Document:

EX-10.20

REAL ESTATE PURCHASE AGREEMENT

THOMAS H. ANDERSON and MARY PAT ANDERSON, husband and wife (“Purchaser”) hereby offer and
agree to purchase from THE ANDERSONS FARM DEVELOPMENT CO., LLC, an Ohio limited liability company
of 480 W. Dussel Drive, Maumee, Ohio 43537 (“Seller”), the real estate commonly addressed as 1833
South Holland-Sylvania Road, Maumee, Ohio 43537 and legally described on the attached Exhibit A
(the “Premises”), subject to the following terms and conditions. The Premises includes all
buildings, improvements, fixtures, licenses, easements, privileges and appurtenances belonging to
the Premises. The Premises specifically includes the rights of access provided to and from the
Premises under the Driveway Access Easement attached hereto as Exhibit B (the “Driveway Easement”).

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree
as follows:

1. Agreement to Sell. Seller at closing (as hereinafter defined) shall sell, transfer
and convey to Purchaser, and Purchaser shall purchase, all of Seller’s right, title and interest in
the Premises.

2. Purchase Price and Payment. The purchase price for the Premises is $490,000.00
(the “Purchase Price”), which shall be payable as follows:

A. $228,555.60 credited at closing by Seller to Purchaser against the Purchase Price (the
“Life Estate Credit”); and

B. The balance of the Purchase Price, minus the Life Estate Credit by certified check, or bank
check or wire transfer at closing.

C. The amount of the Life Estate Credit is set through June 30, 2006, and if closing occurs
after June 30, 2006 the Life Estate Credit must be recalculated for the lives of both Purchasers in
accordance with U.S. Treasury Regulation Section 25.2512-S by multiplying the Purchase Price by the
applicable factors derived from IRS Publication 1457 using the applicable Internal Revenue Code
Section 7520 rate of interest applicable as of the closing.

3. Conditions Precedent to Purchaser’s Obligations. Purchaser’s obligations under this
Agreement are subject to the satisfaction of the following conditions:

A. Title to the Premises shall be marketable in accordance with the title standards of the
Ohio State Bar Association.

B. Within fifteen (15) days of acceptance hereof, Seller shall furnish Purchaser, and
Purchaser shall approve, a commitment for an owner’s policy of title insurance issued by Port
Lawrence Title and Trust Company in the amount of the purchase price, showing good and marketable
fee simple title to the Premises in Seller, free and clear of all liens or encumbrances, except
those to be paid at closing, and subject to existing easements, agreements, reservations and
restrictions, of record, including, without limitation, a Declaration of Covenants, Easements,
Restrictions and Assessment Lien for The Andersons Farm Development Co. attached hereto as Exhibit
C (the “Restrictions”); government ordinances and zoning regulations; and real estate taxes and
assessments, both general and special, which are a lien but are no yet due and payable. Seller
shall pay the cost of a guaranteed certificate of title only. Purchaser shall pay all additional
title expense. If, based on the foregoing, Purchaser objects to the title to the Premises within
seven (7) days of its receipt thereof, Seller shall have ten (10) days to remove such title defect
from date of written notice or obtain title protection through such defect; or thereafter, Seller
or Purchaser may terminate this Agreement. Absent Seller’s actual receipt of written notice of a
title defect within the seven (7) day period, the terms and conditions of this Paragraph 3B shall
be deemed waived and satisfied.

C. Prior to closing, Purchaser shall approve the Driveway Easement. Purchaser acknowledges
Seller may convey the Premises to Purchaser prior to Seller recording necessary utility easements
burdening the Premises and for the benefit of other lots in the Seller’s subdivision. In
consideration thereof, Purchaser agrees to execute and deliver to Seller any utility easements
burdening the Premises reasonably required by Seller for the use and development of the Premises
and all other parcels or lots with the Seller’s subdivision. This obligation shall survive closing
and delivery of the deed for the Premises.

4. Title. Seller shall furnish Purchaser with a general warranty deed conveying the
Premises to Purchaser, or Purchaser’s assignee, in recordable form at closing, subject to the
Driveway Easement, the Restrictions and all other existing easements, agreements, reservations and
restrictions, of record; governmental ordinances and zoning regulations; and real estate taxes and
assessments, both general and special, which are a lien but not yet due and payable. Seller shall
record, if necessary, the Driveway Easement and the Restrictions prior to recording of the Deed.

5. Prorations and Charges. All real estate taxes and assessments affecting the
Premises are paid by Purchaser according to the Lease (hereinafter defined). There shall be no tax
proration between the parties for real estate tax and assessments at closing. Seller has no
obligation to pay any unpaid real estate taxes and assessments specifically attributable to the
Premises.

6. Risk of Casualty Loss. Until closing, Purchaser shall bear the sole risk of loss
due to fire or other casualty at the Premises. If the Premises shall be damaged or destroyed by
fire or other cause between the date this Offer is accepted and the date the transaction closes,
Purchaser shall be entitled to all insurance proceeds and Purchaser and Seller shall proceed with
the transaction.

7. Miscellaneous.

A. This offer (sometimes referred to as Agreement) is subject to acceptance by the Purchaser
and when accepted by Purchaser it shall constitute a contract binding Purchaser and Seller, their
respective heirs, executors, administrators, successors and assigns, for the purchase and sale of
the Premises upon the terms and conditions herein set forth.

B. This transaction shall close on or before June 30, 2006; which date shall be known as the
“closing date or closing” for the purposes of this Offer.

C. If this Agreement is at any time cancelled or terminated through the failure of any
conditions herein, this Agreement shall become null and void with no further liability on the part
of either party.

D. This offer shall expire on midnight of the tenth (10th) business day following the day this
offer is delivered to Seller, unless accepted by Seller and delivered to Purchaser by that time.

E. Purchaser has constructed, maintained, repaired and replaced all buildings, structures and
improvements now located on the Premises pursuant to a long-term lease agreement dated January 2,
1979 (the “Lease”). Seller has no knowledge of the condition of the Premises. Purchaser
acknowledges Seller is unable, for lack of information, to provide Purchaser any residential real
estate seller disclosure form required by Ohio law. No representations or warranties have been
made by Seller with respect to the condition of the Premises, the boundary lines or acreage of the
Premises. Purchaser is purchasing the Premises in its present “AS IS” condition and “WHERE IS.”

F. This Agreement contains the entire agreement between the parties and there are no
agreements, representations or warranties, oral or written, which are not set forth herein. This
Agreement may not be amended or modified except by a writing signed by both parties. Upon delivery
and acceptance of the deed conveying the Premises to Purchaser, as provided in Paragraph 4 hereof,
the Lease shall automatically and immediately terminate.

G. Any written notices required hereunder may be personally delivered, telecopied, express
mailed or mailed by certified mail, return receipt requested, to each party’s address listed above,
and shall be effective on actual receipt.

H. This Agreement shall not be assigned or transferred by Purchaser without Seller’s prior
written consent.

I. Purchaser warrants to Seller that Purchaser has had no dealings with any real estate
broker, salesman, agent or finder, so as to entitle such party to a commission or fee in connection
with the transaction contemplated by this Agreement. If for any reason such a commission or fee is
due or claimed to be due as a result of Purchaser’s dealings, Purchaser shall pay such commission
or fee, and Purchaser shall indemnify and hold Seller harmless from any and all claims, causes of
action, liability, expense, damage or attorney’s fees related thereto. This indemnification and
hold harmless agreement shall survive the closing and delivery of the deed.

PURCHASER:

     

Thomas H. Anderson

     

Mary Pat Anderson

Date:      

1

ACCEPTANCE

The undersigned, Seller, hereby accepts the foregoing offer and agrees to sell the Premises
and to otherwise comply with the Agreement.

SELLER:

THE ANDERSONS FARM DEVELOPMENT CO., LLC,

an Ohio limited liability company

	 	 	 
	By:	 	THE ANDERSONS, INC.,
	
 
	 	an Ohio corporation, its sole member

By:      

Title:      

Date:      

2

EXHIBIT A

LEGAL DESCRIPTION

Lot 7

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 383.22 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 34o29’22” And A Chord Of South 12o01’42” West 377.46 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 127.10 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 259.83 Feet To A Capped 5/8” Rod Set;

Thence Southeast A Distance Of 345.62 Feet Along A Curve To The Right Having A Radius Of 304.88
Feet, A Central Angle Of 64o57’05” And A Chord Of S21°37’32” East 327.40 Feet To A Capped 5/8” Rod
Set;

Thence South 17o04’45” West A Distance Of 114.75 Feet To A Capped 5/8” Rod Set;

Thence South 62o13’40” East A Distance Of 219.35 Feet To A Mag Nail Set;

Thence South 79o24’09” East A Distance Of 284.97 Feet To A Capped 5/8” Rod Set;

Thence South 06o13’25” West A Distance Of 15.15 Feet To A Capped 5/8” Rod Set;

Thence South 12o36’45” West A Distance Of 294.61 Feet Along The West Line Of Land Owned By Metro
Park District Of Toledo Tax Parcel #26-26772 To A Point On The Centerline Of Swan Creek;

Thence Along The Centerline Of Said Swan Creek And The North Line Of Land Owned By Metro Park
District Of Toledo Tax Parcel #26-26772 The Next 4 Courses:

North 86o32’39” West A Distance Of 47.86 Feet To A Point;

North 64o17’05” West A Distance Of 140.46 Feet To A Point;

North 84o44’16” West A Distance Of 103.76 Feet To A Point;

North 79°47’59” West A Distance Of 54.06 Feet To A Point;

Thence North 16o08’42” East A Distance Of 291.07 Feet To A Capped 5/8” Rod Set;

Thence North 62o13’40” West A Distance Of 192.48 Feet To A Capped 5/8” Rod Set;

Thence North 17o04’45” East A Distance Of 122.49 Feet To A Capped 5/8” Rod Set;

Thence North A Distance Of 330.56 Feet Along A Curve To The Left Having A Radius Of 294.88 Feet, A
Central Angle Of 64o13’47” And A Chord Of North 21°22’10” West 313.53 Feet To A Capped 5/8” Rod
Set;

Thence North 89o34’54” West A Distance Of 259.77 Feet To A Capped 5/8” Rod Set;

Thence North 54o22’36” West A Distance Of 129.24 Feet To A Mag Nail Set;

Thence Northeast A Distance Of 10.05 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’17” And A Chord Of North 29o43’32” East 10.05 Feet To The Point Of
Beginning, Containing 2.484 Acres More Or Less Of Which 301.534 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

3

EXHIBIT B

DRIVEWAY ACCESS EASEMENT AGREEMENT

THIS DRIVEWAY ACCESS EASEMENT AGREEMENT (the “Agreement”) is entered into between THE
ANDERSONS FARM DEVELOPMENT CO., LLC, an Ohio limited liability company (“Grantor”) and THE
ANDERSONS FARM OWNERS ASSOCIATION, INC., an Ohio non-profit corporation (“Grantee”), effective on
the latest date set forth below:

RECITALS: WHEREAS,

A. Grantee is the owners association required by the Declaration of Covenants, Easements,
Restrictions and Assessment Lien (the “Declaration”) affecting the real property legally described
on Exhibit A attached hereto and made a part hereof (collectively, the “Subdivision Property”);

B. Grantor is the fee simple owner of the Subdivision Property and those portions of the
Subdivision Property on which paved roads are located; which portions of the Subdivision Property
and more land are legally described on Exhibit B attached hereto and made a part hereof (the
“Driveway Property”);

C. Grantor desires to grant an easement to Grantee over and across Driveway Property for
purposes of ingress to and egress from the Subdivision Property and the adjacent public road known
as Holland-Sylvania Road, in the City of Toledo, Lucas County, Ohio; and

D. The parties desire that their rights and obligations with respect to the easement in, over
and across Driveway Property be specifically set forth and defined.

NOW, THEREFORE, in consideration of the mutual promises, covenants and conditions contained
herein, and for other good and valuable consideration paid and received, the parties, intending to
be legally bound, agree as follows:

1. Incorporation of Recitals. The above recitals are hereby incorporated herein by
reference.

2. Grant of Easement. Grantor grants and conveys to Grantee, its successors and
assigns, and for the benefit of each owner and occupant of any parcel of the Subdivision Property,
a perpetual, non-exclusive easement and right of way in and over the Driveway Property to and from
the Subdivision Property and to and from the public street known as Holland-Sylvania Road, in
Toledo, Lucas County, Ohio, for motor vehicle, bicycle, other vehicle and pedestrian travel. Each
party understands and agrees that the Driveway Property is to be used for these purposes by Grantee
and the owners and occupants each parcel of the Subdivision Property, and all of their respective
agents, employees, customers, guests, licensees and invitees (collectively the “Beneficiaries”),
and that the Beneficiaries shall, at all times, have equal access to and enjoyment of the Driveway
Property for such purposes. No Beneficiaries shall exercise their rights with respect to the
Driveway Property to the exclusion of any other Beneficiary or to such an extent that it will have
the effect of unreasonably interfering with the rights of any other Beneficiary in and to the
Driveway Property. None of the Beneficiaries shall park or permit the parking of any automobiles
or other vehicles on the Driveway Property.

3. Maintenance and Repair of Grantor Property. Grantee shall maintain, repair and
replace the Driveway Property in accordance with the terms and conditions of the Declaration. No
Beneficiary shall have any right or obligation to maintain, repair or replace the Driveway
Property. However, any damage to the paved road on the Driveway Property caused solely by the
negligence or intentional misconduct of one of the Beneficiaries’ shall be repaired or
reconstructed by that party at its sole cost and expense; which cost and expense shall be
enforceable and collectible by Grantee as a special individual Lot assessment in accordance with
the Declaration.

4. Condition of Road. Grantee acknowledges the current condition of the paved road
located on the Driveway Property and accepts the condition of the paved road “AS IS.” Grantee, for
itself and on behalf of all other Beneficiaries, releases Grantor from any and all claims related
to the construction or condition of the paved road on the Driveway Property.

5. Easements and Covenants Running with the Land. The easements, covenants, rights
and agreements contained in this Agreement shall run with the land known as the Subdivision
Property and shall be binding on and inure to the benefit of the Subdivision Property, and each
parcel of the Subdivision Property. Grantee shall not grant, convey, assign or otherwise transfer
to any other person or entity any of its right, title or interest in the Driveway Property or its
liabilities or obligations under this Agreement, unless such transfer is part of its transfer of
all of its right, title and interest in the Subdivision Property, and as permitted by the
Declaration. The covenants, easements and agreements contained in this Agreement shall be binding
upon and inure to the benefit of Grantor, Grantee, the Beneficiaries and their respective heirs,
representatives, successors and assigns.

6. Entire Agreement. This Agreement contains the entire agreement of the parties.
This Agreement shall not be amended, changed, modified or any other provisions waived or
discharged, in whole or in part, unless that amendment is in writing and duly signed by the parties
hereto.

7. Governing Law. The terms and conditions of this Agreement shall be governed by and
construed in accordance with the laws of the State of Ohio.

[the remainder of this page left intentionally blank]

4

The parties hereto have executed this Agreement on the dates set forth below.

GRANTOR:

THE ANDERSONS FARM DEVELOPMENT CO., LLC,

an Ohio limited liability company

	 	 	 	 	 	 	 	 	 
	By:	 	THE ANDERSONS, INC.,	 	 	 	 
	   an Ohio corporation, its sole member

	   By:
	 	 	—	 
	   Title:
	 	 	—	 
	   Date:
	 	 	—	 

GRANTEE:

THE ANDERSONS FARM OWNERS ASSOCIATION, INC.,

an Ohio non-profit corporation

	 	 	 	 	 	 	 	 	 	 	 	 	 
	      By:
	 	 	—	 
	      Title:
	 	 	—	 
	      Date:
	 	 	—	 

5

	 	 	 	 	 	 	 	 	 	 	 	 	 
	STATE OF OHIO
	 	 	)	 	 	 	 	 	 	 	 	 
	 
	 	) ss:	 	 	 	 	 	 	 	 
	COUNTY OF LUCAS
	 	 	)	 	 	 	 	 	 	 	 	 

The foregoing instrument was acknowledged before me this      day of      ,
200     , by      , as      of The Andersons Farm Development Co., LLC,
an Ohio limited liability company, on behalf of the company.

	 	 	 	 	 	 	 	 	 
	(SEAL)
	 	 	 	 	 	 	—	 
	      Notary Public

	      My Commission Expires: ____________________

	STATE OF OHIO
	 	 	)	 	 	 	 	 
	 
	 	) ss:	 	 	 	 
	COUNTY OF LUCAS
	 	 	)	 	 	 	 	 

The foregoing instrument was acknowledged before me this      day of      ,
200     , by      , as      of The Andersons Farm Owners Association,
Inc., an Ohio non-profit corporation, on behalf of the corporation.

(SEAL)      

Notary Public

My Commission Expires:      

This Instrument Prepared By:

Steven D. Reinbolt, Attorney-at-Law

EASTMAN & SMITH LTD.

One SeaGate, 24th Floor

P.O. Box 10032

Toledo, Ohio 43604

6

EXHIBIT A

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of
Toledo, Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road And The Point Of Beginning;

Thence South 89o51’45” East A Distance Of 498.00 Feet Continuing Along The Last Described Line Also
Being The South Line Of Land Owned By Irmen Tax #26-27077 Passing Through A Capped 5/8” Rod Set At
30.13 Feet On The East Right Of Way Line Of Holland Sylvania Road To A Point On The Meander Line Of
A Lake;

Thence Along Said Meander Line The Next 13 Courses;

North 08o04’27” East A Distance Of 98.93 Feet To A Point;

North 52o07’32” East A Distance Of 107.91 Feet To A Point;

North 76o30’15” East A Distance Of 128.55 Feet To A Point;

North 85o08’08” East A Distance Of 235.85 Feet To A Point;

South 82o24’19” East A Distance Of 378.32 Feet To A Point;

South 55o10’32” East A Distance Of 140.09 Feet To A Point;

South 04o11’06” East A Distance Of 205.55 Feet To A Point;

South 11o26’58” West A Distance Of 403.02 Feet To A Point;

South 08o58’22” East A Distance Of 192.35 Feet To A Point;

North 69o40’37” West A Distance Of 143.96 Feet To A Point;

North 35o32’16” East A Distance Of 43.01 Feet To A Point;

North 53o36’56” West A Distance Of 118.00 Feet To A Point;

North 28o55’36” West A Distance Of 116.63 Feet To A Point;

Thence Along The Westerly And Southerly Line Of Land Owned By Metro Park District Of Toledo Tax
Parcel #26-26772 The Next 20 Courses;

South 59o22’55” West A Distance Of 302.53 Feet To A Capped 5/8” Rod Set;

South 06o13’25” West A Distance Of 427.34 Feet To A Capped 5/8” Rod Set;

South 12o36’45” West A Distance Of 294.61 Feet To The Centerline Of Swan Creek;

Continuing Along The Centerline Of Said Swan Creek The Next 17 Courses;

North 86o32’39” West A Distance Of 47.86 Feet To A Point;

North 64o17’05” West A Distance Of 140.46 Feet To A Point;

North 84o44’16” West A Distance Of 103.76 Feet To A Point;

North 79o47’59” West A Distance Of 99.64 Feet To A Point;

North 72o13’36” West A Distance Of 61.50 Feet To A Point;

South 80o25’24” West A Distance Of 86.42 Feet To A Point;

South 56o33’06” West A Distance Of 43.11 Feet To A Point;

South 10o44’37” West A Distance Of 78.35 Feet To A Point;

South 20o03’16” East A Distance Of 51.10 Feet To A Point;

South 52o09’09” West A Distance Of 77.69 Feet To A Point;

North 64o07’46” West A Distance Of 96.80 Feet To A Point;

North 73o10’39” West A Distance Of 71.77 Feet To A Point;

South 51o03’55” West A Distance Of 63.15 Feet To A Point;

South 00o18’04” West A Distance Of 65.59 Feet To A Point;

South 05o58’18” West A Distance Of 151.96 Feet To A Point;

South 37o22’38” West A Distance Of 99.49 Feet To A Point;

North 85o20’04” West A Distance Of 10.36 Feet To The West Line Of Said Section 23;

Thence North 00o14’11” East A Distance Of 1254.31 Feet Along Said West Line Of Section 23 Passing
Through A Capped 5/8” Rod Set At 1203.27 Feet On The Southeasterly Right Of Way Line Of Holland
Sylvania Road To The Centerline Of Holland Sylvania Road;

Thence North 36°14’03” East 0.61 Feet To A 1” Bar Found In Monument Box At The Point Of Curve;

Thence Along A Curve To The Left Having A Radius Of 636.62 Feet Through A Central

Angle Of 41o27’03” For An Arc Length Of 460.56 Feet, Said Curve Having A Chord Bearing

North 15o30’33” East For A Distance Of 450.59 Feet To The Point Of Beginning, Containing

39.916 Acres More Or Less Of Which 0.338 Acres More Or Less Lies Within The Right Of Way Of Holland
Sylvania Road.

Less and excepting therefrom all of the following described real property:

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o 14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road And The Point Of Beginning;

Thence South 89o 51’ 45” East A Distance Of 498.00 Feet Continuing Along The Last Described Line
Also Being The South Line Of Land Owned By Irmen Tax #26-27077 Passing Through A Capped 5/8” Rod
Set At 30.13 Feet On The Easterly Right Of Way Line Of Holland Sylvania Road To A Point On The
Meander Line Of A Lake;

Thence Along Said Meander Line The Next 18 Courses;

North 08o 04’ 27” East A Distance Of 98.93 Feet To A Point;

North 52o 07’ 32” East A Distance Of 107.91 Feet To A Point;

North 76o 30’ 15” East A Distance Of 128.55 Feet To A Point;

North 85o 08’ 08” East A Distance Of 235.85 Feet To A Point;

South 82o 24’ 19” East A Distance Of 378.32 Feet To A Point;

South 55o 10’ 32” East A Distance Of 140.09 Feet To A Point;

South 04o 11’ 06” East A Distance Of 205.55 Feet To A Point;

South 11o 26’ 58” West A Distance Of 403.02 Feet To A Point;

South 08o 58’ 22” East A Distance Of 192.35 Feet To A Point;

North 69o 40’ 37” West A Distance Of 143.96 Feet To A Point;

North 35o 32’ 16” East A Distance Of 43.01 Feet To A Point;

North 53o 36’ 56” West A Distance Of 118.00 Feet To A Point;

North 28o 55’ 36” West A Distance Of 116.63 Feet To A Point;

North 37o 13’ 48” West A Distance Of 154.34 Feet To A Point;

North 70o 42’ 36” West A Distance Of 105.95 Feet To A Point;

South 89o 15’ 01” West A Distance Of 215.51 Feet To A Point;

North 74o 38’ 38” West A Distance Of 123.94 Feet To A Point;

North 54o 04’ 38” West A Distance Of 135.76 Feet To A Point;

Thence South 62o 57’ 25” West A Distance Of 78.60 Feet To A Capped 5/8” Rod Set;

Thence South 17o 57’ 25” West A Distance Of 152.49 Feet To A Capped 5/8” Rod Set;

Thence South 71o 14’ 29” West A Distance Of 130.06 Feet To A Capped 5/8” Rod Set;

Thence North 89o 34’ 54” West A Distance Of 234.54 Feet To A Point (Found 3/4” Pipe 0.45’North And
0.54’ East);

Thence North 54o 22’ 36” West A Distance Of 120.15 Feet Passing Through A Capped 5/8” Rod Set At
30.44 Feet On The Easterly Right Of Way Line Of Holland Sylvania To A Point On The Centerline Of
Holland Sylvania Road;

Thence Northeast A Distance Of 342.80 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 30o 51’ 07” And A Chord Of North 10o12’35” East 338.67 Feet To The Point Of
Beginning, Containing 16.340 Acres More Or Less Of Which 0.243 Acres More Or Less Lies Within The
Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And Restrictions. The
Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas County Tax Parcel
#26-26771 And Is The Same Land Described In Option To Purchase Agreement Recorded 95-592B02. This
Description Was Prepared On January 24, 2006 From A Survey Of The Premises.

7

EXHIBIT B

8

[DRIVEWAY EASEMENT LEGAL DESCRIPTIONS]

EXHIBIT C

THE ANDERSONS FARM

DECLARATION OF COVENANTS, EASEMENTS,

RESTRICTIONS AND ASSESSMENT LIEN

This Declaration of Covenants, Easements, Restrictions and Assessment Lien is made on the
     day of      , 2006, by The Andersons Farm Development Co., LLC, an Ohio limited
liability (the “Developer”).

BACKGROUND

A. Developer is the owner in fee simple of the Property described herein.

B. Developer intends to provide single family homes and lots for the construction of
single-family homes on the Lots (as defined herein) located in Toledo, Lucas County, Ohio, together
with a single, pre-existing commercial use.

C. Developer desires to create a plan of restrictions, easements and covenants with respect to
the Lots, and establish the right to impose liens upon the Lots, which shall be binding upon and
inure to the benefit of the Developer, the Association (as defined herein), and all future owners
and occupants of the Lots.

DEFINITIONS

The terms used in this document shall have these meanings, unless the context requires
otherwise:

1. “Activities Building” has the meaning set forth in Article IX.

2. “Architectural Control Committee” means the committee composed of not less than three (3)
and not more than seven (7) members, all of whom shall be appointed by the Developer until such
time as the Developer shall have sold and conveyed all of the Lots in the Subdivision (as defined
herein) to others and residences shall have been erected on all of the Lots in the Subdivision or
such earlier relinquishment of such right as Developer, in its sole discretion, may determine.
Thereafter, the Association shall have the right to appoint the members of the Architectural
Control Committee. Members of the Architectural Control Committee need not be Lot Owners (as
defined herein) or Occupants (as defined herein).

3. “Articles” means the Articles of Incorporation, filed, or to be filed, with the Secretary
of State of Ohio, incorporating Andersons Farm Owners’ Association, Inc. (or such other similar
name as may then be available) as a corporation not-for-profit under the provisions of Chapter 1702
of the Revised Code of Ohio, as the same may be lawfully amended from time to time.

4. “Association” and “The Andersons Farm Owners’ Association, Inc.” mean the corporation
not-for-profit created by the filing of the Articles.

5. “Association Organizational Documents” means this Declaration of Covenants, Easements,
Restrictions and Assessment Lien, the Articles and By-Laws of the Association.

6. “Board” and “Board of Directors” mean those persons who, as a group, serve as the board of
directors of the Association.

7. “By-Laws” mean the By-Laws of the Association, as the same may be lawfully amended from
time to time, which serve as the code of regulations of the Association under and pursuant to the
provisions of Chapter 1702.

8. “Common Areas” mean those portions of the Property which are subject to and burdened by
easements as hereinafter described for the common use and enjoyment of the Lot Owners, including,
but not limited to, the Driveways (as hereinafter defined). This real and personal property, if
any, includes, but is not limited to, easement rights in land comprising the property within the
Lots themselves, together with any of the following that may be located on such land: private
streets, sewer systems, common utility lines and facilities, and other facilities. Lot 5 is not
Common Area.

9. “Declaration” means this Declaration of Covenants, Easements, Restrictions and Assessment
Lien.

10. “Developer” means The Andersons Farm Development Co., LLC, an Ohio limited liability
company, and its successors and assigns, provided that the rights specifically reserved to
Developer under this Declaration, or under any other Association Organizational Documents shall
accrue only to such successors and assigns as are designated in writing by Developer as successors
and assigns of such rights.

11. “Director” and “Directors” mean that person or those persons serving at the time
pertinent, as a director or directors of the Board of Directors of the Association.

12. “Driveway” shall mean that portion of each of the Lots on which there are now paved
streets and the easement area associated with those streets as created by that certain Driveway
Access Easement Agreement by the Developer to the Association and recorded prior to the Declaration
at Lucas County Deed Record      (the “Access Easement”) to be maintained, repaired
and replaced by the Association according to such easement.

9

13. “Eligible holder of a first mortgage lien” means the holder of a valid recorded first
mortgage on a Lot, which holder has given written notice to the Association stating the holder’s
name, address and Lot or Lots subject to its mortgage.

14. “Lot” or “Lots” mean one or more specific parcels of the Property designated as Lots 2
through 9, and legally described on Exhibit B attached hereto and made a part hereof.

15. “Lot Owner” and “Lot Owners” mean that Person or those Persons owning a fee-simple
interest in a Lot or Lots, each of whom is also a “member” of the Association, as defined in Ohio’s
non-profit corporation statutes.

16. “Occupant” means a person lawfully residing on a Lot, regardless of whether that person is
a Lot Owner.

17. “Person” means a natural individual, corporation, limited liability company, partnership,
trustee, or other legal entity capable of holding title to real property.

18. “Subdivision” means all of the Lots and the Common Area.

19. “Turnover Date” the date selected by the Developer, in its sole discretion, for the
Developer to relinquish control over the selection of the Association’s Directors.

20. “Unit” means the single family residential building constructed on a Lot.

DECLARATION OF COVENANTS, EASEMENTS,

RESTRICTIONS AND ASSESSMENT LIEN

The Developer hereby declares that the following described property shall be held, sold,
conveyed and occupied subject to the following covenants, easements and restrictions, and lien for
assessments, which are for the purpose of protecting the values and desirability of, and which
shall run with, the land and each part thereof, and shall be binding on all parties having any
right, title or interest in the land, and each part thereof, and their respective heirs, successors
and assigns, and shall inure to the benefit of and be enforceable by the Developer, the
Association, each Lot Owner, and the respective heirs, successors and assigns:

See Exhibit A attached hereto and made a part hereof (the “Property”).

The provisions of this Declaration as from time to time amended, shall be considered to be a
part of, and incorporated within, each deed hereinafter conveying the Lots, or any portion thereof.

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ARTICLE I

PURPOSES; RESTRICTIONS

Section 1. Purposes. This Declaration is being made to establish covenants, easements, and
restrictions for the Subdivision, to provide for an Association for the ownership and operation of
the Common Areas; to provide for and promote the benefit, enjoyment and well-being of Lot Owners
and Occupants; to administer and enforce the covenants, easements, charges and restrictions
hereinafter set forth; and to raise funds through assessments to accomplish these purposes.

Section 2. Restrictions. The Lots shall be subject to the following restrictions:

(a) Lot Uses. Except as otherwise specifically provided in this Declaration, including,
without limitation, the commercial use of the Activities Building described in Article IX, no Lot
shall be used for any purpose other than that of single family residential dwelling with attached
garage, one outbuilding and for purposes customarily incidental thereto. Single family residential
structures must equal or exceed 3,500 square feet of living space and include an attached garage to
accommodate at least two automobiles. Living space, for purposes of this Declaration, is enclosed
space within a residential dwelling, finished, heated, and habitable. Notwithstanding the
foregoing: (i) a Lot Owner may use a portion of a dwelling for his or her office or studio so long
as those activities do not interfere with the quiet enjoyment or comfort of any other Lot Owner or
Occupant, and so long as those activities do not increase the normal flow of traffic or number of
individuals in and out of the property or in and out of that dwelling; and (ii) a Lot Owner or
Occupant maintaining a personal or professional library, keeping personal business or professional
records or accounts, or conducting personal business or professional telephone calls or
correspondence, in or from a dwelling constructed on a Lot is engaging in a use expressly declared
customarily incidental to principal residential use and is not in violation of these restrictions.

No portion of any Lot shall be used for any purpose other than that of a single family
dwelling or a lawn, except for the commercial use of the Activities Building, except nothing herein
contained, however, shall be construed to prevent the use of a portion of a Lot for any approved
sidewalk, driveway, walkway, the planting of trees and shrubbery, landscaping or for the purpose of
beautifying the Lot. No weeds, underbrush or other unsightly growth shall be permitted to grow or
remain anywhere within the Subdivision and no unsightly objects shall be allowed to be placed or
suffered to remain anywhere thereon. No fence, hedge, wall or enclosure of any kind, for any
purposes shall be erected, placed or suffered to remain upon any Lot without the advance written
consent of the Developer or the Association, except for any fence, hedge, wall or enclosure of any
kind located on a Lot as of the date of this Declaration. Notwithstanding the foregoing, that
portion of each Lot not containing a dwelling or structure, shall be landscaped in accordance with
a landscape plan submitted to and approved by the Developer or the Association, and each such
landscaped area shall thereafter be maintained in accordance with such plan. Any landscaping on
any Lot existing as of the date of this Declaration is approved.

No basketball backboards shall be attached to any dwelling in the Subdivision. A basketball
pole backboard shall be permitted in the rear yard of a Lot, subject to rules and regulations
adopted by the Developer or the Association. Playground equipment for children may be installed
only in a rear yard of a Lot. No such poles, backboards or equipment shall be visible from the
Driveways.

No clothes, sheets, blankets or other articles shall be hung out or exposed on any part of any
Lot or the Common Areas. No laundry of any kind shall be exposed or hung for drying in the Common
Areas or from any porch, patio or balcony visible from the Common Areas.

No boat, boat trailer, house trailer, campers, motor home, mobile home, motorcycle, delivery
vans, tractor-trailer rigs, closed trucks, recreation vehicles, snowmobiles, all terrain vehicles
or truck of any type shall be parked, kept or stored on any portion of the Subdivision unless
completely within an enclosed garage. The word “truck” shall include every type of motor vehicle
other than passenger cars and other than any pickup truck or van that is used as a primary source
of transportation by a Lot Owner or Occupant. No vehicle or equipment shall be displayed on a Lot
for purposes of its sale or rental. Visitors to a Lot may park vehicles temporarily on one side of
a private driveway only so as to allow passage of other vehicles.

Unless located on a Lot as of the date of this Declaration, no fence, trailer, tent, shed,
pool, pool house, barn or outbuilding or, children’s play structures or equipment of any type shall
be permitted on any portion of the Subdivision unless approved in advance by the Developer or the
Association.

All rubbish and debris, combustible and non-combustible, and all garbage shall be stored and
maintained in containers, entirely within the garage or dwelling. Additional regulations for the
storage, maintenance and disposal of rubbish, debris, leaves and garbage may, from time to time, be
established by the Developer or Association.

Unless located on a Lot as of the date of this Declaration, and except during December and
October, lighting effects shall be approved by the Developer or the Association, and other than in
connection with the occasional customary uses of the Activities Building.

(b) Common Area Uses. Upon conveyance of easement rights in the Common Areas to the
Association, the Common Areas shall be operated by the Association for the benefit of the
Developer, Lot Owners, Occupants and their agents, servants, customers, invitees and licensees,
subject to such rules and regulations as the Association may adopt from time to time.

(c) Antennas. Except to the extent pre-empted by law, no television, satellite, or radio
antenna, receiver, or transmitter, shall be placed on a Lot or Unit, unless approved in advance by
the Developer or the Association, and subject to such rules and regulations as the Association may
adopt from time to time.

(d) Nuisances. No noxious or offensive activity shall be permitted on any Lot, or upon the
Common Areas, nor shall either be used in any way or for any purpose, which might endanger the
health of, or unreasonably disturb, any other Lot Owner or Occupant. The prior customary use of the
Activities Building shall be deemed not to constitute a nuisance for purposes hereof.

(e) Vehicles. The Association may promulgate regulations restricting the parking of
automobiles, inoperable vehicles, trucks, boats and recreational vehicles on the Lots and Common
Areas, and may enforce such regulations or restrictions by levying fines or enforcement charges,
having such vehicles towed away, or taking such other actions as it, in its sole discretion, deems
appropriate. The current parking use associated with the Activities Building is permitted.

(f) Signs. No sign of any kind, including, but not limited to, signs affixed in anyway to
vehicles, shall be displayed to the public view on the Lots, except: (a) on the Lots, one
professionally prepared sign advertising the Lot for sale; and (b) on the Common Areas and Lots,
signs advertising the sale of Lots by the Developer during the initial sales period, which shall
continue until all Lots have been sold to parties unrelated to the Developer. No sign of any kind
shall be displayed to the public view on or within the Unit unless approved by the Developer or
Association. All existing signage, and replacements thereof that are no more extensive, indicating
directions to the Activities Building are permitted.

(g) Animals. Except as hereinafter provided, no animals, livestock or poultry of any kind
shall be raised, bred or kept on any Lot or on the Common Areas. Notwithstanding the foregoing,
household domestic pets, not bred or maintained for commercial purposes, may be maintained in a
Unit, provided that: (i) no animals shall be permitted in any portion of the Common Areas except on
a leash maintained by a responsible person; (ii) no animals shall be left unattended on a Lot or
any portion of the Common Areas; (iii) Lot Owners or Occupants shall keep the Common Areas and
their Lots clean; (iv) no outside shelter, house, box, run, kennel, cage or line for any such
animal may be constructed or maintained on a Lot without prior written approval of the Association;
(v) the permitting of such animals in the Subdivision shall be subject to such rules and
regulations as the Association may adopt from time to time, including, without limitation, the
right to place limitations on the size, number and type of such pets, and the right to levy fines
and enforcement charges against persons who do not clean up after their pets; and (vi) the right of
a Lot Owner or Occupant to maintain such an animal shall be subject to termination if the
Association, in its sole discretion, determines that the animal constitutes a nuisance, hindrance,
safety concern, or creates a detrimental effect on the Subdivision or other Lot Owners or
Occupants.

(h) Conveyances. Each Lot shall be conveyed subject to the terms, conditions and provisions
of this Declaration. To enable the Association to maintain accurate records of the names and
addresses of Lot Owners, each Lot Owner agrees to notify the Association, in writing, within five
(5) days after an interest in that Lot Owner’s Lot has been transferred to another person. In
addition, each Lot Owner agrees to provide to a purchaser of that owner’s Lot a copy of the
Association Organizational Documents and all effective rules and regulations. No Lot may be
subdivided without the prior written consent of the Developer or the Association.

(i) Discrimination. No action shall at any time be taken by the Association which in any
manner would illegally discriminate against any Lot Owner in favor of another. The current uses
of, and structures and improvements on, the Lots, including the Activities Building, which may
conflict with, or may not be approved in accordance with, the terms of this Declaration, shall not
be deemed a basis for discrimination with regard to any future use or development of a Lot.

(j) Arbitration. The interpretation of the Developer as to the application of or any rule or
regulation adopted by the Association, shall be binding upon all Lot Owners and Occupants until the
Developer has sold and conveyed all Lots. Thereafter, in the event of any dispute between Lot
Owners as to the application of these restrictions or any rule or regulation adopted by the
Association, the party aggrieved shall submit a complaint in writing to the Association specifying
the dispute. The Association shall set a time, date and place for a hearing within sixty (60) days
thereafter, and give written notice to each party no less than three (3) days in advance of the
hearing. The Association shall hear such evidence on the dispute as the Association deems proper
and render a written decision on the matter within thirty (30) days of the hearing. No action at
law may be instituted by either party to such a dispute until after this arbitration process.

(k) Mailboxes. Developer shall establish a standard design for mailboxes in the Subdivision.
All mailboxes shall conform to such standard design, unless advance written approval of Developer
is obtained.

(l) Swimming Pools. Swimming pools shall be permitted within the Subdivision; provided,
however any swimming pool constructed within the Subdivision shall be in-ground and shall only be
permitted within the rear yard of a Lot, unless another location is approved by the Developer or
the Association. Only one swimming pool shall be permitted per Lot. The rear yard surrounding a
swimming pool shall be enclosed by a solid wall or fence no less than the height required by local
zoning laws. Swimming pool filtration and heating equipment shall be enclosed in the garage or
other enclosed storage area of the residence. For purposes of this Declaration, a swimming pool
means a swimming pool, tank or other fabricated structure containing at least two (2) feet of
water, with a capacity for seven (7) or more persons, intended for recreational swimming by its
owner.

(m) Outdoor Saunas/Tubs. Outdoor saunas/tubs shall be permitted within the Subdivision. Any
pool with a capacity of six (6) or fewer persons shall be classified as an outdoor sauna or tub.
Outdoor saunas and tubs, when constructed as a connected and integral part of a swimming pool,
shall be constructed to the standards for a swimming pool. Stand-alone outdoor saunas and tubs
shall be located no more than twenty (20) feet from the primary residence. Outdoor saunas and tubs
shall have privacy screens, either as an integral part of the unit, or constructed as part of a
screen or fence around a yard as for a swimming pool. Such screen or fence shall extend not less
than six (6) feet above the primary floor surface or grade upon which the sauna or tub is mounted.

(n) Flagpoles. Each Lot is permitted to have a single ground mounted flagpole for the purpose
of flying the official flag of the United States of America or the State of Ohio. The flagpole on
a residential lot shall be properly proportioned and scaled to the size of the building and
surrounding property as approved by the Developer or the Association. Only flags of the United
States of America or the State of Ohio are permitted to be flown within the Subdivision. No other
flag (i.e. commercial logos, sports teams, seasonal decoration, etc.) may be flown from any
flagpole within the Subdivision. Wall mounted flagpoles are permitted up to a maximum of two (2)
per single-family structure, and may fly flags with seasonal decoration, sports teams and college
names.

(o) Location of Structures. All dwellings or outbuildings in the Subdivision shall be erected
wholly within the Lot lines and no closer to the Driveways than the buildings or structures on the
adjacent Lots, if any. A front yard setback line of seventy-five (75) feet measured from the
nearest edge of the Driveway to the facia or the front entrance of a building or structure is
established on each Lot. A side yard set back ten (10) from the side of a building or structure
and the side Lot lines are established on each Lot. A rear yard for each Lot is measured from the
facia of the back of the building on a Lot to the rear Lot line. If approved by the Architectural
Control Committee or the Association, and subject to applicable laws and regulations, roof
overhangs, gutters, bay windows, chimneys, patios, open porches, decks, walk ways, driveways and
shrubbery may extend into the front yard setback. Any side yard which faces the front yard of any
adjacent Lot shall have a setback of seventy-five (75) feet.

	 	 	 	Section 3. Architectural Control.

(a) Architectural Standards; Harmonious Plan. In requiring the submission of detailed plans
and specifications as herein set forth, the Developer intends to assure the development of the
Subdivision as an architecturally harmonious, artistically desirable residential subdivision
following a common landscape theme, with individual residences to be constructed in such
architectural styles, with uniform building heights, roof lines, of such materials, and such
colors, and located in such manner as to, in the judgment of the Architectural Control Committee,
complement one another and promote the harmony and desirability of the Subdivision as a whole. In
approving or withholding its approval of any plans and specifications, the Architectural Control
Committee shall have the right to consider the suitability of the proposed building or structure
and of the materials of which it is to be built to the building site upon which it is to be erected
and the appropriateness and harmony of the contemplated improvements in relations to improvements
on adjacent Lots and in relation to the general plan for the development of the Subdivision as well
as the artistic and architectural merits of the proposed building or structure, its effect on the
view and outlook from neighboring Lots, the extent to which its location and configuration
preserves the natural attributes, including the trees thereon, of the Lot, and such other matters
as may be deemed to be in the interest of the Lot Owners in the Subdivision as a whole. Any
determination made by the Architectural Control Committee, in good faith, shall be binding on all
parties in interest. Garage doors shall not face the front yard of a Lot. The parties acknowledge
that the Activities Building is, and shall remain (including, without limitation, any remodeling
thereof from time to time), architecturally distinct from the residential properties. While the Lot
Owner of the Activities Building shall be required to maintain the building in good working order,
and to keep an attractive appearance, the standard to be applied shall be that of a comparable
commercial use building, and not a residential home.

(b) Submission and Approval of Plans and Specifications. The plans and specifications for all
buildings, structures or other improvements (including, but not limited to outbuildings, fences,
decks, patios, private driveways, hedges, garages and other enclosures) to be constructed within
the Subdivision shall be submitted for examination to the Architectural Control Committee. Written
approval of the Architectural Control Committee to such plans and specifications shall be obtained
before any building, structure or improvement shall be constructed or placed upon any Lot and
before any addition, change or alteration may be made to any building, structure or other
improvements situated on a Lot. The Architectural Control Committee shall approve, reject or
approve with modifications all submissions within twenty (20) days after submission of the plans
and specifications required hereunder to the Architectural Control Committee. Failure of the
Architectural Control Committee to so respond within such period shall be deemed to be approval of
the submission. The plans and specifications to be submitted shall show the size, location, type,
elevations, roofline, architectural design, quality, use, construction materials and color scheme
of the proposed building, structure, improvements or alteration, the grading plan for the building
site and the finished grade elevation thereof. Such plans and specifications shall be prepared by
a competent architect or draftsman and shall be furnished to the Architectural Control Committee in
sufficient numbers so that the Architectural Control Committee may retain a true copy thereof with
its records. The Architectural Control Committee, when reviewing any plans from time to time
submitted for changes to the Activities Building, shall consider such plans with the point of view
that the owners of the Activities Building shall be entitled to continue the same type of use of
the building as previously enjoyed, and shall be entitled to remodel, repair, upgrade and, within
reasonable limitation, increase the size of its operations.

(c) Construction in Violation of Approved Plan. In all instances where plans and
specifications are required to be submitted to and approved by the Architectural Control Committee,
if subsequent to receiving such approval there shall be any variance from the approved plans and
specifications in the actual construction or location of the improvement or subsequent to the
completion of construction, including any change in exterior colors or materials, without the
written consent of the Architectural Control Committee, such variance shall be deemed a violation
of this Declaration and the Association may seek injunctive relief.

(d) Voting by Architectural Control Committee; Non-Liability for Determinations.
Determinations by the Architectural Control Committee shall be made by a majority of the members
present at any meeting. Unless waived by all members of the Committee, not less than two (2) days
notice of a meeting shall be given each member in writing or by telephone at his residence. A
majority of the Architectural Control Committee shall constitute a quorum. Although the
Architectural Control Committee and Developer are granted by this Declaration certain discretion
and rights of approval, disapproval and interpretation, the owners of Lots in the Subdivision, as
further consideration for the conveyance to them of such Lots, do, for themselves, their heirs,
personal representatives, successors and assigns, and their successors in ownership of such Lots,
by their acceptance of the conveyance of such Lots, release and forever discharge the Architectural
Control Committee and developer from any claims they may have against either the Architectural
Control Committee or Developer arising out of their exercise of such discretion and such rights of
approval, disapproval and interpretation and/or for their failure to exercise such discretion,
rights of approval, disapproval and interpretation.

(e) Commencement of Construction of Structures; Completion of Structures. Except for
circumstances beyond the control of a Lot Owner, all buildings, structures or other improvements
must be completed within one (1) year following the commencement of construction. No sod, dirt or
gravel other than that incidental to construction of approved buildings, structures or other
improvements shall be removed from Lots without the written approval in advance from the
Architectural Control Committee. No building or structure erected in the Subdivision shall be used
as a residence until the exterior thereof has been completed in accordance with the detailed plans
and specifications approved therefore by the Architectural Control Committee. No trailer,
basement, tent, shack, garage, barn, mobile home or other temporary shelter or housing devise shall
be maintained or used as a residence, temporarily or permanently, in the Subdivision.

(f) The Association may decide not to appoint members of the Architectural Control Committee.
In the event no such members are appointed, then the Association shall have all of the rights,
power and authority of the Architectural Control Committee. Any meetings or decision of the
Association when acting pursuant to its rights, powers and authority of the Architectural Control
Committee shall, however, be governed by its Bylaws and not Section 3(d) of this Article I.

ARTICLE II

OWNERS’ ASSOCIATION

Section 1. Establishment of Association. The Association will be formed to serve as the
owners’ association for the Subdivision. The Developer is presently the sole member of the
Association.

Section 2. Membership. Membership in the Association shall be limited to the Developer and
the Lot Owners. Every Person who is or becomes a record title owner of a fee simple interest in a
Lot is a Lot Owner and shall be a member of the Association. The foregoing is not intended to
include Persons who hold an interest merely as security for the performance of an obligation.
Membership shall be appurtenant to and may not be separated from ownership of any Lot, and transfer
of a Lot shall automatically transfer membership in the Association to the transferee of the Lot.

Section 3. Voting Rights. Prior to the Turnover Date, all voting power in the Association
shall be vested in the Developer. From and after the Turnover Date, the owner or owners of each
Lot shall be entitled to one (1) vote. An owner of more than one Lot (which shall include the
Developer with respect to any unsold Lots or Lots which the Developer chooses not to sell) shall
have one vote for each Lot owned. An owner who does not choose to build on his Lot shall still
have one vote for such Lot. Any Lot Owner may cast this one (1) vote. Where a vote is cast by one
(1) of two (2) or more owners of any Lot, the Association shall not be obligated to look to the
authority of the owner casting the one (1) vote.

Section 4. Board of Directors. The Board initially shall be those three (3) persons named as
the initial Directors pursuant to the provisions of the Articles, or such other person or persons
as may from time to time be substituted by Developer. The Developer shall continue to control the
elections of Directors to the Board until the Turnover Date. From and after the Turnover Date,
there shall be three (3) Directors elected by the Lot Owners, one (1) of which shall include the
Developer as the owner of any unsold Lots. The terms of the three (3) Directors shall be staggered
so that the terms of one-third of the Directors will expire and successors be elected at each
annual meeting of the Association. Thereafter, at such annual meetings, successors to the
Directors whose terms then expire shall be elected to serve three-year terms.

Section 5. Authority. The Association shall have the following powers and rights:

(a) To manage, operate, maintain, improve, repair and replace the Common Areas, including, but
not limited to, paving, scaling, resurfacing, and patching the Driveways, snow and ice removal,
repairing or replacing any utility lines, general maintenance and lawn care, if any.

(b) To promote and seek to maintain the attractiveness, value and character of the Lots
through enforcement of the terms, conditions, provisions and restrictions set forth in this
Declaration, or in any regulations promulgated by the Association pursuant hereto.

(c) To collect and dispose of funds as provided in Article VI hereof.

(d) If the Association is organized and operating as an Ohio non-profit corporation, to
perform all acts and functions as are generally authorized by law to be performed by such
corporation.

(e) To acquire the Common Areas from the Developer.

(f) To adopt rules and regulations of general application governing the use, maintenance,
insurance and upkeep of the Common Areas and the Lots.

(g) To carry out all other purposes for which it was organized and to exercise all rights
which it may be granted under this Declaration.

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ARTICLE III

MAINTENANCE AND REPAIR

Section 1. Association Responsibility. The Association shall maintain, repair and replace the
Common Areas, and other property owned by the Association, including and not limited to the
following items located on Common Areas: all private streets, all improvements and landscaping in
the Common Areas, if any; all entry-way landscaping, the decorative improvements and subdivision
signage located at the entry-way, if any; and all utility lines not owned by public authorities.

Section 2. Lot Owners’ Responsibility. Each Lot Owner will keep the Unit on said lot in a
good state of repair and maintenance and will maintain the Unit and the exterior thereof in a neat
and clean condition.

Section 3. Refuse Services by the Association. The Association may elect to contract for
regular refuse pickup for all Lot Owners if such service is not provided by the local municipal
government on a non-fee basis. If the Association elects to furnish this service, all Lot Owners
shall comply with the reasonable instructions of the Association with respect to the day and time
of pickup, the types of containers to be used, and the location where each Lot Owner shall place
refuse for pickup. In addition, if the Association elects to furnish this service, the Association
shall have the right to enter into an exclusive contract with the provider of the refuse pickup
service and to exclude all other providers from servicing the subject Lots.

ARTICLE IV

INSURANCE

Section 1. Liability Insurance. The Association shall obtain and maintain a comprehensive
policy of general liability insurance covering all of the Common Areas, insuring the Association
and the Directors, with such limits as the Board may determine, but no less than the greater of (a)
the amounts generally required by private institutional mortgage investors for projects similar in
construction, location and use, and (b) $1,000,000, for bodily injury, including deaths of persons,
and property damage, bodily injuries and deaths of persons in connection with the operation,
maintenance or use of the Common Areas, and legal liability arising out of lawsuits related to
employment contracts of the Association. Each such policy must provide that it may not be canceled
or substantially modified by any party, without at least (10) days’ prior written notice to the
Association and to each eligible holder of a mortgage on a Lot.

Section 2. Other Association Insurance. In addition, the Association may purchase and
maintain contractual liability insurance, directors’ and officers’ liability insurance, and such
other insurance as the Board may determine.

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ARTICLE V

GRANTS AND RESERVATIONS OF RIGHTS AND EASEMENTS

Section 1. Easements of Enjoyment; Limitations. Every Lot Owner shall have a right and
easement of enjoyment in, over and upon the Common Areas, which rights and easements shall be
appurtenant to and shall pass with the title to a Lot, subject to the right of the Association to
make reasonable rules and regulations concerning the use and management of the Common Areas. In
addition to the easements granted by this Declaration each Lot Owner shall have the rights and
obligations as to the Driveways as established by the Access Easement executed and recorded as part
of the development plan implemented by this Declaration.

Section 2. Right of Entry for Repair, Maintenance and Restoration. The Association shall have
a right of entry and access to, over, upon and through all of the Lots to enable the Association to
perform its obligations, rights and duties pursuant hereto with regard to maintenance, repair, and
replacement of any Common Areas or property owned by the Association or maintained by the
Association.

Section 3. Easements for Utilities. There is hereby created upon, over and under all of the
Lots, which does not now, or hereafter, contain a building or structure, for the erection,
construction, use, maintenance, repair, relocation and replacement of underground utility lines,
poles, drains, pipes, and any other appliances, fixtures or equipment for the provision of utility
service, (including, without limitation, cable television), to the Lots or others. It shall be
expressly permissible for the Association to grant easements, to the providing company, to
construct and maintain the necessary lines, poles, equipment, wires, circuits and conduits on,
above, across and under the Lots, so long as such lines, poles, equipment, wires, circuits and
conduits do not unreasonably interfere with the use and enjoyment of the Lots. Should any utility
company furnishing a service request a specific easement by separate recordable document, the
Association shall have the right to grant such easement without conflicting with the terms hereof.

In addition, a non-exclusive perpetual easement is hereby reserved to Developer, its
successors, and assigns, for their benefit and the benefit of Lot Owners for pedestrian and
vehicular access over private roadways within the Subdivision, for ingress and egress to and from
the Lots and a public street. Additionally, Developer, for itself and its successors and assigns,
reserves the right to extend and tie into utility and sewer lines in the Lots and Common Areas, as
permitted by public authority and the utility company involved, to extend such lines into other
Lots in the Subdivision. Additionally, Developer reserves the right and easement for itself, its
successors and assigns, to enter upon the Common Areas in order to install, maintain, repair,
replace and use pipes, wires, antennas, cables, towers, conduits and other lines and facilities for
the purpose of providing water, sanitary sewer, storm sewer, electrical, gas, telephone, television
and other utility or quasi-utility services to part or all of any Lots; to enter upon the Common
Areas to the extent necessary in order to construct residential units and/or other improvements on
any Lots; and to use all streets and drives within the Common Areas for purposes of ingress and
egress to such Lots.

Section 4. Easement for Encroachments. Each Lot shall be subject to an easement for
encroachments created by construction, settling and overhangs, as designed or constructed by the
Developer or other parties. A valid easement for said encroachments and for the maintenance of
such encroaching improvements so long as such encroachment exists, shall and does exist. In the
event a structure on a Lot is partially or totally destroyed, and then rebuilt, the Lot Owners of
the properties so affected agree that minor encroachments of parts of the adjacent structures shall
be permitted and that a valid easement for said encroachment and the maintenance thereof shall
exist.

Section 5. Power of Attorney. Each Lot Owner, by acceptance of a deed to a Lot, hereby
irrevocably appoints the President of the Association, as his, her or its attorney-in-fact, to
execute, deliver, acknowledge and record, for and in the name of such Lot Owner, such deeds of
easement and other instruments as may be necessary or desirable, in the sole discretion of the
Association, to further establish or effectuate the foregoing easements. This power is for the
benefit of each and every Lot Owner, the Association, and the real estate to which it is
applicable, runs with the land, is coupled with an interest, and is irrevocable.

Section 6. Private Roadway. All the roadways within the Subdivision are private streets or
ways. Developer shall execute and deliver the Access Easement to the Association and shall assign
any additional easement rights created by this Declaration to the Association shortly after the
sale and conveyance by it of the last Lot in the Subdivision. The Driveways shall be and hereby
are designated as a vehicular and pedestrian roadway for the perpetual non-exclusive use and
enjoyment of all Lot Owners within the Subdivision to and from the public street named
Holland-Sylvania Road. The Driveways shall be maintained, repaired and replaced by the Association
as a Common Area, as provided herein.

Section 7. General. The easements and grants provided herein shall in no way affect any other
recorded grant or easement now and hereafter.

ARTICLE VI

ASSESSMENTS AND ASSESSMENT LIENS

Section 1. Types of Assessments. The Developer, for each Lot, hereby covenants and each Lot
Owner, by acceptance of a deed to a Lot (whether or not it shall be so expressed in such deed), is
deemed to covenant and agree, to pay to the Association: (1) annual operating assessments, (2)
special assessments for capital improvements, and (3) special individual Lot assessments. All of
such assessments to be established and collected as hereinafter provided.

Section 2. Elements; Apportionment; Due Dates.

(a) Annual Operating Assessments Prior to Turnover Date. The Annual Operating Assessment is
established for the benefit and use of the Association and shall be used in covering all of the
costs of the operation, maintenance, and repair of the Driveways, landscaping and other portions of
the property that the Association is obligated to repair and maintain under this Declaration, and
the performance of all other duties and obligations to be performed by the Association under this
Declaration.

(b) Annual Operating Assessments After the Turnover Date.

(i) Prior to the beginning of each fiscal year of the Association, the Association shall
estimate, and divide equally among the Lots, the expenses of the Association consisting of the
following:

(1) the estimated next fiscal year’s cost of the maintenance, repair, replacement, and other
services to be provided by the Association;

(2) the estimated next fiscal year’s costs for insurance to be provided and paid for by the
Association;

(3) the estimated next fiscal year’s costs for utility services charged to or otherwise
properly payable by the Association, including, without limitation, utility costs in connection
with the operation of any private street lighting system;

(4) the estimated amount required to be collected to maintain a general operating reserve to
assure availability of funds for normal operations of the Association, in an amount deemed adequate
by the Association;

(5) an amount deemed adequate by the Association to maintain a reserve for the cost of
unexpected repairs and replacements of capital improvements and for the repair and replacement of
major improvements for which cash reserves over a period of time in excess of one year ought to be
maintained; and

(6) the estimated next fiscal year’s costs for the operation, management and administration of
the Association, including, but not limited to, fees for legal and accounting services, costs of
mailing, postage, supplies and materials for operating the Association, and the salaries, wages,
payroll charges and other costs to perform these services, and any other costs constituting common
expenses not otherwise herein specifically excluded.

(ii) The Association shall thereupon allocate such expense equally among all Lots, and thereby
establish the annual operating assessment for each separate Lot.

(iii) The annual operating assessment shall be payable in advance, in equal monthly
installments. Nothing shall prohibit any Lot Owner from prepaying assessments in annual,
semi-annual, or quarterly increments. The due dates of any such installments shall be established
by the Association.

(iv) If the amounts so collected are, at any time, insufficient to meet all obligations for
which those funds are to be used, the deficiency shall be assessed by the Association among the
Lots on an equal basis.

(v) If assessments collected during any fiscal year are in excess of the funds necessary to
meet the anticipated expenses for which the same have been collected, the excess shall be retained
as reserves, and shall in no event be deemed profits nor available, except on dissolution of the
Association, for distribution to Lot Owners.

(d) Special Assessments for Capital Improvements.

(i) In addition to the annual operating assessments, the Association may levy, in any fiscal
year, special assessments to construct, reconstruct or replace capital improvements on or
constituting a part of the Common Areas and/or personal property to the extent that reserves
therefor are insufficient, provided that new capital improvements not replacing existing
improvements shall not be constructed nor funds assessed therefor, if the cost thereof in any
fiscal year would exceed an amount equal to five percent (5%) of that fiscal year’s budget, without
the prior consent of Lot Owners exercising no less than seventy-five percent (75%) of the voting
power of Lot Owners.

(ii) Any such assessment shall be divided equally among all Lots, and shall become due and
payable on such date or dates as the Association determines following written notice to the Lot
Owners.

(e) Special Individual Lot Assessments. The Association may levy an assessment against an
individual Lot to reimburse the Association for those costs incurred properly chargeable by the
terms hereof to a particular Lot (such as, but not limited to, the cost of enforcement of the
Access Easement, or any other covenants and restrictions against a particular Lot, or arbitration
costs properly chargeable against such Lot Owner.) Any such assessment shall become due and
payable on such date as the Association determines and gives written notice to the Lot Owners
subject thereto.

Section 3. Effective Date of Assessments. Any assessment created pursuant hereto shall be
effective on the date determined by the Association. Written notice of the amount of any
assessment shall be sent by the Association to the Lot Owner subject thereto at least ten (10) days
prior to the due date thereof, or the due date of the first installment thereof, if to be paid in
installments. Written notice shall be mailed or delivered to a Lot Owner’s Lot unless the Lot
Owner has delivered written notice to the Association of a different address for such notices, in
which event the Association shall mail such notice to the last designated address. Failure to
receive such notice, for whatever reason, shall not be a defense to the Lot Owner’s obligations to
pay such assessment.

Section 4. Effect of Nonpayment of Assessment; Remedies of the Association.

(a) If any assessment or any installment of any assessment is not paid within ten (10) days
after the same has become due, the Association, at its option, without demand or notice, may (i)
declare the entire unpaid balance of the assessment immediately due and payable; (ii) charge
interest on the entire unpaid balance (or on an overdue installment, alone, if the Association has
not exercised its option to declare the entire unpaid balance due and payable), at the highest rate
of interest then permitted by law, or at such lower rate as the Association may from time to time
determine; and (iii) charge a reasonable, uniform late fee, as determined from time to time by the
Association.

(b) Annual operating and both types of special assessments, together with interest, late
charges and costs, shall be a charge and a continuing lien in favor of the Association upon the Lot
against which each such assessment is made.

(c) At any time after an installment of an assessment levied pursuant hereto remains unpaid
for ten (10) or more days after the same has become due and payable, an affidavit of lien regarding
the non-payment of Assessments, may be filed with the Recorder of Lucas County, Ohio, pursuant to
authorization given by the Association, against such Lot. The affidavit of lien shall contain a
description of the Lot for which Assessments are unpaid, the name or names of the record owner or
owners thereof, and the amount of the unpaid portion of the assessments, and shall be signed by an
officer of the Association. The lien shall remain valid for a period of five (5) years from the
date of filing, unless sooner paid or satisfied. The Association liens may be foreclosed in the
same manner as a mortgage.

(d) Each such assessment together with interest and costs shall also be the joint and several
personal obligation of the Lot Owners who owned the Lot, provided, however, that the right of the
Association to any lien upon the Lot for non-payment of assessments, shall not be impaired or
abridged by reason of the transfer ownership of a Lot.

Section 5. Subordination of the Lien to First Mortgages. The lien of the assessments and
charges provided for in this Declaration shall be subject and subordinate to the lien of any duly
executed first mortgage on a Lot recorded prior to the date on which such lien of the Association
arises, and any holder of such first mortgage which comes into possession of a Lot pursuant to the
remedies provided in the mortgage, foreclosure of the mortgage, or deed or assignment in lieu of
foreclosure, and any purchaser at a foreclosure sale, shall take the property free of any claims
for unpaid installments of assessments or charges against the mortgaged Lot which become due and
payable prior to the time such older or purchaser took title to that Lot, provided that the
Association has been made a party to such mortgage foreclosure action.

Section 6. Certificate Regarding Assessments. The Association shall, upon demand, for a
reasonable charge, furnish a certificate signed by an officer or designated representative of the
Association, setting forth whether the assessments on a specified Lot have been paid. This
certificate shall be conclusive evidence of payment of any assessment therein stated to have been
paid.

13

ARTICLE VII

AMENDMENTS

Section 1. Power to Amend. Except as herein provided, amendment of the Declaration (or the
Articles of the Association) shall require the consent of Lot Owners exercising not less than
seventy-five percent (75%) of the voting power of Lot Owners. Notwithstanding the foregoing:

(a) the consent of one hundred percent (100%) of the Lot Owners shall be required for any
amendment to this Declaration effecting a change in:

(i) the method of allocating liability for common expenses;

	 	(ii)	 	the number of votes in the Association
appertaining to any Lot; or

	 	(iii)	 	the fundamental purposes to which the Common
Areas or Lots are restricted;

(b) the consent of eligible holders of first mortgages on Lots to which at least seventy-five
percent (75%) of the votes of Lots subject to mortgages held by eligible holders of first mortgage
liens appertain shall be required to terminate the Association;

(c) amendments which solely or disproportionately affect the Activities Building shall require
the consent of the Lot Owner of the Activities Building;

(d) in any event, Developer reserves the right and power, and each Lot Owner by acceptance of
a deed to a Lot is deemed to and does give and grant to Developer a power of attorney, which right
and power is coupled with an interest with the title to the land and is irrevocable (except by
Developer), for a period of five (5) years from the date of the filing of this Declaration, to
amend the Association Organizational Documents, to the extent necessary to conform to the
requirements then governing the purchase or insurance of mortgages by The Mortgage Corporation,
Federal National Mortgage Association, Government National Mortgage Association, Mortgage Guaranty
Insurance Corporation, the Federal Housing Administration, the Veterans Administration, or any
other such agency or organization, or to correct typographical errors or obvious factual errors the
correction of which would not impair the interest of any Lot Owner or mortgagee.

Section 2. Method of Amend. An amendment to this Declaration, adopted with the consents
hereinbefore provided, shall be executed with the same formalities as this Declaration by two
officers of the Association and shall contain their certification that the amendment was duly
adopted in accordance with the foregoing provisions. Any amendment adopted by the Developer or a
duly empowered successor Developer pursuant to authority granted it pursuant to this Declaration
shall be duly executed by them with the same formalities as the execution of this Declaration and
shall contain the certification of such signors that such amendment is made pursuant to authority
vested in the Developer or any duly empowered successor Developer by this Declaration. Any
amendment duly adopted and executed in accordance with the foregoing provisions shall be effective
upon the filing of the same with the County Recorder’s Office.

ARTICLE VIII

ACTIVITIES BUILDING

Section 1. Activities Building. A multi-purpose activity center/conference building (the
“Activities Building”) is now located on Lot 6 described on Exhibit B. The use and operation of
the activity center Lot is limited to the special use permit issued by the City of Toledo for this
Lot. The current uses of the Activities Building includes, without limitation, daytime and evening
use for business, civic and social meetings, use by civic, church, athletic and social
organizations, meals and picnicking, both inside the Activities Building and on the lawn, and on
Lot 5 described on Exhibit B. Membership in the Association grants no rights to use of the
Activities Building or Lot 5. Notwithstanding any restrictions or limitations in this Declaration
with regard to the use or development of this Lot 6 to the contrary, Lot 6 may be used by the owner
of Lot 6 for the uses allowed by the special use permit. In addition, temporary, daily parking of
multiple vehicles on the lawn of this Activities Building Lot, and, prior to its residential
development, on Lot 5, is permitted by these Declarations.

The Activities Building may be remodeled, upgraded, and reasonably expanded in size in accordance
with this Declaration.

ARTICLE IX

GENERAL PROVISIONS

Section 1. Covenants Running With the Land. The covenants, conditions, restrictions,
easements, reservations, liens and charges created hereunder or hereby shall run with and bind the
Property, and each part thereof, and shall be binding upon and inure to the benefit of all parties
having any right, title or interest in or to all or any part of the Property, the Subdivision, and
any Lot and on the Association, the Developer, and their respective heirs, executors,
administrators, successors and assigns.

Section 2. Enforcement. In addition to any other remedies provided in this Declaration, the
Developer, the Association, and each Lot Owner, shall have the right to enforce, by any proceeding
at law or in equity, all restrictions, conditions, covenants, easements, reservations, liens and
charges set forth herein or in the Association Organizational Documents as now or hereafter imposed
by or through the Association’s rules and regulations. Failure by Developer, the Association or by
any Lot Owner to proceed with such enforcement shall in no event be deemed a waiver of the right to
enforce at a later date the original violation or a subsequent violation, nor shall the doctrine of
laches nor any statute of limitations bar the enforcement of any such restriction, condition,
covenant, reservation, easement, lien or charge. Further, the Association and each Lot Owner shall
have rights of action against each other for failure to comply with the provisions of the
Association Organizational Documents, rules and regulations, and applicable law, and with respect
to decisions made pursuant to authority granted thereunder, and the Association shall have the
right to assess reasonable charges against a Lot Owner who fails to comply with the same, including
the right to assess charges for the costs of enforcement and arbitration. Notwithstanding the
foregoing, in the event of any dispute between the Association and any Lot Owner or Occupant, other
than with regard to assessments, that cannot be settled by an agreement between them, the matter
shall first be submitted to arbitration in accordance with and pursuant to the arbitration law of
Ohio then in effect (presently Chapter 2711 of the Revised Code of Ohio), by a single independent
arbitrator selected by the Association.

Section 3. Severability. Invalidation of any one or more of these covenants, conditions,
restrictions or easements by judgment or court order shall in no way affect any other provisions,
which provisions shall remain in full force and effect.

Section 4. Gender and Grammar. The singular wherever used herein shall be construed to mean
the plural when applicable, and the necessary grammatical changes required to make the provisions
hereof apply either to corporations, partnerships, limited liability companies, men or women, shall
in all cases be assumed as though in such case fully expressed.

Section 5. Captions. The captions of the various provisions of this Declaration are not part
of the context hereof, but are merely labels to assist in locating the various provisions hereof.

Section 6. Term. This Declaration shall be binding upon the Developer, the Association, and
all persons claiming under or through Developer or the Association until the first day of January,
2030, at which time this Declaration shall be automatically extended for a successive periods of
ten (10) years, until terminated as provided herein.

Section 7. Developer’s Rights Assignable; Interpretation of Restrictions. The rights,
privileges and powers granted by this Declaration to, and/or reserved by, Developer shall be
assignable at any time and shall inure to the benefit of the successors and assigns of Developer,
and such assignment by Developer shall be in writing and shall be recorded in the office of the
County Recorder’s Office. Developer shall have the right to enforce, construe and interpret this
Declaration and its construction and interpretation, made in good faith, shall be final and binding
as to all persons and property benefited by this Declaration. Developer reserves the right to
relinquish its power to construe, interpret and enforce this Declaration by written instrument
delivered to the Association whereupon all rights with respect thereto shall thereafter be
exercised by the Association and all obligations of Developer hereunder shall terminate.

Section 8. Limitation of Warranties. By acceptance and recording of a deed to a Lot in the
Subdivision, each Lot Owner shall be deemed to have acknowledged and agreed that there are no
representations or warranties, by the Developer to the Association or by the Developer to any Lot
Owner or Occupant, or by the Association to any Lot Owner or Occupant with respect to: (a) the
merchantability, fitness, or suitability of the Lots for the construction of residences or any
other purpose, (b) any improvements to or for the benefit of the Subdivision whether constructed by
or at the direction of Developer or under Developer’s supervision, or (c) any other aspect or
feature of the Subdivision other than as expressly stated in writing (i) by the Developer to the
Lot Owner or (ii) in this Declaration, or (iii) in the Association Organizational Documents.

The undersigned Developer has caused this instrument to be executed in its behalf on this day
of      , 2006.

THE ANDERSONS FARM

DEVELOPMENT CO., LLC,

an Ohio limited liability company

	 	 	 
	BY:	 	THE ANDERSONS, INC.,
	
 
	 	an Ohio corporation, Its sole member

By:      

Title:      

	 	 	 	 	 
	STATE OF OHIO
	 	 	)	 
	 
	 	) ss:
	COUNTY OF LUCAS
	 	 	)	 

The foregoing instrument was acknowledged before me this      day of      ,
2006, by      , as      of The Andersons, Inc., the sole member of
The Andersons Farm Development Co., LLC, an Ohio limited liability company, on behalf of the
company.

Notary Public

My Commission Expires:

This instrument was prepared by:

Steven D. Reinbolt, Esq.

Eastman & Smith Ltd.

One SeaGate, 24th Floor

P.O. Box 10032

Toledo, Ohio 43699-0032

14

EXHIBIT A

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road And The Point Of Beginning;

Thence South 89o51’45” East A Distance Of 498.00 Feet Continuing Along The Last Described Line Also
Being The South Line Of Land Owned By Irmen Tax #26-27077 Passing Through A Capped 5/8” Rod Set At
30.13 Feet On The East Right Of Way Line Of Holland Sylvania Road To A Point On The Meander Line Of
A Lake;

Thence Along Said Meander Line The Next 13 Courses;

North 08o04’27” East A Distance Of 98.93 Feet To A Point;

North 52o07’32” East A Distance Of 107.91 Feet To A Point;

North 76o30’15” East A Distance Of 128.55 Feet To A Point;

North 85o08’08” East A Distance Of 235.85 Feet To A Point;

South 82o24’19” East A Distance Of 378.32 Feet To A Point;

South 55o10’32” East A Distance Of 140.09 Feet To A Point;

South 04o11’06” East A Distance Of 205.55 Feet To A Point;

South 11o26’58” West A Distance Of 403.02 Feet To A Point;

South 08o58’22” East A Distance Of 192.35 Feet To A Point;

North 69o40’37” West A Distance Of 143.96 Feet To A Point;

North 35o32’16” East A Distance Of 43.01 Feet To A Point;

North 53o36’56” West A Distance Of 118.00 Feet To A Point;

North 28o55’36” West A Distance Of 116.63 Feet To A Point;

Thence Along The Westerly And Southerly Line Of Land Owned By Metro Park District Of Toledo Tax
Parcel #26-26772 The Next 20 Courses;

South 59o22’55” West A Distance Of 302.53 Feet To A Capped 5/8” Rod Set;

South 06o13’25” West A Distance Of 427.34 Feet To A Capped 5/8” Rod Set;

South 12o36’45” West A Distance Of 294.61 Feet To The Centerline Of Swan Creek;

Continuing Along The Centerline Of Said Swan Creek The Next 17 Courses;

North 86o32’39” West A Distance Of 47.86 Feet To A Point;

North 64o17’05” West A Distance Of 140.46 Feet To A Point;

North 84o44’16” West A Distance Of 103.76 Feet To A Point;

North 79o47’59” West A Distance Of 99.64 Feet To A Point;

North 72o13’36” West A Distance Of 61.50 Feet To A Point;

South 80o25’24” West A Distance Of 86.42 Feet To A Point;

South 56o33’06” West A Distance Of 43.11 Feet To A Point;

South 10o44’37” West A Distance Of 78.35 Feet To A Point;

South 20o03’16” East A Distance Of 51.10 Feet To A Point;

South 52o09’09” West A Distance Of 77.69 Feet To A Point;

North 64o07’46” West A Distance Of 96.80 Feet To A Point;

North 73o10’39” West A Distance Of 71.77 Feet To A Point;

South 51o03’55” West A Distance Of 63.15 Feet To A Point;

South 00o18’04” West A Distance Of 65.59 Feet To A Point;

South 05o58’18” West A Distance Of 151.96 Feet To A Point;

South 37o22’38” West A Distance Of 99.49 Feet To A Point;

North 85o20’04” West A Distance Of 10.36 Feet To The West Line Of Said Section 23;

Thence North 00o14’11” East A Distance Of 1254.31 Feet Along Said West Line Of Section 23 Passing
Through A Capped 5/8” Rod Set At 1203.27 Feet On The Southeasterly Right Of Way Line Of Holland
Sylvania Road To The Centerline Of Holland Sylvania Road;

Thence North 36°14’03” East 0.61 Feet To A 1” Bar Found In Monument Box At The Point Of Curve;

Thence Along A Curve To The Left Having A Radius Of 636.62 Feet Through A Central

Angle Of 41o27’03” For An Arc Length Of 460.56 Feet, Said Curve Having A Chord Bearing

North 15o30’33” East For A Distance Of 450.59 Feet To The Point Of Beginning, Containing

39.916 Acres More Or Less Of Which 0.338 Acres More Or Less Lies Within The Right Of Way Of Holland
Sylvania Road.

Less and excepting therefrom all of the following described real property:

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o 14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road And The Point Of Beginning;

Thence South 89o 51’ 45” East A Distance Of 498.00 Feet Continuing Along The Last Described Line
Also Being The South Line Of Land Owned By Irmen Tax #26-27077 Passing Through A Capped 5/8” Rod
Set At 30.13 Feet On The Easterly Right Of Way Line Of Holland Sylvania Road To A Point On The
Meander Line Of A Lake;

Thence Along Said Meander Line The Next 18 Courses;

North 08o 04’ 27” East A Distance Of 98.93 Feet To A Point;

North 52o 07’ 32” East A Distance Of 107.91 Feet To A Point;

North 76o 30’ 15” East A Distance Of 128.55 Feet To A Point;

North 85o 08’ 08” East A Distance Of 235.85 Feet To A Point;

South 82o 24’ 19” East A Distance Of 378.32 Feet To A Point;

South 55o 10’ 32” East A Distance Of 140.09 Feet To A Point;

South 04o 11’ 06” East A Distance Of 205.55 Feet To A Point;

South 11o 26’ 58” West A Distance Of 403.02 Feet To A Point;

South 08o 58’ 22” East A Distance Of 192.35 Feet To A Point;

North 69o 40’ 37” West A Distance Of 143.96 Feet To A Point;

North 35o 32’ 16” East A Distance Of 43.01 Feet To A Point;

North 53o 36’ 56” West A Distance Of 118.00 Feet To A Point;

North 28o 55’ 36” West A Distance Of 116.63 Feet To A Point;

North 37o 13’ 48” West A Distance Of 154.34 Feet To A Point;

North 70o 42’ 36” West A Distance Of 105.95 Feet To A Point;

South 89o 15’ 01” West A Distance Of 215.51 Feet To A Point;

North 74o 38’ 38” West A Distance Of 123.94 Feet To A Point;

North 54o 04’ 38” West A Distance Of 135.76 Feet To A Point;

Thence South 62o 57’ 25” West A Distance Of 78.60 Feet To A Capped 5/8” Rod Set;

Thence South 17o 57’ 25” West A Distance Of 152.49 Feet To A Capped 5/8” Rod Set;

Thence South 71o 14’ 29” West A Distance Of 130.06 Feet To A Capped 5/8” Rod Set;

Thence North 89o 34’ 54” West A Distance Of 234.54 Feet To A Point (Found 3/4” Pipe 0.45’North And
0.54’ East);

Thence North 54o 22’ 36” West A Distance Of 120.15 Feet Passing Through A Capped 5/8” Rod Set At
30.44 Feet On The Easterly Right Of Way Line Of Holland Sylvania To A Point On The Centerline Of
Holland Sylvania Road;

Thence Northeast A Distance Of 342.80 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 30o 51’ 07” And A Chord Of North 10o12’35” East 338.67 Feet To The Point Of
Beginning, Containing 16.340 Acres More Or Less Of Which 0.243 Acres More Or Less Lies Within The
Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And Restrictions. The
Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas County Tax Parcel
#26-26771 And Is The Same Land Described In Option To Purchase Agreement Recorded 95-592B02. This
Description Was Prepared On January 24, 2006 From A Survey Of The Premises.

15

EXHIBIT B

Lot 2

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 342.80 Feet Along A Curve To The Right Southwest Having A Radius Of
636.62 Feet And A Central Angle Of 30o51’07” And A Chord Of North 10o12’35” West 338.67 Feet To The
Point Of Beginning;

Thence South 54o22’36” East A Distance Of 120.15 Passing Through A Capped 5/8” Rod Set On The
Southeasterly Right Of Way Line Of Holland Sylvania Road To A Point (Found 3/4” Pipe 0.45 Feet North
And 0.54 Feet East);

Thence South 89o34’54” East A Distance Of 234.54 Feet To A Capped 5/8” Rod Set;

Thence North 71o14’29” East A Distance Of 130.06 Feet To A Capped 5/8” Rod Set;

Thence North 17o57’25” East A Distance Of 152.49 Feet To A Capped 5/8” Rod Set;

Thence North 62o57’25” East A Distance Of 78.60 Feet To A Point On The Meander Line Of A Lake;

Thence South 54o04’38” East A Distance Of 135.76 Feet Along Said Meander Line To A Point;

Thence South 74o38’38” East A Distance Of 81.28 Feet Continuing Along Said Meander Line To A Point;

Thence South 16o09’33” West A Distance Of 311.54 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 364.26 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 256.18 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 121.64 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.14 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’45” And A Chord Of North 26o05’31” East 10.14 Feet To The Point Of
Beginning, Containing 2.051 Acres More Or Less Of Which 304.017 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

16

Lot 3

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 352.94 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 31o45’52” And A Chord Of South 10o39’58” West 348.44 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 121.64 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 256.18 Feet To A Mag Nail Set;

Thence South 62o35’52” East A Distance Of 364.26 Feet To A Capped 5/8” Rod Set;

Thence North 16o09’33” East A Distance Of 311.54 Feet To A Point On The Meander Line Of A Lake;

Thence Along Said Meander Line The Next 4 Courses:

South 74o38’38” East A Distance Of 42.66 Feet To A Point;

North 89o15’01” East A Distance Of 215.51 Feet To A Point;

South 70o42’36” East A Distance Of 105.95 Feet To A Point;

South 37o13’48” East A Distance Of 154.34 Feet To A Point;

Thence South 59o22’55” West A Distance Of 302.53 Feet To A Capped 5/8” Rod Set;

Thence South 84o05’50” West A Distance Of 215.54 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 436.84 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 256.95 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 123.30 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.11 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’37” And A Chord Of North 27o00’12” East 10.11 Feet To The Point Of
Beginning, Containing 3.085 Acres More Or Less Of Which 303.281 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On A Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

17

Lot 4

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 363.05 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 32o40’29” And A Chord Of South 11o07’16” West 358.15 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 123.30 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 256.95 Feet To A Mag Nail Set;

Thence South 62o35’52” East A Distance Of 436.84 Feet To A Capped 5/8” Rod Set;

Thence North 84o05’50” East A Distance Of 215.54 Feet To A Capped 5/8” Rod Set;

Thence South 06o13’25” West A Distance Of 412.19 Feet To A Capped 5/8” Rod Set;

Thence North 79o24’09” West A Distance Of 211.29 Feet To A Mag Nail Set;

Thence North 06o12’52” East A Distance Of 340.07 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 438.32 Feet To A Capped 5/8” Rod Set;

Thence North 89o34’54” West A Distance Of 257.73 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 125.12 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.09 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’30” And A Chord Of North 27o54’45” East 10.09 Feet To The Point Of
Beginning, Containing 2.033 Acres More Or Less Of Which 302.623 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Lot 5

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 373.14 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 33o34’59” And A Chord Of South 11o34’31” West 367.83 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 125.12 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 257.73 Feet To A Capped 5/8” Rod Set;

Thence South 62o35’52” East A Distance Of 438.32 Feet To A Capped 5/8” Rod Set;

Thence South 06o12’52” West A Distance Of 340.07 Feet To A Mag Nail Set;

Thence North 79o24’09” West A Distance Of 73.68 Feet To A Mag Nail Set;

Thence North 62o13’40” West A Distance Of 219.35 Feet To A Capped 5/8” Rod Set;

Thence North 17o04’45” East A Distance Of 114.75 Feet To A Capped 5/8” Rod Set;

Thence North A Distance Of 345.62 Feet Along A Curve To The Left Having A Radius Of 304.88 Feet, A
Central Angle Of 64o57’05” And A Chord Of North 21°37’32” West 327.40 feet To A Capped 5/8” Rod
Set;

Thence North 89o34’54” West A Distance Of 259.83 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 127.10 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.07 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’23” And A Chord Of North 28o49’12” East 10.07 Feet To The Point Of
Beginning, Containing 2.424 Acres More Or Less Of Which 302.041 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Lot 6

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o 14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road;

Thence Southwest A Distance Of 413.33 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 37o11’ 59” And A Chord Of South 13o23’01” West 406.11 Feet To The Point
Of Beginning;

Thence South 54o22’ 36” East A Distance Of 133.99 Feet Passing Through A Capped 5/8” Rod Set At
30.44 Feet On The Easterly Right Of Way Line Of Holland Sylvania Road To A Capped 5/8” Rod Set;

Thence South 89o34’ 54” East A Distance Of 259.48 Feet To Mag Nail Set;

Thence Southeast A Distance Of 300.64 Feet Along A Curve To The Right Having A Radius Of 274.88
Feet A Central Angle Of 62o39’57” And A Chord Of South 20o48’51” East 285.88 Feet To A Mag Nail
Set;

Thence South 17o 04’ 45” West A Distance Of 91.40 Feet To A Mag Nail Set;

Thence South 49o 19’ 14” West A Distance Of 75.96 Feet To A Capped 5/8” Rod Set;

Thence South 74o 34’ 00” West A Distance Of 430.18 Feet To A Capped 5/8” Rod Set On The West Line
Of Said Section 23;

Thence North 00o 14’ 11” East A Distance Of 558.94 Feet Along The West Line Of Said Section 23
Passing Through A 5/8” Rod Set At 507.90 Feet On The Easterly Right Of Way Line Of Holland Sylvania
Road To A Point On The Centerline Of Holland Sylvania Road;

Thence North 36o14’03” East A Distance Of 0.61 Feet Along The Centerline Of Holland Sylvania Road
To A 1” Bar Found In A Monument Box;

Thence Northeast A Distance Of 47.22 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 04o15’03” And A Chord Of North 34o06’32” East 47.22 Feet To The Point Of
Beginning, Containing 5.084 Acres More Or Less Of Which 2059.248 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Lot 7

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of
Toledo, Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 383.22 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 34o29’22” And A Chord Of South 12o01’42” West 377.46 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 127.10 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 259.83 Feet To A Capped 5/8” Rod Set;

Thence Southeast A Distance Of 345.62 Feet Along A Curve To The Right Having A Radius Of 304.88
Feet, A Central Angle Of 64o57’05” And A Chord Of S21°37’32” East 327.40 Feet To A Capped 5/8” Rod
Set;

Thence South 17o04’45” West A Distance Of 114.75 Feet To A Capped 5/8” Rod Set;

Thence South 62o13’40” East A Distance Of 219.35 Feet To A Mag Nail Set;

Thence South 79o24’09” East A Distance Of 284.97 Feet To A Capped 5/8” Rod Set;

Thence South 06o13’25” West A Distance Of 15.15 Feet To A Capped 5/8” Rod Set;

Thence South 12o36’45” West A Distance Of 294.61 Feet Along The West Line Of Land Owned By Metro
Park District Of Toledo Tax Parcel #26-26772 To A Point On The Centerline Of Swan Creek;

Thence Along The Centerline Of Said Swan Creek And The North Line Of Land Owned By Metro Park
District Of Toledo Tax Parcel #26-26772 The Next 4 Courses:

North 86o32’39” West A Distance Of 47.86 Feet To A Point;

North 64o17’05” West A Distance Of 140.46 Feet To A Point;

North 84o44’16” West A Distance Of 103.76 Feet To A Point;

North 79°47’59” West A Distance Of 54.06 Feet To A Point;

Thence North 16o08’42” East A Distance Of 291.07 Feet To A Capped 5/8” Rod Set;

Thence North 62o13’40” West A Distance Of 192.48 Feet To A Capped 5/8” Rod Set;

Thence North 17o04’45” East A Distance Of 122.49 Feet To A Capped 5/8” Rod Set;

Thence North A Distance Of 330.56 Feet Along A Curve To The Left Having A Radius Of 294.88 Feet, A
Central Angle Of 64o13’47” And A Chord Of North 21°22’10” West 313.53 Feet To A Capped 5/8” Rod
Set;

Thence North 89o34’54” West A Distance Of 259.77 Feet To A Capped 5/8” Rod Set;

Thence North 54o22’36” West A Distance Of 129.24 Feet To A Mag Nail Set;

Thence Northeast A Distance Of 10.05 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’17” And A Chord Of North 29o43’32” East 10.05 Feet To The Point Of
Beginning, Containing 2.484 Acres More Or Less Of Which 301.534 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Lot 8

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 393.27 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 35o23’39” And A Chord Of South 12o28’51” West 387.05 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 129.24 Feet To A Mag Nail Set;

Thence South 89o34’54” East A Distance Of 259.77 Feet To A Capped 5/8” Rod Set;

Thence Southeast A Distance Of 330.56 Feet Along A Curve To The Right Having A Radius Of 294.88
Feet, A Central Angle Of 64o13’47” And A Chord Of South 21°22’10” East 313.53 Feet To A Mag Nail
Set;

Thence South 17o04’45” West A Distance Of 122.49 Feet To A Capped 5/8” Rod Set;

Thence South 62o13’40” East A Distance Of 192.48 Feet To A Capped 5/8” Rod Set;

Thence South 16o08’42” West A Distance Of 291.07 Feet To The Centerline Of Swan Creek;

Thence Along the Centerline Of Said Swan Creek And The Northerly Line Of Land Owned By Metro Park
District Of Toledo Tax #26-26772 The Next 8 Courses:

North 79o47’59” West A Distance Of 45.57 Feet To A Point;

North 72o13’36” West A Distance Of 61.50 Feet To A Point;

South 80o25’24” West A Distance Of 86.42 Feet To A Point;

South 56o33’06” West A Distance Of 43.11 Feet To A Point;

South 10o44’37” West A Distance Of 78.35 Feet To A Point;

South 20o03’16” East A Distance Of 51.10 Feet To A Point;

South 52o09’09” West A Distance Of 77.69 Feet To A Point;

North 64o07’46” West A Distance Of 20.49 Feet To A Point;

Thence North 10o44’37” East A Distance Of 401.01 Feet To A Capped 5/8” Rod Set;

Thence North 39o29’26” West A Distance Of 202.36 Feet To A Mag Nail Set;

Thence North 17o04’45” East A Distance Of 118.88 Feet To A Mag Nail Set;

Thence North A Distance Of 315.57 Feet Along A Curve To The Left Having A Radius Of 284.88 Feet, A
Central Angle Of 63o28’08” And A Chord Of North 21°05’58” West 299.68 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 259.66 Feet To A Capped 5/8” Rod Set;

Thence North 54o22’36” West A Distance Of 131.54 Feet To The Centerline Of Holland Sylvania Road;

Thence Northeast A Distance Of 10.04 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet,
A Central Angle Of 00o54’12” And A Chord Of North 30o37’47” East 10.04 Feet To The Point Of
Beginning, Containing 2.396 Acres More Or Less Of Which 301.102 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

Lot 9

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 403.30 Feet Along A Curve To The Right Having A Radius Of 636.62
Feet And A Central Angle Of 36o17’51” And A Chord Of South 12o55’57” West 396.60 Feet To The Point
Of Beginning;

Thence South 54o22’36” East A Distance Of 131.54 Feet To A Capped 5/8” Rod Set;

Thence South 89o34’54” East A Distance Of 259.66 Feet To A Mag Nail Set;

Thence Southeast A Distance Of 315.57 Feet Along A Curve To The Right Having A Radius Of 284.88
Feet, A Central Angle Of 63o28’08” And A Chord Of South 21°05’58” East 315.57 Feet To A Mag Nail
Set;

Thence South 17o04’45” West A Distance Of 118.88 Feet To A Mag Nail Set;

Thence South 39o29’26” West A Distance Of 202.36 Feet To A Capped 5/8” Rod Set;

Thence South 10o44’37” West A Distance Of 401.01 Feet To The Centerline Of Swan Creek;

Thence Along The Centerline Of Said Swan Creek And The Northerly Line Of Land Owned By Metro Park
District Of Toledo Tax #26-26772 The Next 7 Courses:

North 64o07’46” West A Distance Of 76.31 Feet To A Point;

North 73o10’39” West A Distance Of 71.77 Feet To A Point;

South 51o03’55” West A Distance Of 63.15 Feet To A Point;

South 00o18’04” West A Distance Of 65.59 Feet To A Point;

South 05o58’18” West A Distance Of 151.96 Feet To A Point;

South 37o22’38” West A Distance Of 99.49 Feet To A Point;

North 85o20’04” West A Distance Of 10.36 Feet To The West Line Of Said Section 23;

Thence North 00o14’11” East A Distance Of 695.37 Feet Along Said West Line Of Section 23 To A
Capped 5/8” Rod Set;

Thence North 74o34’00” East A Distance Of 430.18 Feet To A Capped 5/8” Rod Set;

Thence North 49o19’14” East A Distance Of 75.96 Feet To A Mag Nail Set;

Thence North 17o04’45” East A Distance Of 91.40 Feet To A Mag Nail Set;

Thence North A Distance Of 300.64 Feet Along A Curve To The Left Having A Radius Of 274.88 Feet, A
Central Angle Of 62o39’57” And A Chord Of North 20°48’51” West 285.88 Feet To A Mag Nail Set;;

Thence North 89o34’54” West A Distance Of 259.48 Feet To A Capped 5/8” Rod Set;

Thence North 54o22’36” West A Distance Of 133.99 Feet To The Centerline Of Holland Sylvania Road.

Thence Northeast A Distance Of 10.03 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’08” And A Chord Of North 31o31’57” East 10.03 Feet To The Point Of
Beginning, Containing 4.019 Acres More Or Less Of Which 300.742 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

18EX-10.21

REAL ESTATE PURCHASE AGREEMENT

PAUL M. KRAUS and CAROL A. KRAUS, husband and wife (“Purchaser”) hereby offer and agree to
purchase from THE ANDERSONS FARM DEVELOPMENT CO., LLC, an Ohio limited liability company, of 480 W.
Dussel Drive, Maumee, Ohio 43537 (“Seller”), the real estate commonly addressed as 1833 South
Holland-Sylvania Road, Maumee, Ohio 43537 and legally described on the attached Exhibit A (the
“Premises”), subject to the following terms and conditions. The Premises includes all buildings,
improvements, fixtures, licenses, easements, privileges and appurtenances belonging to the
Premises. The Premises specifically includes the rights of access provided to and from the
Premises under the Driveway Access Easement attached hereto as Exhibit B (the “Driveway Easement”).

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree
as follows:

1. Agreement to Sell. Seller at closing (as hereinafter defined) shall sell, transfer
and convey to Purchaser, and Purchaser shall purchase, all of Seller’s right, title and interest in
the Premises.

2. Purchase Price and Payment. The purchase price for the Premises is $630,000.00
(the “Purchase Price”), which shall be payable as follows:

A. $373,167.90.00 credited at closing by Seller to Purchaser against the Purchase Price (the
“Life Estate Credit”); and

B. The balance of the Purchase Price, minus the Life Estate Credit, by certified check, or
bank check or wire transfer at closing.

C. The amount of the Life Estate Credit is set through June 30, 2006, and if closing occurs
after June 30, 2006 the Life Estate Credit must be recalculated for the lives of both Purchasers in
accordance with U.S. Treasury Regulation Section 25.2512-S by multiplying the Purchase Price by the
applicable factors derived from IRS Publication 1457 using the applicable Internal Revenue Code
Section 7520 rate of interest applicable as of the closing.

3. Conditions Precedent to Purchaser’s Obligations. Purchaser’s obligations under this
Agreement are subject to the satisfaction of the following conditions:

A. Title to the Premises shall be marketable in accordance with the title standards of the
Ohio State Bar Association.

B. Within fifteen (15) days of acceptance hereof, Seller shall furnish Purchaser, and
Purchaser shall approve, a commitment for an owner’s policy of title insurance issued by Port
Lawrence Title and Trust Company in the amount of the purchase price, showing good and marketable
fee simple title to the Premises in Seller, free and clear of all liens or encumbrances, except
those to be paid at closing, and subject to existing easements, agreements, reservations and
restrictions, of record, including, without limitation, a Declaration of Covenants, Easements,
Restrictions and Assessment Lien for The Andersons Farm Development Co. attached hereto as Exhibit
C (the “Restrictions”); government ordinances and zoning regulations; and real estate taxes and
assessments, both general and special, which are a lien but are no yet due and payable. Seller
shall pay the cost of a guaranteed certificate of title only. Purchaser shall pay all additional
title expense. If, based on the foregoing, Purchaser objects to the title to the Premises within
seven (7) days of its receipt thereof, Seller shall have ten (10) days to remove such title defect
from date of written notice or obtain title protection through such defect; or thereafter, Seller
or Purchaser may terminate this Agreement. Absent Seller’s actual receipt of written notice of a
title defect within the seven (7) day period, the terms and conditions of this Paragraph 3B shall
be deemed waived and satisfied.

C. Prior to closing, Purchaser shall approve the terms and conditions of the Lake License
Agreement attached hereto as Exhibit D.

4. Title.

A. Seller shall furnish Purchaser with a general warranty deed conveying the Premises to
Purchaser, or Purchaser’s assignee, in recordable form at closing, subject to the Driveway
Easement, the Restrictions and all other existing easements, agreements, reservations and
restrictions, of record; governmental ordinances and zoning regulations; and real estate taxes and
assessments, both general and special, which are a lien but not yet due and payable. Seller shall
execute and deliver at closing the Lake License Agreement and the Water Facilities License
Agreement. Seller shall record, if necessary, the Driveway Easement and the Restrictions prior to
recording of the Deed.

B. Purchaser acknowledges Seller may convey the Premises to Purchaser prior to Seller
recording necessary utility easements burdening the Premises and for the benefit of other lots in
the Seller’s subdivision. In consideration thereof, Purchaser agrees to execute and deliver to
Seller any utility easements burdening the Premises reasonably required by Seller for the use and
development of the Premises and all other parcels or lots with the Seller’s subdivision, provided
such future easements do not unreasonably interfere with the use and enjoyment of the Premises.
This obligation shall survive closing and delivery of the deed for the Premises.

5. Prorations and Charges. All real estate taxes and assessments affecting the
Premises are paid by Purchaser according to the Lease (hereinafter defined). There shall be no tax
proration between the parties for real estate tax and assessments at closing. Seller has no
obligation to pay any unpaid real estate taxes and assessments specifically attributable to the
Premises.

6. Risk of Casualty Loss. Until closing, Purchaser shall bear the sole risk of loss
due to fire or other casualty at the Premises. If the Premises shall be damaged or destroyed by
fire or other cause between the date this Offer is accepted and the date the transaction closes,
Purchaser shall be entitled to all insurance proceeds and Purchaser and Seller shall proceed with
the transaction.

7. Miscellaneous.

A. This offer (sometimes referred to as Agreement) is subject to acceptance by the Purchaser
and when accepted by Purchaser it shall constitute a contract binding Purchaser and Seller, their
respective heirs, executors, administrators, successors and assigns, for the purchase and sale of
the Premises upon the terms and conditions herein set forth.

B. This transaction shall close on or before June 30, 2006; which date shall be known as the
“closing date or closing” for the purposes of this Offer.

C. If this Agreement is at any time cancelled or terminated through the failure of any
conditions herein, this Agreement shall become null and void with no further liability on the part
of either party.

D. This offer shall expire on midnight of the tenth (10th) business day following the day this
offer is delivered to Seller, unless accepted by Seller and delivered to Purchaser by that time.

E. Purchaser has constructed, maintained, repaired and replaced all buildings, structures and
improvements now located on the Premises pursuant to a long-term lease agreement dated January 2,
1979 (the “Lease”). Seller has no knowledge of the condition of the Premises. Purchaser
acknowledges Seller is unable, for lack of information, to provide Purchaser any residential real
estate seller disclosure form required by Ohio law. No representations or warranties have been
made by Seller with respect to the condition of the Premises, the boundary lines or acreage of the
Premises. Purchaser is purchasing the Premises in its present “AS IS” condition and “WHERE IS.”

F. This Agreement contains the entire agreement between the parties and there are no
agreements, representations or warranties, oral or written, which are not set forth herein. This
Agreement may not be amended or modified except by a writing signed by both parties. Upon delivery
and acceptance of the deed conveying the Premises to Purchaser, as provided in Paragraph 4 hereof,
the Lease shall automatically and immediately terminate.

G. Any written notices required hereunder may be personally delivered, telecopied, express
mailed or mailed by certified mail, return receipt requested, to each party’s address listed above,
and shall be effective on actual receipt.

H. This Agreement shall not be assigned or transferred by Purchaser without Seller’s prior
written consent.

I. Purchaser warrants to Seller that Purchaser has had no dealings with any real estate
broker, salesman, agent or finder, so as to entitle such party to a commission or fee in connection
with the transaction contemplated by this Agreement. If for any reason such a commission or fee is
due or claimed to be due as a result of Purchaser’s dealings, Purchaser shall pay such commission
or fee, and Purchaser shall indemnify and hold Seller harmless from any and all claims, causes of
action, liability, expense, damage or attorney’s fees related thereto. This indemnification and
hold harmless agreement shall survive the closing and delivery of the deed.

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PURCHASER:

     

Paul M. Kraus

     

Carol A. Kraus

Date:     

ACCEPTANCE

The undersigned, Seller, hereby accepts the foregoing offer and agrees to sell the Premises
and to otherwise comply with the Agreement.

SELLER:

THE ANDERSONS FARM DEVELOPMENT CO., LLC, an Ohio limited
liability company

	 	 	 
	By:	 	THE ANDERSONS, INC.,
	
 
	 	an Ohio corporation, its sole member
	 
	 	 
	
 
	 	By:     

Title:     

Date:     

2

EXHIBIT A

LEGAL DESCRIPTION

Lot 2

All That Part Of The Northwest 1/4 Of Section 23, Town 2, United States Reserve, City Of Toledo,
Lucas County, Ohio, Bounded And Described As Follows:

Commencing At A Metal Disk Found In Concrete At The Northwest Corner Of Said Section 23;

Thence South 00o14’11” West A Distance Of 465.00 Feet Along The West Line Of Said Section 23 To A
Point;

Thence South 89o51’45” East A Distance Of 119.05 Feet Parallel To And 465.00 Feet South Of As
Measured Perpendicular To The North Line Of Said Section 23 To A Point On The Centerline Of Holland
Sylvania Road ;

Thence Southwest A Distance Of 342.80 Feet Along A Curve To The Right Southwest Having A Radius Of
636.62 Feet And A Central Angle Of 30o51’07” And A Chord Of North 10o12’35” West 338.67 Feet To The
Point Of Beginning;

Thence South 54o22’36” East A Distance Of 120.15 Passing Through A Capped 5/8” Rod Set On The
Southeasterly Right Of Way Line Of Holland Sylvania Road To A Point (Found 3/4” Pipe 0.45 Feet North
And 0.54 Feet East);

Thence South 89o34’54” East A Distance Of 234.54 Feet To A Capped 5/8” Rod Set;

Thence North 71o14’29” East A Distance Of 130.06 Feet To A Capped 5/8” Rod Set;

Thence North 17o57’25” East A Distance Of 152.49 Feet To A Capped 5/8” Rod Set;

Thence North 62o57’25” East A Distance Of 78.60 Feet To A Point On The Meander Line Of A Lake;

Thence South 54o04’38” East A Distance Of 135.76 Feet Along Said Meander Line To A Point;

Thence South 74o38’38” East A Distance Of 81.28 Feet Continuing Along Said Meander Line To A Point;

Thence South 16o09’33” West A Distance Of 311.54 Feet To A Capped 5/8” Rod Set;

Thence North 62o35’52” West A Distance Of 364.26 Feet To A Mag Nail Set;

Thence North 89o34’54” West A Distance Of 256.18 Feet To A Mag Nail Set;

Thence North 54o22’36” West A Distance Of 121.64 Feet To A Point On The Centerline Of Holland
Sylvania Road;

Thence Northeast A Distance Of 10.14 Feet Along A Curve To The Left Having A Radius Of 636.62 Feet
And A Central Angle Of 00o54’45” And A Chord Of North 26o05’31” East 10.14 Feet To The Point Of
Beginning, Containing 2.051 Acres More Or Less Of Which 304.017 Square Feet More Or Less Lies
Within The Right Of Way Of Holland Sylvania Road. Subject To All Highways, Easements And
Restrictions. The Land Herein Described Is Part Of Land Owned By Anderson Elevator Company, Lucas
County Tax Parcel #26-26771. Bearing Control Is Based On Previous Survey By G.M. Barton. This
Description Was Prepared On March 3, 2006 From A Survey Of The Premises.

3

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