|
GRANTOR: LEISURE SPORTS, INC. APN: 941-1311-36-3 AND 941-1311-39
<br />PROJECT: JOHNSON DRIVE ECONOMIC DEVELOPMENT ZONE PROJECT
<br />CITY OF PLEASANTON
<br />AGREEMENT FOR PURCHASE OF PERMANENT EASEMENT AND TEMPORARY
<br />CONSTRUCTION EASEMENT
<br />In consideration of the terms and conditions set forth in this Agreement for Purchase of a
<br />Permanent Easement and Temporary Construction Easement ("Agreement"), Leisure Sports,
<br />Inc., a California corporation as to an undivided 2/3 interest; North Point Trust Company, L.L.C.,
<br />a South Dakota limited liability company, in its capacity as Administrative Trustee of The LSI -S
<br />Trust created under The LSI -S Trust Agreement dated June 29, 2018, as to an undivided 1/6
<br />interest; and North Point Trust Company, L.L.C., a South Dakota limited liability company, in its
<br />capacity as Administrative Trustee of The LSI -D Trust created under The LSI -D Trust Agreement
<br />dated June 29, 2018, as to an undivided 1/6 interest (collectively, "GRANTOR") hereby grants
<br />and delivers this Agreement to the City of Pleasanton ("CITY") conveying a Permanent Easement
<br />and Temporary Construction Easement as set forth herein.
<br />This Agreement is based on the following facts:
<br />A. GRANTOR owns Property located in the City of Pleasanton;
<br />B. CITY wishes to construct a Project on Grantor's Property and will require a permanent
<br />easement and a temporary construction easement over a portion of the Property.
<br />Now, therefore, the Parties agree:
<br />1. Definitions. In this Agreement:
<br />City means the City of Pleasanton, a political subdivision of the State of California, and its
<br />elected and appointed officials, officers, employees, agents, contractors, and volunteers.
<br />Project means the CITY's Johnson Drive Economic Development Zone Project.
<br />Grantor means Leisure Sports, Inc., a California corporation, as to an undivided 2/3
<br />interest; North Point Trust Company, L.L.C., a South Dakota limited liability
<br />company, in its capacity as Administrative Trustee of The LSI -S Trust created under
<br />The LSI -S Trust Agreement dated June 29, 2019, as to an undivided 116 interest; and
<br />North Point Trust Company, L.L.C., a South Dakota limited liability company, in its
<br />capacity as Administrative Trustee of The LSI -D Trust created under The LSI -D Trust
<br />Agreement dated June 29, 2018, as to an undivided 1/6 interest.
<br />Property means the parcel(s) owned by GRANTOR on which the permanent easement and
<br />temporary construction easement are located, identified in Attachment 1 (Legal
<br />Description).
<br />Permanent Easement means the area of the Property to be acquired by the CITY as a
<br />permanent easement, as described in Attachment 2, including its Exhibits A and B.
<br />TCE or the TCE Area means the Temporary Construction Easement, described in
<br />Attachment 3 including its Exhibits A and B.
<br />Escrow or Escrow Account means the escrow account established by the CITY at First
<br />American Title Company, 920 Wh Avenue, Suite 1200, Seattle, WA 98104, Order
<br />No.NCS-969448-WA1
<br />2. Permanent Easement Deed. GRANTOR shall deposit in Escrow a Permanent Easement
<br />Deed suitable for recordation conveying the Easement from GRANTOR to CITY. The Easement
<br />must be free and clear of all liens, leases, encumbrances, recorded or unrecorded,
<br />Page 1 of 6
<br />17277282.2
<br />
|