Hyper Kapital – Calvert Crossings – Week 3 Exercise

Hyper Kapital – Calvert Crossings – Week 3 Exercise
© Copyright – Brian M. Grindall 2016
Gage, Lyla
From: Lyla Gage, Esq.
Cc: Phil Knox [Hyper-Kapital Mid-Atlantic Exchange Server]
Subject: Calvert Crossings – Access Easement and Telecom Lease
Frankly, this is becoming messy. In order to develop the Calvert Crossings project in
a manner that will attract the best tenants, we need an easement across the
neighboring parcel owned by Darcy, LLC – which happens to be owned or controlled
by Mr. Elihu Root (the same guy who currently owns Calvert Crossings). Mr. Root’s
attorney insists that an existing easement running across the Darcy, LLC property
should satisfy our needs. Our title commitment indicates that the easement is
recorded 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 the
use of vehicular traffic serving future retail tenants at the project – traffic associated
with customers and suppliers for the tenants. In the interest of avoiding future
unforeseen costs and expenses, we may want to make sure that the current
easement satisfies all of your prospective needs in the future. Take a look at the
easement and confirm whether it will serve your needs and whether there remain any
questions 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 folder
and let me know whether you think we can rely on it in order to support
vehicular traffic (both customers and suppliers) relating to a sizable
commercial retail shopping center. If we need to improve our position
under the easement, what changes do you recommend?
In addition, we received an initial title commitment for the Calvert Crossings project
from the title insurance company – a copy of which can be found in the Project
Documents folder. While I anticipate conducting a detailed legal analysis of the title
commitment, please review the following items from a business standpoint and let me
know your thoughts. As always, my legal analysis is better served when I have clear
direction 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 satisfy
the 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 the
title company will insure over it?
(9) Is the legal description accurate in terms of including the entire property?
Lyla Gage
Vice President and General Counsel
Hyper Kapital
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