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200000132
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Last modified
7/20/2017 7:09:10 PM
Creation date
10/20/2005 7:36:13 PM
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DEEDS
Inst Number
200000132
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� 200000132 <br /> percentage of the total contributions to the rehabilitation of the Property by Subrecipient and <br /> Grantee. Such percentage ("Grantee's percentage") shall initially equal the total contribution of : <br /> Grantee to the rehabilitation of the Property over the total contributions to the rehabilitation of <br /> the Property made by the Subrecipient and Grantee, including Subrecipient 's acquisition costs of <br /> the Property. Upon completion of the rehabilitation of the Property, Subgrantee, Subrecipient <br /> and Grantee sha11 file a supplement to this Preservation Covenant setting forth and establishing <br /> the actual contributions of each party. The formula for determining "Grantee's pereentage" dver : <br /> the twenty (20)year term of this Preservation Covenant shall include a reduction of Grantee's : <br /> contributions by the sum of one-twentieth(1/20th) of such contributions per full year from and : <br /> after recording of this Preservation Covenant, and shall be computed as follows: <br /> Grantee's percentage = (Grantee's contributions) minus (1/20 of Grantee 's : <br /> contributions x number of full years from the date <br /> of filing this covenant) <br /> (Total contributions by Subrecipient and Grantee) : <br /> In the event a change in conditions give rise to extinguishment of this Preservation <br /> Covenant in accordance with paragraph 5 of the Historic Preservation Easement, then Grantee is <br /> entitled to receive a portion of any proceeds from a casualty loss equal to the Grantee's <br /> percentage of such proceeds and, on a subsequent sale, exchange or involuntary conversion of <br /> the Property, is entitled to receive a portion of the proceeds therefrom equal to the Grantee's <br /> percentage of such proceeds, subject to the conditions set forth in paragraph 5 of the Historic : <br /> Preservation Easement. Grantee shall utilize such proceeds for other eligible Title 23 activities. : <br /> 9. Rental Income. Subgrantee and Subrecipient agree that a fixed percentage of any : <br /> monetary income received by Subrecipient from the rental, use or operation by unrelated third <br /> parties of that part of the interior of the Property improved with federal-aid, in excess of the costs <br /> of maintaining, repairing, insuring and operating the Property, will be applied toward repayment <br /> of federal-aid to Grantee or used by the Subgrantee for other eligible Title 23 activities. The : <br /> parties acknowledge and agree that federal-aid assistance utilized for rehabilitation of the exterior <br /> of the property, and the granting of the Historic Preservation Easement thereon, constitute a <br /> governmental or public use purpose of such funds. <br /> It is understood and agreed between the parties that it is the Subrecipient 's intent to <br /> alter the interior of the Property for use, in part, as a transportation museum. Subrecipient agrees <br /> to maintain this use or, in consultation with Grantee and Subgrantee, other public use or public <br /> access. Nothing in this Agreement shall be deemed to restrict the Subrecipient 's right to make : <br /> interior alterations or modifications, now or in the future, as long as such alterations or <br /> modifications do not substantially alter the appearance of those areas protected by this <br /> Preservation Covenant, as provided in Paragraph 1(a) of the Historic Preservation Easement. : <br /> Such percentage ("Grantee's Rental Percentage") shall equal the total contribution of <br /> Grantee to rehabilitation of that part of the interior of the Property improved with federal-aid <br /> assistance over the total contribution to rehabilitation of such interior part by Grantee and <br /> Subrecipient. <br /> Exhibit"B" <br /> Page 3 of 7 : <br />
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