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GRANTOR: GRANTEE: EASEMENT AGREEMENT CITY OF LAKEWOOD, OHIO (A MUNICIPAL CORPORATION) 12650 DETROIT AVENUE LAKEWOOD, OHIO 44107 LAKEWOOD ASSOCIATES LIMITED PARTNERSHIP 3 COMMERCE PARK SQUARE 23200 CHAGRIN BOULEVARD, #235 BEACHWOOD, OHIO. 44122 day of Ohio a THIS AGREEMENT made and concluded this 1992 by and between the City of Lakewood, Municipal Corporation hereinafter referred to as ,,Grantor" and Lakewood Associates Limited Partnership hereinafter referred to as "Grantee." WITNESSETH_THAT ~ WHEREAS~ G~antee'is the owner of a certain Parcel of land upon which it has caused to be constructed a building for the purpose of retail shopping area known as ,,Lakewood City Center," and WHEREAS, the building constructed by Grantee on said parcel of land encroaches in several areas upon adjoining land owned by the Grantor, and WHEREAS, the parties, desire to resolve all disputes, controversies, real estate title problems and other problems which may hereafter arise out of or be connected with said encroachments by the granting of an easement for the use by Grantee of those portions of Grantor's property encroached upon; NOW THEREFORE, for and in consideration of the mutual promises and agreements of the parties hereto as herein contained and other valuable consideration the receipt and sufficiency of which are hereby acknowledged by each party, the parties hereto hereby agree as foll6ws: 1. Grantor does hereby give, grant and convey to Grantee an easement for the continued use of those portions of Grantor's real property encroached upon by Grantee which encroachments are more fully set forth and described in the detailed drawing attached hereto and made a part hereof and marked Exhibit "A," together with necessary access rights of ingress and egress for purposes of maintenance and repair of grantee's building. 2. Said easement and access rights shall remain in effect as long as those portions of grantee's building which encroach on Grantor's real property remain standing, it being understood and agreed by and between the parties hereto that in the event said encroaching portions of said building should be razed or destroyed for any reason, the herein granted easement and access rights shall terminate. 3. Grantee agrees to repair and m~intain those portions of said building which encroach on Grantor's real property at the Grantee's own and sole expense. 4. This easement agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators, successors and assigns of the respective parties hereto. 5. The granting of the within easement and in access rights in accordance with the terms, provisions and conditions of this Easement Agreement is subject to the approval of the Council of the city of Lakewood, Ohio by the adoption of an ordinance or resolution authorizing the Mayor to sign this Agreement on behalf of the City of Lakewood, Ohio. IN WITNESS WHEREOF .the parties hereto have hereunto set their hands at Lakewood, Ohio the day .and year first above written.