Exhibit 10 (r)
PROMISSORY NOTE
Loan No.
$3,500,000
December 24, 1997
New York, New York
FOR VALUE RECEIVED, the undersigned, XxXXXXX PROPERTIES, a general
partnership ("Borrower"), jointly and severally, if more than one, promises to
pay to the order of Column Financial, Inc., a Delaware Corporation ("Lender"),
at the office of Lender at 0000 Xxxxxxxxx Xxxx, X.X., Xxxxx 0000, Xxxxxxx,
Xxxxxxx 00000-1 1 13, or at such other place as Lender may designate to Borrower
in writing from time to time, the principal sum of THREE MILLION FIVE HUNDRED
THOUSAND DOLLARS ($3,500,000), together with interest on so much thereof as is
from time to time outstanding and unpaid, from the date of the advance of the
principal evidenced hereby, at a fluctuating rate equal to the sum, from time to
time, of (a) the LIBOR Rate as in effect from time to time plus (b) Two Hundred
Basis Points (2.0% per annum) (the 'Note Rate"), in lawful money of the United
States of America, which shall at the time of payment be legal tender in payment
of all debts and dues, public and private.
ARTICLE I - TERMS AND
CONDITIONS
1.01 Pavment of Principal and Interest.
(a) Said interest shall be computed hereunder based on a 360-day
year and based on twelve (12) 30-day months for each full calendar month and on
the actual number of days elapsed for any partial month in which interest is
being calculated. In computing the number of days during which interest accrues,
the day on which funds are initially advanced shall be included regardless of
the time of day such advance is made, and the day on which funds are repaid
shall be included unless repayment is credited prior to close of business.
Payments in federal funds immediately available in the place designated for
payment received by Lender prior to 2:00 p.m. local time at said place of
payment shall be credited prior to close of business, while other payments may,
at the option of Lender, not be credited until immediately available to Lender
in federal funds in the place designated for payment prior to 2:00 p.m. local
time at said place of payment on a day on which Lender is open for business.
Such principal and interest shall be payable in consecutive monthly
installments, beginning on February 1, 1998 or the first business day
thereafter, and continuing on the first day of each and every month thereafter
through and including April 2, 1998 (the "Maturity Date"), at which time the
entire outstanding principal balance hereof, together with all accrued but
unpaid interest thereon, shall be due and payable in full. Each such monthly
installment shall equal the amount of interest accrued during the preceding
month as calculated by Xxxxxx, which calculation shall be final in the absence
of manifest error reported in writing within fifteen days. Each such payment
shall be applied first to the payment of accrued interest and then to reduction
of principal. Borrower shall pay to Xxxxxx contemporaneously with the execution
hereof interest at the foregoing interest rate for a period from the date hereof
through and including the last day of the calendar month in which funding
occurs.
(b) For all purposes of this Note, "Libor Rate" shall mean the U.S.
Dollar rate (rounded upward to the nearest one-sixteenth of one percent) listed
on page 3750 (i.e., the Libor page) of the Telerate News Services titled
"BRITISH BANKER ASSOCIATION INTEREST SETTLEMENT RATES" for a designated maturity
of one (1) month determined as of 1 1:00 a.m. London Time on the second (2nd)
full Eurodollar Business Day next preceding the first day of each month with
respect to which interest is payable under the Loan (unless such date is not a
Business Day in which event the next succeeding Eurodollar Business Day which is
also a Business Day will be used). If the Telerate News Services (a) publishes
more than one ( I ) such Libor Rate, the average of such rates shall apply, or
(b) ceases to publish the Libor Rate, then the Libor Rate shall be determined
from such substitute financial reporting service as Lender in its discretion
shall determine. The term "EURODOLLAR BUSINESS DAY", shall mean any day on which
banks in the City of London are generally open for interbank or foreign exchange
transactions.
1.02 Prepayment.
(a) This Note may be prepaid in whole but not in part at any time,
provided (i) written notice of such prepayment is received by Lender not more
than sixty (60) days and not less than ten (10) days prior to the date of such
prepayment, and (ii) such prepayment is received on the first day of a calendar
month (or, if such prepayment is not received on the first day of a calendar
month, interest is paid through the last day of such calendar month) and is
accompanied by all interest accrued hereunder and all other sums due hereunder
or under the other Loan Documents.
(b) Partial prepayments of this Note shall not be permitted, except
partial prepayments resulting from Lender applying insurance or condemnation
proceeds to reduce the outstanding principal balance of this Note as provided in
the Security Instrument, in which event no prepayment fee or premium shall be
due. No notice of prepayment shall be required under the circumstance specified
in the preceding sentence. No principal amount repaid may be reborrowed. Partial
payments of principal shall be applied to the unpaid principal balance evidenced
hereby but such application shall not reduce the amount of the monthly
installments required to be paid pursuant to Section 1.01 above.
1.03 Security. The indebtedness evidenced by this Note and the obligations
created hereby are secured by that certain Mortgage and Security Agreement (the
"Security Instrument") from Borrower to Lender, dated as of even date herewith,
concerning property located in Berks County, Pennsylvania. The Security
Instrument together with this Note and all other documents to or of which Xxxxxx
is a party or beneficiary now or hereafter evidencing, securing, guarantying,
modifying or otherwise relating to the indebtedness evidenced hereby, are herein
referred to collectively as the "Loan Documents". All of the terms and
provisions of the Loan Documents are incorporated herein by reference. Some of
the Loan Documents are to be filed for record on or about the date hereof in the
appropriate public records.
1.04 Default. It is hereby expressly agreed that should any default occur
in the payment of principal or interest as stipulated above and such payment is
not made within five (5) days of the date such payment is due (provided that no
grace period is provided for the payment of principal and interest due on the
Maturity Date), or should any other default occur under any of the Loan
Documents which is not cured within any applicable grace or cure period, then a
default shall exist hereunder, and in such event the indebtedness evidenced
hereby, including all sums advanced or accrued hereunder or under any other Loan
Document, and all unpaid interest accrued thereon, shall, at the option of
Lender and without notice to Borrower, at once become due and payable and may be
collected forthwith, whether or not there has been a prior demand for payment
and regardless of the stipulated date of maturity. In the event that any payment
is not received by Lender on the date when due (subject to the applicable grace
period), then in addition to any default interest payments due hereunder,
Borrower shall also pay to Lender a late charge in an amount equal to five
percent (5.0%) of the amount of such overdue payment. So long as any default
exists hereunder, regardless of whether or not there has been an acceleration of
the indebtedness evidenced hereby, and at all times after maturity of the
indebtedness evidenced hereby (whether by acceleration or otherwise), interest
shall accrue on the outstanding principal balance of this Note at a rate per
annum equal to four percent (4.0%) plus the interest rate which would be in
effect hereunder absent such default or maturity, or if such increased rate of
interest may not be collected under applicable law, then at the maximum rate of
interest, if any, which may be collected from Borrower under applicable law (the
"Default Interest Rate"), and such
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default interest shall be immediately due and payable. Borrower acknowledges
that it would be extremely difficult or impracticable to determine Xxxxxx's
actual damages resulting from any late payment or default, and such late charges
and default interest are reasonable estimates of those damages and do not
constitute a penalty. The remedies of Lender in this Note or in the Loan
Documents, or at law or in equity, shall be cumulative and concurrent, and may
be pursued singly, successively or together in Xxxxxx's discretion. Time is of
the essence of this Note. In the event this Note, or any part hereof, is
collected by or through an attorney-at-law, Xxxxxxxx agrees to pay all costs of
collection including, but not limited to, reasonable attorney's fees.
1.05 Exculpation. Notwithstanding anything in the Loan Documents to the
contrary, but subject to the qualifications hereinbelow set forth, Xxxxxx agrees
that (i) Borrower shall be liable upon the indebtedness evidenced hereby and for
the other obligations arising under the Loan Documents to the full extent (but
only to the extent) of the security therefor, the same being all properties
(whether real or personal), rights, estates and interests now or at any time
hereafter securing the payment of this Note and/or the other obligations of
Borrower under the Loan Documents (collectively, the "Security Property"), (ii)
if default occurs in the timely and proper payment of all or any part of such
indebtedness evidenced hereby or in the timely and proper performance of the
other obligations of Borrower under the Loan Documents, any judicial proceedings
brought by Lender against Borrower shall be limited to the preservation,
enforcement and foreclosure, or any thereof, of the liens, security titles,
estates, assignments, rights and security interests now or at any time hereafter
securing the payment of this Note and/or the other obligations of Borrower under
the Loan Documents, and confirmation of any sale under power of sale, and no
attachment, execution or other writ of process shall be sought, issued or levied
upon any assets, properties or funds of Borrower other than the Security
Property except with respect to the liability described below in this section,
and (iii) in the event of a foreclosure of such liens, security titles, estates,
assignments, rights or security interests securing the payment of this Note
and/or the other obligations of Borrower under the Loan Documents, whether by
judicial proceedings or exercise of power of sale, no judgment for any
deficiency upon the indebtedness evidenced hereby shall be sought or obtained by
Lender against Borrower, except with respect to the liability described below in
this section; provided, however, that, notwithstanding the foregoing provisions
of this section, Borrower shall be fully and personally liable and subject to
legal action (a) for proceeds paid under any insurance policies (or paid as a
result of any other claim or cause of action against any person or entity) by
reason of damage, loss or destruction to all or any portion of the Security
Property, to the full extent of such proceeds not previously delivered to
Lender, but which, under the terms of the Loan Documents, should have been
delivered to Lender, (b) for proceeds or awards resulting from the condemnation
or other taking in lieu of condemnation of all or any portion of the Security
Property, or any of them. to the full extent of such proceeds or awards not
previously delivered to Lender, but which, under the terms of the Loan
Documents, should have been delivered to Lender, (c) for all tenant security
deposits or other refundable deposits paid to or held by Borrower or any other
person or entity in connection with leases of all or any portion of the Security
Property which are not applied in accordance with the terms of the applicable
lease or other agreement, (d) for rent and other payments received from tenants
under leases of all or any portion of the Security Property paid more than one
month in advance, (e) for rents, issues, profits and revenues of all or any
portion of the Security Property received or applicable to a period after any
notice of default from Lender hereunder or under the Loan Documents in the event
of any default by Borrower hereunder or thereunder which are not either applied
to the ordinary and necessary expenses of owning and operating the Security
Property or paid to Lender, (f) for damage to the Security Property as a result
of the intentional misconduct or gross negligence of Borrower or any of its
principals, officers or general partners, or any agent or employee of any such
persons, or any removal of the Security Property in violation of the terms of
the Loan Documents, to the full extent of the losses or damages incurred by
Lender on account of such failure, (g) for failure to pay any valid taxes,
assessments, mechanic's liens, materialmen's liens or other liens which could
create liens on any portion of the Security Property which would be superior to
the lien or security title of the Security Instrument or the other Loan
Documents, to the
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full extent of the amount claimed by any such lien claimant, (h) for all
obligations and indemnities of Borrower under the Loan Documents relating to
hazardous or toxic substances or compliance with environmental laws and
regulations to the full extent of any losses or damages (including those
resulting from diminution in value of any Security Property) incurred by Lender
as a result of the existence of such hazardous or toxic substances or failure to
comply with environmental laws or regulations, (i) for fraud or material
misrepresentation by Borrower or any of its principals, officers, or general
partners, any guarantor, any indemnitor or any agent, employee or other person
authorized or apparently authorized to make statements or representations on
behalf of Borrower, any principal, officer or partner of Borrower, any guarantor
or any indemnitor, to the full extent of any losses, damages and expenses of
Lender on account thereof, and (j) for any breach of the covenants in the
Security Instrument relating to the Ground Leases or relating to further
assurances and delivery of additional security documentation, in each case to
the full extent of any losses, damages and expenses of Lender on account
thereof. References herein to particular sections of the Loan Documents shall be
deemed references to such sections as affected by other provisions of the Loan
Documents relating thereto. Nothing contained in this section shall (i) be
deemed to be a release or impairment of the indebtedness evidenced by this Note
or the other obligations of Borrower under the Loan Documents or the lien of the
Loan Documents upon the Security Property, or (ii) preclude Lender from
foreclosing the Loan Documents in case of any default or from enforcing any of
the other rights of Lender except as stated in this section, or (iii) limit or
impair in any way whatsoever the Indemnity Agreement of even date executed and
delivered in connection with the indebtedness evidenced by this Note or release,
relieve, reduce, waive or impair in any way whatsoever, any obligation of any
party to such Indemnity Agreement.
ARTICLE II- GENERAL CONDITIONS
2.01 No Waiver: Amendment. No failure to accelerate the debt evidenced
hereby by reason of default hereunder, acceptance of a partial or past due
payment, or indulgences granted from time to time shall be construed (i) as a
novation of this Note or as a reinstatement of the indebtedness evidenced hereby
or as a waiver of such right of acceleration or of the right of Lender
thereafter to insist upon strict compliance with the terms of this Note. or (ii)
to prevent the exercise of such right of acceleration or any other right granted
hereunder or by any applicable laws; and Borrower hereby expressly waives the
benefit of any statute or rule of law or equity now provided, or which may
hereafter be provided, which would produce a result contrary to or in conflict
with the foregoing. No extension of the time for the payment of this Note or any
installment due hereunder, made by agreement with any person now or hereafter
liable for the payment of this Note shall operate to release, discharge, modify,
change or affect the original liability of Borrower under this Note, either in
whole or in part unless Xxxxxx agrees otherwise in writing. This Note may not be
changed orally, but only by an agreement in writing signed by the party against
whom enforcement of any waiver, change, modification or discharge is sought.
2.02 Waivers. Presentment for payment, demand, protest and notice of
demand, protest and nonpayment and all other notices are hereby waived by
Xxxxxxxx. Borrower hereby further waives and renounces, to the fullest extent
permitted by law, all rights to the benefits of any statute of limitations and
any moratorium, reinstatement, marshalling, forbearance, valuation, stay,
extension, redemption, appraisement, exemption and homestead now or hereafter
provided by the Constitution and laws of the United States of America and of
each state thereof, both as to itself and in and to all of its property, real
and personal, against the enforcement and collection of the obligations
evidenced by this Note or the other Loan Documents.
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2.03 Limit of Validity. provisions of this Note and of all agreements
between Borrower and Lender, whether now or existing or hereafter arising and
whether written or oral, are hereby expressly limited so that in no contingency
or event whatsoever, whether by reason of demand or acceleration of the maturity
of this Note or otherwise, shall the amount paid, or agreed to be paid
("Interest"), to Lender for the use, forbearance or retention of the money
loaned under this Note exceed the maximum amount permissible under applicable
law. If, from any circumstance whatsoever, performance or fulfillment of any
provision hereof or of any agreement between Borrower and Lender shall, at the
time performance or fulfillment of such provision shall be due, exceed the limit
for Interest prescribed by law or otherwise transcend the limit of validity
prescribed by applicable law, then ipso facto the obligation to be performed or
fulfilled shall be reduced to such limit and if, from any circumstance
whatsoever, Lender shall ever receive anything of value deemed Interest by
applicable law in excess of the maximum lawful amount, an amount equal to any
excessive Interest shall be applied to the reduction of the principal balance
owing under this Note in the inverse order of its maturity (whether or not then
due) or at the option of Lender be paid over to Borrower, and not to the payment
of Interest. All Interest (including any amounts or payments deemed to be
Interest) paid or agreed to be paid to Lender shall, to the extent permitted by
applicable law, be amortized, prorated, allocated and spread throughout the full
period until payment in full of the principal balance of this Note so that the
Interest thereof for such full period will not exceed the maximum amount
permitted by applicable law. This Section 2.03 will control all agreements
between Borrower and Lender.
2.04 Use of Funds. Borrower hereby warrants, represents and covenants that
no funds disbursed hereunder shall be used for personal, family or household
purposes.
2.05 Unconditional Payment. Borrower is and shall be obligated to pay
principal, interest and any and all other amounts which become payable hereunder
or under the other Loan Documents absolutely and unconditionally and without any
abatement, postponement, diminution or deduction and without any reduction for
counterclaim or setoff. In the event that at any time any payment received by
Lender hereunder shall be deemed by a court of competent jurisdiction to have
been a voidable preference or fraudulent conveyance under any bankruptcy,
insolvency or other debtor relief law, then the obligation to make such payment
shall survive any cancellation or satisfaction of this Note or return thereof to
Borrower and shall not be discharged or satisfied with any prior payment thereof
or cancellation of this Note, but shall remain a valid and binding obligation
enforceable in accordance with the terms and provisions hereof, and such payment
shall be immediately due and payable upon demand.
2.06 Miscellaneous. This Note shall be interpreted, construed and enforced
according to the laws of the State of New York. The terms and provisions hereof
shall be binding upon and inure to the benefit of Xxxxxxxx and Xxxxxx and their
respective heirs, executors, legal representatives, successors,
successors-in-title and assigns, whether by voluntary action of the parties or
by operation of law. As used herein, the terms "Borrower" and "Lender" shall be
deemed to include their respective heirs, executors, legal representatives,
successors, successors-in-title and assigns, whether by voluntary action of the
parties or by operation of law. If Borrower consists of more than one person or
entity, each shall be jointly and severally liable to perform the obligations of
Borrower under this Note. All personal pronouns used herein, whether used in the
masculine, feminine or neuter gender, shall include all other genders; the
singular shall include the plural and vice versa. Titles of articles and
sections are for convenience only and in no way define, limit, amplify or
describe the scope or intent of any provisions hereof. Time is of the essence
with respect to all provisions of this Note. This Note and the other Loan
Documents contain the entire agreements between the parties hereto relating to
the subject matter hereof and thereof and all prior agreements relative hereto
and thereto which are not contained herein or therein are terminated.
2.07 Confession of Judgment. FOR THE PURPOSE OF OBTAINING POSSESSION OF
THE SECURITY PROPERTY IN THE EVENT OF ANY DEFAULT HEREUNDER OR UNDER THE
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SECURITY INSTRUMENT, XXXXXXXX HEREBY AUTHORIZES AND EMPOWERS ANY ATTORNEY OF ANY
COURT OF RECORD IN THE COMMONWEALTH OF PENNSYLVANIA OR ELSEWHERE, AS ATTORNEY
FOR BORROWER AND ALL PERSONS CLAIMING UNDER OR THROUGH BORROWER, TO APPEAR FOR
AND CONFESS JUDGMENT IN EJECTMENT AGAINST XXXXXXXX, AND AGAINST ALL PERSONS
CLAIMING UNDER OR THROUGH BORROWER, IN FAVOR OF XXXXXX, FOR RECOVERY BY LENDER
OF POSSESSION OF THE SECURITY PROPERTY, FOR WHICH THIS NOTE, OR A COPY THEREOF
VERIFIED BY AFFIDAVIT, SHALL BE A SUFFICIENT WARRANT; AND THEREUPON A WRIT OF
POSSESSION MAY IMMEDIATELY ISSUE FOR POSSESSION OF THE SECURITY PROPERTY,
WITHOUT ANY PRIOR WRIT OR PROCEEDING WHATSOEVER AND WITHOUT ANY STAY OF
EXECUTION. IF FOR ANY REASON AFTER SUCH ACTION HAS BEEN COMMENCED IT SHALL BE
DISCONTINUED, OR POSSESSION OF THE SECURITY PROPERTY SHALL REMAIN IN OR BE
RESTORED TO BORROWER, LENDER SHALL HAVE THE RIGHT FOR THE SAME DEFAULT OR ANY
SUBSEQUENT DEFAULT TO BRING ONE OR MORE FURTHER AMICABLE ACTIONS AS ABOVE
PROVIDED TO RECOVER POSSESSION OF THE SECURITY PROPERTY. LENDER MAY CONFESS
JUDGMENT IN EJECTMENT AS PROVIDED HEREIN BEFORE OR AFTER THE INSTITUTION OF
PROCEEDINGS TO FORECLOSE THE SECURITY INSTRUMENT OR TO ENFORCE THIS NOTE, OR
AFTER ENTRY OF JUDGMENT THEREIN OR ON THIS NOTE, OR AFTER A SHERIFF'S SALE OR
JUDICIAL SALE OR OTHER FORECLOSURE SALE OF THE SECURITY PROPERTY IN WHICH XXXXXX
IS THE SUCCESSFUL BIDDER, IT BEING THE UNDERSTANDING OF THE PARTIES THAT THE
AUTHORIZATION TO PURSUE SUCH PROCEEDINGS FOR OBTAINING POSSESSION AND CONFESSION
OF JUDGMENT THEREIN IS AN ESSENTIAL PART OF THE REMEDIES FOR ENFORCEMENT OF THE
MORTGAGE AND THIS NOTE, AND SHALL SURVIVE ANY EXECUTION SALE TO LENDER.
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IN WITNESS WHEREOF, Xxxxxxxx has executed this Note under seal as of the
date first above written.
BORROWER:
XxXXXXX PROPERTIES,
a general partnership
By: AMERICAN REAL ESTATE
INVESTMENT CORPORATION, a
general partner
/s/ Xxxxxxx X. Xxxxx
December 24, 1997
Xxxxxxx X. Xxxxx,
/Vice President
By: AMERICAN REAL ESTATE
INVESTMENT, L.P., a
general partner
By: AMERICAN REAL ESTATE
INVESTMENT CORPORATION, a
general partner
By: /s/ Xxxxxxx X. Xxxxx
December 24, 1997
/Xxxxxxx X. Xxxxx
Vice President
[Acknowledgments]
STATE OF PENNSYLVANIA :
: SS
COUNTY OF PHILADELPHIA :
ON THIS, this 24th day of December,1997, before me, a Notary Public for
the Commonwealth of Pennsylvania, the undersigned Officer, personally
appeared Xxxxxxx X. Xxxxx, Vice President of American Real Estate
Investment Corporation, a general partner of XxXxxxx Properties, a
general partnership, and American Real Estate Investment L.P., a general
partner of XxXxxxx Properties, a general partnership, known to me
(satisfactorily proven) to be the persons whose name is subscribed to
the within instrument, and acknowledged that he executed the same for
the purposes therein contained.
IN WITNESS WHEREOF, I have hereunto set my hand and official seal.
Notary Public
[ILLEGIBLE] SEAL
Xxxxxxx X Xxxxx, Notary Public
[ILLEGIBLE] in Two Bucks County
My Commision Expires March 27, 2000
EXHIBIT "A"
ALL THAT CERTAIN tract or parcel of land situate in the Township of Bern, County
of Berks, Commonwealth of Pennsylvania. at the southeast corner of the
intersection of Xxxxx'x Bridge Road and Township Route No T-560, Xxx Xxxx Road,
and the northeast corner of the intersection of Township Route No. T-000, Xxx
Xxxx Xxxx and Xxxxxx Road as shown on the Final Plan of Northfield Business
Center, Reading Municipal Airport Industrial Park, Phase I, shown on an As-Built
ALTA Survey prepared by Fry Surveying, Inc dated 10/10/97, being more fully
bounded and described as follows, to wit
BEGINNING at a point on the southern right of way line of Xxxxx'x Bridge Road at
its intersection with the eastern right-of-way line of Township Route No. T-560,
Xxx Xxxx Road being the Northwestemmost corner of the herein described tract;
thence along the same the eight following courses and distances; 1) on a line
curving to the right with a radius of 5,689.65 feet, a central angle of 0
degrees 50 minutes 2 seconds, and a chord bearing of South sixty-one degrees
forty-three minutes twenty-one seconds East a distance of eighty-two and
eighty-one hundredths feet to a point; 2) South sixty-one degrees eighteen
minutes twenty seconds East a distance of seven hundred fifty-five and nineteen
hundredths feet to a point; 3) on a line curving to the right with a radius of
5,689.65 feet, a central angle of 1 degrees 46 minutes and a chord bearing of
South sixty degrees twenty-five minutes twenty seconds East a distance of one
hundred seventy-five and forty-three hundredths feet to a point; 4) South
fifty-nine degrees thirty-two minutes twenty seconds East a distance of forty
one and seventy hundredths feet to a point; 5) on a line curving to the left
with a radius of 5,769.65 feet, a central angle of 2 degrees 48 minutes and a
chord bearing of South sixty degrees fifty-six minutes twenty seconds East a
distance of two hundred eighty-one and ninety-three hundredths feet to a point;
6) South sixty-two degrees twenty minutes twenty seconds East a distance of two
hundred thirty-nine and fifty-four hundredths feet to a point; 7) on a line
curving to the left with a radius of 518.34 feet, a central angle of 25 degrees
54 minutes and a chord bearing of South seventy-five degrees seventeen minutes
twenty seconds East a distance of two hundred thirty-two and thirty-two
hundredths feet to a point; 8) South eighty-eight degrees fourteen minutes
twenty seconds East a distance of one hundred thirty-six and fifty-nine
hundredths feet to a point; thence along Lot ~ the two following courses and
distances: 1) South one degree forty-five minutes forty seconds West a distance
of one hundred sixty-six and fifty-five hundredths feet to a point; 2) South
thirty degrees two minutes twenty-eight seconds East a distance of two hundred
fifty-two and ninety-seven hundredths feet to a point on the northern
right-of-way line of Xxxxxx Road, thence along the same the twelve following
courses and distances: 1) on a line curving to the left with a radius of 330.00
feet, a central angle of 10 degrees 48 minutes 38 seconds, and a chord bearing
of South fifty-four degrees thirty-three minutes thirteen seconds West a
distance of sixty-two and
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EXHIBIT "A"
seventeen hundredths feet to a point, 2) South forty-nine degrees eight minutes
fortyfour seconds West a distance of one hundred four and twenty-three
hundredths feet to a point; 3) on a line curving to the right with a radius of
270.00 feet, a central angle of 71 degrees 31 minutes 45 seconds, and a chord
bearing of South eighty-four degrees fifty-four minutes forty-seven seconds West
a distance of three hundred fifteen and sixty-one hundredths feet to a point; 4)
North fifty-nine degrees nineteen minutes twenty-one seconds West a distance of
three hundred forty-nine and fifty-six hundredths feet to a point; 5) on a line
curving to the left with a radius of 1,080.00 feet, a central angle of 31
degrees 6 minutes 5 seconds, and a chord bearing of North seventy-four degrees
fifty-two minutes twenty-three seconds West a distance of five hundred
seventy-nine and eight hundredths feet to a point; 6) South eighty-nine degrees
thirty-four minutes thirty-four seconds West a distance of twenty-five and
thirty-one hundredths feet to a point; 7) on a line curving to the right with a
radius of 295.00 feet, a central angle of 29 degrees 5 minutes 33 seconds and a
chord bearing of North seventy-five degrees fifty-two minutes thirty-nine
seconds West a distance of one hundred forty-eight and nineteen hundredths feet
to a point; 8) North sixty-one degrees nineteen minutes fifty-three seconds West
a distance of two hundred ninety and thirty-seven hundredths feet to a point: 9)
on a line curving to the right with a radius of 970.00 feet, a central angle of
4 degrees 52 minutes 50 seconds, and a chord bearing of North fitty-eight
degrees fifty-three minutes twenty-eight seconds West a distance of eighty-two
and sixty hundredths feet to a point; 10) North fifty-six degrees twenty-seven
minutes three seconds West a distance of three hundred three and forty-seven
hundredths feet to a point; 11) North fifty-nine degrees fifty-two minutes
forty-eight seconds West a distance of two hundred eleven and fifty-six
hundredths feet to a point, 12) on a line curving to the right with a radius of
22.00 feet, a central angle of 95 degrees 50 minutes 17 seconds, and a chord
bearing of North eleven degrees fifty-seven minutes forty seconds West a
distance of thirty-two and sixty-six hundredths feet to a point on the eastern
right-of-way line of Township Route No. T-560, Xxx Xxxx Road; thence along the
same the two following courses and distances: 1) North thirty-five degrees
fifty-seven minutes twenty-nine seconds East a distance of five hundred
ninety-one and fifty-five hundredths feet to a point; 2) on a line curving to
the right with a radius of 22.00 feet, a central angle of 81 degrees 54 minutes
09 seconds, and a chord bearing North seventy-six degrees fifty-four minutes
thirty-three seconds East a distance of twenty-eight and eighty-four hundredths
feet to the place of beginning.
CONTAINING in area twenty-nine and three hundredths (29.03) acres.
Tax Parcel NO. 4398-11-56-9055-858
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