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� � � T � D" -�-� � n (� Z j S � G. x c� cn -� r=fl N y � � � �:7� t�/� n = c a � m � � � � �� c> "� o -� �.,;,, 1-� o -*� � � � � � �• Ul � H � � � r..l i c. :T_ n'1 � ;�; �": -Z; x► cc H r �� I"�' 2y a p � � � � � � � ,,, � � v� � . � � � � 99 110984 DEVELOPMENT. OPERATION AND EASEMENT AGREEMENT �� S- a THIS AGREEMENT, made this �.r � Z� , 1999, by and befinreen GRAND ISLAND ASSOCIATES, LLC, an Illinois limited liabi ity (the "Company"), GRAND ISLAND OUTLOT, LLC, an Illinois limited liability (the "Outlot Seller") and COBALT AUTO STORES, L.L.C., a Nebraska limited liability company (the "Outlot Owner"). RECITALS: A. Concurrent with the execution of this Agreement, the Outlot Seller has conveyed to Outlot Owner that certain parcel of land in the City of Grand Island, County of Hall, Nebraska, which is legally described on the attached Exhibit A and depicted on the site plan attached as Exhibit B (the "Outlot"). B. The Outlot abuts the property developed as a shopping center described and shown in Exhibit C attached hereto and made a part hereof(the "Shopping Center"). The Company is the owner of the Shopping Center. C. The parties desire to enter into the following agreement regarding the development and use of the Outlot. The conveyance by the Company of the Outlot to the Outlot Owner is subject to the terms and conditions hereof. NOW, THEREFORE, for One Dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each, the parties agree as follows: ARTICLE I DEVELOPMENT OF THE OUTLOT 1.01 Construction of Buildina. Within one (1) year after the date hereof, the Outlot Owner shall complete construction and open for business to the public a one-story building of approximately 7,000 square feet on the Outlot (the "Building") to be used for an automobile parts and supply store. Outlot Owner shall be responsible, at its own cost, to obtain all permits, variances, licenses and approvals necessary from applicable authority to construct the Building on the Outlot and the Company shall, at Outlot Owner's expense, reasonably cooperate with the Outlot Owner in obtaining the same. 1.02 Approval of Site Plan. No buildings or improvements shall be constructed on the Outlot except in accordance with a site plan and elevation and exterior detail plans therefor which shall be approved by the Company in its absolute discretion in writing prior to commencement of construction. No construction activity on the Outlot shall interfere ;