PURCHASE AGREEMENT
Arby's Restaurant - Hudsonville, MI
This AGREEMENT, entered into effective as of the 20 of April,
2000.
l. PARTIES. Sellers are Net Lease Income & Growth Fund 84-A
Limited Partnership which owns an undivided 16.0401% interest and
AEI Real Estate Fund 85-A Limited Partnership which owns an
undivided 60% interest in the fee title to that certain real
property legally described in the attached Exhibit "A" (the
"Entire Property") Buyer is Scorpion Enterprises, LLC ("Buyer").
Seller wishes to sell and Buyer wishes to buy a portion as Tenant
in Common of Seller's interest in the Entire Property.
2. PROPERTY. The Property to be sold to Buyer in this transaction
consists of an undivided 21.4337 percentage interest
(hereinafter, simply the "Property") as Tenant in Common in the
Entire Property. (Fund 84-A selling 16.0401% and Fund 85-A
selling 5.3936%)
3. PURCHASE PRICE. The purchase price for this percentage
interest in the Entire Property is $271,600, all cash. ( Fund 84-
A receiving $203,254 and Fund 85-A receiving $68,346)
4. TERMS. The purchase price for the Property will be paid by
Buyer as follows:
(a) When this agreement is executed, Buyer will pay $0
[changed to conform to the facts /s/ rpj /s/ rm] to Seller
(which shall be deposited into escrow according to the terms
hereof) (the "First Payment"). The First Payment will be
credited against the purchase price when and if escrow
closes and the sale is completed.
(b) Buyer will deposit the balance of the purchase price,
$266,600 (the "Second Payment") into escrow in sufficient
time to allow escrow to close on the closing date.
5. CLOSING DATE. Escrow shall close on or before May 1, 2000.
6. DUE DILIGENCE. Buyer will have until the expiration of the
fifth business day (The "Review Period") after delivery of each
of following items, to be supplied by Seller, to conduct all of
its inspections and due diligence and satisfy itself regarding
each item, the Property, and this transaction. Buyer agrees to
indemnify and hold Seller harmless for any loss or damage to the
Entire Property or persons caused by Buyer or its agents arising
out of such physical inspections of the Entire Property.
(a) The original and one copy of a title insurance
commitment for an Owner's Title insurance policy (see
paragraph 8 below).
(b) Copies of a Certificate of Occupancy or other such
document certifying completion and granting permission to
permanently occupy the improvements on the Entire Property
as are in Seller's possession.
Buyer Initial: /s/ RM /s/ CM /s/ BM
Purchase Agreement for Arby's Restaurant - Hudsonville, MI
(c) Copies of an "as built" survey of the Entire Property
done concurrent with Seller's acquisition of the Property.
(d) Lease (as further set forth in paragraph 11(a) below) of
the Entire Property showing occupancy date, lease expiration
date, rent, and Guarantys, if any, accompanied by such
tenant financial statements as may have been provided most
recently to Seller by the Tenant and/or Guarantors.
It is a contingency upon Seller's obligations hereunder that
two (2) copies of Co-Tenancy Agreement in the form attached
hereto duly executed by Buyer and Seller and dated on escrow
closing date be delivered to the Seller on the closing date.
Buyer may cancel this agreement for ANY REASON in its sole
discretion by delivering a cancellation notice, return receipt
requested, to Seller and escrow holder before the expiration of
the Review Period. Such notice shall be deemed effective only
upon receipt by Seller. If this Agreement is not cancelled as
set forth above, the First Payment shall be non-refundable unless
Seller shall default hereunder.
If Buyer cancels this Agreement as permitted under this
Section, except for any escrow cancellation fees and any
liabilities under the first paragraph of section 6 of this
agreement (which will survive), Buyer (after execution of such
documents reasonably requested by Seller to evidence the
termination hereof) shall be returned its First Payment, and
Buyer will have absolutely no rights, claims or interest of any
type in connection with the Property or this transaction,
regardless of any alleged conduct by Seller or anyone else.
Unless this Agreement is canceled by Buyer pursuant to the
terms hereof, if Buyer fails to make the Second Payment, Seller
shall be entitled to retain the First Payment and Buyer
irrevocably will be deemed to be in default under this Agreement.
Seller may, at its option, retain the First Payment and declare
this Agreement null and void, in which event Buyer will be deemed
to have canceled this Agreement and relinquish all rights in and
to the Property or Seller may exercise its rights under Section
14 hereof. If this Agreement is not canceled and the Second
Payment is made when required, all of Buyer's conditions and
contingencies will be deemed satisfied.
7. ESCROW. Escrow shall be opened by Seller and funds deposited
in escrow upon acceptance of this agreement by both parties. The
escrow holder will be a nationally-recognized escrow company
selected by Seller. A copy of this Agreement will be delivered to
the escrow holder and will serve as escrow instructions together
with the escrow holder's standard instructions and any additional
instructions required by the escrow holder to clarify its rights
and duties (and the parties agree to sign these additional
instructions). If there is any conflict between these other
instructions and this Agreement, this Agreement will control.
8. TITLE. Closing will be conditioned on the commitment of a
title company selected by Seller to issue an Owner's policy of
title insurance, dated as of the close of escrow, in an amount
equal to the purchase price, insuring that Buyer will own
insurable title to the Property subject only to:
Buyer Initial: /s/ RM /s/ CM /s/ BM
Purchase Agreement for Arby's Restaurant - Hudsonville, MI
the title company's standard exceptions; current real property
taxes and assessments; survey exceptions; the rights of parties
in possession pursuant to the lease defined in paragraph 11
below; all matters of public record; and other items disclosed
to Buyer during the Review Period.
Buyer shall be allowed five (5) days after receipt of said
commitment for examination and the making of any objections to
marketability thereto, said objections to be made in writing or
deemed waived. If any objections are so made, the Seller shall
be allowed eighty (80) days to make such title marketable or in
the alternative to obtain a commitment for insurable title
insuring over Buyer's objections. If Seller shall decide to make
no efforts to make title marketable, or is unable to make title
marketable or obtain insurable title, (after execution by Buyer
of such documents reasonably requested by Seller to evidence the
termination hereof) Buyer's First Payment shall be returned and
this Agreement shall be null and void and of no further force and
effect.
Pending correction of title, the payments hereunder required
shall be postponed, but upon correction of title and within ten
(10) days after written notice of correction to the Buyer, the
parties shall perform this Agreement according to its terms.
9. CLOSING COSTS. Seller will pay one-half of escrow fees, the
cost of the title commitment and any brokerage commissions
payable. The Buyer will pay the cost of issuing a Standard
Owners Title Insurance Policy in the full amount of the purchase
price, if Buyer shall decide to purchase the same. Buyer will
pay all recording fees, one-half of the escrow fees, and the cost
of an update to the Survey in Sellers possession (if an update is
required by Buyer.) Each party will pay its own attorney's fees
and costs to document and close this transaction.
10. REAL ESTATE TAXES, SPECIAL ASSESSMENTS AND PRORATIONS.
(a) Because the Entire Property (of which the Property is a
part) is subject to a triple net lease (as further set forth
in paragraph 11(a)(i), the parties acknowledge that there
shall be no need for a real estate tax proration. However,
Seller represents that to the best of its knowledge, all
real estate taxes and installments of special assessments
due and payable in all years prior to the year of Closing
have been paid in full. Unpaid real estate taxes and unpaid
levied and pending special assessments for the year of
Closing shall be the responsibility of Buyer and Seller in
proportion to their respective Tenant in Common interests,
pro-rated, however, to the date of closing for the period
prior to closing, which shall be the responsibility of
Seller if Tenant shall not pay the same. Seller and Buyer
shall likewise pay all taxes due and payable in the year
after Closing and any unpaid installments of special
assessments payable therewith and thereafter, if such unpaid
levied and pending special assessments and real estate taxes
are not paid by any tenant of the Entire Property.
(b) All income and all operating expenses from the Entire
Property shall be prorated between the parties and adjusted
by them as of the date of Closing. Seller shall be entitled
to all income earned and shall be responsible for all
expenses incurred prior to the
Buyer Initial: /s/ RM /s/ CM /s/ BM
Purchase Agreement for Arby's Restaurant - Hudsonville, MI
date of Closing, and Buyer shall be entitled to its
proportionate share of all income earned and shall be
responsible for its proportionate share of all operating
expenses of the Entire Property incurred on and after the
date of closing.
11. SELLER'S REPRESENTATION AND AGREEMENTS.
(a) Seller represents and warrants as of this date that:
(i) Except for the Net Lease Agreement in existence between
Net Lease Income & Growth Fund 84-A Limited Partnership ( as
"Landlord") and RTM Mid-America, Inc., (as "Tenant") dated
December 17, 1998, and amended September 3, 1999, Seller is
not aware of any leases of the Property. The above
referenced lease agreement has a right of first refusal in
favor of the Tenant as set forth in Article 34 of said lease
agreement, which right will apply to any attempted
disposition of Property by Buyer after this transaction.
(ii) It is not aware of any pending litigation or
condemnation proceedings against the Property or Seller's
interest in the Property.
(iii) Except as previously disclosed to Buyer and as set
forth in paragraph (b) below, Seller is not aware of any
contracts Seller has executed that would be binding on Buyer
after the closing date.
(b) Provided that Buyer performs its obligations when
required, Seller agrees that it will not enter into any new
contracts that would materially affect the Property and be
binding on Buyer after the Closing Date without Buyer's
prior consent, which will not be unreasonably withheld.
However, Buyer acknowledges that Seller retains the right
both prior to and after the Closing Date to freely transfer
all or a portion of Seller's remaining undivided interest in
the Entire Property, provided such sale shall not encumber
the Property being purchased by Buyer in violation of the
terms hereof or the contemplated Co-Tenancy Agreement.
12. DISCLOSURES.
(a) To the best of Seller's knowledge: there are now, and
at the Closing there will be, no material, physical or
mechanical defects of the Property, including, without
limitation, the plumbing, heating, air conditioning,
ventilating, electrical systems, and all such items are in
good operating condition and repair and in compliance with
all applicable governmental , zoning and land use laws,
ordinances, regulations and requirements.
(b) To the best of Seller's knowledge: the use and
operation of the Property now is, and at the time of Closing
will be, in full compliance with applicable building codes,
safety, fire, zoning, and land use laws, and other
applicable local, state and federal laws, ordinances,
regulations and requirements.
Buyer Initial: /s/ RM /s/ CM /s/ BM
Purchase Agreement for Arby's Restaurant - Hudsonville, MI
(c) Seller knows of no facts nor has Seller failed to
disclose to Buyer any fact known to Seller which would
prevent Buyer from using and operating the Property after
the Closing in the manner in which the Property has been
used and operated prior to the date of this Agreement.
(d) To the best of Seller's knowledge: the Property is not,
and as of the Closing will not be, in violation of any
federal, state or local law, ordinance or regulations
relating to industrial hygiene or to the environmental
conditions on, under, or about the Property including, but
not limited to, soil and groundwater conditions. To the
best of Seller's knowledge: there is no proceeding or
inquiry by any governmental authority with respect to the
presence of Hazardous Materials on the Property or the
migration of Hazardous Materials from or to other property.
Buyer agrees that Seller will have no liability of any type
to Buyer or Buyer's successors, assigns, or affiliates in
connection with any Hazardous Materials on or in connection
with the Property either before or after the Closing Date,
except as provided under applicable state or federal laws or
regulations.
(e) BUYER AGREES THAT IT SHALL BE PURCHASING THE PROPERTY
IN ITS THEN PRESENT CONDITION, AS IS, WHERE IS, AND SELLER
HAS NO OBLIGATIONS TO CONSTRUCT OR REPAIR ANY IMPROVEMENTS
THEREON OR TO PERFORM ANY OTHER ACT REGARDING THE PROPERTY,
EXCEPT AS EXPRESSLY PROVIDED HEREIN.
(f) BUYER ACKNOWLEDGES THAT, HAVING BEEN GIVEN THE
OPPORTUNITY TO INSPECT THE PROPERTY AND SUCH FINANCIAL
INFORMATION ON THE LESSEE AND GUARANTORS OF THE LEASE AS
BUYER OR ITS ADVISORS SHALL REQUEST, BUYER IS RELYING SOLELY
ON ITS OWN INVESTIGATION OF THE PROPERTY AND NOT ON ANY
INFORMATION PROVIDED BY SELLER OR TO BE PROVIDED EXCEPT AS
SET FORTH HEREIN. BUYER FURTHER ACKNOWLEDGES THAT THE
INFORMATION PROVIDED AND TO BE PROVIDED BY SELLER WITH
RESPECT TO THE PROPERTY AND TO THE LESSEE AND GUARANTORS OF
LEASE WAS OBTAINED FROM A VARIETY OF SOURCES AND SELLER
NEITHER (A) HAS MADE INDEPENDENT INVESTIGATION OR
VERIFICATION OF SUCH INFORMATION, OR (B) MAKES ANY
REPRESENTATIONS AS TO THE ACCURACY OR COMPLETENESS OF SUCH
INFORMATION. THE SALE OF THE PROPERTY AS PROVIDED FOR
HEREIN IS MADE ON AN "AS IS" BASIS, AND BUYER EXPRESSLY
ACKNOWLEDGES THAT, IN CONSIDERATION OF THE AGREEMENTS OF
SELLER HEREIN, EXCEPT AS OTHERWISE SPECIFIED HEREIN, SELLER
MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, OR
ARISING BY OPERATION OF LAW, INCLUDING, BUT NOT LIMITED TO,
ANY WARRANTY OR CONDITION, HABITABILITY, TENANTABILITY,
SUITABILITY FOR COMMERCIAL PURPOSES, MERCHANTABILITY, OR
FITNESS FOR A PARTICULAR PURPOSE, IN RESPECT OF THE
PROPERTY.
The provisions (d) - (f) above shall survive closing.
13. CLOSING.
(a) Before the closing date, Seller will deposit into
escrow an executed limited warranty deed conveying insurable
title of the Property to Buyer, subject to the encumbrances
contained in paragraph 8 above.
Buyer Initial: /s/ RM /s/ CM /s/ BM
Purchase Agreement for Arby's Restaurant - Hudsonville, MI
(b) On or before the closing date, Buyer will deposit into
escrow: the balance of the purchase price when required
under Section 4; any additional funds required of Buyer,
(pursuant to this agreement or any other agreement executed
by Buyer) to close escrow. Both parties will sign and
deliver to the escrow holder any other documents reasonably
required by the escrow holder to close escrow.
(c) On the closing date, if escrow is in a position to
close, the escrow holder will: record the deed in the
official records of the county where the Property is
located; cause the title company to commit to issue the
title policy; immediately deliver to Seller the portion of
the purchase price deposited into escrow by cashier's check
or wire transfer (less debits and prorations, if any);
deliver to Seller and Buyer a signed counterpart of the
escrow holder's certified closing statement and take all
other actions necessary to close escrow.
14. DEFAULTS. If Buyer defaults, Buyer will forfeit all rights
and claims and Seller will be relieved of all obligations and
will be entitled to retain all monies heretofore paid by the
Buyer. In addition, Seller shall retain all remedies available
to Seller at law or in equity.
If Seller shall default, Buyer irrevocably waives any rights
to file a lis pendens, a specific performance action or any other
claim, action or proceeding of any type in connection with the
Property or this or any other transaction involving the Property,
and will not do anything to affect title to the Property or
hinder, delay or prevent any other sale, lease or other
transaction involving the Property (any and all of which will be
null and void), unless: it has paid the First Payment, deposited
the balance of the Second Payment for the purchase price into
escrow, performed all of its other obligations and satisfied all
conditions under this Agreement, and unconditionally notified
Seller that it stands ready to tender full performance, purchase
the Property and close escrow as per this Agreement, regardless
of any alleged default or misconduct by Seller. Provided,
however, that in no event shall Seller be liable for any
punitive, consequential or speculative damages arising out of any
default by Seller hereunder.
15. BUYER'S REPRESENTATIONS AND WARRANTIES.
a. Buyer represents and warrants to Seller as follows:
(i) In addition to the acts and deeds recited herein and
contemplated to be performed, executed, and delivered by
Buyer, Buyer shall perform, execute and deliver or cause to
be performed, executed, and delivered at the Closing or
after the Closing, any and all further acts, deeds and
assurances as Seller or the Title Company may require and be
reasonable in order to consummate the transactions
contemplated herein.
(ii) Buyer has all requisite power and authority to
consummate the transaction contemplated by this Agreement
and has by proper proceedings duly authorized the execution
and delivery of this Agreement and the consummation of the
transaction contemplated hereby.
Buyer Initial: /s/ RM /s/ CM /s/ BM
Purchase Agreement for Arby's Restaurant - Hudsonville, MI
(iii) To Buyer's knowledge, neither the execution and
delivery of this Agreement nor the consummation of the
transaction contemplated hereby will violate or be in
conflict with (a) any applicable provisions of law, (b) any
order of any court or other agency of government having
jurisdiction hereof, or (c) any agreement or instrument to
which Buyer is a party or by which Buyer is bound.
16. DAMAGES, DESTRUCTION AND EMINENT DOMAIN.
(a) If, prior to closing, the Property or any part thereof
is destroyed or further damaged by fire, the elements, or
any cause, due to events occurring subsequent to the date of
this Agreement to the extent that the cost of repair exceeds
$10,000.00, this Agreement shall become null and void, at
Buyer's option exercised, if at all, by written notice to
Seller within ten (10) days after Buyer has received written
notice from Seller of said destruction or damage. Seller,
however, shall have the right to adjust or settle any
insured loss until (i) all contingencies set forth in
Paragraph 6 hereof have been satisfied, or waived; and (ii)
any ten-day period provided for above in this Subparagraph
16a for Buyer to elect to terminate this Agreement has
expired or Buyer has, by written notice to Seller, waived
Buyer's right to terminate this Agreement. If Buyer elects
to proceed and to consummate the purchase despite said
damage or destruction, there shall be no reduction in or
abatement of the purchase price, and Seller shall assign to
Buyer the Seller's right, title, and interest in and to all
insurance proceeds (pro-rata in relation to the Entire
Property) resulting from said damage or destruction to the
extent that the same are payable with respect to damage to
the Property, subject to rights of any Tenant of the Entire
Property.
If the cost of repair is less than $10,000.00, Buyer shall
be obligated to otherwise perform hereinunder with no
adjustment to the Purchase Price, reduction or abatement,
and Seller shall assign Seller's right, title and interest
in and to all insurance proceeds pro-rata in relation to the
Entire Property, subject to rights of any Tenant of the
Entire Property.
(b) If, prior to closing, the Property, or any part
thereof, is taken by eminent domain, this Agreement shall
become null and void, at Buyer's option. If Buyer elects to
proceed and to consummate the purchase despite said taking,
there shall be no reduction in, or abatement of, the
purchase price, and Seller shall assign to Buyer the
Seller's right, title, and interest in and to any award
made, or to be made, in the condemnation proceeding pro-rata
in relation to the Entire Property, subject to rights of any
Tenant of the Entire Property.
In the event that this Agreement is terminated by Buyer as
provided above in Subparagraph 16a or 16b, the First Payment
shall be immediately returned to Buyer (after execution by Buyer
of such documents reasonably requested by Seller to evidence the
termination hereof).
Buyer Initial: /s/ RM /s/ CM /s/ BM
Purchase Agreement for Arby's Restaurant - Hudsonville, MI
17. BUYER'S 1031 TAX FREE EXCHANGE.
While Seller acknowledges that Buyer is purchasing the
Property as "replacement property" to accomplish a tax free
exchange, Buyer acknowledges that Seller has made no
representations, warranties, or agreements to Buyer or Buyer's
agents that the transaction contemplated by the Agreement will
qualify for such tax treatment, nor has there been any reliance
thereon by Buyer respecting the legal or tax implications of the
transactions contemplated hereby. Buyer further represents that
it has sought and obtained such third party advice and counsel as
it deems necessary in regards to the tax implications of this
transaction.
Buyer wishes to novate/assign the ownership rights and
interest of this Purchase Agreement to Xxxxx Xxxxxxx, Esquire,
who will act as Accommodator to perfect the 1031 exchange by
preparing an agreement of exchange of Real Property whereby Xxxxx
Xxxxxxx, Esquire, will be an independent third party purchasing
the ownership interest in subject property from Seller and
selling the ownership interest in subject property to Buyer under
the same terms and conditions as documented in this Purchase
Agreement. Buyer asks the Seller, and Seller agrees to cooperate
in the perfection of such an exchange if at no additional cost or
expense to Seller or delay in time. Buyer hereby indemnifies and
holds Seller harmless from any claims and/or actions resulting
from said exchange. Pursuant to the direction of Xxxxx Xxxxxxx,
Esquire, Seller will deed the property to Buyer.
18. CANCELLATION
If any party elects to cancel this Contract because of any
breach by another party or because escrow fails to close by
the agreed date, the party electing to cancel shall deliver
to escrow agent a notice containing the address of the party
in breach and stating that this Contract shall be cancelled
unless the breach is cured within 10 days following the
delivery of the notice to the escrow agent. Within three
days after receipt of such notice, the escrow agent shall
send it by United States Mail to the party in breach at the
address contained in the Notice and no further notice shall
be required. If the breach is not cured within the 10 days
following the delivery of the notice to the escrow agent,
this Contract shall be cancelled.
19. MISCELLANEOUS.
(a) This Agreement may be amended only by written agreement
signed by both Seller and Buyer, and all waivers must be in
writing and signed by the waiving party. Time is of the
essence. This Agreement will not be construed for or
against a party whether or not that party has drafted this
Agreement. If there is any action or proceeding between the
parties relating to this Agreement the prevailing party will
be entitled to recover attorney's fees and costs. This is
an integrated agreement containing all agreements of the
parties about the Property and the other matters described,
and it supersedes any other agreements or understandings.
Exhibits attached to this Agreement are incorporated into
this Agreement.
Buyer Initial: /s/ RM /s/ CM /s/ BM
Purchase Agreement for Arby's Restaurant - Hudsonville, MI
(b) If this escrow has not closed by May 1, 2000, through
no fault of Seller, Seller may either, at its election,
extend the closing date or exercise any remedy available to
it by law, including terminating this Agreement.
(c) Funds to be deposited or paid by Buyer must be good and
clear funds in the form of cash, cashier's checks or wire
transfers.
(d) All notices from either of the parties hereto to the
other shall be in writing and shall be considered to have
been duly given or served if sent by first class certified
mail, return receipt requested, postage prepaid, or by a
nationally recognized courier service guaranteeing overnight
delivery to the party at his or its address set forth below,
or to such other address as such party may hereafter
designate by written notice to the other party.
If to Seller:
Attention: Xxxxxx X. Xxxxxxx
Net Lease Income & Growth Fund 84-A Limited Partnership and
AEI Real Estate Fund 85-A Limited Partnership
1300 Minnesota World Trade Center
00 X. 0xx Xxxxxx
Xx. Xxxx, XX 00000
If to Buyer:
Scorpion Enterprises, LLC
0000 X. Xxxx Xxxx
Xxxxxxxxxx, XX 00000
When accepted, this offer will be a binding agreement for
valid and sufficient consideration which will bind and benefit
Buyer, Seller and their respective successors and assigns. Buyer
is submitting this offer by signing a copy of this offer and
delivering it to Seller. Seller has five (5) business days from
receipt within which to accept this offer.
REST OF PAGE INTENTIONALLY LEFT BLANK
Buyer Initial: /s/ RM /s/ CM /s/ BM
Purchase Agreement for Arby's Restaurant - Hudsonville, MI
IN WITNESS WHEREOF, the Seller and Buyer have executed this
Agreement effective as of the day and year above first written.
BUYER: Scorpion Enterprises, LLC
By:/s/ Xxxxxxx Xxxxxxxxxx
Xxxxxxx Xxxxxxxxxx, Member
By:/s/ Xxxxxx Xxxxxxxxxx
Xxxxxx Xxxxxxxxxx, Member
By:/s/ Xxxxx Xxxxxxxxxx
Xxxxx Xxxxxxxxxx, Member
WITNESS:
(as to all signers)
/s/ Xxxxxxx X Xxxx
Xxxxxxx X Xxxx
(Print Name)
Buyer Initial: /s/ RM /s/ CM /s/ BM
Purchase Agreement for Arby's Restaurant - Hudsonville, MI
SELLER: Net Lease Income & Growth Fund 84-A Limited
Partnership, A Minnesota Limited Partnership
By: Net Lease Management 84-A, Inc., its corporate
general partner
By:/s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
AND
AEI Real Estate Fund 85-A Limited Partnership,
A Minnesota Limited Partnership
By: Net Lease Management 85-A, Inc., its corporate
general partner
By:/s/ Xxxxxx X Xxxxxxx
Xxxxxx X. Xxxxxxx, President
WITNESS:
(as to both signatures)
/s/ Xxxx Xxxxxxx
Xxxx Xxxxxxx
(Print Name)
Buyer Initial: /s/ RM /s/ CM /s/ BM
Purchase Agreement for Arby's Restaurant - Hudsonville, MI
EXHIBIT "A"
[HUDSONVILLE, MICHIGAN]
Part of the Northeast fractional 1/4 of Xxxxxxx 0, Xxxx 0 Xxxxx,
Xxxxx 00 Xxxx, Xxxx of Hudsonville, Michigan, described as:
COMMENCING at the Northeast corner of said Section, thence South
02 degrees 21 minutes 30 seconds West 995.20 feet along the East
line of said Section; thence North 89 degrees 26 minutes 38
seconds West 33.02 feet; thence South 02 degrees 21 minutes 30
seconds West 28.51 feet; thence North 87 degrees 28 minutes 30
seconds West 17.00 feet to the PLACE OF BEGINNING; thence South
02 degrees 21 minutes 30 seconds West 147.02 feet along the West
right-of-way line of 32nd Avenue; thence North 89 degrees 26
minutes 38 seconds West 250.00 feet; thence North 02 degrees 21
minutes 30 seconds East 175.00 feet; thence south 89 degrees 26
minutes 28 seconds East 250.00 feet; thence South 02 degrees 21
minutes 30 seconds West 27.98 feet to the PLACE OF BEGINNING.
SUBJECT TO AND TOGETHER WITH an easement for ingress and egress
over part of the Northeast fractional 1/4 , Section 5, Town 5
North, Range 00 Xxxx, Xxxx xx Xxxxxxxxxxx, Xxxxxx County,
Michigan, described as:
COMMENCING at the Northeast corner of said Section, thence South
02 degrees 21 minutes 30 seconds West 1170.20 feet along the East
line of said Section; thence North 89 degrees 26 minutes 38
seconds West 93.88 feet to the POING OF BEGINNING; thence South
00 degrees, 33 minutes 22 seconds West 10.52 feet; thence South
88 degrees 27 minutes 06 seconds East 43.52 feet; thence South 02
degrees 21 minutes 30 seconds West 26.00 feet along the West
Right-of-Way line of 32nd Avenue; thence North 88 degrees 27
minutes 06 seconds West 42.86 feet; thence South 02 degrees 21
minutes 20 seconds West 136.00 feet; thence North 87 degrees 38
minutes 05 seconds West 76.54 feet; thence South 47 degrees 38
minutes 40 seconds West 14.21 feet; thence South 02 degrees 55
minutes 25 seconds West 20.20 feet; thence North 89 degrees 26
minutes 38 seconds West 16.01 feet along the North Right-of-Way
line of Highland Drive; thence North 02 degrees 55 minutes 25
seconds East 30.70 feet; thence North 87 degrees 38 minutes 05
seconds West 9.00 feet; thence South 47 degrees 38 minutes 40
seconds West 7.11 feet; thence South 02 degrees 55 minutes 25
seconds West 26.15 feet; thence North 89 degrees 26 minutes 38
seconds West 16.01 feet along said North Right-of-Way line;
thence North 02 degrees 55 minutes 25 seconds East 55.65 feet;
thence South 87 degrees 38 minutes 05 seconds East 106.31 feet;
thence North 02 degrees 21 minutes 20 seconds East 116.81 feet;
thence North 00 degrees 33 minutes 22 seconds East 30.90 feet;
thence South 89 degrees 26 minutes 38 seconds East 26.00 feet to
the POINT OF BEGINNING.
