#3087- Deed; PERMANENT ENCRACHMENT EASEMENT Sign Easement - Michigan Street

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J' 4 0 E(-� ac 07� PERMANENT ENCROACHMENT ]CASEMENT SIGNAGE BY THE BARCLAY CORPORATION ENCROACHMENT OF PUBLIC RIGHT-OF-WAY TI-HS ENCROACHMENT EASEMENT made this day of May, 2006, by the City of South Bend, Indiana, through its Board of Public Works (the "Grantor"), in favor of The Barclay Corporation (`Barclay") and Burkhart Advertising, Inc. ("Burkhart"), and their respective successors and assigns (Barclay and Burkhart sometimes collectively referred to herein as the "Grantee"). WITNESSETH THAT: WHEREAS, Barclay owns certain real estate located on South Michigan Street (Parcel No. 23-1025-1444) in the City of South Bend, Indiana (the "Real Estate"); and WHEREAS, the Grantor desires to acquire an interest in a portion of the Real Estate in order to expand the public right-of-way along Michigan. Street (the "Property Interest") for the purpose of making certain improvements to Michigan Street; and WHEREAS, upon the Grantor's acquisition of the Property Interest, a billboard owned by Burkhart located on the Real Estate will encroach the public right-of-way (the `Billboard"), a description of said billboard and public right-of-way is as set forth at Exhibit A; and WHEREAS, in the determination of Grantor, such encroachment will not interfere with the free and safe flow of traffic on such public right-of-way; and WHEREAS, in order to facilitate the Grantor's acquisition of the Property Interest, the Grantor desires to grant Grantee a right of encroachment easement for the purpose of maintaining the current billboard at its current location. NOW, THEREFORE, for and in consideration of the foregoing, of the agreements and covenants herein contained and other good and valuable consideration given by each party hereto unto the others, the receipt of sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Grant of Easements. Grantor hereby grants and conveys to Grantee, its successors and assigns, (i) a permanent, exclusive, and perpetual easement in, on, under, over and across that area of the Property Interest identified in Exhibit A (the "Sign Easement") for the purposes set forth below, and (ii) a permanent, exclusive, and perpetual easement in, on, under, over and across the Property Interest (the "Access Easement" and, together with the Sign Easement, the "Easements") for the purposes set forth below. The Sign Easement shall include the right to improve, upgrade and update the Billboard, including the right to install and use new technologies, to the extent such improvements, upgrades or updates would otherwise be permitted if the Billboard did not encroach a