HomeMy WebLinkAbout101414 - Parking AGreementPARKING AGREEMENT
Parcel 10
This Parking Agreement (Parcel 10) (the "Agreement "), entered into this LtL_ day of
October, 2014, by and between CCC Market, LLC ( "Pedcor Investments "), and The City of Carmel
Redevelopment Commission ( "CRC "), Witnesses:
Recitals
WHEREAS, Pedcor Investments and CRC have entered into that certain Purchase
Agreement dated October)i) , 2014 (the "Purchase Agreement ");
WHEREAS, pursuant to the Purchase Agreement, Pedcor Investments is acquiring from
CRC that certain real estate located on the parcel commonly referred to as "Parcel 10 ", which real estate
commonly is known as the "10 South Parcel ";
WHEREAS, the 10 South Parcel is burdened and benefitted by that certain Easement
Agreement (Use of Phase I Contaminated Site) recorded as Instrument Num ber 200200025741, as amended
by that certain: (a) Amendment to Easement Agreement (Use of Phase I Contaminated Site) recorded as
Instrument Number 200400005237; (b) Second Amendment to Easement Agreement (Use of
Phase I Contaminated Site) recorded as Instrument Number 2007058836; (c)Third Amendment to Easement
Agreement (Use of Phase I Contaminated Site); and (d) Fourth Amendment to Easement Agreement (Use
of Phase I Contaminated Site) recorded as Instrument Number 2014038937 (collectively, the
"Phase I Easement Agreement ");
WHEREAS, the 10 South Parcel also is burdened and benefitted by that certain Easement
Agreement (Use of Phase II Contam inated Site) recorded as Instrument Number 200200025742, as amended
by that certain: (a) Amendment to Easement Agreement (Use of Phase 11 Contaminated Site) recorded as
Instrument Number 200400005238; (b) Second Amendment to Easement Agreement (Use of
Phase 11 Contaminated Site) recorded as Instrument Number 2007058837; and (c) Third Amendment to
Easement Agreement (Use of Phase II Contaminated Site); and (d) Fourth Amendment to Easement
Agreement (Use of Phase 11 Contaminated Site) recorded as Instrument Number 2014038938 (collectively.
the "Phase II Easement Agreement ");
WHEREAS, the Phase I Easement Agreement and the Phase II Easement Agreement,
collectively, are the "Easement Documents ";
WHEREAS, CRC owns the real estate that is adjacent to the 10 South Parcel on which there
currently is located a surface parking lot, which real estate commonly is known as the "10 West Parcel ";
WHEREAS, pursuant to the Easement Document Documents, CRC has the right to replace
the surface lot located on the 10 West Parcel with a structured parking facility (the "Garage ");
WHEREAS, pursuant to the Purchase Agreement, CRC agreed to certain obligations with
respect to the construction and use of the Garage that are in addition to the obligations of CRC that are set
forth in the Easement Documents;
WHEREAS, the Purchase Agreement contemplates that, at the closing with respect to the
acquisition by Pedcor Investments of the 10 South Parcel, Pedcor Investments and CRC will enter into an
agreement setting forth such obligations;
WHEREAS, such closing is occurring on the date hereof; and
WHEREAS, Pedcor Investments and CRC desire to enter into this Agreement;
Agreement
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are acknowledged hereby, Pedcor Investments and CRC agree as follows:
1. Temporary Parking. Prior to commencing construction of the Garage, CRC shall implement a plan
for temporary parking as follows:
(a) there shall be parking available adjacent to the 10 South Parcel in a configuration
reasonably acceptable to Pedcor Investments and CRC;
(b) CRC will provide Pedcor Investments with the right to use 20 parking spaces within
a radius of 300 feet of the 10 South Parcel, which parking spaces shall be located west of
the center line of Rangeline Road; and
(c) construction personnel shall be prohibited from parking in the above referenced
parking.
2. Construction. Construction of the Garage shall be substantially com pleted on or before the date that
is 15 months after the commencement thereof.
3. Use. Pedcor Investments shall not have any exclusive rights with respect to parking spaces in the
Garage.
4. Miscellaneous. This Agreement: (a) may be executed in separate counterparts, each of which shall
be an original, but all of which together shall constitute a single instrument; (b) shall be governed by, and
construed in accordance with, the laws of the State of Indiana; and (c) may be modified only by a written
agreement signed by both Pedcor Investments and CRC. The invalidity, illegality, or unenforceability of any
one or more of the terms and conditions of this Agreement shall not affect the validity, legality, or enforceability
of the remaining terms and conditions hereof.
ZVDocuments \Shoup, Jenny VCity of CarmelAParcel 10APedcor Purchase 080cy4
2014 \Parking Agreement.wpr -L-
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth
above.
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2014 \Parking Agreement wpd
CCC MARKET, LLC !!11
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THE CITY OF CARMEL
REDEVELOPMENT COMMISSION
By:
William Hammer, President
THE CITY OF CARMEL
REDEVELOPMENT COMMISSION
By:
Printed:
Title:
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth
above.
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20141Parking Agreement.wpd
CCC MARKET, LLC
By:
Printed:
Title:
T H E C I T Y
REDEVELOPMENT
By:
OF CARMEL
GhI
OMMISSION
William Hammer,
THE CITY OF CARMEL
REDEVELOPMENT COMMISSION
By:
Printed:
Title:
above.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth
CCC MARKET, LLC
By:
Printed:
Title:
T H E C I T Y O F CARMEL
REDEVELOPMENT COMMISSION
By:
William Hammer, President
THE CITY
REDEVELOPMEN ISSION
By: Qi) C \ f1
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Title: U 7
OF CARMEL
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