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200312596
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Last modified
10/16/2011 6:46:02 AM
Creation date
10/28/2005 3:30:36 PM
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DEEDS
Inst Number
200312596
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200312596 <br />NOW, THEREFORE, in consideration of the mutual covenants and conditions contained <br />herein, and for other good and valuable consideration the parties hereto agree as follows: <br />1. Incorporation of Recitals. The foregoing recitals are specifically incorporated in this <br />agreement and made a part of this agreement by this reference. <br />2. Personal Property. The 60'x 40' metal outbuilding described hereinabove shall at all <br />times be and remain personal property notwithstanding that the improvement or any part thereof <br />may not be or hereafter become in any manner affixed, or attached to, or embedded in, or <br />permanently resting upon the subject real estate. The improvement shall at all times remain <br />severed from the subject real estate and will be considered with respect to the interests of the <br />parties hereto as personal property. <br />3. Real Estate Taxes. At all times during the term of this Agreement, Roush shall <br />reimburse Hatch for the proportionate share of the real estate taxes paid which are attributable to <br />the 60'x 40' metal building. Hatch shall notify Roush immediately after receiving notice of the <br />real estate taxes assessed for a particular year and Roush shall pay his proportionate share of <br />such real estate taxes to Hatch within thirty (30) days after receipt of such notice. <br />4. Repair /Condition of Improvements. At all times during the term of this agreement, <br />Roush shall, at his sole cost and expense, provide all maintenance and repair to the afore - <br />referenced metal outbuilding so as to keep the same in proper condition and in a proper state of <br />repair throughout the term of this agreement. Furthermore, in the event that the aforesaid <br />improvement should be materially destroyed by fire or other causes or are otherwise removed <br />from the subject real estate, Roush, at Roush's sole cost and expense, shall cause said <br />improvement to be demolished and removed from the subject real estate in a workmanlike <br />manner and in such a fashion so that the subject real estate shall be returned to its condition as it <br />existed prior to construction of the aforesaid improvement, subject, however, all concrete and <br />underground wiring, if any, placed upon the subject real estate in connection with said <br />outbuilding shall remain intact upon the subject real estate and shall thereafter belong solely to <br />Hatch. <br />5. Removal /Purchase of Improvements. Subject to Hatch's right to purchase the <br />aforedescribed improvement as provided hereinbelow, Roush shall have the right to remove from <br />the subject real estate the aforedescribed 60'x 40' metal outbuilding at any time during the term <br />of this agreement. If Roush desires to remove the aforedescribed outbuilding from the subject <br />real estate, Roush shall notify Hatch in writing of his desire to remove said building from the <br />subject real estate by United States certified mail, return receipt requested, or by personal <br />delivery. Upon the exercise of his option to purchase the improvement, which Roush desires to <br />remove from the subject real estate, Hatch shall be required to purchase and Roush shall be <br />required to sell such improvement upon the terms and conditions as provided herein. The <br />purchase price for the improvement shall be the then fair market value of the same to be agreed <br />upon by the parties. In the event that the parties cannot agree as to the fair market value of the <br />improvement within thirty (30) days of the exercise of the option by Hatch as provided <br />hereinabove, then each party shall select an independent qualified appraiser to value the <br />2 <br />
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