Loading...
WOLVERINE PROPERTY INVESTMENT LIMITED PARTNERSHIP .:! : ,,- t'- ~':!-_ -,,-' UNSOLICITED OFFER TO PURCHASE THIS AGREEMENT, is made and entered into as of the date of the last signature shown on the signature page hereof, by and between the CITY OF CLEARWATER, FLORIDA, a municipal corporation of the State of Florida ("Buyer"), and WOLVERINE PROPERTY INVESTMENT LIMITED PARTNERSHIP, a Delaware limited partnership ("Seller"). RECITALS: A. Seller is the owner of a manufactured home community known as Friendly Village of Kapok, located at 2950 Glen Oak Avenue, Clearwater, Florida, as more particularly described on Exhibit "A" attached hereto (the "Subject Premises"). B. Seller desires to sell and Buyer desires to purchase the Subject Premises, all III accordance with and subject to the terms and conditions set forth herein. CONSIDERATION AND AGREEMENT: IN CONSIDERATION of the mutual covenants and agreements herein contained and of the benefits to be derived herefrom, receipt whereof is hereby severally acknowledged, Seller and Buyer hereby agree as follows: 1. Offer and Acceptance. Buyer hereby agrees to purchase the Subject Premises, together with all improvements and appurtenances, leasehold interests and the personalty located thereon. Included in this sale are, to the extent presently located on the Subject Premises and owned by Seller, all plumbing, heating, lighting, air conditioning fixtures and units, hot water heaters and equipment, appliances, rubbish removal equipment, fire detection and/or extinguishing equipment, landscaping equipment, awnings, screens, television reception equipment, mailboxes, cleaning and other supplies, office and other furniture, carpeting, drapes and other like items, and all licenses and permits, together with all right, title and interest in any street, road or avenue, open or proposed, in front of or adjoining the Subject Premises, or any part thereof, to the centerline thereof, and Seller's rights under all assignable service contracts, and the name "Friendly Village of Kapok Mobile Home Community", but excluding office equipment such as the computers and fax machines. Seller will provide, at the time of delivery of the executed agreement by Seller, a complete written inventory of personal property to be conveyed to Buyer. Following execution of this Agreement by Seller, the price, terms and conditions as contained herein shall remain unchanged and be held unconditionally open for a period of thirty (30) days following delivery in duplicate original to Paul Richard Hull, Assistant City Attorney, City of Clearwater, for acceptance and approval or rejection by action of the Clearwater City Commission (the "Commission"). If this Agreement is accepted and approved by the Commission, it will be executed by duly authorized city officials and delivered to Seller within seven (7) days thereafter, and as soon thereafter as they become available Buyer shall deliver to Seller a copy of the minutes of the meeting at which the Commission authorized Buyer to acquire the subject parcel in accordance with the terms and conditions hereof. If this Agreement is rejected by the Commission upon presentation, this Agreement shall be null and void in all respects and Buyer shall inform Seller immediately thereafter. 1 i " 2. Purchase Price. The purchase price for the Subject Premises shall be Seven Million Two Hundred Thousand ($7,200,000.00) Dollars, payable as follows: A DeDosit. Within two (2) business days after execution of this Agreement by Buyer, Buyer shall deposit in escrow with an escrow agent satisfactory to Seller and Buyer ("Escrow Agent"), an earnest money deposit in the amount of One Hundred Thousand and 00/1 00 ($100,000.00) Dollars, which sum shall be held in accordance with the terms of this Agreement and applied upon the Purchase Price at Closing if the transaction is consummated (the "Deposit"). If the Deposit is held in an interest bearing escrow account, any interest on the Deposit shall be credited to Buyer at Closing, and the term "Deposit" shall be deemed to include such interest. B. Balance. The balance of the Purchase Price shall be paid, plus or minus closing adjustments, as the case may be, less the Deposit, in certified, cashiers, or wire transferred funds to the Seller upon Closing. 3. Evidence of Title. A As evidence of Title, Seller agrees to furnish or cause to be furnished to Buyer, as soon as possible, and no later than twenty-one (21) days prior to closing, a Commitment (the "Title Commitment") for an AL.T.A fee owner's policy of title insurance to be issued at Closing (or as soon as possible thereafter), in the amount of the Purchase Price, which Commitment shall be issued by Seller's local Florida counsel, as agent for Chicago Title Insurance Co. ("Title Company"), the same to bear a date later than the date hereof, wherein said Title Company shall agree to insure the title in the condition required hereunder. Seller shall, at the time of Closing, order a Policy of Title Insurance from Title Company pursuant to the Title Commitment for delivery to Buyer as soon thereafter as possible. At Closing, the cost for the title insurance policy to be issued in accordance with the terms of the Title Commitment shall be paid by Buyer. The cost to be paid by the Buyer shall not exceed Twenty-One Thousand $21,000.00 (Dollars). In addition, any Closing costs charged by the Title Company shall be paid by Buyer. The Closing costs to be paid by the Buyer shall not exceed Four Thousand ($4,000.00) Dollars. B. If objection to the title is made, based upon a written opinion of Buyer's attorney sent within fourteen (14) days following Buyer's receipt of the Title Commitment, that the title is not in the condition required for performance hereunder, Seller shall have thirty (30) days from the date it is notified in writing of the particular defects claimed, either (1) to remedy the title, or (2) to obtain title insurance as required above, or (3) to refund the Deposit in full termination of this Agreement if unable or unwilling to remedy the title or obtain the title insurance; provided, that Buyer may elect to waive such defects and proceed with the transaction subject thereto. If Seller remedies the title or shall obtain such title insurance within the time specified, Buyer agrees to complete the sale within fifteen (15) days of written notification thereof but no sooner than the Closing Date hereinafter specified. If the Seller is unable or unwilling to remedy the title or obtain title insurance within the time specified, then, subject to Buyer's satisfaction of the conditions contained in Section 10.E hereof, the Deposit shall be refunded forthwith in full termination of this Agreement. If objection to title is not made by Buyer or Buyer's attorney within the fourteen (14) day period provided for herein, Buyer shall be deemed to have waived any matter or alleged defect appearing in the Title Commitment. 4. Possession. Possession of the Subject Premises shall be delivered to Buyer at the time of Closing subject to the rights of tenants in possession. 2 ~. .. 5. Representations and Warranties. Seller represents and warrants unto Buyer, as of the date hereof, and the date of Closing: A. Seller has the authority to enter into this Agreement and to be bound by the terms hereof. B. Seller is not a "foreign person" as defined in S 1445(f)(3) of the Internal Revenue Code and regulations promulgated thereunder, which Seller shall so certify at Closing. C. Seller will comply with Chapter 723, Florida Statutes, with respect to the transfer of the subject premises, by delivering the affidavits required hereunder, and shall so certify at Closing to the best of its knowledge. 6. Conditions Precedent. A. Buver's Inspection Period. Buyer and its agents shall have thirty (30) days from the date the City Commission approves this Agreement (the "Inspection Period") to inspect or cause to be inspected, all aspects of the physical and economic condition of the Subject Premises. If Buyer is not satisfied with the results of such inspections, Buyer may rescind this transaction by mailing written notice to Seller, which must be received by Seller prior to the expiration of the Inspection Period and, subject to Buyer's satisfaction of the conditions contained in Section 10.E hereof, Buyer shall thereupon receive a refund of the Deposit and be relieved of any and all liability hereunder. If Buyer fails to rescind this transaction as permitted under this Section 6.A., then, except as otherwise provided in Sections 3.B., 6.B., 10 or 11 hereof, the Deposit shall be deemed non- refundable. B. Homeowner's Association Notification. Seller shall give to the Property Homeowner's Association (the "Association") written notice as required under Section 723.071, Florida Statutes (the "Notice"). This Purchase Agreement is contingent upon the Association not exercising any statutory right of first refusal within the notice period as determined by the title insurer to comply with Section 723.071, Florida Statutes (the "Notice Period"); and, if the Association does exercise such rights within the Notice Period, then, notwithstanding anything contained herein to the contrary, either party may terminate this Agreement by giving written notice to the other. In such event, and subject to and except as otherwise provided in Section 10.E. hereof, the Deposit shall be returned to Buyer and the parties shall have no further rights or obligations under this Agreement. 7. Closin2. Buyer and Seller shall close this transaction on the date which is ten (10) days following the expiration of the Inspection Period. The Closing shall take place through an escrow with the Title Company, or as mutually agreed upon by Seller and Buyer. At the Closing, Seller shall deliver to Buyer a properly executed General Warranty Deed sufficient to vest title to the Subject Premises in Buyer subject to: (i) the lien of real estate taxes which are not yet due and payable; (ii) zoning ordinances and other applicable governmental statutes, ordinances, rules and regulations pertaining to the use or operation of the Subject Premises; (iii) easements and building use restrictions of record; (iv) such other encroachments or similar matters, if any, which are identified on a survey of the Subject Premises; and (v) such other permitted encumbrances or exceptions which are disclosed on the Title Commitment for the Subject Premises which are accepted by Buyer in accordance with Section 3 hereof. In addition, the Buyer and Seller shall also 3 '!': ~ '" execute such other documents which are reasonably necessary to close the transaction contemplated herein. 8. Closin2 Documents. Seller shall furnish and deliver the following documents at closing: A. General Warranty Deed; B. Copy of all corporate or applicable partnership certifications, resolutions, and approvals necessary to evidence both the Seller's and Buyer's authority to enter into and consummate the transactions contemplated by this Agreement. C. Bill of Sale transferring all personal property free of liens and encumbrances together with the original Motor Vehicle Certificate of Title (properly endorsed and lien free) for each mobile home and motor vehicle included in this purchase and sale; D. Closing statement prorated as of date of Closing; E. Affidavit of no liens by Seller; F. Updated rent roll certified by Seller; G. Affidavit of Non-Foreign Status by Seller; H. Affidavit of Chapter 723, Florida Statutes, compliance by Seller; 1. Assignment from Seller to Buyer, assigning all of Seller's right, title and interest in, to the extent it exists and without representation or warranty, to the name by which the Property is commonly known, all authorizations, permits and licenses relating to the operation of the Property which are assignable by Seller, if any, and all leases, contracts and other items required to be assigned as set forth in this Agreement free and clear of all liens and encumbrances except for the matters permitted in this Agreement; all of which shall be assumed by Buyer effective from and after the Closing date. Seller shall undertake all actions, and execute all forms, required by all governmental authorities and contract vendors to effect this assignment. J. Assignment from Seller to Buyer of all leases; K. Assignment by Seller, to the extent they exist and without representation or warranty, to Buyer of all currently existing and effective claims, guarantees, warranties, indemnifications, and all other rights, if any, Seller may have against suppliers, laborers, materialmen, contractors, sub- contractors, arising out of or in connection with, the installation, construction and maintenance of the Property, all of which shall be assumed by Buyer effective from and after the Closing date. L. Assignment by Seller, to the extent they exist and without representation or warranty, to Buyer of all agreements, if any, which Seller has for access and utilities to service the Property, all of which shall be assumed by Buyer effective from and after the Closing date. M. Seller shall deliver and assign to Buyer all of Seller's right, title, and interest, if any, in and to all licenses, permits, certificates of occupancy, and such other comparable certificates or documents issued by the appropriate governmental authorities with respect to the Property or any part thereof which are legally assignable by Seller, ifany; N. All corrective instruments necessary to effectuate the transfer, conveyance, or assignment of the rights and interests specified herein; O. Such other documents as are reasonably necessary to close and consummate the purchase and sale transaction contemplated by this Agreement; P. Copies of letters notifying tenants of the change in ownership and park management.. Q. Seller shall also deliver to Buyer all tenant records and files, past and present, in its posseSSIOn; R. Copies of prospectus(es) currently in effect and use at park on Property in its posseSSIOn; S. T. Termination of Seller's fictitious name, if applicable; Termination of leases with managers/employees which provide for free/reduced rent; 4 U. Buyer. Evidence of cancellation of service contracts and equipment leases not assumed by 9. Closin2 Adiustments. The following shall be apportioned on the Closing Statement against sums due Seller at Closing: A. Real estate taxes which are a lien upon or levied against any portion of the Subject Premises on or prior to the Closing Date, and all installments of special assessments levied and due prior to the Closing Date shall be paid for by Seller. All current real estate taxes and special assessments levied against the Subject Premises shall be prorated and adjusted between the parties in accordance with local custom and practice in Clearwater, Florida. If the tax bills for the year of Closing have not been issued by the Closing Date, Seller and Buyer agree to use 100% of the fully discounted amount of the taxes for the year immediately preceding the Closing for the purpose of computing the prorations under this Section. B. All tenant security deposits shall be assumed by Buyer with credit therefor against sums due from Buyer at Closing. Seller shall provide a complete list of security deposits and depositors at closing. C. Seller shall, and not less than Twenty-One (21) days before closing, furnish to Buyer the following: i. Copies of all written leases with each tenant of the subject premises and a rent roll specifying the nature and duration of each tenant's occupancy, rental rates, advance rent and security deposits paid by each tenant. Seller shall deliver and assign all original leases to Buyer at closing, and simultaneously credit Buyer with all advance rents and security deposits paid to Seller by or on behalf of each tenant; ii. Copies of all service and management contracts and equipment and machinery leases in place with respect to the Property. D. Buyer shall pay for all realty transfer and similar taxes due upon Closing or required to be paid upon recording of the General Warranty Deed. E. To the extent it is obligated by law to do so~ Buyer shall pay for any conveyance or transfer tax or sales tax on mobile homes purchased pursuant to Section 19 and any conveyance or title transfer of any vehicles, if any, or other personal property included in this sale. F. Buyer shall pay to Seller the consideration for the mobile homes to be acquired by Buyer pursuant to Section 18 hereof. 10. Access to Subiect Premises. A. All physical inspections of the Subject Premises conducted by Buyer or its employees, agents, independent contractors or consultants (collectively, the "Buyer's Agents") shall be performed in a manner that shall not interfere with the ongoing use of the Subject Premises by the Seller, which physical inspections shall be as discreet and unobtrusive as possible, and which shall be made only upon prior notice to Seller and with Seller's representatives present at the inspections, and 5 "- . '. Buyer shall promptly return the Subject Premises to substantially its original condition upon completion of such inspections and tests, on an ongoing basis, and shall repair any and all damage to the Subject Premises caused by the Buyer or Buyer's agents. B. Buyer shall provide reasonable prior notice to Seller which must be received by Seller at least forty-eight (48) hours in advance of any entry by Buyer or Buyer's Agents on the Subject Premises. C. All information gained by Buyer as a result of any inspections hereunder shall remain strictly confidential, except as disclosure thereof to Buyer's Agents, lenders or investors may be necessary in evaluating this transaction, or as may be required by applicable law or legal process. D. The Buyer agrees to indemnify and hold Seller harmless from all claims (including costs and expenses of defending against such claims) arising or alleged to arise from damages caused to the subject premises and arising from the negligence or willful misconduct of the Buyer or the Buyer's agents, employees, or contractors of the Buyer occurring in connection with or during any inspections conducted during the term of this contract, subject to any defense or limitation pursuant to Section 768.28, Florida Statutes. E. In the event Buyer does not consummate the purchase of the Subject Premises for any reason, Buyer shall, at its sole cost and expense, restore the Subject Premises to the condition thereof existing prior to entry by Buyer, its agents or representatives, and shall deliver to Seller copies of all surveys, environmental reports, engineering reports and other documents obtained by Buyer pertaining to the Subject Premises, including any information or document, furnished to Buyer by Seller, at no cost to Seller, all prior to release of the Deposit as required hereunder. Buyer shall indemnify, defend and hold Seller harmless from and against any and all liability, loss, cost, expense or damage caused to or incurred by Seller as a result of any acts or omissions of Buyer or Buyer's Agents, in connection with such inspections of and entry on the Subject Premises, to the extent permitted by F.S. 768.28. The indemnity obligations of Buyer shall survive the termination of this Agreement. 11. Destruction or Dama2e. In the event of destruction or damage to the Subject Premises prior to the date of Closing, Seller shall, at its option, have the right to (a) repair the Subject Premises to the state existing prior to the damage and proceed and go forward with the transaction; (b) assign the proceeds of any insurance to Buyer and proceed and go forward with the transaction; or (c) declare the transaction to be void and of no further force or effect, in which event, subject to Buyer's satisfaction of the conditions contained in Section 10.E. hereof, Buyer shall receive a refund of the Deposit and be relieved of any and all liability hereunder. Seller shall notify Buyer within ten (10) days of such casualty as to whether it will elect option (a), (b), or (c), as hereinbefore provided. 12. Condemnation. In the event that notice of any type of action, suit or proceeding shall be given prior to the Closing Date for the purpose of condemning any material part of the Subject Premises, then Seller shall have the right to terminate its obligations hereunder to be exercised by notice to Buyer within fifteen (15) days after receiving notice of such condemnation proceeding, and upon such termination, the proceeds resulting from such condemnation shall be paid to Seller and, subject to Buyer's satisfaction of the conditions contained in Section 10.E hereof, the Deposit shall be refunded to Buyer in full termination of this Agreement. In the event Seller does not elect to terminate this Agreement as hereinbefore provided, the proceeds of such condemnation shall be assigned and belong to Buyer upon Closing. 6 13. Deposit As Liquidated Damae:es. The Deposit shall be held by Escrow Agent and applied against cash due at Closing when the transaction is consummated. In the event of a default by Buyer hereunder, Seller shall be entitled to the Deposit as liquidated damages. In the event of a default by Seller hereunder, Buyer shall be entitled to a return of the Deposit or to maintain an action for specific performance as its exclusive remedies. 14. Broker. Buyer and Seller each represent and warrant to the other party that they have not employed, retained or consulted any other broker, agent or finder in connection with this Agreement or the purchase and sale referenced to herein, and Seller and Buyer shall indemnify each other and hold each other harmless from and against any claims, demands, causes of actions, debts, liabilities, judgments and damages, including, without limitation, costs and reasonable attorneys' fees, which may be asserted or recovered against each other as a result of any brokerage fee, commission or any other compensation arising by reason of Seller's or Buyer's breach of this representation and warranty. 15. Radon Disclosure. Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from the county public health unit. 16. "AS IS". Except as to the representations and warranties accorded a general warranty deed under the law of the State of Florida neither Seller nor its agents, contractors or representatives have made any representations, warranties, promises, covenants, agreements or guarantees of any kind or character whatsoever, whether express or implied, oral or written, past, present or future, of, as to, concerning or with respect to (a) the nature, quality or condition of the Subject Premises, including, without limitation, the water, soil and geology, (b) the income which may be derived from the Subject Premises, (c) the compliance of or by the Subject Premises or its operation with any laws, rules, ordinances or regulations of any applicable governmental authority or body, (d) the habitability, merchantability or fitness for a particular purpose of the Subject Premises, or (e) any other matter with respect to the Subject Premises and specifically disclaims any representations regarding hazardous waste or materials without limiting the generality of the foregoing. Buyer acknowledges that it has an opportunity to inspect the Subject Premises and Buyer agrees to take the Subject Premises on a "AS IS" basis and voluntarily and knowingly waives any contribution rights or claims which Buyer may have against Seller in the event Buyer incurs liability to any party (including any federal, state or local governmental authority) arising out of the existence, removal or remediation of any hazardous substances on or under the Subject Premises. 17. Turnover of Documents. Within ten (10) days after execution and delivery of this Agreement, Seller shall make available to Buyer copies of any surveys and environmental reports, if any, in its possession which relate to the Subject Premises. 18. Notices. Notices shall be deemed as given hereunder upon personal delivery to the address set forth below, by registered or certified mail, postage prepaid to such address or by a nationally recognized overnight delivery service. Notices shall be addressed: 7 .. to ~ ~ .. If to Seller, to: Wolverine Property Investment Limited Partnership Attention: Mr. Ross H. Partrich 31550 Northwestern Hwy., Suite 110 Farmington Hills, MI 48334 Fax No. (248) 851-9413 with a copy to: Lowell D. Salesin, Esq. Maddin, Hauser, Wartell, Roth, Heller & Pesses, P.C. 28400 Northwestern Highway, Third Floor Southfield, Michigan 48034-8004 Fax No. (248) 354-1422 If to Buyer, to: City of Clearwater Florida P.O. Box 4748 Clearwater, Florida 34618-4748 Attn: Paul Richard Hull, Esq. Fax No. (727) 562-4021 19. Conveyance of Park Owned Mobile Homes. As of the execution date there are ~ mobile homes on the subject premises. At Closing, Seller shall deliver each and every said mobile home owned by Seller located at the Subject Premises at the time of Closing to Buyer by Bill of Sale, together with all attachments and appurtenances, and convey good and merchantable Florida title to each such home free and clear of all liens and encumbrances for a purchase price of Two Thousand ($2,000.00) Dollars, per mobile home 20. Transfer of Park Mana2ement. Buyer and Seller agree to fully cooperate with each other in the development and implementation of an orderly process for transferring the management of the Subject Premises from Seller to Buyer at the time of Closing. Commencing not later than two (2) weeks prior to the Closing Date, Seller agrees to familiarize Buyer's management team with current policies and procedures relating to the operations of the Subject Premises and at closing to jointly provide notification of the impending transfer to all residents of the Subject Premises. 21. Operation of Property Durin2 Contract Period. Seller shall continue to manage and operate the property and any business conducted upon the property in the manner operated prior to contract, and shall take no action which would adversely impact the property, tenants, lenders, or business, if any. Seller expressly agrees to refrain from renting any additional mobile home units or spaces after expiration of the inspection period (or receipt of waiver of same by Buyer) provided for under Section 6.A. 22. Time for Performance. In the event the last date for performance of any obligation or for giving any notice hereunder falls on a Saturday, Sunday or legal holiday of the state wherein the Subject Premises is located, then the time of such period shall be extended to the next day which is not a Saturday, Sunday or legal holiday in such state. 23. Release/Waiver. Except with respect to claims Buyer may have against Seller for acts of Seller occurring during Seller's ownership of the Subject Premises, which violate any provision of Chapter 723, Florida Statutes, Buyer hereby releases, quits and discharges Seller from 8 .. -'.". . all claims, demands, actions and causes of action for any alleged violations of or failure to comply with any provision of Chapter 723, Florida Statutes, known or unknown, asserted or unasserted, through the date of Closing and this provision shall survive the Closing. 24. Time of the Essence. Time is of the essence as to the parties' performance under this Agreement. 25. No Recordinl!. Neither this Agreement nor any memorandum hereof shall be recorded. Any such recording shall be void and of no force or effect. 26. Assil!nment. Buyer may not assign this Agreement without the written consent of Seller. 27. Governinl! Law. This Agreement shall be governed by the law of the State of Florida. 28. Bindinl! Effect. This Agreement shall bind the parties hereto, their respective heirs and assigns. 29. Access to the Subiect Premises. At such time as Seller has executed this Agreement, Buyer shall have the right to access the Subject Premises pursuant to the Right of Access Agreement by and between Buyer and Seller dated as of December 17, 2001. (SIGNATURES ON NEXT PAGE) 9 IN WITNESS WHEREOF, the Buyer has executed this Agreement on the date shown below and Seller has executed this Agreement on the date shown below. IN THE PRESENCE OF: Countersigned: BriL/?:A Mayor-Co ssioner BUYER: CITY OF CLEARWATER, FLORIDA ~: Approved as to form: Attest: ~~Jrib.L/ aul Ric d Hull Assistant City Attorney j~~~ D - City Clerk . SELLER: ~ WOLVERINE PROPERTY INVESTMENT LIMITED PARTNERSHIP, a Delaware limited partnership By: BY'~stors. LLe Its: Manager Date: ~~~ 2-'&" ,2002 10 .' , EXHIBIT" A" LEGAl OESCRIPilOO THAT PART Cf lHt HOOTHEAST 1/4 Cf THE SOOl}iEAST 1/4 Cf SC:CilCN a. TOVlNSHP 29 saJ"TH, RAAct 16 EAST, F'HlUS COOHTY, F1J)~^ L'r1HC SOOTH 00 EAST ~ lliE TAUPA .4Jro GUlf COAST . R.4JLqO.4D OOiT-Cf-WAY, lESS lHE FCtiO'MHG DC:SCRIBEO PARCfi: FRaJ mE HOOlHtAST CCAAER Cf lHE SCUlHEAST 11~ Cf SAJO SC:Cn04 8 RUN SOOlH OO1-4'20"YIEST .lJ..OOC TI1C: SC:Clla( UHE 3610 FEET FOO A PONT Cf BEGNNflG; THENCE CCtfllNUE AlCNG lliE sc:ellCH UN( 2JJ.0 FEET; '1lIHCl: NOOlH 89"20'J2- ~ST 28J.O FEET; mEJlC[ HOOlH 2711'14- ruT 257.28 F'EIT; lHENc( SOOlH 89'2o'Jt EAST 160 FtET TO M paNT Cf BEGlNNlNG, BEJHG FURlHER Doom AS: . "THAT PAAT Cf 1lf: HCRlliEAST 1/1, Cf mE NCRlHEAST 1/-4 Cf THE SOOlliWT 1/4 Cf St:cnoo 8. TOYlN91'IP 29 SOOlH. RNK<: 16 EAST, l'11HG SOOtH AHD EAST Cf niE S,A.L RMROAD AAO FURlHER 0EScr&D AS FCtiOYIS; , BEGlH AT THE NCftHAST CCAAER Cf lHE SOO"THEAST 1/ J, Cf St:cnoo 8, TO'fIt{~1P 29 SOO1H,IW{G: 16 wr, RUN nocc SCUTH 0011,'20- '1ET Al..Ct(C 'mE SE~ LH: 36J.O FtET: IDee: Noorn 89'20'Jt YIEST .166.0 FEFJ; ..1HE}fCfSOO'JH. 2n11J,- .:sr 257.28 FEET; l}iENC[ ~ 89"20'3t EAST 2810 FEET TO 1HE sc:cnCff IJHE; lHENCE SOO1H 0011,'20- lIES! Al..CJ4G 1HE sc:c~ UNE 7-41.70 fEET;: llfNCI H~lH 8915'56" T6T MlllG M 40 ACRE lJ4E lJ8.4..74 FEETj 'l1IDa N~1H ~'J1- EAST lo.ia.83 m:r TO 1HE SOOlliERLY RJOO-Q='-IAY Cf 1lI: SAL RMRQ.&D; mCE ..&Lam A CUR'rf: TO lliE UF.T AlCHG THE sccmmr RlQ{T_ Cf-WAY Cf StW 5.AL IW.ROAO, MiOSE om II:..&RS ~rn 7TH'22- EAST, amJ 94J.S6 fEET, Me 969.91 FEET ,IMJ RAOOS · 1196.28 FtET TO 1HE EAST-YIEST COOERIJlE Cf SM) sc:cn(){ 8; IDCE SOOlH ag'33'16- EAST ,6LOOC 1HE EAST- YlEST ~ltR11NE Cf SNO SECTlCtl 8 Hl80 FEET TO M PCf4T Cf BEGItflHC. BElHG I.f~ P AA1lC1JlAA1. Y 0ESaHD AS FCtiOVlS: 1HA T P AAT Cf ltiE ~lHfAST 1/ J, Cf M: ~THfAST f / t Cf THE s001H[AST 1/1, Cf SECllQ{ 8. TO'M4s-F 29 SOOIH, !WIG'[ 16 EAST, l'TlHC SOJ1H 00 EAST Cf 1HE S,A.L RAlROAD AND flJRMR ~ AS FClLOWS: ,;I. >;~r .f BEGlH AT M: HCRllfAST CCfMR ex M: SOO1HEAST 1/~ (f SC:Cl100 a. T~SiP 29 SClJlH. It'NGE 16 EAST, RUf MJtCE saJlH . 001! ~ YIEST }iaIC 1HE SEC'1104 lH: 362.97 FEET; nea HCRIH 89"21)'Olf YIEST 166:09 ffiJ'; Tlfl(CE SOO1H 2n12o' Yt(ST 251.,lJ FrET; Tlf}la: ~ ~rr EAST '28loo FEET TO H SEC~ liE; HlfCE SOJ1H 0014'21'": 'fIEST N..!K M:"SEC'lIOO LH: 741.67 FtETj nea: NCRni 89"J5'58"' 1lEST .ALCtlG 1lf 40 I<M. lJf:.138S.87'F'EFJ';-1lOCf'torni 00'S4~ EAST711H9.20:" FrET.1O 1tE samm.:nWrr-<F- wAy (J:":M s..u: R.MROAD:'~ MNCE M.JJ~G A OJfM:' TO' M"lEfT 1L!JfG, M SOOMRl 'f RlGH- Cf-WAT (f' s.w SJJ..JW,ROAD, .m 0iC4m BEAAS~~1H , 7X~'01. EAST, QiCR) ~ ftIT, ARC 969..58 FtET M) Ri'OOS . 1196.28 FEET 1O.M: EAST-JEST CE:MTERl.H: Cf SAID SEC11C1( a{ . IDCE SOJ1H /lln4't~. EAST JUH; 1lE EAST-:lIEST COOERLII€ (f $.lJO SECllQ( 8 47190 FtET 10 1E p(Jfi' Q=' BECHIro. (1