PURCHASE AGREEMENT
Xxxxxxxx'x Neighborhood Grill & Bar
Ashland, Ohio
This AGREEMENT, entered into effective as of the 7th of October,
2004.
l. PARTIES. Seller is AEI Real Estate Fund XVII Limited
Partnership ("Seller") which owns an undivided 100% interest in
the fee title to that certain real property legally described in
the attached Exhibit "A" (the "Property") Buyer is Xxxxxx X.
Xxxxxx and Xxxx X. Xxxxxx, as joint tenants ("Buyer"). Seller
wishes to sell and Buyer wishes to buy the Property.
2. PROPERTY. The Property to be sold to Buyer in this
transaction consists of an undivided 100% percentage interest the
Property. Seller owns no interest in any personalty in
connection with the Property.
3. PURCHASE PRICE. The purchase price for this percentage
interest in the Property is $2,484,400, all cash.
4. TERMS. The purchase price for the Property will be paid by
Buyer as follows:
(A). Buyer will deposit the balance of the purchase price,
$2,484,400 (the "First Payment") into escrow in sufficient time
to allow escrow to close on the closing date.
5. CLOSING DATE. Escrow shall close on or before 45 days from
execution of this agreement.
6. DUE DILIGENCE. Buyer will have 30 days from the Effective
Date of this Agreement (the "Review Period") to conduct all of
its inspections and due diligence and satisfy itself regarding
the Property and this transaction. Buyer agrees to indemnify and
hold Seller harmless for any loss or damage to the Property or
persons caused by Buyer or its agents arising out of such
physical inspections of the Property. Within ten days of the
Effective Date of this Agreement, Seller shall provide (except as
explained below, in Item A):
(A). One copy of a title insurance commitment for an Owner's
Title insurance policy (see paragraph 8 below), will deliver to
Buyer as soon as third party title insurance company provides to
Seller.
(B). A copy of a Certificate of Occupancy or other such document
certifying completion and granting permission to permanently
occupy the improvements on the Property as are in Seller's
possession.
(C). A copy of an "as built" survey of the Property completed
concurrent with Seller's acquisition of the Property, if
available in Seller's possession.
(D). A copy of any Phase I Environmental Report on the Property,
if available in Seller's possession.
(E). Lease, and any amendments or modifications thereto (as
further set forth in paragraph 11(A) below) of the Property
showing occupancy date, lease expiration date, rent, and
Guarantees, if any, accompanied by such tenant financial
statements as may have been provided most recently to Seller by
the Tenant and/or Guarantors.
Buyer may cancel this Agreement for ANY REASON in its sole
discretion by delivering a cancellation notice, return receipt
requested, to Seller and escrow holder before the expiration of
the Review Period. Such notice shall be deemed effective only
upon receipt by Seller.
If Buyer cancels this Agreement as permitted under this Section,
except for any escrow cancellation fees and any liabilities under
the first paragraph of section 6 of this Agreement (which will
survive), Seller (after execution of such documents reasonably
requested by Seller to evidence the termination hereof) shall
return to Buyer any money Buyer may have in escrow and Buyer will
have absolutely no rights, claims or interest of any type in
connection with the Property or this transaction, regardless of
any alleged conduct by Seller or anyone else.
Unless this Agreement is canceled by Buyer pursuant to the terms
hereof, if Buyer fails to make the First Payment Buyer
irrevocably will be deemed to be in default under this Agreement.
Seller then may, at its option, declare this Agreement null and
void, in which event Buyer will be deemed to have canceled this
Agreement and relinquish all rights in and to the Property, or
Seller may exercise its rights under Section 14 hereof. If this
Agreement is not canceled and the First Payment is made when
required, all of Buyer's conditions and contingencies will be
deemed satisfied.
7. ESCROW. Escrow shall be opened by Seller and funds deposited
in escrow upon acceptance of this Agreement by both parties. The
escrow holder will be a nationally-recognized escrow company
selected by Seller. A copy of this Agreement will be delivered to
the escrow holder and will serve as escrow instructions together
with the escrow holder's standard instructions and any additional
instructions required by the escrow holder to clarify its rights
and duties (and the parties agree to sign these additional
instructions). If there is any conflict between these other
instructions and this Agreement, this Agreement will control.
8. TITLE. Closing will be conditioned on the agreement of a
title company selected by Seller to issue an Owner's policy of
title insurance, dated as of the close of escrow, in an amount
equal to the purchase price, insuring that Buyer will own
insurable title to the Property subject only to: the title
company's standard exceptions; current real property taxes and
assessments; survey exceptions; the rights of parties in
possession pursuant to the lease defined in paragraph 11 below;
all matters of public record; and other items disclosed to Buyer
during the Review Period.
Buyer shall be allowed five (5) business days after receipt of
said commitment for examination and the making of any objections
to marketability thereto, said objections to be made in writing
or deemed waived. If any objections are so made, Seller shall be
allowed sixty (60) days to cure such objections and make such
title marketable or, in the alternative, to obtain a commitment
for insurable title insuring over Buyer's objections. If Seller
shall decide to make no efforts to make title marketable, or is
unable to make title marketable or obtain insurable title, (after
execution by Buyer of such documents reasonably requested by
Seller to evidence the termination hereof) this Agreement shall
be null and void and of no further force and effect. Seller has
no obligation to spend any funds or make any effort to satisfy
Buyer's objections, if any.
Pending satisfaction of Buyer's objections, the payments
hereunder required shall be postponed, but upon satisfaction of
Buyer's objections and within ten (10) days after written notice
to the Buyer of satisfaction of Buyer's objections, the parties
shall perform this Agreement according to its terms.
9. CLOSING COSTS. Seller will pay one-half of escrow fees, the
cost of the title commitment, and any brokerage commissions
payable to broker's representing Seller. If Buyer shall decide to
purchase title insurance, then Buyer will pay the cost of
obtaining a Standard Owners Title Insurance Policy in the full
amount of the purchase price. Buyer will pay all recording fees,
transfer taxes and clerk's fees imposed upon the recording of the
deed, one-half of the escrow fees, and the cost of an update to
the Survey in Sellers possession (if an update is required by
Buyer.) Each party will pay its own attorney's fees and costs to
document and close this transaction.
10. REAL ESTATE TAXES, SPECIAL ASSESSMENTS AND PRORATIONS.
(A). Because the Property is subject to a net lease (as
further set forth in paragraph 11(A)(1), the parties acknowledge
that there shall be no need for a real estate tax proration.
However, Seller warrants that all real estate taxes and
installments of special assessments due and payable in all years
prior to the year of Closing have been paid in full. Unpaid real
estate taxes and unpaid levied and pending special assessments
existing on the date of Closing shall be the responsibility of
Buyer, pro-rated, however, to the date of closing for the period
prior to closing, which shall be the responsibility of Seller if
Tenant shall not pay the same. Buyer shall likewise pay all taxes
due and payable in the year after Closing and any unpaid
installments of special assessments payable therewith and
thereafter, if such unpaid levied and pending special assessments
and real estate taxes are not paid by any tenant of the Property.
(B). All income and all operating expenses from the Property, if
any, shall be prorated between the parties and adjusted by them
as of the date of Closing. Seller shall be entitled to all income
earned, and shall be responsible for all expenses incurred, prior
to the date of Closing. Buyer shall be entitled to all income
earned and shall be responsible for all operating expenses of the
Property incurred on and after the date of closing.
11. SELLER'S REPRESENTATION AND AGREEMENTS.
(A). Seller represents and warrants as of this date that:
1. Except for the Lease Agreement in existence between PRECO II
CRIC LLC and APPLE OHIO LLC ("Tenant"), dated October 21, 2003,
as Assigned to AEI Real Estate Fund XVII Limited Partnership
(Landlord) in that Assignment and Assumption of Lease dated April
30, 2004 between PRECO II CRIC LLC and AEI Real Estate Fund XVII
Limited Partnership, as guaranteed by Apple American Group LLC in
that Guaranty dated October 21, 2003 (the "Lease"), Seller is not
aware of any leases of the Property.
2. If the Right of First Refusal to the benefit of the Lessee
for the duration of the Lease, including any renewal terms, is in
effect, then Seller's obligations hereunder are contingent upon
Seller successfully obtaining Lessee's waiver of such right of
first refusal with respect to this transaction.
3. It is not aware of any pending litigation or condemnation
proceedings against the Property or Seller's interest in the
Property.
4. Except as previously disclosed to Buyer and as permitted in
paragraph (B) below, Seller is not aware of any contracts Seller
has executed that would be binding on Seller after the closing
date, except as follows:
(A) Consent Agreement dated April 30, 2004, and the Landlord
Agreement dated October 21, 2003.
(B). Provided that Buyer performs its obligations as required,
Seller agrees that it will not enter into any new contracts that
would materially affect the Property and be binding on Seller
after the Closing Date without Buyer's prior consent, which will
not be unreasonably withheld.
12. DISCLOSURES.
(A). Seller has not received any notice of any material,
physical, or mechanical defects of the Property, including
without limitation, the plumbing, heating, air conditioning, and
ventilating, electrical system. To the best of Seller's knowledge
without inquiry, all such items are in good operating condition
and repair and in compliance with all applicable governmental,
zoning, and land use laws, ordinances, regulations and
requirements. If Seller shall receive any notice to the contrary
prior to Closing, Seller will inform Buyer prior to Closing.
(B). Seller has not received any notice that the use and
operation of the Property is not in full compliance with
applicable building codes, safety, fire, zoning, and land use
laws, and other applicable local, state and federal laws,
ordinances, regulations and requirements. If Seller shall receive
any such notice prior to Closing, Seller will inform Buyer prior
to Closing.
(C). Seller knows of no facts, nor has Seller failed to disclose
to Buyer any fact known to Seller, which would prevent the Tenant
from using and operating the Property after the Closing in the
manner in which the Property has been used and operated prior to
the date of this Agreement. If Seller shall receive any notice to
the contrary prior to Closing, Seller will inform Buyer prior to
Closing.
(D). Seller has not received any notice that the Property is in
violation of any federal, state or local law, ordinance, or
regulations relating to industrial hygiene or the environmental
conditions on, under, or about the Property, including, but not
limited to, soil, and groundwater conditions. To the best of
Seller's knowledge, there is no proceeding or inquiry by any
governmental authority with respect to the presence of Hazardous
Materials on the Property or the migration of Hazardous Materials
from or to other property. Buyer agrees that Seller will have no
liability of any type to Buyer or Buyer's successors, assigns, or
affiliates in connection with any Hazardous Materials on or in
connection with the Property either before or after the Closing
Date, except such Hazardous Materials on or in connection with
the Property arising out of Seller's gross negligence or
intentional misconduct. If Seller shall receive any notice to the
contrary prior to Closing, Seller will inform Buyer prior to
Closing.
(E). BUYER AGREES THAT IT SHALL BE PURCHASING THE PROPERTY IN ITS
PRESENT CONDITION, "AS IS, WHERE IS", AND SELLER HAS NO
OBLIGATIONS TO CONSTRUCT OR REPAIR ANY IMPROVEMENTS THEREON OR TO
PERFORM ANY OTHER ACT REGARDING THE PROPERTY, EXCEPT AS EXPRESSLY
PROVIDED HEREIN.
(F). BUYER ACKNOWLEDGES THAT, HAVING BEEN GIVEN THE OPPORTUNITY
TO INSPECT THE PROPERTY AND SUCH FINANCIAL INFORMATION CONCERNING
THE LESSEE AND ANY GUARANTORS OF THE LEASE AS BUYER OR ITS
ADVISORS SHALL REQUEST AND AS MAY BE IN SELLER'S POSSESSION,
BUYER IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE PROPERTY
AND NOT ON ANY REPRESENTATIONS OR INFORMATION PROVIDED BY SELLER
OR TO BE PROVIDED BY SELLER, EXCEPT AS SET FORTH HEREIN. BUYER
FURTHER ACKNOWLEDGES THAT THE INFORMATION PROVIDED, OR TO BE
PROVIDED, BY SELLER WITH RESPECT TO THE PROPERTY, THE PROPERTY
AND TO THE LESSEE AND ANY GUARANTORS OF LEASE, WAS OBTAINED FROM
A VARIETY OF SOURCES AND SELLER HAS NOT (A) MADE INDEPENDENT
INVESTIGATION OR VERIFICATION OF SUCH INFORMATION, AND (B) MAKES
NO REPRESENTATIONS AS TO THE ACCURACY OR COMPLETENESS OF SUCH
INFORMATION, EXCEPT AS HEREIN SET FORTH. THE SALE OF THE PROPERTY
AS PROVIDED FOR HEREIN IS MADE ON AN "AS IS - WHERE IS" BASIS AND
BUYER EXPRESSLY ACKNOWLEDGES THAT, IN CONSIDERATION OF THE
AGREEMENTS OF SELLER HEREIN, EXCEPT AS OTHERWISE SPECIFIED HEREIN
IN PARAGRAPH 11(A) AND (B) ABOVE AND THIS PARAGRAPH 12, SELLER
MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, OR
ARISING BY OPERATION OF LAW, INCLUDING, BUT NOT LIMITED TO, ANY
WARRANTY OF CONDITION, HABITABILITY, SUITABILITY FOR LEASE,
SUITABILITY FOR COMMERCIAL PURPOSES, MERCHANTABILITY, OR FITNESS
FOR A PARTICULAR PURPOSE, IN RESPECT OF THE PROPERTY.
The provisions (D) - (F) above shall survive Closing.
13. CLOSING.
(A). Before the closing date, Seller will deposit into escrow an
executed special warranty deed warranting title against lawful
claims by, through, or under a conveyance from Seller, but not
further or otherwise, conveying insurable title of the Property
to Buyer, subject to the exceptions contained in paragraph 8
above. Seller will also deliver an Estoppel Certificate certified
by Seller (or if available, by Lessee) as to the absence of known
defaults by Lessee and Lessor under the Lease
(B). On or before the closing date, Buyer will deposit into
escrow the balance of the Purchase Price when required under
Section 4 and any additional funds required of Buyer (pursuant to
this agreement or any other agreement executed by Buyer) to close
escrow. Both parties will deliver to the escrow holder any other
documents reasonably required by the escrow holder to close
escrow.
(C). On the closing date, if escrow is ready to close, the escrow
holder will: record the deed in the official records of the
county where the Property is located; cause the title company to
commit to issue the title policy; immediately deliver to Seller
the portion of the purchase price deposited into escrow by
cashier's check or wire transfer (less debits and prorations, if
any); deliver to Seller and Buyer a signed counterpart of the
escrow holder's certified closing statement and take all other
actions necessary to close escrow.
14. DEFAULTS. If Buyer defaults, Buyer will forfeit all rights
and claims and Seller will be relieved of all obligations and
will be entitled to retain all monies heretofore paid by the
Buyer. In addition, Seller shall retain all remedies available to
Seller at law or in equity.
If Seller shall default, Buyer irrevocably waives any rights to
file a lis pendens, a specific performance action or any other
claim, action or proceeding of any type in connection with the
Property or this or any other transaction involving the Property,
and will not do anything to affect title to the Property or
hinder, delay or prevent any other sale, lease or other
transaction involving the Property (any and all of which will be
null and void), unless: it has deposited the balance of the First
Payment for the Purchase Price into escrow, performed all of its
other obligations and satisfied all conditions under this
Agreement, and unconditionally notified Seller that it stands
ready to tender full performance, purchase the Property and close
escrow as per this Agreement, regardless of any alleged default
or misconduct by Seller. Provided, however, that in no event
shall Seller be liable for any actual, punitive, consequential or
speculative damages arising out of any default by Seller
hereunder.
15. BUYER'S REPRESENTATIONS AND WARRANTIES.
(A). Buyer represents and warrants to Seller as follows:
(1). In addition to the acts and deeds recited herein and
contemplated to be performed, executed, and delivered by Buyer,
Buyer shall perform, execute and deliver or cause to be
performed, executed, and delivered at the Closing or after the
Closing, any and all further acts, deeds and assurances as Seller
or the Title Company may require and be reasonable in order to
consummate the transactions contemplated herein.
(2). Buyer has all requisite power and authority to consummate
the transaction contemplated by this Agreement and has by proper
proceedings duly authorized the execution and delivery of this
Agreement and the consummation of the transaction contemplated
hereby.
(3). To Buyer's knowledge, neither the execution and delivery of
this Agreement nor the consummation of the transaction
contemplated hereby will violate or be in conflict with (a) any
applicable provisions of law, (b) any order of any court or other
agency of government having jurisdiction hereof, or (c) any
agreement or instrument to which Buyer is a party or by which
Buyer is bound.
16. DAMAGES, DESTRUCTION AND EMINENT DOMAIN.
(A). If, prior to closing, the Property or any part thereof be
destroyed or further damaged by fire, the elements, or any cause,
due to events occurring subsequent to the date of this Agreement
to the extent that the cost of repair exceeds $10,000.00, this
Agreement shall become null and void, at Buyer's option
exercised, if at all, by written notice to Seller within ten (10)
days after Buyer has received written notice from Seller of said
destruction or damage. Seller, however, shall have the right to
adjust or settle any insured loss until (i) all contingencies set
forth in Paragraph 6 hereof have been satisfied, or waived; and
(ii) any ten-day period provided for above in this Subparagraph
16a for Buyer to elect to terminate this Agreement has expired or
Buyer has, by written notice to Seller, waived Buyer's right to
terminate this Agreement. If Buyer elects to proceed and to
consummate the purchase despite said damage or destruction, there
shall be no reduction in or abatement of the purchase price, and
Seller shall assign to Buyer the Seller's right, title, and
interest in and to all insurance proceeds (pro-rata in relation
to the Property) resulting from said damage or destruction to the
extent that the same are payable with respect to damage to the
Property, subject to rights of any Tenant of the Property.
If the cost of repair is less than $10,000.00, Buyer shall be
obligated to otherwise perform hereinunder with no adjustment to
the Purchase Price, reduction or abatement, and Seller shall
assign Seller's right, title and interest in and to all insurance
proceeds pro-rata in relation to the Property, subject to rights
of any Tenant of the Property.
(B). If, prior to closing, the Property, or any part thereof, is
taken by eminent domain, this Agreement shall become null and
void at Buyer's option. If Buyer elects to proceed to consummate
the purchase despite said taking, there shall be no reduction in,
or abatement of, the purchase price, and Seller shall assign to
Buyer the Seller's right, title, and interest in and to any award
made, or to be made, in the condemnation proceeding pro-rata in
relation to the Property, subject to rights of any Tenant of the
Property.
In the event that this Agreement is terminated by Buyer as
provided above in Subparagraph 16A or 16B, the First Payment
shall be immediately returned to Buyer (after execution by Buyer
of such documents reasonably requested by Seller to evidence the
termination hereof.)
17. 1031 EXCHANGE. If Buyer is purchasing the Property as
"replacement property" to for purposes of a tax free exchange,
Buyer acknowledges that Seller has made no representations,
warranties, or agreements to Buyer or Buyer's agents that the
transaction contemplated by the Agreement will qualify for such
tax treatment, nor has there been any reliance thereon by Buyer
respecting the legal or tax implications of the transactions
contemplated hereby. Buyer further represents that it has sought
and obtained such third party advice and counsel as it deems
necessary in regards to the tax implications of this transaction.
Buyer wishes to novate/assign the ownership rights and interest
of this Purchase Agreement to First American Exchange Company,
LLC who will act as Accommodator to perfect the 1031 exchange by
preparing an agreement of exchange of Real Property whereby First
American Exchange Company, LLC will be an independent third party
purchasing the ownership interest in subject property from Seller
and selling the ownership interest in subject property to Buyer
under the same terms and conditions as documented in this
Purchase Agreement. Buyer asks the Seller, and Seller agrees to
cooperate in the perfection of such an exchange if at no
additional cost or expense to Seller or delay in time. Buyer
hereby indemnifies and holds Seller harmless from any claims
and/or actions resulting from said exchange. Pursuant to the
direction of First American Exchange Company, LLC, Seller will
deed the property to Buyer.
18. CANCELLATION. If any party elects to cancel this Contract
because of any breach by another party or because escrow fails to
close by the agreed date, the party electing to cancel shall
deliver to escrow agent a notice containing the address of the
party in breach and stating that this Contract shall be cancelled
unless the breach is cured within 13 days following the delivery
of the notice to the escrow agent. Within three days after
receipt of such notice, the escrow agent shall send it by United
States Mail to the party in breach at the address contained in
the Notice and no further notice shall be required. If the breach
is not cured within the 13 days following the delivery of the
notice to the escrow agent, this Contract shall be cancelled.
19. MISCELLANEOUS.
(A). This Agreement may be amended only by written agreement
signed by both Seller and Buyer and all waivers must be in
writing and signed by the waiving party. Time is of the essence.
This Agreement will not be construed for or against a party
whether or not that party has drafted this Agreement. If there is
any action or proceeding between the parties relating to this
Agreement the prevailing party will be entitled to recover
attorney's fees and costs. This is an integrated agreement
containing all agreements of the parties about the Property and
the other matters described and it supersedes any other
agreements or understandings. Exhibits attached to this Agreement
are incorporated into this Agreement.
(B). If this escrow has not closed by the Closing Date through no
fault of Seller, Seller may, at its election, extend the closing
date or exercise any remedy available to it by law, including
terminating this Agreement.
(C). Funds to be deposited or paid by Buyer must be good and
clear funds in the form of cash, cashier's checks or wire
transfers.
(D). All notices from either of the parties hereto to the other
shall be in writing and shall be considered to have been duly
given or served if sent by first class certified mail, return
receipt requested, postage prepaid, or by a nationally recognized
courier service guaranteeing overnight delivery to the party at
his or its address set forth below, or to such other address as
such party may hereafter designate by written notice to the other
party.
If to Seller:
AEI Real Estate Fund XVII Limited Partnership
00 Xxxx Xxxxxxx Xxxxxx, Xxxxx 0000
Xx. Xxxx, XX 00000
If to Buyer:
Xxxxxx X. Xxxxxx and Xxxx X. Xxxxxx,
as joint tenants
00000 Xxxx Xxxxx Xxxx
Xxx Xxxxx, XX 00000
When accepted, this offer will be a binding agreement for valid
and sufficient consideration which will bind and benefit Buyer,
Seller and their respective successors and assigns. Buyer is
submitting this offer by signing a copy of this offer and
delivering it to Seller. Seller has five (5) business days from
receipt within which to accept this offer.
This Agreement shall be governed by, and interpreted in
accordance with, the laws of the state of Ohio.
IN WITNESS WHEREOF, the Seller and Buyer have executed this
Agreement effective as of the day and year above first written.
BUYER:
Xxxxxx X. Xxxxxx
By: /s/ Xxxxxx X Xxxxxx
Xxxxxx X. Xxxxxx
Xxxx X. Xxxxxx
By: /s/ Xxxx X Xxxxxx
Xxxx X. Xxxxxx
SELLER:
AEI Real Estate Fund XVII Limited Partnership, a Minnesota
limited partnership
By: AEI Fund Management XVII, Inc., a Minnesota corporation
By: /s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, its President
EXHIBIT A
LEGAL DESCRIPTION
SITUATED IN XXX XXXX XX XXXXXXX, XXXXXX XX XXXXXXX, XXXXX OF OHIO
AND KNOWN AS BEING PART OF THE SOUTHWEST QUARTER OF SECTION 24,
TOWNSHIP 24, UNION TOWNSHIP, RANGE 17, AND ALSO KNOWN AS BEING
PART OF PARCEL 3 AND PART OF PARCEL 4 OF THE SUBDIVISION OF A
PORTION OF THE XXXXX PROPERTY FOR DEVELOPERS DIVERSIFIED
ENTERPRISES LTD. AS RECORDED IN PLAT CABINET 1, PAGE 26 OF THE
ASHLAND COUNTY RECORDS;
BEGINNING AT A POINT, WHICH IS THE SOUTHWEST CORNER OF THE
SOUTHWEST QUARTER OF SECTION 24;
THENCE SOUTH 86 DEG. 29' 37" EAST, ALONG THE SOUTHERLY LINE OF
SAID SECTION 00 XXX XXX XXXXXXXXXX XX XXXXXXXX XXXXXXX XX. 0000,
A DISTANCE OF 1120.70 FEET TO A POINT AT THE INTERSECTION OF THE
SOUTHERLY LINE OF SAID SECTION 24 WITH THE CENTERLINE OF
CLAREMONT ABENUE (OLD U.S. ROUTE NO. 42);
THENCE NORTH 58 DEG. 14' 21" EAST, ALONG THE CENTERLINE OF SAID
CLAREMONT AVENUE A DISTANCE OF 664.54 FEET TO A POINT OF
CURVATURE;
THENE CONTINUING THE CENTERLINE OF SAID CLAREMONT AVENUE, ALONG
THE ARC OF A CIRCLE DEFLECTING TO THELEFT HAVING A CENTRAL ANGLE
OF 04 DEG 30' 04", A RADIUS OF 5729.58 FEET A TANGENT OF 225.17
FEET, A CHORD OF 449.99 FEET, A CHORD BEARING NORTH 55 DEG. 59'
10" EAST, AND AN ARC LENGTH OF 450.11 FEET TO A POINT, WHICH IS
THE TRUE PLACE OF BEGINNING FOR THE PARCEL OF LAND HEREIN
DESCRIBED;
THENCE NORTH 36 DEG. 12' 43" WEST, PASSING OVER A 5/8" CAPPED
REBAR (GBC DESIGN, INC.) SET AT 30.00 FEET, A DISTANCE OF 79.99
FEET TO A 5/8" CAPPED REBAR (GBC DESIGN, INC.) SET A T A POINT OF
CURVATURE;
THENCE ALONG THE ARC OF A CIRCLE CURVING TO THE RIGHT HAVING A
CENTRAL ANGLE OF 39 DEG 57' 44", A RADIUS OF 100.00 FEET, A
TANGENT OF 36.36 FEET, A CHORD OF 68.34 FEET, A CHORD BEARING
NORTH 16 DEG. 13' 51" WEST, AND AN ARC LENGTH OF 69.75 FEET TO A
5/8" CAPPED REBAR (GBC DESIGN INC.) SET AT A POINT OF TANGENCY;
THENCE NORTH 03 DEG. 45' 01" EAST A DISTANCE OF 221.25 FEET TO A
5/8" CAPPED REBAR (GBC DESIGN, INC). SET AT A POINT OF CURVATURE,
THENCE ALONG THE ARC OF A CIRCLE CURVING TO THE RIGHT HAVING A
CENTRAL ANGLE OF 89 DEG. 58' 53", A RADIUS OF 10.00 FEET, A
TANGENT, OF 10 FEET, A CHORD OF 14.14 FEET, A CHORD BEARING NORTH
48 DEG. 44' 28" EAST, AND AN ARC LENGTH OF 15.70 FEET TO A 5/8"
CAPPED REBAR (GBC DESIGN INC.) SET AT A POINT OF TANGENCY; THENCE
SOUTH 86 DEG. 16' 06" EAST A DISTANCE OF 254.83 FEET TO A 5/8"
CAPPED REBAR (GBC DESIGN, INC.) SET AT A POINT; THENCE SOUTH 38
DEG. 39' 39" EAST, ALONG THE EASTERLY LINE OF SAID PARCEL 4,
PASSING OVER A 5/8" CAPPED REBAR (GBC DESIGN, INC.) SET AT 110.29
FEET, A DISTANCE OF 140.29 FEET TO A POINT; THENCE SOUTH 51 DEG.
20' 21" WEST, ALONG THE CENTERLINE LINE OF SAID CLAREMONT
AVENUE, ALSO BEING THE OSUTHERLY LINE OF SAID PARCEL 4, A
DISTANCE OF 141.22 FEET TO A POINT OF CURVATURE; THENCE
CONTINUING ALONG THE CENTERLINE OF SAID CLAREMONT AVENUE, ALSO
BEING THE SOUTHERLY LINE OF SAID PARCEL 3 AND SAID PARCEL 4,
ALONG THE ARC OF A CIRCLE CURVING TO THE RIGHT HAVING A CENTRAL
ANGLE OF 02 DEG. 23' 56", A RADIUS OF 5729.58 FEET, A TANGENT OF
119.96 FEET, A CHORD OF 239.88 FEET, A CHORD BEARING SOUTH 52
DEG. 32' 19" WEST, AND AN ARC LENGTH OF 239.89FEET, TO THE TRUE
PLACE OF BEGINNING AND CONTAINING 1.9366 ACRES OF LAND, MORE OR
LESS, (1.1131 ACRES BEING LOCATED IN SAID PARCEL 3 AND 0.8235
ACRES BEING LOCATED IN SAID PARCEL 4), AS SURVEYED IN APRIL 2004
BY XXXXX XXXXXXX, REGISTERED SURVEYOR NO. 7790, WITH GBC DESIGN,
INC. BUT SUBJECT TO ALL LEGAL HIGHWAYS AND ANY RESTRICTIONS,
RESERVATIONS OR EASEMENTS OF RECORD.
TOGETHER WITH THE EASEMENTS AS SET FORTH IN THE RESTRICTIONS,
COVENANTS AND CONDITIONS CONTAINED IN DEED OF DECLARATION BY
DEVELOPERS DIVERSIFIED ENTERPRISES, LTD., FILED JUNE 2, 1977 IN
VOLUME 503 PAGE 639 ASHLAND COUNTY RECORDS.
NOTE: THE ABOVE DEED OF DECLARATION WAS AMENDED BY INSTRUMENT
FILED FEBRUARY 22, 1993 IN VOLUME 577 PAGE 509 ASHLAND COUNTY
RECORDS.
PARCEL NO. P44-085-0-0010-00
Commonly known as: 0000 Xxxxxxxxx Xxxxxx, Xxxxxxx, XX 00000
