200406869 - Laserfiche WebLink

Browse

200406869 Nothing contained in this Agreement shall limit or restrict the placement of additional building(s) or other improvements upon the Wal -Mart Property. b. "Common Areas" shall be all of the Trust Property with the exception of any Building Areas. C. "Poland Easement Area" shall be that certain land located in Hall County, Nebraska, which is encumbered by an Easement Agreement by and between Judith K. Poland, Robert Poland and Trust, which was recorded as of the date hereof in the official records of Hall County, Nebraska d. Conversion to the Common Areas: Those portions of the Building Areas on the Trust Property which are not from time to time used or cannot, under the terms of this Agreement, be used for a building shall become part of the Common Area for the uses permitted hereunder and shall be improved, kept and maintained as provided herein. 2. Use. Any buildings constructed or to be constructed on the Trust Property may only be used for commercial purposes of the type normally found in a retail shopping center including without limitation financial institutions, service shops, offices, retail stores and restaurants. As long as Wal -Mart, or an affiliate of Wal -Mart, is a user of the Wal -Mart Property as either an owner or lessee, no theatre, bowling alley, billiard parlor, or night club shall occupy space on the Trust Property without the written consent of Wal -Mart. As long as Wal -Mart, or an affiliate of Wal -Mart, is a user of the Wal -Mart Property as either an owner or lessee, no cafeteria shall occupy space on the Trust Property unless (a) such cafeteria contains less than 8,000 square feet, and (b) the owner of the Trust Property or any portion thereof, shall continuously provide and maintain a parking ratios of no less than 15 parking spaces for every 1,000 square feet of building space in such cafeteria unless Wal -Mart consents in writing to a different arrangement. As long as Wal -Mart, or an affiliate of Wal -Mart, is a user of the Wal- Mart Property as either an owner or lessee, no business, which (a) has gross sales from the sale of alcohol in excess of 50% of the gross sales of the entire business, or (b) sells alcoholic beverages for off - premises consumption, shall occupy space on the Trust Property without Wal- Mart's prior written consent. Trust recognizes that said businesses may inconvenience Wal -Mart's customers and adversely affect Wal -Mart's business. Additionally, Trust covenants that as long as Wal -Mart, or any affiliate of Wal -Mart, is the user of the Wal -Mart Property, either as owner or lessee, no space in or portion of the Trust Property, and no space in or portion of any other real property adjacent to the Shopping Center which may subsequently be acquired by Trust, shall be leased or occupied by or conveyed to any other party for use as a retail facility dispensing gasoline or fuel from pumps, a membership warehouse club, a pharmacy, a discount department store or other discount store, as a grocery store or as any combination of the foregoing uses. In the event that Wal -Mart or an affiliate of Wal -Mart fails to open and operate a gas station on the Wal -Mart Property within twenty -four (24) months after the completion of construction of the building on the Wal -Mart Pad, or if after opening of such gas station on the Wal -Mart Property, Wal -Mart or an affiliate of Wal -Mart ceases the operation of such gas station on the Wal -Mart Property for more than twelve (12) consecutive months (exclusive of periods of expansion, repairs or remodeling) then, in either of such events, the restrictions set forth in this paragraph prohibiting the operation of a gas station 01498488.6/2 2