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DocuSign Envelope ID: 92860B03-367C-49AA-BA95-OFDE6BFCF177
<br />Fxhihit D
<br />Fnrm of 1VF011T
<br />[SPACE ABOVE FOR RECORDER'S USE]
<br />MEMORANDUM OF UNDERSTANDING
<br />THIS MEMORANDUM OF UNDERSTANDING, made effective the day of
<br />, 2024, by and between the CITY OF LAKEWOOD (the "City"), a municipal
<br />corporation duly organized and validly existing under the laws of the State of Ohio, having an
<br />address 12650 Detroit Ave., Lakewood, OH 44107, and LDC Warren LTD, LLC, an Ohio limited
<br />liability company with its principal offices at 28045 Ranney Parkway, Suite E, Westlake, OH
<br />44145 (the "Owner"). The City and Owner are collectively referenced as the "Parties."
<br />RECITALS:
<br />WHEREAS, Owner is the owner of an approximately 1.65-acre site currently identified as
<br />1456 Warren Road (Parcel ID 314-04-064) (the "East Rockport School"), and 1470 Warren Road
<br />(Parcel ID 314-04-065) (the "Grant School"), both located in the City of Lakewood, County of
<br />Cuyahoga, and State of Ohio, and more particularly described in Exhibit A. attached hereto and
<br />made a part hereof (collectively, the "Development Site"); and
<br />WHEREAS, in connection with Owner's development of the Development Site, Owner
<br />and the City have entered into that certain Development Agreement dated , 2024 (the
<br />"Development Agreement"); and
<br />WHEREAS, pursuant to the terms of the Development Agreement, the Owner and the City
<br />have agreed that, upon the occurrence of certain conditions precedent set forth in the Development
<br />Agreement, the Parties will record this Memorandum of Understanding (the "MOU") with the
<br />Cuyahoga County Recorder's Office with respect to the Development Property.
<br />NOW, THEREFORE, intending to be legally bound, Owner and the City hereby set forth
<br />the following information with respect to the Development Property:
<br />Agreements:
<br />1. Prohibited Uses. Owner and the City each acknowledge and agree that the
<br />Development Property shall be, from and after the date hereof, subject to a deed restriction
<br />providing that neither Owner, nor any current or future owners, tenants, successors, assignees, or
<br />other transferees of all or any part of the Development Property shall operate, sell, lease or allow
<br />the operation, sale or lease of the Development Property as or for any of the following uses
<br />(collectively, the "Prohibited Uses"):
<br />a. Any establishment which stocks, displays, sells, rents, distributes, or offers for
<br />sale or rent any x-rated, pornographic, lewd, obscene or so-called "adult"
<br />newspaper, book, magazine, film, picture, video tape, video disc, material or
<br />other similar representation or merchandise of any kind;
<br />D-1
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