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Home My WebLink AboutAgreement to Release Amendment • /1-TC-Mitaxis Doc U.I.; Vol 010151)20 OF: ZUS 201 RETURN TO: College Station, Texas :r��.F Tt"t1 CO Store No. 1150-08 AGREEMENT REGARDING RELEASE OF SECOND AMENDMENT TO ECR THIS AGREEMENT REGARDING RELEASE OF SECOND AMENDMENT TO ECR (this "Agreement") is entered into as of the 7 day of July, 2008, by and among WAL-MART REAL ESTATE BUSINESS TRUST, a Delaware statutory trust ( "Aral Mart"), with a mailing address of 2001 S. E. loth Street, Bentonville, Arkansas 72716 -0550, KALLSTROM COMMERCIAL, INC, PROFIT SHARING PLAN, and KATHLEEN CRABTREE, SUCCESSOR TRUSTEE OF THE DAVID IL KALLSTROM REVOCABLE TRUST ("Kallstrom"), with a mailing address of c/o James Kallstrom, 201 Robert S. Kerr Avenue, #1600, Oklahoma city, OK 73102, and ANGELINA ASSETS, LLC ( "Angelina "), with offices at and a mailing address of 4314 Stanford. St., Houston, TX 77006. WHEREAS, Wal -Mart Properties, Inc. and Southwood Valley, Inc. previously entered into that certain agreement entitled EASEMENTS WITH COVENANTS AND RESTRICTIONS AFFECTING LAND ( "ECR "), dated June 26, 1987, recorded in Volume 981, Page 204, Real Property Records of Brazos County, Texas; and WHEREAS, said ECR was amended by that certain agreement entitled AMENDMENT TO EASEMENTS WITH COVENANTS AND RESTRICTIONS AFFECTING LAND ( "First Amended ECR "), dated August 17, 1990, recorded in Volume 1204, Page 471, Real Property Records of Brazos County, Texas (the ECR and First Amended ECR are hereinafter sometimes referred to collectively as the "ECR "); and WHEREAS, a Second Amendment to ECR was circulated among the Owners in the Shopping Center (as such term is used therein) for execution, which Second Amendment to ECR, among other things, redefined the areas of land subject to the ECR and amended the ECR to accommodate use of the subject Parcels (as such term is defined therein); and WHEREAS, an the date hereof, Kallstrom is the owner of the tract or parcel of land identified as Kailstrom's Parcel in the Second Amendment to ECR as described on Exhibit A attached hereto; and. WHEREAS, on the date hereof, Angelina is the owner of the tract or parcel of land identified as Angelina Parcel in the Second Amendment to ECR as described on Exhibit 13 attached hereto; and WHEREAS, on or about the date hereof, Kallstrom and Angelina sent to LandAmerica American Title Company, its partially- executed original counterparts of the Second Amendment to ECR Pursuant to the transmittal letter prepared by Cully Lipsy addressed to David Bailiff at LandAmerica American Title Company, the Second Amendment to ECR as executed by Kallstrom and Angelina was only to be released upon the satisfaction of four conditions; and WHEREAS, the parties are executing this Agreement in order to satisfy Kallstrom and Angelina concerns regarding the four conditions to release such that by the parties execution hereof, the Second Amendment to ECR may be released for recording upon the acquisition of adjoining land by Wal -Mart, known as the Wal -Mart Tract as described on Exhibit C attached hereto ( "Closing "). 1. Conditions. Wal -Mart hereby agrees to the following: AGREEMENT REGARDe4O RELEASE OF SECOND AMENDMENT TO ECR /COLLEGE STATION STORE No. 1150 - 16358.511 / 9/17/08 / D- 1649570 3.DOC PAGE 1 Of 8 Doe 8k Vol p 0150 20 OR 8878 202 (a) Shared Wall. There presently exists a common wall between the Kallstrom Parcel and Angelina Parcel and Wal -Mart Tract. Wal -Mart agrees that should it desire to demolish the existing building and thus modify the shared wall, it shall come to a mutually agreeable written agreement for demolition and design of the shared wall with Angelina and Kallstrom. (b) Access Easement. If Wal -Mart desires to demolish the existing building, Kallstrom and Angelina agree to grant to Wal -Mart a temporary access easement at Wal- Mart's request in order for Wal -Mart to inspect the shared wall, said easement to be in a form approved by Wal -Mart, Kalistrom, and Angelina. (c) Parking Ratio. Wal -Mart agrees to execute for recording at the Closing a Parking. Ratio Agreement which agreement would provide that the land known as Lot 4B of the Revised Plat of lot 4, Block 15, Southwood Plaza Phase 11, College Station, Texas as recorded in Volume 1203, Page 143, of the Real Property Records of Brazos County, Texas, shall have a parking ratio for restaurant use of no less than fifteen (15) parking spaces for every 1,000 square feet of building space. 2. This Agreement shall run with the land. 3. This Agreement shall be binding on the parties until the conditions specified in la -c are satisfied in which case this Agreement shall automatically terminate or upon the recording of a termination agreement executed by the owners of the,Kallstrorn Parcel, Angelina Parcel, and Wal -Mart Tract. [Remainder of Page Intentionally Left Blank; Signature Page Follows.] • AORF -EMENT REGARDR'G RELEASE OF SECOND AMENDMENT TO ECR / COLLEGE STATION STORE No, 1.1.50 -08 16358.511 /9/17/08/D-1649570 3.DOC PAGE 2 of 8 Doc Bk VO1 F3 01015020 OR 8S7E 203 • KALLSTROM: KALLSTROM COMMERCIAL, INC. PROFIT SHARING PLAN By: t/ 4 Name: A A- . 4 r• b Title: SG- STATE OF O § § COUNTY OF u /�7A1 r 1 J § This instnun t was acknowledged before me on this&& 3 #. day of E}"� ' S y 2008, by � i &.tt/'I 4. ( rt'R#i;- , of KALLSTROM COMMERCIAL, INC. PROFIT SHARING PLAN, on behalf of said profit sharing plan. {t 04 . Notay C4 ubltc kr, cm. cvA Public, State of Ohb (PERSONALIZED SEAL) My can EON June 3, 2009 Recorded in Stoic County By: 0_ 4111L..� ,.r KA i t N CRAB • 7 SUCCESSOR TRUSTEE OF THE i VID H. KALLSTROM REVOCABLE TRUST STATE OF C "-kr O § COUNTY OF try t § This instrument was acknowledged before me on thisc 3Q day of S — 2008, by KATHLEEN CRABTREE, SUCCESSOR TRUSTEE OF THE IjAVID FL KALLSTROM REVOCABLE TRUST, on behalf of said trust. ac4,4 Notary Public Si lure Dffino A. 71SSOT, CPA. OVA (PERSONALIZED SEAL) MYCa� NW, Ste* of Ohio Expiw,June 3, 2000 Recorded ki Mirk County AGREEM.INT REGARDING RELEASE OF SECOND AMENDMl 4T TO ECR / COLLEGE STATION S7oKE N0. )150 - 16358.51]/9/17148/D•1649570 3.DOC PAGE3 OF Doc Bk Vol F3 010150120 OR 8�7B 204 ANGELINA: ANGELINA ASSETS, LLC, By: 3 �i r1/4---‘ Name: Sit Cifct • a' fCtiO4r1 '- Title: Ma Ng,,+�, i,_ t! tr STATE OF - Taiga S § § COUNTY OF fht Y/ S § This instrument was acknowledged before me on the ay of (,i` B 2008, SxtilaJCStrwi ' N it N+x� hi q "it t hi et of A LINA AS TS, I ,C, on behalf of said limited liability corpiration. Y P J. A 5AlA7AR jJ � .. . / i l k Notary Pupllc � l l VZO. STATE OF TEXAS Not �blic Lature) r 1 , 4 ei a.• My Comm. Exp. 10-22 -2011 (P 4 A - ' i . AG$tEEMENT REGARDING RELEASE OF SECOND AMENDMENT TO ECR / COLLEGE STATION STORE. NO. 1.1 50 16358.511/ 7/8/08/ D- 1647570 3.DOC FAGS 4 OF R • Doc E k N 01015020 DP 8878 205 WAL -MART: WAL -MART REAL ESTATE BUSINESS TRUST, a Delaware statutory trust By: / Name: St' nnnn Letts Title: • agional Vice- President STATE OFD;' NECIUtSCU . § COUNTY OF i _n_ This ' st ument was ckn w dged before m on is c day of a1 2008, b r � by r J (t X of WAL -MART REAL ESTATE BUSINESS TRUST, a Delaware statutory trust, on behalf of said trust. -- �� h . ' I _.. I . Al No Public S', . (PERSONALUPD SEAL) LAURIN 6, Mi f`tj 4EU- Notary Pvl?Ilc - Arkansas Benton County My Gommlesian Expires March 1, 2017 Commission # 12359078 AGREEMENT ENr REGARDING RELEASE OF SECOND AMENDMENT TO ECR 1 Cota.F3CE STATION SroRE No. 1150 -08 16358.511 / 9/17/08 / D-1649570 3.1)0C PAGES of 8 Doc Bt. Vol Ps 01015020 OR 8878 206 EXHIBIT A Kallstrom Parcel Portion of that tract of land known as Lot 4H, Block 15, Revised Plat of Southwood Plaza, Phase Two, an addition to the City of College Station, Brazos County, Texas, according to the plat recorded in Volume 1203, Page 143, Plat Records of Brazos County, Texas. Unit 1 according to the Declaration of condominium and By -Laws recorded in Volume 2471, Page 260 of the Real Property Records of Brazos County, Texas. AORREMENT REGARDING RELEASE OF SECOND AMENDMENT TO ECR / Cou EGE STATION STORE No. 1150 -05 16358.511 / 9/17/08 / D.1649570 3.1JC PAGE 6 OP 8 Dm; t?.k Vol Ps 010,1 ' 2t0 OR w878 207 EXHIBIT B Angelina Parcel Portion of that tract of land known as Lot 4H, Block 15, Revised Plat of Southwood Plaza, Phase Two, an addition to the City of College Station, Brazos County, Texas, according to the plat recorded in Volume 1203, Page 143, Plat Records of Brazos County, Texas. Units 2, 3, 4, and 5 according to the Declaration of condominium and By -Laws recorded in Volume 2471, Page 260 of the Real Property Records of Brazos County, Texas. AGREEMENT REGARDING RELEASE OF SECOND AMENDMENT TO ECR!COLLEGE STA11ON SrortE No. 11 50-08 16358.511 /9 /]7/08 /D- 1649570 3 . DOC PAGE 7OF 8 Doc Bi; Vol Ps 0101 5020 OR 8878 208 EXHIBIT C Wal-Mart Parcel Portion of that tract of land known as Lot 4A, Block 15, Revised Plat of Southwood Plaza, Phase Two, an addition to the City of College Station, Brazos County, Texas, according to the plat recorded in Volume 1203, Page 143, Plat Records of Brazos County, Texas. Filed for Record in BRAZOS COUNTY On Nov 202008 at 01:21P As a Record inss Do Number: 1 /1015020 Amount 39,00 Receipt NuAher - 354727 Bar Karen McQueen STATE OF TEXAS COUNTY OF BRAZOS 1 hereby certify that this instrument was filed on the date and time stamped hereon by me and was duly recorded in the volume and Page of the Official Public records of: BRAM COUNTY as stamped hereon be me. Nov 24t2008 HONORABLE KAREN rfCQUEENt COUNTY CLERK BRAZOS r�UNTY AGREEMENT REGARDING RELEASE OF SECOND AMENDMENT TO Eat /COLLEGE STATION STORE No. 1150.08 16358,511 /9/17/08 /D1649570 3.DOC PAGE 8 of