Exhibit 10.9
REAL ESTATE AGREEMENT ("AGREEMENT")
THE PORT OF CHELAN COUNTY, a Washington municipal corporation, (the
"Seller"), and PACIFIC AEROSPACE & ELECTRONICS, INC., a Washington corporation,
or assigns, (the "Purchaser") are entering into this agreement with respect to
the following described real estate located in the County of Chelan, state of
Washington, legally described as follows (altogether, the "Property"):
Parcel One: The legal description for Parcel One is attached hereto as
Exhibit "A" and incorporated herein by this reference.
Parcel Two: The legal description for Parcel Two is attached hereto as
Exhibit "B" and incorporated herein by this reference.
Parcel Three: The legal description for Parcel Three is attached hereto as
Exhibit "C" and incorporated herein by this reference.
1. Deposit. Purchaser hereby deposits with ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇,
P.L.L.C., as closing agent, option money of One Hundred and Fifty Thousand
Dollars ($150,000.00) (hereafter the "Deposit"). The Deposit shall be applied
toward the purchase price for each Parcel identified above, as follows: $50,000
to each Parcel. The Deposit shall be deposited in an interest bearing account,
with interest accruing for the benefit of the Purchaser, if the Purchaser
acquires all three Parcels as set forth on this Agreement. If the Purchaser does
not acquire all three Parcels as set forth in this Agreement, then the interest
shall be paid to the Seller.
2. Purchase Price and Terms. The total purchase price for the Property,
if Purchaser exercises its option to purchase all three Parcels, is Five Million
Three Thousand Sixty-One and No/Dollars ($5,361,000.00), which shall be
allocated as follows:
Parcel One: $ 853,000
Parcel Two: $1,728,371
Parcel Three: $2,779,629
Purchaser shall have the right to elect to purchase the Property over time
with the last purchase occurring on or before June 10, 2000, as further
described in this Agreement.
3. Title. Title to each Parcel of the Property shall be marketable at the
closing of the purchase of that Parcel, as set forth in Section 9. Rights
reserved in federal patents or state deeds, building or use restrictions general
to the district, existing easements not inconsistent with Purchaser's intended
use, the Protective Covenants of the Seller, as provided below, and building or
zoning
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regulations or provisions shall not cause the Property to be unmarketable.
Encumbrances to be discharged by Seller shall be paid by Seller on or before
closing.
4. Title Insurance. Seller shall furnish to Purchaser an ALTA standard
form owners policy of title insurance in the amount of the purchase price. If
Purchaser elects to have an extended policy of title insurance, Seller agrees to
pay for the extended coverage provided Purchaser shall pay the cost of any
survey work necessary to obtain the extended title insurance coverage. As soon
as practical after execution of this Agreement by both parties, Seller shall
furnish Purchaser a preliminary commitment therefor issued by Land Title
Insurance Company with respect to all three Parcels, and Seller authorizes
closing agent to apply as soon as practical for such title insurance. The
Purchaser shall assume any cancellation fee for such commitment or policy.
Purchaser shall have seven (7) business days from the later of (i) the receipt
of the preliminary commitment or, (ii) execution of this Agreement by both
parties to determine if Purchaser accepts the title to the Property as
marketable. If Purchaser objects to any matter of record or any matter otherwise
reflected in the preliminary commitment, as making the Property unmarketable, by
giving written notice of such objection to Seller within the seven (7) days,
Seller shall have thirty (30) days thereafter to remove the matter to which the
objection is made. If title cannot be made marketable by the removal of the
matter objected to prior to the expiration of the thirty (30) days, Purchaser
may elect either to waive the matter to which the objection was made, accepting
title, as marketable notwithstanding the matter remains of record or continues
to be reflected in the title policy, or to terminate this Agreement.
If Purchaser has acquired Parcel One, then within three (3) business days
of Seller's receipt of Purchaser's notice as set forth in Section 9.2 below, the
closing agent shall obtain an updated Preliminary Commitment for Title Insurance
for Parcel Two ("First Updated Policy"). Purchaser shall have ten (10) business
days from the receipt of the First Updated Policy to object in writing to any
new matters appearing on said Policy. Seller shall have thirty (30) days
thereafter to remove the matter to which the objection is made. If title cannot
be made marketable by the removal of the matter objected to prior to the
expiration of the thirty (30) days, Purchaser may elect either to waive the
matter to which the objection was made, accepting title, as marketable
notwithstanding the matter remains of record or continues to be reflected in the
title policy, or to terminate this Agreement.
If Purchaser has acquired Parcel One and Parcel Two, then within three (3)
business days of Seller's receipt of Purchaser's notice as set forth in Section
9.3, below, the closing agent shall obtain an updated Preliminary Commitment for
Title Insurance for Parcel Three ("Second Updated Policy"). Purchaser shall have
ten (10) business days from the receipt of the Second Updated Policy to object
in writing to any new matters appearing on said Policy. Seller shall have thirty
(30) days thereafter to remove the matter to which the objection is made. If
title cannot be made marketable by the removal of the matter objected to prior
to the expiration of the thirty (30) days, Purchaser may elect either to waive
the matter to which the objection was made, accepting title, as marketable
notwithstanding the matter remains of record or continues to be reflected in the
title policy, or to terminate this Agreement.
5. Deed. Upon Purchaser timely paying the purchase price for any Parcel
as provided in this Agreement, Seller shall deliver to Purchaser at closing (as
defined in Section 9) a statutory
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warranty deed, conveying the Parcel being acquired free and clear of all liens
and encumbrances, but subject to matters of record or apparent on the Parcel
being acquired. Seller shall also terminate any lease between Seller, as lessor,
and Purchaser or any of its subsidiaries, as lessee, with respect to the Parcel
being conveyed to Purchaser.
6. Closing Costs and Prorations. Seller shall pay the real estate excise
tax, if any, and title insurance premium. Taxes for the current year, rents,
insurance, interest, mortgage reserves, water and other utilities constituting
liens shall be prorated as of the date of closing. Purchaser shall pay the
recording fees for the Statutory Warranty Deed and closing costs typically paid
by Purchasers in real estate transactions in Chelan County. The fees of ▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇▇, P.L.L.C., incurred in preparing this Agreement and negotiating
on behalf of Seller will be paid by Seller. Other costs associated with this
transaction shall be allocated as is the common practice in Chelan and ▇▇▇▇▇▇▇
Counties.
7. Seller's Representations. In addition to any other express agreement
of Seller contained herein, the matters set forth below in this Paragraph
constitute representations by Seller which shall be true and correct, on the
date of this Agreement, as to all Parcels and, as of the close of escrow, as to
the Parcel acquired in that closing and shall survive closing. Seller agrees to
indemnify the Purchaser and hold it harmless from any cost, expense or liability
(including without limitation reasonable attorneys' fees and expenses) related
to any breach of the representations set forth in this Section 7. In the event
that during the period between the execution of this Agreement and the close of
escrow Seller learns or has reason to believe that any of the following
representations cease to be true, Seller shall give written notice thereof to
Purchaser which notice shall constitute a withdrawal or cancellation of the
representations, to the extent set out in the notice. Purchaser may terminate
this Agreement by giving written notice of such termination to Seller within
seven (7) days from receipt by Purchaser of the withdrawal or cancellation of
the representation. If Purchaser terminates under this provision, the Deposit,
and interest paid on the Deposit, shall be returned to Purchaser.
7.1 Seller is not aware of any deficiencies or defects in the
Property, which are not apparent of record or by reasonable inspection;
7.2 There are no actions, suits, claims, legal proceedings, or any
other investigations or other proceedings affecting the Property, or any
portion thereof, at law or in equity before any federal, state, municipal
or other governmental department, commission, board, agency or
instrumentality, domestic or foreign. Seller is not in default with respect
to any order, judgment, injunction or decree of any court, federal, state
or municipal, or other governmental department, commission, board, agency
or instrumentality, domestic or foreign;
7.3 Seller has not received notice from any governmental agency
pertaining to the violation of any law or regulation affecting the Property
and Seller has no knowledge of any facts that might be a basis for any such
notice;
7.4 To the best of Seller's knowledge, information and belief, it
has complied with all laws, regulations and orders applicable to the
Property; and
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7.5 Seller has not caused or knowingly allowed the generation,
treatment, storage, or disposal of hazardous or toxic substances on the
Property, and to the best of the Seller's knowledge, no hazardous or toxic
substance has been released onto, at or near the Property by the Seller or
any third party, except for releases by the Purchaser and to the extent the
Property has been used as a commercial orchard in the past.
8. Inspection. Purchaser shall have twenty (20) days from the date of
this Agreement to inspect the condition of the Property. If Purchaser determines
the condition of the Property is not acceptable to Purchaser, Purchaser shall
give written notice of that determination to Seller within the twenty (20) days,
stating the reason why Purchaser has determined the condition of the Property is
unacceptable to Purchaser. If Seller removes the unacceptable condition prior to
closing, the parties shall proceed to close as provided in the Agreement. If
Seller does not remove the unacceptable condition prior to the date set for
closing, this Agreement shall terminate, Purchaser's Deposit, and any interest
paid on the Deposit, shall be returned to Purchaser, and neither party shall
have any further rights or obligations to the other as a result of this
Agreement.
9. Closing and Exercise of Options.
9.1 The closing of the sale of Parcel One shall occur within thirty
(30) days after execution of this Agreement by both parties, provided that
closing shall be extended by seven (7) business days, if Purchaser objects
to title claiming it to be unmarketable, as provided in Paragraph 4.
9.2 The closing of the sale of Parcel Two shall occur on a date
mutually agreeable to Seller and Purchaser on or before August 31, 1999;
provided (i) Parcel One has already been purchased by the Purchaser, and
(ii) Purchaser has provided Seller forty-five (45) days advance written
notice of its intent to purchase Parcel Two.
9.3 The closing of the sale of Parcel Three shall occur on a date
mutually agreeable to Seller and Purchase on or before June 10, 2000;
provided (i) Parcel One and Parcel Two have already been purchased by the
Purchaser, and (ii) Purchaser has provided Seller forty-five (45) days
advance written notice of its intent to purchase Parcel Three.
9.4 All sales shall be closed in the office of the closing agent,
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, P.L.L.C., or such other closing agent as the parties
may agree. Purchaser and Seller shall deposit with the closing agent all
instruments, documents and monies necessary to complete the sales in
accordance with this Agreement. Escrow fees shall be divided equally
between the Seller and Purchaser.
10. Closing Agent. For purposes of this Agreement, "closing agent" shall
be defined as the person authorized to perform escrow services pursuant to the
provisions of Chapter 18.44 RCW who is designated by the Parties hereto to
perform such services.
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11. Date of Closing. For purposes of this Agreement, "date of closing"
shall be construed as the date upon which all appropriate documents are recorded
and proceeds of this sale are available for disbursement to Seller.
12. Possession. Seller shall deliver possession of the Property, or the
portion thereof acquired by Purchaser as set forth herein, to Purchaser on the
date of closing.
13. Default. If Purchaser does not timely purchase the Property according
to the schedule set forth in Section 9, then the balance of the Deposit not
previously applied toward the purchase of a Parcel plus all accrued interest
shall be forfeited to Seller, as Seller's sole and exclusive remedy. If the
Seller defaults, Purchaser may seek specific performance of this Agreement,
damages or rescission.
14. Protective Covenants. Except as provided below, the Property shall,
after the closing, remain subject to the "Protective Covenants, Olds Station
Industrial Park, Port of Chelan County," (the "Covenants") as now or hereafter
adopted by Seller; provided that Purchaser shall have the right to review,
comment on, and negotiate with Seller regarding any changes or amended covenants
hereafter adopted; and provided further that any changes or amendments shall not
unreasonably restrict Purchaser's ability to make improvements on the Parcels,
interfere with Purchaser's ability to conduct its business, or discriminate
against Purchaser in favor of other landowners, including Seller. Purchaser has
received and is familiar with a copy of the Covenants currently in effect. The
Covenants, together with any changes or amendments made in accordance with this
paragraph, shall be binding on the Property and shall run with the land. As a
condition of the closing, the parties shall have reached agreement on the method
for resolving disputes regarding issues arising under the Covenants, including
the giving or withholding of consent by Seller to a requested plan for use or
condition of the Property, a request for a variance from the Covenants for the
Property, or other accommodation or change relative to the Covenants requested
by Purchaser. The parties anticipate the resolution shall be a method of binding
arbitration.
15. Sewage Capacity. Seller shall transfer or make available to the
Property normal sewage capacity of 35,000 gallons per day. It is anticipated
35,000 gallons of sewage capacity may exceed the amount necessary to service the
Property. After one (1) year, but not later than three (3) years after the date
of closing of the last Parcel to be purchased by Purchaser, the parties shall
determine the daily average historical use of sewage capacity and shall consider
the reasonably projected future use of sewage capacity at the Property, taking
into consideration future potential facilities and uses. If the Seller concludes
that the historical and reasonably projected future use of the Property is such
that the capacity allocated as set forth below appears in excess of the
reasonable needs of the Property, then the parties shall adjust the capacity so
that it is reduced to a number reasonably calculated to service the Property, or
portion thereof. In the event the parties cannot agree on the number of gallons
of sewage capacity reasonably necessary to service the Property, or portion
thereof, the matter shall be resolved by arbitration in the manner established
between the parties for the resolution of a dispute regarding, or the
interpretation of, the Covenants. At Seller's election, a memorandum of
agreement reflecting the provisions of this paragraph may be placed of record.
The above-referenced sewage
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capacity shall be allocated as follows and shall be transferred to the Purchaser
at the closing for each respective Parcel:
Parcel One: 15,000 gallons per day
Parcel Two: 8,000 gallons per day
Parcel Three: 12,000 gallons per day
16. Purchaser Represented by Attorney. Seller and Purchaser acknowledge
and understand that ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, P.L.L.C. is acting as the drafter of
this Agreement and the documents implementing this Agreement, and is not
providing independent legal advice to the Purchaser. Seller shall pay all costs
and fees of ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, P.L.L.C., in this transaction, except escrow
fees. Purchaser acknowledges that it has been advised and has had the
opportunity to seek independent counsel for review of documents.
17. Computation of Time. Unless otherwise expressly specified herein, any
period of time specified in this Agreement shall expire at 9:00 p.m. of the last
calendar day of the specified period of time, unless the last day is Saturday,
Sunday, or a legal holiday, as prescribed in RCW 1.16.050, in which event the
specified time shall expire at 9:00 p.m. of the next business day. Any specified
period of five (5) days or less shall include business days only.
18. AS-IS. NO WARRANTY. PURCHASER ACKNOWLEDGES IT IS FAMILIAR WITH THE
PROPERTY, HAS INVESTIGATED SAME, HAS BEEN IN POSSESSION OF PARCEL TWO AND PARCEL
THREE AS A TENANT, AND HAS BEEN PROVIDED WITH ADDITIONAL OPPORTUNITIES TO
INVESTIGATE THE PROPERTY PURSUANT TO THIS AGREEMENT. PURCHASER ACKNOWLEDGES AND
AGREES THAT IT IS RELYING SOLELY ON ITS INSPECTION AND INVESTIGATION OF THE
PROPERTY, AND ACCEPTS THE PROPERTY "AS IS, WHERE IS" IN ITS PRESENT CONDITION
WITH NO WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, EITHER ORAL OR WRITTEN, MADE
BY SELLER OR ANY EMPLOYEE, AGENT OR REPRESENTATIVE OF SELLER WITH RESPECT TO THE
PHYSICAL CONDITION OF THE PROPERTY, EXCEPT AS EXPRESSLY SET FORTH IN THIS
AGREEMENT. PURCHASER SHALL HAVE DETERMINED TO ITS SATISFACTION BEFORE CLOSING,
THAT THE PROPERTY CAN BE USED FOR THE PURPOSES PURCHASER INTENDS. EXCEPT AS
EXPRESSLY SET FORTH IN THIS AGREEMENT, PURCHASER ACKNOWLEDGES AND AGREES THAT
NEITHER SELLER NOR SELLER'S AGENT HAD MADE, AND DOES NOT MAKE, ANY
REPRESENTATIONS OR WARRANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER
EXPRESS OR IMPLIED, WITH RESPECT TO THE HABITABILITY, TENANTABILITY OR
SUITABILITY FOR COMMERCIAL OR RESIDENTIAL PURPOSES, MERCHANTABILITY, POTENTIAL
USE OF THE PROPERTY, OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, OR THE
PRESENCE OR ABSENCE OF ANY HAZARDOUS SUBSTANCES, WASTES OR MATERIALS AS DEFINED
BY STATE, FEDERAL OR LOCAL LAW, ALL OF WHICH WARRANTIES SELLER HEREBY EXPRESSLY
DISCLAIMS.
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19. Notices. Any notice required or authorized to be given under the
terms of this Agreement shall be given to the Seller or Purchaser at the address
indicated below the signature of the Seller or Purchaser. Delivery shall be
deemed to have occurred upon delivery to the Seller or the Purchaser in person
or by mailing the notice to the Seller or Purchaser at the addresses indicated
by the United States mail, certified postage prepaid.
20. Attorneys Fees and Costs. In the event it is necessary for any of the
Parties to this Agreement to utilize the services of any attorney to enforce any
alleged default under this Agreement that has not been cured within thirty days
after receipt by the other party of written notice of the default, such
enforcing Party shall be entitled to, in addition to other relief, compensation
for its reasonable attorneys' fees and costs. In the event of litigation
regarding any of the terms of this Agreement, the substantially prevailing Party
shall be entitled, in addition to other relief, to its reasonable attorneys'
fees and costs.
21. Essence of Time. TIME IS OF THE ESSENCE IN THIS AGREEMENT.
22. Entire Agreement. This Agreement contains the entire Agreement of the
Parties hereto, and except for any Agreements or warranties otherwise stated in
writing to survive the execution and delivery of this Agreement, supersedes all
other previous understandings and agreements, written and oral, with respect to
this transaction.
23. Savings Clause. Nothing in this Agreement shall be construed as to
require any act contrary to law, and wherever there is any conflict between the
provisions of this Agreement and any statute, law, public regulation or
ordinance, the latter shall prevail, but in such event, the provisions of this
Agreement affected shall be curtailed and limited only to the extent necessary
to bring it within legal requirements.
[remainder of this page left intentionally blank]
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24. Survival. All representations and warranties made under this
Agreement, and all duties and obligations of the Parties hereunder, to be
performed after the closing, shall survive the closing and remain in effect
until fulfilled and shall not merge with the recordation of any deeds.
DATED this 15 day of January, 1999.
SELLER: Seller's Address:
▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇.▇. ▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
By: /s/ Illegible
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Its: Director
DATED this 20 day of January, 1999.
PURCHASER: Purchaser's Address:
PACIFIC AEROSPACE & ELECTRONICS, INC.
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
------------------------------
Its: President/CEO
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EXHIBIT A
LEGAL DESCRIPTION
FOR
PORT OF CHELAN COUNTY
PA&E PROPERTY
PARCEL 1
A portion of the Northeast quarter of the Northeast quarter of Section 28,
Township 23 North, Range 20 East, ▇.▇., more particularly described as follows:
Commencing at the Northeast corner of Section 28 a found brass cap
monument; thence South 00(degree)34'36" East on the East line of Section 28 for
350.02 feet to a found monument in the centerline of Euclid Avenue; thence
continuing Northwesterly on a curve to the left with a delta angle of
63(degree)53'34" and a radius of 99.33 feet for an arc distance of 110.77 feet;
thence North 64(degree)29'15" West for 169.78 feet to the centerline
intersection of Euclid Avenue ("A" line revised 12/93 by Chelan County) and
▇▇▇▇▇▇▇▇ Avenue; thence South 23(degree)13'11" West for 158.98 feet to a found
monument in the centerline of ▇▇▇▇▇▇▇▇ Avenue; thence turning 90(degree) to the
right for 30.00 feet to the Northwesterly Right-of-Way of ▇▇▇▇▇▇▇▇ Avenue and
the Point Of Beginning of this description; thence North 23(degree)13'11" East
for 101.91 feet to a curve to the left with a delta angle of 87(degree)46'24"
and a radius of 27.00 feet with an arc distance of 41.36 feet; thence North
64(degree)29'15" West for 51.99 feet to a curve to the right with a delta angle
of 15(degree)43'27" and a radius of 180.00 feet for an arc distance of 49.40
feet to a point on the Southeasterly Right-of-Way of the Burlington Northern
Railroad; thence South 39(degree)40'29" West along said railroad Right-of Way
for 1017.18 feet; thence South 50(degree)19'57" East for 207.48 feet to a curve
to the right on the Northwesterly right-of-way of ▇▇▇▇▇▇▇▇ Avenue with a delta
angle of 23(degree)40'08" and a radius of 180.00 feet for an arc distance of
74.36 feet; thence North 39(degree)40'05" East for 628.30 feet to a curve to the
left with a delta angle of 16(degree)26'55" and a radius of 770.00 feet with an
arc distance of 221.05 feet and the Point Of Beginning of this description.
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EXHIBIT B
LEGAL DESCRIPTION
FOR
PORT OF CHELAN COUNTY
PA&E PROPERTY
PARCEL 2
A portion of the Northeast quarter of the Northeast quarter of Section 28,
Township 23 North, Range 20 East, ▇.▇., more particularly described as follows:
Beginning at the Northeast corner of Section 28 a found brass cap monument;
thence South 00(degree)34'36" East along the East line of Section 28 for 897.37
feet to a found monument in the centerline of Euclid Avenue; thence turning
90(degree) to the right for 30.00 feet to the West Right-of-Way of Euclid Avenue
and the point of curve; thence on said curve on the right with a delta angle of
85(degree)39'42" and a radius of 120.00 feet with an arc distance of 179.41;
thence South 85(degree)04'02" West for 88.06 feet to a curve to the left along
the Northerly Right-of-Way Olds Station Road, with a delta angle of
03(degree)18'31" and a radius of 940.00 feet with an arc distance of 54.28 feet
to the Point of Beginning of this description; thence continuing on said curve
with a radius of 940.00 feet and a delta angle of 03(degree)07'52" with an arc
distance of 51.37 feet; thence South 78(degree)37'38" West for 299.03 feet to a
curve to the left with a delta angle of 00(degree)16'04" and a radius of 640.00
feet for a distance of 2.99 feet; thence North 00(degree)00'00 East for a
distance of 315.90 feet to a point on the Southeasterly Right-of-Way of ▇▇▇▇▇▇▇▇
Avenue; thence North 39(degree)40'05" East along said Right-of-Way for 290.86
feet to a curve to the left with a delta angle of 04(degree)13'17" and a radius
of 830.00 feet with an arc distance of 61.15 feet; thence North 90(degree)00'00"
East 55.27 feet; thence South 00(degree)01'30" west for 533.78 to the Point of
Beginning.
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▇▇▇▇▇▇▇ ▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
▇▇▇
▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
PA&E PROPERTY
PARCEL 3
A portion of the Northeast Quarter of the Northeast Quarter of Section 28,
Township 23 North, Range 20 East, ▇.▇., more particularly described as follows:
Beginning at the Northeast corner of Section 28, a found brass cap
monument; thence South 00(degree)34'36" East along the East line of Section 28
for 350.02 feet to a found monument in the centerline of Euclid Avenue; thence
South 89(degree)24'29" West for 30.00 feet to the Westerly Right-of Way of
Euclid Avenue and the Point of Beginning; thence South 00(degree)35'41" East
along the Westerly Right-of-Way of Euclid Avenue for 547.35 feet to a curve to
the right having a delta angle of 85(degree)39'42" and a radius of 120.00 feet
for an arc distance of 179.41 feet; thence South 85(degree)04'02" West along the
Northerly Right-of-Way of Olds Station Road for 88.06 feet to a curve to the
left having a delta angle of 03(degree)18'31" and a radius of 940.00 feet for an
arc distance of 54.28 feet; thence North 00(degree)01'30" East for 533.78 feet;
thence North 90(degree)00'00" West for 55.27 feet to a point on the
Southeasterly Right-of-Way of ▇▇▇▇▇▇▇▇ Avenue; thence North Easterly on said
Right-of-Way on a curve to the left with a delta angle of 04(degree)56'20" and a
radius of 830.00 feet for an arc distance of 71.55 feet; thence continuing on a
curve to the left with a delta angle of 07(degree)17'18" and a radius of 830.00
feet for an arc distance of 105.58 feet; thence North 23(degree)13'11" East for
97.48 feet to a curve to the right with a delta angle of 92(degree)13'36" and a
radius of 27.00 feet for an arc distance of 43.46 feet; thence South
64(degree)29'15" Eats along the Southerly Right-of-Way of Euclid Avenue for
110.52 feet to a curve to the right with a delta angle of 63(degree)53'35" and a
radius of 69.33 feet for an arc distance of 77.31 feet to the Point of Beginning
of this description.
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