Document:

Prepared by MERRILL CORPORATION

Exhibit

10.44

STANDARD

OFFER, AGREEMENT AND ESCROW

INSTRUCTIONS FOR PURCHASE OF REAL ESTATE

(Non-Residential)

American Industrial Real Estate Association

November 1, 2001

1.             Buyer.

 

1.1           AGRP

Holding Corp. or one or more subsidiaries thereof designated by AGRP Holding

Corp. (“Buyer”)

hereby offers to purchase the real property, hereinafter described, from the

owner thereof (“Seller”) (collectively, the “Parties” or individually, a “Party”),

through an escrow (“Escrow”) to close on November 15, 2001 or

such later date (but no later than December 15, 2001) on which the condition in

Section 9.1(j) hereof is satisfied (“Expected Closing Date”) to be held by

Kaplan, Strangis and Kaplan, P.A. (“Escrow Holder”) whose address is 5500 Wells

Fargo Center, 90 South 7th St., Minneapolis, MN 55402, Phone No. 612-375-1138,

Facsimile No. 612-375-1143 upon the terms and conditions set forth in this

agreement (“Agreement”).  Buyer

shall have the right to assign Buyer’s rights hereunder, but any such

assignment shall not relieve Buyer of Buyer’s obligations herein unless Seller

expressly releases Buyer.

 

1.2           The

term “Date

of Agreement” as used herein means November 1, 2001.

 

2.      Property.

 

2.1           The

real property (“Property”) that is the subject of this offer consists of the

eleven parcels of real estate described in Exhibits A-1 through A-11 hereto is

located in various sites and states.

 

2.2           If

the legal description of the Property is not complete or is inaccurate, this

Agreement shall not be invalid and the legal description shall be completed or

corrected to meet the requirements of Lawyers Title Insurance Company (“Title

Company”), which shall issue the title policy hereinafter describe.

 

2.3           The

Property includes, at no additional cost to Buyer, the permanent improvements

thereon, including those items which the law of the state in which the Property

is located provides is part of the Property, as well as the following items, if

any, owned by Seller and at present located on the Property:  electrical distribution systems (power

panel, buss ducting, conduits, disconnects, lighting fixtures); telephone

distribution systems (lines, jacks and connections only); space heaters;

heating; ventilating: air conditioning equipment (“HVAC”); air lines; fire

sprinkler systems; security and fire detection systems; carpets; window

coverings; and wall coverings (collectively, the “Improvements”).

 

2.4           Within

the time period specified in paragraph 9.1(a), Seller and/or Seller’s Broker

shall make to Buyer, through escrow, all of the applicable disclosures required

by law (See American Industrial Real Estate Association (“AIR”) standard form entitled

“Seller’s Mandatory Disclosure Statement”).

 

3.             Purchase Price.

 

3.1           The

purchase price (“Purchase Price”) to be paid by Buyer to Seller for the Property

shall be $52,310,000, payable as follows:

 

	

  (a)

  	

   

  	

  Cash down payment, including the Deposit as defined in paragraph 4.3

  (or if an all

  cash transaction, the Purchase Price):

  	

   

  	

  $

  	

  12,810,000

  	

   

  
	

  (b)

  	

   

  	

  Amount of “New Loan” as defined in paragraph 5.1, if

  any:

  	

   

  	

  35,500,000

  	

   

  
	

  (c)

  	

   

  	

  [Intentionally deleted]

  	

   

  	

   

  	

   

  
	

  (d)

  	

   

  	

  Buyer shall give

  Seller a promissory note of Buyer to Seller described

  in paragraph 6

  (“Purchase Money Note”) in the amount of:

  	

   

  	

  4,000,000

  	

   

  
	

  Total Purchase Price:

  	

   

  	

  $

  	

  52,310,000

  	

   

  

 

3.2           If

an Existing Deed of Trust permits the beneficiary to demand payment of fees

including, but not limited to, points, processing fees, and appraisal fees as a

condition to the transfer of the Property, Buyer agrees to pay such fees up to

a maximum of 1.5% of the unpaid principal balance of the applicable Existing

Note.

 

4.             Deposits. 

[Intentionally deleted.]

 

5.             Financing Contingency.

 

5.1           This

offer is contingent upon Buyer obtaining from an insurance company, financial

institution or other lender, a commitment to lend to Buyer a sum not less than

$35,500,000, at terms reasonably acceptable to Buyer.  Such loan (“New Loan”) shall be secured by a first

trust upon the Property.  If this

Agreement provides for Seller to carry back junior financing, then Seller shall

have the right to approve the terms of the New Loan.  Seller shall have 7 days from receipt of the commitment setting

forth the proposed terms of the New Loan to approve or disapprove of such

proposed terms.  If Seller fails to

notify Escrow Holder, in writing, of the disapproval within said 7 days it

shall be conclusively presumed that Seller has approved the terms of the New

Loan.

 

5.2           Buyer

agrees to diligently pursue obtaining the New Loan.  If Buyer shall fail to notify its Broker, Escrow Holder and

Seller, in writing within 45 days following the Date of Agreement, that the New

Loan has not been obtained, it shall be conclusively presumed that Buyer has

either obtained said New Loan or has waived this New Loan contingency.

 

5.3           If,

after due diligence, Buyer shall notify its Broker, Escrow Holder and Seller,

in writing, within the time specified in paragraph 5.2 hereof, that Buyer has

not obtained said New Loan, this Agreement shall be terminated, and Buyer shall

be entitled to the prompt return of the Deposit, plus any interest earned

thereon, less only Escrow Holder and Title Company cancellation fees and costs,

which Buyer shall pay.

 

6.             Seller Financing. 

(Purchase Money Note).

 

6.1           The Purchase Money Note shall provide

for interest on unpaid principal at the rate of 11% per annum, with principal

and interest paid as follows:  equal

monthly payments of principal and interest with 30-year amortization and

10-year balloon.  The Purchase Money

Note shall be on the current forms commonly used by Escrow Holder, and be

junior and subordinate only to the Existing Note(s) and/or the New Loan

expressly called for by this Agreement.

 

6.2           The

Purchase Money Note and/or the Purchase Money Dead of Trust shall contain

provisions regarding the following (see also paragraph 10.3(b)):

 

(a)       Prepayment.  Principalmay be prepaid in whole or in part at any

time without penalty, at the option of Buyer.

 

(b)       Late

Charge.   A late charge of 6% shall be payable with

respect to any payment of principal, interest, or other charges, not made

within 10 days after it is due.

 

(c)        Due On Sale.  In

the event the Buyer sells or transfers title to the Property or any portion

thereof, then the Seller may, at Seller’s option, require the entire unpaid

balance of said Note to be paid in full.

 

6.3           If

the Purchase Money Deed of Trust is to be subordinate to other financing,

Escrow Holder shall, at Buyer’s expense prepare and record on Seller’s behalf a

request for notice of default and/or sale with regard to each mortgage or deed

of trust to which it will be subordinate.

 

6.4           WARNING:

IF BUYER ULTIMATELY DEFAULTS ON THE LOAN, SELLER’S SOLE REMEDY IS TO FORECLOSE

ON THE PROPERTY.  CALIFORNIA LAW DOES

NOT ALLOW DEFICIENCY JUDGMENTS ON SELLER FINANCING.

 

7.             Real

Estate Brokers.  [Intentionally deleted.]

 

8.             Escrow and Closing.

 

8.1           Upon

acceptance hereof by Seller, this Agreement, including any counter-offers

incorporated herein by the Parties, shall constitute not only the agreement of

purchase and sale between Buyer and Seller, but also instructions to Escrow

Holder for the consummation of the Agreement through the Escrow.  Escrow Holder shall not prepare any further

escrow instructions restating or amending the Agreement unless specifically so

instructed by the Parties or a Broker herein. 

Subject to the reasonable approval of the Parties, Escrow Holder may,

however, include its standard general escrow provisions.

 

8.2           [Intentionally

deleted.]

 

8.3           Escrow

Holder is hereby authorized and instructed to conduct the Escrow in accordance

with this Agreement, applicable law and custom and practice of the community in

which Escrow Holder is located, including any reporting requirements of the

Internal Revenue Code.  In the event of

a conflict between the law of the state where the Property is located and the

law of the state where the Escrow Holder is located, the law of the state where

the Property is located shall prevail.

 

8.4           Subject

to satisfaction of the contingencies herein described, Escrow Holder shall

close this escrow (this “Closing”) by recording a quit claim deed (a

grant deed in California) and the other documents required to be recorded, and

by disbursing the funds and documents in accordance with this Agreement.

 

8.5           Buyer

and Seller shall each pay one-half at the Escrow Holder’s charges and Seller

shall pay the usual recording fees and any required documentary transfer

taxes.  Seller shall pay the premium for

a standard coverage owner’s or joint protection policy of title insurance.

 

8.6           Escrow

Holder shall verify that all of Buyer’s contingencies have been satisfied or

waived prior to Closing.  The matters

contained in paragraphs 9.1 subparagraphs (b), (c), (d), (e), (g), (i), (n),

and (o), 9.4, 9.5, 12, 13, 14, 16, 18, and 24 are, however, matters of agreement

between the Parties only and in no way constitute instructions to Escrow

Holder.

 

8.7           If

this transaction is terminated for non-satisfaction and non-waiver of a Buyer’s

Contingency, as defined in paragraph 9.2, then neither of the Parties shall

thereafter have any liability to the other under this Agreement, except to the

extent of the breach of any affirmative covenant or warranty in this Agreement.

In the event of such termination, Buyer shall be promptly refunded all funds

deposited by Buyer with Escrow Holder, less only Title Company and Escrow

Holder cancellation fees and costs, all of which shall be Buyer’s obligation.

 

8.8           The

Closing shall occur on the Expected Closing Date, or as soon thereafter as the

Escrow is in condition for Closing; provided, however, that if the Closing does

not occur by the Expected Closing Date and said Date is not extended by mutual

instructions of the Parties, a Party not then in default under this Agreement

may notify the other Party, Escrow Holder, and Brokers, in writing that, unless

the Closing occurs Within 5 business days following said notice, the Escrow

shall be deemed terminated without further notice or instructions.

 

8.9           Except

as otherwise provided herein, the termination of Escrow shall not relieve or

release either Party from any obligation to pay Escrow Holder’s fees and costs

or constitute a waiver, release or discharge of any breach or default that has

occurred in the performance of the obligations, agreements, covenants or

warranties contained therein.

 

8.10         If

this Escrow is terminated for any reason other than Seller’s breach or default,

then at Seller’s request, and as a condition to the return of Buyer’s deposit,

Buyer shall within 5 days after written request deliver to Seller, at no

charge, copies of all surveys, engineering studies, soil reports, maps, master

plans, feasibility studies and other similar items prepared by or for Buyer

that pertain to the Property.  Provided,

however, that Buyer shall not be required to deliver any such report if the

written contract which Buyer entered into with the consultant who prepared such

report specifically forbids the dissemination of the report to others.

 

9.             Contingencies to Closing.

 

9.1           The

Closing of this transaction is contingent upon the satisfaction or waiver of

the following contingencies.  IF BUYER

FAILS TO NOTIFY ESCROW HOLDER, IN WRITING, OF THE DISAPPROVAL OF ANY OF SAID

CONTINGENCIES WITHIN THE TIME SPECIFIED THEREIN, IT SHALL BE CONCLUSIVELY

PRESUMED THAT BUYER HAS APPROVED SUCH ITEM, MATTER OR DOCUMENT.  Buyer’s conditional approval

shall constitute disapproval, unless provision is made by the Seller within the

time specified therefor by the Buyer in such conditional approval or by this

Agreement, whichever is later, for the satisfaction of the condition imposed by

the Buyer.  Escrow Holder shall promptly

provide all Parties with copies of any written disapproval or conditional

approval which it receives.  With regard

to subparagraphs (a) through (l) the pre-printed time periods shall control

unless a different number of days is inserted in the spaces provided.

 

(a)      Disclosure.  Seller shall disclose to Buyer any matters required by

applicable law (see paragraph 2.4) and provide Buyer with a completed Property

Information Sheet (“Property Information Sheet”) concerning the

Property, duly executed by or on behalf of Seller in the current form or

equivalent to that published by the AIR within 10 days following the Date of

Agreement.  Buyer has 10 days from the

receipt of said disclosures to approve or disapprove the matters disclosed.

 

(b)      Physical

Inspection.  Buyer has 10 days from the receipt of the

Property Information Sheet or the Date of Agreement, whichever is later, to

satisfy itself with regard to the physical aspects and size of the Property.

 

(c)       Hazardous

Substance Conditions Report.  Buyer has 30 days from the receipt of the

Property Information Sheet or the Date of Agreement, whichever is later, to

satisfy itself with regard to the environmental aspects of the Property.  Seller recommends that Buyer obtain a

Hazardous Substance Conditions Report concerning the Property and relevant

adjoining properties.  Any such report

shall be paid for by Buyer.  A “Hazardous

Substance” for purposes of this Agreement is defined as any

substance whose nature and/or quantity of existence, use, manufacture, disposal

or effect, render it subject to Federal, state or local regulation,

investigation, remediation or removal as potentially injurious to public health

or welfare.  A “Hazardous Substance Condition”

for purposes of this Agreement is defined as the existence on, under or

relevantly adjacent to the Property of a Hazardous Substance that would require

remediation and/or removal under applicable Federal, state or local law.

 

(d)      Soil

Inspection.  Buyer has 30 days from the receipt of the

Property Information Sheet or the Date of Agreement, whichever is later, to

satisfy itself with regard to the condition of the soils on the Property.  Seller recommends that Buyer obtain a soil

test report.  Any such report shall be

paid for by Buyer.  Seller shall provide

Buyer copies of any soils report that Seller may have within 10 days of the

Date of Agreement.

 

(e)       Governmental

Approvals.  Buyer has 30 days from the Date of

Agreement to satisfy itself with regard to approvals and permits from

governmental agencies or departments which have or may have jurisdiction over

the Property and which Buyer deems necessary or desirable in connection with

its intended use of the Property, including, but not limited to, permits and

approvals required with respect to zoning, planning, building and safety, fire,

police, handicapped and Americans with Disabilities Act requirements,

transportation and environmental matters.

 

(f)        Conditions

of Title.  Escrow Holder shall cause a current

commitment for title insurance (“Title Commitment”) concerning the Property

issued by the Title Company, as well as legible copies of all documents

referred to in the Title Commitment (“Underlying Documents”) to be delivered to

Buyer within 10 days following the Date of Agreement.  Buyer has 10 days from the receipt of the Title Commitment and

Underlying Documents to satisfy itself with regard to the condition of

title.  The disapproval of Buyer of any

monetary encumbrance, which by the terms of this Agreement is not to remain

against the Property after the Closing, shall not be considered a failure of

this contingency, as Seller shall have the obligation, at Seller’s expense, to

satisfy and remove such disapproved monetary encumbrance at or before the

Closing.

 

(g)      Survey.  Buyer has 30 days from the receipt of the Title

Commitment and Underlying Documents to satisfy itself with regard to any ALTA

title supplement based upon a survey prepared to American Land Title

Association (“ALTA”) standards for an owner’s policy by a licensed surveyor,

showing the legal description and boundary lines of the Property, any easements

of record, and any improvements, poles, structures and things located within 10

feet of either side of the Property boundary lines.  Any such survey shall be prepared at Buyer’s direction and

expense.  If Buyer has obtained a survey

and approved the ALTA title supplement, Buyer may elect within the period

allowed for Buyer’s approval of a survey to have an ALTA extended coverage

owner’s form of title policy, in which event Buyer shall pay any additional

premium attributable thereto.

 

(h)      Existing

Leases and Tenancy Statements.  Seller shall within 10 days of the Date

of Agreement provide both Buyer and Escrow Holder with legible copies of all

leases, subleases or rental arrangements (collectively, “Existing Leases”) affecting

the Property, and with a tenancy statement (“Estoppel Certificate”) in the

latest form or equivalent to that published by the AIR, executed by Seller

and/or each tenant and subtenant of the Property.  Seller shall use its best efforts to have each tenant complete

and execute an Estoppel Certificate.  If

any tenant fails or refuses to provide an Estoppel Certificate then Seller

shall complete and execute an Estoppel Certificate for that tenancy.  Buyer has 10 days from the receipt of said

Existing Leases and Estoppel Certificates to satisfy itself with regard to the

Existing Leases and any other tenancy issues.

 

(i)       Other

Agreements.  Seller shall within 10 days of the Date

of Agreement provide Buyer with legible copies of all other agreements (“Other

Agreements”) known to Seller that will affect the Property after

Closing.  Buyer has 10 days from the

receipt of said Other Agreements to satisfy itself with regard to such

Agreements.

 

(j)        Financing.  If paragraph 5 hereof dealing with a financing

contingency has not been stricken, the satisfaction or waiver of such New Loan

contingency.

 

(k)      Existing

Notes.  If paragraph 3.1 (c) has not been stricken, Seller

shall within 10 days of the Date of Agreement provide Buyer with legible copies

of the Existing Notes, Existing Deeds of Trust and related agreements

(collectively, “Loan Documents”) to which the Property will remain subject

after the Closing.  Escrow Holder shall

promptly request from the holders of the Existing Notes a beneficiary statement

(“Beneficiary

Statement”) confirming: (1) the amount of the unpaid principal

balance, the current interest rate, and the date to which interest is paid, and

(2) the nature and amount of any impounds held by the beneficiary in connection

with such loan.  Buyer has 10 days from

the receipt of the Loan Documents and Beneficiary Statements to satisfy itself

with regard to such financing.  Buyer’s

obligation to close is conditioned upon Buyer being able to purchase the

Property without acceleration or change in the terms of any Existing Notes or

charges to Buyer except as otherwise provided in this Agreement or approved by

Buyer, provided, however, Buyer shall pay the transfer fee referred to in

paragraph 3.2 hereof.

 

(1)      Personal

Property.  In the event that any personal property

is included in the Purchase Price, Buyer has 10 days from the Date of Agreement

to satisfy itself with regard to the title condition of such personal

property.  Seller recommends that Buyer

obtain a UCC-1 report.  Any such report

shall be paid for by Buyer.  Seller

shall provide Buyer copies of any liens or encumbrances affecting such personal

property that it is aware of within 10 days of the Date of Agreement.

 

(m)      Destruction,

Damage or Loss.  There shall not have occurred prior to

the Closing, a destruction of, or damage or loss to, the Property or any

portion thereof, from any cause whatsoever, which would cost more than

$10,000.00 to repair or cure.  If the

cost of repair or cure is $10,000.00 or less, Seller shall repair or cure the

loss prior to the Closing.  Buyer shall

have the option, within 10 days after receipt of written notice of a loss

costing more than $10,000.00 to repair or cure, to either terminate this

transaction or to purchase the Property notwithstanding such loss, but without

deduction or offset against the Purchase Price.  If the cost to repair or cure is more than $10,000.00, and Buyer

does not elect to terminate this transaction, Buyer shall be entitled to any

insurance proceeds applicable to such loss. Unless otherwise notified in

writing, Escrow Holder shall assume no such destruction, damage or loss has

occurred prior to Closing.

 

(n)      Material

Change. Buyer

shall have 10 days following receipt of written notice of a Material Change

within which to satisfy itself with regard to such change.  “Material Change” shall mean a change in the

status of the use, occupancy, tenants or condition of the Property that occurs

after the date of this offer and prior to the Closing.  Unless otherwise notified in writing, Escrow

Holder shall assume that no Material Change has occurred prior to the Closing.

 

(o)      Seller

Performance.  The delivery of all documents and the due

performance by Seller of each and every undertaking and agreement to be performed

by Seller under this Agreement.

 

(p)      Warranties.  That each representation and warranty of Seller herein

be true and correct as of the Closing. 

Escrow Holder shall assume that this condition has been satisfied unless

notified to the contrary in writing by any Party prior to the Closing.

(q)      Brokerage

Fees.  [Intentionally deleted.]

 

9.2           All

of the contingencies specified in subparagraphs (a) through (p) of paragraph

9.1 are for the benefit of, and may be waived by, Buyer, and may be elsewhere

herein referred to as “Buyer Contingencies.”

 

9.3           If

any Buyer’s Contingency or any other matter subject to Buyer’s approval is

disapproved as provided for herein in a timely manner (“Disapproved Item”), Seller

shall have the right within 10 days following the receipt of notice of Buyer’s

disapproval to elect to cure such Disapproved Item prior to the Expected

Closing Date (“Seller’s Election”). 

Seller’s failure to give to Buyer within said 10 day period, written

notice of Seller’s commitment to cure such Disapproved Item on or before the

Expected Closing Date shall be conclusively presumed to be Seller’s Election

not to cure such Disapproved Item.  If

Seller elects, either by written notice or failure to give written notice, not

to cure a Disapproved Item, Buyer shall have the election, within 10 days after

Seller’s Election to either accept title to the Property subject to such

Disapproved Item, or to terminate this transaction.  Buyer’s failure to notify Seller in writing of Buyer’s election

to accept title to the Property subject to the Disapproved Item without

deduction or offset shall constitute Buyer’s election to terminate this

transaction.  Unless expressly provided

otherwise herein, Seller’s right to cure shall not apply to the remediation of

Hazardous Substance Conditions or to the Financing Contingency.  Unless the Parties mutually instruct

otherwise, if the time periods for the satisfaction of contingencies or for

Seller’s and Buyer’s said Elections would expire on a date after the Expected

Closing Date, the Expected Closing Date shall be deemed extended to coincide

with the expiration of 3 business days following the expiration of: (a) the

applicable contingency period(s), (b) the period within which the Seller may

elect to cure the Disapproved Item, or (c) if Seller elects not to cure, the

period within which Buyer may elect to proceed with this transaction, whichever

is later.

 

9.4           Buyer

understands and agrees that until such time as all Buyer’s Contingencies have

been satisfied or waived, Seller and/or its agents may solicit, entertain

and/or accept back-up offers to purchase the subject Property.

 

9.5           The

Parties acknowledge that extensive local, state and Federal legislation

establish broad liability upon owners and/or users of real property for the investigation

and remediation of Hazardous Substances. 

The determination of the existence of a Hazardous Substance Condition

and the evaluation of the impact of such a condition are highly technical and

beyond the expertise of Brokers.  The

Parties acknowledge that they have been advised by Brokers to consult their own

technical and legal experts with respect to the possible presence of Hazardous

Substances on this Property or adjoining properties, and Buyer and Seller are

not relying upon any investigation by or statement of Brokers with respect

thereto.  The Parties hereby assume all

responsibility for the impact of such Hazardous Substances upon their

respective interests herein.

 

10.          Documents Required at or before

Closing:

 

10.1         Five

days prior to the Closing date Escrow Holder shall obtain an updated Title

Commitment concerning the Property from the Title Company and provide copies

thereof to each of the Parties.

 

10.2         Seller

shall deliver to Escrow Holder in time for delivery to Buyer at the Closing, an

original ink signed:

 

(a)       Grant or general warranty deed, duly

executed and in recordable form, conveying fee title to the Property to Buyer.

 

(b)       If paragraph 3.1 (c) has not been

stricken, the Beneficiary Statements concerning Existing Note(s).

 

(c)       If applicable, the Existing Leases and

Other Agreements together with duly executed assignments thereof by Seller and

Buyer.  The assignment of Existing

Leases shall be on the most recent Assignment and Assumption of Lessor’s

interest in Lease form published by the AIR or its equivalent.

 

(d)       If applicable, Estoppel Certificates

executed by Seller and/or the tenant(s) of the Property.

 

(e)       An affidavit executed by Seller to the

effect that Seller is not a “foreign person” within the meaning of Internal

Revenue Code Section 1445 or successor statutes.  If Seller does not provide such affidavit in form reasonably

satisfactory to Buyer at least 3 business days prior to the Closing, Escrow

Holder shall at the Closing deduct from Seller’s proceeds and remit to Internal

Revenue Service such sum as is required by applicable Federal law with respect

to purchases from foreign sellers.

 

(f)        If the Property is located in

California, an affidavit executed by Seller to the effect that Seller is not a

“nonresident” within the meaning of California Revenue and Tax Code Section

18662 or successor statutes.  If Seller

does not provide such affidavit in form reasonably satisfactory to Buyer at

least three business days prior to the Closing, Escrow Holder shall at the

Closing deduct from Seller’s proceeds and remit to the Franchise Tax Board such

sum as is required by such statute.

 

(g)       If applicable, a bill of sale, duly

executed, conveying title to any included personal property to Buyer.

 

(h)       If the Seller is a corporation, a duly

executed corporate resolution authorizing the execution of this Agreement and

the sale of the Property.

 

10.3         Buyer

shall deliver to Seller through Escrow:

 

(a)       The cash portion of the Purchase Price

and such additional sums as are required of Buyer under this Agreement for

prorations, expenses and adjustments. 

The balance of the cash portion of the Purchase Price, including Buyer’s

Escrow charges and other cash charges, if any, shall be deposited by Buyer with

Escrow Holder, by federal funds wire transfer, or any other method acceptable

to Escrow Holder as immediately collectable funds, no later than 2:00 P.M. on

the business day prior to the Expected Closing Date.

 

(b)       If a Purchase Money Note and Purchase

Money Deed of Trust are called for by this Agreement, the duly executed

originals of those documents, the Purchase Money Deed of Trust being in

recordable form, together with evidence of fire insurance on the improvements

in the amount of the full replacement cost naming Seller as a mortgage loss payee,

and a real estate tax service contract (at Buyer’s expense), assuring Seller of

notice of the status of payment of real property taxes during the life of the

Purchase Money Note.

 

(c)       The Assignment and Assumption of Lessor’s

interest in Lease form specified in paragraph 10.2(c) above, duly executed by

Buyer.

 

(d)       Assumptions duly executed by Buyer of the

obligations of Seller that accrue after Closing under any Other Agreements.

 

(e)       If applicable, a written assumption duly

executed by Buyer of the loan documents with respect to Existing Notes.

 

(f)        If the Buyer is a corporation, a duly

executed corporate resolution authorizing the execution of this Agreement and

the purchase of the Property.

 

10.4         At

Closing, Escrow Holder shall cause to be issued to Buyer a standard coverage

(or ALTA extended, if elected under paragraph 9.1(g)) owner’s form policy of

title insurance effective as of the Closing, issued by the Title Company in the

full amount of the Purchase Price, insuring title to the Property vested in

Buyer, subject only to the exceptions approved by Buyer.  In the event there is a Purchase Money Deed

of Trust in this transaction, the policy of title insurance shall be a joint

protection policy insuring both Buyer and Seller.

 

IMPORTANT:     IN A PURCHASE OR EXCHANGE OF REAL PROPERTY, IT MAY BE ADVISABLE

TO OBTAIN TITLE INSURANCE IN CONNECTION WITH THE CLOSE OF ESCROW SINCE THERE

MAY BE PRIOR RECORDED LIENS AND ENCUMBRANCES WHICH AFFECT YOUR INTEREST IN THE

PROPERTY BEING ACQUIRED.  A NEW POLICY

OF TITLE INSURANCE SHOULD BE OBTAINED IN ORDER TO ENSURE YOUR INTEREST IN THE

PROPERTY THAT YOU ARE ACQUIRING.

 

11.    Prorations

and Adjustments.

 

11.1         Taxes.  Real property taxes and special assessment

bonds payable by the owner of the Property shall be prorated through Escrow as

of the date of the Closing, based upon the latest tax bill available.  The Parties agree to prorate as of the

Closing any taxes assessed against the Property by supplemental bill levied by

reason of events occurring prior to the Closing.  Payment shall be made promptly in cash upon receipt of a copy of

any such supplemental bill of the amount necessary to accomplish such

proration.

 

11.2         Insurance.  WARNING:  The insurance coverage which Seller

maintained on the Property will terminate on the Closing.  Buyer is advised to obtain appropriate

insurance to cover the Property,

 

11.3         Rentals,

Interest and Expenses, Collected rentals, interest on Existing

Notes, utilities, and operating expenses shall be prorated as of the date of

Closing.  The Parties agree to promptly

adjust between themselves outside of Escrow any rents received after the

Closing.

 

11.4         Security

Deposit.  Security Deposits

held by Seller shall be given to Buyer as a credit to the cash required of

Buyer at the Closing.

 

11.5         Post Closing

Matters.  Any item to be

prorated that is not determined or determinable at the Closing shall be

promptly adjusted by the Parties by appropriate cash payment outside of the

Escrow when the amount due is determined.

 

11.6         Variations

in Existing Note Balances. 

In the event that Buyer is taking title to the Property subject to an

Existing Deed of Trust(s), and in the event that a Beneficiary Statement as to

the applicable Existing Note(s) discloses that the unpaid principal balance of

such Existing Note(s) at the Closing will be more or less than the amount set

forth in paragraph 3.1(c) hereof (“Existing Note Variation”), then the

Purchase Money Note(s) shall be reduced or increased by an amount equal to Such

Existing Note Variation.  If there is to

be no Purchase Money Note, the cash required at the Closing per paragraph

3.1(a) shall be reduced or increased by the amount of such Existing Note

Variation.

 

11.7         Variations in New Loan Balance.  In the event Buyer is obtaining a

New Loan and in the event that the amount of the New Loan actually obtained is

greater than the amount set forth in paragraph 5.1 hereof, the Purchase Money

Note, if one is called for in this transaction, shall be reduced by the excess

of the actual face amount of the New Loan over such amount as designated in

paragraph 5.1 hereof.

 

12.          Representation

and Warranties of Seller and Disclaimers.

 

12.1         Seller’s

warranties and representations shall survive the Closing and delivery of the

dead for a period of three years, and, are true, material and relied upon by

Buyer and Brokers in all respects. 

Seller hereby makes the following warranties and representations to

Buyer and Brokers:

 

(a)      Authority of Seller.  Seller is the owner of the Property and/or has the

full right, power and authority to sell, convey and transfer the Property to

Buyer as provided herein, and to perform Seller’s obligations hereunder.

 

(b)      Maintenance During Escrow and Equipment

Condition At Closing.  Except as otherwise provided in paragraph

9.1(m) hereof, Seller shall maintain the Property until the Closing in its

present condition, ordinary wear and tear excepted.  The HVAC, plumbing, elevators, loading doors and electrical

systems shall be in good operating order and condition at the time of Closing.

 

(c)       Hazardous Substances/Storage Tanks.  Seller has no knowledge, except as otherwise disclosed

to Buyer in writing, of the existence or prior existence on the Property of any

Hazardous Substance, nor of the existence or prior existence of any above or

below ground storage tank.

 

(d)      Compliance.  Seller has

no knowledge of any aspect or condition of the Property which violates

applicable laws, rules, regulations, codes or covenants, conditions or

restrictions, or of improvements or alterations made to the Property without a

permit where one was required, or of any unfulfilled order or directive of any

applicable governmental agency or casualty insurance company requiring any

investigation, remediation, repair, maintenance or improvement be performed on

the Property.

 

(e)       Changes in Agreements. 

Prior to the Closing, Seller will not violate or modify any Existing

Lease or Other Agreement, or create any new leases or other agreements

affecting the Property, without Buyer’s written approval, which approval will

riot be unreasonably withheld.

 

(f)        Possessory Rights. 

Seller has no knowledge that anyone will, at the Closing, have any right

to possession of the Property, except as disclosed by this Agreement or

otherwise in writing to Buyer.

 

(g)      Mechanics’ Liens.  There are no unsatisfied mechanics’ or materialmens’

lien rights concerning the Property.

 

(h)      Actions, Suits or Proceedings. 

Seller has no knowledge of any actions, suits or proceedings pending or

threatened before any commission, board, bureau, agency, arbitrator, court or

tribunal that would affect the Property or the right to occupy or utilize same.

 

(i)       Notice of Changes.  Seller will promptly notify Buyer and Brokers in

writing of any Material Change (see paragraph 9.1(n)) affecting the Property

that becomes known to Seller prior to the Closing.

 

(j)        No Tenant Bankruptcy Proceedings.  Seller has no notice or knowledge that any tenant of

the Property is the subject of a bankruptcy or insolvency proceeding.

 

(k)      No Seller Bankruptcy Proceedings.  Seller is not the subject of a bankruptcy, insolvency

or probate proceeding.

 

(1)      Personal Property.  Seller has no knowledge that anyone will, at the

Closing, have any right to possession of any personal property included in the

Purchase Price nor knowledge of any lions or encumbrances affecting such

personal property, except as disclosed by this Agreement or otherwise in

writing to Buyer.

 

12.2      Buyer hereby acknowledges that, except as

otherwise stated in this Agreement, Buyer is purchasing the Property in its

existing condition and will, by the time called for herein, make or have waived

all inspections of the Property Buyer believes are necessary to protect its own

interest in, and its contemplated use of, the Property.  The Parties acknowledge that, except as

otherwise stated in this Agreement, no representations, inducements, promises,

agreements, assurances, oral or written, concerning the Property, or any aspect

of the occupational safety and health laws, Hazardous Substance laws, or any

other act, ordinance or law, have been made by either Party or Brokers, or

relied upon by either Party hereto.

 

12.3         In the event that Buyer learns that a

Seller representation or warranty might be untrue prior to the Closing, and

Buyer elects to purchase the Property anyway then, and in that event, Buyer

waives any right that it may have to bring an action or proceeding against

Seller or Brokers regarding said representation or warranty.

 

12.4         Any environmental reports, soils

reports, surveys, and other similar documents which were prepared by third

party consultants and provided to Buyer by Seller or Seller’s representatives,

have been delivered as an accommodation to Buyer and without any representation

or warranty as to the sufficiency, accuracy, completeness, and/or validity of

said documents, all of which Buyer relies on at its own risk.  Seller believes said documents to be

accurate, but Buyer is advised to retain appropriate consultants to review said

documents and investigate the Property.

 

13.          Possession.

 

Possession of the Property shall be given to Buyer at the Closing

subject to the rights of tenants under Existing Leases.

 

14.          Buyer’s Entry.

 

At any time during the Escrow period, Buyer, and its

agents and representatives, shall have the right at reasonable times and

subject to rights of tenants, to enter upon the Property for the purpose of

making inspections and tests specified in this Agreement.  No destructive testing shall be conducted,

however, without Seller’s prior approval which shall not be unreasonably

withheld.  Following any such entry or

work, unless otherwise directed in writing by Seller, Buyer shall return the

Property to the condition it was in prior to such entry or work, including the

recompaction or removal of any disrupted soil or material as Seller may reasonably

direct.  All such inspections and tests

and any other work conducted or materials furnished with respect to the

Property by or for Buyer shall be paid for by Buyer as and when due and Buyer

shall indemnify, defend, protect and hold harmless Seller and the Property of

and from any and all claims, liabilities, losses, expenses (including

reasonable attorneys’ fees), damages, including those for injury to person or

property, arising out of or relating to any such work or materials or the acts

or omissions of Buyer, its agents or employees in connection therewith.

 

15.       Further

Documents and Assurances.

 

The Parties shall each,

diligently and in good faith, undertake all actions and procedures reasonably

required to place the Escrow in condition for Closing as and when required by

this Agreement.  The Parties agree to

provide all further information, and to execute and deliver all further

documents, reasonably required by Escrow Holder or the Title Company.

 

16.       Attorneys’

Fees.

 

If any Party or Broker brings an action or proceeding

(including arbitration) involving the Property, to enforce the terms hereof, or

to declare rights hereunder, the Prevailing Party (as hereafter defined) in any

such proceeding, action, or appeal thereon, shall be entitled to reasonable

attorneys’ fees.  Such fees may be

awarded in the same suit or recovered in a separate suit, whether or not such

action or proceeding is pursued to decision or judgment.  The term “Prevailing Party” shall

include, without limitation, a Party or Broker who substantially obtains or

defeats the relief sought, as the case may be, whether by compromise,

settlement, judgment, or the abandonment by the other Party or Broker of its

claim or defense.  The attorneys’ fees

award shall not be computed in accordance with any court fee schedule, but

shall be such as to fully reimburse all attorneys’ fees reasonably incurred.

 

17.          Prior Agreements/Amendments.

 

17.1         This Agreement supersedes any and all

prior agreements between Seller and Buyer regarding the Property.

 

17.2         Amendments to this Agreement are

effective only if made in writing and executed by Buyer and Seller.

 

18.          Broker’s Rights.

 

18.1         If this sale is not consummated due to

the default of either the Buyer or Seller, the defaulting Party shall be liable

to and shall pay to Brokers the Brokerage Fee that Brokers would have received

had the sale been consummated.  It Buyer

is the defaulting party, payment of said Brokerage Fee is in addition to any

obligation with respect to liquidated or other damages.

 

18.2         Upon the Closing, Brokers are

authorized to publicize the facts of this transaction.

 

19.          Notices.

 

19.1         Whenever any Party, Escrow Holder or

Brokers herein shall desire to give or serve any notice, demand, request,

approval, disapproval or other communication, each such communication shall be

in writing and shall be delivered personally, by messenger or by mail, postage

prepaid, to the address set forth in this Agreement or by facsimile

transmission.

 

19.2         Service of any such communication shall

be deemed made on the date of actual receipt if personally delivered.  Any such communication sent by regular mail

shall be deemed given 48 hours after the same is mailed.  Communications sent by United States Express

Mall or overnight courier that guarantee next day delivery shall be deemed

delivered 24 hours after delivery of the same to the Postal Service or

courier.  Communications transmitted by

facsimile transmission shall be deemed delivered upon telephonic confirmation

of receipt (confirmation report from fax machine is sufficient), provided a

copy is also delivered via delivery or mail. 

If such communication is received on a Saturday, Sunday or legal

holiday, it shall be deemed received on the next business day.

 

19.3         Any Party or Broker hereto may from time

to time, by notice in writing, designate a different address to which, or a

different person or additional persons to whom, all communications are

thereafter to be made.

 

20.          Duration of Offer.  [Intentionally deleted.]

 

21.          Liquidated Damages.  [Intentionally deleted.]

 

22.          Arbitration of Disputes.  [Intentionally deleted.]

 

23.          Miscellaneous.

 

23.1         Binding Effect. 

This Agreement shall bebinding on the Parties without regard to

whether or not paragraphs 21 and 22 are initialed by both of the Parties.  Paragraphs 21 and 22 are each incorporated

into this Agreement only if initialed by both Parties at the time that the

Agreement is executed.

 

23.2         Applicable Law. 

This Agreement shall be governed by the laws of the state in

which the Property is located.

 

23.3         Time of Essence. 

Time is of the essence of this Agreement.

 

23.4         Counterparts.  This

Agreement may be executed by Buyer and Seller in counterparts, each of which

shall be deemed an original, and all of which together shall constitute one and

the same instrument.  Escrow Holder,

after verifying that the counterparts are identical except for file signatures,

is authorized and instructed to combine the signed signature pages on one at

the counterparts, which shall then constitute the Agreement.

 

23.5         Waiver of Jury Trial. 

The Parties hereby waive their respective rights to trial by

jury in any action or proceeding involving the Property or arising out of this

Agreement

 

24.          Disclosures

Regarding The Nature of a Real Estate Agency Relationship.  [Intentionally deleted.]

 

25.          Construction of Agreement.  In construing this Agreement, all headings and titles

are for the convenience of the Parties only and shall not be considered a part

of this Agreement.  Whenever required by

the context, the singular shall include the plural and vice versa.  Unless otherwise specifically indicated to

the contrary, the word “days” as used in this Agreement shall mean and refer to

calendar days.  This Agreement shall not

be construed as if prepared by one of the parties, but rather according to its

fair meaning as a whole, as if both Parties had prepared it.

 

26.          Additional

Provisions.

 

26.1         The obligations of the Seller hereunder

are conditioned upon

 

(a)       a determination by the board of directors

of Affinity Group Holding, Inc., the parent of the Seller (“AGHI”), to the

effect that the transactions contemplated by the Purchase Agreement comply with

the terms of an indenture (the “Indenture”) dated as of April 2, 1997

pertaining to the 11% senior notes due 2007 issued by AGHI, including, without

limitation, that the terms of the Purchase Agreement are, in the aggregate, no

less favorable to the Seller than those that could have been obtained in a

comparable transaction on an arm’s-length basis from a person that is not an

affiliate of the Seller.

 

(b)       the Seller obtaining an opinion as to the

fairness, from a financial point of view, of the transactions contemplated by

the Purchase Agreement from an independent financial advisor, as such term is

defined in the Indenture.

 

(c)       the Seller receiving appraisals of the

Property confirming that the fair market value of the property is $52,310,000.

 

If any of the foregoing conditions are unsatisfied,

the Seller may declare the Purchase Agreement to be null and void by giving

written notice thereof to the Buyer on or before December 10, 2001.

 

26.2         At the Closing, the Buyer and the

Seller shall enter into a “triple net” lease with respect to each of the eleven

parcels constituting the Property, such lease to be in such form as is agreed to

between the Buyer and the Seller (the “Leases”).  The Leases shall be at market rate rent, shall provide for a

security and maintenance deposit in an amount to be negotiated (but estimated

to be $100,000 to $150,000 per parcel) and shall be for a term of fifteen years

with options to renew for additional terms of five years each at the then

market rate rent.

 

26.3         Seller

shall, at Seller’s expense, obtain the appraisals contemplated by Paragraph

26.1(c) above.  Seller agrees to make

copies of such appraisals available to Buyer and authorizes Buyer to use such

appraisals in connection with Buyer’s financing contemplated by Paragraph 5.

 

26.4         The

expression “Seller” as used in the Purchase Agreement means Affinity Group,

Inc. or one or more of its subsidiaries.

 

ATTENTION:       NO REPRESENTATION

OR RECOMMENDATION IS MADE BY THE AMERICAN INDUSTRIAL REAL ESTATE ASSOCIATION OR

BY ANY BROKER AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX CONSEQUENCES OF

THIS AGREEMENT OR THE TRANSACTION TO WHICH IT RELATES.  THE PARTIES ARE URGED TO:

 

1.             SEEK ADVICE  OF COUNSEL AS TO THE LEGAL AND TAX

CONSEQUENCES OF THIS AGREEMENT.

 

2.             RETAIN APPROPRIATE

CONSULTANTS TO REVIEW AND INVESTIGATE THE CONDITION OF THE PROPERTY.  SAID INVESTIGATION SHOULD INCLUDE BUT NOT BE

LIMITED TO: THE POSSIBLE PRESENCE OF HAZARDOUS SUBSTANCES, THE ZONING OF THE

PROPERTY, THE INTEGRITY AND CONDITION OF ANY STRUCTURES AND OPERATING SYSTEMS,

AND THE SUITABILITY OF THE PROPERTY FOR BUYER’S INTENDED USE.

 

WARNING:  IF THE PROPERTY IS

LOCATED IN A STATE OTHER THAN CALIFORNIA, CERTAIN PROVISIONS OF THIS AGREEMENT

MAY NEED TO BE REVISED TO COMPLY WITH THE LAWS OF THE STATE IN WHICH THE

PROPERTY IS LOCATED

 

NOTE:

 

1.             THIS FORM IS NOT

FOR USE IN CONNECTION WITH THE SALE OF RESIDENTIAL PROPERTY.

 

2.             IF THE BUYER IS A

CORPORATION, IT IS RECOMMENDED THAT THIS AGREEMENT BE SIGNED BY TWO CORPORATE

OFFICERS.

 

The undersigned Buyer offers and

agrees to buy the Property on the terms and conditions stated and acknowledges

receipt of a copy hereof.

 

	

   

  	

  AGRP HOLDING CORP.

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  /S/  Paul E.

  Schedler

  	

   

  
	

   

  	

  By:  Paul E.

  Schedler

  	

   

  
	

   

  	

  Title:  Vice

  President

  
	

   

  	

  Telephone:

  	

  (805) 667-4400

  
	

   

  	

  Facsimile:

  	

  (805) 667-4151

  
				

 

27.          Acceptance.

 

27.1         Seller accepts the foregoing offer to

purchase the Property and hereby agrees to sell the Property to Buyer on the

terms and conditions therein specified.

 

27.2         [Intentionally deleted.]

 

27.3         Seller acknowledges receipt of a copy

hereof and authorizes Brokers to deliver a signed copy to Buyer.

 

NOTE:   A

PROPERTY INFORMATION SHEET IS REQUIRED TO BE DELIVERED TO BUYER BY SELLER UNDER

THIS AGREEMENT.

 

	

   

  	

   

  	

  AFFINITY GROUP, INC.

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  /S/  Mark J.

  Boggess

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:  Mark J.

  Boggess

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  Title:  Vice President and Chief Financial Officer

   

  	

   

  
	

   

  	

   

  	

  Telephone:

  	

   

  	

  (303 728-2267 x422)

  	

   

  
	

   

  	

   

  	

  Facsimile:

  	

   

  	

  (303 728-7317)

  	

   

  
									

 

Exhibit A-1

 

Legal Description

 

Lot 4, Block 1, Inverness Subdivision Filing No. 35,

County of Arapahoe, State of Colorado.

 

Property Address: 64 Inverness Drive East, Englewood,

Colorado 80112

Tax ID No. 2075-35-2-12-004

 

Exhibit A-2

 

Legal Description

 

Being a 4.3455 acre tract of land located at the intersection of Three

Springs Road and Camping World Court and known as Lot 2 of Three Springs Road

Business Park Section 2 as recorded in Plat Book 22 Page 71 in Bowling Green,

Warren County, Kentucky, and more particularly described by metes and bounds as

follows:

 

NOTE:  All set iron pins are

5/8” x 30” rebar having a plastic cap imprinted with “James R. Adams 1891.”

 

Beginning at an iron pin set in the northeast rights-of-way

intersection of Three Springs Road and Camping World Court; thence with the

right-of-way line of Three Springs Road North 22o 23’ 12” East 67.50 feet to an

iron pin set; thence North 20o 18’ 40” East 329.46 feet to a found p.k. nail;

thence North 20o 09’ 20” East 55.87 feet to a found iron pin, corner common to

Lot 1 Three Springs Business Park Section 1 (Plat Book 17 Page 121); thence

leaving said right-of-way and with the common line of said Lot 1 South 59o 21’

20” East 199.60 feet to an iron pin set; thence South 30o 38’ 40” West 5.61

feet to an iron pin set; thence South 59o 21’ 20” East 108.67 feet to an iron

pin set, corner common to Lot 3 Three Springs Business Park Section 2 (Plat

Book 22 Page 71); thence leaving said Lot 1 and with the common line of said

Lot 3 South 59o 21’ 20” East 159.77 feet to an iron pin set; thence South 24o

12’ 13” West 393.87 feet to an iron pin set, said pin located in the north

right-of-way line of Camping World Court; thence leaving said Lot 3 and with

said right-of-way North 65o 47’ 47” West 436.01 feet to the point of beginning

containing 4.3455 acres as per survey by James R. Adams and Associates dated

October 23, 2001, and being known as Lot 2 of Three Springs Business Park as

recorded in Plat Book 22 Page 71 on file in the Warren County Clerk’s Office in

Bowling Green, Kentucky.

 

and

 

Being a 3.6508 acre tract of land located on Camping World Court and

known as Lot 3 of Three Springs Road Business Park Section 2 as recorded in

Plat Book 22 Page 71 in Bowling Green, Warren County, Kentucky, and more

particularly described by metes and bounds as follows:

 

NOTE:  All set iron pins are

5/8” x 30” rebar having a plastic cap imprinted with “James R. Adams 1891.”

 

Beginning at an iron pin set in the northeast rights-of-way

intersection of Three Springs Road and Camping World Court, said corner common

to Lot 2 Three Springs Business Park Section 2 (Plat Book 22 Page 71); thence

with the right-of-way line of Camping World Court and with the common line of

said Lot 2 South 65o 47’ 47” East 436.01 feet to a set iron pin, the true point

of beginning of described tract; thence leaving said right-of-way and with the

common line of said Lot 2 North 24o 12’ 13” East 393.87 feet to a set iron pin;

thence North 59o 21’ 20” West 159.77 feet to a set iron pin, corner common to

Lot 1 Three Springs Business Park Section 1 (Plat Book 17 Page 121); thence

leaving the common line of said Lot 2 and with the common line of said Lot 1

North 30o 38’ 40” East 150.00 feet to a found iron pin, said pin located in the

line of property as recorded in Minor Plat Book 1 Page 252-C; thence leaving

said Lot 1 and with the common line of said minor plat property South 59o 21’

25” East 271.98 feet to a found iron pipe; thence North 30o 14’ 26” East 262.64

feet to a found iron pipe, said pipe located in the northwest right-of-way line

of Interstate 65; thence leaving said minor plat property with right-of-way

South 05o 34’ 17” East 139.02 feet to a found r/o/w post; thence South 01o 04’

20” West 136.76 feet to a found r/o/w post; thence South 14o 05’ 17” West

164.38 feet to a found r/o/w post; thence South 19o 36’ 42” West 193.84 feet to

a found concrete monument, a corner common to Lot 6 Three Springs Business Part

Section II (Plat Book 20 Page 134); thence leaving said right-of-way with the

common line of said Lot 6 North 65o 47’ 47” West 273.10 feet to a found

concrete monument; thence South 24o 12’ 13” West 190.00 feet to a found

concrete monument, said monument located in the north right-of-way line of

Camping World Court; thence leaving said Lot 6 and with said right-of-way North

65o 47’ 47” West 50.00 feet to the point of beginning containing 3.6508 acres

as per survey by James R. Adams and Associates dated October 23, 2001 and being

known as Lot 3 of Three Springs Business Park Section 2 as recorded in Plat

Book 22 Page 71 on file in the Warren County Clerk’s Office in Bowling Green,

Kentucky.

 

Being the same property, with a new legal description,

conveyed to Camping World, Inc., a Kentucky corporation, by Deeds recorded in

Deed Book 537, Page 591, Deed Book 582 Page 593 and Deed Book 591 Page 318 in

the Warren County Clerk’s Office.

 

Property Address: 650 Three Springs Road, Bowling Green, Kentucky 42104

Tax ID No. 053A-05-002

 

Exhibit A-3

 

Legal Description

 

Parcels 1, 2 and 3 of Parcel Map 6493, in the County

of Kern, State of California, as per map recorded in Book 31, page(s) 120, of

Parcel Maps, in the office of the County Recorder of said County.

 

Excepting therefrom all

oil, gas, minerals and other hydrocarbon substances within or underlying said

land, as reserved in deeds of records.

 

Property Address: 3830 Saco Road, Bakersfield, CA

93308

Tax ID Nos. 482-090-41-00-0, 482-090-42-00-3 and

482-090-43-00-6

 

Exhibit A-4

 

Legal Description

 

That portion of Subdivision No. 5 of the West half of the Rancho San

Miguel, partly in the City of San Buenaventura, County of Ventura, State of

California, as per Map recorded in Book 5, Page 32 of Maps, in the Office of

the County Recorder of said County, described as follows:

 

BEGINNING at a point on the Southerly line of the Southern Pacific

Railroad Company right-of-way, 100.00 feet wide, at the most Easterly corner of

the land described in Parcel 2 to Ventura Coastal Corporation, a California

Corporation, by deed recorded May 24, 1973 as Document No. 36223, in Book 4117,

page 340 of Official Records; thence, along said Southerly line,

 

1st:          South 59o 48’ 16”

East 544.44 feet; thence, leaving said Southerly line,

 

2nd:        South 40o 05’ 44” West 828.06 feet to

the Northeasterly line of the land described in the deed in the State of

California, recorded June 16, 1960 as Document No. 25714, in Book 1878, page

488 of Official Records; thence, along said Northeasterly line,

 

3rd:         North 63o 00’ 03” West 281.44 feet to

the Northeasterly line of Vista Del Mar Drive, 60.00 feet wide (formerly Ocean

Drive), as shown on said map, thence, along said Northeasterly line,

 

4th:         North 35o 26’ 00” West 270.81 feet to

the Southeasterly line of said land, as conveyed to Ventura Coastal

Corporation; thence, along said Southeasterly line,

 

5th:         North 40o 05’ 44”

East 730.55 feet to the point of beginning.

 

A portion of said land is shown as Parcel “A” of Parcel Map No. 3079

recorded in book 26, page 49 of Parcel Maps.

 

Property Address: 2575 Vista Del Mar Drive, Ventura, California 93001

Tax ID Nos. 0800-020-320 and 0800-020-330

 

Exhibit A-5

 

Legal Description

 

 

Being a 2.895 acre tract of land located at the intersection of Beech

Bend Road and Double Springs Road in Bowling Green, Warren County, Kentucky, and

more particularly described by metes and bounds as follows:

 

Note:  All set iron pins are

5/8” x 30” rebar having a plastic cap imprinted with “James R. Adams 1891.”

 

Beginning at a set iron pin, said pin located in the northwest

rights-of-way intersection of Beech Bend Road and Double Springs Road; thence

with the right-of-way line of Double Springs Road South 63o 06’ 00” West 63.47

feet to a set iron pin; thence North 80o 32’ 00” West 209.05 feet to an iron

pin set; thence North 80o 15’ 50” West 40.60 feet to a found iron pin; thence

North 21o 58’ 57” East 13.68 feet to a found iron pin, corner common to Lot 3

of Minor Plat Book 22 Page 38; thence leaving said right-of-way and with the

common line of said Lot 3 N 21o 58’ 57” East 481.14 feet to a found iron pin,

said pin located in the line of Lot 2-2 of Minor Plat Book 22 Page 39; thence

leaving said Lot 3 and with the common line of said Lot 2-2 S 53o 30’ 00” East

327.49 feet to a found iron pin, said pin located in the northwest right-of-way

line of Beech Bend Road; thence leaving said Lot 2-2 and with said right-of-way

S 53o 30’ 00” East 6.90 feet to a found iron pin; thence S 32o 18’ 00” West

100.00 feet to a set iron pin; thence S 27o 29’ 00” W 211.86 feet to the point

of beginning containing 2.895 acres as per survey by James R. Adams and

Associates dated October 23, 2001.

 

Being the same property with a new survey description,

conveyed to Camping World of Kentucky, Inc., a Kentucky corporation by Deed

dated January 10, 1984 from Camping World, Inc., a Kentucky corporation, of

record in Deed Book 529 Page 158, in the office of the Warren County

Clerk.  The said Camping World of

Kentucky, Inc., is now known as CWI, Inc.

 

Property Address: 134 Beech Bend Road, Bowling Green, Kentucky 42102

Tax ID No. 039B-01-024

 

Exhibit A-6

 

Legal Description

 

All that certain piece, parcel or lot of land, lying and being in City

of Myrtle Beach, County of Horry, State of South Carolina, containing 5.41

acres as shown on a map by Robert L. Bellamy & Associates, Inc., Engineers

and Surveyors dated October 4, 2001 and recorded in the R.O.D. for Horry County

in Plat Book ____, at Page ___ and being more fully described as follows:

 

Commencing at a calculated point at the Northeast right-of-way at the

intersection of Tidewater Road and U.S. Highway 501, thence along the Northern

right-of-way of U.S. 501 South 47o 03’ 38” East for a distance of 504.46 feet

to an iron pipe, said pipe being the point of beginning, thence North 42o 57’

00” East for a distance of 441.67 feet to an iron pipe in a ditch, being the

common corner of the lands of Myrtle Beach Farms Company, Quality Inn Motel and

Camping World of Kentucky, Inc.; thence with the lands of Myrtle Beach Farms

South 47o 03’ 00” East for a distance of 595.66 feet to an iron pipe on the

line of Myrtle Beach West Motel Associates, thence with land of Myrtle Beach

West Motel Associates South 58o 35’ 32” West for a distance of 458.69 feet to

an iron pipe on the northern right-of-way of U.S. Highway 501, thence with said

right-of-way North 47o 03’ 38” West for a distance of 471.98 feet back to the

point of beginning.

 

Property Address: 3632 Highway 501, Myrtle Beach, South Carolina 29579

Tax I.D. Nos. 172-00-03-014

 

Exhibit A-7

 

Legal Description

 

The South 643 feet

of the West 660 feet, of the Southwest Quarter of the Southwest Quarter of

Section 2, Township 25 South, Range 28 East, LESS Right-of-way of State road

No. 530 and LESS the West 160 feet thereof, Osceola County, Florida, bounded

and described as follows:

 

That part of the Southwest Quarter of the Southwest Quarter of Section

2, Township 25 South, Range 28 East, Osceola County, Florida, described as

follows: Commence at the Southwest corner of said Section 2; run South 89

degrees 38 minutes 26 seconds East 160.00 feet along the South line of said

Southwest Quarter to the East line of the West 160.00 feet of said Southwest

Quarter of the Southwest Quarter; thence run North 00 degrees 14 minutes 15

seconds East 68.00 feet along said East line to the Northerly Right-of-way line

of U.S. Highway 192-State Road No. 530 and the POINT OF BEGINNING; thence

continue North 00 degrees 14 minutes 15 seconds East 575.00 feet along said

East line to the North line of the South 643.00 feet of said Southwest Quarter

of the Southwest Quarter; thence run South 89 degrees 38 minutes 26 seconds

East 500.00 feet along said North line to the East line of the West 660.00 feet

of said Southwest Quarter of the Southwest Quarter; thence run South 00 degrees

14 minutes 15 seconds West 575.00 feet along said East line to the Northerly

Right-of-way line of U.S. Highway 192-State Road 530; thence run North 89

degrees 38 minutes 26 seconds West 500.00 feet along said Northerly

Right-of-way line of U.S. Highway 192-State Road No.. 530 to the POINT OF

BEGINNING.

 

AND LESS

 

Commence at the

Southwest corner of the Southwest Quarter of Section 2, Township 25 South,

Range 28 East; thence South 89 degrees 56 minutes 15 seconds East (Bearing

based on Right-of-way Map -of Poinciana Boulevard Extension as furnished by Blount

Sikes and Associates) along the South line of said Section 2 a distance of

660.00 feet; thence departing said South line on a bearing of North 00 degrees

03 minutes 07 seconds West a distance of 68.00 feet to the POINT OF BEGINNING

said point being on the North line of U.S. Highway 192 (S.R. 530); thence

continue North 00 degrees 03 minutes 07 seconds West a distance of 575.00 feet;

thence North 89 degrees 56 minutes 15 seconds West parallel with the South line

of said Section 2 a distance of 45.35 feet to a point on a curve concave

Southwesterly said curve having a radius of 2814.79 feet; thence Southeasterly

along said curve a distance of 95.28 feet through a central angle of 01 degrees

56 minutes 22 seconds (chord bearing of South 01 degrees 05 minutes 00 seconds

East; chord distance of 95.27 feet); thence South 29 degrees 27 minutes 43

seconds East a distance of 22.83 feet; thence South 00 degrees 06 minutes 49

seconds East a distance of 184.73 feet; thence South 24 degrees 58 minutes 10

seconds West a distance of 49.98 feet; thence South 00 degrees 06 minutes 49

seconds East a distance of 229.82 feet to the North line of said U.S. Highway

192; thence South 89 degrees 56 minutes 15 seconds East along said North line a

distance of 53.11 feet to the POINT OF BEGINNING.

 

Property Address: 5175 W. Irlo Bronson Parkway, Kissimmee, FL 34746

Tax ID No. 022528-0000-0090-0000

 

Exhibit A-8

 

Legal Description

 

Those portions of

Parcels 2 and 3 of Parcel Map No. 10822, as shown on map filed in Book 109,

pages 90, 91 and 92 of Parcel Maps, in the office of the Recorder of the County

of Los Angeles and that portion of Parcel 1A, as shown on map filed in Book 27,

pages 41, 42, and 43, of Record of Surveys, in the office of said Recorder

within the following described boundaries:

 

Commencing at a point in that certain course having a bearing and

length of N 16° 58’ 50” W. 1380.50 feet in the westerly boundary of that

certain parcel or land described as Parcel 1 in deed to the State of California

recorded as Document No. 3187 on March 18, 1969, in Book D4311, page 508, of

Official Records, in the office of said Recorder, said point being distant

northerly along said certain course North 16° 58’ 50” West 600.46 feet from its

southerly terminus; thence South 14° 50’ 19” East 440.42 feet to a point in the

easterly prolongation, bearing North 75° 39’ 20” East, of the northerly end of

the old road, 50 feet wide, as shown on said Parcel Map No. 10822, said last

mentioned point being the true point of beginning; thence continuing South 14°

50’ 19” East 269.54 feet to the beginning of a tangent curve concave to the

west and having a radius of 135.07 feet; thence Southerly along said curve

through a central angle of 32° 12’ 56” an arc distance of 75.95 feet to the

beginning of a compound curve concave to the northwest and having a radius of

375.00 feet; thence Southwesterly along said last mentioned curve through a

central angle of 13° 33’ 38” an arc distance of 88.75 feet; thence tangent to

said last mentioned curve South 30’ 56’ 15” West 161.14 feet to the beginning

of a tangent curve concave to the northwest and having a radius of 206.00 feet;

thence Southwesterly along said last mentioned curve through a central angle of

18° 36’ 45” an arc distance of 66.92 feet; thence tangent to said last

mentioned curve South 49° 33’ 00” West 114.70 feet; thence South 32’ 37’ 19”

West 120.76 feet to the Southwesterly boundary of said Parcel 2; thence

Northwesterly along said Southwesterly boundary and continuing Northwesterly

and Northerly along the Southwesterly and Westerly boundaries of said Parcel 3

to the Northwesterly corner of said last mentioned parcel; thence Northerly

along the Easterly line of said the old road, North 14° 15’ 25” West 32.21

feet; thence North 69” 10’ 00” East 165.00 feet; thence North 46’ 41’ 41” East

158.03 feet to said Easterly prolongation of the Northerly end of the old road;

thence North 75° 39’ 20” East along said last mentioned Easterly prolongation

to the true point of beginning.

 

Except that

portion of said land condemned in fee in favor of the County of Los Angeles as

per Final Order of Condemnation recorded September 13, 1993 as Instrument No.

93-17700734, Official Records.

 

Except therefrom

all rights to minerals, oil, gas, tars and other hydrocarbon and metalliferous

substances, geothermal steam, naturally heated waters, thermal energy and gas

and all other minerals of every kind or character in, on, or under said land,

together with the right to drill or mine for the same without, however, the

right to drill or mine through the surface or upper five hundred (500’) of the

subsurface of said land, as reserved by the Newhall Land and Farming Company, a

corporation, recorded July 2, 1979 as Instrument No. 79-717820, Official

Records.

 

Property Address: 24901 W. Pico Canyon Road, Newhall, California 91381

Tax ID Nos. 2826-010-32 and 2826-010-028

 

Exhibit A-9

 

Legal Description

 

Parcel 1, in the

City of La Mirada, in the County of Los Angeles, State of California, as per

map recorded in Book 244, pages 56-58 of Parcel Maps, in the office of the

County Recorder of said County.

 

Excepting

therefrom all minerals, oils, gases and other hydrocarbons by whatsoever name

known, that may be within or under the parcel of land hereinabove described

without, however, the right to drill, dig or mine through the surface thereof,

as reserved in deed recorded December 12, 1961 as Instrument No. 3845 in said

office of the County Recorder.

 

Excepting from

said Lot 15 an undivided one-half interest in and to all oil, gas, petroleum and

other hydrocarbon substances without the right of surface entry, as reserved in

deed recorded October 10, 1951 in Book 37388, page 101 as Instrument No. 1134

of Official Records, in said office of the County Recorder.

 

Except an

undivided one-half interest in and to all oil, gas, petroleum and other

hydrocarbon substances in, onand under said land, together with the

right to enter upon the surface thereof for the purpose of taking and

developing and producing said. 

substances, as reserved by Linnie H. McComber by deed recorded October

10, 1951 in Book 37388, page 101, Official Records.

 

Also except all

oil, hydrocarbons or other related substances below a depth of 500 feet, but

without right of surface entry for the purpose of drilling for or extracting

same, as reserved by Helen R. Dudderar, a married woman, and Mildred M. Duncan,

a married woman, who acquired title as Mildred M. McPherson, a married woman.

 

Except therefrom,

an undivided one-half interest in and to all oil, gas, petroleum and other hydrocarbon

substances lying below a depth of 500 feet from the surface thereof, without

the right of entry of the surface or subsurface to a depth of 500 feet, as

provided in an instrument recorded February 27, 1987 as Instrument No.

87-294376, Official Records.

 

Also excepting

therefrom an undivided one-half of all oil, gas and minerals and an undivided

one-half of all oil, gas and mineral rights upon and under said land, with

right of entry, as reserved in deed from Security-First National Bank of Los

Angeles, recorded June 1, 1939 in Book 16615, page 307, Official Records.

 

Also excepting

therefrom any remaining oil, gas, petroleum, minerals and other hydrocarbon

substances recoverable from said real property, without however, any right to

enter upon the surface of said property to explore for, develop or remove said

substances, but with full right of ingress and egress at any depth or depths

below 500 feet from the present natural level of surface of said real property

to explore for, develop and remove said substances by means of wells and

equipment having surface locations outside the outer boundaries of said real

property, and entering said real property below 500 feet from the present

natural level of surface of said real property, as reserved in deed recorded

October 21, 1986 as Instrument No. 86-1414387, Official Records.

 

Property Address: 14900 S. Firestone Boulevard, LaMirada, California

90638

Tax ID No. 7003-015-002

 

Exhibit A-10

 

Legal Description

 

LAND in Davidson County, Tennessee, being a portion of Lot No. 1, on

the Plan of Camping World Subdivision, as shown on plat of record in Plat Book

6250, page 142, in the Register’s Office of Davidson County, Tennessee, and

being more particularly described as follows:

 

Being

a tract of land lying in the Fifteenth Councilmanic District, Metropolitan

Nashville, Davidson County, Tennessee and being bounded on the north by Music

Valley Drive, on the east by L.H.M.&M., Inc., on the south by Kampgrounds

of America, Inc. and on the west by Kenneth Edwin Jackson, Sr. and being more

particularly described as follows:

 

BEGINNING

at

an iron rod (new) in the new southerly right–of–way line of Music

Valley Drive, said iron rod (new) being South 14 degrees 09 minutes 47 seconds

West, 5.97 feet from an iron rod (old) lying in the previous southerly right–of–way

of said Music Valley Drive. Record of right–of–way dedication found

in Deed book 10685, Page 765, Register’s Office for Davidson County, Tennessee

(R.O.D.C.); thence,

 

With

said new southerly right–of–way of Music Valley Drive, with a curve

to the right having a central angle of 17 degrees 35 minutes 41 seconds, a

radius of 1128.00 feet, a tangent of 174.57 feet, an arc length of 346.39 feet

and a chord bearing and distance of South 69 degrees 23 minutes 31 seconds

East, 345.03 feet to an iron rod (new). Said iron rod (new) being located South

24 degrees 30 minutes 00 seconds West, 2.06 feet from an iron rod (old) in said

previous southerly right–of–way of Music Valley Drive and the

northwest corner of property conveyed to L.H.M.&M., Inc. of record in Deed

Book 8325 Page 480, R.O.D.C.; thence,

 

Leaving

said new southerly line of Music Valley Drive with said L.H.M.&M., Inc.

property South 24 degrees 30 minutes 00 seconds West, 427.96 feet to an iron

rod (old), said iron rod (old) being the northeast corner of property conveyed

to Kampgrounds of America, Inc. of record in Instrument No. 20001215–123490,

R.O.D.C. and the southeast corner of the herein described tract; thence,

 

With

said Kampgrounds of America property, generally along a fence, North 78 degrees

21 minutes 03 seconds West, 266.32 feet to an iron rod (old), said iron rod

(old) being the southeast corner of property conveyed to Kenneth Edwin Jackson,

Sr. of record in Deed Book 6173, Page 639, R.O.D.C.; thence,

 

With

said Jackson property North 14 degrees 09 minutes 47 seconds East, 471.43 feet

to the POINT

OF BEGINNING, containing 139,431 square feet or 3.201 acres, more or

less, as calculated by the above described courses and distances.

 

BEING the same property conveyed to Camping World of

Kentucky, Inc., by Deed of Record in Book 6409, page 983, Register’s Office for

Davidson County, Tennessee,  Pursuant to

Amendment to Charter the name was changed to Camping World, Inc.  Further pursuant to Amendment to Charter the

name of the corporation was changed to CWI, Inc., a Kentucky Corporation.

 

Property Address: 2622 Music Valley Drive, Nashville, Tennessee 37214

Tax Parcel No. 62-141

 

Exhibit A-11

 

Legal Description

 

Land in the

Township of Van Buren, County of Wayne, State of Michigan, described as:

 

Part

of Lots I to 10, Seymour and Troester’s Speedway Subdivision, as recorded in

Liber 70, Page 78 of Plats and part of Southeast 1/4 Section 15, Van Buren

Township, Town 3 South, Range 8 East described as: Commencing at the Southeast

corner of Section 15, Town 3 South, Range 8 East, Van Buren Township, Wayne

County, Michigan; thence North 03 degrees 36 minutes 10 seconds West 374.01

feet along the East line of said Section 15 and along the centerline of

Morton-Taylor Road and its Southerly extension; thence South 85 degrees 51

minutes 50 seconds West 540.61 feet along a line parallel with and 226.00 feet

Northerly of the new construction line of I-94 Freeway to the place of

beginning; thence continuing South 85 degrees 51 minutes 50 seconds West along

said parallel line 132.23 feet; thence Westerly 650.76 feet along said parallel

line and along the arc of a 57069.78 foot radius curve to the right with chord

South 86 degrees 11 minutes 26 seconds West 650.76 feet to a point in the West

line of Seymour and Troester’s Speedway Subdivision, recorded in Liber 70 of

Plats, Page 78 thereof; thence North 03 degrees 45 minutes 15 seconds West

492.21 feet along the West line of said subdivision and its Northerly

prolongation thereof; thence North 86 degrees 23 minutes 50 seconds East 776.49

feet; thence South 04 degrees 30 minutes 53 seconds East 488.69 feet to the

place of beginning.

 

Property Address:  43646 I-94

North Services Drive, Belleville, Michigan 

48111

Tax Code No. 83-060-01-0001-001Prepared by MERRILL CORPORATION

Exhibit 10(a)

 

RETENTION

AGREEMENT

 

 

                                This

Retention Agreement ("Agreement") is entered into and effective as of

March 31, 2001 (“Effective Date”), between The Newhall Land and Farming Company

(a California Limited Partnership) ("NLF") and Gary M. Cusumano

("Cusumano").  NLF's ultimate

managing general partner is Newhall Management Corporation ("NMC")

and where appropriate will be referred together with NLF as the

"Company."  The Company and

Cusumano are referred to in this Agreement as the "Parties."

 

RECITALS

                WHEREAS, Cusumano

has been employed as the Company's and NMC's President and Chief Operating

Officer and was recently appointed the Company’s Chief Executive Officer and

President;

 

                WHEREAS, the NMC

Board of Directors announced that Cusumano would succeed Thomas L. Lee as Chief

Executive Officer upon Mr. Lee's retirement; and

 

                WHEREAS, the

retention of Cusumano in those management positions is consistent with the

Company's policy of establishing and maintaining a sound and vital management

to protect and enhance the best interests of the Company and the holders of its

depository units;

 

                NOW, THEREFORE,

the Parties, in consideration of the mutual covenants contained herein, and for

other valuable consideration received, hereby agree as follows:

 

1)     Retention and Responsibilities:

 

a)     The Company will continue to retain

Cusumano as President and Chief Executive Officer of NLF and NMC and Member of

the Board of NMC during the term of this Agreement.  Cusumano agrees to serve in those capacities as well as on such

standing committees and in such other capacities as the Board may

determine.  Cusumano will have duties,

responsibilities and authorities commensurate with those capacities and/or as

the Board may determine.  Cusumano will

use his best efforts to promote the interests of the Company and its unit

holders and will devote his working time to the business and affairs of the

Company.  Cusumano will effectively and

competently perform his duties and responsibilities to enhance the Company's

profitability and the value of the depository units held by the Company's unit

holders.

 

 

2)     Compensation:

 

a)     Except as otherwise provided in this

Agreement, Cusumano will continue to receive his current salary, subject to

adjustments by the Board, medical, dental, life, disability insurance,

retirement plan benefits, 401(k) plan benefits, employee savings plan benefits,

expense reimbursement benefits, Company automobile benefits and bonuses,

including those benefits provided under the NLF Executive Incentive Compensation

Plan, Unit options or Unit based rights agreements under the Company's 1995

Option/Award Plan or the Company’s Option, Appreciation Rights and Restricted

Plan, the NLF Retirement Plan, the NLF Pension Restoration Plan, the NLF

Employee Savings Plans, the NLF Employee Savings Restoration Plan, the Change

of Control Severance Program, as amended, the NLF Retention Incentive Program

(adopted in March 2001) and any other fringe benefits as described in the

Company Employee Handbook in accordance with the eligibility participation

requirements and the terms set forth therein and/or the applicable benefit

policies or plans ("Company Benefits").

 

3)     Term of Agreement and Termination:

 

a)     Term:  Unless earlier terminated as provided in (b) through (f) of this

Paragraph 3, this Agreement shall be for a term of three (3) years.  On the first anniversary of the Effective

Date and on each anniversary date thereafter, this Agreement will be

automatically extended for an additional year, unless either Party gives the

other Party at least thirty (30) days advance written notice of his or its

desire not to extend this Agreement for an additional year.  So as to avoid any doubt, at the time such a

notice is effective, the remaining term on this Agreement will be two years.

 

b)    Death:  This Agreement, including the severance compensation provided for

in Paragraph 5, and Cusumano's employment will terminate upon the death of

Cusumano.  In such event, the Company

will pay to Cusumano's estate or other authorized representative, his salary

for the month in which he dies, as well as any other Company Benefits,

including bonuses, retirement payments, medical benefits, and accrued but

unused vacation due him or his spouse through the date of his death in

accordance with the terms and conditions of applicable Company policies and/or

plans.  Thereafter, the Company will

have no further obligation whatsoever to his estate or other authorized

representative.

 

c)     Disability:  This Agreement, including the severance

compensation provided for in Paragraph 5, will terminate upon Cusumano's

disability.  Unless otherwise prohibited

by any State or Federal law, this Agreement and Cusumano's employment hereunder

will terminate on the date that he, is determined, as defined by reference to

the Company's Long-Term Disability Plan ("LTD Plan"), then in effect,

to be "disabled" from performing any material portion of his current

duties, due to physical or mental illness or injury.  In such event, Cusumano will be solely compensated in accordance with

the LTD Plan and any other applicable Company policies and/or plans.

 

d)    Termination for Cause:  This Agreement, including the severance

compensation provided for in Paragraph 5, and Cusumano's employment may be

immediately terminated if any of the following events occur during the term of

his employment hereunder: ("Termination for Cause"):   (1) Cusumano is convicted of any

misdemeanor involving moral turpitude, any felony, is engaged in any willful

conduct for which the Company could incur civil liability to any other employee

or third party or commits any act of fraud, forgery, intentional

misrepresentation, embezzlement or dishonesty; 

(2) Cusumano commits gross negligence in the performance or nonperformance

of his duties, habitually neglects to perform those duties or otherwise

breaches any of his obligations under this Agreement; (3) Cusumano breaches his

duty of loyalty to the Company; (4) Cusumano engages in unethical conduct or

conduct injurious to the reputation of the Company; or (5) Cusumano fails or

refuses to perform the services called for by this Agreement or assignments

given to him by the Board.  If

Termination for Cause occurs, then the Company will pay Cusumano his salary for

the month in which termination occurs, any accrued but unused vacation and any

other Company Benefits that are due him under applicable Company policies or

plans through the end of the month of his termination.  Thereafter, the Company will have no further

obligations whatsoever to Cusumano.

 

e)     Termination Without Cause:  The Company shall have the right, at any

time, to terminate this Agreement and Cusumano's employment, without cause, by

written notice to Cusumano ("Termination Without Cause").  Cusumano's Termination Without Cause will be

effective on the date specified in the written notice ("Termination

Date").  In the event of a

Termination Without Cause, the Company will pay Cusumano the severance benefits

provided in Paragraph 5 of this Agreement.  

Additionally, Cusumano will be paid all earned but unused vacation as of

the Termination Date.

 

f)     Change of Control:  Neither (b), (c), (d) or (e) of this

Paragraph 3 shall apply to a change of control as defined in the Change of

Control and Severance Program executed between Cusumano and the Company, dated

November 19, 1997 ("Change of Control Program").  In the event of such a change of control,

the Change of Control Program shall become effective, as provided therein, this

Agreement shall be terminated and superceded, and Cusumano shall be solely

compensated as provided therein.

 

 

4)     Execution of Addendums A, B and C:

 

In the event that

Cusumano is Terminated Without Cause under Paragraph 3 (e) of this Agreement,

Cusumano must fully comply with all of the requirements of this Paragraph 4 to

be entitled to the severance benefits provided in Paragraph 5, including

specifically the payment of the Lump Sum provided in Paragraph 5 (a).

 

a)     Resignation:  Cusumano agrees to tender the resignation of

his employment with the Company along with all of the positions that he holds

at that time with the Company or any of its affiliated entities, partnerships

or divisions, including specifically: 

Chief Executive Officer of NLF and NMC, Member of the Board of NMC,

Member of the Company's Management Committee, Director of Valencia Water

Company, Director in the Valencia Town Center Hotel Company and Director in the

TP Golf Company.  In addition, Cusumano

will sell or exchange all partnership and membership interests that he may

have, as the case may be, in NMC and its affiliated entities, including but not

limited to Valencia Town Center Hotel Company, TP Golf Company, Newhall General

Partnership, and Newhall Management Limited Partnership, under the terms of the

respective shareholder agreements, partnership agreements or other governing

documents.  Cusumano agrees to execute

whatever documents are necessary to effect his resignation from all of those

positions as well as any other positions that he holds with the Company or any

affiliated entities, partnerships, or divisions as of the Termination Date

under Paragraph 3(e).  Cusumano's letter

of resignation, which is attached hereto as Addendum A and by this reference

incorporated herein, will be accepted by the Company effective the close of

business on his Termination Date.

 

b)    Mutual General Releases:  In further consideration for the

compensation provided for in Paragraph 5 of this Agreement and as a condition

precedent to receipt of the Lump Sum Payment provided for therein, Cusumano

agrees to execute a document that conforms to Addendum B which is attached

hereto and by this reference incorporated herein ("Mutual General

Releases").  The Company reserves,

the right within its sole discretion, to amend, delete or otherwise revise the

Mutual General Releases to comply with any changes in applicable laws and/or to

make the Mutual General Releases fully effective in releasing and forever

discharging Company Releases from the Claims as defined therein.  If Cusumano fails to execute the Mutual

General Releases on the Termination Date, or any other subsequent date mutually

agreed to by the Parties, then this Agreement and the Consulting Agreement

shall become null and void and non-enforceable and Cusumano shall not be

entitled to nor shall he be paid any of the benefits provided for in this

Agreement, including specifically, the Lump Sum Payment provided in Paragraph

5(a) of this Agreement.

 

c)     At the time Cusumano executes the

Agreement, he will execute a document that conforms exactly to the terms set

forth in Addendum C, which is attached hereto and by this reference and

incorporated herein ("Consulting Agreement").  This Agreement shall not become effective

until the Parties also have fully executed the Consulting Agreement.  The Consulting Agreement shall only become

effective if Cusumano is Terminated Without Cause. The Consulting Agreement

shall commence on the date following the Termination Date and Cusumano will

commence his duties as a consultant in accordance with the terms provided in

the Consulting Agreement on the day after the Termination Date or any

subsequent date mutually agreed to by the Parties in writing.  The Lump Sum Payment provided in Paragraph

5(a) of this Agreement, shall constitute all of the compensation, of whatever nature

whatsoever, to be paid to Cusumano for all of his services as a consultant,

except as otherwise provided in the Consulting Agreement.

 

5)     Severance Compensation:

 

                If Cusumano is Terminated Without Cause and he fully

complies with all of the requirements of Paragraph 4 of this Agreement, then he

shall be entitled to receive the following severance benefits:

 

a)     Lump Sum Payment.  Within five (5) business days of the lapse

of the seven (7) day revocation period provided in Paragraph 11 of the Mutual

General Releases, the Company shall pay Cusumano a lump sum payment equal to

three times:  (i) the yearly base salary

Cusumano is making on the Termination Date; plus (ii) an amount equal to the

average of the bonuses paid to Cusumano pursuant to the NLF Executive Incentive

Compensation Plan ("Bonus Plan") for the three Company fiscal years

preceding the Termination Date, less applicable withholding taxes ("Lump

Sum Payment").  The Lump Sum

Payment shall be deemed to have been made under this Paragraph 5 on the date

the payment is tendered to Cusumano. 

The Company and Cusumano shall mutually agree on the method and timing

of the Lump Sum Payment delivery to Cusumano.

 

b)    Additional Services Payment:  In the event the Termination Date occurs

during the third or fourth calendar quarter, then Cusumano will be paid a

pro-rated bonus under the Bonus Plan in effect for the fiscal year in which the

Termination Date occurs.  The pro-rated

amount will be calculated by using the number of calendar days from January 1 of

the year in which the Termination Date occurs through the Termination Date as

the numerator and 360 as the denominator, multiplied by the amount of the bonus

that would have been paid as determined under the Bonus Plan.  The determination of the amount will be made

at the same time as the bonuses are determined under the Bonus Plan for Company

employees.  The payment

("Additional Services Payment") will be made to Cusumano within the

same month that payment is made to Company employees;  provided, however, that Cusumano, as a condition precedent to

payment of the Additional Services Payment executes and returns to the

Company  a document that conforms to

Addendum D, which is by this reference incorporated herein

("Acknowledgement of Payment"). 

The Additional Services Payment will be made to Cusumano coincident with

the execution and delivery of Acknowledgment of Payment to the Company.  The Additional Services Payment will be paid

as additional compensation for services under the Consulting Agreement.

 

                In the event Termination Date occurs during the first

two calendar quarters, then Cusumano will not be eligible to receive an

Additional Services Payment for the Company's fiscal year during which the

Termination Date occurs.

 

c)     Unit Options and other Unit-Based Rights:  Cusumano will not be granted any additional

Unit options or Unit-based rights beyond those granted through the Termination

Date.  Any existing options or

Unit-based rights, including any granted to Cusumano prior to the Termination

Date, will be exercisable or distributed as the case may be, in accordance with

the respective Unit options or Unit-based rights agreements and the Company's

respective Plans under which the options or rights were granted.  Any Unit options or Unit-based rights granted

to Cusumano prior to the Termination Date that are not 100% vested on that

date, shall become 100% vested upon the fifth business day following the seven

day revocation period in Paragraph 11 of the Mutual General Releases.

 

d)    Retirement/Savings Plans:  Any benefits or payments due Cusumano under

the NLF Retirement Plan, the NLF Pension Restoration Plan ("Pension

Restoration Plan"), the NFL Employee Savings Restoration Plan, the NLF

Employee Savings Plan and any employee benefit plans qualified under Section

401(a) of the Internal Revenue Code will be paid in accordance with the

provisions contained in each of those plans. 

As a means of funding the benefits under the Pension Restoration Plan,

the Company purchased two life insurance policies on the life of Cusumano

("Policies").  Those Policies

are subject to the terms of Split-Dollar Insurance Agreements between Cusumano

and the Company.  The ownership of the

Policies, Cusumano’s obligation to repay premium to the Company, if any, and

the Company’s obligation to pay retirement benefits under the Pension

Restoration Plan will be governed by terms of the Split-Dollar Insurance

Agreements and the Pension Restoration Plan.

 

e)     Purchase of Car:  Cusumano will have the option to purchase

the Company car assigned to him on the Termination Date at the low wholesale

bluebook price for that car.  If

Cusumano chooses not to exercise that option, then he shall return the car and

his keys to the car to the Company on or before the Termination Date.

 

f)     No Other Payments or Benefits:  Except as otherwise provided in the

Consulting Agreement or this Paragraph 5, Cusumano shall not earn or be

entitled to receive any other wages and/or benefits whatsoever after the

Termination Date.  Benefits payable

under this Paragraph 5 will terminate, supersede and be in lieu of any

severance pay benefits, Change of Control Program benefits or any other wage

and/or benefits provided for in any employment agreement, the Change of Control

Program, severance policy or benefit agreement between Cusumano and the Company

or any other policy, agreement, practice or plan (including the NLF Retention

Incentive Program adopted in March 2001) of the Company.

 

g)    Medical Benefits:  As part of Company's early retirement

benefits, the Company's medical and dental HMO plans will be provided at no

cost to Cusumano and his eligible dependents until Cusumano's sixty-fifth

(65th) birthday, provided that Cusumano is eligible for those benefits on and

after the Termination Date.  If Cusumano

selects a medical plan other than the HMO plan, he and his eligible dependents

will pay the difference between the amount of the premiums charged for the

coverage selected and the premiums for the same coverage under the Company's

HMO plan.  Should Cusumano die before age

65, his surviving spouse and eligible dependents will continue to receive the

medical benefits until the date Cusumano would have reached age sixty-five

(65).

 

6)     Recitals:  The Recital's stated above are incorporated herein by this

reference as part of the Agreement.

 

7)     Indemnification Agreement:  The Mutual General Releases, when executed

by Cusumano, as provided in Paragraph 4(b) of this Agreement shall not in any

manner amend the terms of, or affect NLF's obligations, under that certain

amended Indemnification Agreement dated November 14, 1990 between Cusumano and

NLF.

 

8)     Attorney Consultation:  Cusumano acknowledges that he has been

advised to consult with an attorney before signing this Agreement and the

Mutual General Releases incorporated herein as Addendum B, and that he has

voluntarily and knowingly executed this Agreement after having had the

opportunity to consult with an attorney. 

Cusumano further acknowledges that he has had an adequate opportunity to

consult with an attorney and that he has had an adequate opportunity to make whatever

investigation or inquiry he or his counsel may deem necessary or desirable in

conjunction with the subject matter of this Agreement prior to signing it.  Cusumano further acknowledges that he has

been advised that he may consider the terms of this Agreement for twenty-one

(21) days before signing it.  This

Agreement was provided to Cusumano on August 31, 2001.  Accordingly, Cusumano has until September

21, 2001 to decide whether he will sign the Agreement.  To the extent that Cusumano takes less than

twenty-one (21) days to consider this Agreement prior to signing it, he

acknowledges that he has had sufficient time to consult with an attorney and

that he does not desire additional time.

 

9)     Revocation Period:  This Agreement is revocable by Cusumano for

a period of seven (7) days following execution and return of the Agreement to

the Company.  The revocation must be in

writing, must specifically revoke this Agreement, and must be delivered to

Trude Tsujimoto, Corporate Secretary, at The Newhall Land and Farming Company,

23823 Valencia Boulevard, Valencia, California, 91355, prior to the end of the

seventh (7th) day following execution and delivery of this Agreement to the

Company.  Upon expiration of the seven (7)

day period, this Agreement becomes effective, enforceable and irrevocable.

 

10)   Mediation/Arbitration:

 

a)     Cusumano and the Company agree that any

Arbitrable Claims that arise between them will be submitted first to mediation

and then to binding arbitration. 

Cusumano and the Company further agree that neither of them will

commence any demand for arbitration without first submitting a formal written

demand to the other Party for mediation of the dispute.  When such a demand is made, the dispute will

be submitted to mediation before a mutually agreeable mediator in the Los

Angeles area.  The cost of the mediation

shall be borne equally by the Parties.

 

b)    Any controversy, dispute or claim between

the Parties which may arise from, out of, or relate to this Agreement, or its

subject matter or the Addendums, including the validity, enforceability,

construction or application of any of the terms, provisions, or conditions of

this Agreement or the arbitrability of any such matter (collectively referred

to herein as "Arbitrable Claims") shall be submitted:  (i) first to Mediation under Paragraph

10(a), and if it is not resolved through Mediation, then (ii) to  final and binding arbitration in Los

Angeles, California, or such other location as the Parties shall mutually agree

in writing under the auspices of the American Arbitration Association

("AAA").  The Parties agree

that neither of them may initiate in any way or prosecute any claim, charge,

lien, demand, right of action or cause of action of any nature whatsoever

arising out of or related to this Agreement before any court, tribunal, or

administrative agency against the other Party, and that they each acknowledge

that their agreement to the mediation/arbitration provisions under this

Paragraph 10 shall constitute an effective waiver of any right to have any

Arbitrable Claims determined by judge or jury. 

The Parties further agree to be bound by the Employment Dispute

Resolution Rules of AAA ("Rules") and that all Arbitrable Claims will

be heard by the AAA pursuant to those Rules. 

The Parties further agree that in the event this Agreement, or any part

thereof is not enforceable, all other provisions shall remain in force.

 

c)     The arbitrator shall have jurisdiction to

determine all Arbitrable Claims and may grant any relief authorized in law or

equity for such claim.  However, the

arbitrator may not modify or change the terms of this Agreement or the

Addendums.  The Parties agree that the

decision of the arbitrator shall not be appealable and that judgment upon an

award rendered by the arbitrator may be entered for enforcement in any court of

competent jurisdiction.  All Arbitrable

Claims must be submitted to mediation within thirty (30) days of the date such

claim first arose to be arbitrable.

 

d)    Except as otherwise stated above, neither

Party may initiate in any way or prosecute any claim, charge, lien, demand,

right of action or cause of action of any nature whatsoever arising out of or

related to this Agreement or the Addendums before any court, tribunal or

administrative agency against the other Party. 

A Party who initiates litigation or asserts Arbitrable Claims in any

court or before any tribunal or administrative body, shall pay all reasonable

attorneys' fees and costs incurred by the opposing Party in defending such

litigation and/or claims.

 

11)   Confidential Information:

 

a)     Cusumano shall not (nor will Cusumano

assist any other person to do so) during or after the termination of his

employment with the Company as an employee or consultant, directly or

indirectly reveal, report, publish or disclose Confidential Information to any

person, firm or corporation not expressly authorized by the Company to receive

such Confidential Information, or use (or assist any person to use) such

Confidential Information except for the benefit of the Company.  This provision shall not preclude

disclosures required by law, nor shall it apply to information which has

entered the public domain other than by reason of the action of Cusumano.  The term "Confidential Information,"

as used herein, means all information or material not generally known by

non-Company personnel which (i) gives the Company some competitive business

advantage or the opportunity of obtaining such advantage or the disclosure of

which could be detrimental to the interests of the Company; (ii) which is owned

by the Company or in which the Company has an interest in; and (iii) which is

either marked "Confidential Information," "Proprietary

Information," or other similar marking, known by Cusumano to be considered

confidential and proprietary by the Company or from all the relevant

circumstances should reasonably be assumed by Cusumano to be confidential and

proprietary to the Company. 

Confidential Information includes, but is not limited to, the following

types of information and other information of a similar nature (whether or not

reduced to writing):  trade secrets,

inventions, drawings, file data, documentation, diagrams, specifications, know

how, processes, formulas, models, flow charts, software in various stages of

development, source codes, object codes, research and development procedures,

research or development and test results, marketing techniques and materials,

marketing and development plans, price lists, pricing policies, business plans,

information relating to customers and/or suppliers' identities, characteristics

and agreements, financial information and projections, and employee files.  Confidential Information also includes any

information described above which the Company obtains from another party and

which the Company treats as proprietary information or designates as

Confidential Information, whether or not owned or developed by the

Company.   Notwithstanding the above,

however, no information constitutes Confidential Information if it is generic

information or general knowledge which Cusumano would have learned in the

course of similar employment elsewhere in the trade or if it is otherwise

publicly known and in the public domain.

 

b)    Cusumano agrees on or before the last date of his employment

under this Agreement to surrender to the Company all notes, data, sketches,

drawings, manuals, documents, records, data bases, programs, blueprints,

memoranda, specifications, customer lists, financial reports, equipment and all

other physical forms of expression incorporating or containing any Confidential

Information, it being distinctly understood that all such writings, physical

forms of expression and other things are the exclusive property of the

Company.   Cusumano acknowledges that

the unauthorized taking of any of the Company's trade secrets is a crime under

California Penal Code Section 499(c) and is punishable by imprisonment.  Cusumano further acknowledges that such

unauthorized taking of the Company's trade secrets could also result in civil

liability under California Civil Code Section 3426, and that willful

misappropriation may result in an award against him for triple the amount of

the Company's damages and the Company's attorneys fees in collecting such

damages.

 

c)     If Cusumano breaches, or threatens to commit a breach of, any of

these non-disclosure provisions (collectively, the "Restrictive

Covenants"), the Company shall have the following rights and remedies,

each of which shall be in addition to, and not in lieu of, any other rights and

remedies available to the Company under law or in equity:  the right and remedy to have the Restrictive

Covenants specifically enforced or to have any actual or threatened breach

thereof enjoined by any court having equity jurisdiction, all without the need

to prove any amount of actual damage or that monetary damages would not provide

an adequate remedy, it being acknowledged and agreed that any such breach or

threatened breach will cause irreparable injury to the Company and that

monetary damages will not provide an adequate remedy to the Company; and the

right and remedy to require Cusumano to account for and pay over to the Company

all compensation, profits, monies, accruals, increments or other benefits

derived or received by him or any associated party deriving such benefits as a

result of any such breach of the Restrictive Covenants.

 

d)    Nothing in this Agreement or any other agreement between Cusumano

and the Company shall prohibit or impede or be construed to prohibit or impede

Cusumano from lawfully competing with the Company, lawfully working for any

competitor of the Company or otherwise lawfully pursuing his career in the

residential and commercial development industry, so long as Cusumano complies

with these non-disclosure provisions. 

The Parties agree that these non-disclosure provisions shall continue in

effect after Cusumano's employment with the Company as an employee and/or

consultant has terminated and notwithstanding any termination of this

Agreement.

 

12)   Non-Solicitation of Employees or

Customers:  For a period of one (1)

year following the last date of Cusumano's employment with the Company as an

employee, Cusumano agrees not to solicit or induce any employee or supplier of

the Company to terminate his/her employment or relationship with the Company or

to, directly or indirectly, solicit the trade of or otherwise do business with

any customer or supplier of the Company and/or any one of its affiliated

entities so as to offer or sell any product or service which would be

competitive with any product or service sold by the Company or its affiliates

during that period.

 

13)   Employee Benefit Plans:  Except as otherwise specifically provided in

this Agreement to the contrary, all of the health and other employee benefit or

compensation plans or programs referred to and contemplated by this Agreement

(collectively referred to as "Plans") shall be governed solely by the

terms of the underlying plan documents and by applicable law.  Except as otherwise specifically provided in

this Agreement to the contrary, nothing in this Agreement shall impair the

Company's right to amend, modify, replace, and/or terminate any and all such

Plans in its sole discretion or in accordance with the terms thereof.  This Agreement is for the sole benefit of

Cusumano and the Company, and is not intended to create a Plan, or, except as

otherwise provided herein, to modify the terms of existing Plans.  Also, any payments made pursuant to this

Agreement shall not be taken into account (i.e., as "compensation") for

purposes of determining the amount of benefits payable under any other Plans.

 

14)   Entire Agreement:  This Agreement is the only agreement and

understanding between the Parties pertaining to the subject matter hereof, and

supercedes and nullifies all prior agreements, summaries of agreement, descriptions

of compensation packages, discussions, negotiations, understandings,

representations or warranties, whether verbal or written between the Parties

pertaining to such subject matter.  This

Agreement is binding on Cusumano's heirs and shall not be assignable by

Cusumano for any purpose.  This

Agreement will be binding on any successors and assigns of the Company.

 

15)   Severability:  If any provision of this Agreement or any

portion of such provision is held to be invalid or unenforceable, the remaining

provisions or portions shall nevertheless be given effect.  It is the intent of the Parties that all

provisions shall be construed so as to be valid and enforceable, and if it

should be determined that any provision is not valid and enforceable, a

provision which would effectuate the intent of the Parties and would be valid

and enforceable shall be substituted for the invalid and unenforceable

provision.

 

16)   Amendment and Waiver:  This Agreement may be amended, modified or

supplemented only by a writing executed by Cusumano and a designee of the

Board.  Either Party may, in writing,

waive any provision of this Agreement to the extent that such provision is for

the benefit of the waiving Party.  No

waiver by either Party of a breach of any provision of this Agreement shall be

construed as a waiver of any subsequent or different breach, and no forbearance

by a Party to seek a remedy for non-compliance or breach by the other Party

shall be construed as a waiver of any right or remedy with respect to such non-compliance

and/or breach.

 

17)   Construction and Applicable Law:  The language of this Agreement and the

Addendums have been approved by the Parties after the opportunity to consult

with legal counsel and the language of these documents shall be construed as a

whole according to their fair meaning and not strictly for or against either

Party.  This Agreement and the Addendums

shall in all respects be interpreted, enforced and governed by and under the

laws of the State of California.

 

18)   Notice:  Except as otherwise provided in this Agreement or any amendments

subsequently executed between the Parties, any notice required or permitted to

be given hereunder shall be in writing and shall be deemed to have been given

upon personal delivery, or on the date it is postmarked, by certified or

registered mail, postage pre-paid, addressed to Cusumano at the address on file

with the Company and to the Company at its corporate headquarters.  The Company's current corporate headquarters

is located at The Newhall Land and Farming Company, 23823 Valencia Boulevard,

Valencia, CA 91355, Attention: 

Secretary.  It shall be

Cusumano's responsibility to keep the Company advised in writing of any change

in his address under this Paragraph of the Agreement.

 

                WHEREFORE, the

Parties have executed this Agreement on the dates provided hereinafter.

 

	

  DATED: 

  September 10, 2001

  	

   

  	

  EMPLOYEE:

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  /s/ Gary M. Cusumano

  
	

   

  	

   

  	

  Gary M. Cusumano

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  DATED: 

  August 28, 2001

  	

   

  	

  THE NEWHALL LAND AND FARMING

  COMPANY (a California Limited Partnership)

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:  

  	

  Newhall Management Limited Partnership, its

  Managing General Partner

  
	

   

  	

   

  	

  By:

  	

  Newhall Management Corporation, its

  Managing General Partner

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Stuart R.

  Mork

  
	

   

  	

   

  	

  Name:

  	

  S.R. Mork

  
	

   

  	

   

  	

  Title:

  	

  Chief Financial

  Officer

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ Trude A. Tsujimoto

  
	

   

  	

   

  	

  Name:

  	

  Trude A. Tsujimoto

  
	

   

  	

   

  	

  Title:

  	

  Secretary

  
	

   

  	

   

  	

   

  	

   

  

 

[NEWHALL LAND

LETTERHEAD]

 

 

ADDENDUM A

 

 

                                                                                                                Date_________

 

 

 

PERSONAL AND CONFIDENTIAL

 

The Board of Directors

The Newhall Land and Farming Company

and Newhall Management Corporation

23823 Valencia Boulevard

Valencia, California 91355

 

                                Re:  Resignation

 

Dear Ladies and Gentlemen:

 

                                I

hereby tender to you my resignation of employment along with my resignation of

all positions that I hold effective the close of business on ____________.

 

                                Should

you need me to sign any additional documents or paperwork to cause the

foregoing to be completed, I will be happy to do so.

 

                                                                                                                Very

truly yours,

 

 

 

                                                                                                                Gary

M. Cusumano

 

ADDENDUM B

 

MUTUAL GENERAL

RELEASES

 

 

                This Addendum to

the Retention Agreement of Gary M. Cusumano ("Agreement") is made and

entered into this ____ day of _____________ by and between Gary M. Cusumano

("Cusumano"), and The Newhall Land and Farming Company (a California

Limited Partnership) ("Company") and by this reference the Agreement

is incorporated herein.  Cusumano and

the Company are hereinafter sometimes referred to collectively as "the

Parties."  This agreement

("Mutual General Releases") is made for the purpose of settling and

compromising all of the claims, disputes and controversies between the Parties

arising from any cause whatsoever on or prior to the date of Cusumano's

execution of the Mutual General Releases. 

So as to avoid any doubt, the mutual releases contained herein, do not

in any manner amend the terms of, or affect the Company's obligations, under

that certain amended Indemnification Agreement dated November 14, 1990 between

Cusumano and the Company.

 

                NOW, THEREFORE,

the Parties hereto for the consideration set forth in the Agreement,

which is by this reference incorporated herein, mutually agree as

follows:

 

1.     Consideration.  In consideration of the benefits provided

for in the Agreement as well as the Mutual General Releases and, for other good

and valuable consideration, the Parties give the releases, promises and

commitments contained herein.

 

2.     Scope of Settlement.  The compensation and benefits provided for

in the Agreement are in full and complete settlement of all of Cusumano's

Claims against Company Releasees and fully compensates Cusumano for any and all

such Claims.  Cusumano further

acknowledges that he has received all wages and benefits due him through the

last date of his employment with the Company, except as otherwise provided in

Paragraph 5 of the Agreement.  Cusumano

specifically acknowledges that he has received the Lump Sum Payment and that

the Company has fully complied with the provisions of Paragraph 5(a) of the

Agreement.

 

3.     General Release of Company Releasees.  Cusumano, for himself and for his heirs, spouse,

executors, administrators and assigns, acknowledges complete

satisfaction of and unconditionally releases and forever discharges the

Company, Newhall Management Corporation, and any and all of its respective

affiliated companies, subsidiaries, divisions, affiliated entities,

shareholders, partnerships, successors and assigns, and any and all  of its past, present and/or future officers,

directors, members, partners, unit holders, agents, employees, administrators

and assigns (hereinafter collectively referred to as "Company

Releasees"), from any and all claims, demands, causes of action, costs,

charges, fees and liabilities of any kind whatsoever, whether known or unknown,

unsuspected or latent, which Cusumano or any of his heirs, guardians, administrators,

executors, successors in interest, and/or assigns have incurred or expect to

incur, or now own or hold or have at any time heretofore owned or held, or may

at any time own, hold or claim by reason of any matter or thing against Company

Releasees, and each of them, arising from or by reason of any actual or alleged

act, omission, transaction, practice, conduct or occurrence, or any other

matter

whatsoever on or prior to the date of Cusumano's

execution of the Mutual General Releases. 

Without limiting the generality of the foregoing, Cusumano specifically

waives and fully releases Company Releasees, and each of them, from any and all

claims arising out of Cusumano's employment with the Company and/or the

termination of that employment, any positions Cusumano held or services

Cusumano rendered as well as Cusumano's resignation of all positions held with

the Company, including but not limited to: 

(a) any claim under the Americans with Disabilities Act, the California

Fair Employment and Housing Act, the Civil Rights Act of 1964, as amended, the

Age Discrimination in Employment Act of 1967 or the Older Workers Benefit

Protection Act; the Employee Retirement Income Security Act of 1974; (b) any

other claim of employment discrimination (whether based on federal, state or

local, statutory or decisional law; (c) any claim arising out of the terms and

conditions of Cusumano's employment and/or any of the events relating directly

or indirectly to or surrounding the termination of his employment; (d) any

claims for severance, pension, bonuses, profit sharing or severance/termination

payments; (e) any claim regarding any claimed employment or benefit agreement

or contract whether written or oral; (f) any claim for any alleged injuries

incurred during Cusumano's employment with the Company including any claims for

rehabilitation; and (g) any other matter or claim whatsoever between the

Parties (jointly "Claims"). 

These releases do not include or release Company Releases or any of

them, from providing the benefits or making the payments provided for in

Paragraph 5 (b), (c), (d),  and (g) of

the Agreement.

 

4.     General Release of Cusumano's Releasees.  The Company fully releases and discharges

forever Cusumano and his spouse, children, agents, heirs and administrators and

assigns ("Cusumano Releasees") from any and all liabilities, claims,

causes of action, charges, complaints, obligations, costs, losses, damages,

injuries and attorneys' fees, of any form whatsoever, whether known or unknown,

unsuspected or latent, which the Company or any of its officers, employees,

agents, administrators, successors in interest, and/or assigns have incurred or

expect to incur, or now own or hold, or have at any time heretofore owned or

held, or may at any time own, hold, or claim to hold by reason of any matter or

thing, arising from any cause whatsoever on or prior to the date of Company's

execution of the Mutual General Releases. 

Without limiting the generality of the foregoing, the Company fully

releases and discharges each and all of Cusumano's Releasees from any and all

claims, demands and causes of action in connection with any and all matters

pertaining to Cusumano's employment by the Company, including, but not limited

to, any and all damages of every kind whatsoever, express or implied duties or

obligations, express or implied covenants, and promises on any and all of the

above, any other matter between the Parties, and any claims relating to and

arising out of Cusumano's performance of his duties as an officer of the

Company or a member of the Company's Board of Directors.

 

5.     Non-Admission of Liability.  This Agreement shall not in any way be

construed as an admission by either Party of any liability whatsoever, or as an

admission by either Party of any illegal or improper act or acts, of any kind

or nature whatsoever, against the other Party.

 

 

6.     Releases Include Unknown Claims.  It is the intention of the Parties in

executing the Mutual General Releases and in paying and receiving the monetary

and other consideration called for by the Agreement that the Mutual General

Releases shall be effective as a full and final accord and satisfaction and

general release of and from all liabilities, disputes, claims and matters,

known or unknown, suspected or unsuspected arising from any cause whatsoever on

or prior to the date of Cusumano's execution of the Mutual General

Releases.  In furtherance of this

intention, the Parties, and each of them, acknowledge that they are familiar

with Section 1542 of the Civil Code of the State of California, which provides

as follows:

 

"A general release does not extend to claims

which the creditor does now know or suspect to exist in his favor at the time

of executing the release which if known by him must have materially affected

his settlement with the debtor."

 

The Parties, and each of them, waive and relinquish

any right or benefit which they have or may have under Section 1542 of the

Civil Code of the State of California or any similar provision of statutory or

non-statutory law of this or any other jurisdiction to the full extent that

they may lawfully waive all such rights and benefits pertaining to the subject

matter of the Agreement and the Mutual General Releases.  In connection with such waiver and relinquishment,

the Parties, and each of them, acknowledge that they are aware that any legal

counsel that they may retain may hereafter discover claims or facts in addition

to or different from those which they now know or believe to exist with respect

to the subject matter of the Mutual General Releases, but that it is their

intention hereby to fully, finally and forever settle and release all the

released matters, disputes and differences, known and unknown, suspected or

unsuspected, which now exist, may exist, or heretofore has existed, between them.  In furtherance of this intention, the

releases herein given shall be and remain in effect as full and complete

general releases notwithstanding the discovery and existence of any such

additional or different claims or facts.

 

7.     Successors and Assigns.  This Agreement shall bind, and inure to the

benefit of, the respective heirs, legal representatives, successors, and

assigns of the Parties hereto.

 

8.     Covenant Not to Sue.  The Parties, and each of them, represent and

warrant that they have no action, claim, charge or lawsuit intended, filed,

prepared or pending against the other Party or their respective released

parties and that they will not individually or as a member of any class file

any action, claim, charge or lawsuit against the other Party, or any of their

respective released parties, concerning the subject matter of the Agreement,

the Mutual General Releases and/or any of the claims released under the Mutual

General Releases.

 

9.     Construction.  The language of the Mutual General Releases

has been approved by all Parties after the opportunity to consult with legal

counsel and the language of the Mutual General Releases shall be construed as a

whole according to its fair meaning and not strictly for or against either

Party.

 

10.   Entire Agreement and Governing Law.  The Mutual General Releases shall in all

respects be interpreted, enforced, and governed by and under the laws of the

State of California.  The Mutual General

Releases constitutes the entire agreement between the Parties and supercedes all

prior agreements, whether verbal or written, between the Parties pertaining to

the subject matter hereof.

 

 

11.   Legal Consultation and Revocability

Periods:  The Parties expressly

intend, and Cusumano acknowledges and agrees, that as part of the potential

claims released in Paragraphs 3 and 4 of the Mutual General Releases, Cusumano

is herein releasing the Company Releasees from any claims that he has or may

have under the Age Discrimination in Employment Act of 1967,  29 U.S.. § 621 et seq.  Accordingly, Cusumano has been advised to

review the Mutual General Releases and represents and agrees:   (a) 

that he has been advised to consult with an attorney prior to executing

the Mutual General Releases;  (b)  that he has had up to twenty-one (21) days

to consider executing the Mutual General Releases and that he is  knowingly and voluntarily entering into the

Mutual General Releases;  (c)  that he received a copy of the Mutual

General Releases on                       , 2001; (d)  that he has seven (7) days from the date of

execution of the Mutual General Releases to rescind it by doing so in writing

addressed to the General Counsel and/or Secretary of the Company,  at its corporate headquarters located at The

Newhall Land and Farming Company, 23823 Valencia Boulevard, Valencia,

California 91355 ; and  (e) that the

Mutual General Releases will not be effective until the end of the seven (7)

day revocation period.

 

	

  DATED:____________________

  	

   

  	

  EMPLOYEE:

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  Gary M. Cusumano

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  DATED:____________________

  	

   

  	

  THE NEWHALL LAND AND FARMING

  COMPANY (a California Limited Partnership)

  
	

   

  	

   

  	

  By:  

  	

  Newhall Management Limited Partnership, its

  Managing General Partner

  
	

   

  	

   

  	

  By:

  	

  Newhall Management Corporation, its

  Managing General Partner

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Title:

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Title:

  	

   

  
	

   

  	

   

  	

   

  	

   

  

ADDENDUM C

 

CONSULTING

AGREEMENT OF GARY M. CUSUMANO

 

                This Consulting Agreement is

made and entered into on ________, 200__ by and between Gary M. Cusumano

("Consultant") and The Newhall Land and Farming Company (a California

Limited Partnership) ("Company"). 

Consultant and the Company are hereinafter sometimes referred to

collectively as "the Parties." 

This Consulting Agreement is being entered into as an addendum to the

Retention Agreement of Gary M. Cusumano dated March 31, 2001

("Agreement") and by this reference is incorporated herein.

 

                NOW, THEREFORE, in consideration

of the foregoing, the terms and covenants set forth herein, and the benefits

provided in the Agreement, the Company and Consultant hereby agree as follows:

 

1.     Retention of Consultant.  The Company hereby retains Consultant and

Consultant hereby agrees to render services to the Company as a Consultant for

a period of one (1) year commencing on the day after the Termination Date as

provided in Paragraph 3(e) of the Agreement ("Consulting

Period").  Consultant will hold

himself available during the Consulting Period to render consultation and

advice to the Company as requested by the Company's President and/or Chief

Executive Officer.  Consultant will

remain available for consultation and advice on all aspects of the Company's

business, by telephone and correspondence or, if requested by the Company's

President and/or Chief Executive Officer, in person at the Company's principal

offices (or at other locations by mutual agreement) during reasonable business

hours.  During the Consulting Period,

Consultant shall be entitled to engage in consulting work for other companies

and entities as long as that work does not interfere with Consultant's

obligations hereunder.  Consultant,

however, agrees that he will not during the Consulting Period perform any work

on any basis for any person or entity (including any entity established by him)

that is in competition with the Company or any of its subsidiaries,

partnerships or divisions.

 

2.     Compensation.  Consultant's sole compensation for any

consulting services rendered to the Company during the Consulting Period shall

be the payment of the Lump Sum Payment provided for in Paragraph 5(a) of the

Agreement as well as any Additional Services Payment made under Paragraph 5(b)

of the Agreement.  Consultant

acknowledges that the Lump Sum Payment and any Additional Services Payment

include compensation for all services to be rendered by Consultant hereunder.  No other compensation, wages or benefits of

any kind whatsoever shall be earned by or paid to Consultant by the Company

under this Consulting Agreement, except as the Parties may otherwise agree in

writing during the term of the Consulting Period. 

 

3.     Independent Contractor.  It is agreed that Consultant will be an

independent contractor and not an employee in the performance of the Consulting

Services rendered during the Consulting Period.  To the extent that Consultant receives any compensation from the

Company as a result of any written agreement between the Parties executed as an

exception under Paragraph 2 of this Consulting Agreement, then, no normal

payroll withholding shall  be deducted

from any amounts due Consultant. 

Consultant represents and warrants that he will pay all taxes due with

respect to any such payments received from the Company and will indemnify and

hold the Company harmless from any and all claims, causes of action, expenses,

lawsuits or any other costs incurred by the Company as a result of any failure

of Consultant to do so.  

 

 

 

 

4.     Confidential Information.  

 

(a)   Cusumano shall not (nor will Cusumano assist

any other person to do so) during or after the termination of his employment

with the Company as a consultant, directly or indirectly reveal, report,

publish or disclose Confidential Information to any person, firm or corporation

not expressly authorized by the Company to receive such Confidential

Information, or use (or assist any person to use) such Confidential Information

except for the benefit of the Company. 

This provision shall not preclude disclosures required by law, nor shall

it apply to information which has entered the public domain other than by

reason of the action of Cusumano.  The

term "Confidential Information," as used herein, means all

information or material not generally known by non-Company personnel which (a)

gives the Company some competitive business advantage or the opportunity of

obtaining such advantage or the disclosure of which could be detrimental to the

interests of the Company; (b) which is owned by the Company or in which the

Company has an interest in; and (c) which is either marked "Confidential

Information," "Proprietary Information:"  or other similar marking, known by Cusumano

to be considered confidential and proprietary by the Company or from all the

relevant circumstances should reasonably be assumed by Cusumano to be

confidential and proprietary to the Company. 

Confidential Information includes, but is not limited to, the following

types of information and other information of a similar nature (whether or not

reduced to writing):  trade secrets,

inventions, drawings, file data, documentation, diagrams, specifications, know

how, processes, formulas, models, flow charts, software in various stages of

development, source codes, object codes, research and development procedures,

research or development and test results, marketing techniques and materials,

marketing and development plans, price lists, pricing policies, business plans,

information relating to customers and/or suppliers' identities, characteristics

and agreements, financial information and projections, and employee files.  Confidential Information also includes any

information described above which the Company obtains from another party and

which the Company treats as proprietary information or designates as

Confidential Information, whether or not owned or developed by the

Company.   Notwithstanding the above,

however, no information constitutes confidential information if it is generic

information or general knowledge which Cusumano would have learned in the

course of similar employment elsewhere in the trade or if it is otherwise

publicly known and in the public domain.

 

 

(b)   To the extent that Cusumano has not already

done so, he shall, on or before the last date of his employment hereunder as a

Consultant,  surrender to the Company

all notes, data, sketches, drawings, manuals, documents, records, data bases,

programs, blueprints, memoranda, specifications, customer lists, financial

reports, equipment and all other physical forms of expression incorporating or

containing any Confidential Information, it being distinctly understood that

all such writings, physical forms of expression and other things are the

exclusive property of the Company.  

Cusumano acknowledges that the unauthorized taking of any of the

Company's trade secrets is a crime under California Penal Code Section 499(c)

and is punishable by imprisonment. 

Cusumano further acknowledges that such unauthorized taking of the

Company's trade secrets could also result in civil liability under California

Civil Code Section 3426, and that willful misappropriation may result in an

award against him for triple the amount of the Company's damages and the

Company's attorneys fees in collecting such damages.

 

(c)   If Cusumano breaches, or threatens to commit a

breach of, any of these non-disclosure provisions (collectively, the

"Restrictive Covenants"), the Company shall have the following rights

and remedies, each of which shall be in addition to, and not in lieu of, any

other rights and remedies available to the Company under law or in equity:  the right and remedy to have the Restrictive

Covenants specifically enforced or to have any actual or threatened breach

thereof enjoined by any court having equity jurisdiction, all without the need

to prove any amount of actual damage or that monetary damages would not provide

an adequate remedy, it being acknowledged and agreed that any such breach or

threatened breach will cause irreparable injury to the Company and that

monetary damages will not provide an adequate remedy to the Company; and the

right and remedy to require Cusumano to account for and pay over to the Company

all compensation, profits, monies, accruals, increments or other benefits

derived or received by him or any associated party deriving such benefits as a

result of any such breach of the Restrictive Covenants.

 

(d)   Nothing in this Agreement or any other

agreement between Cusumano and the Company shall prohibit or impede or be

construed to prohibit or impede Cusumano from lawfully competing with the

Company, lawfully working for any competitor of Company or otherwise lawfully

pursuing his career in the residential and commercial development industry, so

long as Cusumano complies with these non-disclosure provisions.  The Parties agree that these non-disclosure

provisions shall continue in effect after Cusumano's employment with the

Company as an employee and/or consultant has terminated and notwithstanding any

termination of this Agreement.

 

5.     Non-Solicitation of Employees or

Customers:  For a period of one (1)

year following the last date of Cusumano's employment with the Company as a

consultant, Cusumano agrees not to solicit or induce any employee of the Company

to terminate his/her employment with the Company or to, directly or indirectly,

solicit the trade of or otherwise do business with any customer of the Company

and/or any one of its affiliated entities so as to offer or sell any product or

service which would be competitive with any product or service sold by the

Company or its affiliates during that period.

 

 

6.     Miscellaneous.

 

(a)   The Parties to this Consulting Agreement each

acknowledge that they have read the Consulting Agreement, have had it explained

to them by counsel of their choice, are aware of the contents and legal effects

thereof, and in entering into this Consulting Agreement are acting on the

advise of counsel of their choice.

 

(b)   The Parties each further acknowledge that no

representation, promise or inducement has been made other than as set forth in

this Consulting Agreement, and that the Parties do not enter into this

Consulting Agreement in reliance of any representation, promise or inducement

not set forth herein.

 

(c)   This Consulting Agreement contains all of the

terms and provisions of the agreement between the Parties with respect to the

subject matter hereof.  There are no

oral understandings, statements or stipulations bearing upon the effect of this

Consulting Agreement which have not been incorporated herein.

 

(d)   All notices and other communications desired

or required to be given under this Consulting Agreement shall be in writing and

shall be deemed adequately given for purposes hereof upon delivery in person,

or on the day mailed by first class mail, postage prepaid, to such address as

either Party may give to the other Party in writing.

 

(e)   Any provision of this Agreement that is

invalid, prohibited or unenforceable shall be ineffective to the extent of such

prohibition or unenforceability without invalidating the remaining provisions

of this Consulting Agreement.  To the

extent permitted by applicable law, the Company and Consultant hereby waive any

provision of law that renders any portion of this Consulting Agreement prohibited

or unenforceable in any respect.

 

(f)    This Agreement may not be amended, modified

or terminated orally, and no obligation hereunder may be waived orally.  No amendment, modification, termination or

waiver shall be effective for any purpose unless it is in writing and signed by

the Party against whom enforcement thereof is sought.

 

(g)   The provisions of this Consulting Agreement

shall be binding upon, and shall enure to the benefit of, the Parties and their

respective heirs, executors, administrators, successors and assigns.

 

(h)   This Consulting Agreement shall be governed

by and construed in accordance with the laws of the State of California.

 

                IN WITNESS WHEREOF, the Parties

hereto have executed this Consulting Agreement as of the day and year first above

written.

 

	

  CONSULTANT:

  	

   

  	

  THE NEWHALL LAND AND FARMING COMPANY (a California

  Limited Partnership) 

  By:  Newhall Management Limited

  Partnership, its Managing General Partner 

  By:  Newhall Management Corporation,

  its Managing General Partner

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  By:

  	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

  Gary M. Cusumano

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

   

  	

  Title:

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

   

  	

  Title:

  	

   

  

 

ADDENDUM D

 

ACKNOWLEDGMENT OF

PAYMENT

 

 

                This Addendum to the Retention

Agreement of Gary M. Cusumano dated March 31, 2001 ("Agreement") is

made and entered into this ____ day of ______________ by and between Gary M.

Cusumano ("Cusumano"), and The Newhall Land and Farming Company (a

California Limited Partnership) ("Company") and by this reference the

Agreement is incorporated herein. 

Cusumano and the Company are hereinafter sometimes referred to

collectively as "the Parties." 

This Acknowledgment of Payment ("Acknowledgment") is made and

entered into on the date set forth above.

 

                NOW, THEREFORE, the Parties

hereto for the consideration set forth in the Agreement initially agree as

follows:

 

                1.  Receipt of Payment. 

Cusumano hereby acknowledges that he has been paid the Additional

Services Payment provided for in paragraph 5(b) of the Agreement and that the

Company has fully complied with all the requirements of Paragraph 5(b) of the

Agreement.

 

                2.  Successors and Assigns. 

This Acknowledgment shall bind, inure to the benefit of, the respective

heirs, legal representatives, successors, and assigns of the Parties hereto.

 

                3. Covenant Not To Sue.  The Parties, and each of them, represent and

warrant that they have no action, claim, charge or lawsuit intended, filed,

prepared or pending against the other Party or their respective released

parties and that they will not individually or as a member of any class file any

action, claim, charge or lawsuit against the other Party, or any of their

respective released parties, concerning the subject matter of the Agreement,

the Acknowledgment and/or any of the claims released under the Mutual General

Releases.

 

                4.  Construction.  The

language of the Acknowledgment has been approved by all Parties after the

opportunity to consult with legal counsel and the language of the

Acknowledgment shall be construed as a whole according to its fair meaning and

not strictly for or against either Party.

 

                5.  Entire Agreement and Governing Law.  The Acknowledgment shall in all respects be

interpreted, enforced, and governed by and under the laws of the State of

California.  The Acknowledgment

constitutes the entire agreement between the Parties and supersedes all prior

agreements, whether verbal or written, between the Parties pertaining to the

subject matter hereof.

 

 

	

  DATED:_________________, 2001

  	

   

  	

  EMPLOYEE:

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  Gary M. Cusumano

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  DATED:_________________, 2001

  	

   

  	

  THE NEWHALL LAND AND FARMING

  COMPANY (a California Limited Partnership)

  
	

   

  	

   

  	

  By:  

  	

  Newhall Management Limited Partnership, its

  Managing General Partner

  
	

   

  	

   

  	

  By:

  	

  Newhall Management Corporation, its

  Managing General Partner

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

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  Title:

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

   

  
	

   

  	

   

  	

  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]