) __ /.· m "' "' "' 3 "' ::J ~ OJ a: ~-"' ::J ::J OJ 0 c: -..c· ! c: "' I I 0 ~ "' I v;-I N 0 0 OJ COWLES &THOMPSON A Professional Corporation ATTORNEYS AND COUNSELORS ANGELA K. WASHINGTON 214.672.2144 AWASHINGTON@COWLESTHOMPSON.COM January 6, 2003 Mr. Sadrudin Kassam, Manager Mayflower Hotels, LLC 1213 Cottonwood Valley Drive Irving, TX 75038 RE: Parcel 7, Addison Road Extension Project 15200 Addison Road Dear Mr. Kassam: Ken Dippel with this office serves as City Attorney for the Town of Addison. The Town is in the process of extending Addison Road and is currently in the right-of-way acquisition phase of the project. In connection with this project, the Town has determined the need to acquire a portion of the tract of land that is currently occupied by the Mainstay Suites, located at 15200 Addison Road. This land acquisition is necessary for the purpose of obtaining public right-of-way for the Addison Road project along with related municipal uses including public parks and open spaces. We have obtained information from our title company confirming that the current owner of the property is Bidjaan Boutique Hotels, Ltd., and that Mayflower Hotels, LLC is the general partner ofBidjaan. I am enclosing field notes and a survey depiction showing the area the Town wishes to purchase. The firm of Hi pes & Associates appraised the area in March of last year. The enclosed summary sheet shows that the fair market value of the area is $8,475.00. Thus, the Town is willing to purchase the property for $8,475.00. Please advise by January 20, 2003 as to whether Bidjaan is willing to sell the property to the Town. If so, we also note that there is a lien on the property resulting from a default judgment awarded to R.D.L. Supply Company. We will need a partial release from RDL to clear title to the area prior to closing the transaction. I look forward to hearing from you regarding this matter. Should you have any questions, please feel free to contact me. Sincerely, *~~:.,~~ AKW/yjr Enclosures 0 A l L A S T Y L E R 901 MAIN STREET SUITE 4000 DALLAS TE\:..S iEL 214 672.2000 I=AX 214 672.2020 WWW. COWl E STHO M PSO N .C 0 M January 6, 2003 Page 2 c(w/Enclosures): Mr. Mike Murphy, Director of Public Works Mr. Steve Chutchian, Assistant City Engineer Mr. Kenneth C. Dippel, City Attorney COWLES &THOMPSON A Professional Corporation ATTORNEYS AND COUNSELORS ANGELA K. WASHINGTON 214.672.2144 AWASHINGTON@COWLESTHOMPSON.COM March 25 2004 VIA FACSIMILE (214) 855-8848 AND REGULAR U.S. MAIL Ms. Patricia A. Sherman Bruce, Esq. Vice President Republic Title of Texas, Inc. 2626 Howell Street, 1Oth Floor Dallas, TX 75204-4064 RE: Parcel 7, Addison Widening of Road Project GF No. 02R05324/SJ7 Dear Patricia: You and I have been corresponding recently regarding the above-referenced property. The Town of Addison has determined that it does not need to acquire the property. Therefore, you may close the file. Thank you for your assistance. If you have any questions, please do not hesitate to call. Sincerely, ~.J!Jffi,__! __ _...! AKW/yjr Enclosure c: Mr. Steve Chutchian, w/Addison Mr. Ken C. Dippel, w/firm D A L L A S T Y L E R Document il: 1099843 901 MAIN STREET SUITE 4000 DALLAS, TEXAS 75202-3793 TEL 214.672.2000 FAX 214.672.2020 WWW.COWLESTHO M PSO N .COM ..25d ~"7 COWLES &THOMPSON A Professional Corporation 1978-2003 ATTORNEYS AND COUNSELORS ANGELA K. WASHINGTON 214.872.2144 AWASHINGTON@COWLESTHOMPSON.COM February 7, 2003 Mr. Sadrudin Kassam, Manager Mayflower Hotels, LLC 1213 Cottonwood Valley Drive Irving, TX 75038 RE: Parcel 7, Addison Road Extension Project 15200 Addison Road Dear Mr. Kassam: Pursuant to your discussions with the Town of Addison, enclosed for execution by Mayflower Hotels, LLC is an Easement Agreement conveying the requested easement to the Town. Please note that execution of this Agreement by the Town is subject to the approval of the City Council. In addition, as stated in my January 6, 2003 letter to you, there are liens on the property that must be cleared up. This matter is addressed in Paragraph 6 of the Agreement. For your convenience, I am enclosing a copy of the Title Commitment. If you have any questions, please give me a call. Sincerely, .~ /1. y-ip--_../Angela K. Washington AKW/yjr Enclosures c(w/o Enclosures): Mr. Mike Murphy 0 A L L A S Ooeument •· 101913$ T Y L E R Mr. Steve Chutchian Mr. Ken Dippel, w/firm 901 MAIN STREET SUITE 4000 DALLAS, TEXAS 75202 3793 TEL 214.672.2000 FAX 214.672.2020 WWW.COW LE STH OM PSON, COM TOWN OF ADDISON, TEXAS RESOLUTION NO. R02-093 A RESOLUTION OF THE CITY COUNCIL OF THE TOWN OF ADDISON, TEXAS DETERMINING THE NECESSITY OF ACQUIRING THE HEREINAFTER DESCRIBED REAL PROPERTY OWNED BY RAIL HOTELS CORPORATION AND AUTHORIZING ITS CONDEMNATION AND/OR APPROPRIATION FOR PUBLIC USE IN CONNECTION WITH THE REALIGNMENT AND EXTENSION OF ADDISON ROAD IN ADDISON, TEXAS. BE IT RESOLVED BY THE CITY COUNCIL OF THE TOWN OF ADDISON, TEXAS: SECTION 1. That for the purposes of this Resolution, the following definitions of terms shall apply: "PROPERTY": The area described in Exhibit "A" and depicted on Exhibit "B" attached hereto and made a part hereof for all purposes. "PROPERTY INTERESTS": Parkway easement in, over, and across the land described in Exhibit "A" and depicted on Exhibit "B". "PROJECT": Realignment and extension of Addison Road, Addison, Texas. "OFFER AMOUNT": Eight Thousand, Four Hundred Seventy Five and No/100 Dollars ($8,475.00). "OWNERS": Rail Hotels Corporation "LIENHOLDERS": Commonwealth Land Title Insurance Company . Vincent L. Dulweber, Trustee Commerce Loan CO ADO Bank of Commerce A CA Banking Corporation GMAC Commercial Mortgage Corporation RDL IT, Ltd., dba RDL Supply Goodman Factors, Inc. SECTION 2. That it is hereby determined that public convenience and necessity requires that the Town of Addison should acquire the PROPERTY INTERESTS in, over, and across the PROPERTY necessary for the PROJECT. SECTION 3. That the PROPERTY is hereby determined to be necessary for the PROJECT. That for the purpose of acquiring the PROPERTY INTERESTS in, over, and across OFFICE OF THE CITY SECRETARY R02-093 ,l the PROPERTY, the City Manager, or such employee as he may designate, is hereby authorized and directed to offer the OFFER AMOUNT as payment for the PROPERTY to be acquired and full damages allowable by law, which amount represents its fair cash market value. SECTION 4. That the Town of Addison determines to appropriate the PROPERTY INTERESTS in, over, and across the PROPERTY for the PROJECT under the laws of the State of Texas and the provisions of the Charter of the Town of Addison. SECTION 5. That, in the event the OWNERS accept the OFFER AMOUNT as authorized herein, the City Finance Director be and is hereby authorized to draw a check in favor of the OWNERS named above, or the current owners of record, in the OFFER AMOUNT. SECTION 6. That the City is to have possession of the PROPERTY on closing; and the City will pay any title expenses and closing costs; and the City will pay court costs as may be assessed by the Special Commissioners or the court. SECTION 7. Should the employee designated to make the official offer report to the City Attorney that the OWNERS have refused to accept the OFFER AMOUNT as compensation for the hereinabove described taking from the OWNERS under the laws of eminent domain, which amount the City Council deems to be the fair cash market value and all just compensation, in compliance with the laws of the State of Texas, this will be evidence that the Town of Addison cannot agree with. the OWNERS as to the damages legally allowable by law. In such case, the City Attorney is authorized and directed to file the necessary suit and take the necessary action for the prompt acquisition of the PROPERTY in condemnation or in any manner provided bylaw. SECTION 8. That in the event the Special Commissioners in Condemnation appointed by the court return an award that is the same amount or less than the OFFER AMOUNT, the City Finance Director is hereby authorized to issue a check not to exceed the amount of the Commissioners' award made payable to the County Clerk of Dallas County to be deposited into the registry of the court to enable the City to take possession of the PROPERTY without further action of the City Council. SECTION 9. That in the event it is subsequently determined that additional persons other than those named herein have an interest in the PROPERTY, then the City Attorney is authorized and directed to join said parties as defendants in said condemnation suit. SECTION 10. That this resolution shall take effect immediately from and after its passage, as in the Charter in such cases is made and provided. OFFICE OF THE CITY SECRETARY R02·093 PASSED AND APPROVED this the 22"ct day of October, 2002. Mayor Town of Addison, Texas A TrEST: AP~~ Ken C. Dippel, City Attorney OFFICE OF THE CITY SECRETARY R02-093 TOWN OF ADDISON, TEXAS FIELD NOTE DESCRIPTION FOR RAIL HOTELS CORPORATION (PARKWAY EASEMENT) l/29/02 BEING a tract out of a 1.5812 acre tract of land located in the G. W. Fisher Survey, Abstract No. 482, in the Quorum Centre Addition, an addition to the Town of Addison, Texas, conveyed to Rail Hotels Corporation by a deed now of record in Volume 99024, Page 01020 of the Deed Records of Dallas County, Texas, said tract of land being more particularly described as follows: BEGINNING at a point in south line of said 1.5812 acre tract and in the north line of a 1.3774 acre tract of land conveyed to Outback Steakhouse of Florida, Inc. by a deed now of record in Volume 93046, Page 1218 of the Deed Records of Dallas County, Texas and said point beir.g S 89°43'00" E, 20.00 feet from an found "X" in concrete and being the northwest comer of the said Outback Steakhouse tract and the southeast comer of the said Rail Hotels tract; THENCE, N 89043'00" W, along the north property line of the said Outback Steakhouse tract tract (1.3774 acre tract) and the south property line of the said Rail Hotels tract ( 1.5812 acre tract), a distance of 8.00 feet to a point for a comer, said point being in the east line of tract of land 12 feet in width dedicated to the Town of Addison for Addison Road and in the west property line of the said Rail Hotels tract (1.5812 acre tract); THENCE, N00020'03" E, along the east line of the said Town of Addison right-of-way dedication and the west line of the said Rail Hotels tract (1.5812 acre tract), a distance of 192.62 feet to a point for a comer, said point being in the north line of the said Rail Hotels tract ( 1.5812 acre tract) and the south line of a tract of land conveyed to Quorum Centre Limited Partnership as recorded in Volume 92038, Page 247 of the Deed Records of Dallas County, Texas, said point also being S 53027' 16" E, a distance of 88.93 feet to a "X" found marking the west right-of-way line of Addison Road and the southeast comer of a tract of land conveyed as Tract II to Oasis Car Wash, Inc. as recorded in Volume 97234, Page 6241 of the Deed Records of Dallas County, Texas; THENCE, S 89043'00" E, along the north line of the said Rail Hotels tract and the south line of the said Quorum Centre Limited Partnership, a distance of 8.00 feet to a point for a comer; THENCE, S 00020'03" W, being at all times parallel and at a perpendicular distance of 8 feet to the west property line of the said Rail Hotel tract and the east line of the said Town of Addison right-of-way dedication, a distance of 192.62 feet to the Point of Beginning, and containing I ,540.96 square feet (0.035 acres) of land. H ;\projccLS\add ison\981 -$ 3\esmt -doc\p I at-Sc-a-sw .doc 0 0" < I w "5' a. I 0 Sl 0 "II' Q) ""'' "0 ' N" ' SNADON\BRANSCOME JOINT VENTURE NO.1 VOL. 84067, PG. 5718 -------c~,~-:1-~=_5_o· __ _ ADDISON ROAD ~ ~ c::i c§Z#' "x''IN CON C. ~ '4! ...._ ""'----.03·~{_7 ~$& OASIS CAR WASH. INC. ~ 18° • <}J,9" VOL. 97234, PG. 06241 "x''IN CONC.~ ~II appurtcniUlces thereto. This Deed is executed by Grantor and accepted by Grantee subject to all casements, rights of w.:~.y, all such matlcrs of public record .:1.nd all such visible and appilrcnt maltcrs ("Encumbrances''). TO HAVE AND TO HOLD the Propcny, together , .. ·ith ;~II anrt singular the rights and :.ppurtcnanc:ea thereto in anywise belonging, subject to the Encumbrances, unto Grall\cc, its successors and assigns, forever; and Grantor docs hereby bind itself, its successors and ~Usigns, to WARRANT AND FOREVER DEFEND all and singular the s01id Property, subject to the Encumbrances, unto Grantee:, its successors and assigns, against every person whosoever lawfully claiming or to claim the same or any pan thereof, by, through. or under Grantor, but not otherwise and this convey.convey.mcc is made: EXCEPT FOR THE WARRANTY CONTAINED IN THIS DEED, THE PROPERTY IS CONVEYED AS·IS AND WITH ALL FAULTS, AND SELLERJGRANTOREXPRESSl Y DISCLAIMS, AND PURCHASER/GRANTEE ACKNOWLEDGES AND ACCEPTS THAT SELLER/GRANTOR HAS DISCLAIMED, ANY AND AlL REPRESENTATIONS, WARRANTIES, OR GUARANTEES, OF ANY KIND, ORAL OR WRJTrEN, EXPRESSED OR IMPLIED, OR ARISING BY OPERATION OF LAW OR OTHERWISE OR CONCERNING SUCH PROPERTY AND IMPROVEMENTS, INCLUDING WITHOUT LIMITATION, (i) THE CONDITION OF THE PROPERTY OR ANY PORTION THEREOF, INClUDING WITHOUT liMITATION WARRANTIES OF SUITABILITY, HABITABIUTY. MERCHANTABILITY, DESIGN OR FITNESS FOR ANY SPECIFIC PURPOSE OR A PARTICULAR PURPOSE OR GOOD AND WORKMANLIKE CONSTRUCTION, (ii) THE NATURE OR QUALITY Of CONSTRUCTION, STRUCTURAL DESIGN ANLJ ENGINEERING OF THE PROPERTY, (iii) Tfll:: ENVIRONMENTAL CONDITION OF THE PROPERTY AND 'fHE PRESENCE OR ADSENCE OF OR CONTAMINATION DY 1'1 _, .i _, ' ' .-~ ·~·· 1001 2 2 4 0 2 3 5 4 ~f.t 0 ~·-~.~ ---~--.-~-~~-]_ 917JJSS41: TOo9SS 97i"MENT, (i>) l1l]; QUALITY OF THI! LABOR AND MATERIALS INCLUDED IN l1l]; PROPI!Rn', (v) 1m! SOIL CO:-IDTTIONS, DRAr.-IAGE, FLOODING CHARACTERISTICS, u"T!Lli[]!S OR OrnER CONDITJO:>;S !!XI STING fN OR TO THE PROPERTY, AND (vi) THE COMPLIA -.:cE OF THE PROPI!RTY WITH ANY REQUL'U!MEl-o"TS I!STABUSHED BY TilE AMERICA.'IS WITH DISABIT..ITIES ACT. Grlntee hc:eby aasumcs payment ofallt.axcs on the Pn)pcrty, ineluding nut T~Ot limited to all ad \llloran, personal property. City of Addis:on ;nd State of Texas Hotel Occupancy taxes. JN WITNESS WHEREOF, lh.is Special Warranty Deed is executed on this fJ#1 day of November, 2002. US BA'IK NAT!O:\AL ASSOCL~T!ON ~~O~rl~ US B.ankational Auociati 99!8 Hibcrt San Di , .......... '" ,. .• ,,.-,,.,,,,.wo.-~~• , .• -.... TilE S1'ATE OF TEXAS COUNTY OF DALLAS SI•ECIAL IVARRAN"rY DEED Ll/11102 "'" ! § § KNO\V AI.I,MEN BY THESE PRESENTS: THAT US BWlk Nmliun:aiJ\uoci:~olion(''Gr:uu or"), rorand in ~QIUidcr.UiDilOflhcsum orl'cll :~.nd No/100 Dol hart ($10.00) c3Sh i\lld olhcr w:oad nnd \'alunblc CDil~itlc1011ion paitl iO Gronlor by Bidj:u:m Uouliquv Holcls, L',d. ("GrJnl~c''), who&c nuiliny iltltln:s:t Is 121.3 Col\cnwcod Villh:y, ln•inM. Tc:.11as 75038, lhc rcteip1111d ~lfllitienc:y ofwhic:ll.:~rc hereby acknowledged Md confessed, h:~ GRANTED, 131\RGAINfiD, SOLD AND CONVEYED ond ~~· lhm prmnli d<><• GRANT. BARGAIN, SELLAND CONVE"..' unloGrlllllec, frc:c ami clea:rof;llllicns,lhal ccn11in rcalpro)lt:rty {"l'ropcny") dc;cribc:d >~S" l.ol I, Block J\, of Mainstay Suitll~ I)( Adlli!oo Addilion, to lhc City of Adt1ison. D~lla!i CIJI.IR~)', Tc:tou, D.cco,ding to the: n:vi&ro plilll r~cotdcd in Volun.1c 98237, Pugc J7, Pl;t Rcc:ardl, Oallll5 Counly, T~r.:t5, includinsthc hind anc.l :.II imptovcmcnts lherc:on (inc:ludil'l~ 1h.c buildins(s} usect as tb~: MDinSiilY Hotel, to~clhc:r wHh illlllC\iacent strtr:ts, roads. aile~. a:l.Sc:menl.!i, :1nd rights-of•Wiil)' \ht:t~lln OlncJ CSI;iiC5, intCn!SIS, \it:cll~t5 1 right~, lil\c;::S, powtn, Dnd proi\•ilcse& Of Grantor in >~nl.l fu the Property r:~.nd ~II uppurlc.:nll!lce.s lhC!flliO. Thii Occd is cxccu\cd by Gr:mtor ultl ucccpU:t.l by Orilntcc subjCC\IO nil t'il~cmcnl:s, ri~hts orwD)', all such lll:lltcrs o(public record :and 1111 sucb\'isibl~ mld ilj]pon:nt m:~ncrs ("Encumbrom::cs''). TO HAVE AND TO HOLD lhe Proper'!)'. logelhcr wilh oil onrlsingular the rights and oppul'len~ec:e therc:lg in ~nywisc bclonsin£, cubjccl to the EncumbrDncC!, unlo Granter:, in cuccc:nors and auigns, rortver; and Grwuor do's h~reby bind ltscM, ilS sucr:eswrs :lniJ ussigm, co WARRANT AND FORBVER FORBVER OEt=END Z~ll 1nd 1in~:ular lhc &Did Property, subject to the Em:\ln\brances, urJID Gran1cc, ila '~cc:.sson; uul•sliigns, gg;~.inst every pcr$on whorocvcr lilWCully ch,iming or 10 claim lhe s.ame or uny p1r1 !hereof, by, lhtvll~h. or under Gt1lntor, but flO! olllerwil>c and this conveyance is rau.dc: EXCEPT FOR THE WARRANTY CONTAINED IN TtiiS DEED, THE PROPERTY IS CONVEYED AS·IS AND Wnlt ALL FAULTS, AND SEI.LERIGP.ANTOR EXPR£SSL Y DISCLAIMS, AND ?URCtiASERIGRAi'ITEE ACKNOWLED"MENT, (lv) mE QUALITY Of THE lABOR "ND M"TERIALS INCWDED 11'11111! PI!.DPER1Y, (v) TilT! son. CONDTTIONS, DRAINAGE. FLOODING CHARACTWSTICS. IITIUHES OR OTlii!R CO"'DITIOSS EXISTING IN OR TO TKI! PRO~ERTY, AND (vi) THE COM!'LIASCF. OF 1"111! PROPERTY Win! ANY REQUI.'U!Ml!Jo."TS EST ABUS!I!D BY THE AMI!IUCANS WITH OISABn.rnES ACT. Gt11Uee hC':'cbyUIUID~plymmt or•ll We& an the Property, incll.u!in& 11Ul nDtllmilC'd to all ad vtlor~•rh pei1Qnal propr:ny, City or Addis:oJt ~d State afTet:u. Hotel Otc:upancy uae~. IN VIITN'f.SS WH2!IEOF, 11\io Spcci~ W:urully Deol i• ,...,,,., on mi• 'JiiJ day ol NovanbtT, ~002. US BANI< 1-:ATIO~AL ASSOCL,TIO!or !131224 02355 . ' 2145722020 .I :~ ) .l '. P.04/08 Recewed Fax : FEB 04 2003 15·57 Fax Stat1on : TQloJN OF ADDTSON . 5 FEE-04-2003 16=19 . tw·a7·20:!2 es:29 r~n,!~.Lt.? : i STAT£ OP CAUFOI<.."'JJ,. I J COUNlY OP'!,A,... h\t;(;;+~§ COWLES & THOMPSON TC: BSS 9774.~ (~~ Tbi$ in.st:Nm~;~nl W1.1 IC:~owlcdgcd ~e~l)rC ~0 on lbc: l_14y or i<.llll·lr ........... (. 2002 by ~~$6 ,., h. ofUS Bank N:atlO!"Ial 1\uar:l'IJQfl.. 1IS • • · b.-1: .... ~..u.~ l. t:.• .:,ht...-ARI:r ucordl•c rn-n to: Michaels. Goodrich 111 Main suat. Suite 1360 fart Wonb, Tnu 76102 !~1224 02356 2146722020 .. P.0S/08 ece1ve ax : FEB 04 2003 15:57 Fax Stat1on · TOWN 0 ADDISON FEB-04-2003 16:19 COWLES & THOMPSON ··.· t.Xllll[t" ".A'' Billing a. r.rac:: o[ l11.nd :;icutt.~ed Ln che Ci. if. F'i11n.er surv11:y, Abi!ii:na~t ~lo. u-., u1d tr~cc. Also brzing 4 p&rt. ol: ouoru~n Cr:.nu·e Addit::..l.on, a:ac~Jrdc:.d ln Yolu~ 14DG7, P&gc 5718 of thG D•~d Aocords ot Dallas Ccuncy, taxas, And bolng .-.crt~ pil~leuLJTl~· de!lcrlbcd u t'Dlh-.wD: Thcnoa 6 a' 4~as 4) minutes OD 'econd• S, laaving ths eaat line oE Addi•on Road, • 41•~•nc~ or 21,.00 te~t to • P~ nail 5~t for ~orner1 TbcncD 'H oa dC!IJ:IIca 1"'7 tdnutea oo 1ec=on.U E!, .iii 4J.Bt.&nall of 120.00 feet ta an i~ nMt· toaD! for ooner; The»Ce K U &.gne• 43 MJ..a.utaa ao eecon~ W,· a 1;U&cancc: of 2:S. H fe.cc to • chiadacl •x• t:a-.l t.r;;,r oot'll6~ 1 TbaDDe II ao ~· 11 •Lautav oo aeco.r::t.d.a !., a 4Utuee ot 177.9? tee.c. too cb.i...,led •x• fCa:d t:C~~r comer, •;aid pol.D.t bi!lia.g 1n the ~oro-.ent.toaed -.gUth liae of J.rapabo ll:lracl 1 Thaaa• 8 ., d~· ]~ •inutea Qg.~~con48 e, along the •outh line of ~pabo ~oad, • diatance ·of 52.t9 teet tc •n .t~on red aer tor ~grncr; Tt~~ S 00 4ogreca 1? ~utea 0~ •econ4• M, leaving ~h~ aouth line Qf ~apaho ~~d, a di•t~~· of S08.t7 !eec to an tro~ rod •et fgr eOrnRr; ~e• N 89 d~a 43 miaucea DO ICQOGdo H1 D diataDQe Q1 213.50 !eac to J cll.lMlcd. •z-• !Caad tor come;r:, .1al.d .,....int. .being 111 t:.be ~ .. I: Ua.e of ,Add:l.oil Ko;ild,; ' .II""""" 'r'UaDe • 00 ·~ 1"7 iw.ate• ao. ~.I, ·~ dlo ... e. U.a.o of A.d.cu.IIQO aDact, 111. .U..~ at 152. n. fHt co tM 110111~ of" aig1.I:U:L1Dg aQd QODta.Lniq,g n.•7& eqa.a.n:.fce.t: ar 1.5812 &f;7nl• of lucl, ._...en-1..-. 1001 2?. 4 0 2 3 5 7 lDDl '175 07995 2146722020 P.06/0B '• Recewed Fax · FEB 04 2003 1 :57 Fax Stat1on : TO\oJN OF ADDISON . 7 FEE-04-2003 16=20 COWLES & THOMPSON tXUifllT '"II'" Bl k 1\ ol HAHIST~Y SUlTES 'oP A.DiliSON 1\DDI'J'ION, an ~~l.~lon ~~ t.hC CHy of l'ddisan, ...Qall.a• County, Texas, 01ccardi1"19 to t:he PlO>.t. thereof t"l!corded in VoliJ!tiC 9.823'1, Pa.gt: J?, O( 1:.1\e Map R.l!c:Ord& of Dallau: count)'r~Q~~~· ~ · .... , "i' ·-1::: •• •.· r r~r-:: ., . · ..... ..·· . . i .~ : . · .... , .. 1DD12 2. ~ 0 2 3 58 99024 01061 ,991 !\.76 0799G 2146722020 P.07/08 RecelVed Fax · FEB 04 2003 1 :57 Fax Stat1on · TO\•IN OF ADDISON . 8 FEB-04-2003 16•20 COWLES & THOMPSON 2146722020 P.08/08 .. ltnl224 02359 ... , ·····''· !.Hi~DJ s·:·;wu ~HJ:il:l ), ! t!r-10;1 ~~r)"l"i:;' ·.•· • 01:1 Wd 1rl hONlO :.j ,j I i .... . . . . ·: .. ·. ·~ . . I ..... -_,.,.,,...,...,......-~---~·-----·-,-~-~-..... ·---~-~·-·-·· .. ':"~···~··""'"""'" ___ ":'""· ~ .. · ... ·.·•· TOTRL P.08 ANGELA K. WASHINGTON 214.672.2144 AWASHINGTON@COWLESTHOMPSON.COM January 6, 2003 Mr. Steve Chutchian Assistant City Engineer Town of Addison P.O. Box 9010 Addison, -~-x 7500i-9010 COWLES &THOMPSON A Professional Corporation ATTORNEYS AND COUNSELORS RE: Parcel 7, (Main Stay Suites), Addison Road Extension Project Dear Steve: Enclosed is a letter that I received last Thursday from Janine Barber with Republic Title verifYing that the above-referenced property was foreclosed upon and subsequently resold. As stated in the letter, the foreclosure cleared up several of the items on the original title commitment; however, as you will note from Janine's subsequent letter (also enclosed), which I received today, RDL Supply Company has a lien on the entire property. The new owner of the property is Bidjaan Boutique Hotels, Ltd. The mailing address for the owner is 1213 Cottonwood Valley Drive, Irving, Texas 75038. Bidjaan Boutique's general partner is Mayflower Hotels, LLC. Sadrudin Kassam is the manager of Mayflower Hotels. Per your instructions today, I will proceed to contact the new owner. As we discussed, if they are willing to sell, perhaps they can obtain a partial release from RDL. Sincerely, AKW/yjr Enclosures c(w/Enc.): Mr. Mike Murphy Mr. Kenneth C. Dippel, w/firm D A L L A S T Y L E R Documenl/1: l0l414J 901 MAIN STREET SUITE 4000 DALLAS, TEXAS 75202-3793 TEL 214.672.2000 FAX 214.672.2020 WWW.COWLE STHOM PSON .COM * REPUBLIC TITLE December 30, 2002 Ms. Angela Washington Cowles & Thompson 90 I Main Street, S te. 4000 Dallas, TX 75201 Republic Title-GF# 02R05324/SJ6 Rail Hotel Corporation Site for Town of Addison Dear Angela: 2626 Howell Street, 1Oth Floor Dallas, Texas 75204-4064 (214) 85';-8888 Fax (214) 855-8898 Direct Dial (214) 855-Enclosed, please find our revised commitment for Title Insurance reflecting the foreclosure and subsequent resale of the Rail Hotel Site in Addison. Please note that several of the items on Schedule C have been cleared up by the foreclosure but we still have a couple on there that we are working to clear. One is a Lis Pendens filed by one of the subcontractors to foreclose the Mechanic's Lien. We are having the suit pulled at Dallas County to determine the current status of this lawsuit. Further, we are leaving two Mechanic's Liens on Schedule Cas they affect removables only. We note that it appears that the title to the current owner was insured by a title company (there are notations on the top of the documents that were recorded indicating the title company to the recording). We are trying to determine who issued the policy to that owner, and see they insured against these liens. If they did, we can probably get an indemnity from them to allow us to insure without taking subject to either of the Mechanic's Liens or the Les Pendens. As soon as I have more information, I wi II forward to you. yery truly_yours, !l G : rlhJ.. I Jl3fl~u anine N. Barkr enior Vice President REPUBLIC TITLE OF TEXAS, INC. A SUBSIDARY OF First AmenCan mle Insurance Company ~ TITLE INSURANCE AGENT FOR: Ch1cago Title Insurance Company. Commonwealth Land Tille Insurance Company, First American Title Insurance Company. Lav.-ye·~ · Insurance Corporation. Old Republic Nat1ona1 T1t1e Insurance Company and Ticer Tille Insurance Company JAN-03-2003 FRI 05:16 PH FAX NO. P. 01 * wm 26211. Howcll Slrcl~, 101h Floor O..U.l", TC'IIa,, 75:ZGq·40M (l14) R:'iS-fiRCUl F;u {:.114) ll"i~41t\'ll5 Oir&t Dioll t214) 0$.~-REPUBLIC TITLE January 3, 2003 Angela Washington Cowles & Tho111pson. 901 Main. Street, Stc. 4000 DnlhtS, TX 75201 RF.: 02R05324/SJ6 Yin I' ax: 214.672.2020 Rail Hotel Corp to Town of Addison Dear Angela: We have researched the lawsuit filed by ROL Supply Company on the Rail Hotel Coq1oration sit~ prior to the foreclosure and have discovered that the supplier has a default judgment and a lien against the entire propC!ty, including tht: property to be taken for the right-of-way. 1 have ta\ktld with our General Counsel, Mr. Peter Graf, and he has reviewed all of the doct1mcntation and has advised that we an: not willing to insure against the claims ofRDL Supply because of their d.::faultjudgment. He advises that the only way to be pcrf~ctly safe on this transaction. is to have Town. of Addison either obtain a Partin\ Release from RDL Supply or condemn. the property. Jlmow th::tt this is not !he answer you wanted, but uol'ortunately the Default Judgment is very elcm that they have a lien on the entire property, not just the improvements they put in. Further, Pt:ler advises that there is a case law out there that advises that the lien is on the entire property and thnl the rcmovables ru·e not suf(icient to satisfy the judgment that they can foreclose the property as well. lie is not comfortable that the construction Iemler's rorcclosure cut off this interest. Should you have any questions or comments, plet\s~ do not hesitate to <:all me or ask for Peter Gmfwhose direct line is 214.855.8836 ~.~~UBLIC nrL~p~~~~· .,.······· A SUBSIOARY 0,. l•'irst A~ntn'c11m 1itlr /nlUNI•IU Courpm1.r ~ TITLt IN~UflANCii: AGtNT F-OR" l;hir:I!)O TlllQ lnaw01~ oomp.any, Commor\wNIIIn Lind T111u ln~.urar.oe Comporry, P'hat Am•riG.V1 Trl.h: hiSU.MCO CompM)I. L.Awyeor:i Tillu lnlura:nro c;otporalion, Old Rl..pllWC NiiliOI\i\1 Tllfe lnaurunco CurriPQI\y and Tic01 i1llo ln1ur.anc1J Cornp;.u..y COWLES &THOMPSON A Professional Corporation ATTORNEYS AND COUNSELORS ANGELA K. WASHINGTON 214.672.2144 AWASHINGTON@COWLE.STHOMPSON.COM December 19, 2002 Ms. Janine Barber Republic Title Company 2626 Howell Street, I Oth Floor Dallas, Texas 75204 RE: Your File No. JF-02R05324 Parcel 7, Addison Road Extension Project Dear J anine: As we discussed, please update the title commitment for the above-referenced property. We have been informed that the property has been foreclosed on by U.S. Bank and has been sold toBidjaan Boutiques, Ltd. Please advise as to how this foreclosure and resale of the property affects the various encumbrances listed on the original title commitment. Thank you for your assistance in this matter. Sincerely, ~I(~~ Angela K. Washington AKW/yjr c: Mr. Steve Chutchian, w/Town of Addison Mr. Ken Dippel, w/firm D A L L A S T Y L E R D.x:umm1 ~ 101~897 901 MAIN STREET SUITE 4000 DALLAS, fEXAS 752')2 3793 TEL 214 672.2000 FAX 214.672 2020 NWW COWLESTHOMPSON.COM Council Agenda Item: j/J! /5 SUMMARY: This item is to request Council consideration of a re~olution determining the necessity of acquiring an easement in, over, under, across and through real property, generally located at 15200 Addison Road, and owned by Bidjaan Boutique Hotels, LTD, eta!; and authorizing its condemnation and/or appropriation for public use in connection with the realignment and improvement of Addison Road. FINANCIAL IMP ACT: Budgeted Amount: Appraised Value: Source ofFunds: BACKGROUND: N/A $8,475.00 $2,500,000 was funded from General Obligation Bonds. An additional $1,300,000 was programmed from DART LAP/CMS funds. The easement acquisition process is currently underway on the proposed Addison Road Widening, Phase I project. Approximately 0.035 acre of Parkway Easement adjacent to the tight-of-way of Addison Road (see attached parcel map) is required for the purpose of relocating utilities and constructing landscaping, irrigation and sidewalk improvements. This parcel is a portion of the Quorum Centre Addition and was previously owned by Rail Hotels Corporation. In December 2002, Bidjaan Boutique Hotels, LTD, eta! foreclosed on the property and became the owner of record. The new property owner recently received a copy of the appraisal from the Town, as prepared by the firm ofHipes & Associates, with a total compensation value of$8,475.00 (see attached Summary of Salient Facts) for the parkway easement. The Town contacted the property owner on several occasions, in an attempt to negotiate an agreement for the acquisition of the permanent Parkway Easement. However, an agreement was not reached between all parties involved. As a result, the Town is forced to initiate imminent domain proceeding at this time against Bidjaan Boutique Hotels, LTD eta! to acquire the necessary easement. RECOMMENDATION: It is recommended that Council approve a resolution detennining the necessity of acquiring an easement in, over, under, across and through real property generally located at 15200 Addison Road and owned by Bidjaan Boutique Hotels, LTD, eta!; and authorize its condemnation and/or appropriation for public use in connection with the realignment and improvement of Addison Road. SUMMARY OF SALIENT FACTS A Parkway Easement Acquisition at 15200 Addison Road Rail Hotels Corp. -Owner Date of the Appraisal: Value Estimated: Property Rights Appraised: Property Appraised: Property Zoned: Highest & Best Use: Addison, Texas i March 14, 2002 Market Value-Just Compensation. Fee Simple & Easement A ±1.5812 Acre tract improved with a 3 story hotel facility, located at 15200 Addison Rd., Addison, Texas. C; Commercial "As _vacant'": To be developed in conformity with adjacent land uses as demand warrants. "As improved": Estimates of Fee Simple Value: Whole Property Land Value (Sales Comparison): Cost Approach: Income Approach: Sales Comparison Approach: Whole Property: Part Taken: Parkway easement Remainder Before the Take: Remainder After the Take: To be maintained as a hotel facility. . $ 757,647 $ n/a $3,902,182 $3,917,000 $3,900,000 $ 8,475 $3,891,525 $3,900,000 Final Valne Estimate: JUST COMPENSATION $ 8,475 iii TOWN OF ADDISON, TEXAS FIELD NOTE DESCRIPTION FOR RAIL HOTELS CORPORATION (PARKWAY EASEMENT) BEING a tract out of a 1.5812 acre tract of land located in the G. W. Fisher Survey, Abstract No. 482, in the Quorum Centre Addition, an addition to the Town of Addison, Texas, conveyed to Rail Hotels Corporation by a deed now of record in Volume 99024, Page 01020 of the Deed Records of Dallas County, Texas, said tract efland being more particularly described as follaws: BEGINNING at a point in south line of said 1.5812 acre tract and in the north line of a 1.3774 acre tract of land conveyed to Outback Steakhouse of Florida, Inc. by a deed now of record in Volume 93046, Page 1218 of the Deed Records of Dallas County, Texas and said point beingS 89043'00" E, 20.00 feet from an found "X" ·in concrete and being the northwest comer of the said Outback Steakhouse tract and the southeast comer ofthe said Rail Hotels tract; THENCE, N 89043'00" W, along the north property line of the said Outback Steakhouse tract (1.3774 acre tract) and the south property line of the said Rail Hotels tract (1.5812 acre tract), a distance of 8.00 feet to a point for a comer, said point being in the east line of tract of land 12 feet in width dedicated to the Town of Addison for Addison Road and in the west property line of the said Rail Hotels tract (1.5812 acre tract); THENCE, N00020'03" E, along the east line of the said Town of Addison right-of-way dedication and the west line of the said Rail Hotels tract (1.5812 acre tract), a distance of 192.62 feet to a point for a comer, said point being in the north line of the said Rail Hotels tract (1.5812 acre tract) and the south line of a tract of land conveyed to Quorum Centre Limited Partnership as recorded in Volume 92038, Page 247 of the Deed Records of Dallas County, Texas, said point also beingS 53027'16" E, a distance of 88.93 feet to a "X" found marking the west right-of-way line of Addison Road and the southeast comer of a tract of land conveyed as Tract II to Oasis Car Wash, Inc. as recorded in Volume 97234, Page 6241 of the Deed Records of Dallas County, Texas; THENCE, S 89043 '00" E, along the north line of the said Rail Hotels tract and the south line of the said Quorum Centre Limited Partnership, a distance of 8.00 feet to a point for a comer; THENCE, S 00020'03" W, being at all times parallel and at a perpendicular distance of 8 feet to the west property line of the said Rail Hotel tract and the east line of the said Town of Addison right-of-way dedication, a distance of !92.62 feet to the Point of Beginning, and containing I ,540.96 square feet (0.035 acres) of land. H:\projects\add ison \98143 \esmt -doc\plat -5e-a-sw. doc SNADON\BRANSCOME JOINT VENTURE NO.I VOL. 84067, PG. 5718 F I I \_~ ~~·= j__s~~:1"~5o' ADDISON ROAD "' c:i "' OASIS CAR WASH, INC. OASIS CAR WASH, INC. VOL. 97234, PG. 06241 VOL. 97234, PG. 06241 TRACT I . TRACT II 1/2" IRF~ l I l 'I I \ I ~p CONC. _;,/\__"X"IN ~ ... '{! :11 •0;·~0 /lj" -OA-S-IS-C-AR WASH, INC" . ~ ~~ "X"IN CONC ill 1 .'l'<{>' VOL. 97234, PG. 06241 ~ 1/2" IRF-· 7" __ TRACTI s1:r,"'~'"~"'o,;.""•,""r...""'j~£':__..-_..----12' DEDICATED TO TOWN OF ADDISON__./1-s 89.43.00 .. E ----"'N~89'43~0~ W _....-N 00'20 03" E -192.62 ---r-:-8.00' POINT 0~w 8 . s oo·2o'o3· w -,2.s2· f 1 BEGINNING PROPOSED PARKWAY ESM'T. ! I OUTBACK STEAKHOUSE OF FLORIDA, INC. VOL. 93046 PG. 1218 G.W. FISHER SURVEY ABST. NO. 482 QUORUM CENTRE ADDITION 1,540.96 SQ. FT. 0.035 ACRES ~ RAIL HOTELS CORPORATION VOL. 99024, PG. 01020 I I I I I I I '-t~ I I QUORUM CENTRE LIMITED PARTNERSHIP VOL. 92038 PG. 0247 I 25' I INGRESS & EGRESS EASEMENT I I ADDISON NORTHWEST, LTD. VOL. .89010, PG. 4479 EXHIBIT C TOWN OF ADDISON, TEXAS ADDISON ADDISON ROAD BELT LINE RD. TO KELLER SPRINGS RD. PARKWAY EASEMENT ~\ -'--------BIRKHOFF, HENDRICKS. & CONWAY I JAN., 2002 CONSULTING ENGINEERS PlAT SE-A TOWN OF ADDISON, TEXAS RESOLUTION NO. R~---A RESOLUTION OF THE CITY COUNCIL OF THE TOWN OF ADDISON, TEXAS DETERMINING THE NECESSITY OF ACQUIRING AN EASEMENT IN, OVER, UNDER, ACROSS AND THROUGH REAL PROPERTY GENERALLY LOCATED AT 15200 ADDISON ROAD AND OWNED BY BIDJAAN BOUTIQUE HOTELS, LTD., ET AL.; AUTHORIZING ITS CONDEMNATION AND/OR APPROPRIATION. FOR PUBLIC USE IN CONNECTION WITH THE REALIGNMENT AND IMPROVEMENT OF ADDISON ROAD IN ADDISON, TEXAS; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY COUNCIL OF THE TOWN OF ADDISON, TEXAS: SECTION 1. That for the purposes of this Resolution, the following definitions of terms shall apply: "PROPERTY": The area described in Exhibit "A" and depicted on Exhibit "B" attached hereto and made a part hereof for all purposes. "PROPERTY INTERESTS": Easement in, over, under across and through the land described in Exhibit "A" and depicted on Exhibit "B". "PROJECT": Realignment and improvement of Addison Road, Addison, Texas. "OFFER AMOUNT": Eight Thousand, Four Hundred Seventy Five and No/100 Dollars ($8,475.00). "OWNERS": Bidjaan Boutique Hotels, Ltd. Mayflower Hotels, LLC Sadrudin Kassam, Individually and as Manager of Mayflower Hotels, LLC "LIENHOLDERS": Western Bank & Trust Paula Anderson, Trustee RDL U, Ltd., dba RDL Supply SECTION 2. That it is hereby determined that public convenience and necessity requires that the Town of Addison should acquire the PROPERTY INTERESTS in, over, under, across and through the PROPERTY necessary for the PROJECT. SECTION 3. That the PROPERTY is hereby determined to be necessary for the PROJECT. That for the purpose of acquiring the PROPERTY INTERESTS in, over, under, RESOLUTION NO. R~-----PA~E 1 Document#: 1036186 across and through the PROPERTY, the City Manager, or such employee as he may designate, is hereby authorized and directed to offer the OFFER AMOUNT as payment for the PROPERTY to be acquired and full damages allowable by law, which amount represents its fair cash market value. SECTION 4. That the Town of Addison determines to appropriate the PROPERTY INTERESTS in, over, under, across and through the PROPERTY for the PROJECT under the laws of the State of Texas and the provisions of the Charter of the Town of Addison. SECTION 5. That, in the event the OWNERS accept the OFFER AMOUNT as authorized herein, the City Finance Director be and is hereby authorized to draw a check in favor of the OWNERS named above, or the current owners of record, in the OFFER AMOUNT. SECTION 6. That the City is to have possession of the PROPERTY on closing; and the City will pay any title expenses and closing costs; and the City will pay court costs as may be assessed by the Special Commissioners or the court. SECTION 7. Should the employee designated to make the official offer report to the City Attorney that the OWNERS have refused to accept the OFFER AMOUNT as compensation for the· hereinabove described taking from the OWNERS under the laws of eminent domain, which amount the City Council deems to be the fair cash market value and all just compensation, in compliance with the laws of the State of Texas, this will be evidence that the Town of Addison cannot agree with the OWNERS as to the damages legally allowable by law. In such case, the City Attorney is authorized and directed to file the necessary suit and take the necessary action for the prompt acquisition of the PROPERTY in condemnation or in any manner provided bylaw. SECTION 8. That in the event the Special Commissioners in Condemnation appointed by the court return an award that is the same amount or less than the OFFER AMOUNT, the City Finance Director is hereby authorized to issue a check not to exceed the amount of the Commissioners' award made payable to the Count)' Clerk of Dallas County to be deposited into the registry of thll court to enable the City to take possession of the PROPERTY without further action of the City Council. SECTION 9. That in the event it is subsequently determined that additional persons other than those named herein have an interest in the PROPERTY, then the City Attorney is authorized and directed to join said parties as defendants in said condemnation suit. SECTION 10. That this resolution shall take effect immediately from and after its passage, as in the Charter in such cases is made and provided. PASSED AND APPROVED this 28th day of January, 2003. Mayor Town of Addison, Texas RESOLUTIONNO.R~-----PAGE2 Document#: 1036186 ATTEST: Carmen Moran, City Secretary APPROVED AS TO FORM: Ken C. Dippel, City Attorney RESOLUTION NO. R. _____ PAGE 3 Documeru #: 10361815 -----· SUMMARY OF SALIENT FACfS A Parkway Easement Acquisition at 15200 Addison Road Rail Hotels Corp. -Owner Date of the Appraisal: Value Estimated: Property Rights Appraised: Property Appraised: Property Zoned: Highest & Best Use: "As vacant": "As improved": Estimates of Fee Simple Value: Whole Property Land Value (Sales Comparison): Cost Approach: Income Approach: Sales Comparison Approach: Whole Property: Part Taken: Parkway easement Remainder Before the Take: Remainder Mter the Take: Addison, Texas March 14, 2002 Market Value -Just Compensation Fee Simple & Easement A ± 1.5812 Acre tract improved with a 3 story hotel facility, located at 15200 Addison Rd., Addison, Texas. C; Commercial To be developed in conformity with adjacent land uses as demand warrants. To be maintained as a hotel facility. $ 757,647 $ n/a $3,902,182 $3,917,000 $3,900,000 $ 8,475 $3,891,525 $3,900,000 Final Value Estimate: JUST COMPENSATION $ 8,475 iii Steve Chutchian To: jbirkhoff@bhcllp.com Subject: Mainstay Suites Site-Addison Rd. John-we have been trying to acquire the 8ft. parkway easement that fronts the Mainstay Suites (Rails Hotel Corp.) site along Addison Rd. Unfortunately, the original owner had several liens against the property. Then a Mr. Bidjaan Cassam forclosed on the property and took possession. In addition, a lien has now been placed on the entire site. Mr. Cassam has requested that the Town perform median improvements along Arapaho Rd., reimburse him for anticipated lost revenue, pay for damages to certain property related items, and give him a lot cash. Our appraisal for this site is approximately $8,500. Condemnation will cost the Town about $25,000 in legal fees. Given the above scenario, Mike Murphy asked if you will look at the engineering/landscaping, sidewalk, irrigation, etc design and determine if we can reasonably work exclusively within the existing 12ft r.o.w. dedication that we received during a previous platting process. If you can look at the ramifications of narrowing the working room in front of the Mainstay Suites site and get back with us a.s.a.p., we would greatly appreciate it. Thanks. Steve C. I SUMMARY: DATE SUBMITTED: January 17,2003 FOR COUNCIL MEETING: January 28, 2003 Council Agenda Item: This item is to request Council consideration of a resolution determining the necessity of acquiring an easement in, over, under, across and through real property, generally located at 15200 Addison Road, and owned by Bidjaan Boutique Hotels, LTD, et al; and authorizing its condemnation and/or appropriation for public use in connection with the realignment and improvement of Addison Road. FINANCIAL IMPACT: Budgeted Amount: Appraised Value: Source of Funds: BACKGROUND: N/A $8,475.00 $2,500,000 was funded from General Obligation Bonds. An additional $1,300,000 was programmed from DART LAP/CMS funds. The easement acquisition process is currently underway on the proposed Addison Road Widening, Phase I project. Approximately 0.035 acre of Parkway Easement adjacent to the right-of-way of Addison Road (see attached parcel map) is required for the purpose of relocating utilities and constructing landscaping, irrigation and sidewalk improvements. This parcel is a portion of the Quorum Centre Addition and was previously owned by Rail Hotels Corporation. In December 2002, Bidjaan Boutique Hotels, LTD, et al foreclosed on the property and became the owner of record. The new property owner recently received a copy of the appraisal from the Town, as prepared by the firm of Hi pes & Associates, with a total compensation value of $8,475.00 (see attached Summary of Salient Facts) for the parkway easement. The Town contacted the property owner on several occasions, in an attempt to negotiate an agreement for the acquisition of the permanent Parkway Easement. However, an agreement was not reached between all parties involved. As a result, the Town is forced to initiate imminent domain proceeding at this time against Bidjaan Boutique Hotels, LTD et alto acquire the necessary easement. RECOMMENDATION: It is recommended that Council approve a resolution determining the necessity of acquiring an easement in, over, under, across and through real property generally located at 15200 Addison Road and owned by Bidjaan Boutique Hotels, LTD, eta!; and authorize its condemnation and/or appropriation for public use in connection with the realignment and improvement of Addison Road. TOWN OF ADDISON, TEXAS RESOLUTION NO. R. __ _ A RESOLUTION OF THE CITY COUNCIL OF THE TOWN OF ADDISON, TEXAS DETERMINING THE NECESSITY OF ACQUIRING AN EASEMENT IN, OVER, UNDER, ACROSS AND THROUGH REAL PROPERTY GENERALLY LOCATED AT 15200 ADDISON ROAD AND OWNED BY BIDJAAN BOUTIQUE HOTELS, LTD., ET AL.; AUTHORIZING ITS CONDEMNATION AND/OR APPROPRIATION FOR PUBLIC USE IN CONNECTION WITH THE REALIGNMENT AND IMPROVEMENT OF ADDISON ROAD IN ADDISON, TEXAS; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE CITY COUNCIL OF THE TOWN OF ADDISON, TEXAS: SECTION 1. That for the purposes of this Resolution, the following definitions of terms shall apply: "PROPERTY": The area described in Exhibit "A" and depicted on Exhibit "B" attached hereto and made a part hereoffor all purposes. "PROPERTY INTERESTS": Easement iri, over, under across and through the land described in Exhibit "A" and depicted on Exhibit "B". "PROJECT": Realignment and improvement of Addison Road, Addison, Texas. "OFFER AMOUNT": Eight Thousand, Four Hundred Seventy Five and No/100 Dollars ($8,475.00). "OWNERS": Bidjaan Boutique Hotels, Ltd. Mayflower Hotels, LLC Sadrudin Kassam, Individually and as Manager of Mayflower Hotels, LLC "LIENHOLDERS": Western Bank & Trust Paula Anderson, Trustee RDL II, Ltd., dba RDL Supply SECTION 2. That it is hereby determined that public convenience and necessity requires that the Town of Addison should acquire the PROPERTY INTERESTS in, over, under, across and through the PROPERTY necessary for the PROJECT. SECTION 3. That the PROPERTY is hereby determined to be necessary for the PROJECT. That for the purpose of acquiring the PROPERTY INTERESTS in, over, under, RESOLUTION NO. Rc.__ _____ PAGE 1 Docum~t II: 1036186 across and through the PROPERTY, the City Manager, or such employee as he may designate, is hereby authorized and directed to offer the OFFER AMOUNT as payment for the PROPERTY to be acquired and full damages allowable by law, which amount represents its fair cash market value. SECTION 4. That the Town of Addison determines to appropriate the PROPERTY INTERESTS in, over, under, across and through the PROPERTY for the PROJECT under the laws of the State of Texas and the provisions of the Charter of the Town of Addison. SECTION 5. That, in the event the OWNERS accept the OFFER AMOUNT as authorized herein, the City Finance Director be and is hereby authorized to draw a check in favor of the OWNERS named above, or the current owners of record, in the OFFER AMOUNT. SECTION 6. That the City is to have possession of the PROPERTY on closing; and the City will pay any title expenses and closing costs; and the City will pay court costs as may be assessed by the Special Commissioners or the court. SECTION 7. Should the employee designated to make the official offer report to the City Attorney that the OWNERS have refused to accept the OFFER AMOUNT as compensation for the hereinabove described taking from the OWNERS under the laws of eminent domain, which amount the City Council deems to be the fair cash market value and all just compensation, in compliance with the laws of the State of Texas, this will be evidence that the Town of Addison cannot agree with the OWNERS as to the damages legally allowable by law. In such case, the City Attorney is authorized and directed to file the necessary suit and take the necessary action for the prompt acquisition of the PROPERTY in condemnation or in any manner provided by law. SECTION 8. That in the event the Special Commissioners in Condemnation appointed by the court return an award that is the same amount or less than the OFFER AMOUNT, the City Finance Director is hereby authorized to issue a check not to exceed the amount of the Commissioners' award made payable to the County Clerk of Dallas County to be deposited into the registry of the court to enable the City to take possession of the PROPERTY without further action of the City Council. SECTION 9. That in the event it is subsequently determined that additional persons other than those named herein have an interest in the PROPERTY, then the City Attorney is authorized and directed to join said parties as defendants in said condemnation suit. SECTION 10. That this resolution shall take effect immediately from and after its passage, as in the Charter in such cases is made and provided. PASSED AND APPROVED this 28th day ofJanuary, 2003. Mayor Town of Addison, Texas RESOLUTION NO. Rc.._ ____ -PAGEl Document 1#: 1036186 ATTEST: Carmen Moran, City Secretary APPROVED AS TO FORM: Ken C. Dippel, City Attorney RESOLUTION NO. Rt ____ -PAGE 3 Document 1#: 1036186 TOWN OF ADDISON, TEXAS FIELD NOTE DESCRIPTION FOR RAIL HOTELS CORPORATION (PARKWAY EASEMENT) 1129/02 BEING a tract out of a 1.5812 acre tract of land located in the G. W. Fisher Survey, Abstract No. 482, in the Quorum Centre Addition, an addition to the Town of Addison, Texas, conveyed to Rail Hotels Corporation by a deed now ofrecord in Volume 99024, Page 01020 of the Deed Records of Dallas County, Texas, said tract ofland being inore particularly described as follows: BEGINNING at a point in south line of said 1.5812 acre tract and in the north line of a 1.3774 acre tract of land conveyed to Outback Steakhouse of Florida, Inc. by a deed now of record in Volume 93046, Page 1218 of the Deed Records of Dallas County, Texas and said point beingS 89043'00" E, 20.00 feet from an found "X" in concrete and being the northwest comer of the said Outback Steakhouse tract and the southeast comer of the said Rail Hotels tract; THENCE, N 89043'00" W, along the north property line of the said Outback Steakhouse tract (1.3774 acre tract) and the south property line of the said Rail Hotels tract (1.5812 acre tract), a distance of8.00 feet to a point for a comer, said point being in the east line of tract of land 12 feet in width dedicated to the Town of Addison for Addison Road and in the west property line of the said Rail Hotels tract (1.5812 acre tract); THENCE, N00°20'03" E, along the east line of the said Town of Addison right-of-way dedication and the west line of the said Rail Hotels tract (1.5812 acre tract), a distance of 192.62 feet to a point for a comer, said point being in the north line of the said Rail Hotels tract (1.5812 acre tract) and the south line of a tract of land conveyed to Quorum Centre Limited Partnership as recorded in Volume 92038, Page 247 of the Deed Records of Dallas County, Texas, said point also beingS 53027' 16" E, a distance of 88.93 feet to a "X" found marking the west right-of-way line of Addison Road and the southeast comer of a tract of land conveyed as Tract II to Oasis Car Wash, Inc. Inc. as recorded in Volume 97234, Page 6241 of the Deed Records of Dallas County, Texas; THENCE, S 89°43 '00" E, along the north line of the said Rail Hotels tract and the south line of the said Quorum Centre Limited Partnership, a distance of 8.00 feet to a point for a comer; THENCE, S 00020'03" W, being at all times parallel and at a perpendicular distance of 8 feet to the west property line of the said Rail Hotel tract and the east line of the said Town of Addison right-of-way dedication, a distance of 192.62 feet to the Point of Beginning, and containing I ,540.96 square feet (0.035 acres) of land. H:\projects\add ison\9 8 143\esmt-doc\pl at -5e-a-sw .doc SNADON\BRANSCOME JOINT VENTURE N0.1 VOL. 84067, PG. 5718 -F I I \_~ _L~A::,·=so· OASIS CAR WASH, INC. OASIS CAR WASH, INC. VOL 97234, PG. 06241 VOL. 97234, PG. 06241 TRACT I . LTRACT II , ___ _[____ 1/2" lRf\ .L_J__+-__L+-'J ADDISON ROAD ~ j}' ~ ~~ ~ --•0;·~0 to~~ OAS-IS_C_AR WASH, INC • • (:, ,so ~,\':~ VOL. 97234, PG. 06241 X IN CONC~ "' 1/2" IRF -· ?"" _TRACT I '<:frg:~,'~~£":_....... ,..r-12' DEDICATED TO TOWN OF ADDISON/l /I s 89•43•00• E N 89'43'00~ W _......-: N 00'20 03• E -192.62 --r-=-8.00' POINT 0~·00'/.. '-B' s 00'20'03" w -192.62' I . f I BEGINNING . PROPOSED PARKWAY ESM'T_J l l OUTBACK STEAKHOUSE OF FLORIDA; INC. VOL 93046 PG. 1218 G.W. FISHER SURVEY ABST. NO. 482 QUORUM CENTRE ADDITION 1,540.96 so. FT. 0.035 ACRES '--.... . .. . RAIL HOTELS CORPORATION VOL. 99024, PG. 01020 I I I I I I I I I I I I I I I I II. QUORUM CENTRE LIMITED PARTNERSHIP VOL. 92038 PG. 0247 I I I I 215' 'INGRESS & EGRESS EASEMENT 1 1 1 ADDISON NORTHWEST, LTD. VOL 89010, PG. 4479 EXHIBIT C TOWN OF ADDISON, TEXAS ADDISON ROAD BELT LINE RD. TO KELLER SPRINGS RD. PARKWAY EASEMENT ~~.\_,___ BIRKHOFF, HENDRIO" VOL. 97234, PG. 06241 "'-~ 1 /2" IRF--· -.,.-::-::-:---:;--I'"' TRACT I s B9"43"oo· E -zo.oo., ~t--L_------12' DEDICATED TO TOWN 0'" ADDISON -" 1-__ ____,(,_,RE'-'FE""RENg: ~EAR"'-'1'-"NG"-) -----+--J--"-"---,.-;:;--;;;;;-;=;;,-;o,...-~-;:;:rr --.,.-.../--.;-,...-~ S. 89' 43'00'" E N a9· 43'oo·;-w __..........-: N oo·20'o3" E ,... 1 92.52' --r-=-a.oo· POINT 0 ~-oo· s oo·2o'03" w -t92.62j f f BEGINNING PROPOSED PARKWAY ESM'T. I I t l OUTBACK STEAKHOUSE OF FLORIDA, INC. VOL. 93046 PG. 1218 G.W. FISHER SURVEY ABST. NO. 482 QUORUM CENTRE ADDITION 1,540.96 so. FT. 0.035 ACRES RAIL HOTELS CORPORATION VOL. 99024, PG. 01020 I I I I I I I I I I I I I I I I li'. I QUORUM CENTRE LIMITED PARTNERSHIP VOL. 92038 PG. 0247 I I 2 5' !INGRESS & EGRESS EASEMENT ADDISON NORTHWEST, LTD. VOL. 89010, PG. 44 79 79 EXHIBIT C TOWN OF ADDISON, TEXAS ADDISON ROAD BELT LINE RD. TO KELLER SPRINGS RD. PARKWAY EASEMENT BIRKHOFF. HENDRICKS. &: CONWAY JAN., 2002 CONSUL TlNG ENGINEERS PLAT 5E-A 0~------------------------------------------------------------------------------------~~---------------- ------------~ i !--: TOWN OF ADDISON, TEXAS FIELD NOTE DESCRIPTION FOR RAIL HOTELS CORPORATION (PARKWAY EASEMENT) 1/29/02 BEING a tract out of a 1.5812 acre tract of land located in the G. W. Fisher Survey, Abstract No. 482, in the Quorum Centre Addition, an addition to the Town of Addison, Texas, conveyed to Rail Hotels Corporation by a deed now of record in Volume 99024, Page 01020 of the Deed Records of Dallas County, Texas, said tract of land being more particularly described as follows: BEGINNING at a point in south line of said 1.5812 acre tract and in the north line of a 1.3774 acre tract of land conveyed to Outback Steakhouse of Florida, Inc. by a deed now of record in Volume 93046, Page 1218 of the Deed Records of Dallas County, Texas and said point beingS 89043'00" E, 20.00 feet from an found "X" in concrete and being the northwest corner of the said Outback Steakhouse tract and the southeast corner of the said Rail Hotels tract; THENCE, N 89043'00" W, along the north property line of the said Outback Steakhouse tract tract (1.3774 acre tract) and the south property tine of the said Rail Hotels tract (1.5812 acre tract), a distance of8.00 feet to a point for a corner, said point being in the east line of tract of land 12 feet in width dedicated to the Town of Addison for Addison Road and in the west property line of the said Rail Hotels tract (1.5812 acre tract); THENCE, N00020'03" E, along the east line of the said Town of Addison right-of-way dedication and the west line of the said Rail Hotels tract (1.5812 acre tract), a distance of 192.62 feet to a point for a corner, said point being in the north line of the said Rail Hotels tract (1.5812 acre tract) and the south line of a tract of land conveyed to Quorum Centre Limited Partnership as recorded in Volume 92038, Page 247 of the Deed Records of Dallas County, Texas, said point also beingS 53027'16" E, a distance of 88.93 feet to a "X" found marking the west right-of-way line of Addison Road and the southeast corner of a tract of land conveyed as Tract II to Oasis Car Car Wash, Inc. as recorded in Volume 97234, Page 6241 of the Deed Records of Dallas County, Texas; THENCE, S 89043 '00" E, along the north line of the said Rail Hotels tract and the south line of the said Quorum Centre Limited Partnership, a distance of 8.00 feet to a point for a corner; THENCE, S 00020'03" W, being at all times parallel and at a perpendicular distance of 8 feet to the west property line of the said Rail Hotel tract and the east line of the said Town of Addison right-of-way dedication, a distance of 192.62 feet to the Point of Beginning, and containing I ,540.96 square feet (0.035 acres) of land. H :\projects\add ison\9814 3 \esmt -doc\plat -Se-a-sw .doc :i: 0 "' II N 0 l_~-SNADON\BRANSCOME JOINT VENTURE N0.1 VOL 84067, PG. 5718 F--ADDISON ROAD OASIS CAR WASH, INC. OASIS CAR WASH, INC. VOL 97234, PG. 06241 VOL. 972 ~~A6Grr 06241 TRACT I l 1/2" 1RF\ .-------~------J_~----~----~~~ ~ ~ .§)"<>"' "x''IN CONC. ~ ~ ...._ <-Jif ___ _ ,i-t ~3·~0 ~~" OASIS CAR WASH, INC. "X"IN CONC.:---... S> 160 3/' VOL. 97234, PG. 06241 '-~ 1/2'' IRF -· -----,.-7"' TRACT I s 8~43"oo· E -2o.oo,.----"·••• •••• r i ....... · ... t.t · .. · ...... • lf\l'IH . u.• .. u:s) . ·•··· . . t . •··. ··•····· .. ,... i·····.•·•······· />>> 1·· .. ···.······•.1>···.······~<'.(>.~ Cash '' Price $/SF $10.00 $8.05 $13.91 Property Rights Adjustment -0--0--0-Adjusted Price $/SF $10.00 $8.05 $13.91 Conditions of Sale Adjustment -0--0--0-Adjusted Price $/SF $10.00 $8.05 $13.91 . Time/Market Conditions Adjustment +10% + 5% -0-Adjusted Price $/SF $11.00 $8.45 $13.91 Location A. lt -0-+10% -15% Access/Frontage -0-+10% -10% Zoning -0-+10% -0-Size Adjustment -0--10% +5% SightNiew -0--0--0-Adjustment Factor -0-+20% -20% Adjusted Price $/SF $11.00 $10.14 $11.12 Market Value Estimate -Subject Site After adjustments, the comparable sales range from $10.14/SF to $11.12/SF. The average of the adjusted sales price is calculated at $10.75/SF. It is the appraiser's opinion that each of the Comparable Sales, as adjusted, are representative of the probable market value of the subject property. Sale #1 and Sale #3 are both in close proximity (Sale #1 is the purchase of the subject) to the subject and suitable for comparable developments. The greatest reliance is placed upon these two sales. Each comparable has its strengths and weaknesses as compared to the subject. While these comparables are not identical to the subject in terms of size, use, and exact location, these sales are believed to accurately reflect the most probable range of value for the subject, as well as approximating the ultimate use of the subject. The comparables selected ultimately required fewer adjustments than other comparables in the market would require. When analyzed in light of the general surrounding development, it appears that there is a market and, hence, a range of value which is generally acceptable for various forms of development on properties of this class in this area. 19 Over sixteen sales, occurring from 1997 to the present, were reviewed in the development of this appraisal. These sales were proximate to the market area of the subject and were analyzed to determine if there was any definable trend to the market activity. It is noted that sales to end-users is becoming more wide spread in this market for all classes of properties. Speculative investment does not appear to be the principal motivating factor. A number of sales reviewed were for near term use/development, and these sales reflected the upper limit of the market value range. The range of the value indications provided by the Comparable Sales is considered to be a good indication of probable market value for the subject property. Based on the aforementioned data and analysis, the Market Value of the subject site is estimated to be $11.00 per square foot of the land area. The subject is estimated to contain ±68,877 SF of land area according to the documents provided. Therefore: Site Area Value Estimate ±68,877 SF SF $11.00/SF $757,647 ESTIMATED MARKET VALUE-WHOLE PROPERTY "SITE", Say $757,647 20 COST APPROACH TO VALUE As noted, the Cost Approach to Value estimates the replacement or reproduction costs of the improvements plus land value to arrive at an indication of worth for the property appraised. This theory of valuatior. is based on the Principle of Substitution which holds that a knowledgeable purchaser will not pay more for a property than that amount for which he can obtain a property of equal utility and desirability by acquiring a site and constructing a building thereon within a reasonable period of time. This approach entails the following: 1. Estimation of the current replacement or reproduction cost of the improvements. 2. Estimation of all accrued depreciation, if any, of the improvements, deducting such depreciation from the current cost estimate. 3. Adding the value of the land as estimated by the Sales Comparison Approach to the estimated depreciated cost of the improvements. Reproduction cost is defined as the cost required to exactly duplicate the existing improvements as of the effective date of the appraisal. Replacement cost is that estimated required to construct at current prices the Subject improvements with equivalent utility to the existing structure using current standard design layout and modern materials. As the Subject building is ± 17 years old and the fact that these kind of structures are of fairly standard design and construction, it is our opinion that utilization of replacement cost is appropriate within the Cost Approach. The Cost Approach will not be developed in this appraisal. Given the current slump in hotel/motel occupancies, it is not probable that new hotel/motel construction would be initiated at this time. Considering this anomaly, estimating economic obsolescence on new construction is too speculative in the near term. As sufficient historical data is available for estimating value through the sales comparison approach and the income approach, the perceived weakness in estimating economic obsolescence in the cost approach can be avoided. 21 INCOME APPROACH TO VALUE As discussed previously in the Appraisal Process section, the Income Approach to Value is the result of the analysis of the projected gross income stream for the subject property less vacancy and expenses to determine what net operating income for it can reasonably be expected. The first step in the Income Approach is determining what income can be achieved by the property under prudent management. This section typically directs itself to deriving rent comparables from similar properties to determine the stabilized gross annual income potential for it. From that gross annual income, a vacancy and collection loss factor is deducted to arrive at an effective gross income. From the effective gross income, total estimated operating expenses for the project are deducted to arrive at a proforma net operating income. This figure is converted to a vafue indication through a process known as capitalization. Data presented in the Sales Comparison Approach for the property "as improved" presents income and expense figures which may be extrapolated to the subject's operation at a stabilized operating condition; i.e., negating current market aberrations due to external econmr.ic influences. The subject property is currently an operating 70 unit motel/hotel facility. Primary parking for the building is located adjacent to the north, east, and south sides of the building. As previously mentioned, the Sale Data included in this report provides a survey of occupancies, rental rates, and expenses for motel/hotel operations in comparable market areas of the subject property. That data is reflective of those operations at their sale dates. Rents Survey data indicated that rental rates for comparable properties ranged from ±$58.00 to ±$62.50. The subject property is currently quoting a rental rate of $55.00/unit. As the subject's current rental rate is influenced by the current economic conditions in the travel market, a rental rate more suggestive of a stabilized market is presumed for the subject. A stabilized market rental rate of $60.00/unit is estimated for the subject property. Vacancy The subject property is currently operating at ±45% occupancy. Again, this is deemed to be reflective of the current slump in the travel industry and not necessarily reflective of a stabilized occupancy rate in more typical market conditions. Survey data extracted from the sales, which occurred during more stable times in the travel economy ranged from ±53% to 71%. Given the subject's location and appeal, a stabilized occupancy of 70% is estimated for the subject. Expenses Normal operating expenses derived from the sales data indicates that total operating expenses equate to 60% to 65% of effective gross income at stabilized rents and occupancies. As the subject is ±3 years old, the lower expense figure of 60% is estimated for the subject property. No additional income is included in the pro-forma statement for use of the conference room, laundry room revenues, or other incidental services. The following pro-forma operating income statement is developed for the subject property, based on the survey data and the extrapolations made therefrom. This derivation is made for the subject property as an independent, self-sustaining unit. 22 Pro-Forma Operating Income Statement 15200 Addison Road -Mainstay Suites Potential Gross Income (70 units @$60.00/Unit/day) Annualized Annual Potential Gross Income Less: Vacancy & Loss (30% of PGI) Effective Gross Income Estimate Less Expenses: Estimated 60% of Effective Gross Income Indicated Net Operating Income CAPITALIZATION $ 4,200 X 365 1,533,000 -459.900 1,073,100 -643.860 $ 429,240 Several capitalization techniques are available to process income into an indication of value. The proper capitalization technique is not determined by random selection. The appropriate technique is determined by the quality and quantity of accessible market data. As there are properties similar to the subject from which to derive capitalization rates, the survey data compiled in the sales comparison approach was utilized to derive an overall rate estimate. The survey data from sales of operating properties indicated a range of overall capitalization rates from 10.95% to 13.75%. As the subject property is evaluated "as if' in a typical market environment at stabilized occupancies and rates, an overall capitalization rate at the lower limit of those derived from the sales data will be utilized for the subject property. As the net operating income estimate is divided by the capitalization rate to derive an estimate of market value, the lower the capitalization rate, the higher the estimate of market value will be. Analysis supports an R 0 for the subject property of 11%. This gives the benefit of the doubt for a strong operating market for the subject property as an investment. Thus: Proforma NOI Indicated Value $429,240 + 11% = $3,902,182 23 SALES COMPARISON APPROACH TO VALUE (Improved) An indication of value can be obtained by comparing the subject property with other hotel/motel properties which have sold in the marketplace. The reliability of this value indication will depend upon the similarities/dissimilarities between the subject and the properties which have sold. The basic units of comparison used by purchasers in the marketplace are the Price Per Unit and the Price per Square Foot of building area. The Effective Gross Income Multiplier (EGIM) is an application that is available when facilities sell with a known sale price and a determinable effective gross annual income figure. The multiplier is derived by dividing the sale price by effective gross potential income (gross income less expenses). It is an accurate gauge to weigh the investment opportunity of one operating property against a similar operating property as it automatically adjusts for any physical, functional, or economic deficiencies of a property as reflected by the action of the rental marketplace. The EGIM is closely related to market action and it is fairly easy to explain. The principal advantage of the technique is that the reflection of rental income is direct. Therefore, differences between properties which could involve adjustments based upon subjective estimates by the appraiser have typically been resolved by the free action of the local rental market. If Property A has some advantage over Property B in age, condition, accessibility, location, or other physical characteristics, the difference in actual rental income presumably reflects the extent of this advantage as viewed in the marketplace. Because some adjustments for relative desirability are thus inherent in the factor, a EGIM is not subject to adjustment after having been computed. In hotel properties this is also referred to as the "effective room revenue multiplier". The Price Per Square Foot method considers the amount of area contained within a facility. The unit for valuation is computed by taking the sale price of the property and dividing by the square footage. This methodology directly compares the price for which a property actually sold to other properties of a similar nature, design, construction, quality, size, age, finish-out, and underlying land value, etc. The Price Per Square Foot methodology requires that adjustments be made by the appraiser to compensate for physical, functional and/or economic deficiencies of the properties used for comparison with the subject. The Price per Square Foot methodology can be subjective and requires the expertise of the appraiser for adjustments. The Price Per Unit is an application where the total sale price is divided by the number of units available for rent. The following pages detail sales of motel properties. An analysis with what are considered the appropriate units of comparison follows leading to an estimate of Market Value of the fee simple estate by the Sales Comparison Approach. 24 Improved Sale Comparable #1 Location: Grantor: Grantee: Date of Sale: Recorded: Consideration: Terms of Sale: Cash Equivalency: Legal Description: Zoning: Flood Plain: Improvement Data: Construction: Year of Construction: Condition & Appeal: Gross Building Area: Land Area: Land to Building Ratio: Meeting Facilities: Restaurant: Lounge: Type of Parking: Amenities: Average Daily Rate: Number of Rooms: Average Occupancy: Financial Data: Effective Gross Revenues Expenses Net Operating Income Overall Rate: Sale Price per Room: Sale Price per Square Foot: Effective Gross Income Multiplier: Verified: Mapsco: 1635 E. IH 30, Garland, Texas Saya, Inc. Sahaj Corp. April 23, 1998 98079/2894 $2,200,000 All cash to gran tor $2,200,000 Lot 4, Blk 1, Faulkner Point North, Garland FW, Garland No Stucco, 2-story hotel ±1995 Good 28,320 SF ±57,761 SF 2.04:1 No No No Surface Outdoor pool, fitness center $58.00 49 70% PRO-FORMA $726,131 471,985 254,146 Indicators 11.55% $44,897.96 $77.68 3.03x Grantee office 972.303.1601 30A-X Income information was estimated from Hotel Occupancy Tax Accounts. Expenses were estimated from statistical information on similar properties. 25 Improved Sale Comparable #2 Location: Grantor: Grantee: Date of Sale: Recorded: Consideration: Terms of Sale: Cash Equivalency: Legal Description: Zoning: Flood Plain: Improvement Data: Construction: Year of Const~uction: Condition & Appeal: Gross Building Area: Land Area: Land to Building Ratio: Meeting Facilities: Restaurant: Lounge: Type of Parking: Amenities: Number of Rooms: Average Daily Rate: Average Occupancy: Financial Data: Effective Gross Revenues Expenses Net Operating Income Overall Rate: Sale Price per Room: Sale Price per Square Foot: Effective Gross Income Multiplier: Verified: Mapsco: 11069 Composite Dr., Dallas, Texas Drury Hotels Corporation Black Canyon Hospitality, Inc. December 30, 1998 98252/2144 $5,000,000 All cash to grantor $5,000,000 Lot 1A, Block 3/6512, Dallas, Texas IR, Dallas No Stucco, 4-story hotel ±1985 Good ±52,420 SF ±70,475 SF 1.34:1 Yes No No Surface Pool 116 $61.00 53% PRO-FORMA $1,368, 852 821,311 547,541 Indicators 10.95% $43,103.45 $95.38 3.65x Grantor 314.429.2255 22R Income information was estimated from Hotel Occupancy Tax Accounts. Expenses were estimated from statistical information on similar properties. 26 Improved Sale Comparable #3 Location: Grantor: Grantee: Date of Sale: Recorded: Consideration: Terms of Sale: Cash Equivalency: Legal Description: Zoning: Flood Plain: Improvement Data: Construction: Year of Construction: Condition & Appeal: Gross Building Area: Land Area: Land to Building Ratio: Meeting Facilities: Restaurant: Lounge: Type of Parking: Amenities: Number of Rooms: Average Daily Rate: Average Occupancy: Financial Data: Effective Gross Revenues Expenses Net Operating Income Overall Rate: Sale Price per Room: Sale Price per Square Foot: Effective Gross Income Multiplier: Verified: Mapsco: 4705 Old Shepard Place, Plano, Texas Promus Hotels Florida, Inc. Apple Suite REIT September 22, 1999 99/118298 $5,400,000 All cash to grantor $5,400,000 Lot 1, Block A, Homewood Suites Addn., Plano, TX Commercial, Plano No Brick, 5-story hotel ±1996 Good ±81,692 SF ±115,874 SF 1.42:1 Yes No No Surface Pool 131 $62.48, est. 71% PRO-FORMA $2,121,112 1,378,723 742,389 Indicators 13.75% $41,221.37 $66.10 2.55x SEC SEC Filings 656U Income information was estimated from Hotel Occupancy Tax Accounts. Expenses were estimated from statistical information on similar properties. 27 ji ·. COMPAR.A:IJJ.;E BUILDING SALES SUMMARY I Sale Sale Year Building Sale Pro Forma No. Date Built Area (SF) Price ($/SF) OAR EGIM 1 04/98 1995 28,320 $77.68 11.55% 3.03x 2 12/98 1985 52,420 $95.38 10.95% 3.65x 3 09/99 1996 81,692 $66.10 13.75% 2.55x Subject NA 1999 42,108 NA NA NA Analysis and Conclusions of Market Data From the available comparable sales, two units of comparison are derived that are typically utilized in the Sales Comparison Approach to Value. The first method is by comparing the Sales Prices per Square Foot (SP/SF), taking into consideration and adjusting for physical, locational and market condition factors affecting each sale as compared to the subject property. The second is the Effective Gross Income Multiplier (EGIM). When sufficient reliable data is available, this is generally preferred in this method of valuation of typical income producing properties. This factor is calculated by dividing the reported sales by the indicated effective gross annual income for the property. Sales Sales Price per Square Foot Analysis General The reader is referred back to the discussion of adjustment factors presented in the earlier Sales Comparison Approach utilized in estimating the current market value of the land tract. That discussion applies here with the exception of some changes in the physical comparisons. We continue to compare and adjust for Location and Size variations. The remaining two appropriate for improved properties are one for Construction and Design and one for building Age/Condition. As all of the sales were purchased for typical motel/hotel operation, all sales are treated as "fee simple" transfers. No unusual financing or other motivating factors were discovered which would affect the "conditions of sale" for any of the sales included herein. As all of the sales took place in a non-depressed travel market economy, no adjustment for "time" is deemed necessary. Location All of the sales are proximate to major arterials, as is the subject. As all of the sales command a rental rate similar to that of the subject, other locational bias are presumed not to be present. No adjustment for location is made for any of the sales as compared to the subject. Size The size unit of comparison is considered to be the number of rooms in a facility. Sale #1 is smaller than the subject, 49 rooms to 70 rooms. Sale #2 is larger than the subject, 116 rooms to 70 rooms, and Sale #3 is larger yet, 131 rooms to 70 rooms. A comparison of the sale-price-perroom indicates that the smaller facilities do tend to sell for more on a per-room basis than do larger facilities. However, :his difference did not relate to the total size of the facility in the price-persquare-foot analysis. Likewise, on the per-square-foot of room size component, this comparison did not track in the analysis. Therefore, no adjustment will be made for size in this analysis. 28 Design/Construction Sale #3 is the most similar to the subject in design, construction, and age. Sales #1 and #2 are both considered to be inferior to the subject in these regards and require upward adjustments. There follows an adjustment grid that sets forth our opinion of the percentage adjustments applicable to the comparable sales as discussed in the sales analysis and in the Comments and Adjustments paragraph of each of the sales previously presented. A. Sales Price/SF $77.68 $95.38 $66.10 Terms Adj. -0--0--0-Cash Eo . ..,.uivale:nt Price/SF $77.68 $95.38 $66.10 Conditions of Sale Adjustment -0--0--0-A Price/SF $77.68 $95.38 $66.10 TIITie/Market Conditions -0--0--0-Adjusted Price/SF $77.68 $95.38 $66.10 Location Adjustment -0--0--0-Construction and +20% +20% -0-+5% +25% + 5% Size Adjustment -0--0--0-Net Physical Adjustment Factor +25% +45% + 5% Adjusted Price/SF $97.10 $138.30 $69.41 After adjustments, comparable building sales indicate a value range of the subject from $69.41/SF to $138.30/SF. The average of the adjusted prices is $101.60/SF. On a price-per-room basis the above figures would equate to $56,122.45/Rm, $62,500/Rm, and $43,282/Rm. As is obvious, the range of "per unit" of adjusted sale price is quite large. Taking the average adjusted sale price of $101.60/SF equates to an indicated market value of $4,278,173. 29 EGIM Analysis As stated previously, the utilization of the EGIM methodology (or the Effective Room Revenue Multiplier) within the Sales Comparison Approach is appropriate for the subject property. The pro forma effective gross income multipliers derived for the three sales for which financial data was available ranged from 2.55x to 3.65x. The average of the effective gross income multipliers is 3.08x. Because of the "presumed" stable rental market, a multiplier for the subject within the upper-range of those indicated by the comparables is selected. This is also supported by the mid-range of value indicated by the sale price per square foot analysis. Thus: EGI $1,073,100 X EGIM 3.65x ESTIMATED MARKET VALUE OF BY EGIM, Called = Indicated Market Value $3,916,815 $3,916,815 (±$93.02/SF) The results of the EGIM are given the most weight in this analysis. As previously indicated, the EGIM technique removes the subjectiveness of the adjustment process in the sale price per-squarefoot or per-room analysis. Thus: ESTIMATED MARKET VALUE BY SALES COMPARISON APPROACH, $3,917,000 (±$93.02/SF) 30 RECONCILIATION For reasons previously stated within this report, the Sales Comparison Approach was utilized in estimating the Market Value of the subject site. The Cost Approach was developed to test the reasonableness of the conclusions derived in the Income Approach. Generally, the Cost Approach is much better utilized in estimating the value of new or proposed improvements. It is more difficult the judge the various levels of depreciation on improvements the age of the subject improvements. The Income Approach was developed for the subject property. The subject property improvements have office utility in the current market, and there is evidence that the subject improvements are capable of producing income and, hence, value as they currently exist. Typically, income producing properties are traded on their ability to produce income. A summary of the value estimates derived for the Whole Property are as follows; Sales Comparison Approach -Land: $ 757,647 Cost Approach: $ N/A Inco!tle Approach: $3,902,182 3,902,182 Sales Comparison Approach -Improved: $3,917,000 The Income Approach to Value is selected as the most reliable indicator of probable market value for the subject Whole Property. Therefore; WHOLE PROPERTY, say Components of Value Main Bid. Pool, courtyard facilities Landscaping/Sprinkler Sys., etc. Paving/Parking/Walks/Drives Improvement; Total Contributory Value Land Value Total $3,900,000 $2,929,603 25,000 15,000 172.750 3,142,353 757 647 $3,900,000 31 PART TAKEN-VALUATION This Taking is of a Parkway Easement and is considered as a Partial Property acquisition. The Part Taken is considered as severed land with no self-sustaining economic value. A plat of the subject showing the Part Taken is included in the Addendum of this report. This easement encompasses both the surface and subsurface use of the easement area. The use of this easement is for the location of utilities, installation of a pedestrian sidewalk, and for a landscaping buffer between the public road and this property. The ownership of this property is giving up surface and subsurface control of the easement area (lost property rights). The Town of Addison will be responsible for improving the surface of the easement area with a public use sidewalk and landscaping. The Town of Addison will be responsible for relocating public/private utilities from the Addison Road right-of-way into the easement area. The easement encompasses an area that the property owner previously had the responsibility for landscaping and maintaining. Subsequent to the acquisition, the Town has the responsibility for the maintenance of the easement area. The area of the easement does not affect any future development rights of the subject property. Set-back requirements will still extend from the subject property boundary, not the easement boundary. As there is no floor -area-ratio (F.AR.) incorporated within the Town's zoning regulations, development density is not affected by the proposed easement. The easement encompasses the 20' landscape buffer required in the Town's landscaping regulations. The parkway easement "Part Taken" consists of a strip of land approximately 8' wide, along the west side of the subject from north to south, generally parallel and adjacent, to the existing improved Addison Road right-of-way; a length of roughly ± 192'. The land area within the proposed easement acquisition contains ±1,540.96 SF of site area. There is insufficient land area for independent use consideration, and there is not sufficient utility of shape to support an independent economic use of the area encompassed by the proposed parkway easement. Within the acquisition area are portions of grass ground cover and a pedestrian sidewalk. No other items of contributory value were noted within the acquisition area. From the Land Valuation section of this report, the estimated fee simple value of the subject site is $11.00 per square foot of land area. The value of the property rights extinguished in the easement area are estimated to be 50% of the fee simple interest, with the balance of the property rights remaining with the subject property owner. The Town of Addison will replace and maintain the landscaping and install a pedestrian sidewalk within the parkway easement area. As those items of landscaping and paving "taken" will be replaced, no compensation will be made for the landscape items within the parkway easement. To do so would result in double compensation; both paying for an item, plus replacing it. Therefore, the estimated value of the parkway easement interest of the Part Taken is calculated as follows: Part Taken -Parkway Easement Land Area: Improvements: Total 1,540.96 SF @$5.50/SF (50% of $11.00/SF) Replaced $8,475 ___:!!:._ $8,475 32 REMAINDER BEFORE THE TAKE-VALUATION The value of the Remainder Before the Take is valued on the same basis as the Whole Property valuation, reflecting the loss of the land area and improvements in the easement area (Part Taken). In circumstances of partial property acquisitions, wherein the Part Taken is considered as severed land with no independent economic utility apart from the Whole Property, the sum of the values of the Part Taken and the Remainder Before the Take should equal the value of the Whole Property. Technically, the value of the Remainder Before the Take should reflect the diminished property rights and the value of the improvements not replaced in the easement area. The value of the Remainder Before the Take is valued as follows: (Refer to Page 32 for a breakdown of the contributory value of the individual components of the subject property value.) Remainder Components Land Area 67,336.04 SF -Fee 1,540.96 SF -Easement Improvements Main Bid. Pool/Courtyard Landscaping, etc. Paving, walks, drives, etc. Total Unit Value $11.00/SF $ 5.50/SF (Whole Property -$3,900,000 less Easement -$8,475 equals $3,891,525) Component $ 740,696 8,475 $2,929,603 25,000 15,000 172.750 $3,891,524 33 REMAINDER AFTER THE TAKE· VALUATION The Remainder After the Take is valued "as if' all of the public improvements are completed and in place. The Remainder After the Take is valued under the same guide lines and definitions as the Whole Property. The size and shape of the Remainder site is sufficient for independent economic development. This remainder tract is 68,877 SF in size, the same as the Whole Property. From external appearances, the Remainder will be comparable to the Whole Property with the addition of a different landscape scheme. The in-ground utilities will not be apparent. The land sales, the cost and income data utilized to estimate the value of the Whole Property site are judged to be the best data with which to value the Remainder After the Take. All analysis and conclusions remain the same as for the Whole Property evaluation. Basically, the Remainder After the Take is the original Whole Property with a ±8' wide parkway easement separating it from Addison Road. The underlying fee simple value of the property remains the same. The landscape buffer zone required of the subject is now the responsibility of the Town of Addison. As no future development rights, or current uses are limited by the parkway easement, the real estate market is not sensitive enough to detect any change in utility or value for the subject property. Therefore, the estimated market value of the subject remainder with the parkway easement improved and in place (i.e., a ±68,877 SF site improved with a 3 story motel facility and attendant site improvements), is the same as for the Whole Property -$3,900,000. 34 ESTIMATE OF JUST COMPENSATION AI; the proposed acquisition represents a Partial Property acquisition, the estimate of Just Compensation is the sum of the estimates of 1) the value of the Part Taken and 2) any damages estimated between the value of the Remainder Before the Take and the value of the Remainder After the Take. The values of the Remainder Before the Take and the Remainder After the Take indicate that enhancement occurs as a direct result of the improvement/extension of Arapaho Road. Remainder Before the Take $3,891,524 Remainder After the Take $3,900.000 Total ($ 8,476) A negative value indicates that enhancement arises; i.e., the Remainder is more valuable with the parkway easement in place, than the value of the lost property rights in the easement area. The previously derived estimate of value for the Part Taken also expresses the Estimate of Just Compensation. Therefore: ESTIMATE OF JUST COMPENSATION $8,475 35 APPRAISER'S CERTIFICATE The undersigned do hereby certify that, except as otherwise noted in the appraisal report: The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. I have no bias •.Yith respect to the property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice. Mark A Hipes is currently certified under the Texas Appraiser Licensing and Certification board. I have made a personal inspection of the property that is the subject of this report. No one other than signors provided significant professional assistance in the preparation of this report. · The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or approval of a loan. \_~~c.~~ a;k A Hipes Texas Certification No. TX-1321416-G 36 ADDENDUM Comparable Rental Data Assumptions & Limiting Conditions Photographs of the Subject Survey Legal Description Qualifications of Mark A Hi pes ASSUMPTIONS AND LIMITING CONDITIONS (Read Carefully) The following assumptions and limiting conditions are attached to and are made a part of this Appraisal (the "Appraisal") of the subject property (the "Property") described in this Appraisal ("Appraisal") made by Hipes & Associates (the "Appraiser") at the request of the person or entity (the Beneficiary") to whom and for whose exclusive use this Appraisal was prepared and delivered; and, this Appraisal is made by the Appraiser and accepted by the Beneficiary subject and strictly according to the within assumptions and limiting conditions: 1. That legal and equitable title to the Property is good and merchantable and that title is held by the owner ("Owner") of the Property in fee simple absolute forever, unless otherwise agreed by the Appraiser in writing. (No responsibility is assumed for matters legal or chance, nor is any opinion rendered as to the title to the Property. The possible existence of any disputes, suits, assessments, claims, liens or encumbrances has been disregarded, and the Property is appraised as though free and clear.) 2. That no survey of the Property has been made by the Appraiser and no responsibility is assumed in connection with any matters that may be disclosed by a current perfect survey of the Property. (Dimensions and areas of the Property and comparables were obtained by various means including estimate and are not represented or guaranteed to be exact.) 3. That allocations of value between land and improvements are applied only under the current program of occupancy and utilization, and are not made or intended to be used in conjunction with any other appraisal and, if so used, are invalid. 4. That all information contained in this Appraisal is private and confidential and is submitted strictly for the sole use of the Beneficiary; and, no other person or entity is entitled to read, use or rely upon the contents thereof. (Possession of the Appraisal or any copy thereof, does not carry with it the right of publication or use. The Appraiser will not be required to give any testimony or appear in any court or other proceeding by reason of making or delivering the Appraisal without the prior written approval of the Appraiser.) 5. That all information and comments pertaining to the Property and other properties is the personal opinion of the Appraiser formed after examination and study of the Property and its surroundings; and, although it is believed that the information, estimates and analyses contained herein are correct, the Appraiser does not warrant or guarantee them, and assumes no liability for errors in fact, analysis or judgement. (Any misinformation about the Property furnished to the Appraiser by the Beneficiary, at the option of the Appraiser, may release the Appraiser from any liability and invalidate the Appraisal.) 6. That all opinions of value contained in the Appraisal are merely estimates. (There is no warranty or guarantee, written or implied, made by the Appraiser that the Property is worth or will sell for the appraised value now or ever.) · 7. That disclosure of the contents of this Appraisal is governed by the Uniform Standards of Professional Appraisal Practice, and that, in addition, neither all nor any part of the contents of this Appraisal (especially any conclusions of value, the identity of the Appraiser, shall be disseminated to the public through reports, proposals, brochures or any other means of communication without the prior written consent and approval of the Appraiser. BENEFICIARY WILL NOT CAUSE, SUFFER OR PERMIT ANY PUBLIC DISSEMINATION OF THIS APPRAISAL TO OCCUR AND, BY ACCEPTING THIS APPRAISAL, BENEF1CIARY INDEMNIF1ES APPRAISER AGAINST ANY LOSS, COST, LIABILITY, DAMAGE OR CLAIM INCURRED WITHOUT REGARD TO FAULT BY APPRAISER ARISING IN CONNECTION WITH ANY SUCH UNAUTHORIZED DISCLOSURE BY BENEF1CIARY. 8. That there are no latent defects or any hidden or any unapparent conditions of the Property, subsoil, or structures which would render the Property more or less valuable. (No responsibility is accepted or assumed by Appraiser for any such conditions or for analyses or engineering which may be required to discover them.) 9. That no enviror.mental impact or environmental condition studies were either requested or made in conjunction with this Appraisal unless otherwise agreed by Appraiser in writing and shown in the Appraisal and the Appraiser hereby reserves the right to alter, amend, revise or rescind any of the value opinions included in this Appraisal based upon any subsequent environmental impact or environmental condition studies, research, revelation or investigation. (In particular, unless otherwise agreed by Appraiser in writing, and shown in this Appraisal, this Appraisal/Appraiser assumes that no violations of any environmental, or other, laws affecting the Property are pending or threatened against the Property and that no toxic waste, hazardous materials or dangerous substances have ever been stored, used, produced, maintained, dumped or located on or about the Property.) 10. That the value of the Property is estimated on the basis that there will be no international or domestic political, economic, or other adverse conditions or any military or other conflicts including strikes and civil disorders that will seriously affect overall real estate values. 11. That Beneficiary understands that the real estate values are influenced by a large number of external factors, that the data contained in the Appraisal is all of the data that Appraiser considered necessary to support the value estimate and that the Appraiser has not knowingly withheld any pertinent facts; and, Beneficiary has been advised and agrees that the Appraisal does not warrant, represent or guarantee that Appraiser has knowledge or appreciation of all factors which might influence the value of the Property. 12. That due to the rapid changes in external factors affecting the value of the Property, Appraiser's value conclusions are considered reliable only as of the date of the Appraisal. 13. That on all appraisals made subject to satisfactory construction, repairs, or alterations of improvements, the Appraisal and value conclusions are contingent upon completion of such work on the improvements in a good and workmanlike manner, without dispute, per plans, in code, as agreed and within a reasonable period of time. 14. That the value estimate of the Property assumes financially and otherwise responsible ownership and competent management of the Property. 15. That the Appraisal consists of trade secrets and commercial or financial information which is privileged and confidential and exempted from disclosure under 5 U.S.C. 533 (b) (4). (Please notify Hi pes and Associates of any request for any reproductions of this Appraisal.) 16. That accurate estimates of costs to cure deferred maintenance are difficult to make or assess and that many different approaches or arrangements can be attempted or applied in various ways. (Any estimates provided within this Appraisal represent reasonably probably costs given current market conditions, available information and the Appraiser's expertise. Further deferred maintenance affecting the Property is considered to be limited to only those items, if any specified in detail, in the Property section of this Appraisal. 17. That the existence of potentially hazardous materials used in the construction or maintenance of the Property such as urea-formaldehyde foam insulation, asbestos in any form, and/or other dangerous substances or materials on the Property, has not been considered, unless otherwise shown in the Appraisal. (The Appraiser is not qualified to detect such material or substances and it is the responsibility of the Beneficiary to retain an expert in this field, if desired.) 18. That the liability of the Appraiser and its officer, directors and employees, agents, attorneys and shareholders is limited to the fee collected for preparation of the Appraisal. (Appraiser has no accountability or liability to any third party, except as otherwise agreed in writing by Appraiser and such other party.) 19. That any projected potential gross income of the Property referred to in the Appraisal may be based on lease summaries provided by the Beneficiary, Owner or third parties and Appraiser has not reviewed lease documents and assumes no responsibility for the authenticity, accuracy or completeness of lease information provided by others. (Appraiser suggests that legal advice be obtained regarding the interpretation of the lease provisions and contractual rights of parties under Leases.) 20. That Beneficiary and any party entitled to read this report will consider the Appraisal as only one factor together with many others including its own independent investment considerations and underwriting criteria or other observations, concerns or parameters in formulating its overall investment or operating decision. In particular, Appraiser assumes that the Beneficiary has made/obtained, relied upon and approved the following, none of which was furnished by Appraiser unless otherwise agreed by Appraiser in writing, to wit: a. current survey of the Property showing boundary, roads, flood plains, utilities, encroachments, easements, etc.; b. current title report of the Property with legible copies of all exceptions to title; c. any needed soil tests, engineer's reports and legal and other expert opinions; d. abstract or other report of environmental conditions or hazards affection the Property; e. current visual inspection of the Property and adequate study of its use, occupancy, history, condition and fitness for the purpose of underlying Beneficiary's request for this Appraisal; f. copies of current insurance policy, tax statements, contracts, leases and notices affecting the Property; g. any needd estoppel certificates of tenants, mortgagee's or others claiming any interest in the Property; h. reports/opinions of Beneficiary's staff, contacts, agents and associates; and 1. Owner's experience with the Property. 21. That Appraiser's projections of income and expenses are not predictions of the future; rather, they are the Appraiser's best estimates of current market thinking about about future income and expenses. (The Appraiser makes no warranty or guaranty that Appraiser's projections will succeed or materialize. The real estate market is constantly fluctuating and changing. It is not the Appraiser's task to predict or in any way forecast the conditions of a future real estate market; the Appraiser can only reflect, without warranty what the investment community, as of the date of the Appraisal, envisions for a particular time without assurances in terms of rental rates, expenses, capital, labor, supply, demand, ecology, etc.) 22. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. I (we) have not made a specific compliance survey and analysis of this Property to determine whether or not it is in conformity with the various detailed requirements of the ADA It is possible that a compliance survey of the Property, together with a detailed analysis of the requirements of the ADA, could reveal that the Property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since I (we) have no direct evidence relating to this issue, I (we) did not consider possible non-compliance with the requirements of ADA in estimating the value of the Property. Special Note: This may not be adequate if "readily achievable" barrier removal items are obvious and should have been identified. SUBJECf PHOTOGRAPHS View of p.·oposed Parkway Easement, looking north along Addison Road. View of proposed Parh.-way Easement, looking south along Addison Road. SUBJECT PHOTOGRAPHS View of the front of the subject property (west side), looking ±east from Addison Road. View of the back of the property. looking from the ±southeast to the ±northwest. SUBJECT PHOTOGRAPHS View north along Addison Road from the subject property. View south along Addison Road from the subject property. TOWN OF ADDISON, TEXAS FIELD NOTE DESCRJPTION FOR RAIL HOTELS CORPORATION. (PARKWAY EASEMENT) 1/29/02 BEING a tract out of a !.5812 acre tract of land located in the G. W. Fisher Survey, Abstract No. 482, in the Quorum Centre Addition, an addition to the Town of Addison, Texas, conveyed to Rail Hotels Corporation by a deed now of record in Volume 99024, Page 01020 of the Deed Records of Dallas County, Texas, said tract of land being more particularly described as follows: BEGINNING at a point in south line of said 1.5812 acre tract and in the north line of a 1.3774 acre tract of land conveyed to Outback Steakhouse of Florida, Inc. by a deed now of record in Volume 93046, Page 1218 of the Deed Records of Dallas County, Texas and said point beingS 89043'00" E, 20.00 feet from an found "X" in concrete and being the northwest comer of the said Outback Steakhouse tract and the southeast comer of the said Rail Hotels tract; THENCE, N 89043'00" W, along the north property line of the said Outback Steakhouse tract ((1.3774 acre tract) and the south property line of the said Rail Hotels tract (1.5812 acre tract), a distance of8.00 feet to a point for a comer, said point being in the east line of tract efland 12 feet in width dedicated to the Town of Addison for Addison Road and in the west property line of the said Rail Hotels tract (1.5812 acre tract); THENCE, N00020'03" E, along the east line of the said Town of Addison right-of-way dedication and the west line of the said Rail Hotels tract (1.5812 acre tract), a distance of 192.62 feet to a point for a comer, said point being in the north line of the said Rail Hotels tract (1.5812 acre tract) and the south line of a tract of land conveyed to Quorum Centre Limited Partnership as recorded in Volume 92038, Page 247 of the Deed Records of Dallas County, Texas, said point also beingS 53027'16" E, a distance of 88.93 feet to a "X" found marking the west right-of-way line of Addison Road and the southeast comer of a tract of land conveyed as Tract II to Oasis Car Wash, Inc. as recorded in Volume 97234, Page 6241 of the Deed Records ofDallasCounty, Texas; THENCE, S 89043'00" E, along the north line of the said Rail Hotels tract and the south line of the said Quorum Centre Limited Partnership, a distance of 8.00 feet to a point for a comer; THENCE, S 00020'03" W, being at all times parallel and at a perpendicular distance of 8 feet to the west property line of the said Rail Hotel tract and the east line of the said Town of Addison right-of-way dedication, a distance of 192.62 feet to the Point of Beginning, and containing 1,540.96 square feet (0.035 acres) of land. H:\projects\addison\98143\esmtwdoc\plat-Sc-a-sw.doc ~ ~ ~ E ' 0 i: ';!, ~ ! ~ "f ~ • .:..;· ii • i! SNAOON\BRANSCOME JOINT VENTURE NO.I VOL 84067, PG. 5718 F I I \._~ ' I ~~· L_S:'''=50' ADDISON RO::.:._A:::c.D __ "' " "' ;11 !il OASIS CAR WASH, INC. OASIS CAR WASH, INC. VOL 97234, PG. 06241 VOL. 97234, PG. 06241 TRACT I TRACT n 1/2" IRf l ____ \1 I A '\ ,·, F}J#CT-,· OASIS cAAWASH, INC 1 VOL. 97234-, PG. 06241 1/2' IRF -· ;:-;:;=;;;-7" TRACT I ,-12' DEDICATED TO TOWN OF' .ADDISON_........ 1-5 B9'4J'OO:-E---N 00"20 OJ E -192.62 ~ 8.00' 'X'IN CONC,-..,_ -~--:-'---= __ __,s(~~4l'Oo' E~f--N 89'8~~~-W ~ POINT OF BEGINNING OUlBACK SITAKHOUSE OF flORIDA. INC. VOL 93046 PG. 1218 s 00'20'03" w -1!12.62 PROPOSED PARKWAY ESt,l'T. 1,540.96 SQ. FT. O.OJ5 ACRES '\...., .. RAIL HOTELS CORPORATION VOL 99024, PG. 01020 I I I I I I I I I I I I I I I I I QUORUM CENTRE UMffEO PARTNERSHIP VOL 92038 PG. 0247 G.W. FISHER SURVEY 1 ASST. NO. 482 TOWN OF ADDISON. TEXAS 1 QUORUM CENTRE ADDITION ADDISON ROAD ..._ -L BELT LINE RD. TO KELLER SPRINGS RD. J R N. ~-·. --5/B' I.R.F. ~, PARKWAY EASEMENT __ \ BIRK!iOFF. HENIJRIO