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AGREEMENT FOR PURCHASE AND SALE OF PROPERTY
<br />
<br /> This agreement made and concluded at Lakewood, Ohio
<br />this day of 1992, by and between Stacie A.
<br />Doraty, an individual, William M. Doraty, Jr., an individual,
<br />Diane D. Jones, an individual and Lynn D. Zanko, an individual,
<br />hereinafter referred to as "SELLERS" and the City of Lakewood,
<br />Ohio, a Municipal Corporation, 12650 Detroit Avenue, Lakewood,
<br />Ohio 44107, hereinafter referred to as "BUYER."
<br /> W I T N E S S E T H T H A T:
<br /> WHEREAS, Sellers are willing to sell to Buyer and Buyer
<br />is willing and desirous of purchasing from Sellers the premises
<br />more fully hereinafter described upon the terms, provisions and
<br />conditions as contained herein.
<br /> NOW THEREFORE, for and in consideration of the mutual
<br />promises, covenants and agreements of the parties hereto, as
<br />herein contained and other valuable consideration, the parties
<br />hereby agree as follows:
<br /> 1. Agreement to Buy and Sell. It is understood and
<br />agreed by and between the parties hereto that Buyer is desirous
<br />of obtaining the premises hereinafter described for a particular
<br />public purpose. Buyer has notified Sellers of its intention to
<br />take said property in accordance with applicable law if Sellers
<br />refuse to negotiate a Purchase Agreement for the property.
<br />Therefore, under the threat of eminent domain proceedings by the
<br />Buyer, Sellers agree to sell the property hereinafter described
<br />to the Buyer upon the terms, provisions and conditions as
<br />contained herein. Except for the Buyer's intention to take the
<br />property under its power of eminent domain for a public purpose
<br />Sellers would not be desirous of selling said property at this
<br />time.
<br /> Sellers hereby agree to sell to Buyer and Buyer hereby
<br />agrees to purchase from Sellers, in accordance with the terms,
<br />provisions, conditions and agreements of the parties as herein
<br />contained, the following described parcel of real property:
<br />
<br />LEGAL DESCRIPTION
<br />
<br /> LEGAL DESCRIPTION
<br />situated in the City of Lakewood County of Cuyahoga
<br />and State of Ohio and known as being Sublot No. 132
<br />and the Easterly 26 feet front of Sub Lot No. 131 in
<br />The Gerard Company's Lakewood Subdivision No. 1 of
<br />part of Original Rockport Township Section No. 21, as
<br />shown by the recorded plat in Volume 31 of Maps, page
<br />8 of Cuyahoga County Records, and being 90 feet front
<br />on the Southerly side of Detroit Avenue, and extending
<br />back about 198.45 feet on the Westerly line, 187.63
<br />feet on the Easterly line, which is also the Westerly
<br />line of Alameda Avenue, and being about 89.35 feet
<br />wide in the rear, as appears by said plat, be the same
<br />more or less, but subject to all legal highways.
<br />Permanent Parcel No. 315-007-001
<br />
<br /> Sellers agree to sell to Buyer all of their right, title,
<br />estate and interest in and to the above described parcel of
<br />real property together with all appurtenant rights, privileges
<br />and easements belonging thereto and all buildings and
<br />improvements located thereon, including all gas and electric
<br />systems, lighting, heating and air conditioning equipment and
<br />systems, radiators, ventilator equipment, incinerators,
<br />furnaces, hot water heaters, water, sewage and plumbing systems,
<br />fire protection and security systems and all other fixtures
<br />attached to said parcel of real property and owned by Sellers.
<br /> All of the foregoing assets and properties contemplated to
<br />be purchased by Buyer in accordance with this agreement are
<br />collectively referred to herein as the "Property."
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