Yacht Basin Assign Lease FirstaMEMORANDUM
January 17,2002
TO:
FROM:
SUBJECT:
The Honorable Mayor and City Council Members
Michael C. Van Milligen, City Manager
Dubuque Yacht Basin Assignment of Real Estate
Public Works Director Mike Koch is recommending approval of an assignment of
Dubuque Yacht Basz leases to Firstar Bank.
I concur with the recommendation and respectfully request Mayor and City Council
approval
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindah Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Michael A. Koch, Public Works Director
TO:
FROM:
SUBJECT:
CITY OF DUBUQUE, IOWA
MEMORANDUM
January 16, 2002
Michael C. Van Milligen, City Manager
Mike Koch, Public Works Director
Dubuque Yacht Basin Assignment of Real Estate
INTRODUCTION
The purpose of this memorandum is to request City Council approval for the assignment
of real estate and lease agreement for the Dubuque Yacht Basin.
DISCUSSION
The City of Dubuque currently holds three leases with the Dubuque Yacht Basin
originally dated November 3, 1970, February 5, 1974, and November 23, 1987
respectively. These leases have previously been amended and assigned to the Small
Business Administration and Firstar Bank. Firstar, as the existing lender for Don
Shanley, owner of the Dubuque Yacht Basin, has requested to consolidate the existing
multiple notes to one note in anticipation of future expansion. In order to do this, Firstar
needs to maintain the assignment of all three leases. Attachment A, "Assignment of
Real Estate and Agreement", provides the necessary language for this to occur.
This language has been drafted by the attorney for Firstar Bank and has been reviewed
by Mr. Don Shanley and City of Dubuque Corporation Counsel Barry Lindaht. This
language will provide for 1) a new assignment to match the restructured debt to
accommodate Dubuque Yacht Basin's existing and new financing; 2) provides security
for the restructured debt; and 3) reconcile the existing notes to the borrowing. All other
terms of the lease agreements betWeen the City of Dubuque and Dubuque Yacht Basin
remain the same.
The Lessee shall have the right to sublet or assign any of its rights, in and to the
demised premises, to any person or concern with prior written consent of the Lessor to
the end that the Lessor's interests shall be fully protected and which approval of Lessor
shall not be reasonably withheld.
RECOMMENDATION
I recommend that City Council approve the assignment of Real Estate and Lease
Agreement.
CC:
Cindy Steinhauser, Assistant City Manager
Pauline Joyce, Administrative Services Manager
Dean Wilgenbusch, Sr., Vice President - Firstar Bank
City Manager's Office
50 West 13~k Street
Dubuque, Iowa 52001-4864
(319) 589-43-10
(33.9) 589-4149 FAX
October 31, 2001
Dean Wilgenbhsch, Senior Vice President
FIRSTAR
7m & Locust
P.O. Box 148
Dubuque, la 52004-01~8
I am writing in response to your request for assignment of the Dubuque Yacht Basin
leases to FIRSTAR bank. In reviewing the information with city engineering and legal
departments, it has come to our attention that this will constitute the third assignment of
· these leases. According to our records there was an assignment to the Small Business
Administration on August 19, 1993 and a second assignment to First National Bank
(Hawkeye) on September 20, 1993. In order to process your assignment request, we need
to know the status of the first two assignments, tfyou need a copy of these assignments,
-please contact Ginny Dougherty in our engineering department at 589-4270.
Please be aware that the City is in the process of negotiating with Don Shanley, an
amendment to all three leases. Should this occur prior to completion of your request for
assignment, it will affect your current proposed language. Please contact me at 589-4110
if you have any questions regarding this matter.
Best regards,
Cindy Steinhauser
Assistant City Manager
Cc:Mike Koch, Public Works Director
Barry Lindahl, Corporation Counsel
Service People Lntehrtity Responsibility Innovation Teamwork
Prepared by: Chad C. Leiteh, O'Co2nor & Tlaomas, P.C., 700 Locust Street, Dubuque Bldg., Suite 200, Dubuque, Iowa 52001-6874 (563) 557-$400
Space above this llne for recorder
ASSIGNMENT OF REAL ESTATE LEASE AND AGREEMENT
This ASSIGNMENT is made ., 2002, by and among
Dubuque Yacht Basin, Inc., formerly icnown as DYB, Inc., an Iowa corporation, (hereinafter
referred to as "Borrower") and FIR_STAR BANK, N.A., a national banking association,
(hereinafter referred to as "Assignee") and the City of Dubuque, Iowa, an Iowa municipal
corporation, (hereinafter referred to as "Lessor").
RECITALS:
A.(1) On April 8, 1970, Borrower, as Lessee, entered into a Lease Agreement with
Lessor for the lease of the following described real estate:
Described in "Addendum A-I" attached hereto,
said Lease being amended by First Amendment to Lease dated November 3, 1970 and again
being amended by Second Amendment to Lease dated February 12, 1975 and again being
amended by Third Amendment to Lease dated May 4, 2000, and again being amended by Fourth
Amendment to Lease dated December 17, 200t.
(2) On February 5, 1974, Borrower, as Lessee, entered into a Lease
Agreement with Lessor for the lease of the following described real estate:
Described in "Addendum A-2" attached hereto,
said Lease being amended by First Amendment to Lease dated May 4, 2000, and again being
amended by Second Amendment to Lease dated December 17, 2001.
(3) On November 23, 1987, Borrower, as Lessee, entered into a Lease
Agreement with Lessor for the lease of the following described real estate:
Described in "Addendttrn A-Y' attached hereto,
said Lease being amended by First Amendment to Lease dated December 21, 1987 and again
being amended by Second Amendment dated January 19, 1988 and again being amended by
Third Amenchnent dated May 4, 2000, and again being amended by Fourth Amendment to Lease
dated December 17, 2001.
Collectively, the Lease Agreements referred to in Recitals A(1), (2) and (3) are hereinafter
referred as "Lease Agreements" and singularly as "Lease Agreement".
B.(1) The Lease Agreement and amendments thereto referred to in Recital A(1) above
were not filed with the Dubuque County Recorder except as to the Third Amendment to Lease
filed June 27, 2000 as Insmm2ent No. 7208-00 and the Fourth Amendment to Lease filed
,20 as Instrument No. -0
(2) The Lease Agreement and amendments thereto referred to in Recital A(2) above
were not filed with the Dubuque County Recorder except as to the First Amendment to Lease
filed June 27, 2000 as Insmanent No. 7209-00 and the Second Amendment to Lease filed
~ 20.__ as Instrument No. -0__
(3) The Lease Agreement referred to in Recital A(3) above was filed with the
Dubuque County Recorder on December 9, 1987, as Instrument No. t 1945-87 and the Third
Amendment to Lease was filed June 27, 2000 as Instrument No. 7210-00 and the Fourth
Amendment to Lease filed _, 20__ as Instrument No. -0
C. Borrower is indebted to Assignee under the terms and conditions of a Loan
Agreement dated __, 2002, as evidenced by a Promissory Note in the
total sum of $ dated __, 2002, a Promissory
Note in the total sum of $200,000.00 dated ,2002 and a
Promissory Note in the total sum of $150,000.00 dated __., 2002 and
due and payable in full on or before ., 200_.
NOTICE: This assignment secures credit in the amount of $1,500,000.00. Loans and
advances up to this amount, together with interest, are senior to indebtedness to other creditors
under subsequently recorded or filed mortgages and liens.
D. The loaning of smd funds by Assignee to Borrower is for the benefit of both the
Borrower and Lessor in that the loan funds are being used for the purpose of constructing
improvements to the leased premises and are being used for the benefit of the business to be
conducted upon the leased premises.
E. Pursuant to the terms of said Loan Agreement dated __,
2002, Borrower has agreed to assign its rights, as Lessee, to Firstar Bank, N.A. as security for the
foregoing indebtedness owing by Borrower to said Bank.
NOW THEREFORE, for valuable consideration, the parties agee as follows:
1. ASSIGNMENT. Borrower does hereby gran~, transfer and assign to
Assignee all Borrower's right, title and interest in and to those certain Lease Agreements referred
to in Recitals A(1), (2) and (3) between the City of Dubuque, as Lessor, and Borrower, as Lessee.
This Assignment includes and covers all rights, including possessory fights, to which
Borrower is entitled as Lessee under the terms of said Lease Agreements, including any
amendments or extensions of said Lease Agreements.
2. SECURITY INTEREST. This Assignment is for the purpose of securing
payments of all mounts due by Borrower to Assignee under the terms and conditions of those
certain Promissory Notes referred to in Recital C above and under the terms of the aforesaid
Loan Agreement, including any refinancing, renewal or extension of said indebtedness, if any,
made by Assignee to and on behalf of Borrower.
3. COVENANTS OF BORROWER AND LESSOR. To protect the-
security of this Assignment, Borrower and Lessor covenant and agree as follows with respect to
the Lease Agreements and the rights of Assignee:
(a) Neither Borrower nor Lessor is now in default in the performance of the Lease.
Co)
BorrOwer and Lessor will not, alone or by agreement between them,
modify or terminate the Lease Agreements except as provided in paragraph 4. No
modifications to the Lease Agreement shall occur without Assignee's prior
written consent, said consent not to be unreasonably withheld.
(c)
Borrower and Lessor covenant and agree to faithfully perform and discharge each
and every obligation, covenant and agreement required of them, respectively,
under the terms of the Lease Agreements, including any amendment or extension
of said Lease Agreements.
(d)
Borrower will enforce and secure the performance of each and every obligation of
Lessor under the Lease Agreements; Borrower will not waive, excuse, ccmdone or
in any other manner release or discharge Lessor of and from any obligations,
covenants, conditions and agreements by Lessor to be performed.
(e)
Borrower will not execute any other assignment of the Lease Agreements or
sublet any portion of the premises without Assignee's prior written consent or of
Borrower's right, title or interest in and to the leased premises and will not
perform any act or execute any instrument which might adversely affect the rights
of Assignee hereunder.
Borrower shall give prompt notice to Assignee of any notice received from Lessor
of Borrower's default under the Lease Agreements, together with an accurate and
complete copy of any such notice.
(g)
Borrower and Lessor covenant and agree that none of the property required to be
hypothecated as collateral for the aforesaid Loan Agreements constitute fixtures
or real property.
Lessor hereby represents and warrants that tire to the leased premises under the
Lease Agreements is held by it in fee simple and that it has full power and
authority to enter into this Agreement.
4. TENANT'S DEFAULT UNDER LEASE. In the event of default by
Borrower under the terms of the Lease Agreements, the Lessor shall have the right to.terminate
said Lease Agreements in accordance with their terms; provided that Lessor shall first give
Assignee 60 days written notice of such default and the right, at Assignee's option, to cure such
default during said 60-day period; and during said 60-day cure period, Lessor will take no action,
without Assignee's consent, to enforce Lessor's claim arising from such default.
Assignee may, at its option, elect to cure any such default of Borrower under the Lease
Agreements and simultaneously enter upon, take possession of, manage and operate the leased
premises, or any part thereof, and to do any act which Assignee may deem proper and necessary
in order to protect the security granted Assignee under this Assignment, the Loan Agreement
dated __, 2002, and related security documents. The entering upon
and taking possession of the leased premises by Assignee pursuant to the terms of this paragraph
and the exercise of any other remedy by Assignee shall not, in and of itself, cure or waive any
default of Borrower which may occur under the Loan Agreement.
Notwithstanding the foregoing, it is expressly agreed by all parties that by virtue of this
Agreement, Assignee shall not be obligated to perform or discharge, nor does Assignee hereby
undertake to perform or discharge, any obligation, duty or liability of Borrower under the Lease
Agreements. However, Assignee shall be obligated to pay rent and otherwise comply with the
terms of the Lease Agreements during any period in which it is in possession of the leased
premises under this paragraph 4.
5. DEFAULT OF BORROWER UNDER LOAN AGREEMENT. Upon
the occurrence of any event of default by Borrower under the Loan Agreement, Promissory
Notes or related security documents with Assignee, including any default in Borrower's
performance under the Promissory Notes or security documents, Assignee may exercise all fights
of a secured party under the terms of th9 Loan Agreement, this Assignment, the Promissory
Notes, and security documents, or Iowa law, including the fight to enter upon and take
possession of the leased premises. Furthermore, the rights granted to Assignee by this
Assignment may be foreclosed in the same manner as provided for by real estate mortgages
under the laws of the State of Iowa. Such fights of Assignee shall include the right, without
notice and without interference by or from Lessor, to:
(a)
enter the leased premises and remove therelSom all property of Borrower in which
Assignee holds a security interest, including any fixtures which are constructed
and installed by Borrower upon the leased premises and also including any
equipment, mackinery, inventory and furniture in which Assig-nee holds a security
interest;
sell on the leased premises all or a portion of the property referred to in
subparagraph (a) above;
(c) enter upon, take possession of, manage and operate the leased premises;
(d)
transfer and assign said Lease Agreements and Borrower's rights therein m a
party or parties satisfactory to Assignee with the consent of Lessor (said consent
not to be unreasonably withheld) and upon assignment, the obligations under said
Lease Agreements shall be binding on the transferee.
In the event Assignee shall only exercise the options provided in subparagraphs (a) and
(b) above, it shall have no obligation other than the payment of rent accruing during the
period of its possession of the leased premises, except that Assignee shall be responsible
for repairing any damage to the leased premises caused by removal of any fixtures. In the
event Assignee shall exercise the option provided for in subparagraph (c) above, Assignee
will cure all defaults under the Lease Agreements and will assume and be responsible for
all obligations of Borrower under the Lease Agreements but only during the period of
Assignee's possession. In the event Assignee exercises its option under subparagraph (d)
above, Assignee will cure all defaults under the Lease Agreements and its sole other
obligation shall be to pay all rent which accrues prior to the transfer and assignment of
said Lease Agreements.
6. LESSOR'S CONSENT AND SUBORDINATION. By entering into
this Agreement, Lessor consents to the terms of the Assi~ment of Borrower's leasehold fights to
Assignee and to the other terms of this Agreement. Lessor does further subordinate any lien or
rights (whether arising under the terms of the Lease Agreements, by statute or otherwise), which
it now holds or may hereafter have on the tangible personal property of Borrower (including
fixtures, equipment, machinery, inventory and fumitare) to the security interest and rights of
Assignee in said property of Borrower. By this provision it is intended that Assignee's security
interest in Borrower's tangible personal property (including fixtures, equipment, machinery,
inventory and furniture) which is presently located upon or may in the future be located upon the
leased premises, together with the rig~ats of Assignee hereunder, shall be prior and superior to
any lien or other rights of Lessor in the same property. Nothin~ in this paragraph shall be
deemed to affect any other rights of Lessor under the Lease Agreements referred to in paragraph
1 above.
5
In the event Borrower has not elected to exercise a renewal term available in the Lease
Agreements at least 15 days prior to the last date for making said election as set forth in the
Lease Agreements, Lessor shall ~ve Assignee 15 days written notice of such fact and the right,
at Assignee's option, to exercise the renewal term during said 15 day period; and during said 15
day period, Lessor shall take no action, without Assignee's consent, to terminate the Lease
Agreements at the term thereof and in the event Borrower or Assignee make the election to
exercise the renewal term during said 15 days, the Lease Agreements shall continue into the
renewal term without interruption.
7. RELEASE OF ASSIGNMENT. Upon payment in full of all
indebtedness owing by Borrower to Assignee, this Assignment shall become void and of no
further effect and shall be released by Assignee.
8. INDEMNIFICATION BY ASSIGNOR. Borrower hereby agrees to
indemnify Assignee against and hold it harmless from any and all liability, loss or damage which
Assignee may incur under the Lease Agreements, or under or by reason of this Assignment, and
of and from any and all claims and demands whatsoever which may be asserted against Assignee
by reason of any alleged obligation or its undertaking on its part to perform or discharge any of
the terms, covenants or agreements contained in the Lease Agreements; should Assignee incur
any such liability, loss or damage under the Lease Agreements, or under or by reason of this
Agreement, or in the defense against any such claim or demands, the amount thereof, including
costs, expenses and reasonable attorney's fees shall be secured hereby, and Borrower shall
reimburse Assignee immediately upon demand, and upon the failure of Borrower to do so,
Assignee may declare all sums secured hereby immediately due and payable.
9. SUCCESSORS AND ASSIGNS. This Agreement inures to the benefit
of and shall be binding upon the parties and their respective heirs, successors and assigns. The
term "Lease Agreements" or "Lease" means not only the Lease Agreements here assigned but
also any amendment, modification, renewal or extension of said Lease Agreements. The term
"Loan Agreement" means not only the Loan Agreement, but also any amendment or'
modification to said Loan Agreement.
Dated
__, 2002.
DUBUQUE YACHT BASIN, INC. tTl~a
DY'B, INC.
Borrower
By:.
Donald P. Shardey, President
FIRSTAR BANK, N.A.
Assignee
6
By:.
Dean G. Wilgenbusch, Senior Lender
CITY OF DUBUQUE
Lessor
By:
By:
Terry M. Duggan, Mayor
Jeamne F. Schneid~, City Clerk
STATE OF IOWA
COUNTY OF DUBUQUE
SS:
On this __ day of ,2002, before me, the undersigned, a
Notary Public in and for the said State, personally appeared Donald P. Shanley, to me personally
known, who being duly sworn, did say that he is the President of said corporation executing the
within mad foregoing instrument; that no seal has been procured by the said; that said instrument
was signed on behalf of the corporation by authority of its Board of Directors; and that the said
Donald P. Shanley as such officer acknowledged the execution of the foregoing instrument to be
the voluntary act and deed of the corporation, by it and by him voluntarily executed.
Notary Public
In and for said State.
My Commission Expires:
STATE OF IOWA )
) SS:
COUNTY OF DUBUQUE )
On this day of ~ 2002, before me, the undersigned, a Notary
Public in and for the said State, personally appeared Dean G. Wilgembusch, to me personally
known, who being by me duly sworn, did say that he is the Senior Lender of Firstar Bank, N.A.,
a national banldng association, executing the within and foregoing instrument, that the seal
affixed thereto is the seal of the Bank; that said instrument was signed and sealed on behalf of the
Bank by authority of its Board of Directors; and that Dean G. Wilgenbusch, as an officer
7
acknowledged the execution of the foregoing instrument to be the voluntary act and deed of the
Bank, by it and by him voluntarily executed.
Notary Public
In and for said State.
My Commission Expires:
STATE OF IOWA )
) SS:
COUNTY OF DUBUQUE )
On this day of ,2002, before me, the undersigned, a
Notary Public in and for the said State, personally appeared Terry M. Duggan and Jeanne F.
Schneider to me personally known, who being duly sworn, did say that they are the Mayor and
City Clerk, respectively, of the City of Dubuque, an Iowa municipal corporation executing the
within and foregoing instrument; that said instrument was signed on behalf of said City and that
the said Terry M. Duggan and Jeanne F. Schneider as Mayor and City Clerk acknowledged the
execution of the foregoing instrument to be the voluntary act and deed of said City, by it and by
them voluntarily executed.
Notary Public
In and for said State.
My Commission Expires:
8
8. INDEMNIFICATION BY ASSIGNOR. Borrower hereby agrees to
indemnify Assignee against and hold it harmless from any and all liability, loss or damage which
Assignee may incur under the Lease Agreements, or under or by reason of this Assignment, and
of and from any and all claims and demands whatsoever which may be asserted against Assignee
by reason of any alleged obligation or its undertaking on its part to perform or discharge any of
the terms, covenants or agreements contained in the Lease Agreements; should Assignee incur
any such liability, loss or damage under the Lease Agreements, or under or by reason of this
Agreement, or in the defense against any such claim or demands, the amount thereof, including
costs, expenses and reasonable attorney's fees shall be secured hereby, and Borrower shall
reimburse Assignee immediately upon demand, and upon the failure of Borrower to do so,
Assignee may declare all sums secured hereby immediately due and payable.
9. SUCCESSORS AND ASSIGNS. This Agreement inures to the benefit
of and shall be binding upon the parties and their respective heirs, successors and assigns. The
term "Lease Agreements" or "Lease" means not only the Lease Agreements here assigned but
also any amendment, modification, renewal or extension of said Lease Agreements. The term
"Loan Agreement" means not only the Loan Agreement, but also any amendment or
modification to said Loan Agreement.
Dated: February 22, 2002.
DUBUQUE YACHT BASIN, INC. f/k/a
DYB, INC.
Borrower
By:
Donald P. Shanley, I(resident
FIRSTAR BANK, N.A.
Assignee
Dean G. W. enbusch, Senior Lender
CITY OF DUBUQUE
Lessor
By:
Terrance M. Duggan, Ma
Bv. ,•4;
eanne F. Schneider, City Clerk
STATE OF IOWA
) ss:
COUNTY OF DUBUQUE
On this as day of "..e,L, , 2002, before me, the undersigned, a
Notary Public in and for the said State, rsonally appeared Donald P. Shanley, to me personally
known, who being duly sworn, did say that he is the President of said corporation executing the
within and foregoing instrument; that no seal has been procured by the said; that said instrument
was signed on behalf of the corporation by authority of its Board of Directors; and that the said
Donald P. Shanley as such officer acknowledged the execution of the foregoing instrument to be
the voluntary act and deed of the corporation, by it and by him voluntarily executed.
Th
DEAN G. WILGENBUSCH
Commission Number 141692
My Comm. Exp. 11/20/04
Not Public
In and r said State.
My Commission Expires:
/60/ay
STATE OF IOWA )
) ss:
COUNTY OF DUBUQUE )
On this ,; .c/day of /Te -tapt° , 2002, before me, the undersigned, a Notary
Public in and for the said State, personally appeared Dean G. Wilgenbusch, to me personally
known, who being by me duly sworn, did say that he is the Senior Lender of Firstar Bank, N.A.,
a national banking association, executing the within and foregoing instrument, that the seal
affixed thereto is the seal of the Bank; that said instrument was signed and sealed on behalf of
the Bank by authority of its Board of Directors; and that Dean G. Wilgenbusch, as an officer
acknowledged the execution of the foregoing instrument to be the voluntary act and deed of the
Bank, by it and by him voluntarily executed.
Notary Public
In and for said State.
My Commission Expires:
STATE OF IOWA )
) ss:
COUNTY OF DUBUQUE )
On this p c day of ,e1,44.,LetA,t-i , 2002, before me, the undersigned, a
Notary Public in and for the said State, personally appeared Terry M. Duggan and Jeanne F.
Schneider to me personally known, who being duly sworn, did say that they are the Mayor and
City Clerk, respectively, of the City of Dubuque, an Iowa municipal corporation executing the
within and foregoing instrument; that said instrument was signed on behalf of said City and that
the said Terry M. Duggan and Jeanne F. Schneider as Mayor and City Clerk acknowledged the
execution of the foregoing instrument to be the volu ,y act anof said _ 'ty, by it and by
them voluntarily executed.
Notary Public
In and for said State.
My Commission Expires:
Co
/44/6 ,fit
v, d/o • •,U� ,Nr
A part of an unplatted slough ~J ~-f' ~-i~;;~ ~;r~ ~ ~.i~ ~'~ ai~ in
Section 19, T89N, R3E, 5th P.M. in the City of Dubuqve, Dubuque County', Iowa, more
particularly described as follows:
. Commencing as a point of reference at the northeast corner of Section
T89N, R3E, 5th P.M., Dubuqu~ County, Iowa;
The.n.~..e. S ~8 ~ -2(~...W 65~..;95 '.f.?p~l aton8 the-northerly .line o'~ said .Sectior,
(this is an assumed bearing for this.desq;ipt ~.n' ~ni~}; .' .....................
Thence S 68 05 00 W 1798.85 feet to a point;
Thence S 21°53'20"E 67.53 feet to an existing iron pipe at the northeasterly
corner of Lease Area A, said point being the point of beginning;
Thence S 68°05'00"W 678.00 feet along a line parallel :to 16th Street extended;
Thence S 21 °53'00"E 697.00 ~eet;
Thence S 53°58'00"E 1087.30 feet;
Thence N 35°4~'05"E -326.95 feet;
Thence N 38°31 'O0"W 464.28 feet;
Thence N 5 t °29'00"E 60,12 feet;
Thence N 21 °55'30"W 349.92 feet;
Thence S 68°06'40"W 100,00 feet;
Thence N 21 °53'20"W 631.56 feet to the point of beginning, containing 21.18
acres, more or less, subject to easements of record and not of record,
as shown by Lease Area A on the exhib!t attached
'" A part of an Jnplatted slough and parts of Mineral Lots 29'8 and 299 all in
S'ectian 19, TSBN, R3E, 5th P.M. in the City cf Dubuque, Dubuque Counzy, ~owa, more
partic~!ad¥ ~es.c~Jbed a.~ foi!gW.~(
Co~-r{menbing as a point of reference at the northeast corner of Section 19,
T89N, R3E, 5th P.M., Dubuque County, Iowa;
Thence S 88°37 20"W 654,95 feet along the northerly,line of said Section ~9
(this is an assumed bearing for this description or~'iy);
Thence S 68~05'00"W 1798,85 feet-to a point;
Thence S 21"53'20"E 67.53 feet to an existing iron p~pe at the northeasterly
corner of Lease Area A;
Thence S 21 °53'20"E 603,22 feet, said point being the po~nt of beginning;
Thence S 21°53'20"E 28 34 feet;
Thence N 68°06'40"E 100,00 feet;
Thence. S 21 °65'30"E 34-9.92 fe~t;--
Thence S 51 °29'00"W 60.12 feet;
Thence S 38°31 '00"E 464.28 feet;,.
Thence S 35°z~4'05"W 326.95 feet~
Thence S 53°58'00"E 344.49 feet;./
Thence. N 36°22'20"E 814.10 feint;/'
Thence N 1.3°25'00"W 360;10 feet;,~'
Thence N 32°52'55"E 107,98 feet;/
Thence N 38°24'35"W 684.06 feet;/.
· Thence S 52"55' 15"W 287,74 feet;
Thence N 37°04'45"W 4.4.00 feet; .¢ ",:
Thence S 53°06'00"W 100.00 feet;
Thence S 36°52'55"E 44.00"feet;
.......... ' .................................. .-,¢ ~e~ ~a the point of b..e_ginning, containing 20 78
acres, more or less, subject't~' easements ~'~-i:~'c~-~-~j~
as shown"by Lease Area 'B as shown on the exl-iibit attached,
'A part df nh '~J~jSia~t~8 sl~dgh-a'~d pC, ff~ 5~' Mine~'&l L~t~ 2¢8 a'J~d ~9~ ~11 in
Section 19, TB9N, R3E, 5th P.M. in the City of Dubuque, Dubuque County, low'a, more
particularly described as foilbws:
Cdmmencing as a point of .reference at the northeast corner of Sectio.r 1 9,
T89N,'R3E, 5th P.M., Dubuque County, Iowa;
Thence S 88°37'20".W .654,95 -feet-along the.northerly line of said Section 1 9
Ithis.is an assumed Eearing for this descrip~i6n only);
Thence S 68°05'.00"W t798.85 feet to a point;
Thence S 21 "53'20"E 67.53 feet to an existing iron pipe at the northeasterly
corner of Lease Area A, said point being the point of beginning;
Thence S 21~53'20"E 603.22 feet;
Thence N 52°5~'00"E 178.79'feet;
Thence' N 37° 11 '30"W 152.35 feet;
Thence N 30°53'00-W 4-14.70 feet;
q'hence S 68~OS'OO,,W 67.55 ¢eet to the point of beginning, containing 1.55
acres, more or less, .subject to ease. ments of record and not 6f record,
as shown by Lease Area C on the exhibit attached