South sixty degrees
twenty-five minutes fifty-four seconds West (S 60° 25' 54" W), three
hundred eighty-six (386) feet two and one-half (2 1/2) inches to a point;
thence extending North thirty-three degrees fifty-four minutes twenty seconds
West (N 33° 54' 20" W), two hundred eighteen (218) feet six and three-eighths (6
3/8) inches to a point; thence extending South fifty-six degrees forty-nine
minutes thirty-one seconds West (S 56° 49' 31" W), one hundred seventy-four
(174) feet two and one-fourth (2 1/4) inches to a point; thence
extending North thirty-three degrees ten minutes twenty-nine seconds West (N
33°
10' 29" W), one hundred ninety-eight (198) feet eleven and seven-eighth
(11 7/8)
inches to a point; thence extending South fifty-six degrees forty-nine minutes
thirty-one seconds West (S 56° 49' 31” W), crossing the northeasterly side of
former XxXxxxxxx Street
(70
feet wide) stricken from City Plan and vacated, reserved as a Right of Way
for
purpose of inspection, maintenance, repairing or reconstruction of existing
forty-eight (48) inches water mains, one hundred twenty (120) feet to a point
on
the southwesterly side of said former XxXxxxxxx Street; thence extending North
thirty-three degrees ten minutes twenty-nine seconds West (N 33° 10' 29"
W), along the said southwesterly side of former XxXxxxxxx Street four
hundred seventy-seven (477) feet nine (9) inches to a point on the said
southeasterly side of Xxxxxxx Avenue; thence extending North fifty-six degrees
forty-nine minutes thirty-one seconds East (N 56° 49' 31” E), along the said
southeasterly side of Xxxxxxx Avenue recrossing the said northeasterly side
of
former XxXxxxxxx Street six hundred eighty-two (682) feet five (5) inches to
the
said southwesterly side of Fox Street, being the first mentioned point and
place of
BEGINNING.
BEING
THE
SAME PREMISES which PIDC Financing Corporation, a Pennsylvania non-profit
corporation by deed dated January 13, 2005 and recorded July 19, 2005 in the
Office of the Recorder of Deeds in and for Philadelphia
County, Pennsylvania, in Instrument No. 51223840, granted and conveyed
unto Tasty Baking Company, a Pennsylvania corporation, its successor and
assigns.
