9080-19 18100 Detroit Purchase - Laserfiche WebLink

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EASEMENT, DEVELOPMENT AND MAINTENANCE AGREEMENT THIS EASEMENT, DEVELOPMENT AND MAINTENANCE AGREEMENT is made this day of October, 2019, by and between EMERALD LIGHT INVESTMENTS, LTD., an Ohio limited liability company ( "Emerald ") and CITY OF LAKEWOOD, OHIO, an Ohio municipal corporation ( "Lakewood "). RECITALS: A. Emerald is the owner of the fee simple title to the improved real property being parcels 311 -17 -012 and 311 -17 -011 located on the north side of Detroit Avenue within the City of Lakewood, Ohio, and being more particularly described on Exhibit "A" attached hereto and by reference made a part hereof (the 'Emerald Property "). Lakewood is the owner of fee simple title to the real property being parcel 311 -17 -013 located on the north side of Detroit Avenue within the City of Lakewood, Ohio as more particularly described on Exhibit "B" attached hereto and by reference made a part hereof (the "Lakewood Property "). Such respective properties owned by Emerald and Lakewood are contiguous and adjacent tracts. B. Emerald and Lakewood desire to enter into this Agreement (i) to provide for the conveyance of certain easements described herein, (ii) to establish the respective obligations of the parties hereto with respect to the construction and installation of the improvements and landscaping described herein, (iii) to establish the respective obligations of the parties hereto with respect to the cleaning, maintenance, repair and replacement of certain improvements as described herein, and (iv) to establish the respective obligations of the parties hereto to share in the cost of cleaning, maintaining, repairing and replacing the common access driveway and certain related improvements described herein. NOW, TIIEREFORE, for and in consideration of the premises, the mutual covenants and agreements herein set forth, and other good and valuable consideration, the receipt and sufficiency whereof are hereby expressly acknowledged, Emerald and Lakewood hereby agree as follows: ARTICLE I. DEFINITIONS For purposes of this Agreement, each of the following capitalized terms will have the meaning ascribed to such terms as set forth below: "Emerald Driveway Easement Area" means the paved driveway constructed within the Emerald Driveway Easement Area located on the Emerald Property as delineated on Exhibit "D ", which driveway will be a principal means of vehicular ingress and egress to the four head -in parking places to be constructed on the northeast part of the Lakewood Property as shown on Exhibit E. "Agreement" means this Easement, Development and Maintenance Agreement as it may from time to time be amended, modified or supplemented in writing. Such amendments, modifications and supplements are hereby incorporated herein and made a part hereof. Active 29774149v8 999900.944285