Hyper Kapital – Calvert Crossings – Week 3 Exercise Hyper Kapital – Calvert Crossings – Week 3 Exercise© Copyright – Brian M. Grindall 2016Gage, LylaFrom: Lyla Gage, Esq.Cc: Phil Knox [Hyper-Kapital Mid-Atlantic Exchange Server]Subject: Calvert Crossings – Access Easement and Telecom LeaseFrankly, this is becoming messy. In order to develop the Calvert Crossings project ina manner that will attract the best tenants, we need an easement across theneighboring parcel owned by Darcy, LLC – which happens to be owned or controlledby Mr. Elihu Root (the same guy who currently owns Calvert Crossings). Mr. Root’sattorney insists that an existing easement running across the Darcy, LLC propertyshould satisfy our needs. Our title commitment indicates that the easement isrecorded in the land records (See Item 22 on Schedule B – Section II).Hyper Kapital is going to be relying heavily on the availability of this easement for theuse of vehicular traffic serving future retail tenants at the project – traffic associatedwith customers and suppliers for the tenants. In the interest of avoiding futureunforeseen costs and expenses, we may want to make sure that the currenteasement satisfies all of your prospective needs in the future. Take a look at theeasement and confirm whether it will serve your needs and whether there remain anyquestions or concerns arising out of the easement document.Wrapping this up, please run down the following issues:(1) Review the 765 Access Easement located in the Project Documents folderand let me know whether you think we can rely on it in order to supportvehicular traffic (both customers and suppliers) relating to a sizablecommercial retail shopping center. If we need to improve our positionunder the easement, what changes do you recommend?In addition, we received an initial title commitment for the Calvert Crossings projectfrom the title insurance company – a copy of which can be found in the ProjectDocuments folder. While I anticipate conducting a detailed legal analysis of the titlecommitment, please review the following items from a business standpoint and let meknow your thoughts. As always, my legal analysis is better served when I have cleardirection from a business perspective.(2) What type of estate are we buying?(3) Who is the current owner?(4) What are the state and county transfer taxes and how are they calculated?(5) Are the taxes current?© Copyright – Brian M. Grindall 2016(6) What sort of documentation do we need to obtain from the seller to satisfythe title company’s requirements?(7) How many specific easements are listed as exceptions to coverage?(8) Is the easement adequately included in the legal description so that thetitle company will insure over it?(9) Is the legal description accurate in terms of including the entire property?Regards,Lyla GageVice President and General CounselHyper KapitalThis electronic mail transmission may contain confidential or privileged information. If you believe you have received thismessage in error, please notify the sender by reply transmission and delete the message without copying or disclosing it. TaxAdvice Disclosure: To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S.federal tax advice contained in this communication (including any attachments), unless otherwise specifically stated, was notintended or written to be used, and cannot be used, for the purposes of (1) avoiding penalties under the Internal Revenue Codeor (2) promoting, marketing or recommending to another party any matters addressed herein.