Document:

purchaseagreement.htm

 

PURCHASE AND SALE AGREEMENT

 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into by and between OC PARKING FORT LAUDERDALE LLC, a Delaware limited liability company (“Fort Lauderdale Seller”), OC PARKING BALTIMORE LLC, a Delaware limited liability company, OC PARKING MEMPHIS POPLAR LLC, a Delaware limited liability company, OC PARKING KANSAS CITY LLC, a Delaware limited liability company, OC PARKING MEMPHIS COURT LLC, a Delaware limited liability company, and OC PARKING ST. LOUIS LLC, a Delaware limited liability company (each a “Seller” and collectively referred to herein as the “Sellers”), and MVP PF FORT LAUDERDALE 2013, LLC, MVP PF BALTIMORE 2013, LLC, MVP PF KANSAS CITY 2013, LLC, MVP PF ST. LOUIS 2013, LLC, MVP PF MEMPHIS POPLAR 2013, LLC AND MVP PF MEMPHIS COURT 2013, LLC, each being a Nevada limited liability company (collectively “Buyer”).  The term “Seller” or “Sellers” as used in this Agreement with respect to each Property shall mean and only apply to the Seller of the Property that it owns.

 

 

WITNESSETH:

 

In consideration of the mutual promises herein contained, and intending to be legally bound, the parties mutually agree as follows:

 

 

ARTICLE I

 

DEFINITIONS

 

As used in this Agreement the following terms will have the meanings set out below:

 

Section 1.1                      “Assignment and Assumption Agreement” shall mean an assignment and assumption agreement in the form and substance attached hereto as Exhibit D and incorporated herein by reference whereby each Seller will assign to Buyer all of its respective right, title and interest in the CPS Leases (as defined in Section 1.3), the Management Agreement (as defined in Section 1.12) and the Third Party Lease (as defined in Section 1.17), as applicable, for the Property that it owns and Buyer will assume the responsibility thereunder from and after the Closing Date.

 

Section 1.2                      Intentionally omitted.

 

Section 1.3                      “CPS Leases” shall mean, collectively, (i) that certain Lease Agreement dated as of March 14, 2012 between OC Parking Fort Lauderdale LLC, as landlord, and Central Parking System of Florida, Inc., as tenant, (ii) that certain Lease Agreement dated as of March 14, 2012 between OC Parking Baltimore LLC, as landlord, and Central Parking System of Maryland, Inc., as tenant, (iii) that certain Lease Agreement dated as of March 14, 2012 between OC Parking Memphis Poplar LLC, as landlord, and Central Parking System of Tennessee, Inc., as tenant, (iv) that certain Lease Agreement dated as of March 14, 2012 between OC Parking Kansas City LLC, as landlord, and Central Parking System of Missouri, Inc., as tenant, (v) that certain Lease Agreement dated as of March 14, 2012 between OC Parking Memphis Court LLC, as landlord, and Central Parking System of Tennessee, Inc., as tenant, and (vi) that certain Lease Agreement dated as of March 14, 2012 between OC Parking St. Louis LLC, as landlord, and Central Parking System of Missouri, Inc., as tenant.

 

Section 1.4                      “Closing Date” shall mean (i) with respect to the Fort Lauderdale Property, July 31, 2013, and (ii) with respect to the other Properties, September 10, 2013.  Buyer and Seller agree that the Closing Date for the Fort Lauderdale Property shall occur before the Closing Date for the other Properties.

 

Section 1.5                       “Closing” shall mean (i) with respect to the Fort Lauderdale Property, the distribution and disbursement of all closing documents and funds by Escrow Company and Title Company with respect to the Fort Lauderdale Property, and (ii) with respect to the other Properties, the distribution and disbursement of all closing documents and funds by Escrow Company and Title Company with respect to the other Properties. Buyer and Seller agree that the Closing for the Fort Lauderdale Property shall occur before the Closing for the other Properties.

 

Section 1.6                      “Deeds” shall mean, collectively, the special warranty deeds, limited warranty deeds or the local equivalent thereof conveying fee simple title to each Property to Buyer, each such deed subject only to (i) liens for real estate taxes and assessments not yet due and payable, if any, (ii) the Permitted Exceptions for each such Property, (iii) such other survey matters and title exceptions which are permitted hereby or accepted or deemed waived by Buyer subsequent hereto, (iv) the applicable CPS Lease, and (v) with respect to the Property located at 208 SE 6th Street, Ft. Lauderdale, Florida (the “Fort Lauderdale Property”) only, the Third Party Lease, in the respective form and substance attached hereto as Exhibit G and incorporated herein by reference.

 

Section 1.7                      “Earnest Money” shall mean One Million and No/100ths Dollars ($1,000,000.00) to be delivered by Buyer to Escrow Company upon Buyer’s execution of this Agreement.  EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE EARNEST MONEY IS NON-REFUNDABLE.

 

Section 1.8                      “Effective Date” shall mean July 25, 2013 (i.e., the date this Agreement is fully executed by Buyer and Sellers.  Upon execution of this Agreement, each party shall email the other party its respective signature page.

 

Section 1.9                      “Escrow Company” shall mean First American Title Insurance Company (“FATCO”)  as herein defined.

 

Section 1.10                      “FIRPTA” shall mean a certificate of non-foreign status, in the form and substance attached hereto as Exhibit H and incorporated herein by reference.

 

Section 1.11                      “Inspection Period” shall mean (i) with respect to the Fort Lauderdale Property, the period starting on the Effective Date and ending at 6:00 p.m. (Eastern) on July 30, 2013, and (ii) with respect to the other Properties, the period starting on the Effective Date and ending at 6:00 p.m. (Eastern) on August 30, 2013.

 

Section 1.12                      “Management Agreement” shall mean that certain Administration Services Agreement between OC Parking Fort Lauderdale LLC and Central Parking System of Florida, Inc. dated March 14, 2012.

 

Section 1.13                      “Owner’s Affidavit” shall mean a Title Company affidavit in form and substance attached hereto as Exhibit F and incorporated herein by reference to be executed by each Seller at Closing.

 

Section 1.14                      “Properties” shall mean, those tracts of land, together with any improvements and fixtures thereon,  and appurtenances pertaining thereto, more particularly described on Exhibit A attached hereto and incorporated herein by reference (each referred to herein as a “Property”).  Each Property shall include each applicable Seller’s interest, if any, in (i) all strips and gores of land adjoining or abutting such Property, (ii) any land lying in the bed of any street, road, avenue or alley, open or proposed, in front of or running through or adjoining such Property, (iii) any easement, privilege or right of way over, contiguous to or adjoining such Property, and all other easements, if any, inuring to the benefit of such Property, and (iv) any appurtenances or hereditaments belonging to or in any way appertaining to such Property, and (v) all other rights of whatever nature or form, in or to, the above, such land including any and all oil, gas, and mineral rights, if any, with respect to such Property which such Seller may have.

 

Section 1.15                      “Possession Date” shall mean 12:01 a.m. (Eastern) on the day following the Closing.  Buyer shall take possession of the Properties on the Possession Date.

 

Section 1.16                      “ROFR” shall mean the right of first refusal contained in either (i) that certain Sublease Agreement by and between Allright System Parking, Inc. and First Tennessee Bank, National Association dated January 18, 1999 relating to the Property located at 216 Court Street, Memphis, Tennessee (the “Memphis Court Property”) or (ii) that certain Parking Garage, Covenant, Easement and Agreement by and between Redwater Limited Partnership and Redwood Tower Associates, Limited Partnership dated July 22, 1985 relating to the Property located at 208 Water Street, Baltimore Maryland (the “Baltimore Property”).

 

Section 1.17                      “Third Party Lease” shall mean that certain Retail Facility Lease, dated October 10, 2007 by and between OC Parking Fort Lauderdale LLC, as successor-in-interest to USA Parking System, Inc., as landlord, and Andrew M. Coffey, PA, as successor-in-interest to Shelowitz, Shelowitz, Terreel & Coffey, P.A., as tenant.

 

Section 1.18                      “Title Company” shall mean FATCO.

 

Section 1.19                      “Title Policies” shall mean standard ALTA owner’s policies (revised June 17, 2006) of title insurance (each a “Title Policy”) issued by Title Company in conjunction with the Closing and insuring fee simple title in the Properties to Buyer and underwritten by FATCO.

 

Section 1.20                      “Sales Price” shall mean the purchase price for each Property as set forth in Schedule 1.20, all of which shall be due and payable in cash (less all Earnest Money previously paid) at the Closing of each  transaction contemplated hereby, subject to adjustments and prorations as set forth herein. The Earnest Money shall be applied as provided in Schedule 1.20.

 

ARTICLE II

 

 

SALE-PURCHASE TRANSACTION AND CONSIDERATION

 

Section 2.1                      Subject to and upon the terms, conditions, and provisions hereof, Sellers, for and upon receipt by Sellers of the Sales Price as herein provided, hereby agree to tender to Buyer the Deeds, together with possession of the Properties, as herein provided and Buyer, for and upon receipt by Title Company of the Deeds, hereby agrees to tender to Sellers the Sales Price as herein provided.

 

Section 2.2                      Upon execution of this Agreement, Buyer shall deposit the Earnest Money with Escrow Company.  Escrow Company shall acknowledge receipt of the Earnest Money by countersigning this Agreement and distributing its executed signature page to both Buyer and Sellers.

 

Upon closing of the transactions contemplated by this Agreement in accordance with the terms hereof, the Earnest Money shall be applied to the payment of the Sales Price as set forth in Schedule 1.20.  Buyer shall be entitled to any interest earned thereon while the Earnest Money is held by Escrow Company unless Buyer defaults under this Agreement, in which event, Sellers shall be entitled to all interest earned on the Earnest Money.

Upon receipt of the Earnest Money from Buyer, Escrow Company shall deposit the same in an interest-bearing account, selected in the commercially reasonable discretion of Seller, as soon as practicable following receipt of the Earnest Money from Buyer, subject to receipt by Escrow Company of a fully-executed Internal Revenue Service Form W-9 from Buyer.

Notwithstanding any implication which may be contained in this Agreement to the contrary, it is understood and agreed that Sellers are obligated to sell and Buyer is obligated to purchase all of the Properties, and that Buyer may not terminate this Agreement as to one or more but not all, of the Properties, except as specifically provided herein.

 

Section 2.3                      On or before the Closing Date, Buyer and Sellers shall execute and deposit into escrow with Title Company such documents as are required to effect the Closing, Buyer shall remit the Sales Price (as adjusted according to this Agreement) to Title Company for Closing, and Escrow Company shall disburse to Title Company the Earnest Money for Closing, each as required under the terms of this Agreement to effect the Closing.  Provided that all documents and funds have been deposited into escrow with Title Company as required by this Agreement, transfer of all funds payable to Sellers shall be initiated as early as possible on the Closing Date (but in no event later than 11:30 a.m. (Eastern), and title and possession of the Properties shall transfer to Buyer on the Possession Date.

 

Section 2.4                      Sellers have sent to Buyer this Agreement for execution by Buyer.  Until such time that this Agreement is fully executed by both Sellers and Buyer and Buyer has sent such Agreement to Escrow Company, Sellers reserve the right in their sole discretion to notify Buyer of the termination of any proposed transaction and this Agreement shall become null and void.

 

Section 2.5                      In the event that either ROFR is exercised on or prior to the Closing, Sellers shall have the right to remove the Memphis Court Property and/or the Baltimore Property, as applicable, from the transaction contemplated by this Agreement.  If Sellers exercise their right to remove either such Property from the transaction pursuant to this Section 2.5, then: (a) this Agreement shall terminate as to each such removed Property and all terms and conditions contained in this Agreement that apply to each such removed Property shall be of no further force or effect, (b)  the transaction contemplated by this Agreement shall proceed as to the other Properties subject to, and in accordance with, the terms and conditions set forth herein.

 

ARTICLE III

 

 

TITLE AND SURVEY

 

Section 3.1                      Seller will promptly order from Title Company and cause Title Company to deliver to Buyer and Sellers a preliminary title commitment for owner’s policy of title insurance with respect to each Property which evidences the agreement of Title Company to insure title to each Property in fee simple at each Closing, subject only to liens for real estate taxes and assessments not yet due and payable, if any, the Permitted Exceptions for such Property and such other survey matters and title exceptions which are permitted hereby or accepted or deemed waived by Buyer subsequent hereto, the applicable CPS Lease, and, with respect to Fort Lauderdale Property only, the Third Party Lease  (each a “Title Policy Commitment” and collectively the “Title Policy Commitments”), together with complete and legible copies of all instruments and documents referred to as exceptions to title. Buyer shall have the right, but not the obligation, to arrange for the preparation of an ALTA/ACSM survey with respect to each Property (each a “Survey” and collectively the “Surveys”), by a licensed surveyor in the State where the Property is located. Notwithstanding, Seller agrees to reasonably cooperate with Buyer by  requesting certification from the surveyor  of existing surveys to the Buyer.

 

Section 3.2                      Buyer shall examine the title to the Properties as reflected by the Title Policy Commitments and the Surveys.

 

	
  

	
(1)

	
Buyer shall review the Title Policy Commitments and the Surveys immediately once received. Except for those survey matters and title exceptions listed on Exhibit B (the “Permitted Exceptions”), if the Title Policy Commitments or the Surveys reveal any new exceptions to or defects in title, other than Permitted Exceptions, which would have a materially adverse effect on Buyer’s use and enjoyment of any of the Properties (collectively, the “Other Exceptions”), and Buyer has any objection to those Other Exceptions, Buyer or Buyer’s attorney shall notify Sellers in writing, (the “Title Objection Notice”) prior to the expiration of the Inspection Period of any such Other Exceptions.  Failure to deliver written objections within the time period and in the manner specified above shall be construed as an acceptance of the Title Policy Commitments and the Surveys and title to the Properties, except as to matters occurring after the date of the Title Policy Commitments.  For purposes of clarity, Buyer shall have no right to object pursuant to this Section 3.2(1) or otherwise to those survey matters or title exceptions listed on Exhibit B.

 

	
  

	
(2)

	
Sellers shall notify Buyer within five (5) calendar days after receipt of the Title Objection Notice (“Sellers’ Title Objection Response”) in writing if Sellers intend to cure any such objections; provided, however, that Sellers shall have no obligation to cure any objection.  All costs for curing any outstanding title defects which Sellers agree to cure in the Sellers’ Title Objection Response shall be borne by Sellers; provided, however, Sellers shall have no obligation to institute legal proceedings or expend funds other than to pay all mortgages granted by Sellers.  Except as set forth in the preceding sentence, if Sellers do not cure the defects or satisfy the objections by each Closing Date that Sellers have agreed to have removed as an exception from the title policies, Sellers shall not be in default and Buyer may either cancel this Agreement and receive back the Earnest Money, or waive the defect or objection and close the transaction without any reduction in the Sales Price or liability to Sellers. Sellers shall have until the Closing Date to cure any defect or satisfy any objection that Sellers have agreed to have removed as an exception from the title policy. Sellers may use Sellers’ proceeds from this sale, or other funds, at its discretion, to obtain releases of any liquidated liens, land contracts or mortgages that encumber title to the Properties on the Closing Date.

 

	
  

	
(3)

	
If Sellers fail to provide a Sellers’ Title Objection Response within the time frame provided, or if Sellers’ response is not satisfactory to Buyer for any reason, Buyer may provide written notice to Sellers (a “Title Termination Notice”), which notice shall be given no later than five (5) days prior to the Closing Date, requesting to terminate this Agreement with respect to such Properties where Sellers have failed to provide a Sellers’ Title Objection Response or where Sellers’ response is not satisfactory to Buyer (each such Property an “Title Termination Property” and collectively, the “Title Termination Properties”).  Buyer’s failure to provide a Title Termination Notice within the above-referenced time frame shall be deemed an election by Buyer to complete the purchase transaction as herein provided subject to the matters contained in the Title Objection Notice, without any reduction to the Sales Price or liability to Sellers.  Within five (5) days after receipt of a Title Termination Notice, Sellers shall provide written notice to Buyer electing to (i) terminate this Agreement with respect to such Title Termination Properties, and thereafter (a) this Agreement shall terminate as to each of such Title Termination Property and all terms and conditions contained in this Agreement that apply to each such Title Termination Property shall be of no further effect, (b) the transaction contemplated by this Agreement shall proceed as to the other Properties subject to, and in accordance with, the terms and conditions set forth herein, and (c) Buyer shall not be entitled to receive back the Earnest Money or any portion thereof, (ii) terminate this Agreement with respect to all Properties and upon such termination Buyer shall be entitled to receive back the Earnest Money and shall be liable for any unrepaired damage, increased expense, lost revenue or indemnified amount set forth in Section 5.1, or (iii) agree to cure such defect or satisfy such objection.

 

ARTICLE IV

 

 

REPRESENTATIONS AND WARRANTIES OF SELLERS

 

Section 4.1

 

	
  

	
(1)

	
Each Seller represents and warrants to Buyer with respect to such Seller that, as of the Effective Date:

 

	
  

	
(a)

	
Except as shown on Exhibit I, Seller has received no written notice of any pending, and to Sellers’ knowledge there are no threatened, actions, violations, suits or proceedings against or affecting Seller or the Property owned by Seller or any portion thereof which would have a material adverse effect on Buyer.

 

	
  

	
(b)

	
Seller has received no written notice of any proceedings presently pending, and to Sellers’ knowledge there are no threatened proceedings, for the taking of all or any part of the Property owned by Seller by exercise of the power of eminent domain or for public or quasi-public purpose.

 

	
  

	
(c)

	
Seller is a limited liability company in good standing and is authorized to complete the transactions contemplated in this Agreement and will provide all documentation as reasonably required by Title Company to issue the Title Policy for the Property owned by Seller.  The execution and delivery of this Agreement has been duly and validly authorized by all necessary action on the part of Seller and, to Seller’s  knowledge, does not conflict with or constitute a material breach of, or constitute a material default under any contract, agreement or other instrument by which Seller is bound.

 

	
  

	
(d)

	
Seller has the full power and authority to enter into this Agreement and perform the terms and conditions of the Agreement.

 

	
  

	
(e)

	
To Seller’s knowledge and except in any reports obtained by or provided to Buyer, the Property owned by Seller is not in violation of nor are there are any pending or threatened governmental actions, suits, or proceedings against or affecting the Property owned by Seller or any portion thereof relating to any violation of any environmental law or regulation which would have a material adverse effect on Buyer.

 

	
  

	
(f)

	
To Seller’s knowledge, (a) Seller has delivered or made available to Buyer a true, accurate and complete copy of the applicable CPS Lease together with all amendments thereto, if any; (b) Seller has not received written notice of default of Seller under the applicable CPS Lease which has not been cured; (c) as of Closing, none of Seller’s interest in the applicable CPS Lease and none of the rents or other amounts payable thereunder shall have been assigned, pledged, or encumbered previously, except pursuant to a collateral assignment in connection with any loan secured by the Property owned by Seller, or an interest in Seller, to be satisfied at Closing; (d) on the Closing Date, no brokerage, finder’s or leasing commissions or other compensation will be due or payable by Seller to any person, firm, corporation, or other entity with respect to or on account of any of the applicable CPS Lease or any extension, expansion, or renewals of the applicable CPS Lease; (e) CPS is not in default of the applicable CPS Lease; and (f) other than as provided for in the applicable CPS Lease, no tenants or other parties have or shall have any unrecorded options, rights of first refusal or rights to purchase the Property owned by Seller.

 

	
  

	
(g)

	
Seller has no employees.

 

	
  

	
(h)

	
Seller has received no written notice that the Property is currently in violation of any governmental orders, regulations, statutes, codes or ordinances.

 

	
  

	
(i)

	
Seller has made available to Buyer in the on-line “Drop Box” data room the material diligence reports concerning the Properties in Seller’s possession or control, which reports Seller has listed on Exhibit E.

 

	
  

	
(j)

	
Seller has received no written notice of any pending, and to Seller’s knowledge there are no threatened, judicial, federal, municipal or administrative proceeding with respect to, or in any manner affecting the Property or any portion thereof or in which Seller is or will be a party by reason of Seller’s ownership or operation of the Property or any portion thereof.

 

	
  

	
(k)

	
Seller has obtained, or will obtain prior to Closing, all consents, approvals and authorizations from any person, entity or governmental authority required with respect to this Agreement and the consummation of the transaction contemplated herein. Neither the execution and delivery of this Agreement by Seller nor Seller’s performance hereof violate any contractual or other obligation of Seller.

 

	
  

	
(2)

	
Fort Lauderdale Seller additionally represents and warrants to Buyer that, as of the Effective Date:

 

	
  

	
(a)

	
To Fort Lauderdale Seller’s knowledge, (a) Fort Lauderdale Seller has delivered or made available to Buyer true, accurate and complete copies of the applicable  Third Party Lease together with all amendments, if any; (b) Fort Lauderdale Seller has not received written notice of default of Fort Lauderdale Seller under the Third Party Lease which has not been cured; (c) as of Closing, none of Fort Lauderdale Seller’s interest in the Third Party Lease and none of the rents or other amounts payable thereunder shall have been assigned, pledged, or encumbered previously, except pursuant to a collateral assignment in connection with any loan secured by the Property owned by Fort Lauderdale Seller, or an interest in Fort Lauderdale Seller, to be satisfied at Closing; (d) on the Closing Date, no brokerage, finder’s or leasing commissions or other compensation will be due or payable by Fort Lauderdale Seller to any person, firm, corporation, or other entity with respect to or on account of any of the Third Party Lease or any extension, expansion, or renewals of the Third Party Lease; (e) the tenant under the Third Party Lease is not in default; and (f)  no tenants or other parties have or shall have any unrecorded options, rights of first refusal or rights to purchase the Property owned by Fort Lauderdale Seller.

 

	
  

	
(b)

	
To Fort Lauderdale Seller’s knowledge, there are no contracts or agreements entered into by Fort Lauderdale Seller for services rendered or to be rendered in connection with the operation of the Property owned by Fort Lauderdale Seller except for the Management Agreement.

 

As used herein, the term “knowledge” shall mean the conscious knowledge of PJ Yeatman, who is an Authorized Person of such Seller, and such person shall not have any personal liability or be obligated to perform any due diligence investigation in connection with making any representations or warranties herein.  All representations and warranties made by Sellers in this Agreement are true and correct in all material respects on the date made.   Sellers’ representations set forth in this Section 4.1 shall survive the Closing for a period of one hundred twenty (120) days and shall no longer be actionable unless and to the extent that Buyer provides written notice to Seller within such 120-day period.   No claim for a breach of any representation or warranty of Seller shall be actionable unless the claims for all such breaches collectively aggregate Sixty-Five Thousand and No/100ths Dollars ($65,000.00) (the “Deductible”) or more; provided, however, in no event shall Buyer be entitled to any damages or other amounts resulting from breach or breaches under this Agreement in excess of Six Hundred Thousand and No/100ths Dollars ($600,000.00) in the aggregate, inclusive of the Deductible.  Sellers shall have no liabilities for consequential, indirect, special, exemplary or punitive damages resulting from any such breach or breaches.  Prior to the Closing Date, Seller shall notify Buyer in writing of any facts, conditions or circumstances of which it has knowledge which render any of the representations and warranties set forth in this Section 4.1 inaccurate, incomplete, or incorrect in any material respect.  The parties hereto agree that if, on or prior to Closing, Buyer has knowledge (either by way of any Seller’s notice or otherwise) that any representation or warranty of any Seller is inaccurate, incomplete, incorrect or misleading, and notwithstanding the foregoing Buyer elects to close the transaction, Buyer shall have no claim against Sellers, and no Seller shall have any liability, in connection with a breach of such representation or warranty and shall not look to any Seller for any redress or relief thereof.

 

 

 

Section 4.2                      Buyer represents and warrants to Sellers, as of the Effective Date:

 

	
  

	
(1)

	
Buyers are each Nevada limited liability companies in good standing and is authorized to complete the transactions contemplated in this Agreement.  The execution and delivery of this Agreement has been duly and validly authorized by all necessary action on the part of Buyer and, to Buyer’s actual knowledge, does not conflict with or constitute a material breach of, or constitute a material default under any contract, agreement or other instrument by which Buyer is bound.

 

	
  

	
(2)

	
Buyer has or will have at Closing the financial resources to timely consummate the purchase and sale transaction contemplated by this Agreement.

 

	
  

	
(3)

	
Buyer is not acquiring the Property with the assets of a “plan” within the meaning of Section 4975(e) of the Internal Revenue Code of 1986, as amended (the “Code”); and the transaction contemplated by this Agreement is not a “prohibited transaction” within the meaning of Section 4975(c) of the Code or Section 406 of the Employee Income Security Act of 1974, as amended, or is covered by an individual or class exemption from the prohibited transaction rules; and

 

	
  

	
(4)

	
Buyer is not, nor will Buyer become, a person with whom United States persons or entities are restricted from doing business.  Such excluded persons include those named in the Office of Foreign Asset Control of the Department of the Treasury of the United States of America (OFAC) Specially Designated and Blocked Persons list and/or those persons who commit, threaten to commit, or support terrorism.  Buyer shall not engage in any dealings or transactions or be otherwise associated with any persons or entities listed in the OFAC Specially Designated and Blocked Persons list.

 

Buyer’s representations and warranties set forth in this Section 4.2 shall survive the Closing for one hundred twenty (120) days.  Prior to the Closing Date, Buyer shall notify Sellers in writing of any facts, conditions or circumstances which render any of the representations and warranties set forth in this Section 4.2 in any way inaccurate, incomplete, incorrect or misleading.

 

ARTICLE V

 

ACCESS TO PROPERTY, INSPECTION AND DISCLOSURE

 

Section 5.1                      Buyer may perform due diligence relating to the Properties under the following terms and conditions.

 

	
  

	
(1)

	
Prior to Closing, each Seller agrees to permit Buyer to have access to its Property to perform any environmental surveys or studies, or inspections that Buyer may require, all at Buyer's sole expense; provided, however, that in each instance (i) Buyer notifies Sellers in writing of its intent to enter a Property to conduct its due diligence not less than seventy-two (72) hours prior to such entry, and (ii) delivers a copy of any contract with a third party to perform such due diligence to Sellers,  and (iii) describes the scope of work to be performed.  Such entry shall not last longer than forty-eight (48) hours.  Each contractor engaged by Buyer shall, if required by the governing authority, be duly licensed by the appropriate state or local agency.  At Sellers’ election, a representative of Sellers may be present during any entry by Buyer or its representatives upon a Property for conducting its due diligence. Notwithstanding anything to the contrary contained herein, the investigations shall not, under any circumstances, involve invasive testing or otherwise compromise or affect the structural integrity of any Property. Buyer shall obtain Sellers’ prior written consent prior to performing any invasive testing which consent may be withheld in Sellers’ sole discretion, such as test borings, and shall give Sellers reasonable advance notice of its request for such consent, which request shall detail the scope of testing and the reason therefor.

 

	
  

	
(2)

	
Buyer shall take all necessary actions to ensure that neither it nor any of its representatives interfere with ongoing operations occurring at any Property.

 

	
  

	
(3)

	
Buyer shall not cause or permit any liens to be filed against any Property as a result of its due diligence.  Buyer agrees to indemnify, protect, defend and hold each Seller and its partners, members, trustees, beneficiaries, shareholders, managers, advisors, agents, employees, officers and directors (collectively, the “Indemnified Parties”) harmless from and against any and all liabilities, claims, losses, damages, costs and expenses (including without limitation reasonable attorney's fees and court costs and litigation expenses) suffered or incurred by any of the Indemnified Parties as a result of or in connection with any activities of Buyer (including activities of any Buyer’s employees, consultants, contractors or their agents) relating to the Properties, including, without limitation, mechanics’ liens, damage to the Properties, injury to persons or property resulting from such activities in connection therewith.  In the event that any Property is disturbed or altered in any way as a result of such activities, Buyer shall promptly restore such Property to its original condition, including the proper removal of any waste or other material generated during any inspections or testing. Furthermore, Buyer agrees to maintain and cause any of its representatives or agents conducting any due diligence on or at any Property to maintain and have in effect commercial general liability insurance with (i) all risk coverage, (ii) waiver of subrogation, and (iii) limits of not less than One Million Dollars ($1,000,000.00) for personal injury, including bodily injury and death and property damage.  Buyer shall deliver to Sellers a copy of the certificate of insurance effectuating the insurance required hereunder prior to the commencement of such activities, which certificate shall provide that such insurance shall not be terminated or modified without at least ten (10) days’ prior notice to Sellers.  Each Seller shall be listed as an additional insured.

 

The provisions of Section 5.1 shall survive the Closing.

 

Section 5.2                      Notwithstanding any access or inspection right granted herein, Buyer shall have no right to terminate this Agreement with respect to this Section 5.

 

Section 5.3                      Buyer acknowledges that the Properties are subject to the CPS Leases, that the Fort Lauderdale Property is subject to the Third Party Lease and the Management Agreement, and that the CPS Leases and the Third Party Lease and any related security deposits and escrows and the Management Agreement shall be assumed by Buyer on each Closing Date per the terms of the Assignment and Assumption Agreement; provided, however, that Sellers, upon Buyer’s written request to Sellers at least three (3) business days prior to a Closing Date, shall (i) deliver a notice to the applicable tenants under the CPS Lease terminating such CPS Lease as of the date one hundred eighty (180) days after the date of such notice in accordance with Section 22.13 of the CPS Leases and (ii) deliver a notice to Central Parking of Florida, Inc., terminating the Management Agreement as of the date sixty (60) days after the date of such notice in accordance with Section 1.2 of the Management Agreement.

 

Section 5.4                      In addition to the reports set forth in Exhibit E, Sellers may in the future make certain materials available to Buyer solely for the convenience of Buyer, and Sellers neither represent nor warrant that such materials are accurate or complete.  Other than as provided in this Agreement, Sellers make no representations or warranties concerning the condition of any of the Properties.  Other than as provided in this Agreement, the Properties are being conveyed in their “AS IS WHERE IS” CONDITION WITHOUT OTHER REPRESENTATIONS OR WARRANTIES, EXPRESSED OR IMPLIED.  BUYER IS RELYING SOLELY UPON ITS OWN INVESTIGATION OF THE PROPERTIES FOR ITS PHYSICAL CONDITION AND CHARACTER, AND NOT UPON REPRESENTATIONS BY SELLERS.   IN NO EVENT SHALL BUYER BE ENTITLED TO ANY PURCHASE PRICE CREDITS AND/OR REDUCTION OF THE SALES PRICE BASED ON BUYER’S INVESTIGATIONS OR INSPECTIONS HEREUNDER OR OTHERWISE.  The provisions of this Section 5.4 shall survive the Closing.

 

ARTICLE VI

 

 

CLOSING

 

Section 6.1                      Provided all of the conditions and provisions of this Agreement by Sellers and Buyer have been fulfilled prior to Closing (or will be fulfilled at Closing), (i) the Closing for the Fort Lauderdale Property shall take place in escrow at the local offices of Title Company on July 31, 2013, or such other place as may be mutually agreed upon by the parties hereto, and (ii) the Closing for the other Properties shall take place in escrow at the local offices of Title Company on September 10, 2013, or such other place as may be mutually agreed upon by the parties hereto.

 

Section 6.2                      At each Closing, each Seller shall deliver to Buyer the following with respect to the Property it owns:

 

	
  

	
(1)

	
A Deed, subject only to liens for real estate taxes and assessments not yet due and payable, if any, the Permitted Exceptions and such other survey matters and title exceptions which are permitted hereby or accepted or deemed waived by Buyer subsequent hereto, the applicable CPS Leases and, with respect to the Fort Lauderdale Property only, the Third Party Lease.  Each Seller shall convey title using the property description contained in the deed into such Seller.

 

	
  

	
(2)

	
Assignment and Assumption Agreements.

 

	
  

	
(3)

	
A FIRPTA executed by each Seller.

 

	
  

	
(4)

	
An Owner’s Affidavit executed by each Seller.

 

	
  

	
(5)

	
A Bill of Sale from each Seller in the form and substance attached hereto as Exhibit C and incorporated herein by reference.

 

	
  

	
(6)

	
A settlement sheet.

 

	
  

	
(7)

	
A certificate, dated as of the Closing Date, stating that each of the representations and warranties set forth in Section 4.1 are, as of such date, true and correct in all material respects.

 

	
  

	
(8)

	
Such other instruments or documentation as may be reasonably required by Buyer or  Title Company to assure the proper conveyance of the Properties and to otherwise consummate the transaction contemplated hereby.

 

Section 6.3                      At the Closing, Buyer shall deliver to the applicable Seller of each Property the following:

 

	
  

	
(1)

	
The Sales Price in cash  in accordance with Schedule 1.20 hereof; provided, however,  the Earnest Money theretofore deposited by Buyer with Title Company shall be applied to the payment of the Sales Price in accordance with Schedule 1.20.

 

	
  

	
(2)

	
Assignment and Assumption Agreements.

 

	
  

	
(3)

	
A settlement sheet.

 

	
  

	
(4)

	
A certificate, dated as of the Closing Date, stating that each of the representations and warranties set forth in Section 4.2 are, as of such date, true and correct in all material respects.

 

	
  

	
(5)

	
Such other instruments or documentation as may be reasonably required by Sellers or Title Company to consummate the transaction contemplated hereby.

 

Section 6.4

 

	
  

	
(1)

	
With reference to and conditioned upon the Closing, it is understood and agreed that the real estate ad valorem taxes due and payable in the year of Closing on all of the Properties except for the Fort Lauderdale Property shall not be pro-rated, as such taxes are not escrowed by Sellers and are the tenant’s  obligation pursuant to the terms of the applicable CPS Lease.  Buyer agrees that any reconciliation with respect to any such taxes shall be made with Central Parking, Inc. (or the applicable tenant under the CPS Lease), and not Sellers, when the final rates or valuation rates are received.

 

	
  

	
(2)

	
With reference to and conditioned upon the Closing, it is understood and agreed that the real estate ad valorem taxes due and payable in the year of Closing on the Fort Lauderdale Property shall be pro-rated through the Closing Date based on the previous year’s taxes if tax statements for the year of Closing are not yet available.  All special assessments relating to improvements on or about the Fort Lauderdale Property, rents, operating expenses and tenant contributions or pass-through items for the Fort Lauderdale Property or any portion thereof shall be prorated through the Closing Date. Buyer agrees that any reconciliation with respect to any such taxes shall be made with Central Parking of Florida, Inc., and not Sellers, when the final rates or valuation rates are received.

 

Section 6.5                      All rents and other amounts payable by the tenant to landlord under the CPS Leases and the Third Party Lease shall be prorated as of 11:59 a.m. (Eastern) on the day before the Closing Date, with Buyer receiving the benefits and burdens of ownership on the Closing Date.

 

Section 6.6                      With reference to the Closing, Buyer shall pay the cost of recording the Deeds conveying the Properties into Buyer; any reimbursement due Sellers on the current year's prorated real estate taxes with respect to the Fort Lauderdale Property; one-half of any real estate conveyance or transfer taxes (Documentary Stamps); one-half of all premiums for Title Policies and any endorsements thereto; Buyer's own attorney's fees and one-half of all escrow and closing fees charged by Title Company or Escrow Company; the cost of any new diligence reports requested by Buyer or any updates to existing diligence reports. With reference to the Closing, Sellers shall pay (or adjust the closing statement for) the cost of any unpaid real estate taxes prorated through the Closing Date for the Fort Lauderdale Property; one-half of any real estate conveyance or transfer taxes (Documentary Stamps); one-half of all premiums for Title Policies; Sellers’ own attorney’s fees; and one-half of all escrow and closing fees charged by Title Company or Escrow Company.

 

Section 6.7                      Federal Tax Compliance.

 

	
  

	
(1)

	
Each Seller agrees to provide its Federal Taxpayer Identification Number and such other information as may be required at the Closing to comply with the real estate transaction reporting requirements of the Tax Reform Act of 1986.

 

	
  

	
(2)

	
No Seller is a “foreign person” as defined in the Federal Foreign Investment in Real Property Tax Act of 1980 and the 1984 Tax Reform Act, as amended (the “Federal Tax Law”), and at the Closing, Sellers will deliver to Buyer a certificate so stating, in a form complying with Federal Tax Law.

 

ARTICLE VII

 

 

POSSESSION

 

Section 7.1                      Each Seller shall tender possession of the Property that it owns on the Possession Date.

 

ARTICLE VIII

 

 

CONDEMNATION AND DAMAGE OR DESTRUCTION

 

Section 8.1                      Sellers agree that in the event notice of any taking is received prior to Closing, Sellers shall submit all of such notices to Buyer for examination, and in the event of a taking of any Property in excess of ten percent (10%) of the Sales Price  for such Property, Buyer shall have until the earlier of five (5) days after such notification or the Closing Date to provide written notice to Sellers (a “Condemnation Notice”) of Buyer’s request to terminate this Agreement with respect to any Properties so taken (each such Property a “Condemned Property” and collectively, the “Condemned Properties”).  Buyer’s failure to provide a Condemnation Notice within the above-referenced time frame shall be deemed an election by Buyer to complete the purchase transaction as herein provided subject to the matter with respect to which notice was submitted to Buyer, without any reduction in the Sales Price or liability to Sellers.  Within five (5) days after receipt of a Condemnation Notice, Sellers shall provide written notice to Buyer electing to either (i) terminate this Agreement with respect to such Condemned Properties, and thereafter (a) this Agreement shall terminate as to each of such Condemned Property and all terms and conditions contained in this Agreement that apply to each such Condemned Property shall be of no further effect, (b)  the transaction contemplated by this Agreement shall proceed as to the other Properties subject to, and in accordance with, the terms and conditions set forth herein, or (ii) terminate this Agreement with respect to all Properties, and thereafter the Earnest Money (less any expenses incurred or charged by Title Company, which shall be first paid therefrom, and less any unrepaired damage or indemnified amount set forth in Section 5.1) promptly refunded and neither party shall have any further obligations or liabilities hereunder, except for Buyer’s indemnification set forth in Section 5.1.

 

Section 8.2                      In the event of damage or destruction of any Property in excess of ten percent (10%) of the Sales Price for such Property, Sellers shall notify Buyer of such event in writing within five (5) days of such event.  Buyer shall have until the earlier of five (5) days after such notification or the Closing Date to provide written notice to Sellers (a “Casualty Notice”) requesting to terminate this Agreement with respect to any Properties so damaged or destroyed (each such Property a “Casualty Property” and collectively, the “Casualty Properties”).  Buyer’s failure to provide a Casualty Notice within the above-referenced time frame shall be deemed an election by Buyer to complete the purchase transaction as herein provided subject to the matter with respect to which notice was submitted to Buyer, without any reduction in the Sales Price or liability to Sellers.  Within five (5) days after receipt of a Casualty Notice, Sellers shall provide written notice to Buyer electing to either (i) terminate this Agreement with respect to such Casualty Properties, and thereafter (a) this Agreement shall terminate as to each of such Casualty Property and all terms and conditions contained in this Agreement that apply to each such Casualty Property shall be of no further effect, (b)  the transaction contemplated by this Agreement shall proceed as to the other Properties subject to, and in accordance with, the terms and conditions set forth herein, or (ii) terminate this Agreement with respect to all Properties, and thereafter the Earnest Money (less any expenses incurred or charged by Title Company, which shall be first paid therefrom, and less any unrepaired damage or indemnified amount set forth in Section 5.1) promptly refunded and neither party shall have any further obligations or liabilities hereunder, except for Buyer’s indemnification set forth in Section 5.1.

 

ARTICLE IX

 

 

REMEDIES

 

Section 9.1                      In the event of Sellers’ material default hereunder at or prior to Closing, upon written notice of the default to Sellers and Sellers’ failure to cure such default within five (5) business days, Buyer, as Buyer’s sole and exclusive rights and remedies, may give written notice of termination to Sellers and Escrow Company and have all of the Earnest Money returned to Buyer within two (2) business days of such written notice of termination (net of any unrepaired damage or indemnified amount set forth in Section 5.1) or may sue for specific performance of Seller’s obligation to consummate Closing for all of the Properties provided such action is commenced within thirty (30) days of such default.  In no event shall Sellers be liable for any contingent, speculative, special, consequential, or punitive damages that might be alleged or incurred by Buyer.

 

Section 9.2                      In the event of Buyer’s material default hereunder at or prior to either Closing, upon written notice of the default to Buyer and Buyer’s failure to cure such default within five (5) business days, Sellers may as their sole remedy give written notice of termination to Buyer and retain any and all of the Earnest Money (which shall be forfeited to Sellers and retained by Sellers as liquidated damages).  Buyer shall have the right to cure such default for a period not to exceed five (5) calendar days.  As a condition to cure a Buyer’s default and failure to proceed to Closing as required in this Agreement, Buyer shall remit to Sellers at the actual Closing an increase in the Purchase Price in the amount of Five Thousand and No/100ths Dollars ($5,000.00) per calendar day for each day of any such delay until the Closing; provided, however, that Buyer shall be allowed to cure such default and proceed to Closing only within five (5) calendar days following the original Closing Date. In no event shall Buyer be liable for any consequential damages that might be alleged by Sellers.  Sellers and Buyer agree that damages in said circumstances are difficult, if not impossible, to ascertain and that the Earnest Money represents a reasonable estimation thereof.  The parties acknowledge that a failure to close under the Fort Lauderdale Property shall result in a material default hereunder.

 

ARTICLE X

 

 

REAL ESTATE COMMISSIONS

 

Section 10.1                      Except with respect to Sellers’ agreement with CBRE (“Sellers’ Broker”) to pay Sellers’ Broker a commission in connection with this sale, Sellers represent to Buyer that they have not engaged any broker or agent as their agent or representative in this transaction, and Sellers hereby agree to indemnify and hold harmless Buyer from and against any claim by third parties (except for Buyer’s Broker) for brokerage commissions, finder's or other fees relating to the transaction contemplated in this Agreement that are alleged to be due by the authorization of the indemnifying party.  Except with respect to Buyer’s agreement with JNL Parking (“Buyer’s Broker”) to pay Buyer’s Broker a commission in connection with this sale, Buyer represents to Sellers that it has not engaged any broker or agent as its agent or representative in this transaction, and Buyer hereby agrees to indemnify and hold harmless Sellers from and against any claim by third parties (except for Sellers’ Broker) for brokerage commissions, finder's or other fees relating to the transaction contemplated in this Agreement that are alleged to be due by the authorization of the indemnifying party.  This Section 10.1 shall survive the Closing or any earlier termination of this Agreement.

 

ARTICLE XI

 

 

NOTICES

 

Section 11.1                      Any notice to be given by any party to this Agreement shall be in writing and shall be deem received when delivered personally or deposited in the United States Mail, certified or registered mail, postage prepaid, or delivered to a nationally recognized overnight carrier for next day delivery with a valid and paid (or charged to sender) address/delivery label, addressed as follows:

 

If to Seller:                                c/o CoveredBridge Ventures

 

630 West Germantown Pike, Suite 300

 

Plymouth Meeting, PA 19462

 

Attn: PJ Yeatman/Urdang

 

 

With copy to:                                           Klehr Harrison Harvey Branzburg LLP

 

1835 Market Street, Suite 1400

 

Philadelphia, PA  19103

 

Attn: Bradley A. Krouse, Esq.

 

 

If to Buyer:                                MVP REIT, Inc.

 

8880 W. Sunset Road, Suite 240

 

Las Vegas, NV 89148

 

Attn: Daniel Stubbs

 

 

With a copy to:                                           Craig D. Burr, Esq.

 

8880 West Sunset Road, Suite 210

 

Las Vegas, NV 89148

 

 

If to Escrow Company

 

or Title Company:                                First American Title Insurance Company

 

Two Liberty Place

 

50 South 16th Street, Suite 3010

 

Philadelphia, Pennsylvania USA 19102

 

Attn: Adam B. Cutler, Esq.

 

or to such other place or places (in the U.S.A.) as may be designated in writing by Sellers to Buyer or Buyer to Sellers.

ARTICLE XII

 

 

MISCELLANEOUS

 

Section 12.1                      This Agreement shall be binding upon, and shall inure to the benefit of, the respective parties, their successors and assigns.  Buyer may not assign this Agreement without Sellers’ prior written consent, which may be withheld in Seller’s sole discretion; provided, however, that Buyer may assign this Agreement to Buyer’s affiliates so long as the affiliate entity is majority owned or controlled by Michael Shustek. No assignment of this Agreement or Buyer’s rights hereunder shall relieve Buyer of its liabilities under this Agreement.  Sellers shall have no obligation to recognize any authorized assignment made by Buyer (including any assignee of the original Buyer named herein) unless and until Sellers are furnished with a true and complete copy of such assignment. Any assignment of this Agreement in violation of the foregoing provisions shall at Sellers’ option be null and void.  Anything to the contrary contained herein, Buyer shall indemnify and hold Seller harmless from any and all transfer tax imposed as a result of any permitted assignment of this Agreement.

 

Section 12.2                      This Agreement shall be construed in accordance with the laws of the State of New York.

 

Section 12.3                      TIME IS OF THE ESSENCE IN THIS AGREEMENT.

 

Section 12.4                      If any provision of this Agreement shall be held or deemed to be or shall, in fact, be illegal, inoperative or unenforceable, the same shall not affect any other provision or provisions herein contained or render the same invalid, inoperative or unenforceable to any extent whatsoever.

 

Section 12.5                      This Agreement sets forth the entire agreement between the parties hereto and no prior written or oral statements, agreements or understandings not incorporated herein shall be recognized or enforced.  This Agreement shall not be amended or modified, except by written instrument executed by Sellers and Buyer.

 

Section 12.6                      Buyer or Sellers shall have the right at any time on or before a Closing to request that the other party cooperate with it to effect a like-kind exchange which qualifies for tax-free treatment under Section 1031 of the Internal Revenue Code of 1986, as amended.  Upon such request by Buyer or Sellers, the parties agree to cooperate with each other in structuring any such exchange and to execute such documents as may be reasonably necessary for such exchange at no cost, expense or liability to the non-exchanging party.  The party requesting such exchange further agrees to indemnify and hold the other party free and harmless from, and indemnify against, any costs, expense or liability, including without limitation reasonable attorney fees, resulting from the exchange transaction.  In the event Buyer or Sellers do not request a like-exchange, Sellers shall sell the Properties to Buyer upon the terms provided herein. The dates and time limits set forth in this Agreement shall apply and remain of the essence in the event of a like-kind exchange.

 

Section 12.7                      In the event that either party to this Agreement makes demand upon Escrow Company for tender of the Earnest Money and interest thereon held by Escrow Company, Escrow Company shall give written notice to the other party as provided herein.  If, within five (5) days following delivery of such notice, Escrow Company has not received notice of any objection to the disbursement of the Earnest Money and interest from the other party, Escrow Company shall disburse the Earnest Money and interest in accordance with the instructions it has received.  A party's failure to object to such disbursement shall not be deemed to be a waiver of its right to assert a claim against the other party to any Earnest Money or interest so disbursed; provided, however, such failure to object shall relieve Escrow Company of any liability for disbursing the funds as set forth in this Section 12.7.  In the event any dispute should arise with regard to the Earnest Money tendered to Escrow Company as provided in Section 2.2 hereof, Escrow Company shall be entitled to deposit the same with a court of competent jurisdiction in state or federal court in the State of New York, and thereafter be relieved of all obligations under this Agreement.  In performing any of its duties hereunder, Escrow Company shall not incur any liability to any party for any damage, loss or expense, except for willful default, gross negligence, or breach of trust.  Buyer and each Seller jointly and severally agree to indemnify and hold Escrow Company harmless against any and all other losses, claims, damages, liabilities and expenses including, without limitation, reasonable attorneys' fees, which may be imposed upon Escrow Company or incurred by Escrow Company in connection with the performance of its duties hereunder, except for willful default, gross negligence, or breach of trust.  As between Buyer and Sellers, the prevailing party in any action regarding the Earnest Money shall be entitled to recover from the other party all amounts which it has paid under its indemnity in the preceding sentence and shall further be entitled to recover all court costs and reasonable attorney's fees incurred with respect to resolution of the dispute.

 

Section 12.8                      If suit is brought as a result of the parties entering into this Agreement, the losing party shall pay to the prevailing party all reasonable expenses incurred in pursuing such suit, including reasonable attorney’s fees.

 

Section 12.9                      Whenever a deadline for performance under this Agreement falls on a Saturday, Sunday or legal holiday recognized by state or federal law, the party’s obligation for performance shall be postponed to the next business day.

 

Section 12.10                                With respect to the Fort Lauderdale Property, the parties acknowledge that:

 

Radon is a naturally occurring radioactive gas that, when it has accumulated in a building of sufficient quantities, may present health risks to persons who are exposed to it over time.  Levels of radon that exceed federal and state guidelines have been found in buildings in Florida.  Additional information regarding radon and radon testing may be obtained from your county health department.

 

Section 12.11                                All documents and information furnished by Sellers to Buyer in the course of its investigation of the subject Properties shall be treated as confidential information; provided, however, that Buyer may deliver and share such information with its officers, employees, contractors, lenders and attorneys for the purpose of completing the transaction contemplated herein and so long as such recipients of the information maintain the same level of confidentiality as is required of Buyer.  All documents and information provided to Sellers by Buyer shall be treated as confidential information provided, however, that Sellers may deliver and share such information with its officers, employees, contractors, lenders and attorneys for the purpose of completing the transaction contemplated herein and so long as such recipients of the information maintain the same level of confidentiality as is required of Sellers.

 

Section 12.12                                All references to the word “days” shall mean calendar days unless expressly stated otherwise.

 

Section 12.13                                This Agreement may be executed by the parties hereto in any number of separate counterparts, all of which, when delivered, shall together constitute one and the same Agreement.  Email, Facsimile or telecopied signatures may be relied upon as originals.

 

 

 

[Remainder of Page Left Intentionally Blank]

 

  

  

  

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

 

 

BUYER:

 

 

MVP PF FORT LAUDERDALE 2013 LLC,

 

a Nevada limited liability company

 

 

Signed by Buyer this

 

Date:  ________________________                                                                           By:           ______________________________________

 

Name:           Michael Shustek

 

Title:           Authorized Person

 

 

 

MVP PF BALTIMORE 2013 LLC,

 

a Nevada limited liability company

 

 

 

By:           ______________________________________

 

Name:           Michael Shustek

 

Title:           Authorized Person

 

 

 

MVP PF KANSAS CITY 2013 LLC,

 

a Nevada limited liability company

 

 

 

By:           ______________________________________

 

Name:           Michael Shustek

 

Title:           Authorized Person

 

 

 

MVP PF ST. LOUIS 2013 LLC,

 

a Nevada limited liability company

 

 

 

By:           ______________________________________

 

Name:           Michael Shustek

 

Title:           Authorized Person

 

 

MVP PF MEMPHIS POPLAR 2013 LLC,

 

a Nevada limited liability company

 

 

 

By:           ______________________________________

 

Name:           Michael Shustek

 

Title:           Authorized Person

 

 

 

MVP PF MEMPHIS COURT 2013 LLC,

 

a Nevada limited liability company

 

 

 

By:           ______________________________________

 

Name:           Michael Shustek

 

Title:           Authorized Person

 

  

  

  

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

 

 

 

 

SELLERS:

 

 

OC PARKING FORT LAUDERDALE LLC,

 

a Delaware limited liability company

 

Signed by Sellers this

 

Date:  ________________________                                                                           By:           ______________________________________

 

Name:           Pennock J. Yeatman

 

Title:           Authorized Person

 

 

 

OC PARKING BALTIMORE LLC,

 

a Delaware limited liability company

 

 

By:           ______________________________________

 

Name:           Pennock J. Yeatman

 

Title:           Authorized Person

 

 

 

OC PARKING MEMPHIS POPLAR LLC,

 

a Delaware limited liability company

 

 

By:           ______________________________________

 

Name:           Pennock J. Yeatman

 

Title:           Authorized Person

 

 

 

OC PARKING KANSAS CITY LLC,

 

a Delaware limited liability company

 

 

By:           ______________________________________

 

Name:           Pennock J. Yeatman

 

Title:           Authorized Person

 

 

 

OC PARKING MEMPHIS COURT LLC,

 

a Delaware limited liability company

 

 

By:           ______________________________________

 

Name:           Pennock J. Yeatman

 

Title:           Authorized Person

 

 

 

OC PARKING ST. LOUIS LLC,

 

a Delaware limited liability company

 

 

By:           ______________________________________

 

Name:           Pennock J. Yeatman

 

Title:           Authorized Person

 

 

 

 

ESCROW COMPANY ACKNOWLEDGES RECEIPT OF THE EARNEST MONEY AND AGREES TO HOLD THE SAME PURSUANT TO THE TERMS OF THIS AGREEMENT.

 

 

ESCROW COMPANY:

 

 

First American Title Insurance Company

 

 

By:           ________________________________________

 

Name:           ________________________________________

 

Title:           ________________________________________

 

Date:           ________________________________________

 

 

 

 

  

  

  

 

 

 

Schedule 1.20

 

 

Sales Price Allocation

 

 

 

	
Property

	
Purchase Price

	
Closing Date

	
Earnest Money Allocation

	
208 SE 6th Street, Ft. Lauderdale, FL

	
$3,400,000

	
July 31, 2013

	
$500,000

	
1300 Spruce Street, St. Louis, MO

	
$2,000,000

	
September 10, 2013

	
$500,000

	
212 Poplar Avenue, Memphis, TN

	
$2,000,000

	
216 Court Avenue, Memphis, TN

	
$1,000,000*

	
1130 Holmes Street, Kansas City, MO

	
$2,800,000

	
208 Water Street, Baltimore, MD

	
$2,300,000*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Sellers reserve the right to approve any allocation with respect to the Memphis Court Property and the Baltimore Property.

 

  

  

  

 

EXHIBIT A

 

 

PROPERTY DESCRIPTION

 

 

[see attached]

 

 

  

  

  

1130 Holmes Street, Kansas City, MO

 

 

LOTS 57, 58, 59, 60, 61, 62, 63 AND 64, OF BLOCK 19, CONTINUATION OF SMART'S ADDITION NO. 3, A SUBDIVISION IN KANSAS CITY, JACKSON COUNTY, MISSOURI, AND THE EAST 5 FEET OF THE VACATED ALLEY NEXT EAST OF CHERRY STREET AND WEST OF HOLMES STREET BETWEEN E 11TH AND E 12TH STREET, ALONG AND ADJACENT TO THE WEST SIDE OF THE ABOVE REFERENCED LOTS.

 

 

  

  

  

1300 Spruce Street, St. Louis, MO

 

 

A PART OF LOT 2, OF ALLRIGHT, SUBDIVISION, AND IN CITY BLOCK 215W, PER THE RECORDED PLAT THEREOF IN PLAT BOOK 71 AT PAGE 33, OF THE RECORDERS OFFICE OF, CITY OF ST. LOUIS MISSOURI, BEING MORE PARTICULARLY DESCRIBED AS:

 

 

BEGINNING AT THE NORTHEAST CORNER OF LOT 2, ALLRIGHT SUBDIVISION; THENCE SOUTH 00 DEGREES 12 MINUTES 05 SECONDS WEST 427.82 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS WEST 123.64 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 05 SECONDS EAST 125.15 FEET TO THE POINT OF BEGINNING, CONTAINING 1.22 ACRES OR 53,153 SQUARE FEET, MORE OR LESS, SUBJECT TO ANY AND ALL ENCUMBRANCES AND RIGHTS RECORDED OR UNRECORDED.

 

 

 

  

  

  

208 SE 6th Street, Fort Lauderdale, FL

 

 

PARCEL A: LOT 1, LESS THE NORTH 130.00 FEET AND LESS THE EAST 20.00 FEET THEREOF; AND LOT 2, LESS THE EAST 20.00 FEET THEREOF; AND LOTS 3 AND 5, LESS THE NORTH 130.00 FEET THEREOF; AND LOT 7, LESS THE NORTH 15.00 FEET THEREOF; AND ALL OF LOTS 4, 6, 8, ALL IN BLOCK 1, BRYAN-MARSHALL RAWLINS SUBDIVISION OF BLOCK 56, TOWN OF FORT LAUDERDALE, FLORIDA, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 1, PAGE 63, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; SAID LANDS SITUATE, LYING AND BEING IN BROWARD COUNTY, FLORIDA; LESS: THE SOUTH 50 FEET OF LOT 2, LESS THE EAST 20 FEET, AND THE SOUTH 50 FEET OF LOT 4 OF THE SUBDIVISION OF LOT 1 OF BLOCK 56 OF THE TOWN OF FORT LAUDERDALE, RECORDED IN PLAT BOOK 1, PAGE 63, OF THE PUBLIC RECORDS OF

 

MIAMI-DADE COUNTY, FLORIDA; SAID LANDS SITUATE, LYING AND BEING IN BROWARD COUNTY, FLORIDA; AND THE SOUTH 50 FEET OF LOT 6 OF THE SUBDIVISION OF LOT 1 IN BLOCK 56 OF THE TOWN OF FORT LAUDERDALE, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 1, PAGE 63, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; SAID LANDS SITUATE, LYING AND BEING IN BROWARD COUNTY, FLORIDA. PARCEL B: THE SOUTH 50 FEET OF LOT 2, LESS THE EAST 20 FEET, AND THE SOUTH 50 FEET OF LOT 4 OF THE SUBDIVISION OF LOT 1 OF BLOCK 56 OF THE TOWN OF FORT LAUDERDALE, RECORDED IN PLAT BOOK 1, PAGE 63, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA; SAID LANDS SITUATE, LYING AND BEING IN BROWARD COUNTY, FLORIDA; AND THE SOUTH 50 FEET OF LOT 6 OF THE SUBDIVISION OF LOT 1 IN BLOCK 56 OF THE TOWN OF FORT LAUDERDALE, ACCORDING TO THE PLAT THEREOF, RECORDED IN PLAT BOOK 1, PAGE 63, OF THE PUBLIC RECORDS OF MIAMI-DADE

 

COUNTY, FLORIDA; SAID LANDS SITUATE, LYING AND BEING IN BROWARD COUNTY, FLORIDA.

 

 

  

  

  

212 Poplar Avenue, Memphis, TN

 

 

PARCEL I

 

 

BEGINNING AT A POINT ON THE NORTH SIDE OF POPLAR STREET 177 FEET EAST FROM FOURTH ALLEY, SAID POINT BEING THE SOUTHEAST CORNER OF THE F. G. GOODYEAR LOT; RUNNING THENCE EASTWARDLY WITH THE NORTH LINE OF POPLAR STREET 163 FEET TO THE SOUTHEAST CORNER OF LOT 19 OF THE DIVISION BETWEEN STITH N. NELSON AND LOUISE V. NELSON, HEIRS AT LAW OF S. M. NELSON, DECEASED; THENCE NORTHWARDLY AT RIGHT ANGLES WITH POPLAR STREET 148 1⁄2 FEET TO AN ALLEY; THENCE WESTWARDLY WITH SAID ALLEY 163 FEET; THENCE SOUTHWARDLY 148 1⁄2 FEET TO THE POINT OF BEGINNING.

 

 

PARCEL II

 

 

PART OF LOTS 20 AND 21, S. M. NELSON SUBDIVISION OF COUNTRY LOT NO. 472, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

 

 

BEGINNING AT A POINT IN THE NORTH LINE OF POPLAR AVENUE 340 FEET EAST OF THE EAST LINE OF NORTH COURT HOUSE ALLEY, WHICH IS THE FIRST ALLEY EAST OF NORTH THIRD STREET; THENCE EAST WITH THE NORTH LINE OF POPLAR AVENUE 90.75 FEET TO A POINT; THENCE NORTH AT RIGHT ANGLES TO POPLAR AVENUE 148.5 FEET TO THE SOUTH LINE OF AN ALLEY; THENCE WEST WITH THE SOUTH LINE OF SAID ALLEY AND PARALLEL TO POPLAR AVENUE 90.75 FEET TO A POINT; THENCE SOUTH 148.5 FEET TO THE POINT OF BEGINNING.

 

 

PARCEL III

 

 

BEGINNING AT A POINT IN THE NORTH LINE OF POPLAR AVENUE, BEING THE SOUTHWEST CORNER OF A BRICK BUILDING IMMEDIATELY EAST OF THE PROPERTY CONVEYED BY BERTHA K. DIX TO CONTINENTAL GIN COMPANY BY DEED OF RECORD IN BOOK 1522, PAGE 586; RUNNING THENCE NORTHWARDLY WITH THE WEST LINE OF SAID BRICK BUILDING AND CONTINUING IN ALL A DISTANCE OF 148.5 FEET TO AN IRON PIN IN THE FIRST ALLEY NORTH OF POPLAR AVENUE, SAID IRON PIN BEING IN THE NORTHWEST CORNER OF THE PROPERTY OWNED BY THE GRANTOR IN QUIT CLAIM DEED OF RECORD IN BOOK 1519, PAGE 533 AND THE NORTHEAST CORNER OF SAID PROPERTY CONVEYED TO CONTINENTAL GIN COMPANY; RUNNING THENCE SOUTHWARDLY 148.5 FEET TO A POINT IN THE NORTH LINE OF POPLAR AVENUE THE SOUTHEAST CORNER OF SAID PROPERTY CONVEYED TO CONTINENTAL GIN COMPANY BY DEED OF RECORD IN BOOK 1522, PAGE 586, SAID POINT BEING THREE INCHES WEST OF THE SOUTHWEST CORNER OF SAID BRICK BUILDING.

 

 

  

  

  

208 Water Street, Baltimore, MD

 

 

ALL THAT PROPERTY LOCATED IN BALTIMORE CITY, MARYLAND, WARD 04, SECTION II, BLOCK 0662, LOT 11/1 IA COMMONLY KNOWN AS 208 WATER STREET MORE PARTICULARLY DESCRIBED AS FOLLOWS, THAT IS TO SAY: BEGINNING FOR THE SAME ON THE SOUTH SIDE OF REDWOOD STREET, AT THE DISTANCE OF ONE HUNDRED AND TEN FEET EASTERLY FROM THE SOUTHEAST CORNER OF REDWOOD AND CALVERT STREETS, SAID BEGINNING BEING AT THE NORTHEAST COMER OF THE BRICK BUILDING ERECTED ON THE LOT NEXT ADJOINING THERETO ON THE WEST; AND RUNNING THENCE SOUTHERLY BINDING ALONG THE EAST SIDE OF SAID BUILDING, SIXTY-TWO FEET THREE INCHES TO A CORNER OF SAID BUILDING, THENCE WESTERLY, BINDING ALONG THE SOUTH SIDE OF SAID BUILDING ONE FOOT SIX INCHES TO THE EAST SIDE OF A WALL THERE ERECTED; THENCE SOUTHERLY, BINDING ALONG THE EAST SIDE OF SAID WALL, SIXTEEN FEET FOUR INCHES TO THE END THEREOF; THENCE WESTERLY BINDING ALONG THE SOUTH SIDE OF ANOTHER WALL THREE FEET THREE AND ONE-QUARTER INCHES TO INTERSECT A LINE DRAWN NORTHERLY FROM THE NORTH SIDE OF WATER STREET, ALONG THE EAST SIDE OF THE BRICK BUILDING ON THE LOT NEXT ADJOINING THERETO ON THE WEST, FRONTING ON WATER STREET, AND IN CONTINUATION THEREOF; THENCE SOUTHERLY, BINDING ALONG SAID LINE SO DRAWN REVERSELY, NINETY-EIGHT FEET THREE INCHES TO THE NORTH SIDE OF WATER STREET, WHICH POINT IS DISTANT ONE HUNDRED AND SEVEN FEET THREE AND ONE QUARTER INCHES EASTERLY FROM THE NORTHEAST CORNER OF CALVERT AND WATER STREETS; THENCE EASTERLY BINDING ON THE NORTH SIDE OF WATER STREET, ONE HUNDRED AND THREE FEET THREE AND THREE-QUARTER INCHES TO THE SOUTHWEST CORNER OF THE BRICK BUILDING ERECTED ON THE LOT NEXT ADJOINING THERETO ON THE EAST; THENCE NORTHERLY, BINDING ALONG THE WEST SIDE OF SAID BUILDING AND CONTINUING THE SAME COURSE, AND IN PART ALONG THE WEST SIDE OF THE BUILDINGS ERECTED ON THE LOTS NEXT ADJOINING THERETO ON THE EAST, IN ALL, ONE HUNDRED AND TWENTY FEET SIX INCHES TO THE SOUTH SIDE OF THE BUILDING ERECTED ON THE LOT NEXT ADJOINING THERETO ON THE NORTH, FRONTING ON REDWOOD STREET: THENCE WESTERLY, BINDING ALONG THE SOUTH SIDE OF SAID BUILDING AND CONTINUING THE SAME COURSE, FIFTY-FIVE FEET THREE INCHES, SAID POINT BEING ONE HUNDRED AND TWENTY FEET AND ONE-HALF INCHES NORTHERLY FROM THE NORTH SIDE OF WATER STREET: THENCE NORTHERLY. SIX AND THREE-QUARTER INCHES: THENCE WESTERLY, AND IN PART BINDING ALONG THE SOUTH SIDE OF THE BRICK BUILDING ERECTED ON THE LOT NEXT ADJOINING THERETO ON THE NORTH, FRONTING ON THE REDWOOD STREET TWENTY-FOUR FEET EIGHT INCHES TO THE SOUTHWEST SIDE OF SAID LAST MENTIONED BUILDING, FIFTY-FIVE FEET FIVE AND ONE-QUARTER INCHES TO THE SOUTH SIDE OF REDWOOD STREET THENCE WESTERLY. BINDING ALONG THE SOUTH SIDE OF REDWOOD STREET, TWENTY-TWO FEET TO THE PLACE OF BEGINNING. THE IMPROVEMENTS THEREON BEING KNOWN AS NO. 208 WATER STREET AND NO. 217 E. REDWOOD STREET.

 

 

BEING THE SECOND OF THE TWO PARCELS DESCRIBED IN THAT CERTAIN DEED DATED DECEMBER 28, 1994 AND RECORDED AMONG THE LAND RECORDS IN AFORESAID LIBER 4667, FOLIO 35, PURSUANT TO WHICH THE SAID PROPERTY WAS GRANTED AND CONVEYED BY BRO\\/11 REDWOOD LIMITED PARTNERSHIP UNTO REDWATER LIMITED PARTNERSHIP THEREBY MERGING FEE SIMPLE TITLE IN REDWATER LIMITED PARTNERSHIP WHICH ENTITY HAD PREVIOUSLY HELD LEASEHOLD TITLE TO THE PROPERTY PURSUANT TO A GROUND LEASE DATED AUGUST 18, 1982 AND RECORDED AS AFORESAID IN LIBER 4222 AT FOLIO 184 AND AMENDED BY AMENDMENT DATED JULY 22, 1985 WHICH AMENDMENT WAS RECORDED AS AFORESAID IN LIBEL' 617. FOLIO 686. THE SAID GROUND LEASE HAVING BEEN TERMINATED BY VIRTUE OF THE AFOREMENTIONED DEED.

 

 

THE AFORESAID DESCRIBED PROPERTY BEING FURTHER DESCRIBED AS "LOTS II AND II A" ON THAT CERTAIN SUBDIVISION PLAT CAPTIONED "AMENDED SUBDIVISION PLAT. MAY 9, 1985, REDWOOD TOWER. NO. 217, 219-231, EAST REDWOOD STREET. NO. 208 WATER STREET. LOTS 10, LOA; 11, 11A; 11B, BLOCK 662. SECTION II WARD 4, BALTIMORE. MARYLAND" WHICH PLAT WAS RECORDED AMONG THE LAND RECORDS AFORESAID ON JULY 19. 1985 IN PLAT RECORD BOOK SEB NO. 3016. SAID PROPERTY BEING KNOWN AS 208 WATER STREET. A MULTI-STORY PARKING GARAGE, TOGETHER WITH AND SUBJECT TO THE TERMS AND CONDITIONS OF THOSE INSTRUMENTS RECORDED AS AFORESAID IN LIBER 0617 AT PAGE 518; LIBER 0617 AT PAGE 565; LIBER 0617 AT PAGE 607; LIBER 0617 AT PAGE 648; AND LIBER 0617 AT PAGE 661, ALL DATED AS OF JULY 22, 1985.

 

 

SAVING AND EXCEPTING THEREFROM THE FOLLOWING PARCEL IIB DESCRIBED AS FOLLOWS. THAT IS TO SAY:

 

 

ALL THAT LOT OR PARCEL OF LAND ORIGINALLY CONTAINING A TWO-STORY OFFICE BUILDING AND KNOWN AS 217 EAST REDWOOD STREET, BALTIMORE CITY. MARYLAND, WHICH PARCEL IS ALSO DESCRIBED IN THOSE TWO DEEDS EACH DATED JULY 22, 1985, THE FIRST FROM REDWATER LIMITED PARTNERSHIP TO REDWOOD TOWER ASSOCIATES. LIMITED PARTNERSHIP AND RECORDED AS AFORESAID IN LIBEL' 0617 AT FOLIO 518 AND THE SECOND BEING FROM BROWN REDWOOD LIMITED PARTNERSHIP TO REDWOOD TOWER ASSOCIATES. LIMITED PARTNERSHIP AND RECORDED AS AFORESAID IN LIBEL' 061 7 AT FOL IO 565 AND FURTHER BEING THE PARCEL DESCRIBED AS "PART I" ON EXHIBIT A TO THAT CERTAIN SUBSTITUTE TRUSTEES DEED DATED JUNE 2, 1992 MADE BY RICHARD W. KLEIN, JR. AND GRANT R. BERNING, SUBSTITUTE TRUSTEES, AS GRANTOR TO REDWOOD TOWER LIMITED PARTNERSHIP, AS GRANTEE, AND RECORDED AS AFORESAID IN LIBER 3271 AT FOLIO 00 I, THE SAME BEING A PART OF THE PARCEL DESIGNATED AS "LOT 1113" ON THAT CERTAIN SUBDIVISION PLAT CAPTIONED "AMENDED SUBDIVISION PLAT, MAY 9,1985, REDWOOD TOWER, NO. 217, 219-23 I EAST REDWOOD STREET. NO. 208 WATER STREET, LOTS 10, LOA; 11, 11A; 1113, BLOCK 662, SECTION 11, WARD 4, BALTIMORE, MARYLAND" RECORDED AMONG THE LAND RECORDS OF THE CITY ON JULY 19, 1985 IN PLAT RECORD BOOK SEB NO. 3016. SAID PORTION OF LOT 11B CONTAINING 1,244 SQUARE FEET, MORE OR LESS. TOGETHER WITH EXISTING IMPROVEMENTS THEREON; AND ALL THAT PORTION OF THE PROPERTY CONVEYED BY DEED DATED JULY 22, 1985 AND RECORDED AMONG THE LAND RECORDS OF BALTIMORE CITY. MARYLAND IN LIBER 617, PAGE 518, FROM REDWATER LIMITED PARTNERSHIP TO REDWOOD TOWER ASSOCIATES LIMITED PARTNERSHIP, AND BY DEED FROM BROWN REDWOOD LIMITED PARTNERSHIP TO REDWOOD TOWER LIMITED PARTNERSHIP DATED JULY 22, 1985, RECORDED AMONG THE LAND RECORDS OF BALTIMORE CITY, MARYLAND IN LIBER 617. PAGE 565, CONSISTING OF THE AIR RIGHTS WHICH LIE ABOVE A HORIZONTAL PLACE WHICH STARTS AT ELEVATION 91.72 BASED ON CITY OF BALTIMORE BUREAU OF SURVEYS DATUM. CONTAINING 17.080 SQUARE FEET. MORE OR LESS: AND SUBJECT TO THE CASEMENTS. TERMS AND PROVISIONS OF SAID DEEDS.

 

 

ALSO SAVING AND EXCEPTING THEREFROM THE FOLLOWING OUTCONVEYED PARCEL 10/10A DESCRIBED IN THE DEED DATED OCTOBER 31.2002 FROM REDWATER LIMITED PARTNERSHIP ONTO VICKERS BUILDING, LLC RECORDED AMONG THE LAND RECORDS OF BALTIMORE CITY. MARYLAND IN LIBER F.M.C. NO. 3103. FOLIO 505 AND FURTHER DESCRIBED AS FOLLOWS. THAT IS TO SAY:

 

 

BEGINNING FOR THE SAME ON THE SOUTH SIDE OF REDWOOD STREET AT THE DISTANCE OF ONE HUNDRED THIRTY-TWO FEET EASTERLY FROM THE SOUTHEAST CORNER OF REDWOOD AND CALVERT STREET AND FUNNING THENCE SOUTHERLY BINDING ON THE WEST SIDE OF THE WEST WALL OF THE BUILDING ERECTED ON THE LOT NOW BEING DESCRIBED FIFTY-FIVE FEET AND ONE-QUARTER INCHES TO THE SOUTHWEST CORNER OF SAID BUILDING THENCE EASTERLY PARALLEL WITH REDWOOD STREET TWENTY-FOUR FEET EIGHT INCHES THENCE SOUTHERLY SIX AND THREE-QUARTERS INCHES. THENCE EASTERLY FIFTY-FIVE FEET THREE INCHES TO A POINT DISTANT ONE HUNDRED SIX FEET WESTERLY FROM THE WEST SIDE OF SOUTH STREET AND FIFTY-FIVE FEET TWO AND ONE-HALF INCHES SOUTHERLY FROM THE SOUTH SIDE OF REDWOOD STREET, THENCE NORTHERLY BINDING ALONG THE EAST SIDE OF THE EAST WALL OF THE BUILDING ERECTED ON THE LOT NOW BEING DESCRIBED AND TO AND ALONG THE WEST SIDE OF AN ALLEY SIX FEET WIDE PARALLEL WITH THE DISTANT ONE HUNDRED SIX FEET WESTERLY FROM THE WEST SIDE OF SOUTH STREET IN ALL FIFTY-FIVE FEET TWO AND ONE-HALF INCHES TO REDWOOD STREET, AND THENCE WESTERLY BINDING ON THE SOUTH SIDE OF REDWOOD STREET SEVENTY-NINE FEET TEN AND ONE HALF INCHES TO THE PLACE OR BEGINNING. THE IMPROVEMENTS THEREON BEING KNOWN AS NOS. 219-231 EAST REDWOOD STREET.

 

 

SAVING AND EXCEPTING FROM THE AFORESAID PARCEL 10/10A THE AIR RIGHTS PROPERTY BEING A PART OF THE LEGAL DESCRIPTION OF PARCEL 11B ABOVE DESCRIBED AS FOLLOWS, THAT IS TO SAY:

 

 

ALL THAT PORTION OF THE PROPERTY CONVEYED BY DEED DATED JULY 22,1985 AND RECORDED AMONG THE LAND RECORDS OF BALTIMORE CITY, MARYLAND IN LIBER 617, PAGE 518, FROM REDWATER LIMITED PARTNERSHIP TO REDWOOD TOWER ASSOCIATES LIMITED PARTNERSHIP, AND BY DEED FROM BROWN REDWOOD LIMITED PARTNERSHIP TO REDWOOD TOWER LIMITED PARTNERSHIP DATED JULY 22,1985, RECORDED AMONG THE LAND RECORDS OF BALTIMORE CITY, MARYLAND IN LIBER 617. PAGE 565, CONSISTING OF THE AIR RIGHTS WHICH LIE ABOVE A HORIZONTAL PLACE WHICH STARTS AT ELEVATION 91.72 BASED ON CITY OF BALTIMORE BUREAU OF SURVEYS DATUM, CONTAINING 17,080 SQUARE FEEL, MORE OR LESS; AND SUBJECT TO THE EASEMENTS, TERMS AND PROVISIONS OF SAID DEEDS.

 

 

  

  

  

216 Court Street, Memphis, TN

 

 

PARCEL I

 

 

PART OF LOT 562 IN LOT 479, CITY OF MEMPHIS, SHELBY COUNTY, TENNESSEE, PARTICULARLY DESCRIBED AS FOLLOWS:

 

 

BEGINNING AT THE SOUTHWEST CORNER OF LOT 562 IN LOT 479 ON THE NORTH SIDE OF COURT AVENUE, 181 1/2 FEET EAST OF THE ALLY NEXT EAST OF NORTH THIRD STREET; THENCE EAST WITH THE NORTH LINE OF COURT AVENUE 60 FEET; THENCE NORTH 148 1/2 FEET TO AN ALLEY; THENCE WEST WITH THE SOUTH LINE OF SAID ALLEY 60 FEET; THENCE SOUTH 148 1/2 FEET TO THE POINT OF BEGINNING.

 

 

PARCEL II

 

 

PART OF LOT 562 IN COUNTRY LOT 479, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

 

 

BEGINNING AT A POINT IN THE NORTH LINE OF COURT AVENUE 241.6 FEET EAST OF THE EAST LINE OF NORTH COURTHOUSE (FOURTH) ALLEY; THENCE EAST WITH SAID NORTH LINE OF COURT AVENUE 30 FEET TO A POINT; THENCE NORTH, PARALLEL WITH NORTH COURTHOUSE ALLEY, A DISTANCE OF 148 1/2 FEET TO A POINT IN THE SOUTH LINE OF AN ALLEY; THENCE WEST WITH THE SAID SOUTH LINE 30 FEET TO A POINT; THENCE SOUTH 148 1/2 FEET TO THE POINT OF

 

BEGINNING.

 

 

PARCEL III

 

 

THE EAST 30 FEET OF THE WEST 120 FEET OF LOT 562 IN COUNTRY LOT 479 ON THE PLAN OF THE CITY OF MEMPHIS, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

 

 

BEGINNING AT A POINT IN THE SOUTH LINE OF COURT AVENUE 271.5 FEET, MORE OR LESS, EAST OF FOURTH ALLEY; THENCE NORTH 148.5 FEET TO THE SOUTH LINE OF ANOTHER ALLEY; THENCE EAST, ALONG THE SOUTH LINE OF SAID LAST MENTIONED ALLEY, 30 FEET; THENCE SOUTH 148.5 FEET TO A POINT IN SAID NORTH LINE OF COURT AVENUE; THENCE WEST ALONG SAID NORTH LINE OF COURT AVENUE 30 FEET TO THE POINT OF BEGINNING.

 

  

  

  

 

EXHIBIT B

 

 

PERMITTED EXCEPTIONS

 

 

[see attached]

 

  

  

  

1130 Holmes Street, Kansas City, MO

 

	
  

	
1.

	
Real Estate Taxes and Assessments not yet due and payable.

	
  

	
2.

	
Rights of tenants, as tenants only, under that certain Lease Agreement dated as of March 14, 2012 between OC Parking Kansas City LLC and Central Parking System of Missouri, Inc., tenant.

	
  

	
3.

	
Any matters disclosed by an ALTA/ACSM survey made by American Surveying & Mapping Inc. on December 30, 2011 last revised 3/7/2012, designated Job Number 1122901.

	
  

	
4.

	
Terms and provisions of the Redevelopment Plan, (The South Humboldt Redevelopment Project UR MO 3-2) recorded January 29, 1959 as Document No. B-294908, in Book B-5169 at Page 86, under Ordinance No. 25516, passed November 4, 1960.

	
  

	
5.

	
Terms, provisions, restrictions and agreements set forth in the Contract to Sell and Purchase, by and between the Land Clearance For Redevelopment Authority of Kansas City, Missouri and Eastown, Inc., dated September 6, 1960, recorded October 7, 1960, as Document No. B-357402, in Book B-5346 at Page 530 and the First Amendment to Contract to Sell and Purchase dated February 20, 1969, recorded February 25, 1969, as Document No. K-41982, in Book K-96 at Page 1664 and as contained in the Warranty Deed March 3, 1969, as Document No. K-42605, in Book K-98 at Page 457.

	
  

	
6.

	
Corporation Easement granted to Kansas City Power and Light Company by the instrument recorded January 4, 1977, as Document No. K-315055, in Book K-724 at Page 277.

	
  

	
7.

	
Utility easement in the vacated alley herein described, reserved in Ordinance No. 47741, vacating the same, a copy of which was recorded June 6,1977 as Document No. K-329507, in Book K-758 at Page 836.

	
  

	
8.

	
Terms and provisions of the Urban Renewal Plan for the Eastside Urban Renewal Project Area approved by Ordinance No. 22763 passed June 13, 1958, and as amended by Ordinance No. 28849 passed June 21, 1963 as disclosed by the Warranty Deed recorded October 16, 1980, as Document No. K-464230, in Book K-1036 at Page 730.

	
  

	
9.

	
Terms, provisions, covenants, conditions, and any economic activity taxes as set forth in the Cooperation Agreement For Redevelopment Project Financing dated November 1, 1995, by and between the City of Kansas City, Missouri and The Tax Increment Financing Commission of Kansas City, Missouri, regarding the construction of the Civic Mall Redevelopment Project, notice of which is provided by instrument recorded December 26, 1995, as Document No. K-1226377, in Book K-2780 at Page 1740.

  

  

  

1300 Spruce Street, St. Louis, MO

 

	
  

	
1.

	
Real Estate Taxes and Assessments not yet due and payable.

	
  

	
2.

	
Rights of tenants, as tenants only, under that certain Lease Agreement dated as of March 14, 2012 between OC Parking St. Louis LLC and Central Parking System of Missouri, Inc.

	
  

	
3.

	
Any matters disclosed by an ALTA/ACSM survey made by Cornerstone Regional Surveying, LLC of Bock & Clark Network on August 19, 2011, last revised 2/24/2012, designated Job Number 201102143-002.

	
  

	
4.

	
Easement for sewer recorded in Book 734, Page 392.

	
  

	
5.

	
Memorandum and Agreement regarding guaranteed parking according to instrument recorded in Book 1634M, Page 2819 (Breckenridge Edison Development LLC executed a partial release of parking rights recorded in Book 11032009, Page 0221.)

	
  

	
6.

	
Temporary construction or improvement easement granted to State of Missouri acting by and through the Missouri Highways and Transportation Commission dated March 10, 2009 and recorded in Book 01112010, Page 0391.

	
  

	
7.

	
Easements, restrictions and setback lines as per plat, Plat Book 71, Page 33 and Plat Book 08202008, Page 34.

	
  

	
8.

	
Aerial Easement filed with Condemnation proceedings being Case No. 90788E in Division 1 of Circuit Court of the City of St. Louis, as set out of the Allright Subdivision plat recorded in Plat Book 71, Page 33.

	
  

	
9.

	
Right of way granted to the State of Missouri for piers and bents, according to Deed recorded in Book 8783, Page 13.

  

  

  

208 SE 6th Street, Fort Lauderdale, FL

 

	
  

	
1.

	
Real Estate Taxes and Assessments not yet due and payable.

	
  

	
2.

	
Rights of tenants, as tenants only, under that certain Lease Agreement dated as of March 14, 2012 between OC Parking Fort Lauderdale LLC and Central Parking System of Florida, Inc. and that certain Retail Facility Lease, dated October 10, 2007 by and between OC Parking Fort Lauderdale LLC, as successor-in-interest to USA Parking System, Inc., and Andrew M. Coffey, PA, as successor-in-interest to Shelowitz, Shelowitz, Terreel & Coffey, P.A..

	
  

	
3.

	
Any matters disclosed by an ALTA/ACSM survey made by Bock &Clark on 8/29/2011, last revised 2/21/2012 designated Job Number 201102143-1

	
  

	
4.

	
Easement(s) in favor of Florida Power and Light Company set forth in instrument(s) recorded in Official Records Book 8343, Page 19.

	
  

	
5.

	
Terms, conditions, and provisions of City of Ft. Lauderdale Removal Agreement for Future Right of Way, recorded in Official Records Book 15159, Page 902.

	
  

	
6.

	
City of Fort Lauderdale Final Order of the Board of Adjustment recorded in Official Records Book 44717, Page 1498.

  

  

  

212 Poplar Avenue, Memphis, TN

 

	
  

	
1.

	
Real Estate Taxes and Assessments not yet due and payable.

	
  

	
2.

	
Rights of tenants, as tenants only, under that certain Lease Agreement dated as of March 14, 2012 between OC Parking Memphis Poplar LLC and Central Parking System of Tennessee, Inc.

	
  

	
3.

	
Any matters disclosed by an ALTA/ACSM survey made by Denham Land Surveyors, LLC of the Bock & Clark Network on August 22, 2011, last revised 2/24/2012, designated Job Number 201102143-7.

 

 

  

  

  

208 Water Street, Baltimore, MD

 

	
  

	
1.

	
Real Estate Taxes and Assessments not yet due and payable.

	
  

	
2.

	
Rights of tenants, as tenants only, under that certain Lease Agreement dated as of March 14, 2012 between OC Parking Baltimore LLC and Central Parking System of Maryland, Inc.

	
  

	
3.

	
Any matters disclosed by an ALTA/ACSM survey made by American Surveying & Mapping Inc. on 12/30/2011, last revised 2/22/2012, designated Job Number 1122901.

	
  

	
4.

	
Terms, provisions and conditions as contained in Deed to Leo R. Vickers, dated October 5, 1870, recorded as GR 485-437.

	
  

	
5.

	
Terms, provisions, conditions, restrictions, covenants, easements and rights of way as contained in Deed to Balto Commercial Bank, dated May 16, 1925, recorded as SCL 4389-429.

	
  

	
6.

	
Terms, provisions, conditions, restrictions, covenants, easements and rights of way as contained in Agreement by and between Motoramp Garages of Maryland Inc. and Real Estate Mortgage Trust Company of Missouri, dated May 23, 1927, recorded as SCL 4834-464.

	
  

	
7.

	
Terms and conditions as contained in Bill of Sale to Redwater Limited Partnership, dated August 18, 1982, recorded August 27, 1982 in Liber 4222, folio 176.

	
  

	
8.

	
Terms, provisions, conditions, restrictions, covenants, easements and rights of way as contained in Deed to Redwood Tower Associates, Limited Partnership, dated July 22, 1985, and recorded August 15, 1985 in Liber 0617, folio 518.

	
  

	
9.

	
Terms, provisions, conditions, restrictions, covenants, easements and rights of way as contained in Deed to Redwood Tower Associates, Limited Partnership, dated July 22, 1985 and recorded August 15, 1985 in Liber 0617, folio 565.

	
10.

	
Terms, provisions, conditions, restrictions, covenants, easements and rights of way as contained in Declaration and Agreement by and between Redwood Tower Associates, Limited Partnership and Redwater Limited Partnership, dated July 22, 1985, and recorded August 15, 1985 in Liber 0617, page 607.

	
11.

	
Terms, provisions, conditions, restrictions, covenants, easements and rights of way as contained in Parking Garage Covenant, Easement and Agreement by and between Redwater Limited Partnership and Redwood Tower Associates, Limited Partnership, dated July 22, 1985 and recorded August 15, 1985, in Liber 0617, Folio 661.

	
12.

	
Terms, provisions, conditions, restrictions, covenants, easements and rights of way as contained in Reciprocal Use and Occupancy Agreement by and between Redwood Tower Associates, Limited Partnership and Redwater Limited Partnership, dated July 22, 1985 and recorded August 15, 1985 in Liber 0617, Page 648.

	
13.

	
Terms and conditions as contained in Plat SEB 3016, dated May 9, 1985.

 

  

  

  

216 Court Street, Memphis, TN

 

	
  

	
1.

	
Real Estate Taxes and Assessments not yet due and payable.

	
  

	
2.

	
Rights of tenants, as tenants only, under ) that certain Lease Agreement dated as of March 14, 2012 between OC Parking Memphis Court LLC and Central Parking System of Tennessee, Inc..

	
  

	
3.

	
Any matters disclosed by an ALTA/ACSM survey made by All Terrain Surveying, LLC, of the American National Network on December 21, 2011, last revised 3/7/2012, designated Job Number 20110318-1.

 

 

  

  

  

 

EXHIBIT C

 

BILL OF SALE

 

[                                ], a [                                ] , (“Seller”), in consideration of Ten and No/100ths Dollars ($10.00), receipt of which is hereby acknowledged, does hereby sell, assign, transfer and set over to [ ], a [ ] (“Buyer”), all of Seller’s right, title and interest in the following described personal property, to wit:

 

 

All (i) tangible personal property including, but not limited to, the furniture, fixtures, equipment, machines, apparatus, supplies and personal property, of every nature and description, if any, and (ii) intangible personal property including, but not limited to permits, approvals, privileges, claims, licenses and authorizations, of any kind relating in any way to the improvement, ownership, management, operation, occupancy or use of the real estate now located in or on the real estate commonly known as [], [], County of [], State of [], which real estate is legally described on Exhibit “A” attached hereto and made a part hereof (the “Real Estate”), excepting those items enumerated in Exhibit “B” annexed hereto.

 

 

This transfer is made without representation, warranty or guaranty by, or recourse against, Seller of any kind whatsoever.

 

 

[Signatures follow on next page]

 

  

  

  

 

IN WITNESS WHEREOF, Seller has caused this Bill of Sale to be executed this ___ day of ______ , 2013.

 

 

 

SELLER:

 

 

[                                           ],

 

a [                                           ]

 

 

By:           ______________________________________

 

Name:           PJ Yeatman

 

Title:           Authorized Person

 

  

  

  

Exhibit “A”

 

Real Property

 

  

  

  

Exhibit “B”

 

Excluded Personal Property

 

 

  

  

  

 

EXHIBIT D

 

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Assignment and Assumption Agreement”) is made and entered into as of the [ ] day of  [ ], 20[ ], by and between [ ], a [ ] (“Assignor”), and [ ], a [ ]  (“Assignee”).

 

 

RECITALS:

 

This Assignment and Assumption Agreement is made with reference to the following facts:

 

A.           Concurrently herewith, Assignor is conveying to Assignee by a good and sufficient Deed all of Assignor’s right, title, interest and estate in and to certain real property known as [ ] (the “Property”).  Pursuant to that certain Purchase and Sale Agreement dated on or about [ ], as amended from time to time, by and between Assignor and Assignee (the “Purchase and Sale Agreement”), Assignor is also transferring to Assignee its interest in that certain administrative services agreement (“Management Agreement”) and in those certain lease and sublease agreements pertaining to the Property (the “Leases”) as set forth on Exhibit 1 attached hereto and incorporated herein by this reference.

 

B.           Assignor desires to assign to Assignee and Assignee desires to accept and assume all of Assignor’s right, title and interest in and to the Leases and the Management Agreement.

 

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

 

1.           Assignor hereby sells, transfers, assigns and delegates unto Assignee, its successors and assigns, all of Assignor’s right, title, interest, duties and obligations in, to and under the Leases and the Management Agreement together with any security deposits and other deposits and escrows in the amounts set forth in the Leases or the Management Agreement but excluding any and all claims against tenants under the Leases for past due rents or otherwise.

 

2.           Assignee hereby accepts the assignment of the Leases and the Management Agreement and agrees to assume and perform all covenants and obligations required of Assignor thereunder occurring or accruing from and after the date hereof.

 

3.           Assignor hereby agrees to deliver to Assignee all rents and other amounts due under the Leases paid to Assignor under any of the Leases and the Management Agreement for the time period after the Closing Date.  Assignee hereby agrees to deliver to Assignor all rents and other amounts due under the Leases paid to Assignee under any of the Leases for the time period prior to the Possession Date.  Any rents received after the date hereof shall belong to the party entitled to it and the party receiving such revenue shall transfer such funds within fifteen (15) business days of receipt thereof to the party entitled to receive it.

 

4.           Assignee hereby acknowledges and confirms receipt of those certain security deposits and escrows, if any, listed on Exhibit 1 attached hereto.

 

5.           The parties hereto agree to execute such further documents and agreements as may be necessary or appropriate to effectuate the purposes of this Assignment and Assumption Agreement.

 

6.           This Assignment and Assumption Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, assigns and legal representatives.

 

7.           This Assignment and Assumption Agreement may be executed in multiple counterparts, and all such executed counterparts shall constitute the same agreement.  It shall not be necessary that the signatures of all parties be contained on any one counterpart.  It shall be necessary to account for only one such counterpart in proving the existence or terms of this Assignment and Assumption Agreement.

 

8.           As used in this Assignment and Assumption Agreement, the singular number shall include the plural and the plural shall include the singular, and the use of any gender shall be applicable to all genders, unless the context would clearly not admit such construction.

 

9.           This Assignment and Assumption Agreement constitutes a contract made under and shall be construed and interpreted in accordance with the laws of the State in which the Property is located.

 

10.           Capitalized terms not defined herein shall have the meaning ascribed to them in the Purchase and Sale Agreement.

 

IN WITNESS WHEREOF, the parties hereto have executed this Assignment and Assumption Agreement as of the date first above written.

 

ASSIGNOR:                                                                           ASSIGNEE:

 

 

[                                                      ],                      [                                                      ],

 

a [                                                      ]                      a [                                                      ]

 

 

By:                                                                By:           

 

Name:                      PJ Yeatman                                                                Name:                      

 

Title:           Authorized Person                                                                Title:           

 

 

 

 

  

  

  

 

 

EXHIBIT 1 TO ASSIGNMENT AND ASSUMPTION AGREEMENT

 

 

	
1.

	
Lease Agreement dated as of March 14, 2012 between OC Parking Fort Lauderdale LLC, landlord, and Central Parking System of Florida, Inc., tenant.

 

 

	
2.

	
Lease Agreement dated as of March 14, 2012 between OC Parking Baltimore LLC, landlord, and Central Parking System of Maryland, Inc., tenant.

 

 

	
3.

	
Lease Agreement dated as of March 14, 2012 between OC Parking Memphis Poplar LLC, landlord, and Central Parking System of Tennessee, Inc., tenant.

 

 

	
4.

	
Lease Agreement dated as of March 14, 2012 between OC Parking Kansas City LLC, landlord, and Central Parking System of Missouri, Inc., tenant.

 

 

	
5.

	
Lease Agreement dated as of March 14, 2012 between OC Parking Memphis Court LLC, landlord, and Central Parking System of Tennessee, Inc., tenant.

 

 

	
6.

	
Lease Agreement dated as of March 14, 2012 between OC Parking St. Louis LLC, landlord, and Central Parking System of Missouri, Inc., tenant.

 

	
7.

	
Administration Services Agreement between OC Parking Fort Lauderdale LLC and Central Parking System of Florida, Inc. dated March 14, 2012.

 

 

	
8.

	
Retail Facility Lease, dated October 10, 2007 by and between OC Parking Fort Lauderdale LLC, as successor-in-interest to USA Parking System, Inc., as landlord, and Andrew M. Coffey, PA, as successor-in-interest to Shelowitz, Shelowitz, Terreel & Coffey, P.A., as tenant.

 

  

  

  

EXHIBIT E

 

BOOKS AND RECORDS REQUEST

 

A.           208 SE 6th Street, Ft. Lauderdale, FL

 

1.  Phase I Environmental Site Assessment, dated September 15, 2011

 

2.  PZR Zoning Report dated February 17, 2012

 

3.  Survey dated August 29, 2011, last revised February 21, 2012

 

4.  Owner’s Title Policy (Policy No. 5011412-514158-10)

 

5.  Administration Services Agreement dated March 14, 2012

 

6.  Guaranty of Lease dated March 14, 2012

 

7.  Lease Agreement dated March 14, 2012

 

8.  Central Parking Portfolio Analysis

 

9.  Notices to Property Owner dated June 12, 2013

 

10.  Assignment and Assumption Agreement dated October 2, 2012

 

11.  Retail Facility Lease dated October 10, 2007, as amended

 

12.  Profit & Loss Statement FY08-10

 

13.  Management Reports dated September 30, 2011, September 30, 2012, December 31, 2012, March 31,2013 & May 31, 2013

 

14.  Property Condition Report dated December 22, 2011

 

 

B.           1300 Spruce Street, St. Louis, MO

 

1.  Phase I Environmental Site Assessment, dated August 31, 2011

 

2.  PZR Zoning Report dated February 17, 2012

 

3.  Survey dated August 19, 2011, last revised February 24, 2012

 

4.  Special Warranty Deed dated March 14, 2012

 

5.  Owner’s Title Policy (Policy No. 514158-09)

 

6.  Guaranty of Lease dated March 14, 2012

 

7.  Lease Agreement dated March 14, 2012

 

8.  City of St. Louis Office of Assessor Change of Assessment Notice dated May 2013

 

9.  Central Parking Portfolio Analysis

 

10.  Assignment and Assumption Agreement dated October 2, 2012

 

11.  Profit & Loss Statement FY08-10

 

12.  Management Reports dated September 30, 2011, September 30, 2012, December 31, 2012, March 31,2013 & May 31, 2013

 

13.  Property Condition Report dated December 22, 2011

 

 

C.           212 Poplar Avenue, Memphis, TN

 

1.  Phase I Environmental Site Assessment

 

2.  PZR Zoning Report dated February 17, 2012

 

3.  Survey dated August 22, 2011

 

4.  Special Warranty Deed dated March 14, 2012

 

5.  Owner’s Title Policy (Policy No. 514158-08)

 

6.  Guaranty of Lease dated March 14, 2012

 

7.  Lease Agreement dated March 14, 2012

 

8.  Central Parking Portfolio Analysis

 

9.  Assignment and Assumption Agreement dated October 2, 2012

 

10.  Profit & Loss Statement FY08-10

 

11.  Management Reports dated September 30, 2011, September 30, 2012, December 31, 2012, March 31,2013 & May 31, 2013

 

12.  Property Condition Report dated December 22, 2011

 

 

D.           216 Court Avenue, Memphis, TN

 

1.  Phase I Environmental Site Assessment.

 

2.  PZR Zoning Report dated February 17, 2012

 

3.  Survey dated December 21, 2011, last revised February 21, 2012

 

4.  Special Warranty Deed dated March 14, 2012

 

5.  Owner’s Title Policy (Policy No. 514158-17)

 

6.  Guaranty of Lease dated March 14, 2012

 

7.  Lease Agreement dated March 14, 2012

 

8.  Central Parking Portfolio Analysis

 

9.  Assignment and Assumption Agreement dated October 2, 2012

 

10.  Sublease Agreement dated January 18, 1999

 

11.  Profit & Loss Statement FY08-10

 

12.  Management Reports dated September 30, 2011, September 30, 2012, December 31, 2012, March 31,2013 & May 31, 2013

 

13.  Property Condition Report dated December 22, 2011

 

 

E.           1130 Holmes Street, Kansas City, MO

 

1.  Phase I Environmental Site Assessment, dated August 31, 2011

 

2.  PZR Zoning Report dated February 17, 2012

 

3.  Survey dated January 4, 2012, last updated March 7, 2012

 

4.  Special Warranty Deed dated March 14, 2012

 

5.  Owner’s Title Policy (Policy No. 514158-05)

 

6.  Guaranty of Lease dated March 14, 2012

 

7.  Lease Agreement dated March 14, 2012

 

8.  Kansas City Streetcar Transportation Development District Real Property Special Assessment letterdated May 1, 2012

 

9.  Jackson County, MO Assessment Department 2013 Reassessment Notice

 

10.  Assignment and Assumption Agreement dated October 2, 2012

 

11.  Central Parking Portfolio Analysis

 

12.  Profit & Loss Statement FY08-10

 

13.  Management Reports dated September 30, 2011, September 30, 2012, December 31, 2012, March 31,2013 & May 31, 2013

 

14.  Property Condition Report dated December 22, 2011

 

 

F.           208 Water Street, Baltimore, MD

 

1.  Phase I Environmental Site Assessment, dated September 16, 2011

 

2.  Limited Phase II dated December 2011

 

3.  PZR Zoning Report dated February 17, 2012

 

4.  Survey dated January 3, 2012, last updated February 22, 2012

 

5.  Owner’s Title Policy (Policy No. 514158-11)

 

6.  Guaranty of Lease dated March 14, 2012

 

7.  Lease Agreement dated March 14, 2012

 

8.  Reciprocal Use and Occupancy Agreement dated July 22, 1985

 

9.  Central Parking Portfolio Analysis

 

10.  Assignment and Assumption Agreement dated October 2, 2012

 

11.  Profit & Loss Statement FY08-10

 

12.  Management Reports dated September 30, 2011, September 30, 2012, December 31, 2012, March 31,2013 & May 31, 2013

 

13.  Property Condition Report dated December 22, 2011

 

 

 

  

  

  

 

EXHIBIT F

 

 

OWNER’S AFFIDAVIT

 

To:           First American Title Insurance Company (the “Company”)

 

Date:           

 

 

Reference is made to the property located at [                                                                                                                     ] (the “Property”) which is more particularly described in Exhibit A attached hereto (together with the improvements thereon, the “Premises”).

 

 

The undersigned [                                                                           ], a Delaware limited liability company (“Seller”), certifies to the Company that, as of the date hereof:

 

 

1.           Within the 180-day period immediately preceding the date of this affidavit, Seller has not (i) done or ordered to be done any building construction, alterations, or additions to the Premises for which a mechanic’s lien may arise against the Premises under applicable statutes of the State of [] which have not been paid for in full or which are not being provided for in this transaction, or (ii) ordered materials for the Premises for which a mechanic’s lien may arise against the Premises under applicable statutes of the State of []  which have not been paid for in full or which are not being provided for in this transaction.

 

2.           There are no present tenants, lessees, or other parties in actual possession of the Premises, except as set forth on Exhibit B attached hereto and made a part hereof.

 

3.           To Seller’s actual knowledge, there are no unpaid real estate taxes or assessments except as shown on the current tax roll and Seller has not received any supplemental tax bill which is unpaid.

 

4.           To Seller’s actual knowledge, Seller has not received written notice of violation of any restrictions affecting the Premises.

 

5.           No actions in bankruptcy have been filed by or, to Seller’s actual knowledge, against Seller in any federal court or any other court of competent jurisdiction.

 

6.           Seller has granted no rights of first refusal or options to purchase all or any part of the Premises.

 

 

[Signature page follows]

 

  

  

  

[                                ],

 

a [                                ]

 

 

By: ________________________________

 

Name: Pennock J. Yeatman

 

Title: Authorized Person

 

 

STATE OF                                                      }

 

}.SS:

 

COUNTY OF                                }

 

 

 

Personally appeared before me, the undersigned, a Notary Public in and for said County and State,  Pennock J. Yeatman, authorized person of [ ], a Delaware limited liability company, with whom I am personally acquainted, and who, upon oath,  acknowledged that they executed the within instrument in such capacity on behalf of said limited liability company for the purposes therein contained.

 

 

WITNESS my hand and official seal this ______ day of                                                                                                                                 201__.

 

 

 

______________________________

 

NOTARY PUBLIC

 

 

My Commission Expires: ___________________

 

 

 

 

  

  

  

Exhibit A

 

Legal Description of the Premises

 

[to be attached]

 

 

 

 

  

  

  

Exhibit B

 

Tenants in Possession

 

 

[to be attached]

 

  

  

  

 

EXHIBIT G

 

 

FORMS OF DEED

 

[to be attached]

 

  

  

  

FLORIDA FORM:

 

 

 

 

 

 

SPECIAL WARRANTY DEED

 

 

___________________, a ___________ ___________

 

(“Grantor”)

 

AND

 

__________________________, a __________ ____________ company

 

(“Grantee”)

 

 

 

Property Address:                                                      _______________

 

__________, ________ County, Florida

 

Tax Parcel No.:                                                      __________________

 

 

Return recorded document to:                                                                __________________

 

__________________

 

__________________

 

Attention: __________________

 

Telephone: __________________

 

Facsimile: __________________

 

  

  

  

SPECIAL WARRANTY DEED

 

 

THIS SPECIAL WARRANTY DEED is made ___________ ____, 20__, by and between __________________, a __________ __________ (the “Grantor”), whose address is __________________________ and _____________________, a ___________ _________ (“Grantee”) whose address is ____________________________________;

 

 

WITNESSETH, That in consideration of Ten and no/100ths Dollars ($10.00), in hand paid, the receipt of which is hereby acknowledged, the Grantor does hereby give, grant, bargain, sell and confirm unto the Grantee, al that certain tract of land (the “Land”) situate on the City of ________, County of _________, State of Florida, bounded and described as follows:

 

 

[Insert Legal Description]

 

 

SUBJECT TO zoning, restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the Plat or otherwise common to the Subdivision; public utility easements of record; taxes for the year of closing and subsequent years.

 

 

BEING the same premises which_______________, by [Warranty Deed] dated _____________ and recorded __________ in Official Record Book ______ Page ___ Public Records of ___________ County, Florida, conveyed to Grantor, in fee.

 

 

BEING ___________, ___________, ___________ County, Florida.

 

 

BEING Tax Parcel No. ___________________.

 

 

TOGETHER with all buildings and improvements located on the Land and fixtures attached thereto, and all rights and appurtenances pertaining to the Land, including all of Grantor’s interest in streets, alleys, easements and rights of way adjacent to or used in connection with, belonging or pertaining to the Land (collectively the “Property”).

 

 

This conveyance is made and accepted subject to all matters of public record; provided, however, that nothing contained in this deed shall be deemed or construed as an acknowledgment of the validity of the aforementioned matters of public record or as an extension or renewal thereof if they, or any of them, have expired or become unenforceable by their own terms or by limitation, violation or for any other reason.

 

 

The Grantor covenants with the Grantee that Grantor is lawfully seized in fee simple of the Property; that the Property is free from all encumbrances except as set forth herein, that Grantor has good right, full power and lawful authority to sell and convey the same to the Grantee and that the Grantor shall, and its assigns and successors shall, warrant and defend the same to the Grantee and its successors and assigns forever against the claims and demands of all persons claiming by, through, or under the Grantor, but not otherwise.

 

 

 

[Remainder of Page Left Intentionally Blank]

 

 

  

  

  

IN WITNESS WHEREOF, the Grantor, intending to be legally bound, has set Grantor’s hand and/or caused this deed to be executed as of the day and year first above written.

 

 

 

GRANTOR:

 

 

Witnesses:                                                                           ,

 

a                                

 

_______________________

 

Name:                                                                                     By:           

 

________________________                                                                                                Name:

 

Name:                                                                                     Title:

 

 

 

 

 

STATE OF _____________                                                      }

 

}:SS

 

COUNTY OF ___________                                                      }

 

 

On this, the day of 20__, before me a Notary Public in and for the State and County noted above, the undersigned officer, personally appeared ________________, who acknowledged that he/she is the ____________ of ________________, a __________ __________, and that he/she as such officer, being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the company by him/herself as such officer.

 

 

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

 

 

 

[SEAL]

 

Notary Public

 

My Commission Expires:

 

, 20__

 

 

 

 

 

 

This instrument was prepared by:

 

Klehr Harrison Harvey Branzburg LLP

 

1835 Market Street – 14th Floor

 

Philadelphia, PA 19103

 

 

 

 

Send subsequent tax bills to:

 

____________________

 

____________________

 

____________________

 

Attention: ____________________

 

 

 

On behalf of Grantee

 

  

  

  

Exhibit A

 

 

Legal Description

 

 

  

  

  

MARYLAND FORM:

 

 

 

THIS INSTRUMENT PREPARED BY:

 

 

 

 

 

RETURN AFTER RECORDING TO:

 

 

 

 

 

 

 

DEED

 

 

 

 

THIS DEED dated ______________________, 20__, from __________, a ____________________, Grantor, to ___________________________, a _________________________________, Grantee.

 

 

The Grantor, for an actual consideration of _______________________Dollars ($_______), grants, conveys and assigns to the Grantee, its successors and assigns, in fee simple, the real property located in __________, Maryland and described on Exhibit A attached hereto

 

 

Being the same property described in a Deed dated ____________________ and recorded among the Land Records of ____________ as aforesaid on ________________ in Liber _____________, page ____, from ______________________to the Grantor.

 

 

Together with all improvements thereupon, and the rights, alleys, ways, waters, easements, privileges, appurtenances and advantages belonging or appertaining thereto.

 

 

To have and to hold the property hereby conveyed unto the Grantee, its successors and assigns, in fee simple, forever.

 

 

The Grantor covenants to warrant specially the property, and to execute such further assurances of the property as may be requisite.

 

 

 

 

[Remainder of Page Left Intentionally Blank]

 

  

  

  

IN TESTIMONY WHEREOF, the Grantor has caused this Deed to be duly executed on its behalf by the duly authorized Member.

 

 

 

WITNESS:                                                                           _________________, Grantor

 

 

By: __________________ (SEAL)

 

 

 

 

STATE OF _____________                                                      }

 

}:SS

 

COUNTY OF ___________                                                      }

 

 

On this, the day of 20__, before me a Notary Public in and for the State and County noted above, the undersigned officer, personally appeared ________________, who acknowledged that he/she is the ____________ of ________________, a __________ __________, and that he/she as such officer, being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the company by him/herself as such officer.

 

 

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

 

 

 

[SEAL]

 

Notary Public

 

My Commission Expires:

 

, 20__

 

 

 

  

  

  

Exhibit A

 

 

Legal Description

 

  

  

  

MISSOURI FORM:

 

 

 

 

 

 

 

 

 

 

 

 

SPECIAL WARRANTY DEED

 

 

 

___________________, a ___________ _____________

 

(“Grantor”)

 

 

 

AND

 

 

 

___________________, a ___________ _____________

 

(“Grantee”)

 

 

 

Property:                                                      _________________

 

________________, Missouri

 

For Legal Description see Exhibit A attached hereto

 

 

Grantee address:                                                                __________________

 

__________________

 

__________________

 

Attention:_________________

 

 

  

  

  

SPECIAL WARRANTY DEED

 

 

THIS SPECIAL WARRANTY DEED is made effective                                                                                                                     , between ____________, a __________ ____________ (the “Grantor”), whose address is ______________________ and ________________, a _________________________ (the “Grantee”) whose address is ________________________________________;

 

 

WITNESSETH, That in consideration of One Dollar ($1.00) and other good and valuable consideration, in hand paid, the receipt of which is hereby acknowledged, the Grantor does hereby give, grant, bargain, sell and confirm unto the Grantee, all that certain tract of land (the “Land”) situate in the County of __________, State of Missouri, bounded and described on Exhibit A attached hereto.

 

 

Together with all buildings and improvements located on the Land and fixtures attached thereto, and all rights and appurtenances pertaining to the Land, including all of Grantor’s interest in streets, alleys, easements and rights of way adjacent to or used in connection with, belonging or pertaining to the Land (collectively the “Property”).

 

 

This conveyance is made and accepted subject to all matters of public record including those set forth on Exhibit B attached hereto (the “Permitted Encumbrances”); provided, however, that nothing contained in this deed shall be deemed or construed as an acknowledgment of the validity of any of the Permitted Encumbrances or as an extension or renewal thereof if they, or any of them, have expired or become unenforceable by their own terms or by limitation, violation or for any other reason.

 

 

The Grantor covenants with the Grantee that Grantor is lawfully seized in fee simple of the Property; that the Property is free from all encumbrances except for the Permitted Encumbrances, that Grantor has good right, full power and lawful authority to sell and convey the same to the Grantee and that the Grantor shall, and its assigns and successors shall, warrant and defend the same to the Grantee and its successors and assigns forever against the claims and demands of all persons claiming by, through, or under the Grantor, but not otherwise.

 

 

 

 

[Remainder of Page Left Intentionally Blank]

 

  

  

  

IN WITNESS WHEREOF, the Grantor, intending to be legally bound, has set Grantor’s hand and/or caused this deed to be executed as of the day and year first above written.

 

 

 

GRANTOR:

 

 

_____________________,

 

a                                

 

 

By:           

 

Name:

 

Title:

 

 

STATE OF _____________                                                      }

 

}:SS

 

COUNTY OF ___________                                                      }

 

 

On this, the day of 20__, before me a Notary Public in and for the State and County noted above, the undersigned officer, personally appeared ________________, who acknowledged that he/she is the ____________ of ________________, a __________ __________, and that he/she as such officer, being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the company by him/herself as such officer.

 

 

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

 

 

 

[SEAL]

 

Notary Public

 

My Commission Expires:

 

, 20__

 

 

 

  

  

  

Exhibit A

 

 

Legal Description

 

  

  

  

Exhibit B

 

Permitted Encumbrances

 

  

  

  

TENNESSEE FORM:

 

 

 

THIS INSTRUMENT PREPARED BY:                                                                                     *                      OWNER/RESPONSIBLE TAXPAYER:

 

*                      

 

*                      

 

*                      

 

*

 

* Source of Grantor's Title:

 

* Deed recorded in Deed Book ____,

 

* page ____, in the

 

* _______ County Register's Office

 

* CLT No.

 

 

o o O o o

 

 

I, or we, hereby swear or affirm that the actual consideration for this transfer or value of the property transferred, whichever is greater, is $__________, which amount is equal to or greater than the amount which the property transferred would command at a fair and voluntary sale.

 

 

______________________________

 

Affiant

 

 

Subscribed and sworn to before me this ___ day of _____________, 20__.

 

 

______________________________

 

Notary Public

 

My commission expires:_____________

 

 

o o O o o

 

 

SPECIAL WARRANTY DEED

 

 

THIS INDENTURE, made as of the _____ day of ____________, 200__, between _________________, a ___________, ("Grantor") and ________________, a ________________ ("Grantee").

 

 

W I T N E S S E T H:

 

 

That Grantor, for and in consideration of the sum of Ten and no/100 Dollars ($10.00) and for other good and valuable consideration in hand paid by Grantee, the receipt of which is hereby acknowledged, has granted, bargained, sold and conveyed, and does hereby grant, bargain, sell and convey unto Grantee the following described premises, with the hereditaments and appurtenances thereto appertaining, to-wit:

 

 

SITUATE in District No. _____ of _____ County, Tennessee, without the corporate limits of the City of ___________, Tennessee, and being more particularly bounded and described as shown on Exhibit A attached hereto (the "Property").

 

 

TO HAVE AND TO HOLD the Property to the said Grantee, its successors and assigns forever.

 

 

And Grantor, for itself, its successors and assigns, does hereby covenant with Grantee, its representatives, successors and assigns, that Grantor will forever warrant and defend the title to the Property against the lawful claims of all persons claiming, by, through or under the Grantor, but not otherwise; and that such Property is accepted subject to all encumbrances and matters of public record including those matters described on Exhibit B attached hereto.

 

  

  

  

THE PREPARER OF THIS DEED MAKES NO REPRESENTATION AS TO THE STATUS OF TITLE TO THE PROPERTY DESCRIBED ON EXHIBIT A HERETO. THIS DEED HAS BEEN PREPARED SOLELY FROM INFORMATION FURNISHED TO THE PREPARER WHO MAKES NO REPRESENTATION WHATSOEVER OTHER THAN IT HAS BEEN ACCURATELY TRANSCRIBED FROM THE INFORMATION PROVIDED. The terms "Grantor" and "Grantee" and any pronouns shall be read in the singular and plural number and in such gender as the context may require.

 

 

IN WITNESS WHEREOF, the Grantor has executed this instrument the date first above written.

 

 

 

GRANTOR:

 

 

_____________________,

 

a                                

 

 

By:           

 

Name:

 

Title:

 

 

STATE OF _____________                                                      }

 

}:SS

 

COUNTY OF ___________                                                      }

 

 

On this, the day of 20__, before me a Notary Public in and for the State and County noted above, the undersigned officer, personally appeared ________________, who acknowledged that he/she is the ____________ of ________________, a __________ __________, and that he/she as such officer, being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the company by him/herself as such officer.

 

 

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

 

 

 

[SEAL]

 

Notary Public

 

My Commission Expires:

 

, 20__

 

 

 

  

  

  

Exhibit A

 

 

Legal Description

 

  

  

  

Exhibit B

 

Permitted Encumbrances

 

  

  

  

 

EXHIBIT H

 

 

FORM OF FIRPTA

 

Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. To inform the transferee that withholding of tax is not required upon the disposition of a U.S. real property interest by [], a [] (“Owner”), the undersigned hereby certify the following:

 

1.           Owner is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations). Owner is a citizen of the United States.

 

2.           Owner's U.S. employer identification number is:  [                                                                                                                                ].

 

3.           Owner's address is c/o CoveredBridge Ventures, 630 West Germantown Pike, Suite 300, Plymouth Meeting, PA 19462, Attn: PJ Yeatman.

 

The undersigned understands that this certification may be disclosed to the Internal Revenue Service by transferee and that any false statement contained herein could be punished by fine, imprisonment, or both.

 

 

Under penalties of perjury, the undersigned declares that he has examined this certification and to the best of his knowledge and belief it is true, correct and complete, and he further declares that he has the authority to sign this document.

 

 

	
Dated: _________________

	
[

	
],

 

	
a [

	
]

 

 

By:           

 

Name:           Pennock J. Yeatman

 

Title:           Authorized Person

 

  

  

  

 

EXHIBIT I

 

LIST OF PENDING OR THREATENED ACTIONS, VIOLATIONS, SUITS OR PROCEEDINGS

 

 

1. 1130 Holmes Street, Kansas, City, MO: Property lies within the approved East Village TIF District.8K-A BigSandyTerminallingAgreementAmendedRestated

        

AMENDED AND RESTATED SERVICES AGREEMENT
(Big Sandy Terminal and Pipeline)
This Amended and Restated Services Agreement (the “Agreement”) is dated as of July 25, 2013 by and between Delek Refining Ltd., a Texas limited partnership (“Delek Refining”), and Delek Marketing-Big Sandy, LLC, a Texas limited liability company (“Delek-Big Sandy”). Each of Delek Refining and Delek Logistics are individually referred to herein as a “Party” and collectively as the “Parties.”
WHEREAS, Delek Refining and Delek-Big Sandy entered into that certain Terminalling Services Agreement (Big Sandy Terminal) dated November 7, 2012 (the “Original Agreement”);  
WHEREAS, Delek Refining and Delek-Big Sandy desire to enter into this Agreement to amend and restate the Original Agreement and to memorialize the terms of their ongoing commercial relationship.
NOW, THEREFORE, in consideration of the covenants and obligations contained herein, the Parties to this Agreement hereby agree as follows:
1.DEFINITIONS
Capitalized terms used throughout this Agreement shall have the meanings set forth below, unless otherwise specifically defined herein.
“Affiliate” means, with to respect to a specified Person, any other Person controlling, controlled by or under common control with that first Person. As used in this definition, the term “control” includes (i) with respect to any Person having voting securities or the equivalent and elected directors, managers or Persons performing similar functions, the ownership of or power to vote, directly or indirectly, voting securities or the equivalent representing 50% or more of the power to vote in the election of directors, managers or Persons performing similar functions, (ii) ownership of 50% or more of the equity or equivalent interest in any Person and (iii) the ability to direct the business and affairs of any Person by acting as a general partner, manager or otherwise. Notwithstanding the foregoing, for purposes of this Agreement, Delek US and its subsidiaries (other than the Partnership and its subsidiaries), including Delek Refining, on the one hand, and the Partnership and its subsidiaries, including Delek-Big Sandy, on the other hand, shall not be considered Affiliates of each other.
“Agreement” has the meaning set forth in the Preamble.
“Ancillary Services” means the following services to be provided by Delek-Big Sandy to Delek Refining: truck rack blending, tank sampling, tank-to-tank transfers, ethanol receipt (truck), ethanol storage, ethanol blending, generic gasoline additization, lubricity/conductivity additization, product receipt (barge), proprietary additive additization, red dye additization, transmix loading (truck) and seasonal flow improver additization or other similar services.
“Ancillary Services Fees” means, for any month during the Term of this Agreement, the fees set forth on Exhibit A to be paid by Delek Refining pursuant to Section 4 during that month for Ancillary Services provided by Delek-Big Sandy.
“Applicable Law” means any applicable statute, law, regulation, ordinance, rule, determination, judgment, rule of law, order, decree, permit, approval, concession, grant, franchise, license, agreement,  requirement, or other governmental restriction or any similar form of decision or any provision or condition of any permit, license or other operating authorization issued under any of the foregoing by, or any determination by any Governmental Authority having or asserting jurisdiction over the matter or matters in question, whether now or hereafter in effect and in each case as amended (including, without limitation, all of the terms and provisions of the common law of such Governmental Authority), as interpreted and enforced at the time in question.

“bpd” means barrels per day.
“Business Day” means a day, other than a Saturday or Sunday, on which banks in New York, New York are open for the general transaction of business.
“Capacity Resolution” has the meaning set forth in Section 25(c).
“Capital Amortization Period” has the meaning set forth in Section 8(d).
“Capital Improvement” means (i) any modification, improvement, expansion or increase in the capacity of the Terminal or the Pipeline or any portion thereof, or (ii) any connection, or new point of receipt or delivery for Products.
“Claimant” has the meaning set forth in Section 30(d).
“Confidential Information” means all information, documents, records and data that a Party furnishes or otherwise discloses to the other Party (including any such items furnished prior to the execution of this Agreement), together with all analyses, compilations, studies, memoranda, notes or other documents, records or data (in whatever form maintained, whether documentary, computer or other electronic storage or otherwise) prepared by the receiving Party which contain or otherwise reflect or are generated from such information, documents, records and data; provided, however, that the term “Confidential Information” does not include any information that (i) at the time of disclosure or thereafter is or becomes generally available to or known by the public (other than as a result of a disclosure by the receiving Party), (ii) is developed by the receiving Party without reliance on any Confidential Information or (iii) is or was available to the receiving Party on a nonconfidential basis from a source other than the disclosing Party that, insofar as is known to the receiving Party after reasonable inquiry, is not prohibited from transmitting the information to the recipient by a contractual, legal or fiduciary obligation to the disclosing Party.
“Contract Quarter” means a three-month period that commences on January 1, April 1, July 1 or October 1, and ends on March 31, June 30, September 30 or December 31, respectively, except that (i) the initial Contract Quarter with respect to this Agreement commenced on the Effective Date and ended on December 31, 2012, (ii) the initial Contract Quarter with respect to the Pipeline shall commence on August 1, 2013 and end on September 30, 2013 and (iii) the final Contract Quarter shall end on the last day of the Term.
“Contract Year” means a year that commences on July 1 and ends on the last day of June in the following year, except that (i) the initial Contract Year with respect to this Agreement commenced on the Effective Date, (ii) the initial Contract Year with respect to the Pipeline shall commence on August 1, 2013 and (iii) the final Contract Year shall end on the last day of the Term.
“control” (including with correlative meaning, the term “controlled by”) means, as used with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract, or otherwise.
“Deficiency Notice” has the meaning set forth in Section 9(a).
“Deficiency Payment” has the meaning set forth in Section 9(a).
“Delek-Big Sandy” has the meaning set forth in the Preamble.
“Delek-Big Sandy Indemnitees” has the meaning set forth in Section 20(b).
“Delek Refining” has the meaning set forth in the Preamble.
“Delek Refining Indemnitees” has the meaning set forth in Section 20(a).

“Delek US” means Delek US Holdings, Inc., a Delaware corporation.
“Dispute” means any and all disputes, claims, controversies and other matters in question between Delek Refining, on the one hand, and Delek-Big Sandy, on the other hand, under this Agreement.
“Effective Date” means November 7, 2012. 
“Environmental Law” means all federal, state, and local laws, statutes, rules, regulations, orders, judgments, ordinances, codes, injunctions, decrees, Environmental Permits and other legally enforceable requirements and rules of common law now or hereafter in effect, relating to pollution or protection of human health and the environment including, without limitation, the federal Comprehensive Environmental Response, Compensation, and Liability Act, the Superfund Amendments Reauthorization Act, the Resource Conservation and Recovery Act, the Clean Air Act, the Federal Water Pollution Control Act, the Toxic Substances Control Act, the Oil Pollution Act, the Safe Drinking Water Act, the Hazardous Materials Transportation Act, and other similar federal, state or local environmental conservation and protection laws, each as amended from time to time.
“Environmental Permit” means any permit, approval, identification number, license, registration, consent, exemption, variance or other authorization required under or issued pursuant to any applicable Environmental Law.
“Estimated Expansion Capital Expenditure” has the meaning set forth in Section 8(b).
“Expansion Capital Expenditure” has the meaning set forth in Section 8(c).
“Extension Period” has the meaning set forth in Section 2(a).
“Facilities” means (a) the Pipeline and (b) the Terminal.
“FERC Oil Pipeline Index” means the FERC index system set forth in 18 C.F.R. § 342.318, as such regulations may be amended from time to time.
“Force Majeure” means acts of God, strikes, lockouts or other industrial disturbances, acts of the public enemy, wars, blockades, insurrections, riots, storms, floods, washouts, arrests, the order of any court or Governmental Authority having jurisdiction while the same is in force and effect, civil disturbances, explosions, breakage, accident to machinery, storage tanks or lines of pipe, inability to obtain or unavoidable delay in obtaining material or equipment, inability of obtain Products because of a failure of third-party pipelines and any other causes whether of the kind herein enumerated or otherwise not reasonably within the control of the Party claiming suspension and which by the exercise of due diligence such Party is unable to prevent or overcome.
“Force Majeure Notice” has the meaning set forth in Section 24(a).
“Force Majeure Party” has the meaning set forth in Section 24(a).
“Force Majeure Period” has the meaning set forth in Section 24(a).
“Governmental Authority” means any federal, state, local or foreign government or any provincial, departmental or other political subdivision thereof, or any entity, body or authority exercising executive, legislative, judicial, regulatory, administrative or other governmental functions or any court, department, commission, board, bureau, agency, instrumentality or administrative body of any of the foregoing.
“Initial Term” has the meaning set forth in Section 2(a).
“Liabilities” means any losses, liabilities, charges, damages, deficiencies, assessments, interests, fines, penalties, costs and expenses (collectively, “Costs”) of any kind (including reasonable attorneys’ fees and other fees, court costs and other disbursements), including any Costs directly or indirectly arising out of or related to any suit, 

proceeding, judgment, settlement or judicial or administrative order and any Costs arising from compliance or non-compliance with Environmental Law.
“Minimum Pipeline Capacity” means an aggregate amount of capacity equal to 6,000 bpd multiplied by the number of calendar days in the Contract Quarter
“Minimum Pipeline Throughput Commitment” means an aggregate amount of Products equal to at least 5,000 bpd multiplied by the number of calendar days in the Contract Quarter
“Minimum Storage Capacity” means aggregate storage capacity of 87,000 barrels.
“Minimum Terminalling Capacity” means an aggregate amount of truck-loading capacity equal to 6,000 bpd multiplied by the number of calendar days in the Contract Quarter.
“Minimum Terminalling Throughput Commitment” means an aggregate amount of Products received at the Terminal equal to at least 5,000 bpd multiplied by the number of calendar days in the Contract Quarter.
“Minimum Throughput Capacity” means (a) the Minimum Pipeline Capacity and (b) the Minimum Terminalling Capacity.
“Minimum Throughput Commitment” means (a) the Minimum Pipeline Throughput Commitment and (b) the Minimum Terminalling Throughput Commitment.
“Monthly Expansion Capital Amount” has the meaning set forth in Section 8(d).
“Notice Period” has the meaning set forth in Section 23(a).
“Omnibus Agreement” means that certain omnibus agreement dated as of November 7, 2012, among Delek US, on behalf of itself and the other Delek Entities (as defined therein), Delek Refining, Lion Oil Company, the Partnership, Paline Pipeline Company, LLC, SALA Gathering Systems, LLC, Magnolia Pipeline Company, LLC, El Dorado Pipeline Company, LLC, Delek Crude Logistics, LLC, Delek-Big Sandy, Delek Logistics Operating, LLC, and Delek Logistics GP, LLC, as the same may be amended and/or restated from time to time.
“Open Assets” has the meaning set forth in Section 29.
“OPIS” has the meaning set forth in Section 7.
“Partnership” means Delek Logistics Partners, LP, a Delaware limited partnership.
“Partnership Change of Control” means Delek US ceases to Control the general partner of the Partnership.
“Party” or “Parties” has the meaning set forth in the Preamble.
“Person” means any individual, partnership, limited partnership, joint venture, corporation, limited liability company, limited liability partnership, trust, unincorporated organization or Governmental Authority or any department or agency thereof.
“Pipeline” means an approximately 10.5-mile refined products pipeline owned by Delek-Big Sandy that runs between Delek-Big Sandy’s Tyler Station and its Hopewell delivery point.
“Prime Rate” means the rate of interest quoted in The Wall Street Journal, Money Rates Section as the Prime Rate.
“Product” or “Products” means the products described on Exhibit B.

“Receiving Party Personnel” has the meaning set forth in Section 30(e)(iv).
“Refinery” means Delek Refining’s crude oil refinery in Tyler, Texas.
“Renewal Term” has the meaning set forth in Section 2(a).
“Respondent” has the meaning set forth in Section 30(d).
“Restoration” has the meaning set forth in Section 25(b).
“Shortfall Payment” has the meaning set forth in Section 6(b).
“Special Damages” has the meaning set forth in Section 19.
“Storage Fee” has the meaning set forth in Section 3(d). 
“Suspension Notice” has the meaning set forth in Section 23(a).
“Term”, “Renewal Term” and “Initial Term” shall each have the meaning set forth in Section 2(a).
“Terminalling Service Fee” has the meaning set forth in Section 3(a)(ii).
“Throughput Fees” has the meaning set forth in Section 3(b)(ii).
“Terminal” means Delek-Big Sandy’s light product distribution terminal located in Big Sandy, Texas.
“Termination Notice” has the meaning set forth in Section 24(b).
“Transmix” has the meaning set forth in Section 13.
“Transportation Fee” has the meaning set forth in Section 3(b)(ii).
2.    TERM; RIGHT TO ENTER INTO A NEW AGREEMENT
(a)    This Agreement shall have an initial term of five (5) years, commencing on the Effective Date (the “Initial Term”). Thereafter, Delek Refining shall have a unilateral option to extend this Agreement for two additional five (5) year periods on the same terms and conditions set forth herein (each, a “Renewal Term”).  The Initial Term and any Renewal Terms are sometimes referred to collectively herein as the “Term.” In order to exercise its option to extend this Agreement for a Renewal Term, Delek Refining shall notify Delek-Big Sandy in writing not more than twenty-four (24) months and not less than twelve (12) months prior to the expiration of the Initial Term or any Renewal Term, as applicable.
(b)    In the event that Delek Refining fails to exercise its option to extend this Agreement for any Renewal Term, Delek-Big Sandy shall have the right to negotiate to enter into one or more services agreements with respect to the Terminal and/or the Pipeline with one or more third parties to begin after the date of termination, provided that during the period from the date of Delek Refining’s failure to provide written notice pursuant to Section 2(a) to the date of termination of this Agreement, Delek Refining will have the right to enter into a new services agreement with Delek-Big Sandy on commercial terms that substantially match the terms upon which Delek-Big Sandy proposes to enter into an agreement with a third party for similar services with respect to all or a material portion of the capacity of the Terminal and the Pipeline.  In such circumstances, Delek-Big Sandy shall give Delek Refining forty-five (45) days prior written notice of any proposed new services agreement with a third party, and such notice shall inform Delek Refining of the fee schedules, tariffs, duration and any other terms of the proposed third party agreement and Delek Refining shall have forty-five (45) days following receipt of such notice to agree to the terms specified in the notice 

or Delek Refining shall lose the rights specified by this Section 2(b) with respect to the assets that are the subject of such notice. 
3.    MINIMUM THROUGHPUT COMMITMENT; STORAGE FEES
(a)    Minimum Terminalling Throughput Commitment.
(i)    During each Contract Quarter during the Term and subject to the terms and conditions of this Agreement, Delek Refining shall throughput at least the Minimum Terminalling Throughput Commitment at the Terminal, and Delek-Big Sandy shall make available to Delek Refining dedicated storage and throughput capacity at the Terminal, at all times sufficient to allow Delek Refining to throughput the Minimum Terminalling Capacity at the Terminal. Allocation of storage and throughput capacity for separate Products at the Terminal shall be in accordance with current practices, or as otherwise may be agreed among the Parties from time to time. 
(ii)    Subject to Section 6, Delek Refining shall pay Delek-Big Sandy a terminalling services fee (the “Terminalling Service Fee”) for the volumes it throughputs at the Terminal of $0.5225 per barrel.
(iii)    Delek Refining may throughput volumes in excess of its Minimum Terminalling Throughput Commitment, up to the then-available capacity of the Terminal. 
(b)    Minimum Pipeline Throughput Commitment.
(i)    During each Contract Quarter during the Term and subject to the terms and conditions of this Agreement, Delek Refining shall ship at least the Minimum Pipeline Throughput Commitment on the Pipeline, and Delek-Big Sandy shall make available to Delek Refining capacity on the Pipeline, at all times sufficient to allow Delek Refining to ship the Minimum Pipeline Capacity on the Pipeline.
(ii)    Subject to Section 6, Delek Refining shall pay Delek-Big Sandy a transportation fee (the “Transportation Fee” and together with the Terminalling Service Fee, the “Throughput Fees”) for the volumes of Product it ships on the Pipeline of $0.5225 per barrel.
(iii)    Delek Refining may throughput volumes in excess of its Minimum Pipeline Throughput Commitment, up to the then-available capacity of the Pipeline.
(c)    Storage Services. 
(i)    Delek Refining shall pay Delek-Big Sandy a fee of $52,250 per month (the “Storage Fee”) for dedicated storage capacity at the Terminal.  The storage capacity provided to Delek Refining may be temporarily reduced by Delek-Big Sandy as a result of repairs and/or maintenance on storage tanks that reduce the storage capacity available in the Terminal, so long as the reduced storage capacity will not result in the inability of Delek-Big Sandy to provide the Minimum Storage Capacity. 
(ii)    The Parties agree that if they mutually determine to remove a tank at the Terminal from service or if a tank at the Terminal is removed from service for inspection in compliance with API Standard 653 for Aboveground Storage Tanks, then Delek-Big Sandy will not be required to utilize, operate or maintain such tank or provide the services required under this Agreement with respect to such tank; provided, however, that any such removal will not reduce the Storage Fees except to the extent that Logistics is unable to provide to Refining the Minimum Storage Capacity. 
(d)    Fee Adjustment. All fees set forth in this Agreement, including the Throughput Fees and the Storage Fee, shall be adjusted on July 1 of each year of the Term, commencing on July 1, 2014, by a percentage equal to the increase or decrease, if any, in the FERC Oil Pipeline Index; provided, however, that no fee shall be decreased below the initial fee for such service provided in this Agreement.  If the FERC Oil Pipeline Index is no longer published, the Parties shall negotiate in good faith to agree on a new index that gives comparable protection against inflation and the 

same method of adjustment for increases or decreases in the new index shall be used to calculate increases or decreases in the fees. If Delek-Big Sandy and Delek Refining are unable to agree, a new index will be determined by arbitration in accordance with Section 30(d).
4.    ANCILLARY SERVICES
Delek-Big Sandy shall provide Ancillary Services to Delek Refining at the Terminal. Delek Refining shall pay the per-barrel Ancillary Services Fees listed on Exhibit A for such services. If any additional ancillary services are requested by Delek Refining that are different in kind, scope or frequency from the Ancillary Services that have been historically provided, then the Parties shall negotiate in good faith to determine whether such ancillary services may be provided and the appropriate rates to be charged for such ancillary services. All fuel additives, dyes, de-icers and other additions requested to be added to the Products will be provided by Delek Refining at no cost to Delek-Big Sandy.
5.    FEE INCREASE
If, during the Term, new laws or regulations are enacted that require Delek-Big Sandy to make substantial and unanticipated capital expenditures (other than maintenance capital expenditures) with respect to the Facilities, Delek-Big Sandy may increase the Throughput Fees or the Storage Fee, as applicable, to cover the cost of complying with these laws or regulations. Delek-Big Sandy and Delek Refining shall use their reasonable commercial efforts to comply with these laws and regulations, and shall negotiate in good faith to mitigate the impact of these laws and regulations and to determine the amount of increase to the Throughput Fees or the Storage Fee. If Delek-Big Sandy and Delek Refining are unable to agree, the amount of such fee increases will be determined by arbitration in accordance with Section 30(d).
6.    PAYMENT; SHORTFALL PAYMENTS
(a)    Delek-Big Sandy shall invoice Delek Refining monthly (or, in the case of any Shortfall Payments, quarterly). Delek Refining will make payments to Delek-Big Sandy by electronic payment with immediately available funds on a monthly (or in the case of Shortfall Payments, quarterly) basis during the Term with respect to services rendered by Delek-Big Sandy under this Agreement in the prior month (or, in the case of Shortfall Payments, Contract Quarter) upon the later of (i) ten (10) days after its receipt of such invoice and (ii) thirty (30) days following the end of the calendar month (or in the case of Shortfall Payments, Contract Quarter) during which the invoiced services were performed. Any past due payments owed by Delek Refining to Delek-Big Sandy shall accrue interest, payable on demand, at the Prime Rate from the due date of the payment through the actual date of payment. Payment of any Throughput Fee, Storage Fee, or Shortfall Payment pursuant to this Section 6 shall be made by wire transfer of immediately available funds to an account designated in writing by Delek-Big Sandy. If any such fee shall be due and payable on a day that is not a Business Day, such payment shall be due and payable on the next succeeding Business Day.
(b)    If, for any Contract Quarter, Delek Refining throughputs aggregate volumes less than the Minimum Terminalling Throughput Commitment for such Contract Quarter, then Delek Refining shall pay Delek-Big Sandy an amount (a “Terminalling Shortfall Payment”) equal to the difference between (i) the Minimum Terminalling Throughput Commitment multiplied by the Terminalling Service Fee and (ii) the aggregate Terminalling Service Fees for such Contract Quarter payable under Section 3(a)(ii). The Parties acknowledge and agree that there shall be no carry-over of deficiency volumes with respect to the Minimum Terminalling Throughput Commitment and the payment by Delek Refining of the Terminalling Shortfall Payment shall relieve Delek Refining of any obligation to meet such Minimum Terminalling Throughput Commitment for the relevant Contract Quarter.  The Parties further acknowledge and agree that there shall not be any carry-over of volumes in excess of the Minimum Terminalling Throughput Commitment to any subsequent Contract Quarter. 
(c)    If, for any Contract Quarter, Delek Refining ships aggregate volumes less than the Minimum Pipeline Throughput Commitment for such Contract Quarter, then Delek Refining shall pay Delek-Big Sandy an amount (a “Pipeline Shortfall Payment,” and together with any Terminalling Shortfall Payments, a “Shortfall Payment”) equal to the difference between (i) the Minimum Pipeline Throughput Commitment multiplied by the Transportation Fee and 

(ii) the aggregate Transportation Fees for such Contract Quarter payable under Section 3(b)(ii). The Parties acknowledge and agree that there shall be no carry-over of deficiency volumes with respect to the Minimum Pipeline Throughput Commitment and the payment by Delek Refining of the Pipeline Shortfall Payment shall relieve Delek Refining of any obligation to meet such Minimum Pipeline Throughput Commitment for the relevant Contract Quarter.  The Parties further acknowledge and agree that there shall not be any carry-over of volumes in excess of the Minimum Pipeline Throughput Commitment to any subsequent Contract Quarter.
(d)    The Parties acknowledge that the Pipeline is not operating as of July 25, 2013.  Any inability of Delek Refining to ship Products on the Pipeline shall not relieve Delek Refining of its obligations hereunder, including its obligations to (i) meet the Minimum Throughput Commitment, (ii) make any Shortfall Payments hereunder and (iii) pay the Terminalling Service Fees hereunder, in each case from and after the Effective Time (or in the case of the Minimum Pipeline Throughput Commitment only, from and after August 1, 2013); provided, however, that following the commencement of shipments by Delek Refining of Products on the Pipeline, any subsequent failure of the Pipeline that is a Force Majeure event may relieve Delek Refining of such obligations as provided in Section 24.
7.    VOLUME LOSSES
Delek-Big Sandy shall use commercially reasonable efforts to minimize volume losses of Product at the Facilities.  Title to the Products tendered by or on behalf of Delek Refining for terminalling, transportation or storage hereunder will remain with Delek Refining at all times.  Delek Refining shall, during each month, (a) be entitled to all volumetric gains in the Facilities and (b) be responsible for all volumetric losses in the Facilities up to a maximum of 0.25%.  If volume losses of any Product exceed 0.25% during any particular month, Delek-Big Sandy shall pay Delek Refining for the difference between the actual loss and the 0.25% allowance at a price per barrel for that Product as reported by the Oil Price Information Service (“OPIS”) using the monthly average OPIS unbranded contract rack posting for that Product during the month in which the volume difference was accounted for.  
8.    CAPITAL IMPROVEMENTS
During the term of this Agreement, Delek Refining shall be entitled to designate Capital Improvements to be made to the Terminal and the Pipeline.  The following provisions shall set forth the procedures pursuant to which Capital Improvements designated by Refining may be constructed: 
(a)    For any Capital Improvement designated by Delek Refining, Delek Refining shall submit a written proposal, including all specifications then available to it, for the proposed Capital Improvement to the Terminal and/or the Pipeline, as the case may be.
(b)    Delek-Big Sandy will review such proposal to determine, in its sole discretion, whether it will consent to proceed with the proposed Capital Improvement.
(c)    Should Delek-Big Sandy determine to proceed and construct or cause to be constructed the approved Capital Improvement, Delek-Big Sandy will obtain bids from two or more general contractors reasonably acceptable to Delek Refining for the construction of the Capital Improvement.  Based upon the bids, Delek-Big Sandy will notify Delek Refining of Delek-Big Sandy’s estimate of the total cost necessary to construct such Capital Improvement (which amount shall include the costs of capital and any other costs necessary to place such Capital Improvement in service) (“Estimated Expansion Capital Expenditure”).  Within 30 days of such notice, Delek Refining will notify Delek-Big Sandy whether or not Delek Refining agrees to such Estimated Expansion Capital Expenditure.  In the event Delek Refining does not agree with such Estimated Expansion Capital Expenditure, the Parties shall work together in good faith to reach agreement on the Estimated Expansion Capital Expenditure (the agreed amount is referred to as the “Expansion Capital Expenditure”); provided that, in the event the Parties do not reach such agreement within 60 days of the notice provided under the second sentence of this Section 8(c), Delek Refining shall be entitled to proceed with the construction of the Capital Improvement in accordance with Section 8(e) below.
(d)    Prior to beginning any construction on the Capital Improvement, (1) Delek-Big Sandy shall have received all necessary regulatory approvals, (2) Delek-Big Sandy and Delek Refining shall have agreed on (A) an 

additional monthly payment amount to be paid by Delek Refining to Delek-Big Sandy (the “Monthly Expansion Capital Amount”) which amount (x) shall be payable over a mutually agreed to term not to exceed the then remaining balance of the Initial Term (or the then current Renewal Term) plus any Renewal Term to which Delek Refining is then committed or shall then commit (the “Capital Amortization Period”), and (y) shall be sufficient to provide Delek-Big Sandy the equivalent of a rate of return equal to the Prime Rate plus an additional rate of return to be agreed to by the Parties over the Capital Amortization Period on the Expansion Capital Expenditure after taking into account the increased cash flows to Delek-Big Sandy reasonably anticipated to be received by Delek-Big Sandy from Refining (or from a third party pursuant to a direct contractual commitment to Delek-Big Sandy) in connection with such Capital Improvement, or (B) another adjustment to the Throughput Fees or the Storage Fees, as applicable, as the Parties may agree and (3) the Parties shall have agreed on any adjustment to the Minimum Pipeline Throughput Commitment, the Minimum Terminalling Throughput Capacity, the Minimum Pipeline Capacity, the Minimum Terminalling Capacity or the Minimum Storage Capacity, as the case may be.  The Monthly Expansion Capital Amount, if applicable, shall be billed and paid monthly following the commencement of operations of the Capital Improvement and Delek Refining’s obligation to pay the Monthly Expansion Capital Amount shall survive the termination of this Agreement (other than a termination in connection with a breach of this Agreement by Delek-Big Sandy or a Force Majeure event affecting the ability of Delek-Big Sandy to provide services under this Agreement). In connection with the construction of any Capital Improvement pursuant to this Section 8(d), Delek Refining shall be entitled to participate in all stages of planning, scheduling, implementing, and oversight of the construction.  Delek Refining shall also be entitled to audit all expenditures incurred in connection with the Capital Improvement and Delek-Big Sandy shall provide all invoices and other documentation reasonably requested by Delek Refining for this purpose.
(e)    If for any reason the Capital Improvement shall not be constructed pursuant to Section 8(d) above, and such Capital Improvement is in accordance with applicable required engineering and regulatory standards, and could not reasonably be expected to have a material adverse impact on the operations or efficiency of the Terminal or the Pipeline or result in any material additional unreimbursed costs to Delek-Big Sandy, then Delek Refining may proceed with the construction and financing of the Capital Improvement and, upon completion of construction, Delek Refining shall be the owner and operator of such Capital Improvement.  The Parties agree that any Capital Improvement constructed by Delek Refining pursuant to this Section 8(e) shall be treated as the separate property of Delek Refining.  Delek-Big Sandy shall cooperate with Delek Refining in ensuring that the Capital Improvement shall operate as intended, including by operating and maintaining all necessary connections to the Terminal and the Pipeline, subject to Delek Refining’s reimbursing Delek-Big Sandy on a monthly basis for any incremental expenses arising from operating or maintaining such connections.  Delek Refining shall indemnify Delek-Big Sandy for any Liabilities resulting from the construction, ownership and operation by Refining of any Capital Improvement constructed by Refining pursuant to this Section 8(e).
(f)    Upon completion of the construction of such Capital Improvement, Delek-Big Sandy or Delek Refining, as applicable, will own such Capital Improvement, and will operate and maintain such Capital Improvement in accordance with Applicable Law and recognized industry standards.
9.    DEFICIENCY PAYMENTS
(a)    As soon as practicable following the end of each calendar month under this Agreement, Delek Big Sandy shall deliver to Delek Refining a written notice (the “Deficiency Notice”) detailing any failure of the Company to meet its obligations under Section 3(a)(i), Section 3(a)(ii), Section 3(b)(i), Section 3(b)(ii), Section 3(c)(i), Section 4, Section 5, Section 6, Section 8 or Section 25(c) of this Agreement.  The Deficiency Notice shall (i) specify in reasonable detail the nature of any deficiency and (ii) specify the approximate dollar amount that Delek-Big Sandy believes would have been paid by Delek Refining to Delek Big-Sandy if Delek Refining had complied with its obligations under Section 3(a)(i), Section 3(a)(ii), Section 3(b)(i), Section 3(b)(ii), Section 3(c)(i), Section 4, Section 5, Section 6, Section 8 and Section 25(c) of this Agreement (the “Deficiency Payment”).  Delek Refining shall pay the Deficiency Payment to Delek-Big Sandy upon the later of: (A) ten (10) days after its receipt of the Deficiency Notice and (B) thirty (30) days following the end of the calendar month during which the Deficiency Notice was delivered.
(b)    If Delek Refining disagrees with the Deficiency Notice, then, following the payment of the undisputed portion of the Deficiency Payment to Delek-Big Sandy, a senior officer of Delek Refining and Delek-Big Sandy shall 

meet or communicate by telephone at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary and shall negotiate in good faith to attempt to resolve any differences that they may have with respect to matters specified in the Deficiency Notice.  If such differences are not resolved within thirty (30) days following the payment of any Deficiency Payment, Delek Refining and Delek-Big Sandy shall, within forty-five (45) days following the payment of such Deficiency Payment, submit any and all matters which remain in dispute and which were properly included in the Deficiency Notice to arbitration in accordance with Section 30(d). During the 60-day period following the receipt of any Deficiency Notice, Delek Refining shall have the right to inspect and audit the working papers of Delek-Big Sandy relating to such Deficiency Payment.
(c)    If it is determined by arbitration in accordance with Section 30(d) that Delek Refining was required to make any or all of the disputed portion of the Deficiency Payment, Delek Refining shall promptly pay to Delek-Big Sandy such amount, together with interest thereon from the date provided in the last sentence of Section 9(a) at the Prime Rate, in immediately available funds.
10.    CUSTODY TRANSFER AND TITLE 
(a)    Pipeline.
(i)    Receipts. For Product received into the Facilities by pipeline, custody of the Product shall pass to Delek-Big Sandy at the flange where it enters the Pipeline.
(ii)    Deliveries. For Product delivered by the Terminal into pipeline, custody of the Product shall pass to Delek Refining at the flange where it exits the Terminal’s delivery line.
(b)    Rail Receipts. For Product received by rail, custody shall pass to Delek-Big Sandy when the locomotive used to transfer Delek Refining’s rail cars to the Terminal is uncoupled from such rail cars at the Terminal.
(c)    Truck. For receipts and deliveries to or from trucks, custody shall pass at the flange where the hoses at Delek-Big Sandy’s facility interconnect with the truck.
(d)    General. Upon re-delivery of any Product to Delek Refining’s account, Delek Refining shall become solely responsible for any loss, damage or injury to person or property or the environment, arising out of transportation, possession or use of such Product after transfer of custody and the provisions hereof shall apply to Product while in Delek-Big Sandy’s custody. Title to all Delek Refining’s Product received in the Terminal shall remain with Delek Refining at all times. Both Parties acknowledge that this Agreement represents a bailment of Products by Delek Refining to Delek-Big Sandy and not a consignment of Products, it being understood that Delek-Big Sandy has no authority hereunder to sell or seek purchasers for the Products of Delek Refining, except as provided in Section 13 below. Delek Refining hereby warrants that it shall, at all times, have good title to and the right to deliver, throughput, store and receive Products pursuant to the terms of this Agreement.
11.    PRODUCT QUALITY; CONTAMINATION 
(a)    Delek Refining shall not deliver to the Facilities any Products which: (a) would in any way be injurious to the Facilities; or (b) may not be lawfully stored at the Terminal. Any and all Products that leave the Terminal shall meet all relevant ASTM, EPA, federal and state specifications, and shall not leave the Terminal in the form of a sub-octane grade product.
(b)    Delek-Big Sandy shall use commercially reasonable efforts to avoid contamination of Delek Refining’s Products with any dissimilar Products and shall be liable to Delek Refining for any change in the quality of the Products throughput or stored at the Facilities, in each case caused by Delek-Big Sandy or its Affiliates or any third-party use of the Terminal or the Pipeline, as applicable.  If Delek-Big Sandy determines in good faith that Delek Refining has delivered to the Facilities Products that have been contaminated by the existence of and/or excess amounts of substances foreign to Products which could cause harm to users of the contaminated Products, the Facilities or Delek-Big Sandy, Delek Refining shall be responsible for removing Delek Refining’s contaminated Products from the 

Facilities.  Any liability or expense associated with the contamination of Delek Refining’s Products caused by Delek Refining or its Affiliates shall be borne by Delek Refining, including any regulatory or judicial proceeding arising out of or relating to such contamination. 
12.    MEASUREMENT
All quantities of Products received or delivered by or into truck or rail shall be measured and determined based upon the meter readings at the Terminal, as reflected by delivery tickets or bills of lading, or if such meters are unavailable, by applicable calibration tables. All quantities of Products received and delivered by pipeline shall be measured and determined based upon the meter readings of the pipeline operator, as reflected by delivery tickets, or if such meters are unavailable, by applicable calibration tables. Deliveries by book transfer shall be reflected by entries in the books of Delek-Big Sandy. All quantities shall be adjusted to net gallons at 60° F in accordance with ASTM D-1250 Petroleum Measurement Tables, or latest revisions thereof. A barrel shall consist of 42 U.S. gallons and a gallon shall contain 231 cubic inches. Meters and temperature probes shall be calibrated according to applicable API standards. Delek Refining shall have the right, at its sole expense, and in accordance with rack location procedure, to independently certify said calibration. Storage tank gauging shall be performed by Delek-Big Sandy’s personnel. Delek-Big Sandy’s gauging shall be deemed accurate unless challenged by an independent certified gauger. Delek Refining may perform joint gauging at its sole expense with Delek-Big Sandy’s personnel at the time of delivery or receipt of Product, to verify the amount involved. If Delek Refining should request an independent gauger, such gauger must be acceptable to Delek-Big Sandy, and such gauging shall be at Delek Refining’s sole expense.
13.    PRODUCT DOWNGRADE AND INTERFACE 
Product downgraded as a result of ordinary Terminal or pipeline operations including line flushing, rack meter provings or other necessary Terminal operations shall not constitute losses for which Delek-Big Sandy is liable to Delek Refining. Delek-Big Sandy shall account for the volume of Product downgraded, and Delek Refining’s inventory of Products and/or interface volumes (“Transmix”) shall be adjusted. If (i) Delek-Big Sandy does not have sufficient capacity at the Terminal for the Transmix and (ii) Delek Refining fails to remove its Transmix upon notice from Delek-Big Sandy, then fifteen (15) days after Delek Refining’s receipt of such notification, Delek-Big Sandy shall have the right to sell such Transmix at market rates and return any proceeds to Delek Refining, less delivery costs in effect at the time of such sale.
14.    PRODUCT DELIVERIES, RECEIPTS AND WITHDRAWALS
(a)    All deliveries, receipts and withdrawals hereunder shall be made in accordance with the agreed-upon scheduling. Delek Refining warrants that it shall only send to the Facilities those employees, agents and other representatives acting on behalf of and at Delek Refining’s direction who have been properly instructed as to the characteristics and safe hauling methods associated with the Products to be loaded and hauled. Delek Refining agrees to be responsible to Delek-Big Sandy for the performance under this Agreement by its agents and/or representatives receiving Products at the Facilities.
(b)    Both Parties shall abide by all federal, state and local statutes, laws and ordinances and all rules and regulations which are promulgated by Delek-Big Sandy and furnished to Delek Refining or posted at the Facilities, with respect to the use of the Facilities as herein provided. It is understood and agreed by Delek Refining that these rules and regulations may be changed, amended or modified by Delek-Big Sandy at any time. All changes, amendments and modifications shall become binding upon Delek Refining ten (10) days following receipt by Delek Refining of a copy thereof.
(c)    For all purposes hereunder, Delek Refining’s jobbers, distributors, carriers, haulers and other customers designated in writing or otherwise by Delek Refining to have loading privileges under this Agreement or having possession of any loading device furnished to Delek Refining pursuant to this Agreement, together with their respective officers, servants and employees, shall, when they access the Facilities, be deemed to be representatives of Delek Refining and any such person shall enter into an appropriate access agreement with Delek Big-Sandy with respect to such access.

15.    ACCOUNTING PROVISIONS AND DOCUMENTATION
Delek-Big Sandy shall furnish Delek Refining with the following reports covering services hereunder involving Delek Refining’s Products:
(a)    Within ten (10) Business Days following the end of the month, a statement showing, by Product: (i) Delek Refining’s monthly aggregate deliveries into the Facilities; (ii) Delek Refining’s monthly receipts from the Terminal; (iii) calculation of all Delek Refining’s monthly Terminalling Service Fees; (iv) Delek Refining’s opening inventory for the preceding month; (v) appropriate monthly adjustments (as applicable in accordance with Section 7); and (vi) Delek Refining’s closing inventory for the preceding month.
(b)    A copy of any meter calibration report, to be available for inspection upon reasonable request by Delek Refining at the Facilities following any calibration.
(c)    Upon delivery from the Terminal, a bill of lading to the carrier for each truck or rail delivery. As reasonably requested by Delek Refining, bill of lading information shall be provided to Delek Refining’s accounting group. Upon each truck delivery from the Terminal, bill of lading information shall be sent electronically through a mutually agreeable system.
(d)    Transfer documents for each in-tank transfer.
(e)    Delek-Big Sandy shall be required to maintain the capabilities to support truck load authorization technologies at the Terminal. However, costs incurred by Delek-Big Sandy for replacement of loading systems or software or other upgrades made at the request of Delek Refining shall be recoverable from Delek Refining either as a lump sum payment or through an increase in terminalling fees. Notwithstanding the foregoing, if a replacement or upgrade is made other than at Delek Refining’s request, Delek-Big Sandy and Delek Refining shall mutually agree on a fee for such replacement or upgrade.
16.    AUDIT AND CLAIMS PERIOD
During the Term, Delek Refining and its duly authorized agents and/or representatives, upon reasonable notice and during normal working hours, shall have reasonable access to the accounting records and other documents maintained by Delek-Big Sandy, or any of Delek-Big Sandy’s contractors and agents, which relate to this Agreement, and shall have the right to audit such records at any reasonable time or times during the Term of this Agreement and for a period of up to two (2) years after termination of this Agreement. Claims as to shortage in quantity or defects in quality shall be made by written notice within thirty (30) days after the delivery in question or shall be deemed to have been waived. The right to inspect or audit such records shall survive termination of this Agreement for a period of two (2) years following the end of the Term. Delek-Big Sandy shall preserve, and shall cause all contractors or agents to preserve, all of the aforesaid documents for a period of at least two (2) years from the end of the Term.
17.    LIENS
To secure any fees due and Delek Refining’s performance of its obligations under this Agreement, Delek Refining hereby grants to Delek-Big Sandy an irrevocable lien and security interest in and on all of its Products in the care and custody of Delek-Big Sandy and further grants Delek-Big Sandy a limited power-of-attorney to dispose of such Products at fair market value to the extent of any and all amounts owed by Delek Refining to Delek-Big Sandy hereunder, after providing Delek Refining with reasonable advance notice of any such sale. At Delek-Big Sandy’s request, Delek Refining shall sign a UCC-1 financing statement acknowledging Delek-Big Sandy’s security interest in Delek Refining’s Product in the Terminal.
18.    TAXES
Delek Refining shall pay or cause to be paid all taxes, levies, royalties, assessments, licenses, fees, charges, surcharges and sums due of any nature whatsoever (other than income taxes, gross receipt taxes, ad valorem or property 

taxes and similar taxes on the Facilities) imposed by any federal, state or local government that Delek-Big Sandy incurs on Delek Refining’s behalf for the services provided by Delek-Big Sandy under this Agreement. If Delek-Big Sandy is required to pay any of the foregoing, the Parties shall cooperate with respect to any filings or contests with respect thereto and Delek Refining shall promptly reimburse Delek-Big Sandy in accordance with the payment terms set forth in this Agreement.
19.    LIMITATION ON LIABILITY
Notwithstanding anything to the contrary contained herein, neither Party shall be liable or responsible to the other Party or such other Party’s affiliated Persons for any consequential, punitive, special or exemplary damages, or for loss of profits or revenues (collectively referred to as “Special Damages”) incurred by such Party or its affiliated Persons that arise out of or relate to this Agreement, regardless of whether any such claim arises under or results from contract, tort, or strict liability; provided that the foregoing limitation is not intended and shall not affect Special Damages imposed in favor of unaffiliated Persons that are not Parties to this Agreement.
20.    INDEMNITIES
(a)    Delek-Big Sandy shall defend, indemnify and hold harmless Delek Refining, its Affiliates, and their respective directors, officers, employees, representatives, agents, contractors, successors and permitted assigns (collectively, the “Delek Refining Indemnitees”) from and against any Liabilities directly or indirectly arising out of (i) any breach by Delek-Big Sandy of any covenant or agreement contained herein or made in connection herewith or any representation or warranty of Delek-Big Sandy made herein or in connection herewith proving to be false or misleading, (ii) any failure by Delek Big-Sandy, its Affiliates or any of their respective employees, representatives, agents or contractors to comply with or observe any Applicable Law, or (iii) injury, disease, or death of any Person or damage to or loss of any property, fine or penalty, any of which is caused by Delek-Big Sandy, its Affiliates or any of their respective employees, representatives, agents or contractors in the exercise of any of the rights granted hereunder or the handling, storage, transportation or disposal of any Products hereunder, except to the extent that such injury, disease, death, or damage to or loss of property was caused by the gross negligence or willful misconduct on the part of the Delek Refining Indemnitees, their Affiliates or any of their respective employees, representatives, agents or contractors. Notwithstanding the foregoing, Delek-Big Sandy’s liability to the Delek Refining Indemnitees pursuant to this Section 20(a) shall be net of any insurance proceeds actually received by the Delek Refining Indemnitee or any of their respective Affiliates from any third Person with respect to or on account of the damage or injury which is the subject of the indemnification claim. Delek Refining agrees that it shall, and shall cause the other Delek Refining Indemnitees to, (a) use all commercially reasonable efforts to pursue the collection of all insurance proceeds to which any of the Delek Refining Indemnitees are entitled with respect to or on account of any such damage or injury, (b) notify Delek-Big Sandy of all potential claims against any third Person for any such insurance proceeds, and (c) keep Delek-Big Sandy fully informed of the efforts of the Delek Refining Indemnitees in pursuing collection of such insurance proceeds.
(b)    Delek Refining shall defend, indemnify and hold harmless Delek-Big Sandy, its Affiliates, and their respective directors, officers, employees, representatives, agents, contractors, successors and permitted assigns (collectively, the “Delek-Big Sandy Indemnitees”) from and against any Liabilities directly or indirectly arising out of (i) any breach by Delek Refining of any covenant or agreement contained herein or made in connection herewith or any representation or warranty of Delek Refining made herein or in connection herewith proving to be false or misleading, (ii) any failure by Delek Refining, its Affiliates or any of their respective employees, representatives, agents or contractors to comply with or observe any Applicable Law, or (iii) injury, disease, or death of any Person or damage to or loss of any property, fine or penalty, any of which is caused by Delek Refining, its Affiliates or any of their respective employees, representatives, agents or contractors in the exercise of any of the rights granted hereunder or the handling, storage, transportation or disposal of any Products hereunder, except to the extent that such injury, disease, death, or damage to or loss of property was caused by the gross negligence or willful misconduct on the part of the Delek-Big Sandy Indemnitees, their Affiliates or any of their respective employees, representatives, agents or contractors. Notwithstanding the foregoing, Delek Refining’s liability to the Delek- Big Sandy Indemnitees pursuant to this Section 20(b) shall be net of any insurance proceeds actually received by the Delek-Big Sandy Indemnitees or any of their respective Affiliates from any third Person with respect to or on account of the damage or injury which is 

the subject of the indemnification claim. Delek-Big Sandy agrees that it shall, and shall cause the other Delek-Big Sandy Indemnitees to, (a) use all commercially reasonable efforts to pursue the collection of all insurance proceeds to which any of the Delek-Big Sandy Indemnitees are entitled with respect to or on account of any such damage or injury, (b) notify Delek Refining of all potential claims against any third Person for any such insurance proceeds, and (c) keep Delek Refining fully informed of the efforts of the Delek-Big Sandy Indemnitees in pursuing collection of such insurance proceeds.
(c)    THE FOREGOING INDEMNITIES ARE INTENDED TO BE ENFORCEABLE AGAINST THE PARTIES IN ACCORDANCE WITH THE EXPRESS TERMS AND SCOPE THEREOF NOTWITHSTANDING ANY EXPRESS NEGLIGENCE RULE OR ANY SIMILAR DIRECTIVE THAT WOULD PROHIBIT OR OTHERWISE LIMIT INDEMNITIES BECAUSE OF THE SOLE, CONCURRENT, ACTIVE OR PASSIVE NEGLIGENCE, STRICT LIABILITY OR FAULT OF ANY OF THE INDEMNIFIED PARTIES (EXCLUDING, IN THE CASE OF SECTION 20(a)(iii) AND SECTION 20(b)(iii), GROSS NEGLIGENCE OR WILLFUL MISCONDUCT).
21.    INSURANCE
(a)    Business Interruption Insurance.  Delek Refining shall maintain commercially reasonable business interruption insurance for the benefit of the Facilities for so long as Delek-Big Sandy is a consolidated subsidiary of Delek US.  Allocation of benefits under such business interruption insurance policy shall be proportionate to the loss in operating margin sustained by Delek Refining and Delek-Big Sandy as a result of the interruption.
(b)    Insurance (Other than Business Interruption Insurance).  During the Term of this Agreement, each of Delek-Big Sandy and Delek Refining shall at all times carry and maintain, or cause to be carried and maintained, with reputable insurance companies reasonably acceptable to the other Party, the insurance coverages and limits set forth on Exhibit C.
22.    GOVERNMENT REGULATIONS
(a)    Applicable Law. The Parties are entering into this Agreement in reliance upon and shall fully comply with all Applicable Law which directly or indirectly affects the Products transported, throughput or stored hereunder, or any receipt, throughput, delivery, transportation, handling or storage of Products hereunder or the ownership, operation or condition of the Facilities. Each Party shall be responsible for compliance with all Applicable Laws associated with such Party’s respective performance hereunder and the operation of such Party’s facilities. In the event any action or obligation imposed upon a Party under this Agreement shall at any time be in conflict with any requirement of Applicable Law, then this Agreement shall immediately be modified to conform the action or obligation so adversely affected to the requirements of the Applicable Law, and all other provisions of this Agreement shall remain effective.
(b)    New or Changed Applicable Law. If during the Term, any new Applicable Law becomes effective or any existing Applicable Law or its interpretations is materially changed, which change is not addressed by another provision of this Agreement and which has a material adverse economic impact upon a Party, either Party, acting in good faith, shall have the option to request renegotiation of the relevant provisions of this Agreement with respect to future performance. The Parties shall then meet to negotiate in good faith amendments to this Agreement that will conform to the new Applicable Law while preserving the Parties’ economic, operational, commercial and competitive arrangements in accordance with the understandings set forth herein.
(c)    Tariff Cooperation.  If during the Term, Delek-Big Sandy is required, under Applicable Law, to file one or more tariffs with any Governmental Authority, in order to provide the services provided under this Agreement, Delek Refining hereby agrees that, if the services to be provided under such tariff or tariffs is provided in conformance with this Agreement, including but not limited to the rates provided hereunder, Delek Refining will not oppose, or assist any other party in opposing, the filing of such tariff or tariffs. 

23.    SUSPENSION OF REFINERY OPERATIONS
(a)    From and after the second anniversary of the Effective Date, in the event that Delek Refining decides to permanently or indefinitely suspend refining operations at the Refinery for a period that shall continue for at least twelve (12) consecutive months, Delek Refining may provide written notice to Delek-Big Sandy of Delek Refining’s intent to terminate this Agreement (the “Suspension Notice”). Such Suspension Notice shall be sent at any time (but not prior to the second anniversary of the Effective Date) after Delek Refining has notified Delek-Big Sandy of such suspension and, upon the expiration of the period of twelve (12) months (which may run concurrently with the twelve (12) month period described in the immediately preceding sentence) following the date such notice is sent (the “Notice Period”), this Agreement shall terminate. If Delek Refining notifies Delek-Big Sandy, more than two months prior to the expiration of the Notice Period, of its intent to resume operations at the Refinery, then the Suspension Notice shall be deemed revoked and this Agreement shall continue in full force and effect as if such Suspension Notice had never been delivered. Subject to Section 23(b) and Section 24(a), during this Notice Period, Delek Refining shall remain liable for the Deficiency Payments and for Storage Fees. During the Notice Period, Delek-Big Sandy may terminate this Agreement upon sixty (60) days prior written notice in order to enter into an agreement to provide any third party the services provided to the Delek Refining under this Agreement.
(b)    If refining operations at the Refinery are suspended for any reason (including refinery turnaround operations and other scheduled maintenance), then Delek Refining shall remain liable for Shortfall Payments under this Agreement for the duration of the suspension and for payment of the Storage Fees, unless and until this Agreement is terminated as provided above. Delek Refining shall provide at least thirty (30) days’ prior written notice of any suspension of operations at the Refinery due to a planned turnaround or scheduled maintenance, provided that Delek Refining shall not have any liability for any failure to notify, or delay in notifying, Delek-Big Sandy of any such suspension except to the extent Delek-Big Sandy has been materially damaged by such failure or delay.
24.    FORCE MAJEURE 
(a)    Subject to Section 6(d), in the event that either Party is rendered unable, wholly or in part, by a Force Majeure event to perform its obligations under this Agreement, then upon the delivery by such Party (the “Force Majeure Party”) of written notice (a “Force Majeure Notice”) and full particulars of the Force Majeure event within a reasonable time after the occurrence of the Force Majeure event relied on, the obligations of the Parties, to the extent they are affected by the Force Majeure event, shall be suspended for the duration of any inability so caused; provided that (A) prior to the third anniversary of the Effective Date, Delek Refining shall be required to continue to make payments (i) for the Throughput Fees for volumes actually shipped or throughput under this Agreement, (ii) for the Ancillary Services Fee, if any, for services performed, (iii) for the Storage Fee, and (iv) for any Shortfall Payments unless, in the case of (iii) and (iv), the Force Majeure event is an event that adversely affects Delek-Big Sandy’s ability to perform the services it is required to perform under this Agreement, in which case, as applicable, the Storage Fees shall only be paid to the extent Delek Refining utilizes Delek-Big Sandy’s storage for its Products during the applicable month and, instead of Shortfall Payments, Throughput Fees shall only be paid as provided under (A)(i) above, and (B) from and after the third anniversary of the Effective Date, Delek Refining shall be required to continue to make payments (i) for the Throughput Fees for volumes actually shipped or throughput under this Agreement, (ii) for the Ancillary Services Fee, if any, for services performed and (iii) for the Storage Fee to the extent Delek Refining utilizes Delek-Big Sandy’s storage for its Products during the applicable month. The Force Majeure Party shall identify in such Force Majeure Notice the approximate length of time that it believes in good faith such Force Majeure event shall continue (the “Force Majeure Period”).  Delek Refining shall be required to pay any amounts accrued and due under this Agreement at the time of the Force Majeure event.  The cause of the Force Majeure event shall so far as possible be remedied with all reasonable dispatch, except that no Party shall be compelled to resolve any strikes, lockouts or other industrial disputes other than as it shall determine to be in its best interests. Prior to the third anniversary of the Effective Date, any suspension of the obligations of the Parties under this Section 24(a) as a result of a Force Majeure event that adversely affects Delek-Big Sandy’s ability to perform the services it is required to perform under this Agreement shall extend the Term for the same period of time as such Force Majeure event continues (up to a maximum of one year) unless this Agreement is terminated under Section 24(b).  

(b)    If the Force Majeure Party advises in any Force Majeure Notice that it reasonably believes in good faith that the Force Majeure Period shall continue for more than twelve (12) consecutive months beyond the third anniversary of the Effective Date, then at any time after the delivery of such Force Majeure Notice, either Party may deliver to the other Party a notice of termination (a “Termination Notice”), which Termination Notice shall become effective not earlier than twelve (12) months after the later to occur of (i) the delivery of the Termination Notice and (ii) the third anniversary of the Effective Date; provided, however, that such Termination Notice shall be deemed cancelled and of no effect if the Force Majeure Period ends before the Termination Notice becomes effective; provided, further, that upon the cancellation of any Termination Notice, the Parties’ respective obligations hereunder shall resume as soon as reasonably practicable thereafter, and the Term shall be extended by the same period of time as is required for the Parties to resume such obligations. After the third anniversary of the Effective Date and following delivery of a Termination Notice, Delek-Big Sandy may terminate this Agreement, to the extent affected by the Force Majeure event, upon sixty (60) days prior written notice to Delek Refining in order to enter into an agreement to provide any third party the services provided to Delek Refining under this Agreement; provided, however, that Delek-Big Sandy shall not have the right to terminate this Agreement for so long as Delek Refining continues to the make Shortfall Payments.  
25.    CAPABILITIES OF FACILITIES
(a)    Interruptions of Service. Delek-Big Sandy shall use reasonable commercial efforts to minimize the interruption of service at the Facilities and any portion thereof and shall use its best efforts to minimize the impact of any such interruption on Delek Refining. Delek-Big Sandy shall inform Delek Refining at least 60 days in advance (or promptly, in the case of an unplanned interruption) of any anticipated partial or complete interruption of service at the Facilities, including relevant information about the nature, extent, cause and expected duration of the interruption and the actions Delek-Big Sandy is taking to resume full operations, provided that Delek-Big Sandy shall not have any liability for any failure to notify, or delay in notifying, Delek Refining of any such matters except to the extent Delek Refining has been materially damaged by such failure or delay.
(b)    Maintenance and Repair Standards. Subject to Force Majeure and interruptions for routine repair and maintenance consistent with customary terminal and pipeline industry standards, as applicable, Delek-Big Sandy shall maintain (i) the Pipeline in a condition and with a capacity sufficient to ship a volume of Delek Refining’s Products at least equal to the Minimum Pipeline Capacity and (ii) the Terminal in a condition and with a capacity sufficient to throughput a volume of Delek Refining’s Products at least equal to the Minimum Throughput Capacity and to store a volume of Delek Refining’s Products at least equal to the Minimum Storage Capacity. Delek-Big Sandy’s obligations may be temporarily suspended during the occurrence of, and for the entire duration of, a Force Majeure or interruptions for routine repair and maintenance consistent with industry standards that prevents Delek-Big Sandy from transporting the Minimum Pipeline Capacity, terminalling the Minimum Terminalling  Capacity or storing the Minimum Storage Capacity. To the extent Delek Refining is prevented for 30 or more days in any Contract Year from transporting volumes equal to the full Minimum Pipeline Capacity, terminalling volumes equal to the full Minimum Terminalling Capacity or using the Minimum Storage Capacity for reasons of Force Majeure or other interruption of service affecting the Facilities (including any reduction in available storage capacity pursuant to Section 3(c)(ii)), then Delek Refining’s (i) Minimum Pipeline Throughput Commitment shall be proportionately reduced to the extent of the difference between the Minimum Pipeline Capacity and the amount that Delek Refining can effectively ship on the Pipeline (prorated for the portion of the Contract Quarter during which the Minimum Pipeline Capacity was unavailable) regardless of whether the actual shipments prior to the reduction were below the Minimum Pipeline Throughput Commitment, (ii) Minimum Terminalling Throughput Commitment shall be proportionately reduced to the extent of the difference between the Minimum Terminalling Capacity and the amount that Delek Refining can effectively throughput at the Terminal (prorated for the portion of the Contract Quarter during which the Minimum Throughput Capacity was unavailable) regardless of whether the actual throughput prior to the reduction was below the Minimum Terminalling Throughput Commitment, and (iii) the Storage Fee shall be reduced by an amount of $[0.57] per barrel (which amount shall be adjusted in accordance with adjustments to the Storage Fee provided for in Sections 3(d), 5 and 8(a) above, if applicable, and prorated for the portion of the applicable month during which such storage was unavailable) for each barrel less than the Minimum Storage Capacity that Delek-Big Sandy is unable to store at the Terminal, regardless of whether Delek Refining actually used such storage capacity. At such time as Delek-Big Sandy is capable of transporting volumes equal to the Minimum Pipeline Capacity, terminalling volumes equal to the Minimum Terminalling Capacity or using 

the Minimum Storage Capacity, as applicable, Delek Refining’s obligation to throughput the full Minimum Throughput Commitment and to pay the full Storage Fee shall be restored. If for any reason, including, without limitation, a Force Majeure event, the transportation capacity of the Pipeline should fall below the Minimum Pipeline Capacity or the throughput or storage capacity of the Terminal should fall below the Minimum Terminalling Capacity or the Minimum Storage Capacity, respectively, then with due diligence and dispatch, Delek-Big Sandy shall make repairs to the Facilities, as applicable, to restore the capacity of the Facilities to that required for shipment and throughput of the Minimum Throughput Commitment or using the Minimum Storage Capacity (“Restoration”). Except as provided below in Section 25(c), all of such Restoration shall be at Delek-Big Sandy’s cost and expense, unless the damage creating the need for such repairs was caused by the negligence or willful misconduct of Delek Refining, its employees, agents or customers.
(c)    Capacity Resolution. In the event of the failure of Delek-Big Sandy to maintain the Facilities in a condition and with a capacity sufficient (i) to ship a volume of Delek Refining’s Products equal to the Minimum Pipeline Capacity, (ii) to throughput a volume of Delek Refining’s Products equal to the Minimum Throughput Capacity or (iii) to store a volume of Delek Refining’s Products at least equal to the Minimum Storage Capacity, then either Party shall have the right to call a meeting between executives of both Parties by providing at least two (2) Business Days’ advance written notice. Any such meeting shall be held at a mutually agreeable location and will be attended by executives of both Parties each having sufficient authority to commit his or her respective Party to a Capacity Resolution (hereinafter defined). At the meeting, the Parties will negotiate in good faith with the objective of reaching a joint resolution for the Restoration of capacity on the Facilities which will, among other things, specify steps to be taken by Delek-Big Sandy to fully accomplish Restoration and the deadlines by which the Restoration must be completed (the “Capacity Resolution”). Without limiting the generality of the foregoing, the Capacity Resolution shall set forth an agreed upon time schedule for the Restoration activities. Such time schedule shall be reasonable under the circumstances, consistent with customary terminal industry standards and shall take into consideration Delek-Big Sandy’s economic considerations relating to costs of the repairs and Delek Refining’s requirements concerning its refining and marketing operations. Delek-Big Sandy shall use commercially reasonable efforts to continue to provide shipment, storage and throughput of Delek Refining’s Products at the Facilities, to the extent the Facilities have capability of doing so, during the period before Restoration is completed. In the event that Delek Refining’s economic considerations justify incurring additional costs to complete the Restoration in a more expedited manner than the time schedule determined in accordance with the preceding sentence, Delek Refining may require Delek-Big Sandy to expedite the Restoration to the extent reasonably possible, subject to Delek Refining’s payment, in advance, of the estimated incremental costs to be incurred as a result of the expedited time schedule. In the event the Parties agree to an expedited Restoration plan wherein Delek Refining agrees to fund a portion of the Restoration cost, then neither Party shall have the right to terminate this Agreement pursuant to Section 24 above, so long as such Restoration is completed with due diligence and dispatch, and Delek Refining shall pay its portion of the Restoration costs to Delek-Big Sandy in advance based on a good faith estimate based on reasonable engineering standards. Upon completion, Delek Refining shall pay the difference between the actual portion of Restoration costs to be paid by Delek Refining pursuant to this Section 25(c) and the estimated amount paid under the preceding sentence within thirty (30) days after receipt of Delek-Big Sandy’s invoice therefor, or, if appropriate, Delek-Big Sandy shall pay Delek Refining the excess of the estimate paid by Delek Refining over Delek-Big Sandy’s actual costs as previously described within thirty (30) days after completion of the Restoration.
(d)    Dedicated Storage. The storage tanks at the Terminal shall be dedicated and used exclusively for the storage and throughput of Delek Refining’s Products. Delek Refining shall be responsible for providing all tank heels required for operation of such tanks.
26.    TERMINATION
(a)    A Party shall be in default under this Agreement if:
(i)    the Party materially breaches any provision of this Agreement and such breach is not cured (or a plan to cure such breach reasonably satisfactory to the non-breaching Party has been adopted and is being diligently pursued by the breaching Party) within fifteen (15) calendar days after notice thereof (which notice shall describe such breach in reasonable detail) is received by such Party; or

(ii)    the Party (1) files a petition or otherwise commences, authorizes or acquiesces in the commencement of a proceeding or cause of action under any bankruptcy, insolvency, reorganization or similar Applicable Law, or has any such petition filed or commenced against it, (2) makes an assignment or any general arrangement for the benefit of creditors, (3) otherwise becomes bankrupt or insolvent (however evidenced) or (4)  as a liquidator, administrator, receiver, trustee, conservator or similar official appointed with respect to it or any substantial portion of its property or assets; 
(b)    If any of the Parties is in default as described above, then (i) if Delek Refining is in default, Delek-Big Sandy may or (ii) if Delek-Big Sandy is in default, Delek Refining may: (1) terminate this Agreement upon notice to the defaulting Party; (2) withhold any payments due to the defaulting Party under this Agreement; and/or (3) pursue any other remedy at law or in equity.
(c)    Upon expiration or termination of this Agreement, Delek-Big Sandy shall be responsible for removing any remaining Products of Delek Refining from the Facilities.  Delek-Big Sandy shall have the right to sell such Products at market rates and return any proceeds to Delek Refining, less delivery costs in effect at the time of such sale.
(d)    Delek Refining shall, upon expiration or termination of this Agreement, promptly remove any and all of its owned equipment, if any, and restore the Facilities to their condition prior to the installation of such equipment.
27.    ASSIGNMENT; PARTNERSHIP CHANGE OF CONTROL
(a)    Delek Refining shall not assign its obligations hereunder without Delek-Big Sandy’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however that (i) Delek Refining may assign this Agreement without Delek-Big Sandy’s consent in connection with a sale by Delek Refining of all or substantially all of the Refinery, including by merger, equity sale, asset sale or otherwise, so long as the transferee: (1) agrees to assume all of Delek Refining’s obligations under this Agreement and (2) is financially and operationally capable of fulfilling the terms of this Agreement, which determination shall be made by Delek Refining in its reasonable judgment; and (ii) Delek Refining shall be permitted to make a collateral assignment of this Agreement solely to secure financing for Delek US and its Affiliates.
(b)    Delek-Big Sandy shall not assign its rights or obligations under this Agreement without prior written consent from Delek Refining, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that (i) Delek-Big Sandy may assign this Agreement without Delek Refining’s consent in connection with a sale by Delek-Big Sandy of the Facilities, including by merger, equity sale, asset sale or otherwise so long as the transferee: (1) agrees to assume all of Delek-Big Sandy’s obligations under this Agreement; (2) is financially and operationally capable of fulfilling the terms of this Agreement, which determination shall be made by Delek-Big Sandy in its reasonable judgment; and (3) is not a competitor of Delek Refining, as determined by Delek Refining in good faith; and (ii) Delek-Big Sandy shall be permitted to make a collateral assignment of this Agreement solely to secure financing for Delek-Big Sandy and its Affiliates.
(c)    Any assignment that is not undertaken in accordance with the provisions set forth above shall be null and void ab initio. A Party making any assignment shall promptly notify the other Party of such assignment, regardless of whether consent is required.
(d)    This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and assigns. 
(e)    Delek Refining’s obligations hereunder shall not terminate in connection with a Partnership Change of Control, provided however, that in the case of a Partnership Change of Control, Delek Refining shall have the option to extend the Term of this Agreement as provided in Section 2 without regard to the notice periods provided in the fourth sentence of Section 2(a). Delek-Big Sandy shall provide Delek Refining with notice of any Partnership Change of Control at least sixty (60) days prior to the effective date thereof.

28.    NOTICE
All notices, requests, demands, and other communications hereunder will be in writing and will be deemed to have been duly given: (a) if by transmission by facsimile or hand delivery, when delivered; (b) if mailed via the official governmental mail system, five (5) Business Days after mailing, provided said notice is sent first class, postage pre-paid, via certified or registered mail, with a return receipt requested; (c) if mailed by an internationally recognized overnight express mail service such as Federal Express, UPS, or DHL Worldwide, one (1) Business Day after deposit therewith prepaid; or (d) if by e-mail, one Business Day after delivery with receipt confirmed. All notices will be addressed to the Parties at the respective addresses as follows:
If to Delek Refining, to:
Delek Refining, Ltd. 
c/o Delek US Holdings, Inc. 
7102 Commerce Way 
Brentwood, TN 37027 
Attn: General Counsel 
Telecopy No: (615) 435-1271

with a copy, which shall not constitute notice, to: 
Delek Refining, Ltd. 
c/o Delek US Holdings, Inc. 
7102 Commerce Way 
Brentwood, TN 37027 
Attn:  President 
Telecopy No: (615) 435-1271

If to Delek-Big Sandy, to:

Delek Marketing - Big Sandy, LLC 
c/o Delek Logistics Partners, LP 
7102 Commerce Way 
Brentwood, TN 37027 
Attn: General Counsel 
Telecopy No.: (615) 435-1271

with a copy, which shall not constitute notice, to:

Delek Marketing - Big Sandy, LLC
c/o Delek Logistics Partners, LP 
7102 Commerce Way 
Brentwood, TN 37027 
Attn: President 
Telecopy No.: (615) 435-1271

or to such other address or to such other person as either Party will have last designated by notice to the other Party.
29.    MARKETING OF THROUGHPUT AND STORAGE SERVICES TO THIRD PARTIES
During the Term, Delek-Big Sandy may provide throughput and storage services to third parties at the Terminal and throughput to third parties in the Pipeline, provided that, (i) the provision of such throughput and storage services to third parties is not reasonably likely to negatively affect Delek Refining’s ability to use either of the Terminal or the Pipeline in accordance with the terms of this Agreement in any material respect, (ii) prior to any third party use of either 

of the Terminal or the Pipeline or the entry into any agreement with respect thereto, Delek-Big Sandy shall have received prior written consent from Delek Refining with respect to such third party usage or the entry into such agreement, as applicable, not to be unreasonably withheld, conditioned or delayed and (iii) to the extent such third-party usage reduces the ability of Delek-Big Sandy to provide the Minimum Pipeline Capacity, the Minimum Terminalling Capacity or the applicable Minimum Storage Capacity, the Minimum Pipeline Throughput Commitment, the Minimum Terminalling Throughput Commitment or the Storage Fee, as applicable, shall be proportionately reduced to the extent of the difference between the Minimum Pipeline Capacity, the Minimum Terminalling Capacity or the applicable Minimum Storage Capacity and the amount that can be throughput in the Pipeline or at the Terminal or stored in the Terminal (prorated for the portion of the Contract Quarter during which the Minimum Pipeline Capacity, the Minimum Terminalling Capacity or the applicable Minimum Storage Capacity was unavailable).  Notwithstanding the foregoing, to the extent Delek Refining is not using any portion of the Terminal or the Pipeline (the “Open Assets”) during a Force Majeure event set forth in Section 24 or the Notice Period set forth in Section 23(a), Delek-Big Sandy may provide throughput and/or storage services to third parties on the Open Assets pursuant to one or more third-party agreements without the consent of Delek Refining, and the Minimum Pipeline Throughput Commitment, the Minimum Terminalling Throughput Commitment and the applicable Storage Fee will be reduced to the extent of such third-party usage as set forth above; provided that such third-party agreements and related services shall terminate following the end of the Force Majeure Period or the restoration of Refinery operations, as applicable.
30.    MISCELLANEOUS
(a)    Modification; Waiver. This Agreement may be terminated, amended or modified only by a written instrument executed by the Parties. Any of the terms and conditions of this Agreement may be waived in writing at any time by the Party entitled to the benefits thereof. No waiver of any of the terms and conditions of this Agreement, or any breach thereof, will be effective unless in writing signed by a duly authorized individual on behalf of the Party against which the waiver is sought to be enforced. No waiver of any term or condition or of any breach of this Agreement will be deemed or will constitute a waiver of any other term or condition or of any later breach (whether or not similar), nor will such waiver constitute a continuing waiver unless otherwise expressly provided.
(b)    Entire Agreement. This Agreement constitutes the entire agreement among the Parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings of the Parties in connection therewith.
(c)    Choice of Law. This Agreement shall be subject to and governed by the laws of the State of Texas, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the laws of another state.
(d)    Arbitration Provision. Any and all Disputes shall be resolved through the use of binding arbitration using three arbitrators, in accordance with the Commercial Arbitration Rules of the American Arbitration Association, as supplemented to the extent necessary to determine any procedural appeal questions by the Federal Arbitration Act (Title 9 of the United States Code). If there is any inconsistency between this Section 30(d) and the Commercial Arbitration Rules or the Federal Arbitration Act, the terms of this Section 30(d) will control the rights and obligations of the Parties. Arbitration must be initiated within the time limits set forth in this Agreement, or if no such limits apply, then within a reasonable time or the time period allowed by the applicable statute of limitations. Arbitration may be initiated by a Party (“Claimant”) serving written notice on the other Party (“Respondent”) that the Claimant elects to refer the Dispute to binding arbitration. Claimant’s notice initiating binding arbitration must identify the arbitrator Claimant has appointed. The Respondent shall respond to Claimant within thirty (30) days after receipt of Claimant’s notice, identifying the arbitrator Respondent has appointed. If the Respondent fails for any reason to name an arbitrator within the 30-day period, Claimant shall petition the American Arbitration Association for appointment of an arbitrator for Respondent’s account. The two arbitrators so chosen shall select a third arbitrator within thirty (30) days after the second arbitrator has been appointed. The Claimant will pay the compensation and expenses of the arbitrator named by or for it, and the Respondent will pay the compensation and expenses of the arbitrator named by or for it. The costs of petitioning for the appointment of an arbitrator, if any, shall be paid by Respondent. The Claimant and Respondent will each pay one-half of the compensation and expenses of the third arbitrator. All arbitrators must (i) be neutral parties who have never been officers, directors or employees of Delek Refining, Delek-Big Sandy or any of their Affiliates and (ii) have not less than seven (7) years experience in the energy industry. The hearing will be conducted in Houston, 

Texas and commence within thirty (30) days after the selection of the third arbitrator. Delek Refining, Delek-Big Sandy and the arbitrators shall proceed diligently and in good faith in order that the award may be made as promptly as possible. Except as provided in the Federal Arbitration Act, the decision of the arbitrators will be binding on and non-appealable by the Parties hereto. The arbitrators shall have no right to grant or award Special Damages.
(e)    Confidentiality.
(i)    Obligations. Each Party shall use commercially reasonable efforts to retain the other Party’s Confidential Information in confidence and not disclose the same to any third party nor use the same, except as authorized by the disclosing Party in writing or as expressly permitted in this Section 30(e)(i). Each Party further agrees to take the same care with the other Party’s Confidential Information as it does with its own, but in no event less than a reasonable degree of care. 
(ii)    Required Disclosure. Notwithstanding Section 30(e)(i) above, if the receiving Party becomes legally compelled to disclose the Confidential Information by a court, Governmental Authority or Applicable Law, including the rules and regulations of the Securities and Exchange Commission, or is required to disclose pursuant to the rules and regulations of any national securities exchange upon which the receiving Party or its parent entity is listed, any of the disclosing Party’s Confidential Information, the receiving Party shall promptly advise the disclosing Party of such requirement to disclose Confidential Information as soon as the receiving Party becomes aware that such a requirement to disclose might become effective, in order that, where possible, the disclosing Party may seek a protective order or such other remedy as the disclosing Party may consider appropriate in the circumstances. The receiving Party shall disclose only that portion of the disclosing Party’s Confidential Information that it is required to disclose and shall cooperate with the disclosing Party in allowing the disclosing Party to obtain such protective order or other relief.
(iii)    Return of Information. Upon written request by the disclosing Party, all of the disclosing Party’s Confidential Information in whatever form shall be returned to the disclosing Party upon termination of this Agreement or destroyed with destruction certified by the receiving Party, without the receiving Party retaining copies thereof except that one copy of all such Confidential Information may be retained by a Party’s legal department solely to the extent that such Party is required to keep a copy of such Confidential Information pursuant to Applicable Law, and the receiving Party shall be entitled to retain any Confidential Information in the electronic form or stored on automatic computer back-up archiving systems during the period such backup or archived materials are retained under such Party’s customary procedures and policies; provided, however, that any Confidential Information retained by the receiving Party shall be maintained subject to confidentiality pursuant to the terms of this Section 30(e), and such archived or back-up Confidential Information shall not be accessed except as required by Applicable Law.
(iv)    Receiving Party Personnel. The receiving Party will limit access to the Confidential Information of the disclosing Party to those of its employees, attorneys and contractors that have a need to know such information in order for the receiving Party to exercise or perform its rights and obligations under this Agreement (the “Receiving Party Personnel”). The Receiving Party Personnel who have access to any Confidential Information of the disclosing Party will be made aware of the confidentiality provision of this Agreement, and will be required to abide by the terms thereof. Any third party contractors that are given access to Confidential Information of a disclosing Party pursuant to the terms hereof shall be required to sign a written agreement pursuant to which such Receiving Party Personnel agree to be bound by the provisions of this Agreement, which written agreement will expressly state that it is enforceable against such Receiving Party Personnel by the disclosing Party.
(v)    Survival. The obligation of confidentiality under this Section 30(e) shall survive the termination of this Agreement for a period of two (2) years.
(f)    Operator Status.  Notwithstanding anything to the contrary herein, Delek-Big Sandy shall be the operator of the Facilities in all respects, and Delek Refining shall have no power or authority to direct the activities of Delek-Big Sandy or to exert control over the operation of the Facilities or any portion thereof.

(g)    Counterparts. This Agreement may be executed in one or more counterparts (including by facsimile or portable document format (pdf)) for the convenience of the Parties hereto, each of which counterparts will be deemed an original, but all of which counterparts together will constitute one and the same agreement.
(h)    Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be valid and effective under Applicable Law, but if any provision of this Agreement or the application of any such provision to any person or circumstance will be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision hereof, and the Parties will negotiate in good faith with a view to substitute for such provision a suitable and equitable solution in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.
(i)    No Third Party Beneficiaries. It is expressly understood that the provisions of this Agreement do not impart enforceable rights in anyone who is not a Party or successor or permitted assignee of a Party.
(j)    Schedules. The schedules attached hereto and referred to herein is hereby incorporated in and made a part of this Agreement as if set forth in full herein.
(k)    Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each signatory Party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions.
[Remainder of this page intentionally left blank.]

IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement as of the date first written above.
DELEK REFINING LTD.

		
	By:
	DELEK U.S. REFINING GP, LLC its General Partner

By: /s/ H. Pete Daily
Name: H. Pete Daily 
Title:  EVP        

By:/s/ Assaf Ginzburg
Name: Assaf Ginburg                             
Title: CFO

DELEK MARKETING-BIG SANDY, LLC
 
 
By: /s/ Danny Norris            
Name: Danny Norris     
Title: VP - Finance

By:  /s/ Andrew L. Schwarcz
Name: Andrew  L. Schwarcz 
Title: EVP

EXHIBIT A
ANCILLARY SERVICES FEES

Ancillary Services and Ancillary Services Fees as agreed from time to time.

EXHIBIT B
PRODUCTS

87 Octane (E10)
91 Octane (E10)
93 Octane (E10)
100 Low Lead Aviation Gasoline
Carbon Black Oil
Commercial Butane
Propane 
Propylene Mix
Sulfur (Tons)
ULSD (on road, off road, and/or containing biodiesel)
Kerosene
Topped Crude
Cat/T.Alky Mix 
Coker Naphtha 
FBR Naphtha
Vacuum Gas Oil
HT HSR Naphtha 
L. Alkylate
LSR Naphtha
Lt. Cycle Oil
Olefins/Butylenes/Alky Feed
Platformate (93) 
Platformate (99) 
Slop Oil

EXHIBIT C 
INSURANCE

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