SEVENTH AMENDMENT TO LEASE AND DEVELOPMENT AGREEMENT
Exhibit 10.1
SEVENTH AMENDMENT TO LEASE AND DEVELOPMENT AGREEMENT
This SEVENTH AMENDMENT TO LEASE AND DEVELOPMENT AGREEMENT (the “Amendment”) is made and
entered into this 19th day of February, 2010 by and between the ST. LOUIS COUNTY PORT
AUTHORITY, a public body corporate and politic of the State of Missouri (the “Landlord”) and
PINNACLE ENTERTAINMENT, INC., a Delaware corporation (the “Tenant”).
RECITALS
A. Landlord and Tenant entered into a Lease and Development Agreement dated as of August 12,
2004, as amended by letter agreement of even date, letter agreement dated October 4, 2005, Second
Amendment to Lease and Development Agreement dated October 28, 2005 (the “Second Amendment”), Third
Amendment to Lease and Development Agreement dated August 11, 2006 (the “Third Amendment”), Fourth
Amendment to Lease and Development Agreement dated January 18, 2007 (the “Fourth Amendment”), and
as further amended by Fifth Amendment to Lease and Development Agreement dated March 30, 2007 (the
“Fifth Amendment”), and as further amended by Sixth Amendment to Lease and Development Agreement
dated November 26, 2007 (the “Sixth Amendment”) (collectively, the “Lease and Development
Agreement”) which governs among other things the development of the Property.
B. The Landlord and Tenant desire to amend the Lease and Development Agreement to (a) reduce
the minimum number of required slots, (b) establish the Commencement Date and the provisions on the
payment of rent, (c) further address the use by Landlord of the Park Property, (d) address the
rights of Tenant and Landlord to use the roads on the Property and Park Property, and (e) make
certain other changes to the Lease and Development Agreement.
C. Capitalized terms used herein and not otherwise defined, or redefined as the case may be,
shall have the meanings ascribed to them in the Lease and Development Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements of the parties
contained herein, Landlord and Tenant agree to amend the Lease and Development Agreement as
follows:
A. Section 3(a) is amended and restated as follows:
“Commencement Date and Project Opening. The term of this Lease (the “Term”)
shall be deemed to have commenced on May 1, 2009 (the “Commencement Date”). For
purposes hereof, Commencement Date shall mean May 1, 2009. The Term shall expire on
the 99th anniversary of the day prior to the Commencement Date.
“Project Opening” shall mean March 4, 2010.”
B. Section 3(c) is hereby deleted in its entirety.
C. The introductory paragraph of Section 4 and Exhibit C entitled “Essential Elements” are
each amended to reflect that the number of required electronic gaming devices shall be “not less
than 2000”.
D. The first sentence of Section 4(g) is amended and restated as follows:
“Tenant shall proceed in accordance with the applicable Work Schedule with
reasonable diligence to obtain all construction permits and to commence and complete
the Applicable Work in accordance with the applicable Plans.”
E. Section 4(h) is amended as follows:
1. The words “Project Opening” shall be substituted for the words “Commencement Date” in the
first sentence.
2. The following words shall be added to the end of the last sentence: “or for such other use
as shall be proposed by Landlord and concurred to by Tenant which concurrence shall not be
unreasonably withheld.”
F. Section 4(i) is amended by substituting the words “Project Opening” for the words
“Commencement Date” in the first sentence.
G. Section 4(m) is hereby amended and restated as follows:
“Composite Lease. Within thirty (30) days after the Commencement Date,
Tenant shall provide Landlord, for convenience of reference only, with a composite
version of the Lease and its seven amendments, with page inserts at appropriate
places incorporating all amended provisions, keyed to the Lease provisions so
amended, together with all new provisions included in the subsequent seven Lease
amendments.”
H. Section 4(v) entitled “NIMA Payments” is renumbered 4(w).
I. The following new section shall be added to the end of Section 4:
“(x) Park Property. Landlord shall consult with Tenant and obtain Tenant’s
concurrence regarding any proposed change in use to any portion of the Park Property
prior to making any such change or allowing any such change to be made, and the
parties agree to cooperate in good faith to enable other uses not reasonably likely
to be detrimental to the attractiveness of or businesses then being conducted on the
Property. Based on the foregoing criteria, Tenant’s consent to Landlord’s proposed
change in use shall not be unreasonably withheld, conditioned or delayed. In
satisfaction of Landlord’s obligations under Section 2(b) of the Lease to cooperate
fully with Tenant in connection with Tenant’s designation of easements affecting the
Park Property and to not unreasonably withhold its approval with respect to such
matters, Landlord agrees to provide to Tenant an Access Easement (whose term shall
be coterminous with the Term of this Lease and all renewals and extensions thereof,
or perpetual in the event of a sale or transfer of title to the Property to Grantee)
across the Park Property from Xxxxxxxxxxx Road to the Property and the Park Property
in substantially the form attached hereto as Exhibit A. In addition, Tenant
shall execute and deliver to the Highway Department a maintenance agreement
satisfactory
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to the Highway Department relating to the roads on the Property and Park Property. Conversely,
Tenant grants permission to the Landlord to use the Tenant’s private roadway from
the location where the Project Roadway is no longer a public road through the
Property to Landlord’s Park Property for the use of the public for access purposes
only to the Park Property provided that such use does not interfere with the use by
the Tenant, its guests, licensees, agents, and employees of the Property. Landlord
covenants that it will not place, or allow to be placed, any signs on the Park
Property for offsite businesses that compete with the businesses on the Property.
Landlord agrees to record against any portion of the Park Property to be sold by
Landlord, prior to such sale, a declaration setting forth the material covenants of
this Section which are to be complied with by the landowner and any tenant on the
property sold, and their successors and assigns, for so long as this Lease shall
remain in effect.”
J. Section 5 of the Lease is amended and restated in its entirety as follows:
5. Rent.
“(a) Prepaid Rent and Annual Rent. Tenant shall pay to Landlord, without
setoff or deduction, by corporate or cashiers check or by wire transfer as directed by
Landlord in immediately available U.S. funds, as annual rent (“Annual Rent”), (i) from and
after the Commencement Date, and continuing until the expiration of the Term, Minimum Rent
(as defined in subsection (b) of this Section 5), and (ii) from and after April 1, 2010, and
continuing until the expiration of the Term, the greater of (A) 2.5% of annual Adjusted
Gross Receipts (“AGR”) (“Percentage Rent”) or (B) applicable Minimum Rent.
(b) Minimum Rent. As used in this Lease, the term “Minimum Rent” shall mean
(i) for the period from the Commencement Date to and including the date of Project
Opening, Two Million Five Hundred Thousand Dollars ($2,500,000), and (ii) from and after
the date of Project Opening, and continuing until the expiration of the Term, $4 million
annually, payable in twelve (12) equal monthly installments of $333,333.33, beginning on
April 10, 2010 and on the tenth (10th) day of each month thereafter, to and
including the last month of the Term. Tenant has previously paid to Landlord the sum of
$2,500,000 for the Prepaid Rent, the First Deposit and the Second Deposit (collectively,
“Prepaid Rent”) which Prepaid Rent was to be credited in full against the payment by
Tenant of the Minimum Rent during the first year following Project Opening. In
consideration of the previous amendments to this Lease, Landlord and Tenant agree that the
Prepaid Rent shall be the total Minimum Rent payable by Tenant for the period from the
Commencement Date to March 31, 2010. If the Tenant shall owe Minimum Rent to the Landlord
for a partial month under the terms of this Lease, the payment thereof shall be made
prorata on the basis of the number of actual days due and owing.
(c) AGR. “AGR” shall mean the annual gross receipts from licensed gambling
games and devices less (i) winnings paid to wagerers for the same period, and (ii) amounts
required to be paid during the same period to the owners of participation
games (not affiliated with Tenant) such as Wheel of Fortune, provided such games cannot
be purchased by Tenant at a commercially reasonable price.
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(d) Payment of Percentage Rent. Commencing on the 45th day following the end
of the 2010 calendar year, and thereafter on the 45th day following the end of
each calendar year during the remainder of the Term, Tenant shall pay to Landlord an amount
equal to 2.5% of AGR for such prior calendar year, less the total monthly payments of
Minimum Rent made for such year, or, with respect to AGR for 2010, less Minimum Rent for the
period April 1-December 31, 2010. Tenant shall report AGR to Landlord on a yearly basis in
accordance with the provisions of Section 13.
(e) School Funding. Within thirty (30) days after Tenant pays its real and
personal property taxes for 2011, and continuing for each calendar year thereafter during
the Term of this Agreement (each, a “Tax Year”), but no later than January 31st of the
following year, Landlord and Tenant shall determine the amount of real and personal property
taxes that Tenant paid for the prior Tax Year, commencing with the 2011 Tax Year, for the
benefit of the Xxxxxxx Place School District (the “Xxxxxxx District”) by applying the school
district tax rate to the assessed value of the On-Site Project and all property thereon
subject to personal property taxes (“Annual Xxxxxxx District Tax Revenue”). If the Annual
Xxxxxxx District Tax Revenue is less than $4,300,000, then no later than March 31st of each
calendar year after the previous Tax Year, Tenant shall pay Landlord, as Additional Rent, an
amount which equals $4,300,000 less the Annual Xxxxxxx District Tax Revenue. Tenant shall
have no obligation to make additional payments to Landlord under this Section 5(e) for any
particular Tax Year if the Annual Xxxxxxx Tax Revenue for such Tax Year is equal to or
greater than $4,300,000. If the Xxxxxxx District is consolidated with one or more school
districts or is eliminated or otherwise ceases to function as a school district or as a
taxing jurisdiction, and the real and/or personal property taxes paid by taxpayers for the
benefit of the Xxxxxxx District (or its consolidated, reconfigured or replacement district
as provided in this sentence) are reduced, the $4,300,000 amount by which Tenant’s payment
obligation is determined shall be reduced accordingly. Tenant shall not receive credit
against the above-described obligation for any taxes levied by taxing authorities that do
not finance the Xxxxxxx District (or its consolidated, reconfigured or replacement district
as provided in the preceding sentence) such as, by way of example only, the Special School
District or the Community College District.” To the fullest extent permitted by law, the
Landlord shall indemnify and hold harmless the Tenant from and against any claims against
the Tenant, including interest, penalties and litigation expenses, from third parties,
relating to the use by the Landlord of the rent paid by Tenant in accordance with Section
5(e) (“School Funding Damages”). In the event that the Landlord is unable under Missouri law
to indemnify the Tenant for any School Funding Damages, Tenant may offset the amount of the
School Funding Damages first against Tenant’s obligations under this Section 5(e) and
second, against Tenant’s Annual Rent obligation, until such amount is paid. Tenant shall
cooperate fully with Landlord, at no out-of-pocket cost to Tenant, in connection with
Landlord’s defense of any claim against Tenant and/or Landlord relating to this Section
5(e).
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K. Within 10 days of the date of this Amendment, the Landlord shall grant to Pinnacle, an
exclusive easement (whose term shall be coterminous with the Term of this Lease and all renewals
and extensions thereof, or perpetual in the event of a sale or transfer of title to the Property to
Grantee) for a sign and two monument markers on the NIMA Property in substantially the form
attached hereto as Exhibit B in satisfaction of Section 2(e) of the Second Amendment.
L. Except as modified and amended by this Amendment, the Lease and Development Agreement shall
remain in full force and effect in accordance with its terms. Unless the context otherwise
indicates, all other terms and conditions of the Lease and Development Agreement which are the same
as or directly related to the revised terms and conditions set out in this Amendment are similarly
modified to be consistent with this Amendment. The provisions of this Amendment shall inure to the
benefit of and be binding upon the parties hereto, their successors and assigns.
M. If there is a conflict between the Lease and Development Agreement and this Seventh
Amendment, the Seventh Amendment shall control.
N. This Amendment may be executed in counterparts.
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IN WITNESS WHEREOF, the undersigned have set their hands and seals as of the date first
written above.
| LANDLORD: | ||||||||
| ST. LOUIS COUNTY PORT AUTHORITY | ||||||||
| By: | /s/ Xxxxxx X. Xxxxxxx | |||||||
| Name: | Xxxxxx X. Xxxxxxx | |||||||
| Title: | Executive
Director
|
|||||||
| TENANT: PINNACLE ENTERTAINMENT, INC. |
||||
| By: | /s/ Xxxxxx Xxxxxxxxxx | |||
| Name: | Xxxxxx Xxxxxxxxxx | |||
| Title: | Executive Vice President, Strategic Planning and Development | |||
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EXHIBIT A
EASEMENT FOR ACCESS
THIS EASEMENT is made and entered into as of the day of , 2010 (“Effective
Date”), by ST. LOUIS COUNTY PORT AUTHORITY, a public body corporate and politic of the State of
Missouri having an office at 000 X. Xxxxxxx, Xxxxxxx, Xxxxxxxx 00000 (“Grantor”), for the benefit
of PINNACLE ENTERTAINMENT, INC., a Delaware corporation having an office at 0000 Xxxxxx Xxxxxx
Xxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000, and its successors and assigns (“Grantee”).
RECITALS OF FACT
Grantor is the fee simple owner of certain real property situated in St. Louis, County,
Missouri, legally described on Exhibit “A” attached hereto (the “Leased Property”), which
is being leased to Grantee pursuant to the terms of a 99 year Lease and Development Agreement dated
as of August 24, 2004, as amended (the “Lease Agreement”);
Grantor also is the fee simple owner of property situated in St. Louis County, Missouri,
legally described on Exhibit “B” which is attached hereto(the “Park Property”) which is
adjacent to the Leased Property;
Grantor desires to assure that Grantee shall have access across the Park Property to
Xxxxxxxxxxx Road, a St. Louis County public road, at all times during the term of the Lease
Agreement.
EASEMENT
NOW, THEREFORE, in consideration of the sum of Ten and no/100 Dollars, the receipt and
sufficiency of which is hereby acknowledged by Grantor, and for other good and valuable
consideration, Grantor hereby grants, remises, covenants and agrees as follows:
(A) Grant of Easement. Grantor hereby grants, bargains, and quitclaims to Grantee and other
occupants of the Leased Property, their successors and assigns, an easement to construct and
maintain an access road through and across the paved drives now existing on the Park Property (the
“Easement”). Notwithstanding the foregoing, Grantor reserves unto itself, its successors and
assign, the right to modify any paved drive so long as the drive continues to provide dual access
to the Leased Property.
(B) Limitations on Use. The owners and occupants of the Properties, their successors and
assigns, shall use the Easement only for the purposes stated herein and for no other purposes
without the prior consent of Grantor, its successors and assigns.
(C) Duration and Termination. This Easement Agreement shall continue in duration until the
first to occur of a termination entered into in writing by both the
Grantee and the Grantor, or the termination of the Lease (other than as a result of a sale or
transfer of title to the Property to Grantee).
(D) Continuing Covenants. The provisions of the Easement shall be continuing as a covenant
running with the land and shall be binding upon and inure to the benefit of the lessees of the
Leased Property and their respective successors in title; subject to the provisions of section 3.
(E) Governing Law. This Easement Agreement shall be construed and governed in accordance with
the laws of the State of Missouri.
(F) Representations and Warranties. Grantor certifies it has the power and authority to
execute and deliver this Agreement.
IN WITNESS WHEREOF, the parties hereto, intending to be fully and absolutely bound hereby,
have executed this Easement Agreement as of the day and year first above written.
| Grantor: | ||||||||
| PORT AUTHORITY OF ST. LOUIS COUNTY | ||||||||
| By: | ||||||||
| Name: | ||||||||
| Title: | ||||||||
STATE OF MISSOURI
|
) | |||||
| ) ss. | ||||||
COUNTY OF ST. LOUIS
|
) | |||||
On this day of , 2010, before me personally appeared
,
to me personally known, who being by me duly sworn did say that (s)he is the
of the Port Authority of St. Louis County, that said instrument was signed and delivered in behalf
of said Port Authority of St. Louis County, and acknowledged to me that (s)he executed the same as
the free act and deed of the Port Authority of St. Louis County.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal, the day and year
last above written.
My Commission Expires: |
||||
Exhibit A
Legal Description of the Leased Property
Xxx 0 xx Xxxxx Xxxx Xxxxxx Subdivision as reflected in Plat Book 357, at pages 445-447 recorded
with the St. Louis County, Missouri recorder of deeds on November 19, 2009 as instrument number
2009111900633.
Exhibit B
Legal Description of the Park Property
Xxx 0 xx Xxxxx Xxxx Xxxxxx Subdivision as reflected in Plat Book 357, at pages 445-447 recorded
with the St. Louis County, Missouri recorder of deeds on November 19, 2009 as instrument number
2009111900633.
EXHIBIT B
EASEMENT AGREEMENT
THIS EASEMENT AGREEMENT is made and entered into as of the
_____
day of February, 2010, by and
between ST. LOUIS COUNTY PORT AUTHORITY, a public body corporate and politic of the State of
Missouri (“Grantor”), and PINNACLE ENTERTAINMENT, INC., a Delaware corporation (“Grantee”).
Recitals of Fact
A. Grantor and Grantee are parties to a Lease and Development Agreement dated August 12, 2004,
as amended (the “Lease”) which provides, inter alia, for Grantee to develop a casino and mixed-use
facility as more fully described in the Lease (the “Project”) on property owned by the Grantor,
legally described on Exhibit “A” attached hereto and incorporated herein by this reference (the
“Casino Property”).
B. The Project includes the construction by the Grantee of an access road to the Project
(“Project Roadway”) which crosses certain real property owned by Grantor situated partially in the
City of St. Louis, Missouri and partially in St. Louis County, Missouri, legally described on
Exhibit “B” attached hereto and incorporated herein by this reference (the “Grantor’s Property”).
C. In satisfaction of its obligations under the Lease, Grantor desires to grant to Grantee and
Grantee desires to receive from Grantor an easement for the benefit of Grantee, on that portion of
Grantor’s Property, legally described on Exhibit “C” attached hereto and incorporated herein by
this reference (the “Sign Easement Tract”) for a sign advertising and providing directions to the
Project as provided in the Second Amendment to Lease and Development Agreement dated October 28,
2005 between Grantor and Grantee and for two monument markers identifying the entrance to the
Casino Property, a drawing of which is attached hereto.
D. Grantor desires to grant to Grantee and Grantee desires to receive from Grantor an easement
for the benefit of Grantee, on Grantor’s Property for utility lines for such signage.
Agreement
NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein and in
consideration of the payment to Grantor by Grantee of the sum of Ten and no/100 Dollars, the
receipt and sufficiency of which is hereby acknowledged by Grantor, and for other good and valuable
consideration, Grantor and Grantee hereby grant, covenant and agree as follows:
1. Representation and Warranty. Grantor hereby represents and warrants that it has full right
and authority to convey the easement rights which this Easement Agreement purports to convey upon
the terms stated in this Easement Agreement.
2. Grant of Easements.
(a) Grantor hereby grants, bargains, sells and conveys to Grantee, its successors and assigns,
and its agents, servants, employees, independent contractors and representatives, an easement over,
across, under and through the Sign Easement Tract for the right, but not the obligation, of
constructing, erecting, installing, anchoring, reconstructing, maintaining, renewing and replacing
directional and advertising signage for the Project, including a pylon sign and a welcome arch
which may span the Project Roadway and two monument markers identifying the entrance to the Casino
Property (“Sign”), including the installation and use of utility lines to service the Sign,
including in the Sign Easement Tract and the Grantor’s Property (collectively, the
“Improvements”).
(b) Grantor hereby grants, bargains, sells and conveys to Grantee, its successors and assigns,
and its agents, servants, employees, independent contractors and representatives, an easement over,
across, under and through the Grantor’s Property for the use, installation and maintenance of
utility lines to service the Sign together with the right of ingress and egress to the Sign
Easement Tract for the purposes described in 2(a) above and Grantor agrees not to disturb the same.
3. Construction of Improvements. Grantee agrees that at the sole cost and expense of the
Grantee, Grantee may erect, construct, install, anchor and lay the Improvements. The plans and/or
specifications for such construction shall be subject to the prior approval of Grantor. The
construction and installation of the Improvements shall be in strict accordance with the plans and
specifications approved by Grantor, and within the time periods reasonably specified by Grantor and
subject to all laws.
4. Covenant of Grantor. Grantor covenants that (a) it will allow no improvement or natural
condition of Grantor’s Parcel to obscure Grantee’s Sign from adjacent streets, (b) it will not
place, or allow to be placed, any signs in the Grantor’s Property or the Sign Easement Tract other
than those belonging to Grantee; (c) it will not permanently remove any electrical lines serving
the Sign Easement Tract running over, under, through or across Grantor’s Property to the Sign
Easement Tract to which Grantee has connected wires.
5. Duration of Easement. The Easements shall be in effect for such time as Grantee operates
the Project on the Casino Property.
6. Damage to Property. Grantor and Grantee acknowledge and agree that any and all damage to
the property of Grantor which is caused by the construction and installation of the Improvements,
shall be repaired at the sole cost and expense of and by the Grantee.
7. Maintenance and Repair. Grantee shall be responsible for all maintenance and repair of the
Improvements, and all insurance of the Improvements. Grantor shall have no responsibility or
liability for any such matters whatsoever.
8. Successors and Assigns. This Easement Agreement shall be binding upon the parties hereto,
their employees, contractors, tenants, licensees, agents and invitees,
and shall inure to the benefit of their successors and assigns, including without limitation
future owner(s) of all or any portion of the Grantor Property and the Casino Property.
9. Miscellaneous. This Agreement shall be governed by the laws of the State of Missouri. The
captions of the paragraphs of this Agreement are inserted for convenience only and shall not be
used in the interpretation hereof. If any provisions hereof are found unenforceable, the remaining
provisions of this Agreement shall remain in full force and effect and shall be enforceable to the
extent unaffected.
IN WITNESS WHEREOF, the parties hereto, intending to be fully and absolutely bound hereby,
have executed this Easement Agreement as of the day and year first above written.
| Grantor: | ST. LOUIS COUNTY PORT AUTHORITY | ||||||
| By: | |||||||
| Name: | Xxxxxx X. Xxxxxxx | ||||||
| Title: | Executive Director | ||||||
ATTEST: |
|||||||
| Name: | |||||||
| Title: | |||||||
| Grantee: | PINNACLE ENTERTAINMENT, INC., | ||||||
| Delaware corporation | |||||||
| By: | |||||||
| Name: | |||||||
| Title: | |||||||
STATE OF MISSOURI
|
) | |||||
| ) ss. | ||||||
COUNTY OF ST. LOUIS
|
) | |||||
On this day of , 2010, before me, appeared Xxxxxx
X. Xxxxxxx to me
personally known, who being by me duly sworn, did say that he is the Executive Director of St.
Louis County Port Authority, and that he, being authorized so to do, executed the foregoing
instrument for the purposes therein contained by signing the name of the St. Louis County Port
Authority.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal on the day and
year last above written.
| Notary Public in and for said County and State | ||||
| Print Notary’s Name | ||||
My Commission Expires: |
||||
STATE OF MISSOURI
|
) | |||||
| ) ss. | ||||||
COUNTY OF ST. LOUIS
|
) | |||||
On this
_____
day of , 2010, before me, appeared to me
personally known, who being by me duly sworn, did say that he is the [vice
president] of Pinnacle Entertainment, Inc., a Delaware corporation and that the said instrument was
signed on behalf of said corporation by authority of its board of directors, and said
, acknowledged said instrument to be the free act and deed of said
corporation.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal on the day and
year last above written.
| Notary Public in and for said County and State | ||||
| Print Notary’s Name | ||||
My Commission Expires: |
||||
Exhibit “A”
Xxx 0 xx Xxxxx Xxxx Xxxxxx Subdivision as reflected in Plat Book 357, at pages 445-447 recorded
with the St. Louis County, Missouri recorder of deeds on November 19, 2009 as instrument number
2009111900633.
Exhibit “B”
Legal Description of Grantor’s Property
Beginning at the point of intersection of the eastern line of Broadway, 60 feet wide, with a line
20 feet south of the southern line of the River Des Xxxxx Drainage Works, 280 feet wide, thence
South 41 degrees 10 3/4 minutes West along the eastern line of Broadway 759.50 feet, thence South 31
degrees 55 1/2 minutes East 1506.38 feet, thence South 03 degrees 21 1/2 minutes East 189.96 feet to a
point in the center line of former Van Buren Street, thence North 33 degrees 21 minutes East along
said center line of former Van Buren Street 151.45 feet to an angle point, thence continuing along
said center line of former Van Buren Street and its northern prolongation, North 49 degrees 13
minutes East 980 feet more or less to the center line of the former River Des Xxxxx as established
by Xxxxxxxxxx in 1876, thence following said center line of the former River Des Xxxxx in a
northeastwardly direction 325 feet more or less to its intersection with a line 20 feet south of
the southern line of the River des Xxxxx Drainage Works 280 feet wide, thence North 50 degrees 00 1/2
minutes West along a line 20 feet south of the southern line of said River Des Xxxxx Drainage Works
1890 feet more or less to the point of beginning and containing 39.13 acres.
Exhibit “C”
Legal Description of Sign Easement Tract
