200503080 - Laserfiche WebLink

Browse

2005030 SO RELEASE OF RESTRICTIVE COVENANT This Release of Restrictive Covenant (this "Release ") is executed this 18th day of March, 2005, by Centris Federal Credit Union, with an address of 3406 W. State Street, Grand Island, NE 68803 ( "Centris ") and witnesses: Centris owns certain property located in the Northwest Crossing Shopping Center, Grand Island, Nebraska, the legal description of which is attached hereto as Exhibit A (the "Centris Property); Centris' predecessor -in- interest, Northstar Restaurants, Inc. (dba Boston Chicken) entered into that certain Shopping Center Easement Agreement with Grand Island Properties, Ltd. ( "GIP ") dated May 4, 1995 (the "Easement "); The Easement provides for, among other things, a restrictive covenant against GIP or any subsequent owner of the adjacent property, the legal description of which is attached hereto as Exhibit B (the "Shopping Center "), whereby GIP agreed that no property presently or hereafter owned, leased or controlled directly or indirectly by GIP within the Shopping Center may be sold, leased, managed, used or occupied for a restaurant or food service property offering chicken, pot pies or other related products (the "Restrictive Covenant "); GIP's successor -in- interest, Raymond and Jennifer O'Connor (collectively "O'Connor ") are in the process of selling the Shopping Center and have been asked to have the Restrictive Covenant released; and Given that Boston Chicken is no longer operating on the Centris Property, Centris has agreed to release the Restrictive Covenant pursuant to the terms hereof. Now, therefore, for Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Centris agrees as follows: 1. The above recitals are hereby incorporated by reference; and 2. Centris hereby releases O'Connor and any subsequent owner of the Shopping Center from the Restrictive Covenant. CENTRIS FEDERAL CREDIT UNION By: Its: