41-01 Real Property Sale - Virginia Marti

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WHEREAS, pursuant to OrdinanCe No. adopted by Lakewood City Council on October ,2001, the City has authorization to purchase the aforementioned property and remediate all environmental concerns including causing the issuance of a No Further Action (NFA) letter from the Ohio Environmental Protection Agency (OF, PA); and WHEREAS, pursuant to Ordinance No. adopted by Lakewood City Council on October ., 2001, the City has authorization to sell aforementioned property to the College; and WHEREAS, pursuant to Ordinance No. adopted by Lakewood City Council on October ,2001, a Development Agreement has been executed between the College and the City on this day of ,2001. NOW, THEREFORE, pursuant to such Agreement, for good and valuable consideration, the receipt and legal sufficiency of whiCh are hereby acknowledged, the City and the College do hereby agree as follows: In consideration of Two Hundred Sixty-Five Thousand Dollars ($265,000.00) and other valuable consideration received to its full' satisfaCtion from the College, the City will execute a General Warranty Deed conveying said parcel to the College (as set forth in Exhibit A attached hereto), herein described as follows: The property (PP# 312-33-017) located at 11726-28 Detroit Avenue and 1385-87 Hird Avenue, Lakewood, Ohio and known as being parts of Sublots Nos. 39, 40 and 62 in Lapham and Hird's Subdivision of part of Original Rockport Township Section No. 21, as shown by the recorded plat in Volume 30 of Maps, Page 24 of Cuyahoga County RecOrds and together forming a parcel of land bounded and described as follows: Beginning on the Northerly line of Detroit Avenue at a point 44 feet Easterly measured along said Northerly line, from its point of intersection with the Easterly line of Hird Avenue, thence Northerly on a line aprallel to said Easterly line of Hird Avenue, 138.22 feet to a point, 68.71 feet Southerly from said Northerly line of Sublot No. 30; thence Westerly on a line parallel to said Northerly line of Sublot No. 39, about 2.45 feet to the Southwesterly comer of a parcel of land conveyed to Lewis C. Reidy and Katherine M. Reidy by deed dated July 22, 1950, and recorded in Volume 7053, Page 38 of Cuyahoga County Records; thence Northerly along the Easterly line of land so conveyed, 0.60 feet to a Northeasterly comer thereof; thence Westerly along a Northerly line of land so conveyed to Lewis C. Reidy and Katherine M. Reidy, 38.06 feet to an angle therein; thence Northerly along an Easterly line of land so conveyed 1.20 feet to an angle therein; thence Westerly along a Northerly line of land so conveyed, 3.20 feet to the Easterly line of Hird Avenue; thence Northerly along said Easterly line of I-Iird Avenue 91.61 feet to a point 15.31 feet Southerly from the Northwesterly comer of said Sublot No. 62, 2