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Exhibit 10.12
AGREEMENT OF LEASE
AGREEMENT OF LEASE entered into as of September 1, 1986, by
and between XXXXX ASSOCIATES LIMITED PARTNERSHIP, a Connecticut limited
partnership registered to transact business in Michigan, 00 Xxxxxxx Xxxxx, Xxxx
Xxxxxxx, Xxxxxxxxxxx 00000 (hereinafter referred to as "Landlord") and NEBRASKA
BOOK COMPANY, INC., a Kansas corporation with offices at X.X. Xxx 00000,
Xxxxxxx, Xxxxxxxx 00000 (hereinafter referred to as "Tenant"),
W I T N E S S E T H:
Property Demised and Warranties. Landlord agrees to lease to
Tenant, upon the terms and conditions hereinafter set forth, the property and
all fixtures attached thereto located at 0000 Xxxxx Xxxxxxxxxx (Basement, First
and Second Floor) and 1117 South University (First Floor and Basement only), Ann
Arbor, Michigan (hereinafter referred to as the "Leased Premises"), and more
fully described in Schedule A attached hereto and made a part hereof.
Landlord represents and warrants that there are no liens or
encumbrances (except a certain mortgage to Xxxxx X. Xxxxxx, Trustee, dated as of
January 1, 1983, and recorded on February 23, 1983, in Liber 1865, Page 651 of
the Register of Deeds of Washtenaw County, Michigan) that affect or shall affect
Tenant's use of the property as herein set forth. So long as Tenant shall pay
rental and other sums provided herein and shall keep and perform all the terms,
covenants and conditions on its part contained herein, Landlord covenants Tenant
shall have the right to peaceful and quiet enjoyment of the premises.
Landlord further represents and warrants that he has full
right, power, and authority to enter into this Lease for the term herein set
forth and that there exist on the date this agreement is signed no city, county
or state zoning, building, or use restrictions which would prohibit Tenant from
continuing the use of the Leased Premises in its present manner for the purpose
herein contemplated.
Term and Extension. The initial term of this Lease shall be
for a period of ten (10) years, commencing September 1, 1986 and terminating
August 31, 1996, both dates inclusive. Tenant shall have the option to extend
this Lease for two (2) additional periods of ten (10) years each, provided
Tenant is not then in default of any of its obligations hereunder. However, and
notwithstanding anything to the contrary herein, Tenant's right to exercise its
option to extend the term shall in no event lapse until thirty (30) days after
Tenant receives written notice from Landlord that the period for exercise of the
option to extend will lapse after said thirty (30) days.
Tenant shall exercise its options to extend this Lease by
giving written notice of the exercise of each such option prior to a date six
(6) months before the
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end of the initial term of this Lease or the first extension term, as the case
may be, provided Tenant is not then in default of any of its obligations
hereunder.
The extended term shall be upon the same terms, covenants, and
conditions, as provided in this Lease for the initial term, except rent which
shall be as provided in the Rent section, below. Any rightful termination of
this Lease during the initial term or during any extension thereof shall
terminate any and all further rights of renewal or extension hereunder.
Rent.
A. The rent for the first thirty-six (36) months of the lease
term shall be Two Thousand Eight Hundred Ninety Dollars ($2,890.00) per month
payable in advance, beginning September 1, 1986.
B. The rent for the next twenty-four (24) months of the lease
term shall be Three Thousand One Hundred Dollars ($3,100.00) per month payable
in advance, beginning September 1, 1989.
C. On September 1, 1991 and every sixty (60) months
thereafter, during the rental term and, if applicable, the two (2) ten (10) year
option periods, the monthly rental shall be adjusted as the parties agree. In
the absence of agreement, the then existing fair rental value of the Leased
Premises shall be determined as follows:
The then existing fair rental value of the Leased Premises
shall be determined by the average of the appraised rental
value determined by three MAI real estate appraisers; one
selected by Landlord; one selected by Tenant; and the third
selected by the first two selected appraisers. The arbitrators
shall be governed by Chapter 50 of the Michigan Revised
Judicature Act, as amended, and a judgment of any Michigan
Circuit court may be rendered upon the award made pursuant to
this agreement.
In determining the then existing fair rental value of the
Leased Premises, whether by agreement or arbitration, other rental properties
owned by The Xxxx X. Xxxxxx Trust, by The Xxxxx X. Xxxxxx Trust, by Xxxxxx X.
Xxxxx or the Xxxxx Associates Limited Partnership, any successor thereto or by
any other trust, partnership or entity in which any of the foregoing have a
controlling interest, shall not be utilized or considered in such determination.
PROVIDED, the monthly rental shall not be less than that in
effect for the period immediately preceding adjustment. Further, any percentage
of rental increase for the period of September 1, 1991 through August 31, 1996
only shall in
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no event exceed the percentage increase in the consumer price index for the
period of September 1, 1986 through August 31, 1991.
PROVIDED, the monthly rental for this initial sixty (60)
months of each of the option periods shall be determined not less than sixty
(60) days prior to the last date for the exercise of the option.
D. All rent payments due hereunder shall be payable in
accordance with the terms of this section at 00 Xxxxxxx Xxxxx, Xxxx Xxxxxxx,
Xxxxxxxxxxx or at such place as Landlord may direct.
Use of Premises, Restrictions, and Quiet Enjoyment. It is
understood and agreed by the parties that Tenant intends to use the Leased
Premises for the operation of a retail bookstore and related retail uses;
however, if at any time during this Lease or any period of extension or renewal
thereof Tenant desires to use and occupy the premises for any other lawful
purpose, Tenant may do so provided that Tenant first obtains the prior written
consent of Landlord, which consent shall not be unreasonably withheld, and
provided further that the premises shall not be used or occupied for any
unlawful business, use, or purpose, nor for any business, use, or purpose deemed
extrahazardous or in violation of any governmental law or regulation presently
existing or subsequently enacted.
Asbestos and Hazardous Waste Materials. Landlord warrants that
it has not installed asbestos on or about the Leased Premises since after the
death of Xxxx X. Xxxxxx in 1981. To the best of Landlord's knowledge,
information and belief, the Leased Premises do not contain and have not past ten
(10) years contained any hazardous waste material subject to local, state or
federal regulations as to use, storage or disposal.
The parties understand that Tenant intends to continue the use
of the Leased Premises in the same manner as currently conducted. Landlord
recognizes that it is essential to Tenant to continue such use without the cost
of revisions or reconstruction required by any governmental authority.
Therefore, in the event asbestos or any hazardous waste material hereinbefore
described is found to be located on the Leased Premises on the date this
agreement is signed, Landlord, at its sole expense, and in compliance with
applicable law and regulation, shall promptly remove or contain any asbestos or
hazardous waste material within the Leased Premises.
Compliance with Law. Except as otherwise agreed in this Lease
or warranted in this Lease, Tenant shall, at its sole expense, comply with all
laws, orders, and regulations of federal, state and municipal authorities and
with any direction of any public officer, pursuant to law, which shall impose
any duty upon Landlord with respect to the Leased Premises and shall obtain all
licenses or permits which may be required for the conduct of its business within
the terms of this Lease
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or for the making of repairs, alterations, improvements, or additions, and
Landlord, where necessary, will join with Tenant in applying for all such
permits or licenses.
Repairs and Maintenance. Tenant shall, during the term of this
Lease or any renewal or extension thereof, at its sole expense, keep the
interior and exterior, including the roof (for the roof, as to 0000 Xxxxx
Xxxxxxxxxx only), of the Leased Premises in as good order and repair as it is at
the date of commencement of this Lease, reasonable wear and tear and damage by
accident, fire, or other casualty excepted. Tenant shall not knowingly commit or
willingly permit to be committed any act or thing contrary to the rules and
regulations prescribed from time to time by the Washtenaw County Board of Health
or which shall be contrary to the rules and regulations of any federal, state,
or municipal authority. Tenant has inspected the premises and is satisfied with
said premises and accepts the premises in its present condition, subject only to
Landlord's representations and undertakings herein.
Alterations and Improvements. Tenant shall have the right,
from time to time and at its sole expense, provided the same do not affect
adversely the structure of the premises, to make such alterations, improvements,
modifications or changes to, or decoration of the interior or exterior of the
Leased Premises as shall be reasonable or appropriate in Tenant's judgment for
Tenant's conduct thereon of its business. Tenant understands and agrees that
prior to any change, alteration, improvement, or modification to either the
interior or exterior of the Leased Premises, including signage, permission shall
first be obtained in writing from Landlord, such permission not to be
unreasonably withheld.
Any such alteration, improvement, modification, or change
(except for movable items and trade fixtures) shall, at termination of this
Lease or any extension thereof, become the exclusive property of Landlord, as
his interest may appear, and be surrendered with and as part of the Leased
Premises.
Taxes and Assessments. Landlord shall pay all real estate
taxes. Landlord shall also pay any special assessment imposed upon the Leased
Premises for any purpose whatsoever during the initial term of this Lease or any
extension thereof; except if a parking assessment is imposed, Tenant shall pay
any such assessment.
If the city, county, state, or any other political subdivision
within which the Leased Premises is located shall, during the term of this
Lease, impose upon the Landlord any tax or other governmental charge ("non-real
estate tax") in lieu of all or any part of the real estate taxes which, prior to
such imposition, were assessed or levied against the Leased Premises ("real
property taxes"), such non-real property tax shall, for purposes of this
paragraph, be treated as if it were a real estate tax.
Any personal property tax assessed on inventory or goods shall
be paid by Tenant.
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Insurance. Landlord shall keep the Leased Premises insured
against loss or damage by fire with extended coverage endorsement in an amount
sufficient to prevent Landlord from becoming a co-insurer under the terms of the
applicable policies but, in any event, in an amount not less than eighty percent
(80%) of the full insurable value as determined from time to time. The term
"full insurable value" shall mean actual replacement cost (exclusive of
excavation, foundations and footings below the basement floor) without deduction
for physical depreciation. Such insurance shall be issued by financially
responsible insurers duly authorized to do business in the State of Michigan.
Landlord shall pay the cost of fire and extended coverage insurance.
Tenant, at all times during the term of this Lease or any
extension or renewal thereof, at its expense, shall procure, maintain, and keep
in force general public liability insurance for claims for personal injury,
death, or property damage occurring in or about the Leased Premises, with limits
of not less than Five Hundred Thousand Dollars ($500,000.00) in respect to death
or injury to a single person; not less than One Million Dollars ($1,000,000.00)
in respect to any one accident; and not less than One Hundred Thousand Dollars
($100,000.00) in respect to property damage. Tenant shall name Landlord as an
additional insured thereunder.
Tenant shall further procure, maintain, and keep in force
building contents insurance in an amount acceptable and deemed necessary by
Tenant.
Tenant shall pay, or reimburse Landlord for, the premiums on a
policy of insurance insuring against loss of rent. Tenant shall also be liable
for plate glass insurance.
Each party agrees to waive any and all claims of subrogation
against the other as to any liability or potential liability of the other to the
extent any such claims are covered from time to time by policies of insurance
covering the Leased Premises.
Tenant shall deliver to Landlord appropriate certificates of
insurance confirming that the insurance to be obtained by Tenant hereunder is in
full force and effect and that prior to any cancellation thereof, notice of such
cancellation shall be given to Landlord.
Utilities and Other Services. Tenant shall make arrangements
for and shall pay, or cause to be paid, charges for any and all gas,
electricity, water, light, heat, air conditioning, power and telephone, or other
communication service used, rendered, or supplied upon or in connection with
Tenant's use of the Leased Premises and shall indemnify and hold Landlord
harmless for any liability or damages on such account.
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Property Loss, Damage, Etc. Landlord shall not be liable to
Tenant for any loss or damage:
(a) To property of Tenant, Tenant's agents,
servants, employees, visitors, or licensees entrusted to Landlord or Landlord's
agents or employees, or
(b) For any loss of property due to theft,
vandalism, or Acts of God, or
(c) For any injury or damage to persons or
property resulting from falling plaster, steam, gas, electricity, water, rain,
or snow which may leak from any part of said building or from the pipes,
appliances, or plumbing works thereof or from the street or from any place or by
dampness, or
(d) For any damage caused by other tenants,
subtenants, or persons in the Leased Premises, or
(e) For interference with the light or other
incorporeal hereditaments or caused by operation in construction of any public
or quasi-public work, or
(f) Any latent defect or for the presence of
bugs, vermin, or insects, if any, in the premises.
Fire, Other Casualty Loss. In all cases where the Leased
Premises is damaged in whole or in part by fire or other casualty, Landlord
shall repair the damage with reasonable dispatch, and if the damage has rendered
the Leased Premises untenantable, in whole or in part, there shall be an
apportionment of the rent until the damage has been repaired except as modified
by Tenant's obligation to insure against rent loss (see page 5 - Insurance). In
determining what constitutes reasonable dispatch, consideration shall be given
to delays caused by strikes, adjustment of insurance, and other causes beyond
Landlord's control.
All insurance proceeds paid by reason of any damage or loss
hereinabove described shall be paid to Landlord to be used by Landlord for the
purposes hereinabove set forth.
Condemnation. If the whole of the Leased Premises, or such
portion thereof as will make the Leased Premises unsuitable for the purposes
herein leased, is condemned for any public use or purpose by any legally
constituted authority, then, in either of such events, this Lease shall cease
from the time when possession is taken by such public authority, and rental
shall be accounted for between Landlord and Tenant as of the date of surrender
of possession. Such termination shall be without prejudice to the rights of
either Landlord or Tenant to recover compensation from the
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condemning authority for any loss or damage caused by such condemnation. Neither
Landlord nor Tenant shall have any rights in or to any award made to the other
by the condemning authority. If a portion of the Leased Premises is taken by
condemnation but the remaining premises may be still economically used for the
purposes set forth herein, there shall be an equitable apportionment of rent.
Sublet, Assignment. Tenant shall, from time to time, have the
right to sublet all or portions of the Leased Premises for the remainder of the
term or any extension thereof with the prior written approval of Landlord, which
approval Landlord shall not unreasonably withhold. In the event of any sublet of
the Leased Premises contemplated hereunder, Tenant shall remain primarily liable
for the payment of the rent herein reserved and for the performance of all other
terms and conditions of this Lease required to be performed by Tenant.
It is further understood and agreed that this Lease may be
assigned by Tenant upon written approval of the Landlord, such approval not to
be unreasonably withheld. However, Landlord specifically agrees that this Lease
may be assigned to and assumed by any parent or affiliated corporation of the
Company. Landlord may assign this Lease to any person or persons without written
approval of Tenant, provided that any assignee of Landlord agrees to abide by
all of the terms, covenants, and conditions set forth in this Lease.
Surrender at Termination. Tenant shall, on the expiration or
the sooner termination of the lease term, surrender to Landlord the Leased
Premises, including all replacements, changes, additions, and improvements
constructed or placed by Tenant therein, with all equipment in or appurtenant
thereto, except all movable items and trade fixtures installed by Tenant, in
good condition and repair, reasonable wear and tear excepted. Any movable items,
trade fixtures, equipment, or personal property belonging to Tenant or to any
other subtenant, if not removed at such termination and if Landlord shall so
elect, shall be deemed abandoned and become the property of Landlord without any
payment or offset therefor. If Landlord shall not so elect, Landlord may remove
such fixtures or property from the Leased Premises and store them at Tenant's
risk and expense. Tenant shall repair and restore and save Landlord harmless
from all damage to the Leased Premises caused by such removal, whether by Tenant
or by Landlord.
It is further understood and agreed that at the termination of
this Lease or any period of extension or renewal hereunder, Tenant shall
surrender the premises to Landlord and, at the time of such surrender, remove,
or cause to be removed, from the Leased Premises any and all items, of whatever
nature and wheresoever situate on the Leased Premises, that may in any way
interfere with Landlord's subsequent rental of the property as standard
commercial real estate.
Waiver. One or more waivers of any breach, covenant, or
condition of this Lease by Landlord shall not be, construed as a waiver of such
covenant or
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condition or as a waiver of any subsequent breach of the same covenant or
condition. No payment by Tenant or receipt by Landlord of a lesser amount than
the monthly rent herein stipulated shall be deemed to be other than on account
of Tenant for any balance due and owing, nor shall any endorsement on any
statement or check nor any letter accompanying any check or payment as rent be
deemed an accord and satisfaction, and Landlord may accept such check or payment
without prejudice to Landlord's rights to recover the balance of such rent or
pursue any other remedy provided in this Lease.
Breach, Default. The parties hereto expressly covenant and
agree that in the event there is a breach or default by Tenant in the
performance of any term, covenant, or condition herein contained or hereafter
established (and, with respect to any term, covenant or condition other than
payment of rent or other sums due of Tenant hereunder, such breach is not cured
by Tenant within ten (10) days after written notice thereof), or if proceedings
are commenced against Tenant in any court under a bankruptcy act or for the
appointment of a trustee or receiver of the Tenant's property, either before or
after the commencement of the lease term, Landlord may, upon the giving of
proper notice as provided for by the laws of the State of Michigan, terminate
this Agreement of Lease, and upon Tenant's failure to vacate the premises,
Landlord may re-enter or repossess the Leased Premises by summary proceedings
and dispossess or remove the Tenant or occupants thereof and their effects.
Landlord may store all property of Tenant so removed and Tenant shall pay
Landlord the rate of One Hundred Dollars ($100.00) per day as storage fees. Upon
re-entry or repossession, Landlord shall use all reasonable diligence to relet
the Leased Premises, or any part thereof, and collect from Tenant the difference
between the rent hereby reserved and agreed to be paid by Tenant for the portion
of the term remaining at the time of re-entry or repossession and the amount, if
any, received or to be received under such reletting for such portion of the
term. If the repossessed property is relet pursuant to the terms of this
section, Landlord may collect such rentals which, in his sole discretion, he may
deem advisable, with the right to make alterations and repairs to the premises.
Rentals received by Landlord from such reletting shall be applied as follows:
1. To the payment of any indebtedness, other than rent, due
hereunder from Tenant to Landlord, including all damages, attorney fees, and
costs sustained by Landlord as a result of the default of Tenant.
2. To the payment of rent due and unpaid hereunder.
3. To the payment of any cost of such reletting.
4. To the payment of the cost of any alteration or
repair to the premises.
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The residue, if any, shall be held by Landlord and applied in
payment of future rent as the same may become due and payable hereunder. Should
such rentals received from such reletting during any month be less than the
amount agreed to be paid that month by the Tenant hereunder, then Tenant shall
pay such deficiency to Landlord. Such deficiency shall be calculated and paid
monthly.
No such reentry and/or taking possession of the premises by
Landlord shall be construed as an election on his part to terminate this Lease
unless written notice of such intent shall be given to Tenant or unless the
termination hereof be decreed by a court of competent jurisdiction.
Should Landlord at any time terminate this Lease for any
breach, in addition to any other remedy he may have, he may recover from Tenant
all damages that may be incurred by reason of such breach, including the cost of
recovering the premises and including the worth at the time of such termination
of the excess, if any, of the amount of rent and charges equivalent to rent
reserved in this Lease for the remainder of this date of term over the then
reasonable rental value of the premises for the remainder of this date of term.
If the Landlord shall breach any of the conditions required to
be performed by him under this Lease and such breach is not cured by Landlord
within ten (10) days after written notice thereof, Tenant may either cure such
breach and deduct the cost thereof from rent subsequently becoming due hereunder
or elect to terminate this Lease upon giving at least thirty (30) days notice to
Landlord of its intention to do so, in which event this Lease shall terminate
upon the date fixed in such notice (unless the Landlord shall have meanwhile
cured such default).
Notwithstanding the foregoing, if it is not reasonably
possible for the Landlord or the Tenant, as the case may be, to cure a stated
breach within ten (10) days after written notice thereof, the other party shall
withhold enforcement of its remedies stated in this section for a reasonable
period, PROVIDED that the party to whom such written notice is given must be
pursuing a cure thereof diligently and in good faith. The immediately preceding
sentence of this paragraph, however, shall not apply to any breach or default by
Tenant f or which ten (10) days written notice is not required (including
Tenant's failure to pay rent or other sums due of Tenant hereunder).
Notices. Any notice required to be given by the terms of this
Lease shall be in writing and shall be sent by first class: mail to the last
address of the party to whom the notice is to be given, as designated by such
party in writing. Landlord hereby designates his address as 00 Xxxxxxx Xxxxx,
Xxxx Xxxxxxx, Xxxxxxxxxxx. Tenant hereby designates its address as X.X. Xxx
00000, Xxxxxxx, Xxxxxxxx 00000.
Entire Agreement; Severability. This Lease contains the entire
agreement between the parties and shall not be modified in any manner except by
an
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instrument in writing executed by the parties. If any term or provision of this
Lease or the application thereof to any person or circumstance shall, to any
extent, be invalid or unenforceable, the remainder of this Lease, or the
application of such term or provision to persons or circumstances other than
those as to which it is held invalid and unenforceable, shall not be affected
thereby and each other term and provision of this Lease shall be valid and
enforced to the fullest extent permitted by law. The covenants, conditions, and
agreements contained in this Lease shall bind and inure to the benefit of
Landlord and Tenant and their respective heirs, distributees, personal
representatives, trustees, successors, and assigns.
Joint Default. If Tenant shall breach or default in the
performance of any term, covenant or condition contained or hereafter
established in any other lease with Landlord for other property located in
Washtenaw County, Michigan, such breach or default shall be deemed a breach or
default under this Agreement of Lease
Access to Leased Premises. If access to the Leased Premises is
by stairway or other areas not within the Leased Premises, Landlord shall
provide all necessary and reasonable access for the benefit of Tenant. If the
Leased Premises includes stairways or other areas that are required for access
to other rental properties not included as part of the Leased Premises, Tenant
shall permit necessary and reasonable access to such other rental properties;
PROVIDED, however, Tenant's consent to such access shall be first obtained.
Tenant shall not unreasonably withhold such consent.
First Refusal Option as to 1111 South University Only. The
Landlord hereby grants to Tenant a first refusal option to purchase that portion
of the Leased Premises commonly known as 0000 Xxxxx Xxxxxxxxxx Xxxxxx during the
term of this Lease and any extension or renewal term. The Landlord shall give
written notice to Tenant of all of the terms and conditions of any proposed
offering for sale (including any unsolicited offer to purchase not attendant to
a proposed offering of Landlord), during the option period, and the Tenant shall
have sixty (60) days thereafter to exercise said option. Should the option not
be exercised, the Landlord may thereafter offer said property for sale and may
consummate a sale subject to this Lease to any third party or parties on the
terms and conditions of said written notice within twelve (12) months from the
expiration of Tenant's sixty (60) day period. Any material variation from said
terms and conditions shall require a re-submission of the offer to the Tenant
under this option. It is understood that such sale to a third party or parties
may include 0000 Xxxxx Xxxxxxxxxx (or other properties) for additional
consideration and under additional terms and conditions. The Tenant's failure to
exercise this option, or the Tenant's written waiver of this option with respect
to any proposed offer for sale shall not constitute a waiver of the option
rights created herein with respect to any subsequent transaction.
IN WITNESS WHEREOF, the parties have herewith set their hands
and seals as of the day and year first above written.
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WITNESS: LANDLORD:
XXXXX ASSOCIATES LIMITED
PARTNERSHIP, a Connecticut
limited partnership
/s/Xxx Xxxxxx
/s/Xxxxxx X. Xxxxxxx By: /s/Xxxxxx Xxxxx
Xxxxxx Xxxxx, General Partner
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IN WITNESS WHEREOF, the parties have herewith set their hands
and seals as of the day and year first above written.
WITNESS: LANDLORD:
/s/Xxx X. Xxxx /s/ Xxxx X. XxXxxx
Xxxx X. XxXxxx, Successor
/s/Xxxxxx Xxxxxx Trustee of The Xxxx X. Xxxxxx
Trust, as amended
NEBRASKA BOOK COMPANY, INC.
/s/Xxxx X. Xxxxxx By: /s/Xxxx X. Xxxx
Vice President
/s/Xxxxx X. Xxxxxx
STATE OF MICHIGAN )
) ss.
COUNTY OF WASHTENAW)
The foregoing instrument was acknowledged before me this 26th
day of August, 1986, by Xxxx X. XxXxxx, Successor Trustee of The Xxxx X.
Xxxxxx Trust, as amended.
/s/ Xxx X. Xxxx
Notary Public
Washtenaw County, Michigan
My Commission Expires: 3-6-90
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STATE OF MICHIGAN )
) ss.
COUNTY OF WASHTENAW)
The foregoing instrument was acknowledged before me this
28th day of August, 1986, by Xxxx X. Xxxx of Nebraska Book Company, Inc., a
Kansas corporation, on' behalf of the corporation.
/s/ Xxxxxxxx X. Xxxxx
Notary Public
Washtenaw County, Michigan
My Commission Expires:
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Schedule A
AGREEMENT OF LEASE
Xxxxxx Trust - Nebraska Book Company, Inc.
Premises located in the City of Xxx Arbor, Washtenaw County,
Michigan, described as:
The basement, first and second floor of that portion of the
following described premises that is commonly known as 0000 Xxxxx
Xxxxxxxxxx Xxxxxx, Xxx Xxxxx, Xxxxxxxx:
AS TO 0000 - 0000 XXXXX XXXXXXXXXX: Beginning at a point in the North line of
South University Avenue 122.66 feet East of the SW corner of Lot 21, X. X.
Xxxxx'x Addition to the City of Xxx Arbor, as recorded in Liber 42 of Deeds,
page 446 and 447, Washtenaw County Records; thence East in the North line of
South University Avenue 34.70 feet; thence N'ly 82.0 feet to a point 157.26 feet
East of the West line of Lot 20 in said Addition; thence West parallel to South
University Avenue 34.70 feet; thence S'ly along a line which is the continuation
N'ly of the West face of the West wall of the existing building and along the
West face of the existing wall 82.00 feet to the Place of Beginning, being a
part of Lots 20, 21 and 29, X. X. Xxxxx'x Addition to the City of Xxx Arbor.
The first floor and basement only of that portion of the
following described premises that is commonly known as 0000 Xxxxx
Xxxxxxxxxx Xxxxxx, Xxx Xxxxx, Xxxxxxxx:
AS TO 0000 - 0000 XXXXX XXXXXXXXXX: Beginning at a point in the North line of
South University Avenue 157.36 feet East of the SW corner of Lot 21, X. X.
Xxxxx'x Addition to the City of Xxx Arbor, as recorded in Liber 42 of Deeds,
pages 446 and 447, Washtenaw County Records; thence East in the North line of
South University Avenue 41.72 feet to the SE corner of Lot 29; thence N'ly 92.0
feet in the East line of said Lot 29; thence West parallel to Xxxxx Xxxxxxxxxx
Xxxxxx 41.82 feet; thence S'ly 92.0 feet to the Place of Beginning, being a part
of Lot 29, X.X. Xxxxx'x Addition to the City of Xxx Arbor.
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[Xxxxxxxx & Dames Letterhead]
April 26, 1992
Xx. Xxxx Xxxxxx
General Manager
Xxxxxx Bookstore
000 Xxxx Xxxxxxxxxx
Xxx Xxxxx, XX 00000
Dear Xxxx,
This letter will give you the authority to use the parking lot located at 609
East University for private parking. The city will remove their meters on April
30, 1992.
The only restriction we foresee at this time is the need to keep the access open
to the stores on South University that back up to the lot. This access should be
maintained as in the past. I informed the Oasis and Normandy Flowers of this
change and told them to contact you if they had any questions.
The rent for the lot is $600.00 per month, payable on the first of each month.
Please let me know if you have any questions.
Sincerely,
/s/ Xxxx X. Xxxxxxxx
Xxxx X. Xxxxxxxx
Property Manager
JHC/ec
