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WHEN RECORDED RETURN TO:
City of Phoenix
Historic Preservation Office
200 W. Washington Street, 3rd Floor
Phoenix, Arizona 85003
EXEMPT UNDER A.R.S. 11-1134 (A) (2)
AMENDED AND RESTATED DEED OF CONSERVATION EASEMENT
THIS AMENDED AND RESTATED DEED OF CONSERVATION EASEMENT (the "Amended
Easement") is made as of the ____ day of ______________, 20___, by and between Arizona Warehouse
Holdings, LLC, Stingle Living Trust, and Shmata Realty, LLC, J (the "Property Owners"), whose principal
addresses are 133 Norfolk Street, New York, NY 10002, and the City of Phoenix, a municipal corporation
organized and existing under the laws of the State of Arizona, (the "City"), and amends and restates in its
entirety and replaces and supersedes that certain Deed of Conservation Easement dated August 29, 2016,
recorded at Document No. 2017-0070777 in the official records of the Maricopa County Recorder (“2016
Easement”).
RECITALS
A.
The City is authorized under Arizona's Uniform Conservation Act, Arizona Revised Statutes,
Sections 33-271 through 276, inclusive (collectively, as and if amended, the "Act") to accept easements to
protect property significant in Arizona history and culture for the education of the general public.
B.
The City is a municipal corporation whose responsibilities include the protection of the public
interest in preserving architecturally significant structures within the City of Phoenix.
C.
Arizona Warehouse Holdings, LLC, Stingle Living Trust, and Shmata Realty, LLC are the
owners of that certain property located at 710 S. 3rd Street (the “Property”) that is more particularly described
in Exhibit A, attached hereto and made a part hereof, and which is subject to the 2016 Easement.
D.
The Property includes two historic buildings located on the portion of the thereon depicted on
Exhibit B of the 2016 Easement (the “Structures”). Any reference to the Property hereinafter shall be
deemed to include each of the Structures.
E.
The Structures are listed on the Phoenix Historic Property Register, and the Property
Owners and the City recognize the historical or architectural value and significance of the Structures and
have the common purpose of conserving and preserving the aforesaid value and significance of the
Structures.
F.
On August 29, 2016, the Property Owners’ predecessor in interest executed a Warehouse &
Threatened Building Program Agreement (the "Program Agreement"), wherein the property owner agreed to
sell to the City an Easement on the roof and exterior brick wall surface of each of the Structures (the
"Facades") and any associated fixtures located on the Facades (the “Fixtures”; the Facades and Fixtures
shall be referred to collectively herein as the “Easement Area”) and use the proceeds of the sale together, if
applicable, with a matching amount of Property Owner’s funds or own labor to rehabilitate the Structures.
G.
Arizona Warehouse Holdings, LLC, Jaba Group, LLC, Shmata Realty, LLC, and Willie
Sutton, LLC are the owners in fee simple of real property located at 722 S. 3rd Street adjacent to the
ATTACHMENT B
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Property to the west and real property located at 725 S. 2nd Street to the south of the Property (“Additional
Property”) which is more particularly described and depicted in Exhibit C attached hereto and made a part
hereof.
H.
The 2016 Easement was for a term of twenty-five (25) years through and including the 29th
day of August 2041.
J
The Property Owners desire to extend the term of this Amended Easement for an additional
thirty (30) years and sell to the City this Amended Easement for the purpose of obtaining sustainability
bonus credits, which are a transferrable development right, in order to obtain additional height allowances of
up to 120 feet in the development process. Specifically, and for the avoidance of doubt, the Property Owners
desire to transfer the sustainability bonus credits to obtain additional height allowances of up to 120 feet to
the Additional Property.
AGREEMENT
NOW, THEREFORE, in consideration of the terms and agreements set forth herein, the Property
Owners and the City hereby agree as follows:
1.
Grant of Easement: The Property Owners do hereby irrevocably grant, convey, transfer and
assign unto the City an Amended Easement, as provided for under the Act, in gross, for a term of fifty-five
(55) years from the date hereof through and including August 29, 2071, (the “Term”), in and to the Easement
Area, and which covenants contained herein contribute to the public purpose of conserving and preserving
the Easement Area and accomplishing the other objectives set forth herein.
2.
Property Owners’ Covenants: In furtherance of the Amended Easement herein granted, the
Property Owners hereby covenant and agree with the City as follows:
2.1
Documentation of the Exterior Condition of the Easement Area. For the purpose of
this Amended Easement, within thirty (30) days following the recordation of this Amended Easement,
Property Owners or their designee shall depict the Easement Area in an original set of photographs (the
“Photographs”) which shall be filed in the office of the City of Phoenix Historic Preservation Officer, or
designated successor. The exterior condition and appearance of the Easement Area as depicted in the
Photographs (the “Present Easement Area”) is deemed to describe their external nature as of the date
thereof.
2.2
Maintenance of the Site. The Property Owners will, at all times, maintain the
Easement Area in a good and sound state of repair in accordance with the City's existing guidelines for the
historic district in which the Property is located (the "Standards") so as to prevent the deterioration of the
Easement Area or any portion thereof; to prevent visual obstruction of the Easement Area from public
viewpoints such as adjacent streets; and prevent the intrusion of new improvements, walls, fences, statues,
landscaping or fixtures which substantially modify the public view of the Easement Area and its associated
streetscape and open space, and are deemed to be not in accordance with the Standards. The Property
Owners will request and obtain advance approval from the City Historic Preservation Office prior to
implementing any physical changes to the Easement Area, including but not limited to: changes to the roof,
exterior surfaces, windows, or doors; any demolition work or new construction; any construction or alteration
of patios, decks or porches; any construction or alteration of features such as fencing, walls, statuary,
paving and grading; any new stucco or re-stuccoing work; or, any masonry work, such as tuck-pointing,
paint removal, pressure water cleaning, chemical cleaning or application of sealants. In no event is
sandblasting or other mechanical or abrasive cleaning method permitted. This provision does not apply to
routine maintenance, installation of sprinkler systems, or landscaping except for hardscape improvements
and removal of mature vegetation. Subject to the casualty provisions of Paragraph 4 below, this obligation
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to maintain shall require replacement, repair and reconstruction according to the Standards within a
reasonable time whenever necessary to have the Easement Area at all times appear to be the same as the
Present Easement Area.
2.3
Maintenance of the Structural Elements. The Property Owners will maintain and
repair the Easement Area as is required to ensure the structural soundness and the safety of the Easement
Area.
2.4
Inspection. In order to periodically observe the Easement Area, representatives of
the City shall have the right to enter the Property to inspect the Easement Area. This inspection will be
made at a time mutually agreed upon by the Property Owners and the City.
2.5
Conveyance and Assignment. The City may convey, transfer and assign this
Amended Easement to a similar local, state or national organization whose purpose, inter alia, is to promote
historic preservation, and which is a "qualified organization" under Section 170(h)(3) of the Internal Revenue
Code of 1986, as amended, provided that any conveyance or assignment requires that the conservation
purposes for which this Amended Easement was granted will continue to be carried out.
2.6
Insurance. The Property Owners, at their sole cost and expense, shall at all times
(a) keep the Structures insured at their replacement cost value on an "all risk" basis to ensure complete
restoration of the Easement Area in the event of loss or physical damage. Said property coverage policy
shall contain provisions which ensure that the face amount of the policy is periodically adjusted for inflation,
and the Property Owners shall provide a Certificate of Insurance to the City evidencing such insurance,
including an endorsement naming the City as a loss payee; and (b) carry and maintain liability insurance in
an amount satisfactory to the City to protect against injury to visitors or other persons on the Property, and to
provide a Certificate of Insurance to the City evidencing such insurance, and naming the City as an
additional insured on the policy.
2.7
Visual Access. The Property Owners agree not to substantially obstruct the
opportunity of the general public to view the exterior architectural, historical and archaeological features of
the Easement Area from adjacent publicly accessible areas such as public streets and sidewalks.
3.
Warranties and Representations of the Property Owner. The Property Owners hereby
represent and warrant to the City as follows:
3.1
Information Furnished, True and Correct. All information given to the City by the
Property Owners in order to induce the City to accept this Amended Easement, including all information
contained in this Amended Easement, is true, correct and complete.
3.2
Legal, Valid and Binding. This Amended Easement is in all respects, legal, valid and
binding upon the Property Owners and enforceable in accordance with its terms, and grants to the City a
direct, valid and enforceable conservation easement upon the Easement Area.
3.3
No Impairment of Easement. The Property Owners for themselves, their heirs,
personal representatives, and assigns, have not reserved, and to Property Owners’ knowledge, no other
person or entity has reserved any rights, the exercise of which may impair the Amended Easement granted
herein.
4.
Application of Insurance Proceeds. Subject to the insurance proceeds requirements of any
recorded Deed of Trust or Mortgage applicable to the Property, in the event of damage or destruction of any
of the Structures that affect the Easement Area resulting from casualty, the Property Owners agree to apply
all available insurance proceeds and donations to the repair and reconstruction of each of the damaged
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Structures and Easement Area. In the event the City determines, in its reasonable discretion, after
reviewing all bona fide cost estimates in light of all available insurance proceeds and other monies available
for such repair and reconstruction, that the damage to the Structures and Easement Area is of such
magnitude and extent that repair and reconstruction of the damage would not be possible or practical, then
the Property Owners may elect not to repair or reconstruct the damaged Structures and Easement Area.
Notwithstanding the foregoing, in the event the City notifies the Property Owners in writing that the City has
determined that repair and reconstruction of the damaged Structures and Easement Area is impossible or
impractical and that the damaged Structures and Easement Area present an imminent hazard to public
safety, the Property Owners will, at Property Owners’ sole cost and expense, raze the damaged Structures
and Easement Area and remove all debris, slabs, and any other portions and parts of the damaged
Structures and Easement Area within the time period required by the City to protect the health, safety and
welfare of the public, unless the Property Owners have commenced and are diligently pursuing repair or
reconstruction of the damaged Structures and Easement Area. Upon razing of the damaged portion of the
Structures and Easement Area, the City shall release any interest it has in the insurance proceeds for the
damaged Structures and Easement Area. Nothing in this paragraph is intended to supersede or impair the
rights to insurance proceeds of a lienholder pursuant to a recorded deed of trust or mortgage applicable to
the Property.
5.
Extinguishment of Easement. Until the Property is developed with additional height in
excess of 80 feet using the sustainability bonus credits, the Property Owners shall have the option to
extinguish this Amended Easement, so long as the Property Owners are not in default hereunder, by
notifying the City in writing that the Property Owners, and each of them, elect to extinguish this Amended
Easement by repurchasing the non-possessory interest in the Easement Area granted to the City hereunder
(the “Election Notice”) and delivering to the City a sum equal to $50,284.00 (the “Repurchase Price”). The
Repurchase Price shall be paid in cash or its equivalent. Within sixty (60) days of the date of the City’s
receipt of both the Election Notice and the Repurchase Price, the City shall forward to the Property Owners
a fully executed document extinguishing this Amended Easement. The Repurchase Price shall be delivered
to the City of Phoenix Historic Preservation Office at 200 W Washington St, 3rd Floor, Phoenix, AZ 85003.
Notwithstanding the foregoing, if the Property Owners develop the Property with additional height in excess
of 80 feet utilizing the sustainability bonus credits, then the Amended Easement shall not be extinguished.
6.
Indemnification. The Property Owners covenant that Property Owners shall pay, protect,
indemnify, hold harmless and defend the City at the Property Owners’ sole cost and expense from any and
all liabilities, claims, costs, attorneys' fees, judgments or expenses asserted against the City, its mayor, city
council members, employees, agents or independent contractors, resulting from actions or claims of any
nature arising out of the conveyance, possession, administration or exercise of rights under this Amended
Easement, except in such matters arising solely from the gross negligence of the City, its mayor, city council
members, employees and agents.
6.1
Survival of Indemnification. The obligations of the Property Owners under this
indemnification shall continue beyond the term of this Amended Easement for a period of two (2) years.
6.2
Explanation of Indemnification. For purposes of explanation of Paragraph 5 only,
and without in any manner limiting the extent of the foregoing indemnification, the Property Owners and the
City agree that the purpose of Paragraph 5 is to require the Property Owners to bear the expense of any
claim made by any third party against the City, which arises because the City has an interest in the Property
as a result of this Amended Easement. The Property Owners will have no obligation to the City for any
claims which may be asserted against the City as a direct result of the City's intentional misconduct or gross
negligence.
7.
Default/Remedy. In the event (a) the Property Owners fail to perform any obligation of the
Property Owners set forth herein or in the Program Agreement, or otherwise comply with any obligation or
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restriction set forth herein; or (b) any representation or warranty of the Property Owners set forth herein, is
determined by the City to have been untrue when made, in addition to any remedies now or hereafter
provided by law and in equity; the City or its designee, following prior written notice to the Property Owners,
may (aa) institute suit(s) to enjoin such violation by ex parte, temporary, preliminary or permanent injunction,
including prohibitory and or mandatory injunctive relief, and to require the restoration of the Property to the
condition and appearance required under this Amended Easement; or (bb) enter upon the Property, correct
any such violation, and hold the Property Owners responsible for the cost thereof, and such cost until repaid
shall constitute a lien on the Property; or (cc) revoke the City's acceptance of this Amended Easement by
written notice to the Property Owners. In the event the Property Owners violate any of Property Owners’
obligations under this Amended Easement, the Property Owners shall reimburse the City for any and all
costs and expenses incurred in connection therewith, including all court costs and attorneys' fees.
8.
Waiver of Remedy. The exercise by the City or its designee of any remedy hereunder shall
not have the effect of waiving or limiting any other remedy and the failure to exercise any remedy shall not
have the effect of waiving or limiting the use of any other remedy or the use of such remedy at any other
time.
9.
Waiver of Claims for Diminution in Value of Property under Proposition 207. By executing
this Amended Easement on the Property, Property Owners, their heirs, successors or assigns, hereby
voluntarily waive Property Owners’ right to make any claim for any diminution in the value of the Property
pursuant to A.R.S. 12-1134 that may directly or indirectly occur as a result of this Amended Easement. The
Property Owners understand that this Waiver shall run with the Property and be binding upon subsequent
landowners and successors in interest. Property Owner acknowledges that the Amended Easement and
this Waiver are granted voluntarily and without duress and based on consideration as set forth herein and in
the Program Agreement.
10.
Effect and Interpretation. The following provisions shall govern the effectiveness and
duration of this Amended Easement:
10.1
Interpretation. Any rule of strict construction designed to limit the breadth of
restriction on alienation or use of property shall not apply in the construction or interpretation of this
Amended Easement, and this Amended Easement shall be interpreted broadly to affect the transfer of rights
and restrictions on use herein contained.
10.2
Invalidity of the Act. This Amended Easement is made pursuant to the Act as the
same now exists or may hereafter be amended, but the invalidity of such Act or any part thereof, or the
passage of any subsequent amendment thereto, shall not affect the validity and enforceability of this
Amended Easement according to its terms, it being the intent of the parties hereto to agree and to bind
themselves, their successors, heirs and assigns, as applicable, during the Term hereof, whether this
Amended Easement be enforceable by reason of any statute, common law or private agreement either in
existence now or at any time subsequent hereto.
10.3
Violation of Law. Nothing contained herein shall be interpreted to authorize or permit
the Property Owners to violate any ordinance or regulation relating to building materials, construction
methods or use, and the Property Owners agree to comply with all applicable laws, including, without
limitation, all building codes, zoning laws and all other laws related to the maintenance and demolition of
historic property. In the event of any conflict between any such laws and the terms hereof, the Property
Owners promptly shall notify the City of such conflict and shall cooperate with City and the appropriate
authorities to accommodate the purposes of both this Amended Easement and such ordinance or regulation.
10.4
Amendments and Modifications. This Amended Easement may be amended in
writing signed by the Property Owners and the City. Such amendment shall become effective upon
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recording the same among the land records of Maricopa County, Arizona, in the office of the County
Recorder.
10.5
Recitals. The above Recitals are incorporated herein by this reference.
10.6
Time of the Essence. Time is of the essence in the performance of each and every
term and condition of this Amended Easement by the Property Owners.
10.7
Governing Law. This Amended Easement shall be governed by, construed and
enforced in accordance with the laws of the State of Arizona. Any legal proceeding arising out of this
Amended Easement shall be brought in Maricopa County.
11.
Notices. All notices, requests and other communications hereunder shall be given in writing
to the addresses of the parties noted on the first page of this Amended Easement and either (a) personally
served on the party to whom notice is intended, (b) mailed by registered or certified mail, postage prepaid,
return receipt requested, or (c) sent by a nationally recognized overnight courier service. All notices shall be
deemed delivered and received upon the earliest of (aa) actual receipt, (bb) the third day after the day of
mailing, or (cc) the next business day after the date of deposit with a nationally recognized overnight courier
service. Any notices received on a Saturday, Sunday or on a City of Phoenix, State of Arizona or federal
holiday, or after 5:00 p.m., Arizona time, on a business day shall be deemed received on the next
succeeding business day. Any party may at any time change its address for the receipt of notices by giving
written notice to the other parties in accordance with the terms of this Section. The inability to deliver notice
because of a changed address of which no notice was given or the rejection or other refusal to accept any
notice shall be deemed to be the effective receipt of the notice as of the date of such inability to deliver or
rejection or refusal to accept.
The remainder of this page left intentionally blank.
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PROPERTY OWNER SIGNATURES
IN WITNESS WHEREOF, the parties have executed this Amended Easement as of the day and
year first above written.
Arizona Warehouse Holdings, LLC,
By __________________________________
Its:___________________________________
STATE OF ARIZONA
)
) ss.
County of Maricopa
)
The foregoing instrument was acknowledged before me this ______ day of _____________, 20___,
by ______________________________
_____________________________________
Notary Public
My Commission Expires:
_________________________
IN WITNESS WHEREOF, the parties have executed this Amended Easement as of the day and
year first above written.
Stingle Living Trust,
By __________________________________
Its:___________________________________
STATE OF ARIZONA
)
) ss.
County of Maricopa
)
The foregoing instrument was acknowledged before me this ______ day of _____________, 20___,
by ______________________________
_____________________________________
Notary Public
My Commission Expires:
_________________________
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IN WITNESS WHEREOF, the parties have executed this Amended Easement as of the day and
year first above written.
Shmata Realty, LLC,
By __________________________________
Its:___________________________________
STATE OF ARIZONA
)
) ss.
County of Maricopa
)
The foregoing instrument was acknowledged before me this ______ day of _____________, 20___,
by ______________________________
_____________________________________
Notary Public
My Commission Expires:
_________________________
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CITY OF PHOENIX SIGNATURES
CITY OF PHOENIX, a municipal corporation
JEFFREY BARTON, City Manager
By __________________________________
Helana Ruter, Historic Preservation Officer
STATE OF ARIZONA
)
) ss.
County of Maricopa
)
The foregoing instrument was acknowledged before me this ______ day of _____________, 20___,
by Helana Ruter, Historic Preservation Officer.
_____________________________________
Notary Public
My Commission Expires:
_________________________
ATTEST:
______________________
City Clerk
APPROVED AS TO FORM:
______________________
City Attorney
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* * * * * * * * * * * *
EXHIBIT A
Legal Description of Easement Area
THAT PART OF BLOCK 26 OF "THE RESURVEY OF LINVILLE'S ADDITION", A SUBDIVISION
RECORDED IN BOOK 2 OF MAPS AT PAGE 62 THEREOF IN THE OFFICE OF THE MARICOPA
COUNTY RECORDER AND BEING SITUATED IN THE SOUTHEAST QUARTER OF SECTION 8,
TOWNSHIP 1 NORTH, RANGE 3 EAST OF THE GILA AND SALT RIVER BASE AND MERIDIAN,
MARICOPA COUNTY, ARIZONA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHEAST CORNER OF SAID BLOCK 26;
THENCE, ON A BEARING OF SOUTH ALONG THE EAST LINE OF SAID BLOCK 26, A DISTANCE OF 39
FEET TO THE POINT OF BEGINNING OF THIS DESCRIPTION;
THENCE CONTINUING ON A BEARING OF SOUTH ALONG SAID EAST LINE A DISTANCE OF 111
FEET;
THENCE, NORTH 89° 47' 15" WEST, A DISTANCE OF 140 FEET;
THENCE, ON A BEARING OF NORTH A DISTANCE OF 111 FEET;
THENCE, SOUTH 89° 47' 15" EAST A DISTANCE OF 140 FEET TO A POINT ON THE EAST LINE OF
SAID BLOCK 26 ALSO BEING THE POINT OF BEGINNING OF THIS DESCRIPTION.
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* * * * * * * * * * * *
EXHIBIT B
Historic Structures Location & Easement Area
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* * * * * * * * * * * *
EXHIBIT C
Legal Description of Additional Property
A PORTION OF LOTS 1, 2 & 3, AS SHOWN IN “215 EAST GRANT”, A FINAL PLAT, RECORDED IN
BOOK 1257, PAGE 08, MARICOPA COUNTY RECORDS, (M.C.R.), LOCATED IN THE SOUTHEAST
CORNER OF SECTION 8 TOWNSHIP 1 NORTH, RANGE 1 EAST, OF THE GILA AND SALT RIVER
MERIDIAN, MARICOPA COUNTY, ARIZONA AND MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHEAST CORNER OF SAID SECTION 8, BEING MARKED BY A BRASS
CAP IN HANDHOLE, FROM WHICH THE EAST QUARTER CORNER OF SAID SECTION 8, BEING
MARKED BY AN ALUMINUM CAP FLUSH BEARS, NORTH 00 DEGREES 08 MINUTES 31 SECONDS
EAST, 2645.13 FEET;
THENCE NORTH 00 DEGREES 08 MINUTES 31 SECONDS EAST, ALONG THE EAST LINE OF SAID
SOUTHEAST QUARTER, 1569.80 FEET;
THENCE DEPARTING SAID EAST LINE, NORTH 89 DEGREES 51 MINUTES 29 SECONDS WEST,
1428.09 FEET TO THE INTERSECTION OF 3RD STREET AND GRANT STREET, AS SHOWN IN SAID
FINAL PLAT;
THENCE NORTH 89 DEGREES 48 MINUTES 06 SECONDS WEST, ALONG THE CENTERLINE OF SAID
GRANT STREET, 49.90 FEET;
THENCE DEPARTING SAID CENTERLINE, SOUTH 00 DEGREES 11 MINUTES 54 SECONDS WEST,
30.00 FEET TO THE WEST RIGHT-OF-WAY LINE OF SAID 3RD STREET AND THE POINT OF
BEGINNING;
THENCE SOUTH 44 DEGREES 54 MINUTES 28 SECONDS EAST, ALONG SAID RIGHT-OF-WAY LINE,
28.34 FEET;
THENCE CONTINUING ALONG SAID RIGHT-OF-WAY LINE, SOUTH 00 DEGREES 00 MINUTES 51
SECONDS EAST, 29.00 FEET;
THENCE DEPARTING SAID RIGHT-OF-WAY LINE, NORTH 89 DEGREES 47 MINUTES 15 SECONDS
WEST, 150.00 FEET;
THENCE SOUTH 00 DEGREES 00 MINUTES 51 SECONDS EAST, 110.00 FEET;
THENCE SOUTH 89 DEGREES 47 MINUTES 15 SECONDS EAST, 150.00 FEET TO SAID WEST RIGHT-
OF-WAY LINE;
THENCE SOUTH 00 DEGREES 00 MINUTES 51 SECONDS EAST, ALONG SAID RIGHT-OF-WAY LINE,
244.06 FEET;
THENCE CONTINUING ALONG SAID RIGHT-OF-WAY LINE, NORTH 89 DEGREES 47 MINUTES 47
SECONDS WEST, 10.00 FEET;
THENCE CONTINUING ALONG SAID RIGHT-OF-WAY LINE, SOUTH 00 DEGREES 00 MINUTES 45
SECONDS EAST, 27.01 FEET;
THENCE DEPARTING SAID RIGHT-OF-WAY LINE, NORTH 89 DEGREES 47 MINUTES 42 SECONDS
WEST, 105.37 FEET;
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THENCE NORTH 81 DEGREES 16 MINUTES 09 SECONDS WEST, 40.47 FEET;
THENCE NORTH 89 DEGREES 47 MINUTES 42 SECONDS WEST, 6.00 FEET;
THENCE NORTH 00 DEGREES 00 MINUTES 59 SECONDS WEST, 21.01 FEET;
THENCE NORTH 89 DEGREES 47 MINUTES 47 SECONDS WEST, 171.37 FEET TO A POINT ON THE
EAST RIGHT-OF-WAY LINE OF SECOND STREET, AS SHOWN IN “CENTRAL PARK PLACE”,
RECORDED IN BOOK 4, PAGE 41, M.C.R.;
THENCE NORTH 00 DEGREES 01 MINUTES 06 SECONDS WEST, ALONG SAID RIGHT-OF-WAY LINE,
404.02 FEET TO THE SOUTH RIGHT-OF-WAY LINE OF SAID GRANT STREET;
THENCE DEPARTING SAID EAST RIGHT-OF-WAY LINE, SOUTH 89 DEGREES 48 MINUTES 06
SECONDS EAST, ALONG SAID SOUTH RIGHT-OF-WAY LINE, 312.77 FEET TO SAID POINT OF
BEGINNING;
SAID PARCEL CONTAINS 121,529 SQUARE FEET OR 2.7899 ACRES, MORE OR LESS.
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